BusinessDay 14 Jun 2019 by BusinessDay

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kujuobi Chimezie, a father with a daughter in a private university in Nigeria, sees training his child in such a high fee-paying institution as an investment.

In the long term, he reasons, such an investment will give his daughter a headstart in the competitive global knowledge economy of the 21st century. Chimezie is one of the many Nigerian parents who have opted to train their children in privately-owned universities

where tuition fees are higher than in universities owned by the federal and state governments. Nigerian parents with means pay on average between N450,000 and N3 million per student annually in fees across the 79 private universities approved by National Universities

Commission (NUC). Low funding, infrastructure challenges and constant disruption of academic calendars in government-owned universities occasioned by strike actions by academic and non-academic Continues on page 34

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NGUS nov 27 2019 361.38

NGUS may 27 2020 362.28

Parents feel short-changed as return on private varsity education delays A KELECHI EWUZIE

fgn bonds

Treasury bills

APAPA GRIDLOCK

44 Governor Babajide Sanwo-Olu’s promise: “I will rid Apapa of gridlock in the first 60 days of my government.”

Nigeria missing out in global seafood market despite strong forex potential …as lack of technical know-how, weak cold chain infrastructure limit farmers Josephine Okojie

lobal demand for shrimps and prawns is on the rise and Nigeria’s seafood growers can earn substantial Continues on page 34

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L-R: Stuart Symington, US ambassador to Nigeria; Dick Kramer, first president, American Business Council; Lazarus Angbazo, president, American Business Council; Margaret Olele, CEO/executive secretary, American Business Council, and Adekunle Olumide, former consultant/coordinator, American Business Council, at the send-forth dinner in honor of Dick Kramer organised by American Business Council in Lagos, yesterday. Pic by Olawale Amoo

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news Nigeria needs to double economy to achieve 2020 target – Salami HOPE MOSES-ASHIKE

f Nigeria is going to achieve her goal of becoming the 20th largest economy by 2020, she must double the size of her economy in the next one year, an economist, Doyin Salami, CEO, Kainos Edge Consulting Limited, said on Thursday. He spoke at the 19th Annual International Conference with the Theme: “Economic Recovery and Development – Leveraging Technological Innovation,” organised by Risk Management Association of Nigeria (RIMAN) in Lagos. According to Salami, the theme of the conference deals with economic development and that creating an inclusive society is part of development. Sustainable Development Goals (SDGs), successor to the Millennium Development Goals (MDGs), has 17 focal points for development. Economic growth is only one of those 17, and as of 2018, Nigeria ranked 150 out of 156

countries as far as SDGs is concerned. In that SDG dashboard, of the 17 which one do we not have data? For Nigeria, 5 of those 17 have no data. Of these 17, how many are we retrogressing? We are retrogressing in 2 - accommodation/housing,” he said, adding that 6 out of the 17 are where the country is stagnant and another 3 where it is making progress, but not fast enough to achieve the goals that have been set by 2030. “You people are risk managers. You don’t need to be told that a society where a core issue is undermined by growth without development creates risks of the businesses that you manage,” Salami said. He said the 46 sectors of the economy need to grow faster, saying, “We as a country need to see what role technology can play in modernising this economy.”

•Continues online at www.businessday.ng

Investors ignore companies’ profit growth, look to Buhari as Q2 earnings season nears SEGUN ADAMS

head of the secondquarter earnings season, investors are looking beyond the profit growth of listed companies, choosing rather to wait on President Muhammadu Buhari-and his cabinet- for reasons to stake resources in the Nigerian equities market. Data from companies’ Q1 scorecard and the Nigeria Stock Exchange (NSE) show that despite growth in the profit of 13 NSE-listed companies in the quarter, the said-companies, save one, have a negative year-to-date price change, as investors fail to reward their performance with better valuation. Investors have overlooked an average profit growth of 26.7 percent year-on-year in Q1 2019, while the shares of the highly capitalised and liquid companies – with highest bottom-line among peers – have fallen by an average of 14.88 percent year-long. The price of shares reflects investors’ perception of a company. “It is not just about the company itself, it is a bandwagon effect of the risk apathy towards Nigeria itself,” Fola Abimbola, equity analyst at FBNQuest, told BusinessDay. The analyst explained that prices currently do not reflect the strong fundamentals of many stocks in the market. The trend among the NSE 30 contrasts with the expectations that price movement of shares ought to reflect changes in the performance of companies; it is assumed, other things

being equal, that a profit-making company would return better value for its owners. As a result, financial analysts and investors are always keen on companies’ earnings performances and expected future earnings as a guide to positioning in well-performing stocks. The variance in NSE 30 profit growth and their share movement, however, indicates “the need for more urgent policy reforms” in restoring investors’ confidence in Nigerian businesses, Paul Uzum, a broker on the floor of the NSE, told BusinessDay over the phone. “Foreign Portfolio Investors are trying to play safe given Nigeria’s weak economic growth and the lack of catalysts to encourage private sector growth,” Uzum said. Nigeria’s economy has been projected by the World Bank to grow at 2.1 percent in 2019 while sub-Saharan Africa grows at 2.9 percent. The disparity is expected to widen in 2020 and 2021. Investors would closely watch President Buhari and the cabinet he picks to guide their expectations on the performance of the economy, as the need for policy reforms across sectors of the economy remains on the front burner. “If people start seeing a change in the government in terms of the calibre of people Buhariappoints,andmacroeconomic shift towards a catalystdriven economy, then things might change,” Uzum said.

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

L-R: Halima Aliko Dangote, director, NASCON Allied Industries plc; Fatima Aliko Dangote, executive director, commercial; Paul Farrer, MD, and Yemisi Ayeni, chairperson, at the 2018 annual general meeting of NASCON Allied Industries plc, in Lagos.

Banks move to unlock 25% contributory pension assets for mortgage ....begin massive lending to creative industry at 9% ONYINYE NWACHUKWU, Abuja

igerian bankers have agreed to work with the Pension Commission (PenCom) to ensure contributors to the Retirement Savings Account (RSA) use 25 percent of the accumulated N9.03 trillion assets as mortgage loans in line with the Pension Reform Act of 2014 which is still not being implemented. They also committed to unlock massive lending to the creative industry at not more than 9 percent in new aggressive scheme championed by the Central Bank of Nigeria (CBN). The two decisions were

taken at the Bankers Committee meeting held in Abuja on Thursday. Hamba Ambah of FSDH Merchant Bank, who briefed journalists alongside his colleagues and CBN officials on the outcome of the meeting, said unlocking the huge potential in the real estate sector through mortgage financing was one of very important issues discussed. “Another issue that was touched was the fact that the banking industry is going to work closely with the pensions industry,” she said. She recalled that since the Pension Reform Act was enacted in 2014, pension assets under management have reached an impressive N9.03

trillion and that PenCom is looking at releasing 25 percent of that sum to make it possible for the RSA holders to use this as equity to access mortgages. Out of the over N9trn pension assets, almost 70 percent is invested in government securities. “Twenty-five percent of N9 trillion is well over N2 trillion. This is huge and can be used to stimulate demand and create mortgage loans in our economy,” Ambah noted. She said the bankers agreed that the CBN will talk with various regulators and state governments to simplify the whole process in a way that many more people can access mortgage financing and thereby stimulate de-

mand in the economy. “Another important issue discussed is around the real estate sector and mortgages and releasing the trapped liquidity that currently exists in various investments that people have in real estate, land or in property and in recognising that there are some obstacles but we must find a way to navigate through,” Kayode Akinkugbe, CEO, FBN Quest Merchant Bank, said. “This is another important initiative that we feel will help boost and show the contribution of the banking sector towards creating value for the consumer,” he said.

•Continues online at www.businessday.ng

Apapa Trailer Park: Contractor upbeat, says ministry under pressure to deliver CHUKA UROKO

here are indications that Borini Prono, the contractor handling the construction of the Apapa Trailer Park along Apapa-Oshodi Expressway, will complete the park and beat the two-week deadline given to it by the new presidential taskforce on Apapa gridlock. Work was in progress on the major infrastructure facilities that have been delaying the completion and opening of the park for use by trucks when BusinessDay visited the project site Thursday afternoon. Drilling of two boreholes was on-going; work was also in progress on the shoreline

protection which is about 60 percent completed, while a good number of workers were seen working on the multiroom toilet facilities. “We are making progress and, hopefully, by next week Saturday, this place will be ready for use. The Ministry of Works is under pressure to deliver the park and they are calling us every now and then to ensure we beat the deadline,” a Borini Prono official, who did not want his name mentioned, told our reporter at the project site. Asked whether electricity would also be fixed before next week, the official said they were working on it, stressing that the entire park would be ready before the

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expiration of the two weeks deadline given to the Ministry of Works to complete and deliver the park. The trailer park, considered a strategic solution to the Apapa gridlock, has been under construction since 2010 when its contract was awarded to the Italian construction giant by former President Goodluck Jonathan’s administration. It is today one of the oldest government-owned project sites in Nigeria. Kayode Opeifa, vice chairman of the new presidential taskforce for the decongestion of Apapa which had 72-hour ultimatum to rid Apapa roads and bridges of trailers and tankers, assured Nigerians last week Friday that the park @Businessdayng

would be ready in two weeks’ time. The Federal Ministry of Works and the contractor have, in the last couple of months, delayed and deferred the completion and opening of the park to the frustration and indignation of motorists, Apapa residents and business owners in the port city who believe that the opening of that park would significantly reduce the gridlock on their roads and bridges. The park, on completion, is expected to take about 400 trucks out of the road, hopefully reducing the gridlock that has refused to leave the port city despite the presidential taskforce and ultimatum.

•Continues online at www.businessday.ng

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NEWS States buckle as World Bank hinges $750m loan on budget allocation disclosure MICHAEL ANI

efore 2019, Nigerian states have shown a penchant attitude in disclosing to the general public the financial position of their states as well as its planned expenditure in the budget. But now, these states are the once chasing after the public to get their budget noticed. The tide turned around after the World Bank proposed a developmental support programme of over $750 million for states in Nigeria but tied the disbursement of these funds to each of these 36 states if and only if their financial and planned budgetary allocations are disclosed to the public in which they have sworn to govern. The programme will see the Washington-based developmental bank disburse as much as $600,000 in loans to each of the 36 states as long as they fulfil two criteria, according to Gabriel Okeowo, principal lead at BudgIT, civic organisation driven to make the Nigerian budget and public data more understandable and accessible

across every literacy span. The first criteria given by the bank was that each of the states must have their budgetary expenditure disclosed to the public domain on or before end of February while the second mandate these states to develop a citizen version of their budget on or before the last day in April 2019. “This act by the World Bank helped in turning the scene away from the traditional way where we had to run to them to get their budget through any means necessary or we had to develop the citizens budget by ourselves to an arrangement that is putting the responsibility back to these state government who were originally supposed to shoulder such responsibilities,” Okeowo said in a forum organised by IE university, aimed at promoting African innovation solutions to meet global challenges. Before the Washingtonbased bank enacted the stringent measures restricting states that doesn’t from have their budget disclosed in the public domain from assessing its developmental financing, only 10

out the 36 states in the federation had their budgets disclosed, according to Okeowo, however with the reform, about 25 states have so far released their and 21 of them, submitted their citizens budget as at the end of April 2019, as stipulated by the bank. Many Nigerian states overtime do not make known to the public the financial position of their states, and even when they do, it might be outdated. This is contrary to what the law provides in section 125, subsection (2) of the 1999 Constitution of the Federal Republic of Nigeria which stipulates that “the public accounts of a State and of all offices and courts of the State shall be audited by the Auditor-General for the State who shall submit his reports to the House of Assembly of the State”. Analysts say the deliberate actions by the state to publish its financial statement questions the integrity of the state’s Auditor-General and cast doubt on the accountability these governors swore to the people they govern to uphold.

Remita partners WAEC on sale of August, September GCE exam pin

rospective private candidates of the 2019 West African Senior School Certificate Examination (WASSCE) – Second Series (August/ September WAEC GCE) across Nigeria can now conveniently purchase their registration PINs through any of the multiple channels available on Remita,

an e-payment platform. This agreement was made recently as the West African Examinations Council (WAEC) formally announced the commencement of the sale of WAEC GCE registration PINs, which ends on July 19, 2019. To enjoy this service, intending candidates are to visit

Notification of Company Name Change

Barclays Stockbrokers Nigeria Limited Effective 21st May 2019, Barclays Stockbrokers Nigeria Limited (the “Company”) has officially changed its name to:

Absa Securities Nigeria Limited The Company’s business remains unaffected by the name change. About Absa Group Absa Group Limited (previously Barclays Africa Group) is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups. Absa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance. Absa Group has a presence in 12 countries in Africa, with approximately 42,000 employees.

For further information about Absa Group Limited, please visit www.absa.africa www.businessday.ng

the Remita website or mobile app and choose a preferred payment channel of the many options available, which include Debit/Credit Card, Internet Banking, Mobile Wallet (Pocket Moni, Paga, etc), branches of all Nigerian banks, and at designated Agent locations across the country. Once payment is completed, the exam registration PIN is delivered to the candidate’s email and also displayed on the Remita payment receipt sent to the same email. The candidate is then expected to proceed to WAEC’s website to complete registration with the obtained PIN. “We are glad to always provide everyday payment solutions for our customers across the value chain. In this particular instance, it is our pleasure to empower prospective candidates of the August/September WAEC GCE with multiple payment options available round-the-clock that would help them complete their registration in good time, with no hassles,” said David Okeme, divisional head, Applications and Vertical Markets, of SystemSpecs, owner of Remita. Candidates are required to conclude registration within two weeks of first access to the WAEC registration portal during the registration period and to ensure that name, gender, passport photograph, date of birth and examination subjects are correctly provided. Upon completion, they are also to print the Admission Notice/ Photo Card as evidence of successful registration, which will serve as identification during the examination. The WAEC is an examination board established to conduct the examinations and to award certificates comparable to those of equivalent examining authorities internationally. https://www.facebook.com/businessdayng

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Agenda for the President THE NEW WEALTH OF NATIONS

Obadiah Mailafia

he Wednesday June 12 Inauguration was a much better affair than the strange Brechtian drama that took place on Wednesday 29 May. The president’s Inaugural Address announced his ambition to consolidate on the achievements of the past 4 years and to expand the foundations for peace, security, growth and development. Here I want to focus on what I think his priorities should be. First, we must frontally tackle terrorism and insecurity. The first duty of government since Aristotle is to secure the common peace. A government that fails in that elementary duty has lost it all. We must therefore mobilise our security forces on a total and all-out onslaught against those monstrous creatures that have turned our country into a hell on earth. We must train and equip a Special Forces crack team to smoke out the bastards and bring them to judgement. This government must also prove to all Nigerians that they are not driven by a secret agenda of “Fulanisation and Islamisation” as alleged by former President Chief Olusegun Obasanjo. Secondly, we must address the imperative of nation building. Nation building is the most important responsibility of statecraft. The state, in the language of the Swiss historian Jacob Burckhardt, is a work of art. Na-

tions must be designed, like magisterial works of art, with passion and dedication. Nigerians are more divided than ever. Through his gestures and substantive policy, he must do what it takes to make all Nigerians feel that they belong and that they are not excluded from the heart of the administration. Thirdly, we must wage a renewed war on poverty and unemployment. While some of us welcome the social investment programmes that have been initiated, we look askance at the poor planning and bias that informs implementation. We need to train an entire team on social policy planning and administration. There must be rigorous monitoring and evaluation. Any slippages must be redressed. And there must be proper accountability for results and zero-tolerance for corruption. Greater efforts must be focused on rural women, who make up the bulk of the poor and vulnerable. We must aggressively empower them with affordable financing for SMEs and micro-enterprises. Training is vital, particularly for the youths, so that they are in a better position to help themselves either by way of employment or entrepreneurship. Fourthly, we must embark upon a programme of mass electrification and revamping of our physical infrastructures. The president announced that over 2,000 kilometres of federal road and bridge projects are in progress, in addition to critical feeder roads as well as rails, seaport and airport projects that are at various stages of completion. But we need to ensure that many of these projects, dominated by foreign construction cartels, are accompanied by a “public works dimension” that creates employment opportunities for our youths, including employment, training and transfer of skills. We need a state of emergency on the power sector. Those DISCOs that are not performing up to expectation must be

re-nationalised. We need to also unbundle the downstream; opening up transmission and distribution to local and foreign investors. The President should pass an Executive Order requiring all government buildings to have solar panels and renewable energy systems installed on them. It would be a vital stop-gap solution. Fifth, we need an agrarian revolution to ensure food security for all our people. Some progress has been made via the CBN Anchor Borrowers’ Programme. But many will question the actual costs and the fact that it comes at the expense of a weakening of the apex bank’s core mandate. We need to implement an agriculture-based mass industrial revolution involving building of rural infrastructures, land reforms, extension services, and institutional support to farmers through subsidised fertilisers, pesticides, tractors and affordable credit. Rural banditry must be addressed as part of a comprehensive strategy of agrarian reform. Much of the lawlessness in the rural countryside is because of the absence of governmental authority at the local level. We need security in the rural countryside and we need to protect farming communities so that they can flourish and prosper. Sixth, we must develop a more constructive solution to the human capital deficit. Many of our graduate youths are unemployable – lacking in basic skills of literacy, numeracy and IT. We must therefore retrain and retool them for an increasingly competitive global marketplace. We must create a new knowledge economy anchored on the STEM disciplines of science, technology, engineering and mathematics. We must invest in research and innovation; harnessing local knowledge systems to produce new products for local and world markets. We must become a scientific society where science and technology have pride of place and

‘

We need a team of technocrats who understand the foundations of macroeconomics and who can put together a credible economic strategy to drive reforms, ensure rigour and effectiveness in implementation of the government’s economic programme

where we no longer have to rely on oil for the bulk of our foreign earnings as well as government revenues. Seventh, we need a new approach to tackling corruption. The current fire-fighting approach leaves much to be desired. It is both partisan and lacking in credibility. A more holistic, systems-based approach should focus on building strong institutions and strengthening monitoring and evaluation and ensuring financial accountability at all levels. Strengthening the Office of the Auditor-General could do far more in reducing corruption than all the moralistic grand-standing that we have seen in the past four years. Many Nigerians would tell you that corruption has actually increased within the corridors of power and with more impunity than ever before. Finally, putting together a credible economic team is vital to ensuring policy credibility. What we have today is not working. We need a team of technocrats who understand the foundations of macroeconomics and who can put together a credible economic strategy to drive reforms, ensure rigour and effectiveness in implementation of the government’s economic programme. They must pay careful attention to public finances; raising revenue while mitigating waste. They must aim to bolster accelerated growth while confronting our most pressing development challenges. A strong, courageous and credible team sends a clear signal to the international community that Nigeria is open for business. It is the only way President Muhammadu Buhari can redeem his legacy in the eyes of history. 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)

Success: The role of extraordinary work ethics

eyond results, we forsake the process which is usually the most important factor. Those that know and have mastered the process can always duplicate their results irrespective of the terrain. I believe grit and process is something this generation might never really understand due to advent of fast-paced technology and generational dynamics. People are getting lazier, busier and crazier by the day. We all want pleasure and love without doing the work. Like I love to say “Baby, what’s love without money?” Let’s be real, even Romance without FInance is a Nuisance. I recently read a book on Steve Jobs written by his first girlfriend, Chrisann Brennan. The book is a memoir about her time with the tech giant. It’s called “The Bite in the Apple”. I think you should read it. According to the book, Steve Jobs was a boring guy. The kind that ladies would not 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, even to my mother, that will be sexy. Swag is cool, but class and success are better. Men are to be providers. Men are like bank accounts; without a lot of income, they don’t generate interest. As business people, master the art of delayed gratification. I mean, don’t let pleasure distract you from where you are going to. Don’t lose your stamina on the fast lane, keep that conversation of growth always in your head and persevere till you get there.

I love the game of golf and I have observed that you can hardly play golf and not be successful. Not necessarily from the network but because of the stamina, conversations and perseverance you learn from it. The sport requires perseverance, maturity and staying emotionally intelligent from a standard 18 holes. A wise man at a golf game once told me, “Eizu as you grow, comfort and distractions may set in. But never let a win get to your head and a loss to your heart”. You will never reach your destination if you stop to throw stones at every dog that barks at you. Don’t let offence or pleasure distract where you are going to. Success is all about work process and ethics. Stay true to you. Extra ordinary work ethics means hard work and commitment. And commitment means staying true and loyal to what you said you will do – long after the mood and situations you said it in has left you. I do not advocate for all work and no play. As a young team at Hexavia!, we sometimes “turn up”. However, I once had to suspend a colleague because he could not wake up early enough for a client’s session, after we had gone out to have fun a night before. Never allow pleasure affect work. You can’t splurge away your own income. You can’t get high on your own supply. Most artists usually have their first albums as their best album. This is because they stopped being what made them great. They have become uninspired. What actually happens is that success has begun to eat away the depth of hunger. Think! What keeps Dangote awake and

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makes him sleep only 4 hours a day for all these years? How about the extraordinary work ethics of the likes of Tiger Woods, Beyonce, Usain Bolt, Pele, Serena Williams? These are ordinary people with extra-ordinary work ethics. They set and break their own records. Having interacted with successful people and clients over these years, I have come to the conclusion that great guys are really not “extra”ordinary geniuses. They all seem to follow the same trend of thought process and work ethics. They put in “Extra” work! Pele of Brazil was among the first set of players to win two world cups. However, in 1970, he became the first footballer to win a 3rd world cup medal, a feat yet to be equalled by any footballer. Tiger Woods in his 20s made over $500million. But in less than a decade, he doubled it. He moved on to 14 major championships and 79 PGA tour victories. He is the first athlete to reach 1 billion US dollars career earnings. Usain Bolt nicknamed ‘Lighting Bolt’ set a 9.69s world record and broke the record himself in Berlin 2009 with a 9.58s new world record. Before he retired in 2017, he promised to continually break his own record. Serena Williams’ Wimbledon 2016 crown was her 9th grand slam title since reaching her 30th birthday. No other female player has won more than 3 grand slam singles titles after turning 30 years of age. Beyonce just before the end of 2013, toured the whole of United states in less than two months. It was almost impossible and just when

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EIZU UWAOMA we felt sorry for her fatigue, she released, about that same time, an entire album with 17 music videos kept secret. She shot those videos even as she was on a world tour. My dear friends, to double your success, it’s simple: Be the best, and then the next time, get better at that best. It might take some time though. Just like pregnancy, some things just take time, resources, tests and requires discipline and commitment. It takes an average of 9 months to give birth. A baby can’t be delivered in 1 month by getting 9 women pregnant! What distinguishes the merely talented from the truly great is drive — the willingness to get in earlier, stay later, and do more than everyone around them. This is why at Hexavia!, our slogan is “Go Further Ahead…”And our cliché is, “If what you’ve done yesterday still looks big to you today, then you haven’t done much today”. Uwaoma is a start-up, corporate restructuring and strategy consultant. He writes via contacteizu@gmail.com

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Anthony Olufemi Joshua and the Mexican slugger HumanAngle

Femi olugbile

or the British-Nigerian boxer, it was going to be just another day in the office. He was a world heavyweight champion with twenty-two victories under his belt, many of them achieved by knocking his opponent flat on the canvas. This opponent was a virtual nobody, shooed in at the last moment because the real opponent who had been scheduled to fight the champ had failed a drug test. Nobody, it seemed, had heard of the man, Andre Ruiz, or cared much about him. It was enough to know that he was a Mexican-American who had jumped at the chance of stepping into the ring with a master who held three World Heavyweight belts and was itching to add the fourth to make his suzraignty complete. For the champion, it was going to be his introduction to America, the real home of world heavyweight boxing. He would, for the first time in his career, be fighting in Madison Square garden, a venue where the greats of boxing – Mohammed Ali, Joe Frazier, even Mark Tyson had walked onto the ring in the klieg lights to the bloodthirsty braying of thousands of fans. There they had

enacted boxing duels that were the stuff of legend. There he was - handsome, voluble, winsome, the man who had beaten everybody in sight. For his exertion, on this evening, he would be earning twenty million pounds sterling – a handsome purse, far more than even the great Mohammed Ali had won for ‘the rumble in the jungle’. Andres Ponce Ruiz Jr was a stocky, paunchy man with unsightly tattoos all over his body. He looked ugly and mean. He was born in 1989 in California, USA, of Mexican immigrant parents. He began professional boxing ten years ago. He had had 34 fights, out of which he won 33. His solitary loss was a close points decision. There were certain things about the man that, in retrospect, should have made any opponent wary of him. One these was that computer analysis had repeatedly shown that, despite his stodgy stature, he had the fastest hands in heavyweight boxing. But Anthony Olufemi Joshua was not just any man. He was known to be very proud of his Nigerian ancestry, which he regularly flaunted. He had been in Nigeria a number of times and talked his home-country up at every opportunity. He was the face and the voice of the popular GLO advert that had words such as ‘We Nigerians are proud warriors…”. He was active in the social media, with 2.6 million ‘likes’ on Facebook and 9.3 million followers on Instagram. The Nigerian people, and their government apparatchik, had taken to claiming him as their own. It was good, it seemed, for everybody’s morale.

On the night of the fight, you had gone to sleep, confident of Joshua’s victory. In the morning, you immediately called your brother who had watched the match live and demanded, with a tone of accusation, as though this was his fault. ‘What happened?’ His voice was flat. ‘Our man was gone from the third round. I saw it coming’. To date, you have not had the stomach to watch the full seven rounds. All you have been able to handle are snippets, and the excruciating pathos of the champion kneeling on the canvas, before his adversary, at the end. Anthony, who likes to be called ‘Femi’, was born in the UK. His father is of mixed Nigerian and Irish stock, while his mother is Nigerian. He started secondary school at Mayflower School, Ikenne. His parents divorced when he was 12, and he returned to the UK to continue his education. He learned a trade as a bricklayer and had a few minor brushes with the Law in his early years. He began boxing in 2007. He won a silver medal at the 2011 World Amateur Boxing Championships, and gold at the 2012 London Olympics. He turned professional in 2013. From then he has been unstoppable. He won all the 22 fights he had before he met the Mexican blob. Joshua is a likable young man, given to quotable witticisms and clichés. Days after the fight, he would say ‘Don’t let success get to your head or failure get to your heart.’ If there is one thing that has always worried you about Joshua,

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The heavyweight boxing division has always been populated with people who look ready to eat their mothers for supper. But what would our Joshua do, after the fight, in which he endured a humiliating loss? Joshua embraced Luiz

it is that he is ‘too nice’ for boxing. The heavyweight boxing division has always been populated with people who look ready to eat their mothers for supper. But what would our Joshua do, after the fight, in which he endured a humiliating loss? Joshua embraced Luiz. That is who he is, and that is how he has always been. But who does that in the world he inhabits? Luiz himself looks like a hitman for a drug cartel. Joe Frazier looked like a killer, even when he wore a suit outside the ring. Iron Mike Tyson – you want to run away from him when you meet him on the street. Mohammed Ali, undoubtedly Joshua’s idol, who was handsome and voluble like him, did not embrace his opponents – he insulted them into a towering rage before he entered the ring with them, in order to take advantage of their anger and knock them out. ‘Femi’ loves his Yoruba heritage, and it is apt to recommend to him a Yoruba adage that says, literally,‘if a person is attacking you with a snake, you should not attack him with a mouse’. He lives in a world of mean men who fight to kill in the ring. He may be the most skillful boxer in the world, but if he wants to get back to winning ways, he needs to get a killer instinct into his head. Anthony Olufemi Joshua will come back. He is too good to stay down. If he gets his head right, he will beat Luiz when they meet in November. All the world is waiting. Femi Olugbile is a Writer and Psychiatrist. Comments to synthesiz@ gmail.com’

Can CEOs & managers work against their organizational change efforts?

henever organizational leaders come up with change efforts, one thing in their minds is to see to it the successful implementation of the change efforts. Surprisingly, based on my experience working with board members and executives, being interested in the successful implementation of any change effort and providing the required resources, and also executive support are not just enough. Could there be any possibility of let’s say what a CEO is doing that will sabotage his or her own efforts and honest intentions of ensuring that the organization achieves success in their organizational change quest? My answer is a resounding yes. Often times, CEOs, leaders and managers find it difficult to believe that they can work against any change effort they have shown absolute support for. Naturally, these leaders might not want to sabotage their organizations’ change effort, but unknowingly to some, they failed to realize that leaders and managers alone cannot totally effect organizational change. They need majority of people in the organization. A resonating question for leaders to ask is: how come many of the process improvement, re-engineering, customers’ service improvement and the likes are not yielding the desired results? Despite the fact that enormous resources have been approved and

management has shown their commitment. Is there anything managers and leaders are doing wrong as to work against the organizational change effort? I think my answer is yes! Again, to my surprise, whenever I lead strategic retreats for organizations, leaders and managers in attendance always speak as though they have had a previous conversation. They will always lament that their employees are not helping matters when it comes to running with the change being backed upon or implementing the desired change. So, what is going on between leaders and employees? One major error that managers and leaders do and that will ultimately work against every organizational change initiative is to “make employees feel or think that something is being done to them”. Instead of making them feel or think that something is being done for them or by them or with them. This might sound so simple from the surface but has caused many organizations’ downfall. The basic premise that “People Support What They Help Create” is true. The number one mistake to avoid in every organization is deciding and announcing a change without the input or involvement of those that will run with the change. Let us not be deceived by rhetoric, without including the people who are impacted by, or can impact the change, any change plan is only as valuable as the

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paper it is written on. Having worked with some CEOs of organizations, I have realized that the practice of inclusion is not always a part most leaders are comfortable with. It may be a new and unfamiliar way of managing. More so, coupled with the fact that some leaders might think they aren’t being a leader if they are asking people what to do or for their advice. But this should not be so. It is not that you are actually asking people what to do. Instead, you are presenting a draft of the change plan for their feedback. This means you are saying to them that; you will seriously listen to their feedback and incorporate some of it into the change plan if it makes sense to you. This is because no one has all the answers in today’s complex organizations and environment. This simple act of inclusion can work wonders in organizations. Final note: One of the things I took away working with and learning from the late Steve Haines years back is that; “people want input into decisions that affect them prior to the final decision being made”. Once people have input into a plan, they are more likely to support it and implement it than if you were a leader or manager that just expected people to follow their orders. By involving employees at all levels, you release “magic”- the magic of their ideas, their experience, their expertise,

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FRESH INSIGHTS FOR CHALLENGING TIMES ‘Uju Onwuzulike their wisdom, their energy, their excitement and ultimately their commitment. And believe me, this is the kind of magic that will make any organizational change effort to yield results. Always remember that no one is the custodian of knowledge and so in your organization great ideas can sprout from any one. As a CEO, learn to utilize the gift in your people, as they have what your organization needs to succeed. As always, I welcome your comments, questions or requests. The trusted advisor, Uju Onwuzulike is Nigeria’s leading authority on Systems Thinking and Strategic Management. He was a Steve Haines trained strategy and systems thinking expert and a former global partner of Haines Centre for Strategic Management, California, USA. He is the founder and Chief Results Officer of MCL – a strategy and outstanding performance specialist firm. He can be reached on 09091142093 or uju.onwuzulike@mclgroup.net.

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Editorial Publisher/CEO

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

Bashir Ibrahim Hassan

Does Nigeria need a 5G plan?

igeria plans to rollout 5G mobile technology but there is no plan in sight; the NCC, the regulatory body, lately announced that the technology will be available from 2020. An announcement is utterly unsatisfactory. More Nigerians now have access to mobile broadband. It didn’t happen without a plan. The Nigerian National Broadband Plan, launched in 2013, was a five-year plan to rollout 3G and 4G mobile technologies. Both were seen as the perfect pivot with which to deliver high speed broadband quickly and cheaply to as many as 80% of the population. As at September 2018, almost half of the 97.5 million unique mobile subscribers in Nigeria had mobile internet service, according to a 2018 GSMA report. Today, the 2019 Jumia Mobile Report says, just 44 per cent of mobile subscribers use 3G, while 4 per cent use 4G, way behind other African countries. Still, Nigeria is the only African country that will contribute

new mobile subscribers to the 700m expected by 2025 (about 7m every year). The rollout of 5G will, for example, make it possible for cars, phones and fridges to connect faster and seamlessly than currently possible to a network. It will usher the Internet of Things (IoT). For a technology that will define the economics and national security of the 21st century, an announcement shows how prepared Nigeria is to fail. For a technology estimated to become a $123 billion market in six years, an announcement shows we don’t appreciate the scale of its impact. For a technology at the heart of what commentators call a technology Cold War between the US and China, an announcement shows our lack of strategic thinking and poor knowledge of geopolitics. China, on the other hand, knows these things and long planned to be the global leader in the technology. Early on, it described 5G as a “strategic emerging industry” and “new area of growth”. China is aware that whoever makes the wireless technology of tomorrow will control the future – just as the US developed 4G technol-

ogy which gave rise to tech giants like Netflix. Huawei, as the largest supplier of networking equipment and second-largest smartphone maker, is in pole position in the race to 5G. It makes equipment that will allow devices to connect at high speeds. China plans to generate 8 million Chinese jobs from 5G by 2030. Implementing a broadband plan requires the long-termcommitment of government agencies and the private sector, as shown in the China example. An update of the Nigerian National Broadband Plan would be a good start. Its goal: to make mobile technology available across the country as a tool for learning, improving the economy, and generating jobs remains valid. A new plan will build on identifying broadband technology as “essential infrastructure of the 21st century” comparable to what electricity was for the Industrial Age. The updated plan will review the previous target of a five-fold increase in internet and broadband penetration through the rollout of 3G networks. It must be more specific

about how broadband access facilitates development of local content. For example, the availability of 3G contributed to the success of online marketplaces like Jumia which has 4 million customers in Nigeria, its largest market. Jumia has helped Nigerian businesses selling food or clothing items breach the dreadful logistics barrier of reaching customers around the country. Finally, it must assess the risks and opportunities of the fight between the US and China over the ascent of Huawei as the leading 5G tech supplier. Will the US ban of Huawei bring about an alternative to Android by Google for smartphones? Asian mobile phone brands such as Huawei are increasingly popular in Nigeria. Are we ready to develop apps for health, education, agriculture and technology for this new platform? The previous plan saw fast, reliable and affordable internet as “a fundamental requirement” for Nigeria to become a leading economy in 2020; it still is but not in a year. Without an updated national broadband strategy the date and goal have to be postponed.

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The rise and rise of road rage in Nigeria Tales from the main road

Eugenia Abu

hen a dear friend told me many years ago that he felt he might die in an accident in Nigeria, I was horrified, and he was not even Nigerian. He was British with a Nigerian wife. Dr Arnot, head of an international organisation, who at that time had lived in Nigeria for 10 years. We were having lunch and as we savoured the delicious displays, we wondered into my writings, particularly this column when he dropped the bomb. I was as petrified as I was curious and requested that he opened a window to his mind. He lived in highbrow Maitama in Abuja and his office was a mere 5-10 minutes away in the same area but he always had nightmares as he drove to work. “It will seem,” he said to me “that every day as I drive to and from work someone is determined to end my life on the road.” Profound. Have we all not felt that way as we make our way in traffic in most parts of Nigeria and I dare say particularly in Abuja where the roads are smooth as baby’s bottom and driving should be an absolute

pleasure. But that pleasure has been turned to terror when you see a car coming straight at you from the corner of your eyes at high speed and the driver just broke the light. Holding on to the fact that you have right of way is no longer tenable in this road rage that has taken over Nigerians and is about to destroy any decent driving culture that we may have had. It is wiser to make for the ditch and hope that you land safely. Driving on Nigerian roads has become something of a study for how a nation morphed into a collection of persons who are ticking time bombs on our roads. There is a complete lack of empathy even if someone has made a wrong move on the road, we are not patient enough to give him/her time to recover, we are bullish about our rights and would rather hurt that person than wait a bit. We are impatient on the road and no matter how short the distance, we drive as if we will die if we drive slower to allow pedestrians pass. It is sad that zebra crossings are abused daily and where it says STOP just before the traffic lights, to allow pedestrians cross safely, means nothing to us, and we proudly place our cars on the stop sign oblivious to the pedestrian or even the sign. Only recently my husband who is an anti-road rage campaigner and foremost commentator on bad driving realised quite suddenly that he has been complaining against bad drivers and they are the wrong targets. When I asked how so, he replied that he had been attacking the wrong group of persons. Puzzled, I

probed further. Then he spoke softly. I think I may be up against tramadol on the road. Wow! What a perspective. So… it has come to me that a lot of the jay driving, wrong turns, unnecessary high speed driving, road rage and inconsiderate driving going on our roads is not a “clear eye something”. So… a most confusing driving pattern that puts other road users at risk is more often than not a drug induced move. OMG. You mean in addition to stupidity, lack of kindness, lack of empathy, illiteracy, poor eyesight, receipt of fake driving licences and poorly trained drivers, we also have to deal with Tramadol. It became clearer to me that most of our driving is either drug induced or rage induced or drug related rage induced driving. So what shall we do with a climbing population of drivers, bad cars and road rage. Let us turn our searchlight a little bit to children driving on Abuja roads, 16-year-old whose reflexes are not yet there and who have no business driving because they are not of the statutory age are busy driving. Let us also look at how badly behaved most of our taxi drivers are as they compete to pick up a passenger, cutting you off so sharply with no warning and no sign to say they are stopping... Let us look at how bad the eyesight of most of our taxi drivers are and they have never had an eye test or had the last one fifteen years ago. When several taxi drivers target a possible client, they all rush towards that client and care very little if you are on your rightful lane driving

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Most of our driving is either drug induced or rage induced or drug related rage induced driving. So what shall we do with a climbing population of drivers, bad cars and road rage

through town. They swoop on the possible client and bring you to near disaster by literally sweeping you off the road. I have often pondered what can be done to our road rage challenge, to our jay driving by young persons, to our anger on the roads, to our impatience on the roads, intimidation of visitors and members of the international community and other citizens on Nigerian roads. Every country has a group of persons with road rage but there are traffic bodies to put them in place, breathalysers to check their drug or alcohol use and laws to straighten them out. Here we have multiple traffic bodies in competition, while some are doing their best, others lay ambush in difficult turns to catch traffic offenders for petty misdemeanours while looking the other way with big offenders and deep pockets. Then taxi drivers escaping the traffic regulatory organisations in these cul- de sacs reverse into law abiding citizens killing some and maiming others. Add this to the mayhem when traffic lights are not working and stick- carrying traffic wardens who can only point a stick to traffic offenders are all we have got. There must be a new way to deal with our road rage. This is a newly minted democratic journey. Our traffic agencies and the Nigerian people should address this before we all die by bad driving. Any suggestions? Eugenia Abu is a broadcaster, writer, trainer, band and multimedia strategy expert and media consultant. Contact. abu_eugenia@yahoo.com

Making a case for telecommuting, flexitime and nap rooms

he world of work keeps evolving at a dizzying pace. Organizations that still run business activities like slave camps are yet to realize that the ground beneath their feet has shifted and that they may become extinct in years to come if they fail to keep up with the changes taking place in the workplace. This piece is aimed at making a case for telecommuting, flexitime and nap rooms. Being an Industrial-Organizational Psychologist-cum-HRM practitioner, I will address psychological and business factors among other things. According to Entrepreneur (www.entrepreneur.com), telecommuting is “the practice of working from home for a business and communicating through the use of a personal computer equipped with modem and communication software.” The idea of working from a remote location might not be entertained by the average employer for two main reasons: first, the likelihood of abuse by employees. Second, it is a radical departure from the norm. Starting with the second reason, it is important to bear in mind that progressive organizations keep an open mind and embrace ideas that will promote organizational health and growth regardless of whether they depart from the norm. Besides, what you call a norm was once an idea that was alien. Going back to the first reason. I agree that the tendency for abuse exists especially if the employees in question are not honest and responsible. To address this, organizations must endeavour to be inflexible and strict with individual performances. Key performance indicators must be clear and highly emphasized. Rewards (recognition, salary increase, promotion et cetera) should be inextricably linked to performance. Do not

forget to provide work tools, gadgets, strong internet access et cetera needed for optimal performance. There are benefits of telecommuting. From the business angle, it is obvious that it helps organizations save operational costs tied to people working in offices on a daily basis. You know how much you spend on diesel, electricity bills et cetera. What about transportation? From a psychological angle, telecommuting promotes work-life balance. From my regular discussions with my friend Nkem Offonabo, a work-life balance coach, it is crystal clear that work-life balance is not simply aimed at helping employees create time for other things that matter to them, it also helps them to be productive at work. I think in a state like Lagos, the need for telecommuting cannot be overemphasized. Nonetheless, I will be remiss if I fail to add that the effectiveness of telecommuting also depends on an organization’s business model as well as the sophistication of her customers which influences the mode of engagement. I will touch on flexitime briefly. According to Business Dictionary, flexitime is a “non-traditional work scheduling practice which allows full-time employees to choose their individual starting and quitting times within certain limits (such as ‘not earlier than 5 a.m.’ and ‘not later than 9 p.m.’)”. While I was an HR Executive of an IT service firm, I facilitated discussions around flexible resumption hours to enable employees decide individually their resumption and closing time. Employees need not close by 5pm every day neither do they have to resume at the exact resumption hour. They can alter their work schedules on a daily or weekly basis to accommodate non-work commitments. What is most important is that they put in the agreed www.businessday.ng

hours and good quality of work. Flexitime also promotes work-life balance. Nap rooms. Encouraging naps is an acknowledgement that mental and physical exhaustion occur and they affect productivity negatively. Also, I strongly think it will help to discourage the culture of deception in organizations where employees go to toilets to nap under the pretext of relieving themselves or stare at their laptops with their faces cast in intelligent frowns while actually doing nothing and nodding intermittently with sleepy eyes when no one’s watching. As reported on Sleep.org, “a nap during the day can lower stress levels, improve your mood and increase alertness…” It was also reported that big companies like Google, Huffington Post, National Aeronautics and Space Administration (NASA) et cetera have embraced the idea of daytime napping. I also learnt that some forwardthinking firms in Nigeria have embraced the idea of staff having forty winks (i.e. nap) during the day. Seriously, organizations need not wait for employees to collapse while working owing to exhaustion (mental and/or physical) before giving this serious thought. For instance in Lagos State, some people spend a total of six (6) to eight (8) hours daily in traffic commuting to work. These are productive hours spent in the thick of noisy traffic. Having nap rooms in organizations promote wellness. I know some will be quick to point to their annual or biannual wellness programmes. The idea of making wellness a once or twice in a year affair, in my opinion, is not progressive and practical. Wellness is a daily affair and since people (staff and management) spend the better part of their waking moments at offices, there should be facilities in the workplace that enhance

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Jude Adigwe and promote wellness. Other than nap rooms, companies could also have fitness gyms and even games to help staff unwind when they feel exhausted. It is crucial to mention that nap rooms should not be used for the wrong purposes. It should be strictly for rest and not a place for chit-chat et cetera. This should be non-negotiable. Organizations could decide to give employees the leeway to blend lunch half-hour and nap half-hour if they so desire. As regards this topic, I recall vividly my discussions with Chekwube Uchea (who was once head of the Human Resource department at DealDey) on the feasibility of these ideas in the workplace…they depend largely on the exposure and willingness of management and HR departments of organizations. The workplace need not be perpetually tense like a slave camp, it can be relaxed. The workplace can be a second home - this is where progressive organizations are headed. Work can be fun. Adigwe is a certified Human Resource Management (HRM) professional and an Industrial-Organizational Psychologist. He is the Human Resources and Administration Manager at Sharemind Lagos. adigwejudeobi@gmail.com

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Friday 14 June 2019

BUSINESS DAY

cityfile Fear grows in Yenagoa over killings Samuel Ese, Yenagoa

You Can’t Cheat Nature: A wheel-barrow pusher having a nap after the hard day’s work in Lagos. Pic by Olawale Amoo

Imo: Police burst gun fabrication factory …arrest serving officer over armed robbery GODFREY OFURUM

he police in Imo have arrested one Eze Ajoku, a 63-year man in Agwa, Oguta local government area of the state said to have been specialised in fabricating guns. Rab iu L ad o d o, t he Commissioner of Police (CP) in charge of Imo com-

mand, said on Wednesday, that the suspect was among 22 others, including a serving police inspector, nabbed for armed robbery, kidnapping, cultism and illegal possession of fire arms. He listed items recovered from the fabricating factory to include one locally made pistol, one 9MM live ammunition, two double-barrel pipes

and eight single-barreled pipes. Other exhibits include nine riffle engine stock, two live ammunition and expended cartridges, one drilling machine, nine saw blades among others. Ladodo further disclosed that a serving police inspector, Salvation Kpun attached to OPS department in Imo was arrested at Works Layout

Owerri in connection with armed robbery. He added that a fleeing member of his gang, also a serving soldier, was being trailed by the police. The CP warned that there would be no hiding place for criminals in the state, adding that following the recently launched ‘Operation Puff Adder” the command was ever ready to combat crime in Imo.

signed by Patrick Olowokere, the president of Pearl Nuga Estate and Adesola Adebawo, president of Pearl Garden Estate respectively. According to the petitioners, CMB allegedly obtained a mortgage from Wema Bank Plc using the affected homes at Pearl Nuga Estate as collateral without the knowledge or consent of the affected homeowners. “The affected home-owners, namely; Bridget Eko, Osagie Aimiehnoho Jude, Akinola Alabi, Oluwadara Alabi, Nosakhare Igbinobi and Amos Gaga, paid CMB for those houses to be built and had taken possession of their houses from CMB at different times. “C M B a n d Mb a g w u

fraudulently withheld the title deeds of the houses from the affected home-owners as it withheld those of several other home-owners within the estate,” they alleged in the petition to the anti-graft agency. However, the bank has begun a recovery of the six houses within the estate following the failure of CMB, the property developer, to repay the loan, according to the petitioners. Similarly, Pearl Garden Estate also accused CMB of using the homes of four of their members- Michael Bassey, Oyeleke Jegede, Larry Amaraibi and one Felix, who had already paid in full to allegedly obtain a N10 million loan from Diamond Bank

(now Access Bank). Meanwhile, home-owners in the estates have also barred staff or representatives of CMB from Pearl Nuga Park Estate and Pearl Garden Estate. The petitioners said, “We have no other choice but to believe that other houses of our members and homeowners within the estates may be the subject of similar fraudulent mortgages.’’ Attempts to reach Kelechi Mbagwu, the managing director of CMB, on his mobile phone (08023139667) were unsuccessful as he failed to answer his calls or respond to messages sent to his phone and email address – kele_ mbagwu@yahoo.com – for over 12 hours. NAN

esidents of Obele and St. Peter’s areas of Yenagoa, the Bayelsa State capital, are living in fear over continued bloodletting in the area. On Tuesday, a private school in the area was forced to hurriedly close for the day and children sent home when the corpse of an unknown man was discovered in the morning. S everal houses and shops were closed, except for passers-by who were seen rushing home. The development followed a violent clash between armed cult groups at Obele Street and neighbouring Gwegwe Street, which resulted in the death of a cult leader, it was gathered. According to a witness who identified himself as Johnson Akpati, the tension was just easing when the corpse was discovered, just as he expressed

Varsity donates relief materials to IDPs in Katsina

A Residents petition EFCC over developer’s alleged fraud at Pearl Garden Estate R

esidents of Pearl Garden Estate and Pearl Nuga Park Estate located at Sangotedo in Lekki/Ajah area of Lagos have petitioned the Economic and Financial Crimes Commission (EFCC) over alleged fraudulent mortgage of some of their homes by CMB Building Maintenance and Investment Company Ltd, the developers of the estates, to secure bank loans The residents have also barred representatives of CMB from maintaining the homes at Pearl Nuga Park Estate and Pearl Garden Estate. The separate petitions dated May 28, 2019 and addressed to Ibrahim Magu chairman of the EFCC, were

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sadness over what he called ‘growing insecurity’, which is affecting daily activities and the residents of the area. It was gathered that the happenings in the area reflected the level of insecurity in other parts of the state capital, as cult groups and armed robbers maraud unchallenged, forcing residents to always scamper for safety. Gunshots have also become a daily occurrence in several parts of the city despite the recent launch of ‘Operation Puff Adder’ by the state police command. One area where violent crime is commonplace is the Swali Ultra Modern Market where armed youths often openly brandish guns to force traders to part with their money. For now, residents move cautiously just as security agencies are having a hard time containing the growing number of armed groups in the state.

l-Qalam University, Katsina, has donated relief materials worth over N300,000 to the Internally Displaced Persons (IDPs) affected by bandits attacks in Batsari Local Government Area of Katsina State. Presenting the items to the beneficiaries on Wednesday in Batsari, the vice-chancellor of the university, Shehu Ado, said that the gesture was to complement governments’ efforts at reducing the hardship being faced by the victims. Ado, who was represented by the deputy vicechancellor, Kabir Kado, described the attacks as @Businessdayng

senseless and inhuman. “Al-Qalam university community is equally co ncerne d ab out the senseless and ungodly killings by these bandits who attack innocent people in Batsari and its environs,’’ he said. One of the beneficiaries, Salisu Garba, who spoke on behalf of others, thanked the university for the donation. Some of the items donated included bags of rice, millet, sugar, garri, several cartons of spaghetti, jerry cans of vegetable oil, as well as cartons of detergent and soap. More than 18,000 people were displaced by the bandits in Batsari council.

Friday 14 June 2019

BUSINESS DAY

COMPANIES & MARKETS

Wapic plans lifting capital base to N15bn ahead NAICOM ultimatum

Company news analysis insight

Pg. 16

Banking

Union Bank shareholders endorse N54.4bn balance sheet reduction OLUFIKAYO OWOEYE

n a bid to restructure the lender’s balance sheet for efficiency, Union Bank Plc’s shareholders unanimously approved the proposed reduction of N54.4 billion from the bank’s share premium account. The shareholders endorsed the move at an Extra-Ordinary General Meeting (EGM) in Lagos. Share premium represents the difference between the issue price of a stock and the par value of that stock. Share premium account houses the non-distributable reserves of a company and can be used to write off equity-related expenses and used to issue bonus shares.

Losses incurred from legacy transactions have hindered shareholders of the bank from getting dividends. The N54.458 billion deficit revealed in the bank’s financial position for the 2018 financial year is an addition to the sum of

N247.8billion approved by shareholders in 2017. The new current capital reduction move by the bank will eliminate the major impediment which had been preventing the bank from paying dividends to its shareholders.

Despite 39percent surge in its net profit in 2018, Union Bank could not declare dividends because of the extant laws barring companies with negative retained earnings from declaring dividends. According to direc-

tors of the bank, the transaction which is subject to confirmation by the Federal High Court, would have no impact on the bank’s creditors or its shareholders’ funds but instead, is expected to pave the way for the payment of dividends to shareholders. Cyril Odu, chairman Union Bank said the bank is focus on the delivering of value to its stakeholders. “As we continue our push towards being Nigeria’s most reliable and trusted banking partner, we remain focused on improving the profitability of our business and delivering value to all our stakeholders – shareholders, customers, business partners and employees,” he said.

In its first quarter result for the period ended 31 March 2019, Gross Earnings tanked 5percent to N37.7bn compared to N39.5bn in Q1 2018 driven by a lower loan book base and declining yields in the current interest rate environment. Profit Before Tax remain flat at ₦5.4bn, Non-Interest Income surged 39percent to ₦10.8bn as against N7.8bn in Q1 2018 an outcome of the bank’s ongoing debt recovery efforts , improved fees and commission income and dividends from investments. Shares of Union Bank traded at N7.00 on the floor of the Nigerian Stock Exchange on Tuesday with one year return up 14.75percent.

Technology

IT company changes name to Ha-Shem Limited, becomes Independent Software Vendor IFEOMA OKEKE

a-Shem Network Services Limited, a leading IT company located in Lagos, and Abuja, Nigeria has announced that it has officially changed its name to Ha-Shem Limited, and has also officially become an Independent Software Vendor (ISV). More than 14 years in the industry, Ha-Shem has evolved to provide services far beyond just Infrastructure, Cloud Services, training and Support. Ha-Shem offers four main service groups; IT Security, IT Management, Cloud Services and its newest service offering, Software Development. With this comprehensive range of services, the name Ha-Shem Network Services Ltd. no longer reflected the scope of experience and expertise that HaShem’ professional experts provide, and therefore the name has been changed to Ha-Shem Limited. According to Mojisola Sodunke, managing director, Ha-Shem Limited, “The name change was a

tough decision as we have been known as Ha-Shem Network Services Limited by our customers for over 14 years now, however, it was a necessary decision as it now clearly communicates who we are, what we do, and what we stand for.” She added that, “With this change in name, we will still provide the great service that has distinguished Ha-Shem as one of the premier IT firm in Nigeria”. The Ha-Shem Limited Management team was also happy to share their latest milestone of being an Independent Software Vendor (ISV) leading to them unveiling their latest innovation – Havis 360. Havis 360 is a suite of business applications that identifies the challenges of organisations in various industries and sets out to address these challenges by taking on a digital approach to deliver an array of intelligent applications that drive simplicity, security, and efficiency within that organisation. According to Ha-Shem’s Chief Technical Officer, Olajumoke Toriola “ Havis

360 is that suite that seeks to take companies on their digital transformation journey by helping them automate their traditional processes”. Ha-Shem Limited is a leading IT service provider

that has been in existence since 2004. In partnership with major OEMs like Microsoft, Cisco, Sophos, SolarWinds, etc., the company delivers top notch solutions and services,

and have been recognised for its expertise through numerous awards including the Microsoft Country Partner of the Year Award which it has won three times in five years. The company provides

deployment service, support, build its own solutions through its brand Havis 360 and develop custom solutions for organisations that want to automate their processes.

Rasheed Olaoluwa, chief operating officer, Axxela Limited; Audrey Joe-Ezigbo, president, Nigerian Gas Association (NGA), and co-founder/executive director, Falcon Corporation Limited; Mobolaji Osunsanya, MD, Axxela Limited, and Ibimina Abiodun, council member, Nigerian Gas Association, at a courtesy visit by the NGA to Axxela Limited recently in Lagos.

Editor: LOLADE AKINMURELE (lolade.akinmurele@businessdayonline.com) Graphics: David Ogar

Friday 14 June 2019

BUSINESS DAY

COMPANIES&MARKETS

Business Event

Insurance

Wapic plans lifting capital base to N15bn ahead NAICOM ultimatum

...records biggest trade volume in 16 months Israel Odubola & Oluwasegun Olakoyenikan

hareholders of Wapic Insurance Plc have approved the Board of Directors’ plan to jerk up the company’s authorized share capital from N8.5 billion to N15 billion, by creating 13 billion more ordinary shares of 50 kobo each. This is coming four weeks after the regulator, National Insurance Commission (NAICOM), elevated the minimum capital base of insurance and reinsurance firms by 200 percent which sent shiver down the spine on a number of them. The new requirement, effective June 30, 2020 for existing insurers and reinsurers, directed life insurers to raise

their minimum capital base from N2 billion to N8 billion, non-life insurers from N3 billion to N10 billion, composite insurers from N5 billion to N18 billion and reinsurers from N10 billion to N20 billion. The Chairman, Board of Directors, Aigboje AigImoukhuede, said at the company’s 60th Annual General Meeting (AGM) which held last Monday in Lagos that the move is in the best interests of all shareholders, noting that the board is committed to ensure Wapic meets NAICOM’s deadline. He maintained that the insurer will come out stronger after the exercise, and commended NAICOM for coming up with the new policy to revamp the insurance industry. The share capital increase implies that the insurer will

meet the N8 billion minimum capital requirement for nonlife or general insurance, and N10 billion for life insurance. A snapshot of its financial reports for 31st December 2018, revealed that the insurer’s net underwriting income and underwriting profit surged 21 percent and 47 percent respectively to N7.6 billion and N2.1 billion. This the chairman attributed to attained leadership status in some major accounts and better underwriting capacities. The insurer paid N5 billion in claims in full year 2018, 32 percent more than N3.8 billion paid in 2017, while net earnings plunged 78 percent on lower investment and other income as well as higher underwriting expenses.

L-R: Patrick De Halleux, chairman, Monde Selection; Emmanuel Oriakhi, marketing director, Nigerian Breweries plc; Dimitri Delloye, MD, Monde Selection, and Claudine Lietar, president of the Jury Beers, Monde Selection, as Star, Gulder and Goldberg were conferred Gold Quality awards at the Monde Selection Awards Ceremony in Rome recently.

Oil&Gas

Pan Ocean set to commission 150,000bpd underground pipeline to curb vandalism OLUFIKAYO OWOEYE

an Ocean Oil Corporation Nigeria Ltd an oil-exploration and production company has revealed plans to commission to its new underground pipeline. The new 150,000bpd pipeline is buried beyond the reach of oilvandals who steal an estimated 100,000 of crude a day. The new pipeline which costs $500 million to build will connect the company’s Amukpe oil field to the Escravos oil-export terminal on the Atlantic coast. According to Pan Ocean, the pipeline was designed to minimise vandalism and mitigate the loss of revenue to the Nigerian government and oil and gas companies operating in the northern fringe of

the Niger Delta, describing it as the longest of its kind in Africa. Felix Amieyeofori, Pan Ocean’s executive consultant said the company employed a horizontal-drilling technology to bury 20-inch thick pipes 40 meters to 45 meters below the surface. “Such a pipeline would be extremely difficult to sabotage, he said. The Amukpe-Escravos line provides an alternative route to companies operating in the western delta currently using the Nembe Creek and the Trans Forcados pipelines that suffer frequent closures due to sabotage. They include Seplat Petroleum Development Co., Sahara Energy Group and Nigeria Petroleum Development Co., the exploration unit of the state oil company.

“We have a lot of companies queued for this line, by the numbers we see, we are going to run over capacity,” said Amieyeofori. Pan Ocean, which currently produces about 30,000 barrels of oil daily, saw its plan to reach 70,000 barrels in five years set back by the government’s revocation of one of its oil-mining leases last week. The company is in discussions with the government to resolve the issues that led to the revocation, which won’t affect the planned start of the new pipeline, Amieyeofori said. The new Amukpe-Escravos Pipeline Project is one of the three key projects recently concluded by the oil-giant. Others are the Ovade-Ogharefe Gas Processing Plant Phases I and II and OML 147 Early Production Facility at OwaAlidinma.

Vice President Yemi Osinbajo (r), welcoming Ri Ryong Nam, vice prime minister of the Democratic People’s Republic of Korea, at the latter’s visit to the Presidential Villa in Abuja.

Market

TM Lewin Nigeria, Silverbird cinema deepen engagement with Entrepreneurs, professionals KELECHI EWUZIE

M Lewin Nigeria, a leading retailer in men’s wear brand as part of its effort to deepen engagement with professionals, entrepreneurs ahead of Father’s Day celebration has partnered Silverbird cinema to promote the essence of fatherhood and reward loyal customers. Timilehin Tikolo, brand manager, TM Lewin and Swatch West Africa while speaking at the Lagos activation at the Ikeja city mall said “The event is to reach out to fathers in all sphere of human endeavours. What we have done in the mall is to partner with Silverbird Cinema over the release of their Men in Black film to bring families that will go and watch the movie to know about TM

Lewin brand at the same time for customers patronizing the T.M Lewin brand to know about the film. This is a mutually beneficial arrangement”. Tikolo observes that over time, TM Lewin brand has progressed from a brand that sells classic white and blue formal shirts to more of a lifestyle brand with some printed shirts and floral shirts, adding that this is part of the company’s drive to cater for the demands of men that are not working in a traditional banking or consulting sector. According to him, “TM Lewin in the last three years has seen astronomical growth in the market. We have been in control of the brand in West Africa since 2012 for Smart mark. In the last three to four years, we have expended our offering www.businessday.ng

into this more casual line”. He further said that part of the Father’s Day celebration is ultimately reward consumers, “We have promotions going till the end of June, 2019 where customers are given discount for purchase of any item from any retail outlet of TM Lewin across Nigeria. We are running a gift with purchase if a customer make a purchase of over N60,000 in any of the TM Lewin outlet, they get a special gift”, he said. “At the moment, we are in control of over 60 percent men’s wear market in the organised retail outlets in shopping malls in Nigeria and we occupy the biggest square meters in the mall. We have a strong presence especially in industries and sectors that are relevant to us”, he said.

L-R: Alaba Lawson, first female president, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture; Iyom Josephine Anenih, former minister of women affairs and social development; and Stella Okoli, CEO, Emzor Pharmaceutical, at the induction of 23 Nigerian Women Icons of Hope organised by the National Centre for Women Development, in Abuja.

Stuart Symington (r), United States Ambassador to Nigeria, presenting a plague to Patrick Olabiyi, former national coordinator, Network of People Living with HIV/AIDS in Nigeria (NEPWHAN), at the U.S. President’s emergency plan for AIDS relief (PEPFAR) Heroes Awards as part of activities to mark the 15th Anniversary of PEPFAR in Abuja.

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Friday 14 June 2019

BUSINESS DAY

MoneyInsight

Startup fundraising: Just how many pitches make too much pitch? FRANK ELEANYA

n a bid to attract more investors to meet a set funding target, many tech startups often have to prepare a lot of pitch decks, in the hopes that if investor A does not come through, investor B or C would. There is also a hope of the possibility that the pitch deck will be so good enough for all three investors, thereby necessitating closure of investment faster than expected. But can too many pitches have a negative effect on a funding campaign? Iyinoluwa Aboyeji, co-founder and former CEO of Flutterwave made an interesting tweet on Tuesday, 11 June 2019. Addressing entrepreneurs, he noted “sometimes it seems fundraising isn’t going well because you haven’t spoken to enough people. For @Flutterwave seed round even after one fairly successful business and a stellar demo day for performance I had to pitch over 300 investors and converted 100+.” Although pitching your business is a different skill from running a successful business (not all successful business pitches went to become successful businesses), it is an im-

portant skill to have as a founder, especially if you intend to raise capital. Failure to attract investors could often mean your startup will face serious difficulty scaling up and achieving wide-spread success. It is equally important to acknowledge before you set out to pitch your business that you are going to meet different investors, all with different backgrounds, levels of experience and expertise. Hence, what will work for one may not necessarily work for another investor. In other words you have to be extra prepared to make more than one pitch. Aboyeji recommends pitching to more people “and don’t be too picky about the money (provided you have the control).” The more investors know about your business the more visibility you create for your brand – assuming you do not get the money eventually. More important, the more investor you pitch to, the more confident you become in selling your business. Victor Asemota, Africa partner at Alta Global Ventures, who was one of the early investors in Aboyeji’s startup, recommends having “a close cordial relationship with as many investors as possible.”

For early stage startup founders, taking time to research the investors you will be pitching can never be overemphasised. While in the research process pay attention to the unique attributes of each investor, like what sector and stage of investment do they typically invest in? Have they invested in any company that is in your sector before? It is estimated that reviewers at top

accelerators and early-stage venture capital firms see hundreds of pitches every day, generally only for about two minutes. Thus, can you pack all that you have learnt about the investor and fund in a two minutes pitch? One expert suggests keeping simple bearing in mind that investors are inundated with investment proposals every now and then. Clearly outline your business idea

as fast as possible and you plan to offer investors a return on their investment. Make sure you stay within the time allotted and pace your presentation in such a way you are not forced to rush to finish it to meet the time. Don’t sell yourself short. A display of confidence and measured presentation shows you probably know what you are saying.

5 sources of funding for young entrepreneurs STEPHEN ONYEKWELU

ntrepreneurs often come across as a rare breed of human beings. This is often due to the fact that it takes a certain bent of mind to become one. It takes among other factors, integrity, discipline, courage, the right choice of spouse and hard work to be successful as an entrepreneur and these qualities take both time and persistence to develop. In addition to developing these qualities, at some point in their quest to grow and develop their businesses, entrepreneurs need life lines in the form of reliable and cost effective seed money. Below are five sources of funding for start-ups. 1. Seedstars Africa Seedstars Africa is a member of Seedstars Group, a Swiss-based venture builder that is active and invests in 35+ countries around the world especially in emerging markets in Asia, South America, The Middle East and Africa.

Through Seedstars World, its popular, highly competitive and exclusive start-up competition for start-ups in emerging markets, the company is able to identify promising companies to support with capital and technical help. In 2014, Seedstars invested $330,000 in SimplePay, a young Nigerian third-party payment processing company that created a solution to disrupt payment services in Nigeria and Africa. 2. African Women’s Development Fund (AWDF) The AWDF is the first pan-African women’s grant maker in Africa. Since the start of its operations in 2001, AWDF has provided $17 million in grants to 800 women’s organizations in 42 African countries. The AWDF is an institutional capacity-building and programme development fund, which aims to help build a culture of learning and partnerships within the African women’s movement. In addition to raising money and awarding grants, the AWDF will attempt to strengthen www.businessday.ng

the organisational capacities of its grantees. The AWDF only awards grants to organisations, not individuals. It awards grants ranging from $8,000 up to $50,000. 3. Tony Elumelu Foundation Entrepreneurship Program Now in its second year, the $100 million Tony Elumelu Foundation Entrepreneurship Programme (TEEP) is an annual programme of training, funding and mentoring, designed to empower the next generation of African entrepreneurs. Founded by Mr. Tony Elumelu, the successful Nigerian entrepreneur and philanthropist, the fund seeks to identify and support 1,000 entrepreneurs from across the continent each year over the next decade. Each successful participant in the program gets an initial seed investment of $5,000 after a 12 –week mentoring program. Another $5,000, structured as equity or an affordable loan, is also given to participants who meet certain milestones.

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Over the next 10 years, the fund expects to support 10,000 start-ups and young businesses selected from across Africa who will ultimately create one million new jobs and add $10 billion in annual revenues to Africa’s economy. The TEEP Fund focuses on citizens and legal residents of all 54 African countries. Applications can be made by any forprofit business based in Africa in existence for less than three years, including new business ideas. 4. CDC Founded in 1948, CDC is the UK’s Development Finance Institution (DFI) wholly owned by the UK Government’s Department for International Development (DFID). It is the world’s oldest DFI with a history of making successful investments in businesses which have become industry leaders. CDC actively supports businesses throughout Africa and South Asia, and its portfolio of investments is valued at over £2.5bn (year end 2013). @Businessdayng

In November 2013, CDC announced a US$18.1m investment into Feronia, an agricultural production and processing business focused on palm oil plantations and arable farming in the Democratic Republic of Congo (DRC). 5 African Development Foundation (ADF) The African Development Foundation (ADF) is an independent Federal agency of the United States government that was established to support African-led development that grows community enterprises by providing seed capital and technical support. USADF connects community enterprises with capital and technical support. It helps organizations and businesses in Africa to create and sustain jobs, improve income levels, achieve greater food security, and address human development needs. In 2014 alone, the USADF gave out 336 grants worth over $50 million and impacted over 1.3 million people in Africa.

Friday 14 June 2019

BUSINESS DAY

FEATURE

PenCom: Lifting informal sector with Micro Pension Plan The Micro Pension Plan (MPP) policy speaks to National Pension Commission’s (PenCom) commitment in attracting more investible funds into the economy. The PenCom MPP allows the informal sector contributors under the Contributory Pension Scheme (CPS) to withdraw at least 40 percent of the contributions in their Retirement Savings Accounts. Osa Victor Obayagbona writes that the extension of the CPS to the informal sector and the flexibility of its operation are incentives expected to encourage participation and growth of the Pension Industry beyond the N9.03 trillion assets size.

untapped. Unlike the formal economy, the informal economy has grown faster in size at an annual average rate of about 8.5 percent between 2015 and 2018. This growth seen in the informal sector and an increase in employment it provides implies higher household income and lower poverty in the country. This underground economy is particularly large in Nigeria, with the International Monetary Fund (IMF) estimating it to constitute about 60 per cent of the entire Nigerian economy. This represents about $240 billion. The PenCom identified with this informal sector with the launch of the MPP, which has enabled artisans such as photographers, caterers, hairdressers, motorcycle service operators, tailors, fashion designers, carpenters, painters among others to embrace CPS and protect their future and businesses. The attraction is that PenCom has designed the MPP to allow the informal sector contributors under the CPS to withdraw at least 40 percent of the contributions in their Retirement Savings Accounts (RSA) three months after making the initial contribution. Aisha Dahir-Umar, acting director-general, PenCom, talking on the success and future of the MPP, explained the gains of understanding how this aspect of the MPP works. According to Dahir-Umar, the MPP arrangement allows for every contribution to be split into two, comprising 40 percent for contingent withdrawal and 60 per cent for retirement benefits. To her, the Micro Pension Contributor is eligible to access the 40 percent portion three months after making the initial contribution. This flexibility is one of the incentives expected to encourage participation and consequently drive growth of the Pension Industry. “As you are aware, the informal sector workers constitute the larger percentage of the working population in the country, there is therefore no doubt that robust participation would result to exponential growth of the Pension funds, which would consequently, provide funding for allowable and relevant investments that would impact positively on the economy. “The MPP would contribute immensely to archiving the Pension Industry’s strategic objective of covering 30 percent of the working population in Nigeria under the CPS by the end of 2024. As at 31 March 2019, the value of pension assets stood at N9.03 trillion and the number of employees 8.57 million,” she said. On its assessment of the MPP

take-off after the Federal Government officially extended it to the informal sector in March 2019, the PenCom boss disclosed that the MPP was launched by President Muhammadu Buhari on March 28, 2019 to make life better for grassroots contributors by bringing the into the pension net. “The very successful launch by the President is an indication that the Federal Government is committed to ensuring that informal sector workers are also covered under the CPS. Effectively we are just about two months into implementation after the launch. Sequel to the launch, registration of Contributors by Pension Fund Administrators (PFA) has commenced and is on going. Public enlightenment and engagement with relevant Unions and Associations is also on going,” she said. Dahir-Umar explained that to sustain the tempo and momentum achieved from the launch, the Commission is planning to embark on sensitization events in the six geopolitical zones of the country. Overall, I would say we are off to a good start and the gains of the scheme would manifest in due course. On the efforts that PenCom is making to ensure that more artisans and other operators at the grassroots key into the scheme, she said that in implementing the MPP initiative, the informal sector has been segmented into three broad categories. “The low income earners, the high income earners and the SMEs. Each of these categories is going to be targeted with appropriate MPP products and sensitisation programmes that meet their peculiarities. As earlier mentioned, the Commission is engaging relevant Unions and Associations in its enlightenment drive. Some of these Unions and associations cover the artisans and grassroots operators. The Commission is aware that public enlightenment and pension education are key success factors and as such is working assiduously with the Pension Operators Association (PENOP) to ensure effective coverage,” she said. On steps PenCom is taking to ensure development of the micro pension plan to enable the artisans and other self-employed to plan for their financial future, she explained that prior to the implementation of the MPP, the Commission had issued guidelines and framework for MPP. These documents are expected to guide the Pension Operators in administering the MPP. The Commission shall carry out adequate supervision and periodic reviews to monitor and ensure the efficient and effective implementation of the MPP. Adequate implementation would therefore ensure that artisans and other self-employed plan for their financial future, she said. Also highlighting the commitment of the Commission to financial inclusion, she said the introduction of the www.businessday.ng

Dahir-Umar

MPP by the Commission is a major step to promoting financial inclusion at the grassroots. According to Dahir-Umar, Section 2(3) of the Pension Reform Act, 2014 (PRA 2014) provides that employees of organisations with less than three employees as well as the selfemployed persons shall be entitled to participate in the Contributory Pension Scheme in accordance with Guidelines issued by the Commission. Majority of these categories of persons covered are in the informal sector and have generally low and irregular incomes. “Those participating in the MPP would require a functional bank account, which would be used for transactions such as contributions and withdrawals. It is therefore obvious that implementing MPP will definitely promote financial inclusion,” she said. The micro pension plan targeted the significant majority of Nigeria’s working population who, incidentally, operated in the informal sector. She said, “Thus, a prospective micro pension contributor is required to open a Retirement Savings Account by completing a physical or electronic registration form with a Pension Funds Administrator of his/her choice. The contributors may make

contributions daily, weekly, monthly or as may be convenient to them. “Every contribution shall be split into two, comprising 40 per cent for contingent withdrawal and 60 per cent for retirement benefits. The contributor may, based on his/her needs, periodically withdraw the total or part of the balance of the contingent portion of his/her RSA, including all accrued investment income thereto. “The contributor may also choose to convert the contingent portion of the contributions to the retirement benefits portion. The remaining balance in the RSA shall be available to the contributor upon retirement or attaining the age of 50 years.” PenCom said it had established a separate department dedicated to the supervision of all matters relating to the MPP, including enforcement of compliance with the guidelines and customer complaint handling and resolution. Financial inclusion and economic growth Analysts said achieving the Central Bank of Nigeria’s (CBN’s) financial inclusion mandate of getting 80 percent of adult population into the financial system by 2020 requires the backing of key stakeholders like PenCom. The PenCom is, through the RSA remittances, helping to deepen

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The low income earners, the high income earners and the SMEs. Each of these categories is going to be targeted with appropriate MPP products and sensitisation programmes that meet their peculiarities

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igeria’s informal sector is a goldmine yet to be tapped. The potential of the sector, estimated at $240 billion, is largely

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the pension industry, financial system and economy. The PenCom exists for the effective regulation and supervision of the Nigerian pension industry to ensure that retirement benefits are paid as and when due. Peter Aghahowa, head of communication department of PenCom, said the CPS had made the life of retirees much easier, unlike the defined benefits scheme, which it replaced. He said PenCom had deployed the RSA Multi-Fund Structure conceived by the commission to align with contributors’ risk appetite with their investment horizon, at each stage of their life cycle. The RSA Multi-Fund Structure are to achieve optimum returns for contributors by aligning their pension savings with their individual risk/ return profiles, provide investment portfolio choices to Contributors, and enhance safety of pension assets through adequate portfolio diversification, through increased investment in equities and alternative assets, such as infrastructure and private equity. We have recorded some successes so far. Other milestones by PenCom PenCom has developed a Framework for Recovery of Outstanding Pension Contributions with penalty for defaulting employers. Based on the Framework, the commission has engaged recovery agents for continuous enrollment into the CPS and recovery of un-remitted pension contributions plus penalty from defaulting employers. The recovery, which has been largely successful, has boosted the confidence of contributors and by extension encouraged non-participating employees and employers to embrace the Scheme. Besides, the commission has a fully functional Complaints Monitoring and Resolution Team, which attend to complaints on non/late/ under-remittance of pension contributions into employees RSAs. Also, the enactment of the Pension Reform Act, PRA 2014, which mandated the participation of employees of the public service of the Federal Capital Territory, States and Local Governments as well as the private Sector in the contributory Pension Scheme has been a huge success. PenCom has consistently been engaging various state governments, trade unions, relevant stakeholders and the general public on the full benefits of the CPS with a view to bringing them to full implementation of the scheme. Financial pundits said Nigeria might need to tilt towards an informal driven economy to create more employment and significantly reduce poverty. The growth in the formal sector of the economy fell to 2.01 per cent in the first quarter of 2019 from 2.38 percent in the fourth quarter of last year.

Friday 14 June 2019

BUSINESS DAY

Feature NNPC’s strive for greater transparency fuels recent CBT adoption BALA AUGIE

Maikanti Baru, the Group managing director (GMD), NNPC

ever, the applicants had responded to the gesture by commending the NNPC for its efforts in adopting the CBT for a transparent recruitment selection. Clearly, Baru and his management are working round the clock to turn around the fortunes of the corporation in line with the anti-corruption policy of the Buhari administration, hence he unveiled a 12-point agenda designed to cleanse and revive the corporation. The 12-point agenda represented a concerted effort to make a clean break with the past. Under his guidance, NNPC commenced and completed the repair of critical oil and gas infrastructure leading to the deferment of about 700,000 bpd. The corporation commenced and completed the repair of the vandalised 36” and 42” IT Export pipeline leading to the restoration of production operations from NNPC/MPN. Baru has remained focus in ensuring that transparency and accountability are entrenched at the NNPC. He recently said the NNPC is currently among the most transparent in the country, considering the achievements recorded in recent time; stating that efforts were on to disabuse the mind-set of Nigerians that wrong things

were happening at the NNPC. Represented by the Group General Manager, Crude Oil Marketing Division, NNPC, Mele Kyari, at a recent forum, the NNPC boss had argued that things had taken a turn for the better at the national oil firm, especially in the last three years. “We have never had it so good in this country in the last two years in terms of transparency of our transactions, validation of our activities, the unfettered and unobstructed participation of the Secretary to the Government of the Federation, who has never asked us to do anything different. “Today, we need to get people out of the mind-set that something wrong is happening in the NNPC. Nothing wrong is happening. We have passed that stage. We are now probably one of the most transparent companies in this country. “We have seen a number of governments; worked with a number of them, but probably, we have not had the opportunity to put our cards on the table as we did in the last two years. That makes it easy for us to align with the EITI’s objectives and opportunities that are there to do even greater things for our country,” Baru stated.

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We need to get people out of the mind-set that something wrong is happening in the NNPC. Nothing wrong is happening. We have passed that stage. We are now probably one of the most transparent companies in this country

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ransparency is a fundamental requirement for the reliability and integrity of public institutions and it helps in promoting public trust and public support. It also guarantees legal assurance and increases the level of legitimacy in decision-making process in public sector. It is a widely accepted norm across the globe that transparency leads to greater accountability and often reduces corruption. According to the World Bank, transparency is about publishing information, but it’s also about inviting people in, to use the information in creative ways. However, transparency in public administration has a great impact in the process of public administration reform and promotes efficiency, effectiveness and responsiveness. That is why the Nigerian National Petroleum Corporation (NNPC) has continued to receive commendation as it continues to take steps in promoting transparency. This clearly manifested in the corporation’s recent recruitment process with the adoption of the computer-based test (CBT) being the first time such an exercise would take place at the corporation through advertisement and invitation for written test before oral interview by applicants - all being conducted in-house without the use of consultants. In fact, history was made with the CBT adoption by the NNPC and it is something other government agencies and MDAs must copy, going forward to promote transparency and accountability in public service. The corporation also gave an indication that it would be looking into complaints of some of the over 60,000 applicants seeking for employment. Some of the candidates for the CBT in Abuja had expressed frustrations over ‘technical glitches and timing out’ before the allotted time. A handful of the applicants at the Abuja centers in Gwarimpa and Jabi areas, had said their computers logged them out about 30 minutes before the time allotted lapsed. But, the Group Managing Director (GMD) of the NNPC, Maikanti Baru, in his desire to carry out a transparent recruitment exercise promised to look into the complaints of the candidates. Baru, had said he has directed a fair assessment of all those with genuine complaints. “I will check and since they are many will direct a fair resolution: to grade them based on what they were able to attempt for the time they spent,” the GMD replied in a text message while stating that, “I have already directed COO, CS to consider the grading to the few affected and lodged the complaint to their invigilators/supervisors.” Isa Muhammad Inuwa, being the Chief Operating Officer, Corporate Services (COO, CS) of the NNPC was therefore given the mandate by Baru to look into complaints raised by applicants. How-

In his own presentation at the event, Kyari stated that since May 2015, the oil firm had taken several measures to promote transparency, such as the elimination of dual pricing for domestic crude allocation and automation of its transactions. He said the NNPC had increased the auditing of its operations, including third party and the direct sale of crude oil to refineries, reputable traders, upstream companies and Nigerian entities. In line with its drive to ensure transparency, the corporation had unveiled its group financial statements from 2011 to 2016, which is something rare at the NNPC. The NNPC said the delivery of the audited financial statements was to help foster better relations with stakeholders and promote transparency and accountability in the corporation. It disclosed that its aim was to achieve a clean slate dated back to August 2015, stating that it inherited a total of 65 unaudited financial statements for the NNPC and its subsidiaries, covering from the previous government. A recent statement issued in Abuja by the NNPC’s spokesperson, Ndu Ughamadu, read: “There were, undoubtedly, challenges that led to the backlog, which may have been beyond the control of the previous management. However, the important factor was not to look to the past. We saw an opportunity to challenge the problem and resolved to clear the arrears in the shortest possible time. “Management achieved the first step of concluding the audit of the 2011 to 2012 financial positions and presented same to the Board in 2016, and in recognition of that modest achievement, the NNPC Board further mandated the management to clear the remaining outstanding reports for the years 2013 to 2016, and the result today is the delivery and Board approval of the audited group financial statements as of December 31, 2016,” said Ndu. Baru had assured that NNPC was on track in respect of the corporation’s 12 key Business Focus Areas (BUFA), and the vision of President Muhammadu Buhari on improving the status of oil and gas infrastructure through ensuring products availability to support national economic recovery and growth. He lauded the contribution of the corporation’s downstream outfit, NNPC Retail, saying it played a significant role in ensuring continuous supply of petroleum products to Nigerians through its Mega, Affiliates and Leased stations. According to Baru, NNPC Retail had transformed from loss making to profitability. “We are currently planning for a better performance and achievement especially with the continuous innovations and creativity in the downstream sector and the performance bond signed by all the relevant heads of our operating units. Continuous improvement as one of the principles of World Class Organisations remains our key word and we believe, plan and strive to achieve a better performance,” Baru stated.

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Friday 14 June 2019

BUSINESS DAY

Health Business&Life

Nigeria’s conflict experience increases mental health issues ANTHONIA OBOKOH

he new estimates from the World Health Organisation show that Nigeria is among 22 percent of countries in conflict areas around the world that correlates with increase in mental health conditions. Nigeria’s conflict and humanitarian crisis has claimed the lives of 20,000 people, displaced 2.6 million people in 2016 and the violence is also worsening with the current severe drought. These factors are leading severe mental health issues and the reoccurrences of suicidal episodes recorded across states in the country. The burden of mental disorders is high in Nigeria and mental health service is lacking in the country. The existing Mental Health Policy document in Nigeria was formulated in 1991, the first to address mental health issues. It comprised advocacy, promotion, prevention, treatment and rehabilitation. There is considerable neglect. Since its formulation, no revision has taken place and no formal assessment of how much it has been implementation has taken place. The report from the Lancet journal estimated that the prevalence of mental disorders such as depression, anxiety, post-traumatic stress disorder, bipolar disorder, and schizophrenia at any point in time was present among the conflict-affected populations assessed. However, it was earlier warned by Abdulaziz Abdullahi, the per-

manent secretary of the ministry of health, at the mental health action committee and stakeholders workshop in Abuja that by 2020, it is projected that common mental disorders such as depression, anxiety, and substance abuse-related disorders, will disable more people than complications arising from HIV/AIDS, heart disease, accidents, and wars combined. Abdullahi also stated that three in every ten Nigerians suffer from one form of mental disorder and it is estimated that about 40 million Nigerians are believed to be suffering from mental disorders. “In Nigeria, an estimated 20–30 per cent of our population are believed to suffer from mental disorders. This is a very significant number, considering that Nigeria has an estimated population of 200 million. Unfortunately, the attention given to mental health disorders in Nigeria is inadequate,” he exclaimed.

Meanwhile, the United Nations estimates more than 68·6 million people worldwide have been forcibly displaced by violence and conflict, the highest number of people affected since World War 2. This increase in people affected by conflict coincides with a growing interest in mental health, as exemplified by the recently approved 10-year extension of the Mental Health Action Plan by 194 WHO member states. Mental disorders, according to the World Health Organisation (WHO), comprise a broad range of problems, with different symptoms. However, they are generally characterised by some combination of abnormal thoughts, emotions, behaviour and relationships with others. Examples are schizophrenia, depression, intellectual disabilities and disorders due to drug abuse which, in some cases, are treatable. “The burden of mental disor-

ders is high in conflict-affected populations. Given the large numbers of people in need and the humanitarian imperative to reduce suffering, there is an urgent need to implement scalable mental health interventions to address this burden,” says WHO Psychiatrists have linked the rising prevalence of mental health disorders in Nigeria particularly to stigma and lack of public awareness. These experts say people with mental health disorders are either stigmatised, untreated ignored or poorly understood in the country, thereby causing an increase in the condition. In general terms, several countries in Africa are better resourced with regard to mental health personnel than Nigeria. Countries such as South Africa, Egypt, and Kenya have more psychiatrists per 100,000 persons and also higher proportions of psychiatric beds. Many countries in Africa also give better official attention to mental

health issues. “There are fewer than 500 psychiatrists nationwide to take care of 200 million people. We even have fewer clinical psychologists and psychiatrist nurses. These are not enough to take care of the psychiatry need of the nation,” said Owoeye Olugbenga who is a consultant Psychologist and Clinical Psychologist at Federal Neuro-Psychiatric Hospital Yaba, Lagos. “Our lawmakers should review the Mental Health Law in line with what obtains in other countries, especially developed nations. The bill is already with the Senate. They should make provision for the treatment of those who attempt suicide rather than get them arrested. As the law is being repealed, the government should also fund the psychiatry hospitals,” Olugbenga added. WHO recommends that there is a need to make available sustainable mental health care in conflict-affected countries noting that this will require a focus on investment in leadership and governance for mental health; integrated and responsive mental health and social care services in community-based settings; strategies for promotion and prevention in mental health; and information systems, evidence, and research for mental health in conflict-affected countries. “The well-established links between mental health, individual functioning, and country development underscore the imperative to prioritise mental health care in countries affected by conflict,” says the agency.

Combating blood shortage: Dispatch through motorbikes saves lives in Lagos, Abuja CALEB OJEWALE

very day when a Nigerian goes into medical emergency that requires blood donation, it is often considered a death sentence; albeit misconstrued. The reason is not farfetched when the shortage of (donated) blood in the country is considered, which accounts for the high incident of deaths that would have otherwise been prevented. At other times, blood may be unavailable where it is direly needed, but available elsewhere even though not in excess, and for logistic reasons, the person whose life depends on it may not get it. The dearth of this essential requirement for mostly accident victims and insurgencies has also contributed to avoidable morbidity especially among women and children. Availability of blood is again resonating today as the World Blood Donor day is observed, emphasizing blood donation and universal access to safe blood transfusion, as a component of achieving universal health coverage. With an estimated 1.8 million units of blood required in Nigeria,

available data suggests only about a quarter of this demand is met annually through donation. Even at that paid donation accounts for 60 per cent of blood donated in Nigeria, family replacements, 30 per cent, while voluntary donation is only 10 per cent. However, if blood becomes too expensive, the poor will feel the pinch more. It could precipitate a situation where the rich can literally buy life. After all, it is said that life is in the blood. In Lagos, one start-up is working to change the narrative in timely access to safe blood for those in need of it. Lifebank, which www.businessday.ng

started operating in 2016, acts as a bridge between blood banks and hospitals (for now in Lagos and Abuja). Delivery is done in an unusual way; through motorbikes, the types most people associate with couriers and delivery agents. Working with a network of 50 blood banks, Lifebank says since inception three years ago, it has supplied 14,000 units of blood to hospitals, helping to save an estimated 4,000 lives. Even more impressive is the company’s claim that it has been able to cut down the delivery time from (the usual) 24 hours to 45 minutes. “In the race to get blood to pa-

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tients, every second counts,” said Temie Giwa-Tubosun, founder/ CEO, Lifebank. According to her, blood is something that does not affect people based on whether they are rich or poor. “If people don’t get it when it is needed, they will die,” she said. Navigating the traffic-choked Lagos terrain according to GiwaTubosun, is made possible with the use of Google maps, which helps the delivery guys on motorbikes to know routes, find out if there is traffic, and know where to avoid. “In as much as we need to go fast, the first thing is you need to know where you are going,” said Giwa-Tubosun. With the Google map, the can also know exactly where riders are, and if a hospital calls to know where the rider is, the estimated time of arrival can be given with precision, with information on where they are at that point. In the end, lives depend on how fast blood is delivered when required during an emergency. Giwa-Tuboson was about 26 years old when she first developed interest in supplying blood, and now oxygen and other critical hospital (emergency) supplies. She had just given birth follow@Businessdayng

ing a challenging pregnancy and in the middle of all that decided to research, entering in Google search “why are women still dying through child birth”. The findings she got at the time, indicated it was mostly through postpartum haemorrhage and with that, the decision to start Lifebank was ignited. According to the World Health Organisation (WHO), data indicates about 165 women die per day from pregnancy and pregnancy related complications in Nigeria. Additionally, postpartum hemorrhage is a leading cause of maternal mortality, accounting for about 27 per cent of all maternal deaths in Nigeria while bleeding from Road traffic accidents is a leading cause of death amongst the young and middle aged. It is estimated that about 20,000 children die daily in Nigeria with 30 per cent due to causes related to anemia. However, with one unit of blood costing about N14, 000, and an estimated 80 per cent of the population living on less than N800 ($2) a day, paying for blood becomes quite a challenge, particularly when scarcity is driving the price up.

Friday 14 June 2019

BUSINESS DAY

Health Business&Life

Improving bone strength Folasade Alli

hy is bone health important? Your bones are c o nt i n u o u s l y changing. As new bone is being made, old bones are being broken down. When you’re young, new bones grow faster and your bone mass increases. You reach your peak bone mass around 30, after which, bone remodeling continues. You begin to lose slightly more bone mass than you gain. Bones are also important because they provide structure to the body; they protect your organics and anchor muscles. They store calcium. What can I do to improve the strength my bones?

The best thing to do to prevent bone thinning, especially in your peak years, is to get enough calcium and vitamin D, as well as bonestrengthening exercises. If you have passed your peak years, there are still lifestyle changes that you can practice to improve your bone strength. They include: Manage your diet. Eat foods with enough calcium and vitamin D including orange juice, tuna, sardines, low-fat milk, low-fat yogurt, cooked vegetables, okra, sweet potatoes, plantains, tomatoes, bananas. A diet low in both contributes to diminishing bone density, early bone loss and an increased risk of fractures. Foods rich in minerals are also vital for bone health, such as magnesium and phosphorus. Also note that drinking more than three cups of coffee counteracts calcium absorption and can cause bone loss. Regular weight-bearing exercises such as walking, jogging, light aerobics and dancing can help protect your bones and work against gravity, which strengthens the bones. Strength training is also crucial to bone health. Most patients

with osteoporosis – bone thinning – tend to be physically inactive. Quit smoking. Research has shown that tobacco contributes to diminishing bone density and weak bones. It is also toxic to bone. Limit alcohol intake cause it also decreases bone mass and increases the risk of osteoporosis. Gender Now, this is a very important one. Women should take bone health very seriously because we are at greater risk of osteoporosis than men. Why? We have less bone tissue than men. Bone thinning increases dramatically after menopause because of the falling levels of estrogen. Therefore, taking care of yourself is very important. Certain medications There are certain medications such as corticosteroid and cancer treatment medications that increase the risk of osteoporosis. It is important to develop a prevention strategy with your doctor against risk factors such as this.

Folasade Alli, Consultant Cardiologist at Lagos Executive Cardiovascular Clinic

Online Voting has commenced for over 110 nominees of the Nigerian Healthcare Excellence Award 2019 ANTHONIA OBOKOH

he sixth Nigeria Healthcare Excellence Award (NHEA) 2019 online voting has commenced for over 110 organisations and individuals on the award platform, www.nigeriahealthawards. com.ng. The e-voting which started on June 11, 2019 will end by 12 midnight on June 19, 2019. The theme for this year’s edition is ‘bringing standard to Nigeria healthcare’. Final nominees were selected by the NHEA Jury for e-voting following about 6,000 nominations received from the public. Winners for each award category will be announced at a grand ballroom ceremony in Eko Hotel & Suites, Victoria Island, Lagos on Friday, June 21, 2019. Moses Braimah, NHEA Director of Communication, Marketing & Strategy says, “The over 300 percent increase in nominations received this year compared to 2018 edition has broken all previous records. It once again shows increased acceptability and confidence of stakeholders in our processes.”

“The NHEA Jury wants everyone to visit our website and vote for any nominee of their choice.” Braimah added. Some of the nominees are, Lagoon Hospitals, Avon HMO, GE, Healthplus, GTBank, Punch newspaper, Eye Foundation, Synlab, JNCI, Clinix, Medplus Pharmacy, Total Health Trust, Hygeia, Smile 360 Dental, Sterling Bank, Renal Dialysis , Bridge Clinic, DCL Laboratory, Lily Hospital, Reddington, Healthline On Radio, St Ives Hospitals, Nisa Premier Hospital, Zenith Medical & Kidney Centre, BeaconHill Smile Clinic, Ageless Physiotherapy, WellPath Physiotherapy, LASUTH, UCH, Emzor Pharmaceuticals, and PPC Limited. Others are Harmony Diagnostic Centre, CarePay, Hellocare, Havana Specialist Hospital, BOI, GroFin, Access Bank, Med Q Magazine, Pinnacle Radio, Abia State, and Delta State. NHEA, the Oscar of Nigeria healthcare is supported by PharmAccess Foundation. The award is organized by Global Health Project and Resources (GHPR) in collaboration with Anadach Group, USA.

Food supplements provide nutrients that our bodies need - Ndionyenma Sam Ndionyenma is the managing director and chief executive officer of Ritleon Nigeria Limited. He is experienced in New Business Development and route-to-market setup from scratch. He is also in marketing management and Customer Service. In this interview with ANTHONIA OBOKOH, Ndionyenma speaks about access to medical service delivery in Nigeria and the role of food supplements as sustenance of good health Excerpts:

ow will you assess Nigeria medical service Delivery? Medical services delivery in Nigeria is in a very poor state. In spite of over 20 years of democracy, healthcare delivery service is still marred by inadequacy or lack of infrastructure, dearth of qualified medical personnel and the availability of drugs at affordable prices. People in rural Nigeria travel many kilometers to access primary health care, and upon arrival, they often meet dilapidated facilities with inappropriately trained medical personnel and no drugs. In the urban areas, most government hospitals are not well equipped and diagnostic services are often inadequate, leading to wrong treatment and premature deaths. I think governments have made some efforts at various levels but according to World Health Organisation (WHO) data, the average life expectancy in Nigeria is still one of the lowest in Africa, it is around 54.5 years, with men living an average of 54.years and women living an average of 55 years. Fake drugs are reported to be prevalent especially in the rural and the absence of specialised medical personnel in some hospitals complicates the situation even in urban Nigeria. Today, total expenditure on healthcare in Nigeria is estimated at about 4.6 percent of Gross domestic product (GDP) and less than 6 percent of federal annual budget is provided for health care. Another phenomenon I have observed over time is the mass exodus of our doctors to countries that offer greater economic opportunities, leading to huge increase

HBL Team

in medical tourism by Nigerians. Access to full medical insurance is possible only to less than 5 percent of the population as estimated by analysts and government policies have not strongly addressed this. These are my views and my overall impression. Who is Ritleon and what services do you offer? Ritleon Nigeria Limited is a company with vast interest in manufacturing, marketing and distribution of Pharmaceutical products, equipment and reagents. Ritleon is into partnership with Harmony Health Company Limited, Agent of Synergy Worldwide, makers of the award winning ProArgi 9+. It has a good stake in hospitality, Fast-Moving Consumer Goods or Consumer Packaged Goods (FMCG) consulting. We have a team of seasoned professionals in marketing, and business management engaged with the responsibility of driving the vision of our company. Our major area of strength is in developing businesses from scratch with a fit to size business model and in turning them to enviable brands. We also assist companies in setting up appropriate route-tomarket for their brands. What was the concept behind the establishment of Ritleon in Nigeria? The inadequacy of healthcare support in Nigeria prompted Ritleon to engage in this area of endeavour. It is not just a business opportunity but a need-based opportunity. Ritleon Nigeria Ltd. was invited to be part of the global marketing and distribution initiative to provide healthcare delivery and to help people promote quality well-being across the country.

Sam Ndionyenma

The International Partnership initiative is essentially looking to promote brands and drugs supplements in addressing certain health related issues to improve well-being of people. Ritleon Nigeria Ltd. has leveraged the unique value proposition to catalyse the emergence of a platform that enables innovative health solutions to reach the last mile and achieve scale in Nigeria, creating the foundation for long-term sustainability of health and healthy practices especially with supplements. We changed the orientation from network marketing to direct sales of these supplements. You mentioned that your organisation partners with global players and distributes food supplements. Which one in particular do you distribute and how does it contribute to good health in Nigeria? First, we are partnering in Nigeria with the Nigerian Heart Foundation (NHF) to promote heart health awareness in Nigeria as

heart diseases are one of the leading killer diseases globally according to the World Health Organization (WHO) 2018 report. In Nigeria, stroke is said to be a very big killer and over 150,000 Nigerians are said to die annually as a result with millions said to be suffering from high blood pressure, high Cholesterol, diabetes and erectile dysfunction. The supplement we provide could help in these situations and these health challenges are interrelated. One of our products is ProArgi 9+. Ritleon Nigeria Limited is partnering with Harmony Health and Synergy Worldwide to provide Proargi-9+ to Nigerians. The product is a Nobel Prize winning brand, registered by the National Agency for foods and Drugs Administration and Control (NAFDAC) and it is natural. Professor Louis Ignarro and his two associate Doctors won the Nobel Prize Award in medicine based on their discovery of Nitric Oxide as a signaling molecule. The research identified nitric oxide as a precursor to life. In his book, NO MORE HEART DISEASE, the Professor indicated that L- Arginine at the level contained in ProArgi 9+ made with L’ Citruiline can provide nitric oxide that can last well enough in the body and could prevent or even reverse a number of life threatening situations. ProArgi 9+ is Known as the world’s highest quality l-arginine supplement - [Desk Reference (2014), pg. 2571], Arginine is many times more powerful than any naturally occurring antioxidant in the body. L-arginine`s antioxidant properties support various body system and may protect against heart disease, stroke, cancer, and diabetes, as well as slowing premature ageing. One of the many benefits of ProArgi-9+ is its abil-

ity to enhance blood flow to vital organs, thereby enhancing heart health, facilitates regeneration of cells, improves immune system, and promotes healthy sexual function over time. What do you think is the role of food supplements in the sustenance of good health? In my view, food supplements do not replace our prescriptive drugs but they play major role in sustenance of good health and prevention of degeneration of poor health conditions. Sometimes, they help to reverse some very bad medical conditions. These food supplements provide nutrients that our body needs which you may not ordinarily have in some of the foods or diets we take daily. A lack of some of these nutrients or vitamins can cause severe health challenges with complications and abnormal ageing. They support our overall wellbeing especially because they are made of natural fruits and herbs which may not easily be grown in our country and which nutrients are usually easily deficient in our body as we grow and age. Analysts and pharmacologists confirm that they have fewer side effects because they are natural and are provided in controlled dosage. Many have been able to fight early ageing and prevent the occurrence of some critical health challenges using food supplements. However, in situations when symptoms have manifested or persisted, it is always advised that you consult your doctor to provide further help and medical advice. Doctors generally advise that use of drugs or the use of food supplements should not replace routine physical exercises and healthy lifestyle.

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

Friday 14 June 2019

BUSINESS DAY

LEADINGWOMAN

Womb watchers…stop it, mind your business Ruth Udemba

ady 1: Has she given birth yet? Lady 2: Noo oh, I have not heard anything.

Lady 1: Ahn ahn… and she has been married for four years now right? Lady 2: yes oh, last time I saw her, she was looking fatter so I thought, maybe we will finally hear some good news. Isn’t that how the narrative goes among busybodies? Conversations with such judgmental tone from men and women who have no idea about the situation and what the person in the situation is going through but deem it fit to talk and speculate about whether a person has given birth or not. Sadly, things don’t get any better from there especially with the ‘help’ of social media which has become the new savage training ground for those who wish to tear down another person. A platform which has often been used to hurt people because they are hiding behind a fake account or perhaps they use their real names but just don’t know how to mind their business. Why can’t people truly mind their business? Why? As the saying goes ‘the people who know the least about you will always have the most to say’. The society, especially the Nigerian society where children are seen as the essence of marriage, find it normal to lay the blame of delayed pregnancy or miscarriages on the woman and

blind themselves to the other factors that could serve as a reason. This short-mindedness has not only served to cause women to constantly blame themselves and lose courage in who they are, but it also puts them in a spotlight where they are frequently criticized and abused regardless of whether they are at fault or not. Childbirth is a beautiful thing but it is just a part of her life and it shouldn’t be made to define who she is because once it is made to define a person, it puts a whole lot of pressure that might end up doing more harm than good.

There are various processes that revolve around childbirth that people are unaware of, aside the fact that it may not even be the fault of the woman, it might be a challenge from the husband. Other processes you might not be aware of is that her mental, physical and spiritual balance may be challenged hence preventing childbirth in the short or long-run. These factors vary as they could either be from the man, woman or none of them at all. Therefore, it is important for a woman as well as the man to get clinically tested before judging themselves or letting the

world judge them. Doctor’s advice that men should go for seminal fluid analysis to check if the semen quality is capable of impregnating a woman; while women are also advised to do a hormone profile to know if she is ovulating or if her eggs are fertilizable, a pelvic scan is also important so as to look out for things like fibroid, endometriosis of the ovaries and hysterosalpingography to know if the fallopian tubes are not blocked. Such tests should be taken seriously. Ladies, it is difficult out there and one can only imagine what you could

be going through but as a true supporter of women, I hope you don’t let challenges with childbirth define who you truly are or alter who you can become. It is also not wrong to take measures either medical or religious that can help you find peace, as long as it doesn’t hurt you. Another step will also be to ignore the diligent womb watchers who try to make you seem defective or imperfect by living your life the best way you know how to. Ignoring people’s comment is a hard task to do, especially if you are soft hearted, and care about people’s opinion. So, my advice to you would be to surround yourself with the right set of positive people and block away all the negativity. People who understand your situation and are willing to stand by you rather than judge you, are people you should be around. Also, the husband needs to be keenly attentive to his wife in such a period, be sensitive to her needs while they both rock the boat together till they get to the shore. Everyone needs to be more mindful of womb watchers, and raise awareness against them, while being careful not to become one. If we see someone hurting as a result of not being able to bear a child, we should listen rather than talk, support rather than discourage, and that way we lessen the pain by sharing in it. Quick note: speed dial every friend or family member on your contact that you know can lift you up when you are feeling down and be there for you when you feel the world has turned its back on you. Good friends are God’s guardians to you.

‘Women supporting women’ must be beyond lip service Adesomoju Adetosimi

he other day I sat in the compound and I saw a colony of ants, all working together to carry the tiny crumbs of bread on the floor and then I wondered, if it’s easy for these tiny creatures to support themselves then why do we ladies find it difficult to support each other? Many people have the belief that there’s too much drama among ladies because they ‘always’ hate on other ladies and they always find faults in each other. Women look at other women and see a version of themselves that appears better, prettier, smarter, something more and then jealousy sets in. These days, when a lady notices a fault in someone’s dressing or character, she would gossip about it instead of her to walk up to the lady to correct her. We have friends that own small businesses but we would never buy from them, some ladies would rather buy from online stores that they’re not even sure about. When a lady is not in a healthy competition with another lady then she is in a negative competition with her. Signs that there’s a negative competition is when a lady practices slut shaming, does things to impress others instead of working on her self-betterment and de-values other women to find value in themselves. Dear ladies, engaging in a com-

petition with other ladies isn’t fair to you or your competition. We should realize that focusing on the negative in ourselves or trying to find reasons to hate someone else will just leave us drained, miserable and lonely. www.businessday.ng

Ladies can turn their hate for other ladies into positive energy by judging less and celebrating the successes of others. If whenever you go through a particular lady’s social media page you begin to feel envious, it’s okay to unfol-

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low that person for your peace of mind. By turning rivalry into inspiration, you are finding empowerment through yourself and your would-be rivals. Build yourself up, but not at the expense of trying to tear someone

else down. No matter what stage you are in life, you’ll encounter someone who is your definition of ‘goals’. How you approach the situation makes all the difference in your life and path to success.

@Businessdayng

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Friday 14 June 2019

BUSINESS DAY

AgriBusinessInsight Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Send in Commentaries to caleb.ojewale@businessdayonline.com

How Nigeria plans to standardise agro-exports packaging ... To facilitate tracking of defective commodities, appeal more to international markets Stories By CALEB OJEWALE Twiiter: @calebtinolu

he lack of attention to food safety and quality in Nigeria has become the Achilles heel in the country’s quest to become a net exporter of agricultural products. What is generally permissible in Nigeria will often be considered unworthy in the international markets. It takes attention to detail in meeting international standards before goods of Nigerian origin can be accepted, because, left as they are, they wouldn’t have been acceptable. Also important is that agricultural goods with quality issues can hardly be traced back to source in Nigeria. As such, getting the required adjustments put in place, from whatever part of the value chain, becomes difficult. It gets worse where the product may have been defective from the farm, as identifying just where it originated is nearly impossible at the moment, except by assumptions or guesswork. The Nigerian Agricultural Quarantine Service is hoping to address this by introducing a bagging and tagging system in packaging agricultural products, in such a way that each commodity can be traced through the value chain, and down to the farm if necessary. Vincent Isegbe, director general, NAQS explained in an exclusive interview, that the agency has started testing the system with the hibiscus exports. The process, according to him starts by grouping farmers for that commodity, likewise suppliers and exporters will have to be grouped and assigned

functions and duties. Each of those groups are registered as an association with laws that control them. There will also be subsuppliers who are mandated to supply only according to the standards requested by the main supplier. Even before the crop is harvested such a person (the sub-supplier) will be in constant communication with the farmers, ensuring they do not use unwanted chemicals if they want to continue being patronised. The manner of cleaning will also be stipulated as well as how it will be packed, ensuring hibiscus is not packed with other field crops like mixing up with maize. When this process is completed, such a person will mark those bags as those supplied by him/her. The main supplier will then pick those bags, ensure the right procedure has been followed, ensure it is dry, there is minimal roughage, and that everything is clean without sand. At this stage, it is taken to the exporter that is required to

record who supplied what bag. Therefore, if there is an issue, he/she can trace it down. In cases where certain chemicals have been applied on the commodities, such as methyl bromide in fumigating the Hibiscus, the bags to be used for those will have different colours from the conventional white bags. The exact colour has not been finalised, but according to Isegbe, it will be either pink or deep blue. This way, exporters will know that those ones have been treated with methyl bromide and they are going straight to Mexico. When the application of this system with Hibiscus value chain records the desired results, it is then expected to extend to other commodities. The quarantine boss also explained that some information that was unavailable to the National Agency for Food and Drug Administration and Control (NAFDAC) at the time has now been provided, addressing the controversy generated earlier

in the year over application of methyl bromide. According to him, after NAQS shared some documents with NAFDAC, “they agreed that they did not know the extent of that category of exemption,” before issuing a public alert against it. “The fact is that there are three exemptions which we brought out clearly and NAFDAC was not aware of and that’s why interagency collaboration is important,” he said. He explained that if an agency is making a polic y statement on an issue that has to do outside its scope like agricultural produce, it is important for them to get in touch with the agency saddled with that responsibility. Under the Quarantine Pre-shipment (QPS), it is allowed to use methyl bromide. At the moment, he emphasised methyl bromide is only being used for Hibiscus, based on an agreement with Mexico to use methyl bromide for hibiscus being exported there.

How global food markets will perform in 2019/20 - FAO

here are projections of uncertainty in the international food markets for 2019/20, a c c o rd i n g t o t h e FAO Biannual report on global food markets, which noted a f a s t- c h a n g i n g t ra d e environment and the rapid spread of African swine fever constitute important challenges to overcome. However, prospects point to generally well supplied markets, which is seen to contribute to a lower food import bill in 2019. Wheat Given the expectations of a strong rebound in world wheat production and a less buoyant growth in overall demand, global wheat markets should remain adequately supplied in 2019/20, with inventories rising – especially among the major exporters – and prices expected to remain under pressure. Coarse Grains Despite a forecast rebound in world coarse grain production in 2019, global inventories have to decline to meet projected total utilization in 2019/20. However, export availabilities should remain sufficient amid less vibrant trade prospects. Rice Less attractive margins and adverse weather are tentatively forecast to constrain world rice production in 2019 from expanding beyond the 2018 all-time high. Despite the forecast stagnation, world rice supplies should remain ample in 2019/20, bolstering expectations of global rice utilization expanding further. Oil Crops FAO’s latest forecasts for 2018/19 point towards a balanced supply-demand

situation for oils/fats, while meals/cakes are characterized by a sizeable production surplus. Preliminary projections for 2019/20 suggest that production of both oils and meals could fall short of demand, possibly triggering stock releases. Sugar World sugar production is forecast to drop in 2018/19 from last season’s record level, but to remain slightly above global consumption. E x p e c t at i o n s o f l ow e r production has not eased the downward pressure on prices. World sugar trade is forecast to contract marginally on higher availabilities in importing countries. Meat Wo r l d m e a t o u t p u t i s forecast to decline due to a fall in pig meat output, primarily in China, more than offsetting expansions in bovine, poultr y and ovine meat categories. Trade is forecast to expand, fueled by an expected sharp rise in imports by China. Dairy World milk production is heading for an increase in 2019, underpinned by rising dairy herd numbers and milk yields, although warm and dr y weather conditions may pose a threat. Trade is forecast to expand for a fourth successive year, but at a slower pace than in 2018. Fisheries G row t h i n g l o b a l f i s h p ro d u c t i o n i n 2 0 1 9 i s expected to remain flat, with low catches for several wildcaught species and steady aquaculture expansion. Demand growth is positive but slowing as well, in part on trade tensions and weaker economic growth.

Solving ‘access to market’ is our solution to farmer’s poverty in Nigeria - Agrorite

roducing crops or breeding animals is not always the biggest challenge for Nigerian f a r m e r s, s e l l i ng t h e s e products after the sweat, toiling, and investments is usually the challenge. Even more important, selling them at competitive prices. Agrorite, a digital agriculture platform says it is working to solve what is according to it, the biggest c ha l l e ng e c o n f ro nt i ng farmers in Nigeria; access to market. Formally launched last month, the company started as a food

distribution company called The Likers 2years ago. It says Agrorite was created in a bid to further expand its reach by introducing technology in fighting food insecurity. According to Toyosi Ayodele, founder/CEO of Agrorite, the platform connects smallholder farmers directly to off takers at fair and competitive prices with the aim of tackling food insecurity and increasing participation in Agriculture. Agrorite aligns itself with the SDGs and takes the goal 2, which is Zero Hunger as its focal point. www.businessday.ng

“We don’t limit farmers’ access to us through crowd funding,” said Ayodele, “rather we encourage as many farmers as possible by helping them with crop yield, financial inclusion, trading and logistics.” Fa r m e r s, h e s a i d , a re empowered in ensuring their independence on determination of pricing and invariably financial freedom. In Nigeria, post-harvest losses are as high as 40 per cent for some commodities. There are also frequent experiences of gluts in

the market for different commodities, leading to price instability, and in cases when prices crash, there is very little income for farmers. Invariably, it is discouraging for potential investors who do not consider the Nigerian sphere viable enough on account of its volatility and uncertainties. It is worse for smallholder farmers who thread on the brinks of extreme poverty, and easily tip into it whenever they are either unable to sell farm harvests, or prices

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be come unfavourable. Middlemen get the biggest piece of the pie in the value chain, for instance, buying a tuber of yam for less than N100 in Benue, and selling the same for N1000 or more in places like Lagos. Asked how Agrorite is different from the same system of exploitation farmers are subjected to, Ayodele explained farmers on the platform know the a m ou nt o f f- t a ke r s a re buying the farm produce and they get regular data from their dashboard on @Businessdayng

prices around the world. “We are also working on having block chain on our platfor m to foster transparency and boost the integrity we’ve built over time,” he said. On Wednesday June 12, the company started a Maize investment round, offering 18 percent returns on 6-month tenured investment of N60,000 per unit. “The goal is to get more people to embrace agriculture as a key driver for economic growth and development,” said Aydoele.

Friday 14 June 2019

BUSINESS DAY

Hotels

Transcorp Hilton Abuja wins big at 2019 World Travel Awards OBINNA EMELIKE

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

ranscorp Hilton Abuja has been recognis ed as Africa’s Leading Business Hotel for the fifth consecutive year at the prestigious World Travel Awards. At the 2019 Africa & Indian Ocean Gala Ceremony, held at the Sugar Beach – a sun resort, Mauritius on June 1, 2019, Transcorp Hilton Abuja scooped five of the eleven awards won by Hilton properties, as voted for by travel and tourism professionals globally. The hotel, which is owned by Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation of Nigeria Plc, was recognised in the following categories at the 2019 World Travel Awards Africa & Indian Ocean Gala Ceremony with hundreds of industry leaders in attendance: Africa’s Leading Business Hotel: Transcorp Hilton Abuja, Nigeria’s Leading Hotel: Transcorp Hilton Abuja, Nigeria’s Leading Business Hotel: Transcorp Hilton Abuja, Nigeria’s Leading MICE Hotel: Transcorp

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

The Wheatbaker #4 Onitolo(Lawrence Road), Ikoyi, Lagos. Tel: 01 277 3560 Transcorp Hilton Hotel Abuja’s Shola Adeyemo (at the centre) with the awards

Hilton Abuja and Nigeria’s Leading Hotel Suite: Presidential Suite at Transcorp Hilton Abuja. Receiving the awards on behalf of the hotel, Owen Omogiafo, managing director/chief executive officer, Transcorp Hotels Plc, said, “It is an honour to have been recognised by the World Travel Awards 2019. The award is a testament to the genuine passion and dedication our hotel puts into going the extra mile for our guests. Thank you to all our guests and our amazing

team members at Transcorp Hilton Abuja who are at the heart of our successes; without them we would not have been recognised for this great achievement.” Kevin Brett, general manager, Transcop Hilton Abuja, said, “We are honored to have been recognised by the World Travel Awards 2019. This recognition is a testament to our commitment to excellence and to providing an outstanding guest experience and is a reflection of our hotel’s exceptional team members and facilities. Win-

ning the award for Africa’s Leading Business Hotel 2019 is also recognition for the destination of Nigeria being elevated among the best on the African continent.” The prestigious World Travel Awards, established in 1993 to acknowledge, reward and celebrate excellence across all sectors of the tourism industry, have become a key global institution of the industry, and are recognised as the ultimate hallmark of quality worldwide. The winners set the benchmark to which all others aspire.

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

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

Southern Sun Ikoyi to recognise staff members for dedicated service

or the past decade, Southern Sun Ikoyi has consistently maintained leadership as the business hotel of choice in Nigeria. The feat is possible by the dedication and exceptional services delivered by the staff members. Bearing their invaluable contributions in mind, on June 19, 2019, the Tsogo Sun branded hotel will be

recognising and rewarding these staff members. The award by the hotel is an ideal medium that recognises and appreciates the efforts of its committed and dedicated staff members as a whole and most especially, those who have spent the past decade, delivering exceptional service within the hotel, which has placed Southern Sun Ikoyi

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as the ideal destination for business and pleasure within Lagos. Speaking about the event, Ubong Nseobot, sales and marketing manager of the hotel, expressed delight about the impact of the staff members to the success story of the hotel within the past decade. “The hotel has focused on improving its staff through

trainings within and outside the shores of the country to better improve them as individuals and representatives of the brand, “she explained. Speaking further, the sales and marketing manager noted that the overall top quality service to guests, which the hotel is famed for, is a testament to the commitment and collaborative efforts of Southern Sun Ikoyi staff members in ensuring that every experience at the hotel gives guest the nostalgic feeling for a repeated visit and beyond that become ambassadors and partners of the brand. She also used the medium to appreciate the vital roles of staff members of the hotel, most especially those to be recognized who have spent the past decade through dedicated and committed service to ensuring that Southern Sun Ikoyi has grown to become the benchmark for industry standard in exceptional delivery of service to guests.

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

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

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

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

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

Friday 14 June 2019

Harvard Business Review

BUSINESS DAY

ManagementDigest

Your workforce is more adaptable than you think Joseph B. Fuller, Judith K. Wallenstein, Manjari Raman and Alice de Chalendar

any managers have little faith in their employees’ ability to survive the twists and turns of a rapidly evolving economy. This kind of thinking is common, but it’s wrong. As we learned after surveying employees around the world, employees and business leaders perceived the future in significantly different ways. Given the complexity of the changes that companies are confronting today and the speed with which they need to make decisions, this gap in perceptions has serious consequences for managers and employees alike. Predictably, business leaders feel anxious as they struggle to marshal and mobilize the workforce of tomorrow. In a climate of perpetual disruption, how can they find and hire employees who have the skills their companies need? And what should they do with people whose skills have become obsolete? The workers, however, didn’t share that sense of anxiety. Instead, they focused more on the opportunities and benefits that the future holds for them, and they revealed themselves to be much more eager to embrace change and learn new skills than their employers gave them credit for. THE NATURE OF THE GAP In our research we’ve identified 17 forces of disruption. Our surveys explored the attitudes that business leaders and workers had toward each of them. In their responses, we were able to discern three notable differences in the ways that the two groups think about the future of work. The first is that workers seem to recognize more clearly than leaders do that their organizations are contending with mul-

tiple forces of disruption, each of which will affect how companies work differently. In fact, the leaders seemed unable or unwilling to think in differentiated ways about the forces’ potential for disruption. This suggests that most leaders haven’t yet figured out which forces of change they should make a priority. The second difference that emerged from our survey was this: Workers seem to be more adaptive and optimistic about the future than their leaders recognize. The conventional wisdom, of course, is that workers fear that technology will make their jobs obsolete. But our survey revealed that to be a misconception. A majority of the workers felt that advances such as automation and artificial intelligence would have a positive impact on their future. When asked why they had a positive outlook, workers most commonly cited two reasons: the prospect of better wages and the prospect of more interesting and meaningful jobs. In almost every country workers described themselves as more willing to prepare for the workplace of the future than managers believed them to be. Yet when asked what was holding workers back, managers chose answers that blamed employees, rather than themselves. The idea that workers might lack the support they needed from employers was only their fifthmost-popular response. That brings us to our third

finding: Workers are seeking more support and guidance to prepare themselves for future employment than management is providing. WHAT EMPLOYERS CAN DO TO HELP The gap in perspectives is a problem because it leads managers to underestimate employees’ ambitions and underinvest in their skills. But it also shows that there’s a vast reserve of talent and energy companies can tap into to ready themselves for the future: their workers. The challenge is figuring out how best to do that. We’ve identified five important ways to get started. 1. DON’T JUST SET UP TRAINING PROGRAMS — CREATE A LEARNING CULTURE If companies today engage in training, they tend to do it at specific times (when onboarding new hires, for example), to prepare workers for particular jobs (like selling and servicing certain products) or when adopting new technologies. That worked well in an era when the pace of technological change was relatively slow. But advances are happening so quickly and with such complexity today that companies need to shift to a continuous-learning model — one that repeatedly enhances employees’ skills and makes formal training broadly available. 2. ENGAGE EMPLOYEES IN THE TRANSITION INSTEAD OF HERDING THEM THROUGH IT As companies transform themselves, they often find it a

challenge to attract and retain the type of talent they need. To succeed, they have to offer employees pathways to professional and personal improvement — and must engage them in the process of change, rather than merely inform them that change is coming. 3. LOOK BEYOND THE ‘SPOT MARKET’ FOR TALENT Most successful companies have adopted increasingly aggressive strategies for finding critical high-skilled talent. Now they must expand that approach to include a wider range of employees. AT&T recognized that need in 2013, while developing its Workforce 2020 strategy, which focused on how the company would make the transition from a hardware-centric to a software-centric network. The company identified 100,000 employees whose jobs were likely to disappear, and several areas in which it would face skills and competency shortages. Armed with those insights, the company developed an internal talent pipeline instead of simply playing the “spot market” for talent. In short, to meet its evolving needs, AT&T decided to make retraining available to its existing workforce. 4. COLLABORATE TO DEEPEN THE TALENT POOL In a fast-evolving environment, competing for talent doesn’t work. Individual companies try to grab the biggest share of the skilled labor available, creating a shortage for all. To avoid that problem, companies will have to fundamentally change their outlook and work together to ensure that the talent pool is constantly refreshed and updated. That will mean teaming up with other companies in the same industry or region to identify relevant skills, invest in developing curricula and provide on-the-job training. It will also require forging new relationships for developing talent by, for instance, engaging with entrepreneurs and technology

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

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developers, partnering with educational institutions and collaborating with policymakers. 5. FIND WAYS TO MANAGE CHRONIC UNCERTAINTY In today’s world, managers know that if they don’t swiftly identify and respond to shifts, their companies will be left behind. So how can firms best prepare? The office furniture manufacturer Steelcase has come up with some intriguing ideas. One is its Strategic Workforce Architecture and Transformation team, which tracks emerging trends and conducts real-time experiments in how to respond to them. The team has launched an internal platform called Loop, for example, where employees can volunteer to work on projects outside their own functions. This benefits both the company and its employees: As new needs arise, the company can quickly locate workers within its ranks who have the motivation and skills to meet them, and workers can gain experience and develop new capabilities in ways that their current jobs simply don’t allow. That’s a lesson all managers should heed.

Joseph B. Fuller is a professor of management practice and a cochair of the Project on Managing the Future of Work at Harvard Business School. He is also the faculty co-chair of HBS’ executive education program on leading an agile workforce transformation. Judith K. Wallenstein is a senior partner and managing director at Boston Consulting Group, a BCG fellow and the director of the BCG Henderson Institute in Europe. Manjari Raman is a program director and senior researcher for Harvard Business School’s Project on U.S. Competitiveness and the Project on Managing the Future of Work. Alice de Chalendar is a consultant at BCG and a researcher at the BCG Henderson Institute.

Friday 14 June 2019

BUSINESS DAY

entertainment

We are using Big Brother Naija to amplify our strategy on changing lives - Bet9ja OBINNA EMELIKE

n Ja n u a r y 19, 2019, entertainment lovers across the country were happy with the news of the return of Big Brother Naija, Africa’s popular reality TV show. But the news came with two twists. The first was that the Big Brother House would be in Nigeria for the first time, while the second was that Bet9ja, Nigeria’s foremost sports gaming company, was going to be the lead sponsor, a role played by Payporte in the two previous editions. With the conclusion of auditions in eight locations across Nigeria, an increase from previous editions, the main show is set to kickoff on June 30, 2019. However, as the lead sponsor, Bet9ja is promising so much excitement for the viewers in the realty TV show, which is now in its fourth edition. The sports gaming company is partnering Multichoice, the organiser of the show,

to optimize the Big Brother excitement on the TV screen and off the screen. The company also explains its interest in the realty show and why it took the lead sponsorship. According to Ayo Ojuroye, managing director, Bet9ja, the sponsorship of Big Brother Naija is an amplification strategy for the company. “We are going to use the Big Brother platform to amplify our ‘More Than A Bet’ campaign of how we are touching and changing lives positively everyday”, the managing director said during the unveil of the ‘More Than A Bet’ campaign recently. He explained that the show is a mutual partnership between Bet9ja and Big Brother Nigeria. But the sponsorship is also aimed at enhancing and making participants achieve their dreams of becoming valuable players in the Nigeria entertainment industry. Aside the fun in the Big Brother House, Bet9ja hopes to support the housemates to engage in corporate social responsi-

Ayo Ojuroye, managing director, Bet9ja

bility through donations to orphanages. “But the bottom-line is that our support is a boost to the Nigerian entertainment industry”, Ojuroye said. While lead sponsors are expected to make money from the Big Brother platform, Ojuroye said that Bet9ja is not sponsoring to make money, rather to further impact more lives. For him, profiteering from the show is not Bet9ja’s overall

goal; rather the platform is veritable campaign amplification for them because of the spread of what Big Brother has. “If you look at it, Big Brother reality TV show sponsorship is human advancement initiative for us. Yes, it is right to wonder how a sport betting company will make money from Big Brother. We are not going to play any of the Big Brother games; of

The Set Up to premiere August 9 …marks collaboration of Inkblot Productions, Filmone Distribution, Anakle Films ANTHONIA OBOKOH

nkblot Productions has yet again teamed up with FilmOne Distribution and Production and Anakle films on their latest movie project titled ‘The Set Up’. Directed by Niyi Akinmolayan, the movie boasts of a stellar cast that includes Adesua Etomi-Wellington, Jim Iyke, Dakore EgbusonAkande, Joke Silva, Kehinde Bankole and Tina Mba.

The film also features Ayo Ayoola, Marie Humbert, Damilare Kuku and Wendy Lawal. Zulu Oyibo, co founder at Inkblot Productions expressed that it is great to work with people who share in your vision. “We have collaborated with Film One on ground breaking projects such as the Wedding Party Series and My Wife and I and last year we did the same with Anakle on the breathtaking Up North.” “These collaborations

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have proven to be successful and we were more than happy to do it again especially on a movie like ‘’The Set Up’’. This is a movie that speaks brilliance, hard work and creativity,” Oyibo says. The Set Up will be Anakle Films and Inkblot Production’s second collaboration (Up North) and the sixth time Film One Distributions will be collaborating with the production company (The Wedding Party 1&2, My Wife and I, New Money and Moms

At War). Written by Chinaza Onuzo (The Arbitration, The Wedding Party 2, New Money and Up North The Set Up tells the story of Chike (Adesua Etomi Wellington) a young drug smuggler who gets more than she bargains for and is drawn into a web of deceit when she is hired by a socialite (Jim Iyke) to assist with his scheme to marry a wealthy heiress (Dakore Egbuson Akande). “Working with Inkblot productions has always been a delight. They never fall short on quality, the storyline and execution is always impeccable and that goes in line with what Film One is about, so of course we were happy to do this again”, Moses Babatope, managing director, Filmone Distribution and Production, said. ‘’After the success of Up North, we are excited to be working with Inkblot Productions again. This is one project I am looking forward to, and I really cannot wait for everyone to see this come August 9, 2019’’, Editi Effiong, CEO, Anakle Films, said.

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who is going to leave the house or stay. It is more of empowering the viewers and housemates. What they have is fame, but fame does not equal money. Part of the ideas we have is to make everyone a winner. There is a ripple effect where everyone has some level of financial backing to enable them start something, move on to employ other people and that is the ripple effect”. Explaining the rationale for ‘More Than A Bet’ campaign, on which the sponsorship of the Big Brother show is anchored, the managing director said that people see Bet9ja as a betting company for the past five to six years now, but it is a company that changes lives. “People on the streets go to Bet9ja shops to play as low as N100 and win up to N11 to N15 million. It happens every week and this automatically changes their lives. What we are saying is, do not look at us as a sport betting company, but as a company that actually changes lives. For every person that walks into our

shops and places a bet, you are issued a ticket and that ticket to that person is more than a bet”, he explained. He insisted that a ticket is more than a bet, but an opportunity to change the person’s life. “With the campaign, we are going on to show people how a single ticket can change their lives, we go into the streets to have interviews and documentaries to show how people won money, what they invested it in and how their lives have changed overtime”. With all these going for the sports gaming company, Ojuroye said that Bet9ja is going into the Big Brother show because it affords it another wide platform to amplify the ‘more than a bet’ campaign and to see how the company can help the average guy on the street to develop a skill set and move from point zero to a higher point. Moreover, he assured that come June 30th when the show premieres, Nigerians will get the best of excitement because Bet9ja will not interfere in the show.

Forbes names Rihana as the world’s wealthiest female musician with net worth of $600m Jonathan Aderoju

ecent Forbes reports show that Rihanna is now the world’s wealthiest female musician. Her fortune has surpassed Madonna’s ($570 million), Céline Dion’s ($450 million) and Beyoncé’s ($400 million). When Rihanna burst on to the music scene more than a decade ago, the world couldn’t have foreseen that she would be declared the world’s richest female musician in 2019, but she is and the internet went gaga over the news. A bulk of her fortune comes from her new partnership with LVMH, which is run by billionaire Bernard Arnault. The luxury brand, which goes up to size 14, is LVMH’s first new house in over 30 years and is under the same umbrella as brands like Dior and Givenchy. As well, she made fortune from Fenty Beauty, which launched in September 2017 and shook the entire make up industry. Setting itself aside from the competition with their all-inclusive products, @Businessdayng

Fenty Beauty grossed a reported $100 million in sales within its first few weeks. The entire Fenty Beauty brand is worth about $3 billion, according to Forbes. LVMH owns 50 percent of the beauty brand, meanwhile, Riri owns 15 percent. Forbes reports the remainder of the singer’s fortune comes from the Savage X Fenty lingerie line she co-owns, and the millions she earned from music and touring. Rihana expressed her joy after the announcement she says “I never thought I’d make this much money, so a number is not going to stop me from working,” At age 31, Rihanna has become almost as famous for her signature style as her catchy tunes. In 2014, she was awarded the CFD Fashion Icon Award for her “exciting style.” Whether she’s wearing a couture gown or a menswear style tuxedo, Rihanna is always on the edge of what’s happening next in fashion and she can always be spotted at shows for top designers such as Stella McCartney, Chanel and Givenchy or on the cover of Vogue.

Friday 14 June 2019

BUSINESS DAY

entertainment Are you maximizing your priorities? Business etiquette

Janet Adetu

once worked with a colleague who was nicknamed ‘workaholic’. He was always found working at his desk with his head down writing something. If you ever came across him in the corridor he would always appear so rushed, barely offering a greeting, he never had the time to stop for any discussions. He eventually became the favourite of clients as he looked busy, efficient and passionate about his job. It took a while for us to realize especially with the overflowing pile of work at his desk that what appeared to be was never. He was indeed identified as a productivity fraud spending precious time busy doing nothing. The lesson here is that it is one thing to be busy and another to be productive. For me once I have prepared my’ to do’ list for the day, I am of the initial opinion I will get all done effectively. However half way through the day I am always wishing that the day is 30 -36 hours instead of 24hours because the day goes by so quickly. The question is : Do I feel productive especially when I am yet to complete my daily tasks? The truth is that many of us are working more than we planned, we are operating at 120% but still feel like we cannot keep up. So in reality the trick to life is for us to work SMARTER not HARDER. We are living in a very stressful global world where high technology is fast taking over, so much so that some of us are trying hard to stay with the flow. Social media has revolutionized the act of communication making it easier and faster. Goals and aspirations have become wilder, riskier, and more competitive. The want to achieve, improve the quality of life and become more promotable has never been more apparent. Therefore the quest for positive successful personal and professional productivity is a task that must be accomplished if you want to stay relevant. In order to maximize priorities and productivity it is time to discover your best, run with it and make it happen.

Eight Keys to Maximizing Your Priorities & Productivity i. Identify Your Positive & Negative Qualities: Conduct an in-depth appraisal of yourself finding facts and not faults. This will help you form a basis for improvements. Emphasize more on your positives and do not dwell on your inadequacies. Include in your list those things that matter most to you, make them your priority. Identifying your positive traits will help you stay focused and assist in increasing your productivity both personally and professionally. ii. Be Goal-Oriented and Forward Thinking Working endlessly without a goal can be futile. To be productive you need direction that is time bound and achievable. When setting your goals you should visualize your success with a positive attitude. Your passion for your vision will drive your productivity up and set you on the right path. Along the way be open yo possible changes, a few risks but always believe you can do it. iii. Associate with Positive People It goes without saying that when you surround yourself with negative people chances are they will put your ideas down or discourage your efforts. This in

turn will demoralize you and sabotage your self-esteem. An optimistic boss will always encourage his / her subordinates. Surround yourself with people who you find encourage, inspire and motivate you. This will boost your energy, spur you to increase your knowledge base and discipline you towards ensuring that you achieve that which you have set out to achieve. In such a competitive environment we live in you need to be constantly encouraged to relieve yourself of the impending stress you experience daily. Positive leaders bring positive attitude. iv. Polish yourself Image Your image is everything, the beginning of you creating a good or bad first impression. A successful person has a deep sense of self -worth and a good self –image. Having a good self- image is the foundation from which you’re self – esteem, self – confidence and attitude arises from. When you

polish your image you say a lot about yourself without saying a single word. When you feel good about yourself you are confident to excel in any project or mission. Dress the way you would like to be addressed. Be sensitive and pay attention to detail when choosing what to wear daily. Dress appropriately recognizing the occasion, day of the week, time of day. Ensure your clothes fit properly, accentuate your body and feel comfortable. Try to colour coordinate your dress sense effectively, compliment your appearance with the correct accessories and spice your look with fabulous shoes. Your image is incomplete with me talking about the importance of grooming and hygiene. The easiest way to sabotage your image is to look unkept, give off an overwhelming odour and appear unapproachable. Identify a smell you like and are comfortable with, take care of your hair, nails, face and feet regularly. Your objective in being productive is for people to see you and trust you enough to want to do business with you. Creating, establishing and maintaining relationships is key to maximizing productivity. v. Be a Team Player ‘No man is an island’ - is a popular saying that could not be further from the truth. Just like I explained about my colleague who was busy doing nothing, this is because he operated alone. He was never a team player so became quite anti-social and inefficient. In being a team player you are able tap from a wider pool of knowledge. You therefore gain more and can direct your level of productivity positively. A team player should equally share information, be open to opinions, constructive criticism, new ideas and advice. When you work in a team you work in common agreement towards a common goal. As a team your achievements are greater, provided you are able to get everybody to follow the vision, accomplish their individual and collective tasks and motivated to achieve. With all these in check as you increase your productivity you will automatically increase that of the team. vi. Be Social & Business Savvy Having ‘Savoir Faire’ meaning ‘know how’ is essential today to become a successful leader. Your poise, polish, positioning and presence is what will give you that Panache advantage. It is important that you acquaint yourself with the proper protocol and procedures for behaving and doing the right thing in every situation. Whether you are in a social or business setting there are some behaviours expected of you that command respect, consideration and

‘

Social media has revolutionized the act of communication making it easier and faster. Goals and aspirations have become wilder, riskier, and more competitive

dignity. When you conduct yourself in the appropriate manner you will appear trustworthy and approachable, people will like to associate with you and know you better. Etiquette and protocol affect your personal as well as your corporate image as courtesy is expensive but costs nothing. Proper etiquette should be exhibited in the workplace, board room, among colleagues, in a gathering, during casual and formal dining events, social scenarios and the like. Knowledge is power, if you do not know these attributes feel free to seek new knowledge. Hire a personal coach to train and equip you, invest in yourself for improved productivity and the future. vii. Adopt a Leadership Mindset To be a leader involves being bold, courageous, disciplined and confident. Your leadership style has a lot to do with your character, personality and life experiences which can be both positive and negative. To be productive you need to first believe in what you do thereby leading yourself to success. In having the spirit of a leader you want everything around you to be successful therefore you carry everyone along to follow your dream. In adopting a leadership mindset you will need to show professional presence, this you can do by acting like a mentor, showing respect, motivating others, managing stress, managing time, maintaining ethics and values, building effective teams and relationships. viii. Have an Attitude of Gratitude Your productivity level is influenced by many factors whether it is to satisfy a need, avoid a loss or gain something you are driven by what motivates you. Being appreciative of your gradual achievements will push you in your pursuit of excellence. Whether you work for yourself, a good or bad boss how you are motivated will also influence your priorities and productivity. Your reasons may be psychological for comfort, egocentric for status, emotional for respect ,power for control, personal growth for satisfaction and confidence, or for the challenge to be competitive. Your attitude and demeanour should be one of gratitude, as this will keep you thinking positively. Pessimism will only draw you backwards and kill your vision. In conclusion I say: ‘’Poor Productivity affects the quality of life Perceive Greatness, Seek Perfection, Achieve Success’’ --- Janet Adetu Janet.adetu@jsketiquetteconsortium.com @janetadetu @jsketiquetteconsortium @peakperformancecoach www.jsketiquetteconsortium.com

Nigerian entertainment industry remembers Ras Kimono one year after death

n Monday June 10, 2019, stakeholders in the Nigerian entertainment industry gathered at the Copyright Society of Nigeria (COSON) headquarters, Ikeja, Lagos to remember Ras Kimono, foremost Nigerian reggae musician who died on June 10, 2018 at 60 years. The gathering was one of the activities marking the one year remembrance anniversary of the reggae artiste, who many said still had more to offer before he died. The gathering at COSON House also witnessed a memorial lecture to honour Kimono for his contributions to the development of the Nigerian music industry, voice to political activism and creativity. The memorial lecture, which was entitled: “Revolutionary Music for Equality and Justice”, was delivered by Duro Oni, a professor and for-

mer deputy vice chancellor, Management Services, University of Lagos. According to the university don, Kimono employed the reggae music genre as a social canvass through which government failures and the suppression and marginalisation of the masses were addressed. “There is no denying the power of music as a revolutionary weapon and social commentary. Kimono is undoubtedly one of the best reggae musicians in Nigeria, who used his songs to combat social injustice and inequality. “The content of his lyrics is such that the listener is able to fully appreciate the creativity and imagery associated with the lyrics; hence, facilitating his awareness of what is going on in society. “His creative ingenuity and digital prowess have left a growing legacy on the sand of time,”

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the professor said. Speaking further, the professor said that Kimono was greatly influenced by the hardship and inequality he saw among the people; hence despised political corruption and persecution of the masses which was evident in the lyrics of most of his music. As well, he used his music as a revolutionary medium for disseminating and campaigning against the adverse social, economic and political conditions of the people of Nigeria and revealing the forces creating the revolution. Oni noted that in 2010, Kimono released a song entitled “Kill Apartheid”, when South Africa was at the peak of apartheid. The professor said that Kimono unequivocally condemned apartheid in the song and called on the international community to abolish apartheid in South Africa.

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According to Oni, Kimono was committed to the COSON’s cause and fought against anything that could bring down the association. One of the highlights of the remembrance was the memorial concert hosted by Oge, the daughter of the late reggae icon. Oge also launching her first album titled “Good Ole Days”. It also launched the formal taking-over of the Massive Dread band by Oge, and the launch of Oge’s first album titled ‘Good Ole Days’. She described reggae as `conscious music’. “With consciousness, there is growth, love, happiness and rest of mind. I promise to do clean reggae music and lend my voice to the betterment of society and the world at large. Promising to truly step into her father’s big shoes, Oge assured that, “I am relentless and passionate when it comes to doing music, and I know I got this trait from my late father”.

@Businessdayng

Friday 14 June 2019

BUSINESS DAY

FINTECH News

Products Review

Technology Review

Personality Review

Company Review

Technology Review

Poor ATM services: Time for fresh ideas?

cessitating many downtimes and repairs. Should banks outsource the entire ATM service to a fintech with the capability to manage them and run them efficiently? There may is a strong case for outsourcing the service. For instance, the cost of ATM support contract is much less from fintech companies like Inlaks compared to what NCR will charge. Outsourcing could also mean that banks have more time on their hands to focus on providing better customer service. But Olowe believes that outsourcing the ATM management will not solve any problem as the issues the banks face are Nigerian problems that outsources would face as well. There have also been calls

in recent times for banks to upgrade their ATM technology to meet 21st century standards. The existing ATM technology was deployed with the mindset of acquiring new customers. The changing times driven by young customers places emphasis on offering cutting-edge features, like the ability to take out cash from an ATM by using a code from a smartphone app, instead of inserting a debit card. “In contrast to the financial services currently offered by ATMs, consumer expectations have become increasingly sophisticated in recent years,” notes Fintech Finance. “Today’s existing ATM channel is bogged down by the maintenance of legacy systems predicated on 20th-century architecture, which was only fit for purpose when they were laid down in a pre-internet, premobile, pre-online banking era.” Bank of America is one of the banks that are currently redesigning their ATME screen displays to have the same look and feel as the company’s mobile application. There is also emphasis on better customer service, for instance, should a customer necessarily have to physically be in a bank branch to obtain a card? Why can’t customers order their cards, pay, and their cards are delivered to their addresses? Banks could improve customer experience by including the option of delivering the cards. It will also reduce a lot of time should remove the form customers get issued when they come to collect their cards.

or making transactions. The company also found that the desire to learn cuts across the gender and age brackets. Ed u cat i o n , a c c o rd i ng to Odia, will ensure that less people are caught unaware by cyber criminals and ponzi schemes, hence drastically reduce the number of people who fall victim to fraudsters. “We have a Learning Portal that is a rich resource for those who want to know more about cryptocurrency and this is

relevant for newbies as well as seasoned cryptocurrency players. Although we invest a lot in the security of our platform, we want every one of our customers to become educated, because the more they know the better they are,” Odia said. Odia disclosed that the company plans on touring more Nigerian cities and schools in 2019. To participate in the Port Harcourt meetup, register on http://bit.ly/2WYN439

Stories by FRANK ELEANYA

here are different accounts relating when the first automated teller machine (ATM) was introduced in Nigeria. In 2018, former Senate President, Bukola Saraki claimed he introduced the first ATM “twenty five years ago” (in 1993) when he was the chairman of Society Générale Bank before the use of banks. Saraki made the claim while addressing a motion on ‘Illicit and excessive charges by Nigerian Banks on customers account with focus on Automated Teller Machine (ATM) maintenance and withdrawal charges’, sponsored by Senator Olugbenga Ashafa. First Bank however claims the first ATM was introduced in 35 Marina “as part of ease of convenience, round the clock banking” on May 4th, 1991. That notwithstanding, over twenty years after the first ATM was introduced, the amount of machines deployed across the country as at 2016, stood at 17,398. Out of these, nearly 73 per cent are owned by 12 commercial banks. These banks operate a total of 12,621 ATMs in the country. The banks include First bank (2,779); United Bank for Africa (1,750); Access Bank (1,564); Zenith Bank (1,395); Guaranty Tr ust Bank (1,165); Diamond Bank (1,054); Union Bank of Nigeria (800); Sterling Bank (776); First City Monument Bank (770); Unity Bank (311); and Wema Bank (270).

With the banking population estimated at 40 million, the available ATMs are grossly short of the demand. This and other factors - including cost of running the ATMs - are responsible for the persistent poor services bank customers experience in Nigeria. There are many things that determine the efficiency of an ATM. The process includes getting a good site for the ATM. The cost of the site often depends on where it is located. Sites in urban areas definitely cost higher than those in rural areas. If the site is external, then the bank has to build the kiosk; this would include security doors and concrete reinforcement all through. The size of the site is a function of the number of the ATMs being provided.

The type of network is also a big part of the process. Usually the engineers rely on two radio connections. GSM networks or mobile wireless are hardly reliable so they are rarely used. The kiosk will also require air conditioners, at least two for one ATM. Given that ATMs require minimum of 72 hours autonomy, there will be need for an inverter. An inverter for two ATM setup would cost N2.5 million. Finally, there is the purchase of the ATM itself; the cost of one goes for $15,000. Other cost the bank may incur would be in supporting the ATM. Feeding the ATM cash happens about every two days, depending on the location. The average ATM cash withdrawal is N7,000. Also ATM support contract

with NCR goes for about $1,300 per ATM per year. “It’s easy to blame banks for ATM woes, there are issues related to Nigeria that other countries don’t have,” says Adedeji Olowe, CEO of Trium and a long term consultant in the financial services. “Putting cash into ATMs is a risky business; you need to get the cash and get MOPOL to follow these around. ATMs in Nigeria work harder than machines in other countries. Say maximum withdrawal is N20,000 – that’s about $60, 3 notes of $20 each. But that is around 40 notes of N500 each for the same ATM effort.” Additionally, most notes used in Nigeria are dirty; hence they attract humidity and consequently get the machines to jam easily, ne-

Luno Nigeria takes cryptocurrency literacy to Port Harcourt

uno Nigeria has announced Port Harcourt as the next destination for its Nationwide cryptocurrency literacy tour. The event which is slated for 22 June 2019, is aimed at bridging the huge knowledge gap in cryptocurrency and blockchain technology in the Southern region of the country. Luno is a global cryptocurrency exchange that allows users to buy, sell, send, receive and store Bitcoin and

Ethereum. The company has its presence in 40 countries including Nigeria and just recently obtained license from the Securities Commission of Malaysia to operate in the country. In 2018, Luno disclosed plans to open more physical offices in other African countries before the end of 2019 as part of its expansion ambition on the continent. The company has over 2.5 million customers using its platform. “Cryptocurrencies are the www.businessday.ng

future and we see it becoming mainstream in no distant time, that is why we are doing everything we can to educate everyone,” says Owenize Odia, country manager for Luno Nigeria. Port Harcourt is the third city in Nigeria the company is visiting in 2019. The tour train has been to Abuja and Lagos representing the North and the west respectively. Odia explained that the company’s investments in education in Nigeria is be-

cause of the strategic position the country holds in the cryptocurrency market on the African continent. “Nigeria remains the leading market in terms of peer-topeer transactions in Africa as at 2018,” she said. Luno Nigeria carried out a survey of 1,000 adult Nigerians in early 2019 which showed that more Nigerians would want an opportunity to learn more about cryptocurrencies in order to make better decisions when investing

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Friday 14 June 2019

BUSINESS DAY

BUSINESS SOUTH-SOUTH COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

1000 youths, women benefit from lawmaker’s agricultural empowerment program REGIS ANUKWUOJI, Enugu

ver 1,000 youths and women from Awgu, Oji-River and Aninri local government areas of Enugu State have benefited from the Agricultural Empowerment program of Toby Okechukwu, a member repres enting the Awgu, Aninri and Oji-River federal constituency at the House of Representatives. A l s o 3 0 0 w o m e n f a r m e rs s ele cte d f ro m t h e t hre e l ocal government areas of the federal constituency were given each a bag of fertilizer, and trained on how to apply the fertilizer, so as to improve production of food crops and vegetables in the area. The 300 bags of fertilizers and an undisclosed cash amount were given to the women as a star ter pack to them. Toby Okechukwu was represented at the event by a former commissioner for Information in Enugu State, Godwin Udeuhele, who said that the gesture was not political, but aimed at assisting the women from the three local government areas to enable them have bumper har vests this year. “Like I said, it is not a political event. Tt is more of humanitar ian effor t, b ecause we just finished elections ; and Hon Toby was just sworn in on Wednesday at the

Participants in the Toby Okechukwu Agric Empowerment program in a group photograph

Nat i o na l A s s e mb l y . Th i s i s time for governance; and this shows the zeal (of Hon Toby) to assist and improve on the wellbeing of his people runs in him.” Udeuhele said the gesture would be a continuous exercise; and that those who were not accommodated in this batch would be included in the next one; saying that the farmers who were given the fertilizers and cash had already been trained and given out seedlings two months a g o. H e i n f o r m e d t h a t t h e fertilizer was for them to ap-

ply to the crops now, because from the training fertilize r s a re a p p l i e d w i t h i n t w o months after planting. He urged the farmers to carefully follow instructions given to them by the consultant of the program to make a great change in the output of what they would produce. The consultant said that under the Toby Okechukwu Ag r icultural Emp ow e r me nt program, they have trained 150 youths from Awgu, Aninri and Oji-River in grasscutter breeding and snail farming, and 250 others in fish farm-

Abia government sets up infrastructure development council UDOKA AGWU, Umuahia

bia State government has set up an Infrastructure Development Council (IDC) to cater for the infrastructural needs of the state. Governor Okezie Ikpeazu is the chairman of the council. The council would work to compute the infrastructure needs of the state, the costs of developing them, and possibility of raising funds to execute the projects. Richard Nwala, the permanent secretary in the Ministry of Works informed in Umuahia, the state capital while briefing newsmen on the outcome of a meeting Governor Ikpeazu held with contractors handling road projects in the state. Abia, an oil-rich South-Eastern state, with an estimated gross

domestic product (GDP) economy of over $12.5 billion, suffers huge infrastructural deficit much like other Nigerian sub-national states. He said that the incoming commissioner of Works would serve as the vice chairman of the infrastructure council. According to the ministry of Works permanent secretary, other agencies that made the list of the IDC include: Abia state Road Maintenance Agency (ABROMA), Nigerian Erosion and Watershed Management Programme (NEWMAP), Rural Access and Mobility Project, (RAMP), and the ministry of Education. Nwala said Governor Ikpeazu directed all the contractors handling road projects in the state to go back to site immediately, with a view to completing such projwww.businessday.ng

ects; adding that funds had been released to them. He said that the governor directed that a total of 20 roads should be completed within the first 100 days of his second term of office. The roads include: completion of the rehabilitation of Emejiaka; Opobo/Emelogu, Ntigha/Nbawsi; Etche, Dan-Fodio; Immaculate; St Paul’s road in Aba, as well as maintenance of Aba, Umuahia and Ohafia township roads. Others are the Umuikaa/Umuene/Umuob, Ebenma Egege, Ohokobe Afara roads in Umuahia; Ukome Road; Agbama Housing Estate roads; Station Avenue and Udeagbala roads, respectively. The state ministry of Works was charged to ensure the timely completion of the projects and adherence to specifications.

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ing, among many others. He said that all those trained were given starter packs to quickly start off their own business ; and that they also monitor them to ensure that most of their challenges were resolved like those into fisher y, grasscutter breeding and snail farming. Those present at the event included stakeholders in the three local governments ar-

eas. Speaking to journalists, the newly elected member of Enugu State House of Assemb l y , Jo h n s o n C h u kw u o b a s i commended Okechukwu for e n c ou rag i ng t h e w o m e n o f the area to sustain whatever they are doing in agricultural s e c t o r. H e s a i d t h a t O k e c hu kw u wa s s h ow i ng t h e m the best way and what they should be doing to assist the people.

Newly elected house member targets bills on youth empowerment and development REGIS ANUKWUOJI, Enugu

ne of the newly elected members of the Enugu State House of Assembly, Johnson Chukwuobasi representing Awgu South constituency has promised to support bills and motions aimed at supporting youth empowerment and programs. Johnson who stated this at his reception after his inauguration also said that he would give his constituency quality representation through proactive response to issues. “When I get into the business of legislation proper, we will be discussing about how our people will be positively affected, how we will benefit more from the ongoing developments in the state,” he said. Johnson said he was going to make good use of the media and other appropriate medium to convey the challenges of his constituency to the house and Enugu state

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government to attract attention. “My local government Awgu is one of the oldest local government in the state, but in terms of development we are a bit far from others in terms of development, hence one of my duties would be to convince my colleagues to see the truth in terms of infrastructure, roads, education and agriculture for us to be remembered, as you know the game of legislation is a collective one,” he said. According to the house member, his plans for the development of the youths in the state through sports development, skill acquisition for many youths to become employers of labour would be his priority. He called on the people of Awgu to continue supporting the governor of Enugu state, Ifeanyi Ugwuanyi and his administration to enable him continue to give the people more dividend of democracy.

Friday 14 June 2019

BUSINESS DAY

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Friday 14 June 2019

BUSINESS DAY

Live @ The Exchanges Market Statistics as at Thursday 13 June 2019

Top Gainers/Losers as at 13 June 2019 LOSERS

GAINERS Company

Opening

Closing

Change

N7.65

N8.35

0.7

PRESCO

N57

N57.5

0.5

GUARANTY

N30.5

N30.8

0.3

N26.5

N26.75

0.25

MAYBAKER

N2.21

N2.35

0.14

GLAXOSMITH NB

Company

Opening

Closing

Change

N58

N55

-3

DANGCEM

N185

N183

-2

CILEASING

N6.99

N6.3

-0.69

N11

N10.7

-0.3

N6.4

N6.2

-0.2

DANGSUGAR UACN

ASI (Points) DEALS (Numbers) VOLUME (Numbers) VALUE (N billion) MARKET CAP (N Trn

Global market indicators

30,029.15 3,153.00 242,618,146.00 5.956 13.224

FTSE 100 Index 7,368.57GBP +0.95+0.01% S&P 500 Index 2,889.75USD +9.91+0.34% Generic 1st ‘DM’ Future 26,091.00USD +78.00+0.30%

Deutsche Boerse AG German Stock Index DAX 12,169.05EUR +53.37+0.44% Nikkei 225 21,032.00JPY -97.72-0.46% Shanghai Stock Exchange Composite Index 2,910.74CNY +1.36+0.05%

NASCON targets increased market share through product innovation Stories by Iheanyi Nwachukwu

ASCON Allied Industries Plc is targeting more market share in the food sector through increased product range and innovation. According to Executive Director, Commercial of NASCON, Fatima Aliko-Dangote, the company, which added three new products in 2018, would be introducing more products this year as part of strategies to meet the needs of its varied customer base. Fatima Aliko-Dangote, who spoke at the annual general meeting of the Dangote Industries Limited subsidiary held in Lagos yesterday, said NASCON products are widely accepted in the market. Managing Director, NASCON, Paul Farrer said the company, having demonstrated its resilience in the challenging environment of 2018, is strongly focused on capacity growth and in-

creased market penetration. He disclosed that the company would be leveraging on a number of synergies including improved output in terms of quality, quantity and business efficiency to deliver value for all stakeholders. On the new products introduced in 2018, he said, “We launched the Dangote Stew Mix, Dangote Curry and Dangote Classic seasoning. These three products are part of

a wider product enrichment plan to diversify our product portfolio. The products were specifically developed to meet and surpass the needs of our consumers across the country. Each of these products has been tailored to suit the local taste and cooking habits of the different regions in Nigeria. We would continue to differentiate ourselves in our product category by consistently delivering

L-R: John Osuoha, country representative, Nigeria, Chartered Institute for Securities & Investment; Oscar N. Onyema, OON, chief executive officer, The Nigerian Stock Exchange (NSE); Simon Culhane, chief executive, CISI and Ade Buraimo, group managing director, Alpha Morgan Capital during a courtesy visit by CISI to the Exchange in Lagos.

Why we train, empower entrepreneurs - FCMB

irst City Monument Bank (FCMB) has explained that the rationale behind its widely acclaimed comprehensive capacity building programme, tagged, ‘’Business Enterprises and Sustainability Training (BEST)’’, for Small and Medium Scale Enterprises (SMEs), is to lay a solid foundation for their longterm success. The bank added that this will also enable entrepreneurs to have access to business management skills and advisory services, learn and acquire competencies which they can apply for effective management of their respective businesses in a sustainable manner. FCMB held the sixth edition of the BEST programme for existing and start-up SMEs held in Uyo, Akwa Ibom State on June 8, 2019. Hundreds of exist-

high quality, nutritious products.” Shareholders at the AGM took turns to laud the board and management of NASCON for a good outing in 2018 and counseled the latter to do better in the present year. A shareholder, Olagoke Olusegun commended the quality of the board of directors, which he said consists of vibrant and experienced members who oversee and influence the

ing and start-up entrepreneurs from the six states in the South-south zone took part and benefitted from the intensive training and empowerment exercise. This followed the huge success recorded at previous editions of the training across Nigeria since it commenced last year. The initiative, led by FCMB Training Academy, the Bank’s Business Banking Group and seasoned facilitators, focused on business and skills development, marketing, finance and accounting for SMEs. It covered various topical areas such as identifying business opportunities, surviving in a harsh business environment, improving productivity, raising capital, optimising sales, cost and revenue management, among others. It is one of the value-added offerings of FCMB to complement its efforts in the areas of www.businessday.ng

lending and advisory services to SMEs with the objective of stimulating their growth and contributions to overall national development. According to the Executive Director, Business Development of FCMB, Bukola Smith, the Bank recognises the increasing role and impact of SMEs. ‘’The BEST initiative is one of the innovative ways we empower, promote and support the growth of our SME customers because without effective training and exposure, it could be quite difficult for their businesses to succeed. We believe this training will go a long way to impact positively on the SME operators who have participated in this programme. It will propel them to further develop themselves in order to compete favourably within and outside the Nigerian market.

DMO to list Dual-Tranche $2.50bn, Triple-Tranche activities of the manage- $2.868bn Eurobonds on ment team. According to FMDQ Securities Exchange him, the good synergy between the board and management is seen in the performance of the company despite the harsh operating environment manufacturing companies faced in the year 2018. He also tasked the management to pay more attention to the welfare of staff who are key to the performance of the company. He said, management should adhere to the best operating guidelines in order not to run afoul of regulatory agencies’ requirements. A leading shareholders’ rights’ activist, Sunny Nwosu, in his remarks, lauded the board and management of NASCON for their ability to declare and pay dividends despite the harsh operating environment which resulted from the Apapa Wharf gridlock and the downturn in the national economy. He said while other companies are lamenting and cutting down on production, the company is paying dividend which is commendable.

UK’s CISI, CIS expand MoU for global competitiveness

he Chartered Institute of Stockbrokers (CIS) and United Kingdom-based Chartered Institute for Securities and Investment (CISI) have deepened the scope of their Memorandum of Understanding (MOU) for enhanced global ethical and professional standard. By the renewed MOU, stockbrokers are eligible to become members of CISI, subject to compliance with some requirements, including participation in the global body’s Continuing Professional Development (CPD) and membership. This is in addition to CIS’s membership and CPD requirements. CIS Nigeria members

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will also be offered access to seven professional qualifications of CISI, all of which will be examined by Computer Based Testing (CBT) in Lagos. They are Securities (Capital Markets Programme), Derivatives (Capital Markets Programme), Certificate in Corporate Finance, Risk in Financial Services, Global Financial Compliance, Combating Financial Crime and Managing Cyber Security. The computer based renewable integrity test, is one of the components of the Memorandum of Understanding (MOU) jointly singed by the Chartered Institute for Securities and Investment (CISI) of the United Kingdom and Chartered Institute of Stockbrokers (CISI) in Nigeria. @Businessdayng

he Federal Republic of Nigeria (FRN), through the Debt Management Office (DMO) will today list its latest dualtranche $2.50billion and triple-tranche $2.86 billion Eurobonds on FMDQ Securities Exchange Plc platform. The listing of foreign currency-denominated debt securities by the FRN, shows the government’s unrelenting commitment to supporting the growth of the Nation’s Debt Capital Market (“DCM”) towards economic development. The FRN intends to use the proceeds from these Eurobonds to fund the fiscal deficit and other financing needs of the Nation. Through its product and market development initiatives, FMDQ continues to fulfill its mandate of revolutionising the Nigerian financial markets; having successfully positioned its operations, through its streamlined and expeditious processes, towards deepening the DCM, with an audacious goal of upgrading the standards of the Nigerian financial market to global levels. Commenting on the listing of the Eurobonds on FMDQ’s platform, Bola Onadele. Koko, MD/CEO, FMDQ, applauded the Federal Government of Nigeria, through the Debt Management Office, for this landmark achievement, stating that this was yet another highly exemplary and indeed, positive step towards supporting the growth and development of the Nigeria’s DCM. He further reiterated that through consistent collaboration with its stakeholders, FMDQ will continue to further deepen and effectively position the Nigerian DCM for growth, in support of the realisation of a globally competitive and vibrant economy. A formal listing ceremony to commemorate the successful listing of the Eurobonds will be held at FMDQ’s business complex, Exchange Place, on June 14, 2019.

Friday 14 June 2019

BUSINESS DAY

Live @ The STOCK Exchanges Prices for Securities Traded as of Thursday 13 June 2019 Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 223,934.92 6.30 -1.56 149 4,006,707 UNITED BANK FOR AFRICA PLC 210,326.44 6.15 -0.81 139 25,460,568 ZENITH BANK PLC 631,069.53 20.10 -0.25 394 33,988,774 682 63,456,049 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 251,267.05 7.00 -0.71 135 5,564,213 135 5,564,213 817 69,020,262 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,749,894.71 135.10 0.07 137 9,490,116 137 9,490,116 137 9,490,116 BUILDING MATERIALS DANGOTE CEMENT PLC 3,118,412.86 183.00 -1.08 103 2,112,012 161,077.95 10.00 - 28 111,841 LAFARGE AFRICA PLC. 131 2,223,853 131 2,223,853 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 302,107.44 513.40 - 3 1,219 3 1,219 3 1,219 1,088 80,735,450 REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC 1,710.00 85.50 - 0 0 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,175.81 40.70 - 0 0 UPDC REAL ESTATE INVESTMENT TRUST 14,408.66 5.40 - 0 0 0 0 0 0 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 0 0 VALUEALLIANCE VALUE FUND 3,312.39 103.20 - 0 0 0 0 0 0 0 0 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 2 100,000 OKOMU OIL PALM PLC. 70,589.34 74.00 - 10 27,351 PRESCO PLC 55,000.00 55.00 -5.17 13 170,557 25 297,908 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 511.20 4.26 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,800.00 0.60 -4.76 4 344,878 4 344,878 29 642,786 DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. 794.19 0.30 - 2 9,800 JOHN HOLT PLC. 182.90 0.47 - 2 876 S C O A NIG. PLC. 1,903.99 2.93 - 0 0 TRANSNATIONAL CORPORATION OF NIGERIA PLC 45,932.23 1.13 0.88 60 3,477,318 U A C N PLC. 17,864.04 6.20 -3.12 70 3,159,915 134 6,647,909 134 6,647,909 BUILDING CONSTRUCTION ARBICO PLC. 711.32 4.79 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 28,578.00 21.65 - 13 31,987 ROADS NIG PLC. 165.00 6.60 - 0 0 13 31,987 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 3,923.58 1.51 -8.48 9 300,301 9 300,301 22 332,288 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 9,395.40 1.20 - 3 3,166 GOLDEN GUINEA BREW. PLC. 242.22 0.89 - 0 0 GUINNESS NIG PLC 104,043.18 47.50 - 31 76,020 INTERNATIONAL BREWERIES PLC. 171,917.24 20.00 - 3 11,224 NIGERIAN BREW. PLC. 459,821.87 57.50 0.88 69 9,027,955 106 9,118,365 FOOD PRODUCTS DANGOTE FLOUR MILLS PLC 80,000.00 16.00 - 50 895,623 DANGOTE SUGAR REFINERY PLC 128,400.00 10.70 -2.73 72 1,954,136 FLOUR MILLS NIG. PLC. 56,995.28 13.90 -0.36 51 959,336 HONEYWELL FLOUR MILL PLC 8,564.61 1.08 - 24 453,723 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 0 0 NASCON ALLIED INDUSTRIES PLC 39,211.69 14.80 - 12 137,530 UNION DICON SALT PLC. 3,321.07 12.15 - 0 0 209 4,400,348 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 20,566.31 10.95 - 20 74,863 NESTLE NIGERIA PLC. 1,149,351.57 1,450.00 - 41 17,396 61 92,259 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 1 8,171 VITAFOAM NIG PLC. 4,678.16 3.74 - 32 478,037 33 486,208 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 29,183.01 7.35 - 16 101,001 UNILEVER NIGERIA PLC. 178,095.17 31.00 0.16 64 1,437,876 80 1,538,877 489 15,636,057 BANKING ECOBANK TRANSNATIONAL INCORPORATED 179,825.60 9.80 - 51 18,059,709 FIDELITY BANK PLC 50,126.40 1.73 -1.16 60 7,066,439 GUARANTY TRUST BANK PLC. 906,480.32 30.80 0.98 264 78,299,011 JAIZ BANK PLC 14,142.84 0.48 - 7 290,533 SKYE BANK PLC 10,687.83 0.77 - 0 0 STERLING BANK PLC. 67,945.39 2.36 -2.97 151 2,446,990 UNION BANK NIG.PLC. 203,845.27 7.00 - 23 108,825 UNITY BANK PLC 7,481.18 0.64 - 13 113,285 WEMA BANK PLC. 23,144.68 0.60 1.69 20 803,979 589 107,188,771 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 1 50,000 AIICO INSURANCE PLC. 4,712.54 0.68 1.49 20 776,581 AXAMANSARD INSURANCE PLC 20,055.00 1.91 - 4 25,071 CONSOLIDATED HALLMARK INSURANCE PLC 1,788.60 0.22 - 8 11,000 CONTINENTAL REINSURANCE PLC 19,811.94 1.91 - 0 0 CORNERSTONE INSURANCE PLC 2,945.90 0.20 - 3 28,375 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 0 0 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 2,197.03 0.30 - 0 0 LAW UNION AND ROCK INS. PLC. 1,976.31 0.46 - 1 200,000 LINKAGE ASSURANCE PLC 3,840.00 0.48 - 0 0 MUTUAL BENEFITS ASSURANCE PLC. 2,346.27 0.21 5.00 3 403,820 NEM INSURANCE PLC 11,089.06 2.10 - 14 165,110 NIGER INSURANCE PLC 1,547.90 0.20 - 2 1,899 PRESTIGE ASSURANCE PLC 2,691.28 0.50 - 2 1,265,207 REGENCY ASSURANCE PLC 1,333.75 0.20 - 0 0 SOVEREIGN TRUST INSURANCE PLC 1,918.39 0.23 - 4 19,050 STACO INSURANCE PLC 4,483.72 0.48 - 0 0 STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 0 0 2,800.00 0.20 - 0 0 SUNU ASSURANCES NIGERIA PLC. UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 1 10,000 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 1 50 WAPIC INSURANCE PLC 5,353.10 0.40 -2.44 30 3,122,701 94 6,078,864 MICRO-FINANCE BANKS FORTIS MICROFINANCE BANK PLC 11,799.67 2.58 - 0 0 NPF MICROFINANCE BANK PLC 2,972.63 1.30 -9.72 12 745,000 12 745,000

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MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 3,780.00 0.90 - 1 70 7,370.87 0.50 - 0 0 ASO SAVINGS AND LOANS PLC INFINITY TRUST MORTGAGE BANK PLC 5,796.93 1.39 - 0 0 RESORT SAVINGS & LOANS PLC 2,265.95 0.20 - 0 0 UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 1 70 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 6,980.00 3.49 2.35 74 2,830,723 CUSTODIAN INVESTMENT PLC 35,585.28 6.05 - 8 62,027 DEAP CAPITAL MANAGEMENT & TRUST PLC 660.00 0.44 - 0 0 FCMB GROUP PLC. 33,070.53 1.67 0.60 68 5,218,994 ROYAL EXCHANGE PLC. 1,131.98 0.22 - 1 8,196 STANBIC IBTC HOLDINGS PLC 435,223.50 42.50 - 24 192,277 UNITED CAPITAL PLC 13,800.00 2.30 3.60 51 1,105,586 226 9,417,803 922 123,430,508 HEALTHCARE PROVIDERS EKOCORP PLC. 1,680.29 3.37 - 0 0 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 852.75 0.24 - 1 10,000 1 10,000 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 593.50 0.60 - 0 0 0 0 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 7,575.00 5.05 - 3 600 GLAXO SMITHKLINE CONSUMER NIG. PLC. 9,985.57 8.35 9.15 14 89,067 MAY & BAKER NIGERIA PLC. 4,054.30 2.35 6.33 13 487,619 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 1,063.53 0.56 - 9 114,349 NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 325.23 1.50 - 0 0 39 691,635 40 701,635 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 710.40 0.20 - 5 640,381 5 640,381 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 1,470.89 0.50 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 0 0 NCR (NIGERIA) PLC. 648.00 6.00 - 0 0 TRIPPLE GEE AND COMPANY PLC. 346.47 0.70 - 0 0 0 0 PROCESSING SYSTEMS CHAMS PLC 1,643.62 0.35 -2.86 20 3,900,797 E-TRANZACT INTERNATIONAL PLC 9,996.00 2.38 - 0 0 20 3,900,797 25 4,541,178 BUILDING MATERIALS BERGER PAINTS PLC 1,854.87 6.40 - 5 7,687 CAP PLC 21,770.00 31.10 - 7 15,166 CEMENT CO. OF NORTH.NIG. PLC 177,437.26 13.50 - 9 29,400 FIRST ALUMINIUM NIGERIA PLC 844.14 0.40 - 0 0 MEYER PLC. 313.43 0.59 - 2 2,000 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,959.74 2.47 - 1 200 PREMIER PAINTS PLC. 1,156.20 9.40 - 0 0 24 54,453 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,256.91 2.09 - 0 0 CUTIX PLC. 2,501.08 1.42 - 12 109,978 12 109,978 PACKAGING/CONTAINERS BETA GLASS PLC. 37,497.90 75.00 - 9 234 GREIF NIGERIA PLC 388.02 9.10 - 0 0 9 234 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 4 4,100 4 4,100 49 168,765 CHEMICALS B.O.C. GASES PLC. 1,565.08 3.76 - 3 5,352 3 5,352 METALS ALUMINIUM EXTRUSION IND. PLC. 1,803.64 8.20 - 0 0 0 0 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 2 70,200 2 70,200 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 79.20 0.36 - 0 0 0 0 5 75,552 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,503.05 0.24 -4.00 44 2,504,009 44 2,504,009 INTEGRATED OIL AND GAS SERVICES OANDO PLC 47,239.37 3.80 1.33 90 2,536,942 90 2,536,942 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 58,957.33 163.50 - 12 24,425 CONOIL PLC 15,960.90 23.00 - 9 39,059 ETERNA PLC. 4,760.13 3.65 - 15 507,460 FORTE OIL PLC. 34,841.37 26.75 0.94 45 719,912 MRS OIL NIGERIA PLC. 6,354.80 20.85 - 1 66 TOTAL NIGERIA PLC. 50,928.28 150.00 - 19 64,027 101 1,354,949 235 6,395,900 ADVERTISING AFROMEDIA PLC 1,820.01 0.41 - 1 30,000 1 30,000 AIRLINES MEDVIEW AIRLINE PLC 17,551.17 1.80 - 1 5 1 5 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 341.14 0.29 - 0 0 0 0 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 3,242.23 5.50 - 2 5,500 TRANS-NATIONWIDE EXPRESS PLC. 342.26 0.73 - 1 609 3 6,109 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 4 89,000 4 89,000 HOTELS/LODGING CAPITAL HOTEL PLC 4,723.78 3.05 - 0 0 IKEJA HOTEL PLC 3,014.25 1.45 - 4 31,440 TOURIST COMPANY OF NIGERIA PLC. 7,862.53 3.50 - 0 0 TRANSCORP HOTELS PLC 41,042.18 5.40 - 1 550 5 31,990 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 4,800.00 0.40 - 3 80,200 3 80,200 PRINTING/PUBLISHING ACADEMY PRESS PLC. 163.30 0.27 - 0 0 LEARN AFRICA PLC 1,033.74 1.34 - 5 23,204 STUDIO PRESS (NIG) PLC. 1,183.82 1.99 - 0 0 UNIVERSITY PRESS PLC. 776.54 1.80 - 8 30,215 13 53,419 ROAD TRANSPORTATION ASSOCIATED BUS COMPANY PLC 497.31 0.30 - 13 1,144,312 13 1,144,312 SPECIALTY INTERLINKED TECHNOLOGIES PLC 764.54 3.23 - 0 0

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Friday 14 June 2019

BUSINESS DAY

POLITICS & POLICY LASG will partner FG, judiciary to decongest prisons Sanwo-olu ...As governor swears in Justice Alogba as acting chief judge

abajide SanwoOlu, Lagos State governor, has said that the Executive would work with the state judiciary and the Federal Government to find a lasting solution to prison congestion, saying that the issue has become a major challenge to the state’s justice system. Sanwo-Olu stated this on Thursday after swearing in the new acting Chief Judge of Lagos State, Honourable Justice Kazeem Alogba. A statement signed by Gboyega Akosile, deputy chief press secretary, quoted the governor as saying that, “The current situation where over 70 percent of inmates in our prisons constitute awaiting trials is not acceptable as it is not a reflection of an efficient justice delivery system. We will also not hesitate to do whatever is required to sustain the ongoing reform in the judicial sector so the desired result of ensuring that the wheel of justice rolls as fast as it could, will

L-R: Ade Alabi, former Chief Judge of Lagos State; Folasade Jaji, secretary to the State Government; Governor Babajide Sanwo-Olu; Justice Kazeem Alogba, newly sworn-in Acting Chief Judge of the State; Obafemi Hamzat, deputy governor, and Opeyemi Oke, immediate past Chief Judge, rtd. during the swearingin of Justice Alogba at the Lagos House, Alausa, Ikeja, on Thursday.

be achieved.” The governor further stated that his administration will embark on the review of the State’s judiciary, noting that the three arms of

government must form a synergy for the development of the State. He also promised to continue with judicial reforms in the state. ‘‘We are all partners in

Benue 9th Assembly gets new principal officers ... as 27-year-old legislator emerges minority whip BENJAMIN AGESAN, Makudi

he 9th Benue State House of Assembly which was inaugurated by the Governor of Benue State, Samuel Ortom, elected its principal officers who will be anchoring the affairs of the house. A 27-year-old legislator from Konshisha state constituency on the platform of African Democratic Congress (ADC), Cephas Dyako, emerged the minority whip of the 9th Assembly. Recall that the Benue 9th Assembly last week Monday conducted elections that saw the member representing Kyan constituency

under People’s Democratic Party (PDP), Titus Uba as the speaker and Christopher Adaji of Ohimini as the deputy speaker of the house. The appointment of the principal officers was done during the plenary at the Benue State Assembly complex in Makurdi the state capital. Member representing Gwer West state constituenc y under the ruling People’s Democratic Party (PDP), Demian Cheme was made the majority Leader while member representing Tarkaa State constituency under All Progressives Congress (APC), Benjamin Ngutor emerged as

the minority leader of the house. Also, the house appointed a member representing Ukum state constituency under People’s Democratic party, Thomas Mlanga as their majority whip and member representing Konshisha constituency under African Democratic Congress (ADC), Dyako Tavershima as the minority whip with their deputies. The speaker congratulated the newly appointed principal officers of the 9th assembly and urged them to be diligent in exercising their deputies so as to enable the citizens of the state have dividends of democracy.

Ondo Assembly sacks 18 LGAs caretaker chairmen YOMI AYELESO, Akure

he Ondo State House of Assembly on Thursday dissolved the caretaker committee for the 18 local government areas of the state. The dissolution was coming weeks after Governor Oluwarotimi Akeredolu denied alleged moves by some council chairmen to collect N20,000 as tenure extension

fees from the supervisory councillors. Akeredolu, who frowned at the alleged moves by the council officials and described it as fraudulent revealed that the caretaker chairmen had no power to extend tenures. The governor had in 2017 constituted caretaker committee for the local government areas after the sacking of the elected officials by a www.businessday.ng

state high court. Akeredolu , however had been extending their tenures, while in some council areas, new committee were constituted. The speaker of the house, Bamidele Oloyeloogu who presided over the plenary directed all the affected chairmen to handover to the director local government Administration in their respective council areas.

progress. We must continue to work together to deliver the good for the teeming Lagos populace. This is what governance is all about,’’ Sanwo-Olu said.

While congratulating the new acting Chief Judge, Sanwo-Olu expressed confidence in his capacity to continue on the path of progress that has been created in the state judiciary since the beginning of the Fourth Republic. “I have absolute confidence in your ability and capacity to sustain and improve on the enviable reputation which the Lagos State Judiciary has built for itself over the years, particularly since 1999 under the administration of Asiwaju Bola Ahmed Tinubu. During the tenure of that administration, a solid foundation was laid through the introduction and implementation of critical reforms and initiatives that are aimed at building a judicial system that is efficient, reliable and courageous to uphold the fundamental principles and ideals of equity, fairness, natural justice and the rule of law.’’ In his vote of assurance, Justice Alogba, who thanked the Governor for the honour,

promised to exercise the powers of his office conscientiously for the good of the common man and the furtherance of the administration of justice in Lagos State. The new Acting Chief Judge suggested that traffic and environmental offenders should henceforth serve their sentences at the point where the offences are committed. He said no one likes to wear a toga of an ex-convict so community service or some other forms of punishment should be handed to offenders at the point of contravention. Justice Alogba also promised speedy and effective dispensation of justice, zero tolerance for corruption and corrupt tendencies, rigorous, adequate and continuous training of judicial staff as well as improvement on the use of ICT for the delivery of justice. “We will pursue the use of information communication technology and dwell on staff welfare. We pledge our support for the new administration,’’ Alogba said.

Kogi APC is weak, needs revival, says party loyalists Victoria Nnakaike, Lokoja

action of the All Progressives Congress (APC) under the aegis of Justice Forum has said that APC members need to work harded for the forthcoming gubernatorial election in November 16 as the party has lost ground greatly. The members have equally called on Adams Oshiomhole, the national chairman of the party, and National Working Committee members (NWC) to apply direct primary principle to choose the party standard bearer for the forthcoming election; as the group passed a vote of confidence on the leadership of Oshiomhole at the national level. The APC group, through their spokesperson, Goodman Akwu disclosed this in Idah during an interactive session with some party gubernatorial aspirants from the East Senatorial District of the state He stated that the essence of the interaction with some of the aspirants was to understand their vision and mission in order to measure how their capacity can find solution to the problems bedeviling the state.

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G o o d ma n A kw u , t h e Forum spokesman, while speaking in Idah, in Kogi East Senatorial District, disclosed that the occasion was expected to be used to revive the party they laboured to build in 2014 which he said was hijacked by some hawks from hardworking party members. “What is happening in the state now within the party is directly opposite of the vision and mission of the founding fathers to the extent that its slogan, ‘justice and progress’ is turned upside down to ‘injustice and backwardness’”, he said. Akwu was a former state secretary of the party, before he cross-carpeted to APGA to contest 2015 governorship election, but last year stated that the challenge of the party started shortly after the death of Prince Abubakar Audu, the leader and the party flag bearer in the last governorship election. He pointed out that intrigues and manipulation at the top hierarchy of the party led to the emergence of Governor Yahaya Bello whose inputs, he said, has left sour taste in the mouth, adding that the outing of the Justice Forum in Idah is induced by the emergency of @Businessdayng

the moment which he said was aimed at reclaiming the original APC that brought the present mandate for it to stand soundly on its feet as the November 16 governorship election is a matter months away. “We are also here to form synergy and come out with a bloc vote to win the forthcoming governorship primary election; running to Tinubu, Oshiomhole, Buhari, others cannot save any of us. The only way we can win effectively is to work collectively as a team,” he said. Yakubu Ugwolawo, chief convener of the APC’s Justice Forum and who was the director general of Yahaya Bello Campaign Organisation, in his remarks said the ticket of the party resided with them, not the leadership of the party, as he advised those that run to national leaders of the party to desist and focus on home fronts. Ugwolawo also stated that the task ahead is an enormous one, as he enjoined all the gubernatorial aspirants on the platform of the party to move around and sell their policy to the people and convince them that they can do better if given the mandate.

Friday 14 June 2019

BUSINESS DAY

news Parents feel short-changed as return... Continued from page 1

staff unions are among the reasons parents opt for private universities for their children. The disruption of academic calendars means that students in government-owned universities spend longer years in school than they ordinarily should. Private universities churn out about 23,448 graduates annually, according to Nigerian University System Statistical Digest 2017, a publication by the NUC. But Nigerian parents’ faith in a good and often expensive private university education is being tested as their children with private university education fail to secure immediate employment. Growing economic uncertainties across the country no longer assure immediate return on investment. A 2019 report by the National Bureau of Statistics (NBS), Nigeria’s state-owned data agency, puts the unemployment rate at 23.1 percent and

underemployment at 16.6 percent. Ajayi Famakinwa, a businessman whose child holds a degree in Computer Science from a private university in Ogun State, told BusinessDay that the purpose of paying such huge school fees to see his son through university is hanging in the balance as the son is yet to secure any meaningful employment after graduation. Paul Mbadigha, a civil servant whose three children graduated from private universities in Nigeria, said two of his children are employed while the other one is still waiting for employment opportunity. Recounting the pressure that training his children in private universities put on his family budget, Mbadigha said the worsening economic situation in country has made it difficult for him and a lot of parents who spend huge sums to send their children to private school to get instant return on their investments.

“I am yet to really see a return on the huge investment I made in training my children in private university,” he said. Among the 79 private universities in Nigeria, only Adekunle Ajasin University Akungba and Babcock University IlishanRemo made it to the top 20 universities with a good return on investment, according to the Nigerian Graduate Report 2018, prepared by Stutern in partnership with BudgIT and Jobberman. The rest were federal and state universities. The report also shows that graduates are 10 times more likely to get a job through their personal contacts than their academic institutions and that chances of getting a job more than double with either social media platforms or online job sites than with traditional media. “Overall, the graduates we surveyed believed that their academic experience prepared them more for further studies (86.8 percent of respondents)

than for employment (69.4 percent of respondents). Although 69.4 percent of these graduates concluded that their education prepared them for employment, only 28.6 percent of employers believed so,” the report indicated. Nigeria’s negligible spending in education could explain the country’s dilapidated infrastructure at all levels, especially at the tertiary level. The poor quality of teachers and lack of teaching aids as well as the frequent strikes have distorted the calendar of federal and state universities. For over a decade, the budget allocated to the sector has consistently fallen short of the United Nations Educational, Scientific and Cultural Organisation’s (UNESCO) recommended 26 percent. Peter Okebukola, former executive secretary, NUC, believes that welleducated citizens and skills revolution underpinned by science, technology and innovation for a knowledge society are the way to go for any country that hopes to

achieve result. He observed that with the right investment in education, economies can be structurally transformed to create shared growth, decent jobs and economic opportunities for all. The Stutern’s Nigerian Graduates Report indicates that KPMG tops the list of employers that offer the best opportunities for graduates. Companies in the top 10 include Andela, Shell, PwC, Chevron, civil service, Dangote, Deloitte, Access Bank and ExxonMobil. Analysis of the highestpaying industries from the report shows that for first job opportunities, oil and gas industry, logistics/ transportation and banking and finance were the top three sectors that offer the best pay in the country. These industries have the highest respondents earning N200,000 and more. Healthcare, telecommunications, agriculture/ fishing/poultry offered the least-paying first jobs. The education industry employs majority of recent graduates during their first or subsequent jobs.

“The industries that experienced the most increase in the number of recent graduates upon a switch are media, technology and healthcare sectors. The industries that were most stable (no rapid fall or rise) include agriculture, transportation and consulting industry,” the report said. In terms of courses the most employed graduates studied, Medicine, Library and Information Science, and Marketing topped the list. From the survey, 47.58 percent of recent graduates studied the top 20 courses listed. The report also shows that three out of five (60 p e rc e nt ) o f Ni g e r i a n graduates earn less than N50,000 ($139) as their first job monthly salary. Upon getting a later job, that number falls to two out of five (a little above 40 percent). Overall, most recent graduates earn between N20,000 and N49,999 ($56 to $139) in their first job after graduation while for their later salary, most earn between N50,000 and N99,999 ($139-$278).

Nigeria missing out in global seafood... Continued from page 1

dollars from the non-oil export, but the growers are failing to tap the opportunity in the global $39 billion market. The Nigerian seafood industry is estimated at about $1 billion. Despite having the potential to create hundreds of jobs, the industry is still largely untapped as low technical know-how and weak cold chain infrastructure continue to hinder investments, according to experts. “The opportunities in shrimps and prawns cultivation are enormous if we can harness it. Both global and local demand for it is rising daily,” Bisi Adepegba, former director, Federal Department of Fisheries, told BusinessDay in on the phone. “This is because Nigeria’s shrimps and prawns are among the best in the world. As a result, there is high global demand for them,” Adepegba said. Nigerian shrimp is largely produced in the Niger Delta, which is reputed as the second-largest brackish habitat in the world, experts say. Shrimps and prawns, a subsector of the fishing sector, have an inshore production of 17,654 metric tonnes annually, according to data obtained from the Federal Depart-

ment of Fisheries. Eating shrimps helps to promote heart and brain health due to their rich content of Omega-3 fatty acids and antioxidant astaxanthin. They are also high in several vitamins and minerals as well as a rich source of protein. The global value of shrimps and prawns is estimated at $39 billion and is expected to reach $68 billion by 2027. “The potential of the seafood industry is very huge in Nigeria but farmers and investors are not well informed of the opportunities,” Gbola Akande, former executive director, Nigerian Institute for Oceanographic and Marine Research (NIOMR), told BusinessDay in an exclusive interview. “The Asians have identified this potential in the Nigerian shrimps and prawns industry and that is why they are investing massively in it,” Akande said. The country currently has an Indian firm that is cultivating shrimps and prawns by piping the Atlantic Ocean into their farms, Akande said. He said other Asian firms that do export also trawl shrimps and prawns from the sea. India-owned Atlantic Shrimpers, Nigeria’s biggest exporter of the seawww.businessday.ng

President Muhammadu Buhari (l), welcoming George Weah, Liberian president, at the Presidential Villa in Abuja.

food, is said to have made over $100 million investment in the country’s seafood industry. But Nigeria is yet to develop its shrimps and prawns sector, unlike the Asians, according to Samuel Obasa, lecturer, aquaculture and fisheries management, Federal University of Agriculture, Abeokuta. Nigerian players in the industry include Banarly

Nigeria Limited, ORC Fishing and Food Processing Limited, Karflex Fisheries Limited, Seagold Fisheries Limited, and other smaller players operating under the umbrella of the Nigerian Trawler Owners Association (NITOA). “The technology of mariculture is not yet in Nigeria. It is the Asians that are bringing in the technology,” Obasa said. To be competitive and

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tap the opportunities, Akande said, local farmers need to be trained on the technology and cold chain infrastructure must be improved upon to drive investments in the subsector. “Nigeria must provide support to farmers to harness these opportunities in form of cheap credit and infrastructure because cultivating shrimps and prawns requires a massive @Businessdayng

NAN

investment,” Akande said. Obasa called on the government to work with the Asians currently cultivating the seafood in the country for transfer of knowledge. “There is a research going on to know if they can be cultured in captivity using freshwater and become one of the cultivable shell fish spec i e s i n a q u a c u l t u re,” Obasa said.

Friday 14 June 2019

BUSINESS DAY

news

DMO says 220% Green bond subscription level on increased awareness by subscribers HARRISON EDEH, Abuja

ebt Management Office (DMO) has attributed the 220 percent subscription of the second Sovereign Green Bond to increased knowledge and awareness of Green bonds by investors. The DMO further described the appreciation in the subscription as a demonstration of a greater level of commitment from the general public towards protecting the environment. The stronger participation of retail investors, DMO said, showed that financial inclusion and deepening of the domestic financial market, which are some ofthekeyobjectivesoftheDMOin its issuance activities, were being achieved. In a statement on Thursday, DMO said the total value of subscriptions received was N32.93 billion, representing 220% of the

N15 billion offered. It explained further that the number of subscribers doubled compared to the figure for the first Sovereign Green Bond issued in December 2017. According to DMO, retail investors were not left out, as the number of individuals who subscribed for the second Sovereign Green Bond more than doubled. The amount of subscriptions grew by almost 201% with the share of total subscriptions rising to 1.43% compared to 0.67% for the 2017 Sovereign Green Bond. Although the Offer was oversubscribed,theDMOallottedonly the N15 billion that was offered for a tenor of seven years, at a coupon of 14.50% a year. The proceeds of the Green Bond will be used to finance projects in the 2018, which will contribute to Nigeria’s commitments to the Paris Agreement on Climate Change, DMO stated.

Pension fund assets rise 4.6% in Q1 2019 Cynthia Egboboh, Abuja

… as FG to train prospective retirees on CPS

igeria’s pension fund assets under management rose 4.6 percent in the first quarter (Q1) of 2019, the National Bureau of Statistics (NBS) says. The assets rose to N9.03 trillion from N8.63 trillion recorded in 2018, NBS notes in a report released Thursday. The NBS explains that FGN Bonds had the highest weight percentage at 49.37 percent of the total pension fund assets, closely followed by treasury bills with 21.44 percent weight and local money market securities with 9.68 percent weight, while foreign money market securities had the least with 0.25 percent weight. A breakdown of the components of the assets in the

period under review shows that domestic ordinary shares were valued N590.61 billion, foreign ordinary shares stood at N62.60 billion, FGN bond valued at N4.458 trillion, treasury bills at N1.936 trillion, Agency bond (NMRC and FMBN) was valued at N11.9 billion, Sukuk bonds were valued at N94.11 billion, and the Green bonds at N8.51 billion. A further breakdown shows that state government securities were valued at N144.31 billion, cooperate debt securities, Supra-national bond, local money market securities, foreign money market securities, and mutual funds were valued at N478.10 billion, N5.37 billion, N874.40 billion, N22.54 billion and N24.96 bil-

lion, respectively. The value of other assets includes: real estate properties at N231.37 billion, private equity fund at N32.34 billion, Infrastructure fund at N29.40 billion, cash and other assets at N25.17 billion. A study of the report shows that participants within the age distribution 30-39 years had the highest percentage composition with 35.77 percent closely followed by participants within the age bracket of 40-4 9 years and 50-59 years with 28.12 percent and 18.02 percent, respectively, while participants above 65 years have the least percentage composition with 2.78 percent. The total membership Data Q1 2019 reflected that 8,569,037

workers were registered under the pension scheme compared with 8,410,184 registered workers in Q4 2018. Of the total number registered, 4,928,179 represent the private sector workers while 3,640,858 represent the public sector. Meanwhile, the National Pension Commission (PenCom) has concluded plans to hold the 2019 pre-retirement workshops for staff of Ministries, Departments and Agencies (MDAs) who are due to retire in 2020. According to a statement signed by Peter Aghahowa, head, corporate communication at PENCOM, the workshop is designed to educate the prospective retirees on the modalities for accessing retirement benefits under the Contributory Pension Scheme (CPS).

Maritime workers give 14-day ultimatum over non-payment of wages to dockworkers AMAKA ANAGOR-EWUZIE

aritime Workers Union of Nigeria (MWUN) has issued a 14-day ultimatum to the Federal Government to prevail on International Oil Companies (IOCs) to pay stevedoring contractors appointed by the Nigerian Ports Authority (NPA), the charges due to dockworkers at the nation’s ports. The union in a statement made available in Lagos on Thursday, threatened that if after 14 days the government failed to prevail on the IOCs, it members would withdraw their services and all seaports nationwide would be shut. Signed by Adewale Adeyanju, president general of MWUN, and Felix Akingboye, secretary general, the statement said despite several meetings, the IOCs had refused to grant access to the stevedoring contractors, process their invoices and effect payment as directed by the NPA, one year after the stevedoring contractors were appointed. The union said it could no longer continue to watch it members die prematurely be-

cause of the defiant attitude of the IOCs. “We are aware that on 1st June 2018, the NPA appointed stevedoring contractors to provide stevedoring services at various off –shore, jetties and on-shore locations to the International oil services and other operators. “We commend the managing director of the NPA for the effort NPA made to compel the IOCs to engage the services of appointed stevedores and registered dockworkers in their stevedoring operations. But, unfortunately, the operators have refused to comply with the NPA directive after one year that the stevedoring contractors were appointed,” the statement read. According to the workers, the position of the operators on the NPA directive is worrisome and very surprising because the same operators had processed and paid the former stevedoring contractors since 2010 through a foremost terminal operator. “Why are they refusing to cooperate with the newly appointed stevedoring contractors since the modus operandi remains the same?

Zenith Bank to host FMDA quarterly meeting in Lagos

enith Bank plc will be hosting the Financial Markets Dealers Association (FMDA) quarterly general meeting in Lagos. In a statement, FMDA acting executive secretary, Mary Gbegbaje, says the association is collaborating with key stakeholders to create awareness on financial marketsproducts,providetechnical advice and create networking opportunities for members. Theevent,slatedforThursday, June 20, will hold at the Lagos Oriental Hotel, Victoria Island, Lagos, by 3pm. According to Gbegbaje, the group managing director/CEO, Zenith Bank plc, Ebenezer Onyeagwu, will give a welcome address while director, Agusto & Co, Olabode Agusto, will speak on the theme: Post-Inauguration Economic Outlook. The FMDA president, Samuel Ocheho will discuss key market development

issues at the event. “The meeting provides a veritable avenue for the exchange of ideas, dissemination of information and fostering of business relationships among Treasurers, market players and their institutions. It will also be an opportunity to introduce new dealers into the market and familiarize them with operations of FMDA,” the statement said. Continuing, Gbegbaje said: “FMDA is an Association of licensed Deposit Money Banks (DMBs) operating within the NigerianFinancialMarket.Itemphasises on regulatory policy engagement/advocacy and professional ethics in the financial markets. The association builds capacity, identifies, supports and develops where necessary, possible financial market infrastructure, human capital and promotesprofessional and ethical standards in treasury activities in Nigeria.” www.businessday.ng

L-R: Ibrahim Boyi, non-executive director, Eterna Oil Plc; Muhmud Tukur, MD/CEO, and Lamis Shehu Dikko, chairman, at the 26th annual general meeting of the company in Lagos, yesterday. Pic by Olawale Amoo

NIS violation of TSA fuels corruption SEGUN ADAMS

our years after President Muhammadu Buhari directed all Federal Ministries, Departments and Agencies (MDAs) to implement the Treasury Single Account (TSA), the Nigeria Immigration Service (NIS) has failed to make itself accountable in what seems to be a defiance of all entreaties in ensuring passport fees are paid directly into the coffers of the government. The disregard for implementing the payment structure, not surprisingly, has created legroom for racketeering and the exploitation of many Nigerians seeking to obtain a passport, some of which have become vocal with their frustration about the system. The TSA was introduced under President Goodluck Jonathan in 2012, however, was mandated for full compliance by all MDAs under the Buhari administration in 2015. Only 13 companies and agencies are exempted from the TSA, and the NIS is not one of them. The essence of the TSA is to consolidate all government revenue into a single account that ensures all inflow and outflow can be accounted for and are judiciously used. To achieve its goal, the Federal Government through the Office of the Accountant General of the Federation (OAGF) put in place two critical systems - a Financial Information Management System and an Integrated Payment Gateway to support the TSA scheme. However, several years down the line, and still under the same admin-

… funds collected into commercial bank accounts, not directly to CBN … TSA payments rejected for passport processing istration that mandated all MDAs to fully comply with the TSA directives, there is still a cloud shrouding the payments for NIS passport and other NIS’ services. “Can the payments for the processes towards the issuance of the Nigerian international passport be routed through the Remita platform instead of this current interface with immigration officials,”Chigozie(@ChigozieAnagba1) quizzedonsocialsharingplatform,Twitter, March 28, 2019. Going by public feedback, it seems the government agency has subscribed to other channels of collecting funds from the public at variance with published TSA collections guideline and which may be unknowntotheAccountGeneraland Auditor General of the Federation for fundsmonitoringandauditpurposes, a the major reason for the TSA. “How else is one expected to pay NIS since it’s a government agency?” Omolewa, another twitter user, lamented after losing money, paying the NIS through Remita - a channel that seems to be foreign to the immigration service. BusinessDay on Monday contacted the NIS to confirm if the agency indeed allows payments for Nigerian passports to be made through the Remita TSA payment gateway. “Don’t pay using Remita,” a NIS customer service told the BuisnessDay correspondent who called in the guise of seeking assistance in paying for a passport using the well-

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known TSA payment gateway. “Pay through PayArena or after you have made all the application online, print it out and take to either Skye Bank, Sterling or First Bank. If you pay through Remita, we don’t have access to that fund. The money is gone and you are on your own!” the NIS customer service personnel warned. The ‘private’ arrangement made by the NIS outside of the TSA for payments into accounts outside the CBN raises serious questions whether the NIS, in fact, remits its revenue to the coffers of the government, makes full disclosures of monies received and makes itself available for revenue monitoring and audit as stipulated by the TSA. If it does, how so and how much, given the wet appetite of its officers’ for cash payment. Meanwhile, corruption has allegedly continued to thrive with allegations of corruption against immigration officers who favour cash payment in order to discharge their lawful duties in guiding Nigerians on the process of obtaining international passports. “There is no issue with the online payment platform,” according to Gbenga (@gbengaogun), a Nigerian youth weighing on the issue who said, “The issue is that paying online means your passport may take forever to be processed. Paying cash means an officer will personally monitor your file.” Damilola Praiseworth noted @Businessdayng

on his social media page that (@ Depraiz) that he was approached by an officer to pay cash in order to fast track the passport application process. “An officer asked me if I had an appointment with any officer,” he tweeted. “When I said no, he cornered me and told me to pay N38,500, to get it immediately and if I didn’t pay I could risk not getting it in months.” Recounting his experience, Taofiq Adetoro, 32, told BuinessDay he had in 2015 experienced a similar incident where he was told by an officer at the NIS Osun office that only NIS officers were allowed access to “the account number or Remita process to facilitate payment”, hence he had to pay cash. “That’s how they all are,” he said. “If they don’t collect at least 10k more than the original fee, the passport wouldn’t see the light of day. I hope things change for good,” he added. When Adetoro assisted his wife in collecting her passport in 2018, it was the same experience still. BusinessDay, in futility, tried to reach the Director of the TSA to ascertain if indeed there have been complaints by the public on the non-compliance of the NIS with TSA directives and on the issue of non-processing of passports when payments are made on the TSA platform. The NIS also refused to reply to an email sent by BusinessDay requesting for clarification on the issue.

Friday 14 June 2019

BUSINESS DAY

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Friday 14 June 2019

BUSINESS DAY

news

Ethiopian Airlines reels out plans to ease aircraft shortage over Boeing 737 MAX grounding IFEOMA OKEKE

thiopian Airlines says it is considering all options to mitigate aircraft shortage it may face during the period the Boeing 737 aircraft will remain grounded. The airline notes that with its ownership of over 110 operating aircraft, it reviews its fleet plan and swap capacity to optimise aircraft utilisation, adding that June to September is peak season in its operation, so it is considering all options to mitigate aircraft shortage the airline may face during this period.

Recalled that the 737 MAX, grounded globally in March after a crash in Ethiopia killed all 157 people on board, the model’s second deadly crash in five months, was the most sold model with 5,011 firm orders and 375 aircraft delivered. The airline had five operating Boeing 737 Max aircraft on its fleet before the aircraft was grounded. During a recent interview with Nigerian journalists in Addis Ababa, Ethiopia, Haliu Esayas, the managing Director, Ethiopian International Services, said fortunately, the accident did not have much

negative impact on the airline’s fleet utilisation and its load factor mainly due to two reasons. The first reason is because of the continued trust and confidence among the travelling public on the airline’s safety standard and the second reason is that March to May was slack season in its operations, so Ethiopian Airlines could manage with the available fleet in its possession. The airline will be the last to resume Boeing 737 MAX aircraft operations, he said, adding that there is a problem with the design of the flight control system of the B737 MAX and its redesign is under review by regulatory

bodies and stakeholders. While the airline cannot comment on the resumption of operation of the fleet type, if it will resume operating the B737 MAX, Ethiopian Airline will be the last airline to do so, he said. The success of the Single African Air Transport Market (SAATM) is the key to reducing the dominance of international mega carriers, which have 80 percent of the African travel market. Africa has only 3 percent of the global air travel market and 80 percent of that market is dominated by international carriers, leaving African carriers

with only 20 percent. He said the full implementation of SSATM would free the market from mega carriers, as the treatyguaranteesaccesstoAfrican airlines to all signatory nations. “When Single African Transport management which is advocated by African Union commission,whenthatonecomespeople think that only a few airlines will benefit from that, No! As we are speaking 80 percent of African traffic is taken by non Africans, so all of us put together we have only 20 percent so we need to attack that 80 percent. “We need to eclipse, 80 percentshouldbeAfricanairlinesand

BHM Group partners Lagos NIPR for 2019 PR week

l a c k Ho u s e Me d i a (BHM) Group, a PR/ marketing group, has announced its partnership with the Lagos chapter of the Nigerian Institute of Public Relations (NIPR) as sponsor for 2019 PR Week set to kick off today in Lagos. This sponsorship is in line with the PR and digital communications agency’s culture of playing a proactive role in Nigeria’s marketing communications sector and supporting the growth of the industries it operates in. The weeklong event themed ‘Promoting Professional Excellence and Community for Development’ aims to intensify the building of a more formidable, professional industry in Nigeria by advancing collaborations among practitioners, intensifying pursuit of excellence, driving innovation and creativity at all levels in the industry. A c c o r d i n g t o Ay e n i Adekunle, founder of BHM Group, BHM always support innovation at all level hence the collaboration with the Lagos NIPR on the 2019 PR Week. “We are glad to partner with NIPR for the 2019 PR Week event as it is an avenue to promote professional excellence amongst practitioners, while also helping to forge better relationship amongst PR professionals,” he said. Under the BHM Group name is also ID Africa, marketing, media and technology company, and Plaqad, an influencer marketing platform, which has similarly demonstrated its commitment to the development of the industry through partnerships with PRCAN, APRA, and AAAN in the past. In addition to supporting the industry associations, BHM publishes the first and only industry report, the Nigerian PR Report. In 2014, the agency created the PR App, which offers useful tips for PR and marketing practitioners. With a vision and mission to provide the best possible corporate and marketing communications to the best brands on earth and becoming Africa’s leading media and public relations agency, BHM Group has continued to innovate and push the bounds of the norm in PR. www.businessday.ng

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20 percent should be non African airlines. This is our continent, that is our traffic and so for more African countries to come, the traffic, which is not in the hands of the African airlines is much more. So we have a lot more to play with, it’s not as if we have to scramble that same 20 percent. No! We don’t settle for that and we want to contribute more than 3 percent of the global air traffic which we are doingnow,it’sonlythreepercent.” He said that it is in the bid to make such major contribution that Ethiopia Airlines is going to every African country and helping to establish regional national carriers.

Friday 14 June 2019

BUSINESS DAY

NEWS

Shell seeks stakeholders’ support to curb pipeline vandalism Olusola Bello

hell Nigeria has called for concerted efforts to curb the incessant vandalism of crude oilbearing pipelines, highlighting the danger of continuous sabotage to people and environment. Igo Weli, general manager, external relations of Shell Petroleum Development Company (SPDC), said such efforts to curb pipeline sabotage would save lives, secure communities and protect the environment. Weli spoke in Lagos on Thursday at a media workshop on Pipelines Right of Way Encroachment and Vandalism. “Shell is concerned the repeated sabotage of recently repaired pipelines exposes the environment and people to renewed and worsening pollution. Oil theft is focused on short term fiscal benefits, ignoring the longterm effects of environmental degradation. “Since 2017, sabotage spill rate has risen steeply and crude oil theft from SPDC JV’s pipeline network averaged 11, 000 barrels per day in 2018, an increase of about 20% over previous year. The number of sabotage-related spills increased in 2018 to 111 compared to 62 in 2017 and, since 2012, SPDC has removed more than 1,160 illegal theft points,” he said. Towards the UNEP report-guided Ogoni Clean Up, Weli said, “SPDC actively supports the clean-up process along with other stakeholders. SPDC remains fully committed to providing its share of $900 million (N283.73bn) over five years to the Ogoni Trust Fund as stipulated in the Hydrocar-

bon Pollution Remediation Project (HYPREP) gazette and the agreed governance framework. “The SPDC JV has completed its first-year contribution of $180 million (N54.54bn). Early 2017, the SPDC JV made available $10 million to help set up HYPREP office and in July 2018, joint venture deposited additional $170 million (N51.52bn) into an escrow account to fund HYPREP’s activities.” The company said it was also collaborating with communities to effectively patrol pipelines’ rights-of-way through direct surveillance and GMoU surveillance, proactively engaging government security agencies to prevent crude theft and vandalism, and carrying out awareness campaigns to educate community members, surveillance contractors and general public of the requirements of the 1990 Pipeline Act, which prohibits any third-party activities 100ft from existing oil and gas right-of-way. Also speaking at the workshop, Chidube NneneAnochie, Shell’s general manager, Safety and Environment, said, “Irrespective of the cause, SPDC cleans and remediates areas impacted by spills from its facilities.” According to NneneAnochie, “SPDC implements work programmes to appraise condition of, maintain and replace key sections of pipelines and flowlines. In 2018, for example, we installed 70 kilometres of pipelines and 188 kilometres of flowlines. Over the last seven years, SPDC has replaced approximately 1,300 kilometres distance of flow lines and pipelines.”

Lagos to partner FG on prison congestion ...as Sanwo-Olu swears in acting CJ JOSHUA BASSEY

overnor of Lagos State Babajide Sanwo-Olu says the executive will work with the state judiciary and the Federal Government to addressing the challenge of prison congestion. Sanwo-Olu said this was absolutely necessary, as the issue had become be a major challenge to the state’s justice system. The governor stated this, Thursday, after swearing in the new acting chief judge of Lagos State, Kazeem Alogba. According to Sanwo-Olu, “The current situation where over 70 percent of inmates in our prisons constitute awaiting trials is not acceptable, as it is not a reflection of an efficient justice delivery system. “We will also not hesitate to do whatever is required to sustain the ongoing reform in the judicial sector, so the desired result of ensuring that the wheel

JOSEPH MAURICE OGU

igeria is the only country on the globe without good public relations and anyone telling its story on the international front, an analyst says. Michael Williams, a Port Harcourt-based PR expert, says Nigeria needs someone to tell the world what is happening in it and what efforts government is making to address key issues. The negative tales are told about Nigeria in many countries because nobody is really revealing the potential of the country and what is happening therein, Williams says. Speaking with BusinessDay in Lagos, he says with a proper public relations officer working for Nigeria, the world will really know a lot of positive things happening in Nigeria. By doing so, Nigeria will not rely on the negative reportage from the Western media, he states. “Nigeria has been suffering from public relations problem and no one is there to speak up on its behalf,” he says.

Bukky Karibi Whyte, a Lagos-based public relation consultant, says the situation is worrisome. Perhaps, according to her, the nation has not yet appreciated the value of having a public relation’s office, saying, “Nigeria needs to be conscious of the need to have a public relation.” According to Williams, there is no one to make the world understand that if there is a problem in Borno State, Lagos is actually fine, and anyone visiting Lagos is hours away by flight and hundreds of miles away by road from Borno State. “Every country in the world is represented in the world travel market, every country. The only country without public relation agency running around is Nigeria. And Nigeria is one that really, really, needs it,” he says. Nigeria does not necessarily require countering bad news with good news, he states, adding that sometimes bad news is bad news, as the world is not afraid of bad news, but the world wants to know what has been done to put things right.

L-R: Ahmed Gambo, executive director, maritime labour and cabotage services, Nigerian Maritime Administration and Safety Agency (NIMASA); Dakuku Peterside, director-general of NIMASA, and Bashir Jimoh, executive director, administration and finance, at a breakfast meeting by NIMASA with Media Executives in Lagos, yesterday. NAN

‘Nigeria’s political, economic arrangement inhibiting diversification’ HOPE MOSES-ASHIKE

he paradox of a federal state with a unitary economic management model has been cited as a major reason Nigeria is yet to achieve economic diversification, despite effort by successive governments. Abraham Nwankwo, an economist and former director-general, Debt Management Office (DMO), expressed this view in a speech he delivered at an international conference organised by the Faculty of Management Sciences, Nnamdi Azikiwe University, Awka, Anambra State, on Thursday. A country that is practicing federalism should www.businessday.ng

of justice rolls as fast as it could, will be achieved.” The governor stated that his administration would embark on the review of the state’s judiciary, noting that the three arms of government must form a synergy for the development of the state. He also promised to continue with judicial reforms in the state. ‘‘We are all partners in progress. We must continue to work together to deliver the good for the teeming Lagos populace. This is what governance is all about,” he said. Congratulating the new acting chief judge, he expressed confidence in his capacity to continue on the path of progress that had been created in the state judiciary since the beginning of the Fourth Republic. Speaking, Alogba promised to exercise the powers of his office conscientiously for the good of the common man and the furtherance of the administration of justice in Lagos State.

‘Nigerian needs to tell own story through PR experts’

“naturally incline towards economic diversification,” Nwankwo noted, but posited that the subsisting arrangement in Nigeria had worked against that expectation and renders the system a sharing one rather than a producing one. According to Nwankwo, Oil revenue that accounts for between 75 and 80 percent of public revenue over the past four decades is adjudged owned by the federation and not the subnational territories where they occur. But following the unitary approach to administration entrenched by military governments for about 30 years starting in 1966, the 1999 Federal Constitution re-

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quires that such revenue be moved to the federal treasury, from where it is shared to all the governments according to the prevailing revenue allocation formula. However, Doyin Salami, CEO, Kainos Edge Consulting Limited, said in Lagos that the Nigerian economy was diversified in terms of output, and where diversification effort should focus on was on revenue sources. The 46 sectors of the economy need to grow faster, Salami said, saying, “We as a country need to see what role technology can play in modernising this economy.” “The sharing formula has nothing to do with useful contribution to the rev@Businessdayng

enue but is rather based on such factors as population, school enrolment and land mass. This economic model encourages allocation and sharing rather than production and saving,” Nwankwo said. While Nigeria’s political arrangement is federalism, the economic arrangement is essentially unitary, which is a major factor inhibiting economic diversification. The unitar y management of the economy in a federal state had led to a few in congruencies, which are symptoms of sustained economic mismanagement, he said, but stressed that this “disorder” must be addressed to achieve economic diversification.

Friday 14 June 2019

BUSINESS DAY

news Akoko-Edo council proposes N2.3bn for 2019 fiscal year IDRIS UMAR MOMOH, Benin

xecutive chairman of Akoko-Edo Local Government Area of Edo State, Don Umoru, has presented the 2019 budget estimates of N2.3 billion to the legislate arm for consideration and approval. Umoru said the budget tagged, ‘Budget of Consolidation,’ was 17 percent lower than the N2.8 billion in 2018, but the proposal was to take care of needs of the council and consolidate on infrastructure and social-economic gains of 2018 budget. According to Umoru, a breakdown of the budget shows recurrent expenditure of N1.6 billion, while the capital expenditure is N718 million. He said the Economic sector had the highest allocation

of N326 million, followed by Social sector with N195 million, Administration sector, N121 million, and Environment N75 million. “The high proportion of recurrent expenditure is to enable the local government to fully implement the recently approved minimum wage for civil servants. “It is my hope that the implementation of the budget will bring sustainable development to the local government area. It is my honour and privilege to present this budget to you for quick consideration and passage in order to move this council forward,’’ he said. Receiving the budget, leader of the council’s Legislature, Oyewole Samuel, commended the chairman and assured him of accelerated consideration of the proposal.

EdoJobs, CADD centre partner on engineering designs, project management training for 100 youths

n furtherance of its plans to equip youths with indemand skills for selfsustenance, the Edo State government, through the Edo Skills Development Agency (EdoJobs), has partnered the CADD Centre Nigeria in providing training for 100 Edo youths for project management and engineering design. The training is coming on the heels of the launch of the Edo Production Centre, a multi-purpose production centre for Small and Medium Enterprises (SMEs) engaged in the manufacturing sector. The centre is fitted with stateof-the-art facilities suited for manufacturing, including 24hour electricity supply. Senior special assistant to the Governor on Skills

ECOWAS to have own currency by 2020 - member states

OLUFIKAYO OWOEYE

he dream of a single currency by the Economic Community of West African States (ECOWAS) would soon become a reality. Aichatou Kane, a representative from Niger Republic, revealed this at the ongoing 54th Annual Meeting of the African Development Bank (AfDB) in Malabo, Equatorial Guinea. “The process is in a fast lane of integration and planned to have its own currency in 2020,” she said. The decision to create a single monetary zone for West Africa was reached by Heads of State of the 15 member countries at a summit of the ECOWAS in Lome, Togo, in 1999. Sadly, the sub-region is still far from having a common legal tender and what is ordinarily a good idea seems to have fizzled into a fantasy.

However, economic experts have expressed divergent opinion on the workability of a single currency on a continent that is still struggling with several challenges. Akin Alabi, a Lagos-based economist, said the single currency could help address West Africa’s monetary problems such as the lack of independence of central banks and non-convertibility of some currencies. According to Alabi, ultimately, a single currency and its associated regional institutions could also boost investor confidence and promote trade within the sub-region. Alabi, however, queried the preparedness of member states to pursue this agenda. “If we go by the principle of economic integration, I do not see anything wrong with it. Other countries have done it, typically Europe. But it takes a long period of time to achieve. But if we have all it takes, like if

our economy is as good as Europe’s, then one can say okay,” he said. Emeka Odion, senior lecturer in a Lagos-based tertiary institution, in a telephone conversation with BusinessDay, highlighted hurdles that must be overcome if the dream of a single currency could be actualised. Some of the challenges are the exchange rate and differences in language, because, in West Africa, we have Francophone and Anglophone countries, according to Odion. Again, we have the challenge of the kinds of the economy each country runs and how they will fuse into the single currency regime. “However, the single currency idea is a good idea. It will be good for somebody who has a factory in Ogun State to target the market in West Africa to sell his or her goods,” he said. The AfDB and its partners have also inaugurated the Af-

Development and Job Creation, Ukinebo Dare, said the training would up skill engineering graduates in the state with top-notch expertise in engineering design so they can contribute to the state’s industrialisation drive. The training is part of the overall plans for the production centre, as it serves as a capacity building component to prepare a skilled workforce to drive activities at the production centres in the state, she said. According to Dare, “We have a good partner in the CADD Centre as they have proven expertise in this field. The training programme which is open to Engineering graduates will equip them with the right skills to drive innovation in the state.”

rica Digital Financial Inclusion (ADFI) Facility, designed to aid safety and expansion of digital financial transactions in Africa. The Fund supported by the Bill & Melinda Gates Foundation, the Agence Francaise (AFD) and the Government of Luxembourg as initial contributors. The goal is to ensure that at least 320 million more Africans, of which nearly 60 percent are women, have access to digital financial services. The Fund will deploy $100 million in grants and $300 million in the form of debt from the bank’s ordinary capital resources by 2030 to scale up electronic financial services for low-income communities. Akinwunmi Adesina, president, AfDB, said the intervention would be aligned to four pillars: infrastructure, including digital interoperable payment systems, digital products and innovation, policy and regulatory reform and harmonisation, and capacity building

L-R: Mohammed Balarabe, deputy managing director, Fidelity Bank plc; Bisi Adegbuyi, postmaster general/CEO, NIPOST; Hassan Imam, head, northern directorate, Fidelity Bank, and Richard Madiebo, divisional head, retail bank, at the launch of bank@post; a TSA/Agent Banking initiative between NIPOST and Fidelity Bank in Abuja, yesterday.

June 12: History will be kind to Buhari – Group Iniobong Iwok

Umohinyang said, noting, “June 12 has become a watershed in the annals of our national history. One cannot but recall with nostalgia ‘Hope 93,’ the campaign slogan of Moshood Abiola of the SDP. “That was the freest election our country, Nigeria has ever had, but that election was annulled by the gap – toothed man from Minna. The election was a sad reminder; it was better imagined than seen. “Today, when you look at the clips of that era, you can’t but weep for the heroes and heroines, both living and dead who scarified their all for the actualization of June 12. “We cannot but pay tribute to the legendary Gani Fawehinmi, Wole Soyinka, Senator Bola Tinubu, Chima Ubani, Beko Ramsome Kuti, Femi Falana, Yinka Odumakin, Kayode Fayemi, and others. “They all were willing to sacrifice their lives for the actualisation of that mandate, some; we lost in the struggle, while some are still alive. www.businessday.ng

Here’s why flying has become more dangerous Endurance Okafor

hat happened to the safest form of travel? This is a common question that has been asked severally in the last few months, owning to the fact that flying became deadlier than it has been in years. According to figures by Aviation Safety Network (ASN), death toll (from accidents and hijacking) climbed to a four-year high of 561 in 2018 reported from 18 airline incidents compared to the 186 fatalities reported in 2015 from 14 incidents. This was compiled from the incidents that occurred in almost every region in the world. From the analysis of the fatalities reported in the fouryear period, 2017 recorded the lowest fatalities with 59 death toll from 14 airline incidents followed by 2015 and 2016

… as death toll hits four-year high with 186 and 258 fatalities, respectively. The fatal crashes of Ethiopian Airlines Flight 302 and Aeroflot Flight 1492 showed a signal that so far, 2019 has not been any better. It’s hard to pin it solely on Boeing Co.’s infamous 737 Max. A further analysis of the data by ASN revealed that already, 2019 has reported more fatalities than the figures in 2015. In the last five months of 2019, the reported death toll from 8 airline incidents are 12.37 percent higher than the 186 fatalities recorded in 2015. Checks by BusinessDay revealed that the demand for air travel is growing so fast. International Air Transport Association (IATA) projects that it will double in the next 20 years, as such airlines, plane makers

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and regulators are struggling to keep up. The pressure to keep costs low has intensified; this is notwithstanding the fact that carriers have to meet the need of customers who want to buy tickets at a lower price. BusinessDay found out that one of the reasons why safety is also under pressure is because airlines are increasingly asking manufacturers for specific aircraft to tap travel trends. “That’s placing a burden on Chicago-based Boeing and European rival Airbus SE to deliver aircraft on time and on budget,” Ian Thomas, a senior aviation consultant at CAPA Consulting, said in a statement. IATA downgraded its outlook for the world’s airline industry due to the rising cost of fuel and weakening world @Businessdayng

trade. Airlines are now expected to earn a $28 billion profit, down from the $35.5 billion that the IATA, which represents nearly 300 airlines or more than 80 percent of global air traffic, forecasted in December 2018. Meanwhile, overall costs are expected to increase by 7.4 percent to $822 billion, greater than the 6.5 percent rise in revenues of $865 billion, according to the trade association. Per-passenger profit also decreased to $6.12. “This year will be the tenth consecutive year in the black for the airline industry,” Alexandre de Juniac, IATA’s director general and CEO, said in a statement. “But margins are being squeezed by rising costs right across the board, including: labour, fuel, and infrastructure. Stiff competition among airlines keeps yields from rising.

Friday 14 June 2019

BUSINESS DAY

Culinary Delights

Atmosphere Rooftop the new hot spot in Lekki phase 1

hen I came across the Atmosphere restaurant online, the images made me excited to check it out. As I made my inquiries I found out the restaurant was not yet opened, however flipping through their Instagram page one would think the restaurant is fully open and functioning. I was excited to know more about this place,

Club and other amazing projects. The ambiance at the Atmosphere reminds me of a modern rooftop botanical garden. Upon entry, you see the beautiful green leafed decoration and bright lights. The vibe at the Atmosphere is very chic. The space is bright and very spacious. What I love about this rooftop is that it’s breezy and perfect for stargazing, it also has a seating area, which

on the menu. Here is what Bolanle had to say “Rooftop restaurants always give a feeling of euphoria. The combination of the view and breeze is perfect. It was very trendy and had a great vibe. I loved my Lasagna and enjoyed all of my drinks. It’s a combination of Jozi and New York in one and I am going to become a regular there. Bolanle Olukanni. The menu at the Atmosphere is extensive, you can pretty

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

Guest

Bolanle Olukanni Media Personality And Founder Of God’s Wives

that looked so lively on Instagram. Upon further investigation, I discovered that the restaurant is owned by serial entrepreneur and television producer Tola Odunsi. It turns out that the reason why the restaurant seemed like it was open online, is because while the restaurant is fully finished the images I saw were from a tasting they had in order to get feedback on their menu from future customers. I thought it would be a good opportunity to check out this Atmosphere and also give feedback on my experience. On this occasion, I went with a woman who I really like and admire, Bolanle Olukanni. She is a media personality, journalist and founder of God’s Wives Foundation a self-worth empowerment center/ NGO. Bolanle and I have one thing in common, we both used to live and go to school in Kenya at some point in our lives. We ended up bumping into Sharon Ooja who you some of you might know from the television series Skinny Girl in Transit, Men’s

has a giant LED Screen which seems ideal for weekend sport matches and intimate movie screenings. The restaurant is very large, in fact, the Atmosphere has several seating options, two indoors and two main outdoor terrace seating areas. We chose to sit at the far end of the restaurant outdoors. The breeze was pleasant and the view of Lekkiwhich can be rather chaotic during the day, at night is surprisingly relaxing. The menu was brought over and I decided to have the surf and turf which was served with tiger shrimp, some steak and pasta noodles. The food was tasty. I remember being exceptionally hungry that day, so the waiter brought over some house suya, which was the cherry on top of my dinner. Bolanle had the lasagna and she really enjoyed it, I tasted some and it was good, the perfect combination of cheese, tomatoes, mince-meat, and lasagna leaves. Sharon had the grilled fish, she says it’s her favorite thing

much everything from a simple burger to pasta, chicken and seafood-based dishes, African dishes as well as continental. They have an array of signature drinks mocktails and cocktails. The food came out on time, it was fresh and tasty. The staff is also very professional and kind. I liked the fact that they had a full staff present despite not being open. Why management made this decision? Because they want their staff to learn on the job and want to be able to give feedback openly. The management is clearly very hands-on and pays extra attention to detail which is reassuring as this

is important for the restaurant business. I’m looking forward to coming back again when they are fully open in July 2019. This place will definitely be the next hot spot in Lekki, it is perfect for a large group dinner, hangouts, daily lunches, business meetings and much more. To put it simply... it’s a vibe. Who knows... while enjoying the vibe, food, and atmosphere you might run into your favorite celebrity, as the Atmosphere has been visited by many well-known faces. Just take a look at their Instagram page. Let me know about your experience when you go.

In the meantime follow us on Instagram @bdculinarydelights

Rating 4.5

Contact Instagram @atmosphererooftop theatmosphererooftop@gmail.com

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

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Friday 14 June 2019

BUSINESS DAY

FINANCIAL TIMES

World Business Newspaper

George Parker and Sebastian Payne

oris Johnson has emerged as the runaway favourite to be Britain’s next prime minister after he topped the first round of voting in the Conservative leadership contest with the support of 114 Tory MPs. The Eurosceptic former foreign secretary swept the field — polling more votes than the next three contenders combined — winning support from across the Tory Brexit divide. “I am delighted to win the first ballot, but we have a long way to go,” he said. The result leaves six other contenders realistically battling for second place and the prospect of going head to head with Mr Johnson in the final stage of the contest, which will be decided next month by about 160,000 party members. Jeremy Hunt, foreign secretary, came second with 43 votes but the result was widely seen as underwhelming; environment secretary Michael Gove, hit by a drug scandal last week, was relieved to be still in the fight with 37 votes. Former Brexit secretary Dominic Raab won the backing of 27 MPs, home secretary Sajid Javid won a disappointing 23, health secretary Matt Hancock won 20 and international development secretary Rory Stewart polled 19. Ladbrokes immediately installed Mr Johnson as 1-5 favou-

Boris Johnson heads Tory leadership contest after first round vote McVey, Leadsom and Harper knocked out of race to be prime minister rite to win the contest, which will conclude in late July. Mr Hunt was made 7-1 and Mr Stewart 16-1. The result of the first round of voting reinforced Mr Johnson’s early momentum. His safety-first campaign launch on Wednesday passed without him sustaining any serious damage and Tory MPs have flocked to back the likely winner. Mr Johnson is highly popular with party activists who will make the final choice of successor to Theresa May. His weak spot was always seen as his lack of support among Tory MPs; Thursday’s vote suggested that is no longer the case. “It has surpassed expectations,” said one ally of Mr Johnson, who is now expected to make the final shortlist of two on June 20, after the remaining candidates have been whittled down in a series of votes. The big losers were Esther McVey, former work and pensions secretary, Andrea Leadsom, former Leader of the House of Commons, and Mark Harper, former chief whip, who were all eliminated after failing to secure the necessary 16 votes. It means that the remaining seven contenders are all men, all of whom still claim they are in with a chance of making the final shortlist of two. “There’s everything still to play for,” said Damian Green, former

that process has naturally come to a close.” Investors’ appetite for Russian debt has held up despite the risk of further measures from the US and EU, which began in 2014 when Moscow annexed Crimea from Ukraine. The threat of punitive measures has encouraged Russia to move further away from dollar bonds — which the US could sink by banning trades in its currency — towards domestic issuances. Foreign holdings of Russia’s domestic debt have nearly recovered since the previous major round of US sanctions, when their share fell from 33 to 24 per cent of the total outstanding. By the end of last month, they had risen to nearly 30 per cent, according to deputy central bank governor Ksenia Yudaeva. Last year, Russia sold eurodenominated debt for the first time since 2013 and repeated the feat in early spring, further helping Moscow diversify away from the dollar. “Our logic for sovereign external debt is less about funding the budget and more about creating liquid benchmarks for other borrowers [in the Russian corporate sector],” Mr Kolychev said. Should the US take steps against Russia’s sovereign debt through the Treasury Department’s Office of Foreign Assets Control, or Ofac, the finance ministry in Russia is prepared, he added, with its own “anti-Ofac” bureau. www.businessday.ng

believes he can overtake Mr Hunt. “We are still in the game,” said George Eustice, a supporter. But the bookmakers have been impressed by the energetic and innovative campaigning of Mr Stewart, who launched his bid in a circus tent, and his 19 votes suggest he could yet emerge as a dark horse. Mr Raab, Mr Javid and Mr Hancock were separated by just

seven votes but all need to build momentum soon to make a serious impression on the race. A Channel 4 “leadership debate” on Sunday could provide an opportunity. The next round of voting among MPs will take place on Tuesday June 18, where candidates will require 32 supporters to stay in the race. Further rounds will take place, as required, until only two contenders remain.

Reports of successive explosions come amid heightened tensions in the region

Deputy finance minister says western investors are growing more comfortable with country’s debt

ussia believes that western investors’ fears of US sanctions on its sovereign debt have eased, paving the way for a borrowing spree this year. Demand for the country’s debt has rocketed, deputy finance minister Vladimir Kolychev said in an interview, allowing Russia to sell Rbs375bn ($5.8bn) of roubledenominated government bonds last month on top of a record Rbs400bn of issuance in April. The Kremlin is planning to issue about Rbs1.55tn this year, he said, up about 40 per cent from last year’s levels. “We just stopped pushing back against . . . demand . . . as we knew that market conditions were favourable and investors had begun to work out sanctions issues,” he said. “There’s less uncertainty and it has become more comfortable to live with those risks.” Foreign investors are hungry for Russian debt despite plans in the US Congress to stop them buying it, Mr Kolychev added. “When [risk] first appears, you need time to work things out, calculate the possible consequences and the likelihood of this risk,” Mr Kolychev said. “While that process is ongoing it’s obviously difficult to take investment decisions before you’ve made a full evaluation. Now, in all likelihood,

deputy prime minister, and a Hancock supporter. Although Mr Hunt, who backed Remain in the 2016 referendum, finished second he failed to break free of the following pack. His team said they were “delighted” with the result but they are now looking over their shoulders. Mr Gove, a prominent Leaver whose campaign stalled after his revelation of former cocaine use,

Oil prices jump after Gulf of Oman tanker attack

Russia lines up borrowing spree as US sanctions fear wanes Max Seddon

The Conservative Party leadership contenders to get through the first round of voting - Jeremy Hunt, Boris Johnson, Michael Gove, Dominic Raab, Matt Hancock, Sajid Javid and Rory Stewart © FT Montage

Simeon Kerr, Monavar Khalaj and Andrew England

Two crude tankers were severely damaged by attacks in the Gulf of Oman that sparked a 4 per cent surge in oil prices and put the energy industry at the centre of rising Middle East tensions. The US Navy said it was assisting the tankers after receiving distress calls over the suspected Thursday attacks, which forced the evacuation of their crews and heightened fears over the risk of conflict erupting in the region. The attacks overshadowed a visit to Iran by Shinzo Abe, Japan’s prime minister, who is seeking to ease USIran tensions. Mr Abe was meeting the supreme leader Ayatollah Ali Khamenei when reports of the attacks emerged. One of the vessels struck was Japanese-owned. The incidents, which occurred in waters between Iran and the Arabian peninsula, pushed the price of Brent oil up by as much as 4.5 per cent. Prices slipped back later in the day but remained 2.7 per cent higher, the largest one-day gain since April. Iranian television showed footage of a fire blazing in a large hole on the other vessel, as a tower of black smoke billowed upwards from its scorched hull. No-one claimed responsibility for the attacks and it was not clear how they were carried out. Oman tanker attacks map

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Tensions were already running high between Tehran and Washington, which has been heaping intense pressure on Iran since US President Donald Trump last year withdrew the US from a landmark 2015 nuclear agreement with Tehran. Oil and transport infrastructure in and around Saudi Arabia has been struck in a string of assaults since early May, when the US warned of unspecified “escalatory” action by Tehran and sent more military assets to the region. Iranian officials have called the attacks suspicious. But on Thursday’s tanker strikes Mohammad Javad Zarif, Iran’s foreign minister, said “suspicious doesn’t begin to describe” the fact they coincided with Mr Abe’s meeting with Mr Khamenei, Iran’s ultimate decision maker. Hamid Baeidinejad, Iran’s ambassador to the UK, said: “Since PM Abe announced his travel to Tehran to consolidate Japanese-Iranian relations and help ease regional tensions, efforts were made, unfortunately, to undermine the goal of the visit.” After meeting the Japanese leader, Mr Khamenei ruled out any talks with the US, dashing hopes that Tokyo could attempt to mediate between Tehran and Washington. “The Islamic Republic of Iran has no trust in America,” Mr Khamenei said. The attacks in the Gulf of Oman @Businessdayng

occurred close to the Strait of Hormuz, one of the world’s busiest shipping routes and a choke point for crude exports out of the oil-rich region. Helima Croft, a former CIA analyst at RBC Capital Markets, said the attacks undoubtedly raised the risk of a confrontation between the US and Iran. “These are the types of incidents that we have been warning about and that can lead the region to the brink of war,” she said. One of the ships struck was the Kokuka Courageous, which belongs to Tokyo-based Kokuka Sangyo. The company said it had received a report that the vessel was hit by two shells, three hours apart. Company president Yutaka Katada said the ship had been abandoned and was adrift but all the crew were safe. A company official said: “The first shell hit to the rear of the ship on the port side …The second shell then hit port amidships and the captain decided to evacuate.” The tanker shown in video footage was the Norwegian-owned Front Altair and one message circulating among shipping executives on Thursday said the blaze aboard was caused by a “surface attack”. CPC, a state-owned Taiwanese oil group, said the crew of Front Altair has been rescued by a cargo vessel, the Hyundai Dubai. Front Altair was leaving the Gulf after loading at Ruwais in the UAE, while Kokuka Courageous had loaded at Jubail in Saudi Arabia.

Friday 14 June 2019

BUSINESS DAY

NATIONAL NEWS

Fitch warns Africa risks falling back into financial ‘distress’

Public debt balloons back to levels seen before massive write-off programme Steve Johnson

ub-Saharan African states have borrowed so much money since the debt forgiveness programmes earlier this century that they risk falling back into financial distress, Fitch warned today. However, the rating agency argued that multilateral debt relief had not been squandered, as some have argued, because it has “delivered lasting benefits” in the form of faster economic growth and improvements in measures of human development. Between 2001 and 2015, 36 states, all but six in Africa, had $76bn of debt wiped off as part of the Heavily Indebted Poor Countries and Multilateral Debt Relief Initiatives. And although some poorly-run countries wasted this windfall, Ed Parker, head of Emea sovereign ratings at Fitch, said “median GDP growth, total investment-to-GDP and countries’ percentile ranking in the UN’s Human Development Index all improved for Fitch-rated subSaharan sovereigns after they passed the HIPC completion point relative to pre-HIPC, and also improved relative to sovereigns that have not benefited from the HIPC initiative”. The UN’s HDI is a measure of health, education and general living

standards. Difficult choices now face many of the countries that received debt relief, however, after a ballooning of sovereign debt. The median public debt-to-GDP ratio of the 19 sub-Saharan countries rated by Fitch plummeted to just 26.7 per cent in 2012, as a result of the wave of debt forgiveness. However, it has since rebounded to 54.3 per cent as many countries have taken advantage of the fiscal space opened up by debt relief to run larger primary deficits. This trend has been exacerbated by the impact of a slide in commodity prices from 2014 onwards and weaker currencies in countries with high levels of foreign currencydenominated debt. In terms of debt-to-government revenues, a measure many view as more relevant, the rebound has been equally stark, from a low of 130 per cent in 2008 to 277 per cent, as shown in the first chart. As for the cost of repaying that debt, the proportion of Fitch-rated sub-Saharan states with elevated debt service as a share of government revenues is back where it was before the start of the HIPC debt relief initiative in the early 2000s, in part because less of the debt is concessional now, illustrated in the second chart.

Sudan’s air force chief insists army prepared to hand over power Military junta wants return to civilian government once national security has been guaranteed

Tom Wilson

leading member of Sudan’s ruling military council has said the army is prepared to eventually hand over power to civilians but will continue to rule the country until elections are held. In the first interview by a council member to western media since Sudanese troops raided a prodemocracy sit-in last week, leaving more than 100 people dead, Lieutenant General Salah Abdel Khalig insisted the seven-man military junta wanted a return to civilian government once national security had been guaranteed. “We do not want to rule Sudan forever, a few months and we will go home,” Lt Gen Khalig, head of the air force, told the Financial Times from the presidential palace in the capital Khartoum. The military would even invite the UN to run the vote, he added, but for reasons of national security the army must remain in charge until then. The military seized power in April, ousting long-serving president Omar al-Bashir after four months of anti-government protests. Initially welcomed as liberators, talks between the transitional military council and protest movement leaders broke down over the structure of an interim government, before security forces turned their guns on the people last week. International mediators, including US diplomat Tibor Nagy, who arrived in Sudan on Wednesday,

and Ethiopian prime minister Abiy Ahmed, are seeking to rebuild trust between the two sides. To allow mediation efforts to progress, the civilian opposition ended a general strike on Wednesday and the transitional military council agreed to release political prisoners. But Lt Gen Khalig played down the chance of a breakthrough. “I feel these negotiations will not go well. They behave like kids — they are not behaving like adult politicians,” he said of the protest leaders who he believes are unwilling to compromise. Civilians can participate in interim institutions but executive authority must remain with the military as a protection against rebel activity and a revival of the Islamist groups that shared power with the army under Mr Bashir, Lt Gen Khalig said. “We are assuring that the Islamic system will not take power again because it brought us a lot of sanctions, a lot of the problems with the free world,” he said. Given the military’s close involvement in Sudan’s politics over 50 years, most activists are suspicious and believe the army has no interest in handing over control and wants continued access to power to protect its interests. In Sudan, army officer Gaafar Nimeiry took power in 1969 after seizing control in a military coup, only to be toppled by his own soldiers in 1985. Elections were held a year later but the military took control again in 1989 through Mr Bashir. www.businessday.ng

ECB frustrated as markets call bluff on stimulus signals Traders question European Central Bank’s ability to deliver promised support Claire Jones and Katie Martin

even years ago Mario Draghi could rely on words alone to convince markets that he would do “whatever it takes” to save the euro. Now, with his eightyear term drawing to a close, investors are willing to bet that the European Central Bank president is bluffing. Last week, Mr Draghi dropped a big hint that he was prepared to fire one final monetary bazooka if the climate of global economic and political uncertainty continues to drag on growth and inflation. The ECB president said the governing council had begun “more granular” discussions on how to react, should threats to the economy materialise. The options, he said, included cutting interest rates and launching another bondbuying spree through a third round of quantitative easing. While the extent of Mr Draghi’s dovishness was unexpected, the market reaction was muted. The euro, which would typically drop on signs of impending central bank

stimulus, edged up by around a cent, to over $1.13. It has held on to that strength since then. Government bonds are largely unruffled. “Markets have somehow convinced themselves that the ECB is a ‘paper tiger’ hemmed in by a lack of weapons, fear of politicians and a shortage of things to buy,” said Melvyn Krauss, senior fellow at Stanford University’s Hoover Institution. In 2012, when the eurozone debt crisis was raging, and concerns were building over whether Greece could drop out of the singlecurrency bloc, Mr Draghi’s ECB convinced markets and politicians that it could buy bonds in virtually unlimited amounts to keep the euro project in tact. That scheme was never used, but the credible threat of unleashing it was enough to contain the danger. This time around, with the eurozone facing dangers from global ructions on trade, the lack of a drop in the euro has frustrated senior officials in the ECB, who believe that investors should have reacted much more strongly to

what they believe was a clear statement of intent. The strength of the single currency is an acute concern to ECB officials operating in an export-dependent region, where manufacturers are under pressure from weaker global demand. In Germany, the region’s economic powerhouse driven by a €1.6n export machine, the Bundesbank on Friday cut its growth forecast for this year from 1.6 per cent to 0.6 per cent. The muted response of currency markets in part reflects the view the US Federal Reserve will soon begin cutting rates — an expectation that should hit the dollar and therefore buoy the euro. But it also underlines nagging concerns that the ECB lacks the firepower available to its counterpart across the Atlantic. The US federal funds rate is now between 2.25 and 2.5 per cent, giving it plenty of room to go lower, while the eurozone’s main refinancing rate is zero. The ECB also levies a controversial 0.4 per cent charge on a portion of banks’ reserve accounts, which lenders claim is eating into their profitability.

China linked to cyber attack on Telegram during Hong Kong protests Encrypted messaging app used by demonstrators to disseminate tactics Louise Lucas, Nicolle Liu and Sue-Lin Wong

he founder of Telegram has claimed that China was behind a massive hacking attack on the encrypted messaging app being used by Hong Kong demonstrators to organise protests against the territory’s planned extradition bill. The comments by Pavel Durov came as Hong Kong police arrested a man identified as the administrator of one of the Telegram groups being used by protesters. The demonstrations erupted into violence on Wednesday, leaving at least 72 people injured. The protesters have relied on apps such as Telegram to spread tactics and to ensure smooth delivery of supplies such as masks, head gear, cling film and water. Mr Durov said on Thursday that the IP addresses of those flooding the servers with traffic to disrupt service — a so-called distributed denial-ofservice attack — came mostly from China. Users reported difficulty using the service for several hours during

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the demonstration on Wednesday. “Historically, all state actor-sized DDoS (200-400 Gb/s of junk) we experienced coincided in time with protests in Hong Kong (co-ordinated on @telegram). This case was not an exception,” Mr Durov said in a tweet. On Tuesday, Hong Kong police arrested a 22-year-old man, who was subsequently released on bail, on suspicion of conspiracy to commit a “public nuisance crime”. The man was the administrator of a Telegram group with more than 20,000 users that discussed tactics and how to deal with the police’s use of tear gas and pepper spray. A police media officer confirmed that the man had been linked to a Telegram group that had been used to organise protests. Encrypted messaging apps such as Telegram have become the digital underground channels for protests around the world. It was banned in Iran last month, just a month after Russia blocked the service. China’s great firewall means many western apps, including Facebook, Google search and WhatsApp, do not work in the country but Hong Kong — under the “one country, two systems” ethos that underpins @Businessdayng

its constitution — does not ban any apps. Messaging apps Telegram, Signal and FireChat were all trending as the most popular downloads in the Hong Kong app store on Wednesday, in addition to two local Hong Kong internet forums, LIHKG and HKGolden. Lokman Tsui, a scholar and activist at the Chinese University of Hong Kong, said Telegram previously came to the government’s attention in 2012 when the University of Hong Kong’s public opinion programme ran a mock online referendum to see who would win a popular vote to become leader of the territory. Hong Kong’s chief executive is effectively selected by Beijing. The online referendum, he said, “was being DDoSed like hell”. Mr Tsui added: “It’s very suspicious that it is happening at this time too and you wonder who benefits from this right now. We’re all using these apps to keep in touch with each other and try to figure out what’s going on. Hong Kong people don’t really use Twitter for that, they use Telegram for that, they use the forums for that.”

Friday 14 June 2019

BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Ebola escalation keeps World Bank’s ‘pandemic bonds’ in spotlight Instruments have been criticised for strict criteria on when affected nations receive payouts Nikou Asgari

he World Bank’s “pandemic bonds” are under scrutiny again following an escalation in the Ebola outbreak in central Africa. First issued in 2017, such bonds use private investment to help developing nations tackle outbreaks of infectious diseases. The particular bond which covers Ebola, among other diseases, pays investors a coupon of 11.1 per cent over Libor, funded by donor nations Japan and Germany. But since their introduction, pandemic bonds have yet to pay out to affected nations and have faced criticisms over their structure: helping to handle outbreaks only when the virus crosses an international border. On Tuesday, Ebola moved from the Democratic Republic of Congo, where it re-emerged in August 2018, into neighbouring Uganda. The World Health Organization confirmed that a five-year old boy was the first fatality from the virus in Uganda. Reuters reported on Thursday that the boy’s grandmother had also died, citing a health ministry official, and fanning fears that the spread of the virus has begun. Despite this escalation, the World Bank’s pandemic bonds would not pay out until at least 20 people were confirmed to have died in Uganda and a positive rate of growth of the outbreak was confirmed, according to a person familiar with the bonds. Only then would the Washingtonheadquartered institution pay $90m

to help both governments and international aid responders tackle the crisis. The person said: “The criteria for the Pandemic Emergency Financing insurance window to activate is, among others, that the outbreak is affecting at least two countries, with each country having surpassed a specific threshold of severity.” Since the first case of Ebola in August last year, almost 1,400 people out of 2,000 infected have died in eastern Congo, a region with rich mineral deposits but one of the poorest countries in the world according to the UN. Efforts to contain the spread have been hampered by chronic violence and suspicion of outsiders. The World Bank said: “We are deeply concerned about the Ebola outbreak in DRC and the recent developments in Uganda. The situation is very complex and fluid, especially in a crisis of this magnitude and severity.” In February the development bank gave the DRC $80m in grants to help finance responses for the Ebola outbreak. But the bank’s readiness to allow the death toll to rise, before acting, is likely to fuel criticism over the pandemic bonds’ structure. If the bonds mature without paying out, investors get their money back, plus the chunky coupons. Bodo Ellmers, head of policy at the European Network on Debt and Development, told the Financial Times in February that “the financialisation of risks is a new avenue for the privatisation of profits and the socialisation of losses”.

Wall Street edges higher as oil price rally fuels energy stocks Mamta Badkar, Michael Hunter and Daniel Shane

lobal stocks edged higher on Thursday, led by gains in oil and gas companies, after an incident involving oil tankers in the Gulf of Oman sent oil prices climbing. In an otherwise quiet US trading session, the rally in oil took centre stage as both Brent crude, the global oil marker, and West Texas Intermediate, the US oil benchmark, jumped as much as 4.5 per cent. At pixel time however, both had trimmed their gains with Brent up 2 per cent at $61.17 a barrel and WTI 1.9 per cent higher at $52.13 a barrel. The leg up in oil came after two crude tankers were severely damaged by attacks in the Gulf of Oman and resulted in the evacuation of their crews and heightened fears over the risk of conflict erupting in the region. The rebound took Brent up from its lowest point since January as supply concerns had pressured oil prices in recent days.

Wall Street’s S&P 500 opened up 0.3 per cent, with energy stocks dominating the list of the index’s biggest gainers, notching a 1.1 per cent increase. Communication services and consumer discretionary stocks were close behind with gains of about 1 per cent. The rebound on Wall Street was a turnround from two consecutive days of losses, which tracked tame inflation data and its implications for a prospective rate cut by the Federal Reserve. The Europe Stoxx 600 oil and gas sector climbed 0.2 per cent, while the broader Stoxx 600 gauge was up by a similar margin. London’s FTSE 100 was flat, while Germany’s Dax 30 rose 0.4 per cent and France’s CAC 40 was also little changed. That followed declines for most Asian markets, with mainland China’s CSI 300 down 0.2 per cent. Hong Kong’s Hang Seng was down 0.1 per cent, the second consecutive session of losses coinciding with political protests in the territory. www.businessday.ng

Monzo takes a step into the US digital banking fray Challenger hopes to crack a tough market where customers favour traditional lenders Laura Noonan and Nicholas Megaw

K digital bank Monzo has fired the starting gun on its expansion in the US, joining a crowded digital banking market where customers have so far been largely unmoved by online-only banks’ attempts to woo them. One of the UK’s biggest digitalonly banks, Monzo said it would soon begin signing up customers for its US platform through in-person events in big cities. The bank will hire 80 people across Los Angeles, New York and Las Vegas, and is targeting “millions” of customers, chief executive Tom Blomfield told the Financial Times. The US push marks the first international foray for Monzo, which is known for its coral pink debit cards and has more than 2m users in the UK. The expansion comes as Europe’s fintechs are stepping up their efforts to break into overseas markets, including Revolut’s announcement on Thursday that it was pushing into Australia ahead of its planned move into the US. Monzo’s US venture will also

face competition from expanding European rivals. N26, the German online-only bank that has already launched in 21 other EU countries, is preparing for its US debut in the coming weeks, while Israel’s Pepper hopes to launch in the US in mid 2020. “The US to outsiders looks like this massive opportunity, a big market,” said Ronit Ghose, head of banks analysis for Citigroup. “Outsiders are super excited about getting into the US, but the challenges tend to be much harder than new entrants expect.” The US retail banking market remains steeped in old practices like cheques, and fees for money transfers remain in force, while new technologies like contactless cards have yet to take off. Traditional banks also pay a pittance for deposits. Despite the hype around the higher deposit rates and better service offered by online-only banks like Goldman Sachs’ Marcus, Ally and BBVA’s Simple, the top 10 US retail banks have grown their share of deposits from 39 per cent to 48 per cent over the past decade, the

latest JD Power Retail Banking Survey shows. Mr Blomfield said Monzo would win US customers by “building a brand that people love, that’s responsive to their needs, provides great customer service and works with them to build a bank they would be proud to call their own”. Monzo plans to focus on a handful of cities where it can build communities of users who will become champions for the brand. The approach helped to make Monzo the fastest growing among the clutch of British start-ups with full banking licences, though smaller rivals such as Starling and Tandem have stepped up growth efforts in recent months and are also planning their own international moves. Details like whether the bank will allow free cash withdrawals — an important factor in a market where customers are charged for cash withdrawals outside their own banks’ ATMs — have not yet been worked out. Mr Blomfield said Monzo would shape its bank based on feedback from users, as it has done in the UK.

PwC receives second fine in a year for audit work by same office Accounting firm given £4.6m penalty as watchdog criticises ‘serious lack of competence’ Naomi Rovnick

wC has been hit with the second multimillion pound fine in a year for audit work by its Leeds office, prompting the regulator to order a strengthening of special monitoring measures at the regional office. In a ruling on Thursday the accounting watchdog said PwC and two of its partners, Jaskamal Sarai and Arif Ahmad, had shown a “serious lack of competence” in their 2015 and 2016 audits of Redcentric, the Harrogatebased IT services group. In late 2016, Redcentric admitted to having overstated its assets by £13m and its profits by £9.5m. PwC has paid a £4.6m fine while the two partners, who could not be reached for comment, were fined £140,000 each. This comes after the Financial Reporting Council fined PwC £6.5m in June 2018 for its work on the ac-

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counts of collapsed British retailer BHS that was handled by its Leeds office. As part of that ruling, former Leeds audit partner Steve Denison was fined £325,000 and banned from audit work for 15 years, while the watchdog forced PwC to send it detailed annual reports about the inner workings of its Leeds office for three years. PwC apologised for its audits of Redcentric on Thursday, saying: “We are sorry that our work fell below the professional standards expected of us. Since the work in question was completed we have taken numerous steps to strengthen processes.” PwC is also spending £30m a year on overhauling its audit business following problems within its own practice and a string of scandals involving the Big Four that have prompted political concern over how auditors are regulated. The FRC said that in examining @Businessdayng

PwC’s audits of Redcentric it discovered breaches of accountants’ duties “evidencing a serious lack of competence in conducting the audit work”, although the watchdog added they “were neither intentional, dishonest, deliberate or reckless”. The FRC also ruled that PwC should step up its existing monitoring of audit work carried out in its Leeds office, to “address the relevant requirements breached in this case”. Mr Ahmad and Mr Sarai had already undertaken extra training in relation to the professional scepticism that is required of auditors under international accounting rules, the FRC said. Mr Sarai is PwC’s industry leader for technology, media and telecommunications, while Mr Ahmad was the senior partner of the Leeds office between 2013 and 2016, the FRC said. Mr Ahmad now describes himself on LinkedIn as the head of PwC’s London audit practice.

Friday 14 June 2019

BUSINESS DAY

ANALYSIS

UK home secretary signs Julian Assange extradition warrant WikiLeaks founder faces charges in US of violating espionage law Helen Warrell and Bethan Staton

he UK home secretary has signed an extradition warrant allowing WikiLeaks founder Julian Assange to be extradited to the US, where he faces charges of conspiring to hack government computers and violating espionage law. Sajid Javid announced on Thursday that he had formally agreed to the request, which was received from the US justice department this week. “He [Assange] is rightly behind bars,” Mr Javid told the BBC. “There is an extradition request from the US that is before the courts tomorrow but yesterday I signed the

2012. A Home Office spokesman said on Thursday that Assange had been arrested in relation to “a provisional extradition request from the United States of America” relating to “offences including computer misuse and the unauthorised disclosure of national defence information”. The spokesman added: “We have received the full extradition request, which has been certified by the home secretary. This case is now before the courts and it would be inappropriate to comment further.” The US alleges that in 2009 Assange and WikiLeaks solicited classified information from

extradition order and certified it and that will be going in front of the courts tomorrow.” Westminster magistrates’ court will hold an administrative hearing into Assange’s case on Friday but has not yet set a date for a full extradition hearing, which could take place later this year. Assange is fighting the extradition and is likely to argue that his removal to the US breaches his human rights. The court will decide whether the case meets the legal test for Assange to be extradited to the US; it will not decide whether he is guilty or innocent of the US allegations. The WikiLeaks founder can challenge any decision by the magistrates’ court via a lengthy appeals process, which could take many months and see the case go to the High Court. Assange was arrested at the Ecuadorean embassy in April, where he had spent seven years under diplomatic protection avoiding extradition. However, after a series of disagreements with his hosts, he was handed over to UK police with the cooperation of the Ecuadorean government. A London court in May sentenced him to 50 weeks in prison for jumping bail in

former US army analyst Chelsea Manning, who searched for classified documents and provided Assange with sensitive material relating to the Iraq war and details of Guantánamo Bay detainees, as well as state diplomatic cables. The UN warned last month that Assange would be “exposed to a real risk of serious violations of his human rights” if extradited to the US. Nils Melzer, the UN’s special rapporteur on torture, accused Washington and other democratic governments of “ganging up” on Assange and called for him to be given greater access to his legal team. Assange also faces rape charges in Sweden, but this month a Swedish court declined to arrest Assange in his absence, ruling that he should not be extradited to Sweden but instead be questioned in the UK over the rape allegations. Swedish prosecutors said they would issue a European investigation order to question Assange while continuing their preliminary rape investigation against him. The judge’s decision was at the time viewed as strengthening the case for extradition to the US. www.businessday.ng

Franco-German tension complicates race for EU’s top jobs Strained relations between Berlin and Paris make it hard to predict who will end up running the commission and ECB Alex Barker , Victor Mallet and Guy Chazan

urope is picking a new batch of EU presidents and there is nothing like the symbols of a coronation for France and Germany to show the world how close their relationship is — and who exactly is on top. When General Charles De Gaulle invited Konrad Adenauer for a “mass for peace” in 1962 it was held in Reims Cathedral, where French kings had been crowned since the sixth century. The event was a historic reconciliation after three catastrophic wars, but De Gaulle nevertheless chose a chair that was noticeably taller than the German chancellor’s. Six decades on, with Berlin’s economic power now in the ascendant, Angela Merkel and Emmanuel Macron renewed the vows of the Franco-German relationship in January, signing the Aachen treaty in a hall where Holy Roman Emperors once held coronation banquets. But instead of a backdrop of vaulted medieval ceilings, fit for the ambition of Mr Macron, the German hosts put the leaders in front of a white panel, smattered with functional black lettering. “It said it all,” says one senior official present at the ceremony. Ms Merkel, now on her fourth French president, is not one for such vaulting ambition. The episode is a window on an increasingly lopsided political double act that, along with the rest of the EU’s leadership, is seized by transition. Brussels is in the throes of a succession battle, and the FrancoGerman relationship, once the guiding force for the European project, is showing the strain. At a Brussels summit next week, the EU is supposed to start nominating new presidents for its main institutions — the European Commission, European Council, European Central Bank and European Parliament. It is a chance for the two senior partners to shape the outcome. Yet rather than rush to Berlin to seal a deal, Mr Macron is openly challenging the veteran chancellor and her centre-right allies in the European People’s party. Nominally in his sights is Manfred Weber, the lead candidate for the EPP and Ms Merkel’s official choice for the commission. But Mr Macron’s aim is broader: to “rebalance Europe” through alliances with progressives and liberals to end what senior French officials call the “hegemonic habits” of the Berlindominated EPP. France’s disrupterin-chief is turning his energy to the political networks that underpinned two decades of German dominance in Brussels. “Up until Aachen, [France and Germany] were partners,” says

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Claire Demesmay, of the German Council on Foreign Relations. “After that they became competitors, as campaigning for the European elections began.” With characteristic understatement, Ms Merkel admitted to the Süddeutsche Zeitung newspaper that the two leaders did have “differences of mentality” as well as “differences in how we understand our roles”. An ally of the chancellor put their views of Mr Macron more pointedly: “It’s all about him, him, him”. The tension has dented what is left of Franco-German Schicksalsgemeinschaft — the attachment to a common destiny. The alliance remains what academics call the world’s most institutionalised bilateral relationship. But in recent months, some unwritten rules — the avoidance of surprises, co-ordination of positions before big decisions, the need to keep disputes private — have been swept aside by a burst of Gallic vigour. “Under Macron, France is back. That has disturbed things somewhat in Germany,” says Pascale Joannin, who heads the Robert Schuman Foundation. “This happened at a moment when [Merkel] was cornered politically, and on the last straight of her career. She’s on the way out. Macron has just arrived.” The question now is whether the crackle of Franco-German friction is the prelude to a deal over the EU’s future leadership, or the sign of how protracted and bloody the selection process may become. “Macron wants to be the man who fixes it all in the end,” says one senior figure involved in the top jobs negotiation. “But does he do it with the Germans, or against them?” Franco-German problems are easy to overstate. Fundamental differences of interest — and the will to overcome them — are what gave the alliance its historic potency. Personal chemistry between leaders is not essential. And the notion that the pair dictate EU policy — or hand-pick its leadership — is also obsolete. Not since Jacques Delors was nominated as commission president in 1984 have Paris and Berlin agreed on a candidate at an early stage, and secured them the job. Since the end of the cold war, the Paris-Berlin axis has seen profound change. Within an expanded EU, the economic power of a reunited Germany eclipsed France’s political and military clout, an imbalance evident during the financial crisis. Yet, as the former British diplomat Stephen Wall wrote, “many Frenchmen still believe that on the Franco-German tandem, France continues to steer and Germany to pedal”. The Berlin side see their French counterparts as being “obsessed with being at the same level”. For former president Nicolas Sarkozy @Businessdayng

that often came through energetically branding Ms Merkel’s decisions as Franco-German; for his successor François Hollande, it came in usually futile attempts to build alternative EU alliances to outflank Berlin on austerity. After his election in 2017, Mr Macron’s gambit was to fix France — notably through some fiscal rectitude — and in turn win Ms Merkel’s trust to fix Europe. Like his predecessors, he knew agreement between Berlin and Paris was essential for the European project to advance. Unlike them, however, he was bubbling over with ambitious ideas. But the initiatives — notably in his Sorbonne speech that year and in a later column outlining a “European Renaissance” — seemed to fall on barren ground. Ms Merkel recently blamed France and Germany’s “out of sync” electoral cycles for the slow response: just as Mr Macron delivered his Sorbonne speech, Berlin was preoccupied with the fallout from a 2017 election where both main parties — the Christian Democratic Union and Social Democrats — had their worst results since the second world war. When Ms Merkel’s answer finally came it fell far short of Mr Macron’s ambitions. Worse still, the response to his call for a European renaissance — in a column by CDU leader Annegret Kramp-Karrenbauer in Die Welt — seemed calculated to put Mr Macron’s hackles up. She called on France to cede its UN Security Council seat to the EU, while warning of “European centralism”. Ms Demesmay says: “That [article] was seen as a real affront in Paris.” Faced with a looming election and criticism at home over his fruitless efforts to woo Berlin Mr Macron changed tack earlier this year. His priority became accentuating his differences from Ms Merkel, rather than playing them down. For the French president, Ms Merkel was above all a leader of the EPP, the conservative family that his La République en Marche was campaigning against in May’s elections. In April, Mr Macron raised eyebrows in Germany by saying the country “appears to be at the end of a growth model” that has “profited a lot from imbalances in the eurozone”. Franco-German disputes erupted in a way that would previously have been unusual if not unthinkable: whether to grant the UK an extension for Brexit; over launching EU trade talks with the US, which Mr Macron resisted because of President Donald Trump’s rejection of the Paris climate accord; over a French plan for a substantial eurozone joint budget; over German restrictions on exports of jointly produced weapons to the Middle East; and finally over Mr Weber’s candidacy for the commission.

Friday 14 June 2019

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Friday 14 June 2019

BUSINESS DAY

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Friday 14 June 2019

BUSINESS DAY

Sports Injuries, rape allegation pull Neymar’s market value down by €100m Stories by Anthony Nlebem

razilian and PSG playmaker Neymar has been in the news for weeks for on and off the pitch issues. Neymar has been accused by a Brazilian model of raping her in a Paris hotel in May this year, has had arguments with teammates, continuous fitness problems. His latest injury has ruled him out for this summer’s Copa America and some of his sponsors are considering their position. Mastercard have already dropped Neymar from their advertising campaign while the likes of Nike and Red

Bull are also expected to make statements. In a footballing sense, Paris Saint-Germain are worried that the value of Neymar as a player is falling from the €222 million they paid Barcelona

for him in 2017. According to L’Equipe, Neymar has played just 51.8 percent of matches since joining PSG, which is extremely low when you compare it to the involvement of Lionel Messi (87 percent)

and Cristiano Ronaldo (77 percent) in that time. According to the CIES Football Observatory, the Brazilian player’s value has collapsed from €222 million at the start of the 2019 to €120 million. The CIES Football Observatory at the University of Neuchatel has published a new report into the value of the most highly-rated current footballers. The study reveals that Neymar’s market value has fallen significantly since being top of the list back in January 2018. His value is now around the same level as players like Firmino, Sané or Coutinho, at just €120-€150 million. Neymar’s ongoing injuries and off the field problems have knocked a significant

chunk of value off the Brazilian star for who Paris Saint Germain paid Barcelona €222M, making him the most expensive signing in the history of football. Since then, doubts over the Brazilian footballer have only grown, as reflected by CIES in their reports. In 2018, Neymar was worth €213 million, ranked ahead of Messi, Kane or Mbappé. However, six months later, the PSG star’s worth fell to €195.7 million, surpassed by Harry Kane. In January 2019, the Football Observatory confirmed that Mbappé had now overtaken his teammate at PSG, with the young French star now in first position on the list, valued at €218 million. Neymar is also currently injured, having torn his ankle

ligaments in Brazil’s friendly against Qatar ahead of the Copa Ámerica, meaning he will miss the high-profile tournament. All this has led to Neymar’s value slumping to between 120 and 150 million euros, alongside supposedly lower-level players such as Rashford, Alexander Arnold, Dybala and Gabriel Jesus. Since leaving Barcelona for PSG, Neymar’s injuries have seen him miss the biggest moments of each season at his club. He wasn’t there for the defeat to Real Madrid, nor the elimination at the hands of Manchester United. In total the Brazilian striker has only played 78 games across the two seasons. That’s 12 less than Real Madrid’s supposedly always-injured Gareth Bale.

Access Bank/UNICEF Charity Polo: Fifth Chukker wins Usman Dantata cup

he first stage of the ongoing Access Bank/ UNICEF Charity Shield international polo tournament came to a flourishing climax Sunday with outsiders, Fifth Chukker upstaging favourites and former winners, Tila Farms to win the prestigious Usman Dantata Cup. The Adamu Atta powered Chukkers who were over looked by bookmakers before the race galloped off, jumped into the lead from the starting bell, winning their two steam games in a round robin format that pitch four ambitious teams.. Watched by a capacity crowd that included the Lamido Adamawa who was represented, UNICEF officials, members of the National Assembly members, business tycoons and thousands of polo enthusiasts, Fifth Chukker team open with a spark scoring two quick goals through Andrea Crespo who pivoted them to a 8-41/2 victory.

Tila responded strongly in the second chukkas through Tijani Ahmed Altaf Suleiman and Rabiu Mohammed, but their efforts came too late as the quartet of Bashir Aliyu, Murtala Aliyu, Crespo and team skipper Farouk Dangiwa held tied to run out first ever champions o the debuting Usman Dantata Cup. “This is unbelievable. As late comers nobody gave us a chance, but by cheer determination and the overwhelming support of our fans, we make it to the final and produced a stunning performance that over haul favourties and secured us the glittering cup,” declared Fifth Chukker Captain, Farouk Dangiwa. Dangiwa who was voted the Most Valuable Player (MVP) of the first stage of the charity event, thank Access Bank Plc for sponsoring UNICEF Charity Shield and dedicated their first Usman Dantata Cup title to the orphans and less privilege children across the country.

Players of Fifth Chukker team show off their Usman Dantata Cup with Sayyu Dantata, sponsor of the cup which was decided Sunday at the ongoing 2019 Access Bank UNICEF Charity Shield polo tournament in Kaduna www.businessday.ng

The second stage of the international polo fiesta continue throughout the week with Lagos based STL team leading the pack for the race for the glittering Access Bank Cup. STL parading team patron, Seyi Tinubu, Abdulrahman Mohammed, Tom Lebrum and Leurue Hendriks lost marginally 6-61/2 to homers, team Kangimi in their second game, but still managed to stay top of the race, thanks to their thumping 10-61/2 defeat of Jos Malcomines in the opening game. Campaigns for the UNICEF Cup and the event’s biggest prize Charity Shield will pick up steam Wednesday with three championship matches billed to thrill the polo buffs and supporters of the UNICEF charity events that has set aside June12, to raise more awareness to the plight of venerable children across the country. For over a decade this partnership has gone from strength to strength and many projects have benefited from the collaboration. A remodeled primary school and rural water projects funded by the Access Bank UNICEF Charity Shield tournament were commissioned recently. The Charity Shield began in 2003 as platform to support local charity organizations in Kaduna. Since 2006 this humanitarian effort has been geared exclusively towards UNICEF intervention projects for orphans and vulnerable children in Kaduna State. In 2008, the Charity Shield received a major boost when Access Bank agreed to a multiyear sponsorship deal, making the tournament one of the best-supported charity events in the history of Nigerian sport.

L-R: Chidozie Bede-Nwokoye, senior marketing manager GOtv; Jennifer Ukoh, public relations manager, GOtv; Jenkins Alumona, CEO Flykite Production; Rafiu Ladipo, President NBBofC and Remi Aboderin, secretary general of NBBofC during the GOtv Boxing Night 19 Press Conference held at The Regency Hotel, Ikeja GRA.

GOtv Boxing Night 19 holds in Lagos … As Real One, Joe Boy Clash in Public … N1m cash prize money for best boxer

he 19th edition of GOtv Boxing Night (GOtv Boxing Night 19) will hold at the Indoor Sports Hall of the National Stadium, Lagos, on Sunday, 14 July. This was announced by FlyKite Promotions, organisers of the event, at a press conference in Lagos on Tuesday. GOtv Boxing Night 19 will be headlined by the international welterweight challenge duel between Rilwan “Babyface” Babatunde of Nigeria and Daniel Lartey of Ghana. The event will also feature six domestic bouts potentially explosive bouts, one of which will see Tope “Berinja” Agboola face reigning African Boxing Union (ABU) lightweight champion, Oto “Joe Boy” Joseph in a national challenge duel. Also in action will be current West African Boxing Union (WABU) lightweight champion, Rilwan “Real One” Oladosu, who takes on Hammed “Ese Hammed” Ganiyu.

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West African Boxing Union (WABU) lightweight champion, Rilwan “Real One” Oladosu, and his African Boxing Union (ABU) counterpart, Oto “Joe Boy” Joseph, almost came to blows in Lagos on Tuesday in continuation of their longrunning boxing feud. Both boxers were present at the press conference to announce GOtv Boxing Night 19, at which they are both billed to feature against different opponents on 14 July at the Indoor Sports Hall of Lagos’ National Stadium. Real One yelled that he wants to dethrone Joe Boy, a wish he had twice previously expressed at the press conference to announce GOtv Boxing Night 18 and during the event in Ibadan, when he jumped on the ring to taunt Joe Boy as an expired boxer. Both boxers are rated as the best in the Nigeria’s lightweight division, a situation that has bred the wish among fans to see them take on each other. Sources close to the organisers of the event, Flykite @Businessdayng

Productions, disclosed that the much anticipated fight will hold in September at the 20th edition of the event, where Joe Boy may defend his ABU title against his bitter challenger. The event will equally see former ABU featherweight title champion, Waidi “Skoro” Usman, return to action when he faces Taiwo “Esepo” Agbaje in a national challenge contest. Another featherweight challenge clash will see Kazeem “The Light” Oliwo square up to Tope “TP Rock” Musa. In the light welterweight division, Akeem “Sugar Boy” Olaiwola will face Waheed “Showmax” Shogbamu, while Adeyemi “Spirit” Adekanla will take on Isaac “I Star” Chukwudi. The best boxer at the event will go home with a cash prize of N1million alongside the Mojisola Ogunsanya Memorial Trophy. GOtv Boxing Night 19 will be beamed live on Africa’s biggest sport channel, SuperSport, in 47 African countries.

Women in Business

Ommo Clark Founder, iBez Nigeria

mmo is a qualified Software Development Practitioner and Technology Entrepreneur with experience that covers Program Management, Business Analysis, System Design, Application Testing, Application Support, Change Management, Release Management and Vendor Management. Prior to iBez, she worked with an International Trade firm in Lagos as Chief Operating Officer, Soft Solutions Ltd (Enterpriseware), Lagos as Head of Projects Delivery & Support, Icelandic Investment Bank, Kaupthing, Singer & Friedlander, London, UK as Project Manager leading the software development team in developing banking applications, the Investment Bank Lehman Brothers UK as a Team Leader in the Mortgage Capital Division tasked with leading the web and support teams responsible for online mortgage origination, products development and application support services and Real Asset Management UK (a software house) as Application Support Consultant. She is an Alumnae of Brunel University UK with MSc Information Systems and London Guildhall University UK with BA (Hons) Business Admin. She is a Global Women Entrepreneurs Initiative - GWEI2015 Fellow of The Ivan Allen College, Georgia Institute of Technology, Atlanta, USA; a member of the Institute of Software Practitioners of Nigeria (ISPON), a member of the Nigeria Internet Registration Association (NiRA), a Mara Mentor and is ISO9001 qualified. iBez is a team of software developers, techpreneurs, software enthusiasts, geeks and strategists passionate about closing the skills and software development gaps in the Nigerian software development industry by training Software Developers that are well rounded and have the requisite skills to build robust and usable international standard software products. Clark moved back to Nigeria after living in the UK for many years. According to her, “One of the first things that struck me in my

BUSINESS DAY Friday 14 June 2019 By Kemi Ajumobi

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Nkem Okocha first few months back was that there were many every day challenges Nigerians were facing that could be easily solved using technology solutions. Life didn’t have to be so difficult. After doing some research, I came up with internet based solutions to address some of these issues.” Ommo is driven by the belief that she has a duty to make a positive contribution to society and help people. In her words, “A lot of people are born into circumstances and situations which they did not choose by themselves and they have no means to get themselves out of these situations. My mission is to use technology as a tool to help people and businesses get from where they are now to where they want to be.” She revealed. She will readily tell you she had no entrepreneurial background and never saw herself as an entrepreneur. “In fact I didn’t think of myself as an entrepreneur until friends started calling me a serial entrepreneur. I used to think entrepreneurs were a special breed of people with a zillion brains that always came up with amazing ideas, so I never thought I was in that category.” Ommo had to learn how to plan and structure a business for growth because even though she ran a technology business and can theoretically work out of her laptop from anywhere, for her, the ethics of running a good business cannot be overlooked. Little wonder she says “A business is still a business and needs to be structured properly. I had to put the right processes in place, understand the financials and really put myself out there as an entrepreneur.” Like they say, today, the story is different as she has become that serial entrepreneur she never thought she could be and has become an inspiration to other women desiring to follow her career path. She however doesn’t buy the idea of being boxed to a corner based on stereotypes “women entrepreneurs should never conform to gender stereotypes. They should get rid of any self-limiting beliefs they hold and do what they are passionate about.” Clark said.

Founder, Mamamoni

kocha Nkem is the founder of Mamamoni. She has a lot of experience working with lowincome women. She has over 8 years’ experience working in the Nigerian Banking Sector. She is a Tony Elumelu Entrepreneurship Programme (TEEP) Alumna, a Pioneer Cohort Member of the President Obama’s Young African Leadership Initiative Ghana RLC, a LEAP Africa Social Innovator Fellow. She is very passionate about lifting women out of poverty and her company aims to break the cycle of poverty in Nigeria. Since 2013, she has impacted and empowered over 4000 women in several rural/urban slum communities and given out over 100 micro-loans. Nkem started Mamamoni due to the experience she had as a child. She lost her father, and her mother was a full-time housewife, with no livelihood, skill and no finance to start a business. Feeding and education was a big challenge, and Nkem had to hawk shampoo in major markets in Lagos Nigeria and later became a house help. “No girl child deserves what I went through because at some point in my life I had very low self-esteem,” Said Nkem. Okocha schooled at Auchi Polytechnic and went on to earn a Bachelor’s Degree in Banking and Finance from Lagos State University. She worked in the banking industry for 14 years and along the line started a side hustle called Novine Koncept Ventures, selling motivational books and providing web development services, Social Media marketing, and mobile messaging for small local businesses. Resigning from her banking job, she started running a small business and it was then she discovered there were a lot of idle women in her community and other communities she visited with no livelihood skills. They also didn’t have money to start businesses, which made them poor and unable to feed and educate their children. “After resigning from my job, I knew I wanted to positively impact the lives of other women, due to my own personal

experience and the level of poverty in my community. These factors led to the founding of Mamamoni.” She said. Mamamoni is a Fintech Social Enterprise that is closing the credit gap for low-income female entrepreneurs in rural and urban slum communities in Nigeria through instant Mobile Loans. It empowers poor rural and urban slum women with free vocational skills and Mobile Loans, helping them to become financially included in society, to increase their household incomes, to up-skill them in their micro-businesses, and to educate their children. They provide mobile microcredit to low income rural and urban slum women. They make them banked using mobile technology, train them on different vocational skills and empower them with their innovative Business Toolkit for low-income women. Mamamoni has impacted and empowered women in different communities with skills and tools to help them to succeed in their businesses. For Nkem, her organisation’s main objective is to empower and provide access to finance for women who are not in an economic position to secure funding from traditional financial institutions because of certain barriers like collateral, transaction history, and also to drive innovation through leveraging mobile and web technology. She hopes to reach more women in all the states in Nigeria. Mamamoni services also trains women on different vocational skills and are taught how to manage their small businesses using their Business Toolkit for low-income women and easy access to securing a Mobile Loan. Having gone through various life challenges, Nkem is always pleased to help the needy and very committed to seeing the poor get out of poverty. She describes this as fulfilling. “I get satisfaction when I see the transformation in the lives of the women we have empowered. Due to our interventions, they now have skills to help them generate income to feed their family, educate their children and so much more. Also, they now have easy access to capital to start a business.”

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