BusinessDay 16 Oct 2020

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news you can trust ** friday 16 october 2020 I vol. 19, no 673

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Nigerian government’s playbook against dissent fails with #EndSARS protest ISAAC ANYAOGU

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movement that has no leader.

A protest against police brutality where the police ended up shooting protesters yet they do not retaliate, even against hired thugs. A protest funded by donations, where even the protesters

clean up after themselves.

This is nothing like Nigeria has ever seen before and the government, without a plan, is reeling.

The Nigerian government does not have an official playbook to address protests. Citizens are usually demure as even the most ruinous government policy ends with criticism on the pages of

the newspaper, at drinking houses, and in front of newsstands. If it looks like it could get out of hand, the government clamps down on media houses, the police shoot in the air, or the army roll in tanks, and the rancorous din is silenced.

In the early 1990s, Nigerian students began to push the envelope when it comes to agitation fol-

lowing years of misrule by successive military juntas. In the book, “Identity Transformation and Identity Politics Under Structural Adjustment in Nigeria” edited by Attahiru Jega, former INEC boss, revealed how struggles began to evolve over two decades ago.

“In May 1992, another Continues on page 30

Apapa gridlock: How corruption, vested interest ambush solution, hurt businesses (2) Chuka Uroko, Odinaka Anudu, Isaac Anyaogu, Amaka Anagor-Ewuzie & Temitayo Ayetoto

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he business community using Apapa and Tin Can in Lagos ports says corruption by security and government agencies has assumed a new proportion and is already sending wrong signals to investors.

BusinessDay, on Monday and Thursday, detailed a well-organised racket going on at Apapa

and Tin Can ports called ‘Fastrack,’ where truck drivers pay N250,000 to N350,000 to get speedy call-up, entering the ports before others on queue.

Apart from this open sleaze going on between truck drivers and security agents, importers and their agents are also encountering serious delays during cargo clearing, which compels them to pay demurrage to shipping companies for no fault of theirs. The simple Continues on page 31

Inside

NES#26: Summit will assist government develop 2021-2025 Medium Term Plan – FG P. 2 L-R: ‘Laoye Jaiyeola, CEO, Nigerian Economic Summit Group (NESG); Clem Agba, minister of state, budget and national planning; Zainab Ahmed, minister of finance, budget and national planning; Asue Ighodalo, chairman, NESG, and Shehu Shinkafi, permanent secretary, special duties, Ministry of Finance, at the world press conference for the 26th Nigerian Economic Summit holding October 26 – 27, 2020, in Abuja.

First Bank CEO becomes member of Bretton Woods Committee

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news NES#26: Summit will assist government develop 2021-2025 Medium Term Plan - FG Dozie Emmanuel

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ederal Government yesterday said the 26th Nigerian Economic Summit (NES#26) was timely as the outcome of the summit would enable government develop a Medium Term National Development Plan (MTNDP) for 2021-2025.

Zainab Ahmed, minister of finance, budget and national planning, disclosed this yesterday at the NES#26 held at the main auditorium of the Ministry in Abuja.

Ahmed also noted that the summit would assist government develop its longer term plan, known as the Nigerian Agenda 2050, explaining that the plans were to address developmental challenges in all aspects of the country, and would be driven by both private sector and government The minister said the MTNDP 2021-2025 was expected to be formally launched in December 2020, while the Nigerian Agenda 2050 would be finalised in July 2021.

According to Ahmed, “This is timely as the government is currently developing a Medium-Term National Development Plan (MTNDP) 2021-2025 and the Nigeria Agenda 2050. There are 26 Technical Working Groups, Central Working Group and the Steering Committee committed to the process.

“The process is consultative, participatory and inclusive involving all the segments of the society and covering all the sectors of the economy.

The plans are to address developmental challenges in all aspects of the country’s national life and will be driven by the Organised Private Sector while the government creates the enabling environment to facilitate growth and development and aligned to

the continental Agenda (AU Agenda 2063) and Global Agenda (Sustainable Development Goals - SDGs), 2030.

“The MTNDP 2021-2025 is expected to be formally launched in December 2020, while the Nigerian Agenda 2050 would be finalised in July 2021.

“The Summit will be an opportunity to mobilise all Nigerians to take responsibility and catalyse a future in which sub-national economies will drive Nigeria’s sustainable economic growth, development, and competitiveness in partnership with the private sector.

“It is expected that the outcome of the Summit will articulate clear and decisive actions aimed at building partnerships for resilience that will put Nigeria in a strong and competitive position among comity of nations.”

She pointed out that this year’s summit was particularly unique for the country as all stakeholders would be required to take ownership of the social and economic future of Nigeria at a time of crisis, and create a more prosperous nation for all citizens.

Earlier in his opening remarks, Asue Ighodalo, chairman, NESG, said the summit presented an opportunity for the country to continue to collaborate and build partnerships that would provide the platform for candid discussions and engagements essential for the advancement of Nigeria’s economy.

Ighodalo stressed that the summit would also usher the country into the decade of action towards meeting the SDGs by 2030, pointing out that part of NES#26 focus would be to position subnationals, states and local governments as frontiers of national economic development and growth.

First Bank CEO becomes member of Bretton Woods Committee

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irst Bank of Nigeria Limited has announced that its CEO, Adesola Adeduntan, has been honoured with membership of Bretton Woods Committee (BWC).

FirstBank has also joined Bretton Woods Committee as an Organisational Supporter in line with the commitment to demonstrate cooperation and foster global well-being.

The membership, which is by invitation only, is in recognition of Adeduntan’s leadership qualities including efforts in ensuring that FirstBank remains at the forefront in promoting financial inclusion in Africa.

According Bretton Woods, ‘’Committee members are leaders at the top of business, academic, and non-profit sectors. Influencers from every region of the world – including

industry CEOs, international policymakers, and former US officials – we champion efforts to spur economic growth, alleviate poverty, and advance global financial stability. Given your leadership and background, we believe you would be a valuable addition to the Bretton Woods Committee.”

Since its founding in 1983, members of BWC include leaders at the top of the business, finance, academic, and non-profit sectors, including many industry CEOs, as well as former presidents, cabinetlevel officials, and lawmakers who share the belief that international economic cooperation is essential and best served through strong and effective International Finance Institutions (IFIs). Members

Continues on page 30 www.businessday.ng

Nigeria’s rig count surges 25%, highest among OPEC members DIPO OLADEHINDE

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espitethescourge of coronavirus raving activities in offshore oil fields, Nigeria has the most impressive rig count among some of the biggest oil-producing countries in the world with a 25-percent increase, a development indicating an increase in the level of oil production activities.

Active oil exploration brings about a billion investments in the country’s economy as well as the development of related sectors, and infrastructure. It also supplies new jobs for Nigerian citizens and improvement of social and living standards in general, while absent of oil exploration implies the reverse of increased economic growth.

Data obtained from Baker Hughes Incorporated and

Organisation of Petroleum Exporting Countries (OPEC) show Africa biggest oil-producing country recorded 10 oil rigs in September, which was a 25-percent increase compared to the month of August, an indication of increasing exploration activities.

Rig count is largely a reflection of the level of exploration, development and production activities occurring in the oil and gas sector.

“Most of the oil rigs affected by coronavirus pandemic are beginning to come back to operations, which will translate to higher production,” Niyi Awodeyi, CEO at Subterra Energy Resources Limited, said.

Offshore production accounts for more than 60 percent of Nigeria’s 2.10 million to 2.20 million bpd crude and condensate output.

“The logic is straightforward.

When the number of oil rigs

rises, it means more people can be employed, when it drops, it means loss of employment opportunities,” Awodeyi said.

Nigeria’s increase in rig count came at a time the OPEC recorded a 14 -percent decline in rig count to 363 in September compared to 377 recorded the previous months, according to the latest OPEC monthly oil market report.

AmongtheOPECmembers, Nigeria had the most inspiring rig count of plus 2, followed by SaudiArabia,whichalsorecorded two addition rig count. Angola added just one additional rig counts while other members suffered either reductions in rig counts or zero rig counts.

ForNigeria,anincreaseinrig count comes at a time when Nigeria is toiling hard to ensure full compliance to the OPEC+ deal, which hangs on a key oil grade being treated as a condensate, a development needed to save

battered oil price.

Ever since OPEC+ allowed ultra-light oil to be exempt from its production cut deal, the West African nation’s Agbami has been a bone of contention.

Nigeria’s oil ministry officials are asking international oil companies like Chevron and Equinor to reclassify Agbami as a condensate rather than a crude, but the field’s partners are not on the same page.

Chevron, which operates the Agbami field and FPSO, has always listed the grade as a crude on their website, and markets it as light, sweet crude oil to its customers.

Similarly, equity partner Equinor also classifies the grade as a light, sweet crude, according to its website.

Trading sources have told S&P Global Platts that the grade is marketed as a light, sweet crude, as it is not derived from a gas condensate field.

#EndSARS protest group blocked all sides of Okota Roundabout in Lagos, yesterday, causing serious gridlock in the area.

Pic by Pius Okeosisi #EndSARS protest continues in Ibadan, Oyo State.

T-bills yields shrink to 2% as investors post record N493bn unsuccessful bids … real return dips further to -12.71 in September Endurance Okafor

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ore than N493 billion worth of unsuccessful transactions were recorded at the Nigerian Treasury Bills (T-Bills) auction conducted Wednesday by the Central Bank of Nigeria (CBN) on behalf of the Federal Government of Nigeria (FGN), as excess liquidity drags for limited investments instruments.

With the shortage in attractive investment opportunities in Nigeria amid the low yield environment, fixed-income investors who participated in T-bills auction were more concerned about their exposure to risk than the return on their investment, as they offer rates lower than the doubledigit inflation rate.

“There is strong liquidity in the market but not enough investment vehicles,” Ayorinde

Akinloye, a research analyst at CSL Stockbrokers, said.

Investors bid at rates as low as 0.79 percent, 1 percent and 1.6 percent on the 91-day, 182-day and 364-day bills, respectively.

Subsequently, the apex bank settled it stop rates at 1 percent for both the 91-day, and 182-day maturities, and 2 percent for the longer 364day instrument, a further drop from the previous stop rates of 1.08 percent, 1.49 percent and 2.8 percent recorded in the previous auction.

With a 30-month-high inflation rate at 13.71 percent in September, return on investment for T-bills plunged to -11.71 percent for the 364-day instrument and -12.71 percent for both the 91-day and 182-day maturities.

The stop rates reported in the auction results from the Nigerian treasury bills

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primary market for the week, 14, October 2020 is the least BusinessDay has reported since it started tracking the data in August 2016.

“Stop rates dipped significantly across all tenors on high system liquidity,” Ayodeji Ebo, senior economist/head, Research & Strategy, Greenwich Merchant Bank, said.

Analysis of the market result seen by BusinessDay shows that investors jostled for the N124.89 billion the CBN sought to raise at the auction with N618.09 billion, meaning investors oversubscribed by a whopping N493.21 billion, the highest BusinessDay has tracked so far.

“Opportunities to put money into right now are limited,” Obinna Uzoma, chief economist at EUA Intelligence, said, adding that more money was therefore parked into T-bills.

While investors were @Businessdayng

willing to subscribe to the 91-day instrument with N33.04 billion, the CBN only allotted N12.76 billion, meaning N21.04 billion was recorded as unsuccessful bids.

Further analysis of the auction result reveals that the 182-day medium-term paper was oversubscribed by almost 10 times as N40.23 billion bids were reported to be unsuccessful. While the central bank raised N4.50 billion in the 182-day instrument investors were ready to subscribe with N44.73 billion.

Also, the apex bank sold N107.62 billion worth of bills for the 364-day paper, five times less the amount investors were willing to invest for the instrument.

Investors jostled with a subscription worth N540.32 billion and thus, N432.7 bounced back as unsuccessful bids.

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Chinese debt on airport terminals grown to $1bn - unions IFEOMA OKEKE

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n i o n s i n Ni g e ria’s aviation sector have declared that the planned concession which will see the concessionaire take 60 percent of the revenue sharing formula while FAAN gets 40 percent and still has to service the Chinese debt of over US1 billion is dead on arrival.

The Fe d e ra l A i r p o r t s Authority of Nigeria (FAAN) unions represented by Air Transport Senior Staff Association of Nigeria(ATSSSAN), National Union of Air Transport Employees ( NUATE), Association of Nigerian Aviation Professionals ( ANAP) and the Nigerian Union of Pensioners( NUP) on Thursday refused the minister of aviation, Hadi Sirika access to the Freedom Square at the Lagos airport, to speak to FAAN staff.

The unions alleged that the minister has continued to pitch his concession stand and get photo ops so as to

tell the President that all was well, but all, according to the unions, is far from being well.

Ocheme Aba, general secretary of NUATE, who was one of the spokespersons of the unions said the planned concession was done in a way to cripple and finally destroy FAAN, saying that apart from the debt incurred from the Chinese terminal which has grown to $1billion, monies accruable to FAAN would be used for debt servicing, maintenance of other 18 airports and other expenses leaving nothing for FAAN to survive with.

“The new Chinese terminals are going to be concessioned where the concessionaire will receive 60 percent of the sharing formula while FAAN will retain 40 percent and what will happen to the 40 percent that FAAN will retain? From that 40 percent, FAAN will pay the Chinese loan, return 25 percent to the Federal Government according to the Fiscal Responsibility Act and maintain the other 18

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airports, including workers of FAAN. “So the point is this terminal is already on concession and what is happening is that the Federal Government is seeking to concession a concession. Now this concessionaire will take 60 percent. What is the consionaire’s contribution and what is the concessionaire going to do? According to the traffic flow, there will be no need for any expansion in this terminal until the year 2045.

“There is no need for expansion, in other words these terminals are meant to maintain and sustain the traffic flow in all the projections till 2045. The concession period is for 20 years that means the concession will end in 2040; what that means is throughout the concession period, there will be no expansion for the airport.

Aba said the unions were not fighting for personal interest, but to end the pillage of a few privileged people taking the nation’s common patrimony and sharing it.

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The SARS virus FRANCIS IYOHA

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sk any youth in Nigeria if he knows the unit of the Nigeria Police Force (NPF) that had been most notorious and, as likely as not, the reply will be, SARS (Special Anti-Robbery Squad). The SARS was a public virus in our midst and struck the country with fear, pain, death, hardship, and despair.

The “Nigerian SARS” was not the first of its kind in history. The Roman Emperor, Diocletian (245-313 AD), had special police set up during his reign, which could be rushed to any danger point, and it was quite successful. Macbeth, king of England (1040-1057), dealt with highway robbery by organising a special police force to seek out and arrest the terrorists, and it was also successful.

Across the globe, there are special police units and are doing creditably well in the interest of all and sundry.

In those sane environments, police personnel are trained vigorously. In Nigeria, our SARS became a veritable monster of crime and thereby assumed

the title and status of ‘Special Anti-Rescue Squad.’ The squad was famous for its ability to brutalise and extort youths in Nigerians. One would have expected the SARS personnel and other similar NPF units to be formidable and cover themselves in glory on the battlefield, hard-hitting bandits and other armed gangs. Instead, they chose to be covered with notoriety- shifty, untrustworthy, and greedy where money was concerned. They minded not whom they attacked because they were violently in love with extortion and other vices of the kind found in the woods.

Today, everyone except the police is appalled at the corruption, brutality, and loose living of many police personnel. The waywardness is spreading out through all levels of the PF. It is not that the situation is new, but it is the scale that is frightening. It is heartening that the youths got angry and took to the streets to protest over the SARS unlawful acts and other ills. The protests had been with a significant presence of mind and attracted many followers and sympathisers.

To heal the breach, the Inspector General of Police (IGP) had to prescribe the ill-fated police unit in his wisdom or lack of it. The action of the IGP has stirred up some level of resentment, not least by those who have not tasted

the bitter pills of SARS’s brutality and extortion. Everyone in Nigeria is vulnerable to the ills of the NPF. In both rural and urban areas, the activities of some demented elements in the NPF add to the already heaven burden we bear as citizens. I will persuade whoever is resentful of the proscription of SARS to rethink and consider justice as a practice that ought to be cultivated. After all, everyone in Nigeria perceives a great deal and a long history of the betrayer of trust by the hierarchy of the NPF in terms of capacity and integrity.

Thus, the NPF is seen as having all the bad qualities that have led to an unenviable country with little or no national pride. Therefore, the time to deal with the ulcerated mind and psychology of the NPF is now. It is not sufficient to proscribe SARS and organise a “naming ceremony” for a new outfit. Efforts must be made to ascertain and understand the multifaceted factors driving the SARS virus’s spread to reposition the NPF. The task does not require any appeal to the head and heart of the IGP and his lieutenants. It needs the IGP to painstakingly ask how the NPF has come to devote its prodigious talent to one end- acquiring enormous strength of illwill and ruthless corruption ambition.

I believe the IGP recognises that the factors driving the SARS and other

‘

Thus, the NPF is seen as having all the bad qualities that have led to an unenviable country with little or no national pride.

Therefore, the time to deal with the ulcerated mind and psychology of the NPF is now

Subjunctives in English

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ome forms of verbs in English are used to express wishes, uncertainty, imagination, possibilities or conditions. They are otherwise used to portray hypothetical situations, and they are often erroneously deployed by users of English. This is against the backdrop of the reality that, by and large, the subjunctive mood defies the conventional rules that concord (subject-verb agreement) encapsulates. With attention to detail, this treatise will demystify the predominant English subjunctives by outlining their usages, as well as the attendant exception to their rules of engagement.

For starters, outstanding examples of verbs that are used to introduce the present subjunctive mood are: ensure, demand, request, pray, insist, propose, recommend, suggest and advocate. Besides, it behoves you to note that the present subjunctive mood always collocates with the bare infinitive or the plural present tense.

In consequence, these sentence structures are obtainable: 1. I pray that God blesses you abundantly (incorrect).

I pray that God bless you abundantly (correct).

2. We are demanding that the government invests aggressively in human capital development (incorrect).

We are demanding that the government invest aggressively in human capital development (correct).

3. The teacher recommended that Tina buys Dr. Bamgbose’s book, Grammar in Discourse Form (incorrect).

The teacher recommended that Tina buy Dr. Bamgbose’s book, Grammar in Discourse Form (correct).

4. You must ensure that she folds up the laundry tonight (incorrect).

You must ensure that she fold up the laundry tonight (correct).

5. The boss insists that Mr. Collins apologises to his subordinates tomorrow (incorrect).

The boss insists that Mr. Collins apologise to his subordinates tomorrow (correct).

6. We request that Ms. Bassey leaves these

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of the Organisation premises in four hours’ time (incorrect).

We request that Ms. Bassey leave these premises in four hours’ time (correct).

The foregoing should not be mistaken for the indicative mood that unswervingly conforms to the precepts of concord.

7. Stella folds up the laundry every evening (correct).

8. God blesses His children exceedingly (correct).

As a corollary to the aforementioned moods, another subjunctive expression that enjoys pervasive usage is, ‘it’s high time’, alongside other variants like ‘it’s time’ and ‘it’s about time’. Characteristically, these hypothetical expressions attract verbs in the past tense. This grammatical norm is exemplified in the sentences below: 7. It’s time we leave (incorrect).

It’s time we left (correct).

8. It’s high time we stop this nonsense (incorrect)!

It’s high time we stopped this nonsense (correct)!

9. It’s about time we introduce the guest lecturer to the audience (incorrect).

It’s about time we introduced the guest lecturer to the audience (correct).

Remarkably, another subjunctive expression that is predominantly deployed is, ‘I would rather’. In that connection, it is of tremendous importance to understand that when it is succeeded by a noun/pronoun, it takes the past tense thus: 10. I would rather she accompanies us (incorrect). www.businessday.ng

NPF viruses are not anything other than socioeconomic inequality arising from, among others, marginalisation, skewed promotion exercises, denial of kits, and other matters of welfare such as decent housing. In the immediate, it will not be inappropriate for the hierarchy of the NPF to apologise for not leading the NPF to do what it should have been doing and doing what it should not be doing. It is also appropriate to ensure there is justice in the distribution of the NPF “cake”.

Police personnel need to look neat, well trained, earn a promotion on merit, adequately provided for, especially when on transfer to a new location. In the long run, the IGP should establish ‘NPF Farms’ across the country where every police personnel without at least a First Degree or Higher National Diploma should be sent to, to subdue and till the ground, be fruitful and multiply our food supply. I believe such police personnel are intellectually inflexible to be retained in a modern Police Force’s critical unit.

The graduates roaming the streets and those currently underemployed should be recruited to the NPF in their stead.

This would enhance the quality of service delivery and reduce unemployment, as well.

TYPE OF DEVELOPMENTAL PRACTICE Experiential Learning Experiential Learning Assessment Relational Learning Coaching Experiential Learning Education I would rather she accompanied us (correct).

11. She would rather Tolu doesn’t address the protesters (incorrect).

She would rather Tolu didn’t address the protesters (correct).

The foregoing, nonetheless, should not be confused with ‘I would rather + someone + hadn’t’. This should be deployed with reference to past actions: 12. I would rather you didn’t swear at George last night (past action; incorrect).

I would rather you hadn’t sworn at George last night (past action; correct).

13. She would rather you hadn’t kept quiet during yesterday’s discussion (past action; correct).

Contrariwise, when the subjunctive, ‘I would rather’, is not succeeded by a noun/ pronoun, the verb must revert to the present tense.

14. I would rather prepared the meal (incorrect).

I would rather prepare the meal (correct).

Moreover, it is crucial to know that the adverbial element ‘had better/best’ is not in the category of the subjunctives and should not be applied as such. Accordingly, it should be followed by the present tense when used in a sentence that is in the present form, as demonstratively shown in the statements that accompany this explanation.

15. He had better paid the money he owes me (incorrect).

He had better pay the money he owes me (correct).

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GANIU BAMGBOSE 16. Florence had best seek her counsellor’s professional advice (correct).

In addition, it is worthy of note that ‘I wish’ attracts the past tense, particularly when used in the present form, as in: 17. I wish I am prettier (incorrect).

I wish I were prettier (correct).

18. Aminat wishes that she can sing (incorrect).

Aminat wishes that she could sing (correct).

With regard to the past subjunctive mood, it is pertinent to note that, because of its hypothetical nature, it is quite appropriate — especially in formal settings — to say, ‘If I were…’; not ‘If I was…’

19. If I was the human resources director, I would employ Kenneth (non-standard).

If I were the human resources director, I would employ Kenneth (correct).

20. If she was you, she would tender her resignation (non-standard).

If she were you, she would tender her resignation (correct).

At this juncture, it is essential to mention the exception to the usages of the subjunctives. Notably, the present tense of a verb is used when the subjunctive is followed by ‘to’.

21. It’s time to left (incorrect).

It’s time to leave (correct).

22. I wish to did it (incorrect).

I wish to do it (correct).

In conclusion, I hope this treatise will elevate your grasp of the prestigious English language going forward.

Dr Bamgbose (Dr GAB) has a PhD in English and lectures at the Pan-Atlantic University, Lagos. He is a social commentator who writes on different issues of national concern and the author of daily online English lessons titled “English for Today” with hundreds of lessons available on his website www.englishdietng.com.

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Preparing for the brave new world of 2050 (2) THE NEW WEALTH OF NATIONS

OBADIAH MAILAFIA

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met the Japanese-American physicist Michio Kaku a few years ago at an international scientific conference in Jordan.

According to him, we may be approaching the twilight of the gods: “In ancient times, we used to fear the gods; tomorrow we would become the gods.”

According to Moore’s Law, computing power doubles every 18 months. By 2050, we would be living in a world of quantum computers, with capacities that can only be imagined. The Internet of Things (I.O.T.) will be everywhere.

Computers and nanotechnology will lead to extraordinary breakthroughs in medicine and communications.

Instantaneous translation will be possible. The mind-computer interface will lead to developments in prosthetics that will allow paralytics to function normally while the blind will be able to see with artificial eyes.

There will be a proliferation of maglev trains and transcontinental oceanic hyperloops with speeds exceeding 700 mph. Air taxis and driverless cars will become mainstream while robotics and artificial intelligence (A.I.) will revolutionise the way we live, learn and work. Advances in 5-G connectivity, and blockchain will revolutionise commerce and finance.

Fusion power plants will lead to new forms of cheap and clean energy.

Nanotechnology, stem cells and genetic engineering will provide cures for cancer, arthritis, Alzheimer,

diabetes and HIV/AIDS. Customised babies may become the norm while ageing and death will increasingly be consigned to the domain of individual choice. Human blood will be produced in laboratories. There will be needle-free injections that will be administered through jet-injections.

Vertical and greenhouse farming will be common in addition to production of artificial meat.

Drones will be ubiquitous. Supersonic avionics will be back while electric airplanes will disrupt the aviation industry. Space tourism will be patronised by the wealthy. It is forecasted that Alpha Centauri, our neighbouring galaxy, will be within reach by 2040. There will be a new scramble for the colonisation of outer space. Humanity is on the verge of “technological singularity”, where the interface between brain, computers and body implants will profoundly redefine what it means to be human.

But there are dangers. Global warming will get worse. The Amazon rainforest is being destroyed. Some 200 million people run the risk of displacement while entire island nations may disappear altogether due to rising sea levels. Climate change is exacerbating the problem of resource stress, particularly fresh water, food systems and competition for metals and minerals.

Scientists tell us that we now live in the Anthropocene Age where human beings can alter the physiognomy of the biosphere. With a population veering on 10 billion beyond 2050, we would have reached the uttermost limits of demographic sustainability.

Food shortages, famines, diseases and natural-resource depletion will create a new Malthusian nightmare.

The late astrophysicist Stephen Hawking expressed profound fears that technological strides without the requisite rebirth in human nature will lead to a more dangerous world. He

feared that, A.I., for example, could be set on a warpath with humans.

Religious fanatics and ideological extremists will be able to manufacture bespoke WMD. Genetically manufactured viruses could spell disaster for humanity.

Nations that fail to realign their national systems to hook on to neural networks of economic opportunity will regress while the life-chances of their people will diminish. Financial and banking contagion effects will become more difficult to contain in future. So will viral pandemics. Radical terrorists can recruit more followers using social media and other forms of electronic communications. Policing borders, patrolling cyber criminals and keeping out radical extremist ideas will become a nightmare for national authorities.

My generation grew up in the shadow of Pax Americana. From Woodrow Wilson to Harry Truman, American statesmen helped in designing the architecture of the post-war international order that has guaranteed the global equilibrium. But American influence is in decline. It is a truism that the centre of world gravity over the last 30 years has gradually been shifting from the West to the East.

Napoleon Bonaparte famously counselled that we must let China sleep, because, when she wakes up, the world will tremble. The Chinese Dragon has woken up. The world that Humpty-Dumpty built will never be the same again. In terms of nominal GDP, the USA today is $21.44 trillion as contrasted to China’s $14.4 trillion. But in terms of purchasing power parity (PPP), the USA is $21.44 trillion while China is already ahead at $27.31 trillion. The Chinese themselves are uncomfortable with such comparisons.

The Chinese have never pretended to be democrats. I doubt if they have ever identified with the enlightenment internationalism of Immanuel

‘

Nations that fail to realign their national systems to hook on to neural networks of economic opportunity will regress while the life-chances of their people will diminish.

Financial and banking contagion effects will become more difficult to contain in future

Kant or the humane jurisprudence of the Jesuit Fathers of Salamanca; not to talk of the global civic spirit of a Dag Hammarskjold or Kofi Annan. I would not go so far as to describe them as the new barbarian pagans with power but no responsibility.

For emerging economies, the years ahead will create unprecedented opportunities and challenges. Prosperity in the 21st century will be dependent on possession of strong institutions, political stability, property rights and the rule of law. Leaders that mobilise their peoples around grand visions will see their countries go forward.

Those that pursue the path of folly will go under.

Nigeria has become a sick, rudderless ship; a violent and lawless Hobbesian nightmare; an oil-dependent rentier, debt-ridden, vastly corrupt and increasingly impecunious ghetto; governed by an atrociously narrowminded, nepotistic oligarchy. Even school children know that our ramshackle behemoth is doomed. The “Spirit of Sudan” is a phantom that refuses to go away.

But I dare to believe that a New Nigeria is possible. It will have to be a reengineered federation based on a new constitutional compact; a forwardlooking democracy anchored on freedom, the rule of law and social justice.

And we must plan for a world without oil, where hydrogen and sustainable energy sources replace hydrocarbons.

Leadership; human capital; power and infrastructures; science, technology and innovation; and fostering trust and social harmony among all our people, will matter more than anything else.

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)

Change management

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e all knew this year was going to go into the annals of history for the COVID-19 pandemic, the “black lives matter” movement. We now have to add the “SARS must go” movement as well. Clearly change is in the air. The pandemic had already ensured that we all started changing and these other events make it clear that everybody must be looking at change both in the workplace their personal lives and the government. Nobody is going to accept just what they are offered any more.

Even without external stimulus businesses must constantly evolve to remain relevant. TQM says we must remain customer focussed and must imbibe a culture of continuous change.

Innovation is only exciting when you first introduce it. Very quickly it becomes the norm and customers are looking for even more innovation.

Failure to change could lead to stagnation or, even worse, failure.

Very many companies fail with their change initiatives because they don’t know how to plan for, coordinate, and carry out change. There are some key steps that are key success factors.

Organisational change can be either adaptive or transformational: Adaptive changes are small, gradual changes undertaken to evolve products, processes, workflows, and strategies over time. Hiring a new team member to address increased demand or implementing a new work-from-home policy to attract more qualified job applicants are examples of adaptive changes.

Transformational changes are larger in scale and scope and often signify a dramatic and, occasionally sudden, departure from the status quo. Examples are launching a new product or business division, or deciding to expand internationally.

Change management is the process of guiding change from the earliest stages of conception and preparation, through implementation and, finally, to resolution. Change processes have starting conditions and a functional endpoint.

The process in between is dynamic and unfolds in stages. Here’s a summary of the key steps in the change management process as culled from Harvard Business school on-line.

Prepare the organisation for change both logistically and culturally. Before delving into logistics, cultural preparation must first take place. Employees must be helped to recognize and understand the need for change. Awareness must be raised of the various challenges facing the organisation that are acting as forces of change and generating dissatisfaction with the status quo. Gaining this initial buy-in from employees who will help implement the change can remove friction and resistance later on.

A thorough and realistic plan for bringing about change must be developed. The plan should contain strategic goals that the organisation should work towards. Key performance indicators must be clearly stated, showing how success will be measured. What metrics need to be moved and what the current baseline is

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must be clearly identified. Project stakeholders and team members in terms of those who will oversee, those who need to sign off every critical stage and those responsible for implementation.

Finally, the scope of the project scope must be clear. Clearly stating steps and actions.

A detailed communication plan is key as effective communication is a critical success factor. The overall plan should also account for any unknowns or roadblocks that could arise during the implementation process and would require agility and flexibility to overcome. Implementation just involves following the steps outlined in the change plan. Whether that involves changes to the organisation’s structure, strategy, systems, processes, employee behaviours, or other aspects During the implementation process, employees must be empowered to take the necessary steps so that the goals are achieved.

The change managers should also do their best to anticipate roadblocks and prevent, remove, or mitigate them once identified. Repeated communication of the organisation’s vision is critical throughout the implementation process to remind team members why change is being pursued.

Once the change initiative has been completed, change managers must prevent a reversion to the prior state or status quo. This is particularly important for organisational change related to processes, workflows, culture, and strategies.

Without an adequate plan, employees may backslide into the “old way” of doing things,

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OLAMIDE BALOGUN particularly during the transitionary period.

By embedding changes within the company’s culture and practices, it becomes more difficult for backsliding to occur. New organisational structures, controls, and reward systems should all be considered as tools to help change stick.

Just because a change initiative is complete doesn’t mean it was successful. Conducting analysis and review, or a “project post mortem,” can help business leaders understand whether a change initiative was a success, failure, or mixed result. It can also offer valuable insights and lessons that can be leveraged in future change efforts.

Ask yourself questions like: Were project goals met? If yes, can this success be replicated elsewhere? If not, what went wrong?

Without understanding the underlying forces making change necessary, you may not effectively address the underlying causes that have necessitated change, making it impossible to succeed.

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

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Policing Nigeria HUMANANGLE

FEMI OLUGBILE

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he Nigeria police is the key law enforcement agency of the Nigerian nation. It is said to have a staff strength of 371,800. There are 36 State commands grouped into 12 zones, with 7 administrative organs.

Somehow over the years, Nigerians have never felt that they have quite the Police they deserve.

“The Police is your friend”, says the motto. However, the policeman, through the eyes of many citizens, is not a “friend”, but often an unhelpful bully who is very tardy in his work.

There is “no vehicle” at the time the emergency in the neighbourhood is reported. The “checkpoint” is a place where a citizen’s dreams and hopes could come crashing in a burst of gunfire deliberately or “accidentally’ let off.

Psychologists have remarked on the danger in having a man who earns barely living wages and works endless hours on cruel shifts wielding momentary life and death power over comfortable and often dismissive members of the public on lonely roads in the middle of the night. It is easy to have a chip on the shoulder, and to feel disrespected, not just by the individual, but by the system.

Poor medical services. Virtually non-existent mental health services.

Poor support in case of injury or death

in the line of duty. Not exactly the “best in class” recruitment or training processes. Imprecise, ill-enforced protocols and rules of engagement with the public, including what exactly to look for at a “checkpoint”, whose duty it is to profile and chase after “yahoo boys”, and whether it is lawful to “invade” a citizen’s phone or laptop.

Everybody, in the end, is a victim.

There is an added cost to the tragedy. If Nigerians cannot walk or drive on their streets without fear, neither can backpacking European or Asian tourists. All the millions of naira being spent by the government to attract foreign visitors and their money is just so much money down the drain, until the problem of policing is solved across the nation. How may the journey of bringing the Police, and the policing, of Nigeria to an acceptable standard be commenced?

There needs to be a reasonably contented workforce. Policing is a calling.

You need to want to do it. The hours are crazy, the dangers many.

The welfare of the rank and file policeman is important. He must earn wages that enable him to live a reasonable life comparable with his colleagues in other professions. This is not just about salary but allowances, including for accommodation. He must have a pathway to career progression based on his performance, and devoid of that Nigerian bogey – ethnicity. Schooling for his children must be such that he could aspire for them to be “better” than him. The young man in the Benz he stops at the checkpoint is not an alien from another world, insulting his sensibilities by his very appearance. In his mind’s eye he could be his own son, in a few years’ time.

Upward mobility may be happening in Nigeria, but the dots are yet to be

connected.

Police numbers are low for the population. It is odd that they are further depleted by allocation of policemen to “cushy” jobs guarding “celebrities”, rich people and politicians. A supervised private force of ex-servicemen could be licensed to do this at no cost to the taxpayer!

The Police must be properly equipped.

The current prototype of the “patrol vehicle” is not comfortable or safe, or even dignified. Paying attention to such “minor” details would give the sense that “Police Lives Matter”, and foster commitment.

Response to crisis needs to be calibrated. The first response to a street protest or a factory strike cannot be a detachment of gun-toting policemen firing their guns, surely! The planners need to go back to the drawing board and watch videos of how Hong Kong police, with helmets, shields and batons, contained several weeks of popular, even occasionally violent civil protests without shooting people.

Nigeria once had police like that!

The Police, including the “Special Units”, need to be “embedded” in their local community, and not be seen as an “occupation force” controlled from Abuja.it is a step towards the “community police” everyone talks about and could happen even in advance of the desired “State Police”. DPOs and their “boys” could firmly network with their local governments and CDAs and be connected with local Church and Mosque organisations for mutual support. The community could facilitate access to accommodation and schooling for families of “their” police. The wives of policemen could get preferential access to stalls in local government-controlled markets in

‘

Response to crisis needs to be calibrated.

The first response to a street protest or a factory strike cannot be a detachment of gun-toting policemen firing their guns, surely!

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

How to groom frontline leaders at the workplace

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he complexity of today’s economic environment requires leaders to develop a coordinated strategy to promote organisational sustainability and maintain a competitive advantage in the global economy. A leadership preparedness strategy focused on the development of future leaders facilitates a seamless leadership transition when planned. A leaders’ challenge is managing talent effectively and meeting the organisation’s strategic business objectives by building a talent pool of future leaders.

Leadership can be learned, and there is no better entry point for development than those in frontline leadership positions. However, grooming frontline leaders requires the commitment of an entire leadership community. Therefore, organisations experiencing leadership gaps must be prepared to make a long-term investment if they want to achieve lasting success.

Who are frontline leaders and what role do they play in an organisation?

In organisations, the frontline leaders are catalysts in -driving sales revenue, -brand marketing and promotions -improving customer relationships, -solving organisational problems, -Innovating regularly.

-By grooming frontline leaders, you will consequently improve the bottom line of the organisation.

What strategies can be adopted for grooming frontline leaders?

First, to support the professional growth and development of frontline leaders, the following

1 2.

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4.

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LEARNING INITIATIVE On the Job Practice or Action Cross-Functional Job Rotations 360-Degree Feedback Exposure to Senior Executives External Coaching Global Job Rotations Exposure to Strategic Agenda of the Organisation

approach must be adopted; •Experiential Learning and •Relational Learning It is pertinent to note that we must blend both experiential and relational learning for grooming leadership competencies in a structured leadership development programme.

This must be done in alignment with the organisation’s immediate and future business goals.

Second, we must define the competencies and capabilities required for the successful development of frontline leaders. It is on this premise that the following criteria should be considered; -transitioning from being an individual contributor to leading a team, - creative problem-solving abilities -delegation Strategies -coaching and grooming direct reports -conflict resolution abilities -relationship Building skills -feedback and after-action reviews Third, the adoption of the leadership lessons of the military is another critical approach in the development of frontline

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THE LEADERSHIP FACTORY WITH

TYPE OF DEVELOPMENTAL PRACTICE Experiential Learning Experiential Learning Assessment Relational Learning Coaching Experiential Learning Education leaders. The military defines leadership as both accomplishing the mission and improving the organisation. Permanently improving the organisation requires the development of its human capital. The military believes you substantively improve people by enhancing their ability to address challenges in their environment adroitly.

Modern corporate and business organisations operate in what the military defines as a ‘VUCA’ environment—broken down to mean volatility, uncertainty, complexity, and ambiguity, which are the constant realities in the 21st century. Based on these facts, the military seeks to prepare for the challenges it will inevitably face by crafting realistic training scenarios and routinely integrating such activities into its ongoing operations.

The goal is not to teach its operatives what to think but to enhance their ability to think critically and creatively about the myriad of contingencies posed by a fluid environment.

This is to teach them how to think.

In most organisations, 90 percent of the time is typically devoted to executing busi-

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their locality.

Finally, the Psychology of the whole Policing process would need to be made right. People with evidence of uncontrolled violence should be excluded. So, should those with ongoing drug addiction. A history of past mental illness, treated, recovered, is not necessarily a barrier, but it must be documented.

Some time ago, this author participated in the design of a proposal for the enhancement of Mental Health and “Wellness” among the Police. A baseline evaluation of their Knowledge, Beliefs and Attitudes on the subject. A review of Mental Health components in the existing teaching in the Police College. A measurement of Self-Awareness and Self-Image of police personnel and their sense of how they are perceived by the public. Scheduled and incidentbased medical and psychological evaluation, with intervention as required, especially following trauma. A formal Employee Assistance Program for psycho-social support. A customised Behaviour Modification program to promote a sense of dignity and positive self-regard in the individual policeman.

For a period, there seemed to be an active interest around the matter. And then the interest fizzled out.

Such thinking represents a pathway to a future Policing environment in Nigeria, where the police and the policed value, respect and enhance one another. It is an ‘opportunity’ that could be grasped from the justified anger of #EndSARS and the present season of discontent, if a genuine effort is made.

TOYE SOBANDE ness actions, and less than 10 percent is allocated for increasing organisational and individual capabilities through training. On the other hand, the military spends as much time training as it does execute even amid deep stress or high-risk operations.

For example, a military unit in a battlefront will not suspend its experiential training program while involved in combat operations because its ability to cogently and creatively address future challenges is enhanced by an enduring commitment to improving people’s competence and adaptability through experiential exercises, as well as relational or actual experiences. But the real lesson for organisational leaders is not merely that training is essential. What’s valuable is how the military crafts its training opportunities.

Below are tips for grooming frontline leaders Provide information: To be effective, experienced leaders need current information about career paths (career ladders and lattice), programs, and development assignments offered throughout the organisation.

Sobande is a Lawyer and Leadership Consultant. He is a Doctoral Candidate at Regent University, Virginia Beach, USA, for a Ph.D. in Strategic Leadership. He can be contacted by Email: contactme@toyesobande.com

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Friday 16 October 2020

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EDITORIAL PUBLISHER/EDITOR-IN-CHIEF

Frank Aigbogun EDITOR Patrick Atuanya

DEPUTY EDITORS John Osadolor, Abuja Lolade Akinmurele NEWS EDITOR Osa Victor Obayagbona NEWS EDITOR (Online) Chuks Oluigbo MANAGING DIRECTOR Dr. Ogho Okiti EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha ADVERT MANAGER Ijeoma Ude MANAGER, CONFERENCES & EVENTS Obiora Onyeaso BUSINESS DEVELOPMENT MANAGER (South East, South South) Patrick Ijegbai COPY SALES MANAGER Florence Kadiri DIGITAL SALES MANAGER Linda Ochugbua GM, BUSINESS DEVELOPMENT (North)

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GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu

Need for lasting solution to infrastructure deficit in Nigeria

Govt should use PPP to revive hundreds of non-perfuming projects that litter the environment

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he recent federal government’s approval of the concession of some nonperforming public infrastructure in the country could not have come at a better time than now as they have remained drain pipes to the national purse. With COVID-19 challenges, poor infrastructure all over the country, staggering local and foreign debts standing at $31.477 billion as at June 2020, according to the Debt Management Office (DMO), dwindling crude and crude non-oil revenue and fears of another recession, Nigeria cannot afford to waste public funds on facilities that contribute little or nothing to economy.

It is heart-warming that the government has realised the need for public-private sector participation in rebuilding dilapidated infrastructure as a means of restoring their usefulness and proving needed services to the populace. This is the global practice and our country cannot be an exception.

On Wednesday 7th October, 2020, Federal Executive Council approved three Full Business Cases in respect of the Bonny Deep Water Port Project, the Nigerian Correctional Service (NCS) Shoe and Garment Factories Projects in Aba and the Janguza Tannery Factory Project in Kano, the Portharcourt Industrial Park Project

and the Port Harcourt – Maiduguri Narrow Gauge with O&M phase as Concession. The combined investment value of these Joint Venture (JV) projects is $3.9 billion.

FEC also gave approval for the rehabilitation and reconstruction of Port Harcourt – Maiduguri Eastern NarrowGauge Railway at a cost of about $3billion dollars. These projects when completed would substantially support efforts of the government for economic recovery from damage caused by insurgency and COVID- 19 pandemic. The concession is facilitated by the Infrastructure Concession and Regulatory Commission (ICRC) in alliance with relevant MDAs. Suffice it to say that the government has no business been in business. The era when this was the swan song had passed. Countries around the world now embrace PPP as a means of building and sustaining public infrastructure while the government concentrates on giving the citizens good governance, providing security for lives and property and ensuring rule of law and justice for all.

The financial crisis of 2008 brought about renewed interest in PPP in both developed and developing countries. Facing constraints on public resources and fiscal space, while recognising the importance of investment in infrastructure to help their economies grow, governments are increasingly turning to the private sector

as an alternative additional source of funding to meet the funding gap.

Indeed, ownership of public assets is a sensitive issue for all governments.

However, budgetary shortfalls (as witnessed in Nigeria) as well as the repeated failure of governments all over the world to maintain these assets have forced them to change their attitude towards private ownership of such assets. Thus, concession contracts, through which ownership rights continue to reside with public authorities, have been gaining popularity around the world. Under concession contract, a private partner gets exclusive rights from the government to operate, maintain and sometimes even carry out investment in a public utility for a given period of time. In return, the private party pays either a fixed sum, a percentage of revenue from the utility or a combination of the two to the government for exclusive rights over a facility.

Many European countries such as Austria, Spain, France, Denmark, Greece, Italy, Norway, Germany and Portugal, which embraced concession years ago are today reaping the huge benefits. For instance, Denmark has used toll concessions for two crossings: the “Great Belt”, which comprises two bridges with a total length of 18 km, opened on 14 June 1998, and the Oresund crossing, combining a bridge and tunnel with a total length of 16 km. There are also 26 toll companies in Norway.

In line with global practice, the federal government in 2008 established the Infrastructure Concession Regulatory Commission (ICRC) with the responsibility for the development and implementation of Public Private Partnership (PPP) framework for the provision of infrastructure services aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.

Between 2017 to date the agency has handled over 155 projects with combined investment revenue of about $18billion.

These infrastructures when functional would provide huge job opportunities for teeming unemployed Nigerians, and create wealth for the nation by boosting the country’s Gross Domestic Production (GDP). There is no doubt that using PPPs as a way of gradually exposing state owned enterprises and government to increasing levels of private sector participation and structuring PPPs in a way as to ensure transfer of skills leading to national champions that can run their own operations professionally and eventually export their competencies by bidding for projects/ joint ventures is the way to go.

To solve the current infrastructure deficit in Nigeria, concession should be seen as a necessity and embraced by not just the federal government but equally state and local government authorities.

They should use PPP to resuscitate hundreds of abandoned and non-perfuming projects that litter the environment.

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Friday 16 October 2020

BUSINESS DAY

THE WEST

Ogun generated N18.7bn through OPIC in six years, Odusolu tells State Assembly ...debunks allegations of financial impropriety at OPIC as House begins probe

...as Oyo partners France to broaden economic landscape REMI FEYISIPO, Ibadan

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RAZAQ AYINLA, Abeokuta

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abajide Odusolu, a lawyer and immediate past managing director of the Ogun State Property and Investment Corporation (OPIC), has debunked the allegations of financial impropriety and misappropriation at the State-owned housing investment corporation during the tenure of former Governor Ibikunle Amosun, saying all the transactions made during his 6-year tenure followed due process.

Odusolu, who appeared before Ogun State House of Assembly Committee on Public Accounts and Anti-Corruption on Tuesday during an investigative hearing on his six-year tenure at OPIC, declared that his six- year tenure at the Ogun State Property and Investment Corporation was a turnaround time for the 36-year old Corporation as he generated an unprecedented revenue of N18.7 billion for the state.

The former managing director of OPIC said that OPIC being the investment arm of the state housing scheme was positioned like a corporate entity which did not follow the methodology of core civil service mentality and philosophy, hence, the Office of the Auditor-General misconstrued the scope by raising a phantom alarm of financial impropriety and misappropriation.

Odusolu said that he and his team at OPIC advised former Governor Amosun to allow them run OPIC like corporate entity without any subvention from government

Oyo state records 26.4% growth in IGR despite pandemic - Gov Makinde

L-R: Oluwarotimi Akeredolu, APC governor-elect and wife as well as Lucky Ayedatiwa, APC deputy governor and wife, showing off their certificates of return shortly after INEC presented the certificates to them at Alagbaka INEC Office in Akure recently.

Pic by KORETIMIAKINTUNDE

and they still made the place proud by putting up more investments which later paid off, leaving N40 billion assets at the OPIC while leaving in May 2019.

He said, “Government must see and allow OPIC to operate with flexibility as a business. If you want to force us to do the things like they do in the past, you will go back to the old ways. When I was here, we had targets, every months, everybody had targets “When you take a business and try and funnel it into the details of civil service, you will always have conflicts “Look at Orange Valley, look at Kings Court. Kings Court is viable today, simply because in 2014 and 2015, we moved about 16,700 trips of latrite to fill that place and reclaim it, that’s why there is value there “Look at New Makun, look at MTR Gardens, and even

Agbara, though work didn’t finish but we did the best we can. So, my plea to the current administration is to unshackle OPIC, and the leadership they put in OPIC and allow it to actually run” “Within a 6 years period, we turned around OPIC and generated over N18.7 billion in revenue and the total expenditure we made was about N12.3 billion.

“You will probably say, where are the rest investments? They are all over the place. The reason OPIC continues to thrive today is because all those investments, we left them there.

We left land in New Makun, we left land in Agbara, that is viable, we left land in MTR Gardens, that is viable and houses everywhere, that is what OPIC is still surviving on until today.

“The worth of all the assets we left in OPIC is worth a N40 billion enterprise.”

Responding, deputy speaker of Ogun State House of Assembly, Oludare Kadiri, lauded the six-year tenure of Babajide Odusolu at OPIC as unprecedented as he declared that “everybody knows that you have done well in OPIC, you built this and built that, but we can’t sweep such an allegation under the carpet, hence, you were invited to answer questions as regards your tenure in OPIC.” M e a n w h i l e, Mu s e f i u Lamidi-led House of Assembly Committee on Public Accounts and Anti-Corruption has requested Abiodun Fari-Arole-led management of Ogun State Property and Investment (Corporation) to furnish the House with more documents to assist the Committee on its proceedings with a view to ensuring accountability, probity and transparency in line with its constitutional duties.

yo State recorded 26.4% growth in its Internally Generated Revenue (IGR) in the first half of 2020, despite the COVID-19 pandemic.

Governor Makinde, who disclosed this while receiving a delegation of the French Government led by the French Ambassador to Nigeria, Jerome Pasquier in Ibadan, said “since the last time we visited together, there have been positive changes in the economic landscape of Oyo State. For example, despite the COVID-19 pandemic, Oyo State still witnessed 26.4% growth in our IGR. We have also been addressing the infrastructural deficit of the state and that has been helping us to actually boost the economy.”

While saying that partnering with the French Government is to broaden the state’s economy and ensure better life for its people, he noted that the partnership had yielded positive results for the state’s economic expansion agenda, while also broadening the state’s economic landscape.

Governor Makinde stated that he is ready to seek help where necessary to turn around the economy of Oyo State, adding that the state is ready and open to businesses that can bring development and growth to its economy.

“Like the Ambassador mentioned, we are collaborating on several fronts and projects right now. And we

FG assists flood victims in Kwara with relief materials SIKIRAT SHEHU, Ilorin

Ekiti trains officers to combat maternal, perinatal death ... As Nigeria accounts for 20% of global maternal death REMI FEYISIPO, Ibadan

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kiti state government has reiterated its commitment and interest in eradicating maternal and perinatal death in Ekiti state.

This is coming as Nigeria presently account for about 20 percent of global maternal deaths and with a still birth rate of 41.7/1000 birth account for one of the highest rate of still birth in Africa and globally.

The Commissioner for Health and Human Services,

Oyebanji Filani,a medical doctor stated this at the opening ceremony of one day training on Community Based Maternal and Perinatal Death Surveillance and Response Officers from the sixteen local government areas of the state.

The Commissioner, who was represented by the Permanent Secretary of the Ministr y, Folakemi Olomojobi,a medical doctor said the death of a woman while pregnant or shortly after birth and the death of a baby within the first week of life are

both tragic events of immense consequences to the family, community and state which must be prevented by the commitments and responsibilities of all stakeholders.

Oyebanji reiterated that the state health insurance scheme commissioned by the governor has taken off in all the sixteen local governments in the state and urged pregnant women to register to access quality health care that will facilitate satisfactory pregnancy outcomes and prevent maternal or perinatal death.

Earlier, the chairman MPDSR State Steering Committee, Sunday Omoya said the purpose of the training was to scale up MPDSR to the various local government areas to ensure the commencement of appropriate audit system that will significantly reduce maternal mortality in the state.

Goodwill messages were presented by some key stakeholders at the training, including the Permanent Secretary of the State Primary Health Care Development Agency, Pharmacist Olabisi Arogundade.

want to thank you, the French Government, for your contribution to the RAAMP project.

I know it is yet to take off fully but we are ready. All the necessary committees to drive it have been put in place and they are ready.

“Also, the Farmers’ Wholesale Market that we are trying to set up at Akufo, it will interest you to know that from Apete, we are fixing the road all the way to Akufo.

“Work is really going on there. We are excited because it is supposed to be the largest such market in South-West, Nigeria. So, we thank you for your support on that and we hope to still work collaboratively on it.

“Oyo State is ready for business and we have tried as much as possible to be open because we believe transparency is very key. We believe there are programmes we can tailor to fit what we need.”

Earlier, the leader of the French delegation, Ambassador Pasquier, said that there were a lot of things that the French government could do with Oyo State, expressing the willingness of his country’s government to work with the state in agriculture, tourism, health and developing strong links that could help tertiary education in the state.

He appreciated the governor for the hospitality accorded him and his entourage through the Ministry of Information, Culture and Tourism since they arrived in the state, pledging that bilateral relationship between French Government and the Oyo State Government will continue.

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he Federal Government has supported and commenced the distribution of relief materials to victims of flood and rainstorms disaster in Kwara State.

Sadiya Umar Farouk, the minister of Humanitarian Affairs, Disaster Management and Social Development, flagged off the progmme in Ilorin, the state capital. She was supported by the state governor, Abdulrahman Abdulrazaq Local government areas affected by the natural disasters are Ilorin West, Ilorin East, Ilorin South, Asa, Ifelodun, Edu, Patigi and Moro.

Speaking at the event, the minister conveyed the

sympathy of the federal government to the government and people of Kwara State over the unfortunate flood incidents that occurred in some parts of the state.

She says President Muhammadu Buhari is concerned about the flood and has directed her ministry to activate the National Emergency Management Agency to respond in providing necessary supports to the affected persons. “ It is in this regards that I am here with the Director General of NEMA. We are here with relief items approved for distribution to complement the efforts of the state government to assist the affected persons in Ilorin West, Ilorin East, Ilorin South, Asa and Ifelodun,” Farouq stated.

Team: RAZAQ AYINLA, Head; Correspondents: REMI FEYISIPO, Oyo; SIKIRAT SHEHU, Kwara; KORETIMI AKINTUNDE, Ondo; OLA JOHN, Osun; Graphic: Fifen Famous www.businessday.ng

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Friday 16 October 2020

BUSINESS DAY

15

COMPANIES&MARKETS NBC reaffirms commitment to youth thriving in business TEMITAYO AYETOTO

T L-R: CEO, Fintech Association of Nigeria, Dr Babatunde Obrimah; Treasurer, National Association of Microfinance Banks (NAMBLAG), Lagos State Chapter, Esther Balogun; Financial Secretary, Victor Ibekwe; General Secretary, Adegoke Adegbami; Asst. Secretary, Mary Olaniyi-Olawoyin; President, Fintech Association of Nigeria,Dr Segun Aina; Chairman, NAMBLAG, Taiwo Joda; Ex Officio, Mojisola Garber and Vice Chairman, Adenrele Oni, during NAMBLAG courtesy visit to Fintech Association of Nigeria in Lagos ...recently

Stranded projects seen inhibiting infrastructural development in Nigeria MERCY AYODELE

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ig e r ia n e e d s to increase its sp ending on infrastructures to stimulate economic growth as experts say stranded projects and low infrastructural investment is stunting the growth of Africa’s biggest economy.

The experts who spoke on Tuesday at the conference themed ‘Public-Private Partnership Approaches to Rapidly Upscaling Nigeria’s Economic Infrastructure’ organised by Lafarge and Businessday.

“It is a myth to think Nigeria Gross Fixed Investment (GFI) is generating investment. GFI as a percentage of GDP is 21 percent but this does not mean Nigeria is generating investment because 60 percent of these are stranded project.” said Bismark Rewane, CEO, Financial Derivative Co Ltd “This is why the economy goes into a tail slump whenever there is any shock to the economy” Rewane said Nigeria has a myriad of stranded projects. For instance, the Rivers Monorail project, the Ajaokuta steel

mill, Lekki-Epe and Ibadan expressway.

This is worrisome for Nigeria because the costs of these abandonments are not only direct but affect the whole economy.

A recent survey by the Chartered Institute of Project Management in 2017, the abandoned projects w i th re ga rd to e x i sti ng structures alone amount to over 12 trillion.

This is a major concern as this amount is almost the country’s budgetary allocation for 2021, at 13.08 trillion. This is a major cost for the economy struggling to finance its budget while also wallowing in underdevelopment and poverty.

Also, the opportunity cost of these stranded projects cannot be fully quantified. For instance, if an abandoned project cost N200 million, not only is N200 million lost but also the opportunity to use that amount on alternative infrastructures like hospital, schools and other social amenities.

Rewane also pointed out that although physical capital is important, social and institutional infrastruc-

tures such as the banking system, education, police reforms are necessary to complement physical infrastructure.

“Nigeria’s Gross Fixed Investment must account for at least 35 percent of GDP to stimulate growth in the economy.” He said To tackle the problem of stranded projects, Rewane says Nigeria needs to prioritize, optimize and execute projects effectively as this will have an impact on total factor productivity which is about -2.8 percent.

“Leakages, idle assets and inefficient use of resources will only lead to negative outcomes.” He said The budgetary allocation for infrastructural development is also really low and not commensurate to the country’s needs.

“If we take a look at this year’s budget, only a quarter of Capital expenditure, less than 2 percent is going into infrastructural development,” said Mobolaji Balogun, the CEO, Chapelhill Denham.

“For Nigeria to successfully finance the infrastructures needed for development and make total factor

productivity positive, the economy needs to increase infrastructural spending by 20 percent” Balogun said.

“The 1 billion budget allocation for housing and works is not sufficient, you cannot be sprinkling money and expect projects to be completed” Rewane said.

Experts have also given their opinions on the best course of action to attract private investment.

“A solid legal framework is needed to attract investments,” said Miljan Gutovic, Head, MEA LarfargeHolcim.

“Investors must also see an enabling environment where they can have a sustainable business”.

Rewane has also advocated that the government utilize market solutions.

“The market works everywhere, it must be allowed to regulate itself,” Rewane said. “Especially in the downstream firms, once people can determine price, they will be able to get a return on their investments”.

“A l l t h e g ov e r n m e n t needs to do is to create an enabling environment and stand to regulate in cases where people do not adhere to rules,” Rewane said.

Royal Electronics unveils latest AC Technology in Nigeria IFEOMA OKEKE

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oyal Electronics Group, a leading international electronics and home appliances company has brought the new Royal el-Picasso floor standing inverter air-conditioner into Nigeria.

Built with the latest in Air conditioning technology and featuring an awe-

some aquiline design, the new Royal el-Picasso airconditioner is packed with advanced features which offer consumers an unbeatable cooling, energy saving and ambience enhancing experience.

Speaking at a recent unveiling ceremony in Lagos, Fab Uzor, the ED-Corporate Services of Sims Nigeria Ltd, who are the official Rep-

resentatives of Royal Electronics in Africa, the Royal el-Picasso which is selfcleaning and easy to install also comes with a 10-year warranty on the compressor.

He said, “Bringing this classy product on the heels of the popular Royal Burj Khalifa which has been making waves for some time now among Nigeria’s upperclass, is only in keeping with

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the company’s pledge of ensuring that Nigerians don’t ever miss out on the latest technology in the electronics industry.”

From all indications, the Royal el-Picasso floor standing AC is billed to change the ambiences of many corporate offices and boardrooms as well as highprofile hotel and residential lounges across Nigeria.

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he Nigerian Bottling Company has unveiled Nigeria Business League for Youth as a demonstration of its commitment to supporting the thriving of Nigerian youths in business.

The League is the private sector player’s initiative to blot out obstacles impeding opportunities for youth in the country to succeed in their chosen career paths.

It was unveiled during the NBC’s 2020 Youth Summit themed ‘Positioning for the New Global Economy’, with Sunday Dare, the minister of Youth and Sports Development as the keynote speaker and Ibukun Awosika, chairman, FirstBank of Nigeria and Jimi Tewe, a transformational coach as other speakers.

Matthieu Seguin, the managing director, NBC said that the initiative reflects the consumer packaged goods company’s commitment to supporting the social and economic development of communities in which it operates.

“NBC is passionate about the growth of Nigerian youth, especially given the current challenges posed by the COVID-19 pandemic. At NBC, we pride ourselves in being a youth-focused organization that is committed to the social and economic development of the Nigerian youth,” he said.

From 2017 till date, over

18,000 youths have been impacted through the NBC’s youth empowerment program.

He explained further that the events of the year have triggered a rethink in the company’s approach towards the development and support of young Nigerians.

The Nigerian Business League for Youths is expected to operate in alignment with the National Youth Policy which provides an all-inclusive framework to ensure the realization of the full potential of Nigerian youths.

The keynote speaker and Minister of Youth and Sports Development, Sunday Dare, who spoke on ‘Strategic Roadmap for Youth Development Post-COVID-19’ charged the youth to turn current challenges into opportunities that guarantee employment and productivity.

The minister said the ministry has started recalibrating its youth-oriented initiatives to ensure they deliver the skill sets and support that young people need to succeed now and post-COVID-19.

He cited as an example, the Ministry’s DEEL initiative - Digital skills acquisition, Entrepreneurship, Employability and Leadership, a programme aimed at mitigating against youth unemployment through sustainable partnerships with ICT skills hubs, research development, agricultural value-chain, sports talent management, and capital financing platforms.

Affordable Cars offers customers special anniversary package

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n commemorating its 25th Anniversary, A f f o r d a b l e C a r s, a leading Automobile company in Lagos, Nigeria offers its esteemed customers a “special anniversary package” on sales and services from October 1 till December 31, 2020.

The company which has been providing unique services to its numerous customers since its inception in 1995 is offering a 25percent discount on car maintenance service as well as free detailing, diagnostics, wheel balancing, and alignment. The purchase of new vehicles from their Lekki and Ikeja showrooms will also attract a ONE YEAR free routine maintenance service.

Affordable Cars has provided its customers with quality cars from various @Businessdayng

brands such as Toyota, Lexus, Land Rover, KIA , Mitsubishi, and Mercedes Benz with their customer base which includes corporate organizations, government parastatals, and private individuals.

Speaking about the anniversary, the Managing Director, Biola Ayeni, thanked God for the milestone and stated that the company’s success is based on its core values – Excellence, professionalism, customer-friendly, integrity, and passion. They w ill be instr umental as the company continues to build first-class multibrand auto dealership in Nigeria.

In addition, he attributed the achievements of the company so far to the staff members who have been part of the vision over the years.

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Friday 16 October 2020

BUSINESS DAY

Friday 16 October 2020

BUSINESS DAY

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Interview

Agriculture keeps Nigerian population together – Agric minister Muhammad Sabo Nanono studied Business Administration at the Ahmadu Bello University, Zaria but exceptional love for agriculture made him to embrace agriculture in 1973. He was sworn in on 21st August, 2019 as Minister of Agriculture and Rural Development of the Federal Republic of Nigeria. A respected elder Statesman and patriot, Nanono from Tofa Village of Gabasawa District of Kano State started his career as a Clerk at the Central Bank of Nigeria and rose to become the Managing Director of the defunct African International Bank (AIB). In-between he was a civil servant and taught at the Faculty of Administration, Ahmadu Bello University, Zaria where he obtained his first Degree. He later obtained a Master’s Degree in Public Policy and Administration with specialization in Development Economics at the University of Wisconsin Madison, USA, in 1977. Nanono has attended many courses within and outside the country, the most prominent amongst which was Advanced Management Programme (AMP-114) at Harvard University, Boston Massachusetts, USA in 1994. He served in not less than seventeen (17) boards of companies and parastatals including Kano State Foundation from 1988 to 1992, Sub-committee on Privatization and Commercialization of the Nigerian Ports Authority(NPA) 1985, Hadejia Jama’are River Basin Development Authority (HJRBDA) 1989 and Chairman Kano State Privatization and Commercialization Committee, 1990 – 1992. In the 14 months of his tenure as Minister of Agriculture and Rural Development, Sabo Nanono has blazed the trail, transforming this key ministry into the bride of the nation. According to him, his passion for agriculture and love of his country Nigeria, informed his desire to do his best to make the ministry a pace setter. “I am very much interested in agriculture and most people identify me with it”, he said, stressing that “agriculture is the sector that has been holding the economy and we need to work in synergy to move agriculture to the next level”. The Minister spoke exclusively to BusinessDay’s General Manager (North), Bashir Ibrahim Hassan in Abuja. Excerpts:

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s the minister of agriculture and rural development, what is your own vision and policy direction for the ministry?

When you talk of agriculture in any country, it is important to appreciate the natural opportunities given to you by the Almighty God. Nigeria has enormous resource base for the development of agriculture and thereby creating a strong platform for linkage between this sector (Agriculture) and the industries sector.

The cardinal principle upon which this administration started in relation to agriculture are: Food security Creating a platform for value chain development both vertical and horizontal in collaboration with industrial sector.

Developing the livestock subsector for the benefit of the pastoralists, the farmers and the entire country i.e. livestock transformation.

And in the process modernize the entire agricultural value chain i.e. through mechanization and improvement in research and development.

It is important to note that as of today, 65% of the arable land is in Africa and out of this Nigeria has probable about 30% of the 65% we have between 84 million hectares to 92 million hectares of arable land in Nigeria but we are only cultivating about 34 million average tonne per hectare across the board in this country is between 1,2 to 1.6 tonne per hectare which is far below the world average of 6 to 8 tons per hectare. The priority of any country is to have food, security and essential element for stability and wellbeing of the ever growing population, Nigeria has a population of about 200 million people or even more and is projected in the next 40 years our population will be in the region of 400 million. This is a serious challenge and for us to achieve certain level of comfort, we have to modernize agriculture through mechanization. Our level of tractor penetration in this country is at 7 tractors per 100sq Kilometers as against the standard of 127 tractors per 100sq Kilometers. And so, there is enormous gap in the Nigerian Agricultural Mechanization Space. It is in this regard, that the Federal Gov-

ernment has entered into a bilateral agreement with Brazilian Government for the mechanization 06 632 Local Governments in the country and the setting up of processing centers in 140 Local Governments; all these under the Green Imperative. The second important and fundamental issue is creating a strong synergy between agriculture and industry i.e. creating a strong and sustainable value chain at Micro and Macro Levels. A lot of achievements have being done at the Micro Level but however, at Macro Level we have a long way to go. It is important to reflect that we lost our bearing in

the mid-1980s when our Agro-Allied Industries were gradually degenerating to the extent that in one of our major industry (Textiles) collapsed virtually. We lost nearly 145 Textile Mills in the country over the last 3040 years. This was one of the major reasons for the high level of unemployment of youths in this country.

It is important to note for Nigeria to absorb this high level of unemployment youths, we have to deliberately and at any cost being back the AgroAllied Industry into work. It requires a lot of capital investment and strong political will. And this is what the present government is currently

focusing on. The other aspect of crucial importance is the Livestock Development and Transformation.

Nigeria has presently over 33 Trillion Naira worth of Livestock ranging from cattle, goals and sheep, pigs, horses and donkeys and poultry, this is an important national asset that no country can joke about it hence, the Federal Government is focused on the development of this Sector for the purposes of reducing our imports of milk and meat and other related items. Our current consumption of milk is about 5 Million Liters per day. And we have

a resource base of about 25 Million Cows and if we can only make 5 Million cows to produce 1 Liter of Milk per day, Nigeria will be self-sufficient in milk production.

The issue now becomes that of logistics and the Federal Government is tackling this head-on through the establishment of milk processing centers across the country and luckily enough the private sector is also keying-in into this initiative. As a Minister of Agriculture, I am gearing-up development of this infrastructure with a view to ban the importation of milk into this country in the next two (2) years.

With this brilliant and unique policy direction, what have been

able to achieve so far?

Well, it is important to appreciate that at the time president Buhari took over the administration of this country (2015), the economy was on the verge of collapse. Oil prices have dwindling down to $27 per barrel as against a $100 per barrel. There were mountain import bills especially food items – rice, wheat, millet etc. It was very dear that the government had to do something and one of the first declaration of Mr. President was “we produce what we eat and we eat what we produce” and the first policy direction was to drastically reduce the importation of rice and gradually ban it. At a time, this policy was being implemented there was resistance from large section of Nigerians especially big importers and smugglers of rice. And this policy paid-off and Nigeria is now the 13th producer of rice in the world and number one in African. And Nigeria has the potential to be number tour in the production of rice in the world. It is also important to note arising from the clusters mills are working to full capacity. In fact, in Kano, there are now 42 integrated mills with a 100 to 400 tonnes capacity per day employing directly between 200 to 300 workers. Smaller integrated mills with clusters around Kura, Doguwa, Tudun Wada, Bebeji, Gezawa in thousands and similar mills are coming up in Katsina, Sokoto, Bauchi, Adamawa, Lagos etc. This is an important achievement of president Buhari’s administration. It is also important to note that the current policy of government to internalize what we eat has given rise to a lot of initiatives on the part of the private sector to go into the agricultural sector – direct crop production, horticulture and live-stock farming. For the record, the policy of the present administration for the importation of rice in particular has saved the country form a lot of discomfort arising from the Covud-19.

It would have being a disaster if this policy initiative of producing the rice we eat was not taken earlier. We would have being in a situation that we would have no foreign exchange to import and even if we have, nearly all countries closed their borders.

Can you tell us some of the initiatives from the agricultural sector?

There are also other initiatives from the agricultural sector i.e. production and processing of exportable commodities such as sesame seed, hibiscus, benniseed, sheanut and many other related crops. In fact, my ministry is working on policy on exportable commodities which are listed above and the blue print will be coming out for public consumption as soon as the government gives its blessing.

What are you doing in the area of cocoa and other cash crops especially in the area of value addition?

This is an important question.

People will recall that we lost our position in the product of coca and palm oil over the years. Countries that were looking up to us for leadership in this area are now leaving us; for example, Malaysia and Indonesia on Palm oil, Ghana, Vote D’voire on Cocoa. We have the capacity and the strength to regain our position.

It requires two (2) fundamental issues. The political will of the government and the private sector will and resolve to invest in this sector.

On our part, the ministry through its agencies, cocoa research institutes and palm oil research institutes have now produced high yielding cocoa and palm oil which start maturing in 2 1/2 – 3 years.

Some of us in the financial and economic journalism in the country were surprised that despite a major contraction of many other sectors of

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I think I would like to be remembered for uplifting the agricultural sector to the next level; enabling poor and peasant farmers to become rich by playing their part in the development of this country

and a reasonable price. This may not come easy but is it my wish. It is also important that we make the farmers happy and make farming more attractive to our learning population of young Nigerians. I will also like to see a strong synergy between Agriculture and industrial sector as it is the surest way to create jobs and empower our youths to earn good income to take of their families, pay for their health and education bills as when due.

What do you do ensure maximum productivity of your own staff to help you achieve this idea? How do you ensure cohesion of agencies under supervision key into this vision?

The most important thing is change of attitude. The world is changing and agriculture cannot be left behind. We have to train our people for the future development of agriculture in this country. We are looking at the overall situation in the agricultural extension service, we are going to train about 75,000 extension workers within the next two (2) years, we have already gone half way, I am happy to note that the private sector and donor agencies have also taken up the challenge. In the next two (2) years, an informed knowledge and technology will be innovating agents in the agricultural sector. Our mechanization programme which will take off soon, will be a platform for training youths in modern agriculture.

the economy, the agricultural sector grew up despite the lockdown. How can this be sustained?

Well your question is very important. Agriculture is the reality and this covid-19 has shown the resilience of this all important sector.

All the sectors of the economy with exception of commercial banks showed declining trend; Agriculture on the other hand showed an increased growth rate even though at a declining trend. But all the same, it shows the importance of this sector and it is the one as I said earlier that holds the country together and I am happy to note that Nigerians have now taken up the challenge to take agriculture to the next level.

The financial sub-sector under normal circumstances and arising from the covid-19 should have shown a declining trend as manufacturing and other services declined. But unfortunately most of our commercial banks earnings were coming and still are coming from foreign exchange dealings and importation of goods of direct consumption with absolutely no value addition. It is therefore, important to reflect and look forward to the contribution of this important financial sector (commercial banks) in the future development of this country. The contribution to the development of the real sector – agriculture, manufacturing, construction etc. is far below the national aggregation of various sectors of the Nigerian economy.

I am sure you are very concerned as a long standing farmer, someone who understands the dynamics of Nigeria economy, insecurity, banditry, kidnapping and insurgency in the country. How have these impacted on agricultural output for this farming season and what are you doing to deal with the situation?

Despite the security problems in the country, farmers have really invested a lot in the farming business this year. From the preliminary reports 1 received all over the country, the situation is not all that bad and we can be able to contain it. It is unfortunate that the devastation of food in the north and drought in the south is likely to affect the production of rice and maize especially in states like Kebbi, Jigawa, Niger and Kwara etc and in the South Edo, Imo and Ebonyi. However, the federal government is taking early measures to contain the situation, in our ministry; we are preparing to support rice and maize farmers in the coming rice season through input and financial support. You will recall under the federal government’s Economic Sustainability Programme, small scale farmers- 1 acre to 5 acre will be funded with interest free loan to the tune of N600 Billion.

What should Nigerians expect from this ministry in the next three (3) years?

One of the most important things I will like to be remembered is to ensure the availability of food at affordable

What about agencies under your ministry?

I have about 42 agencies including four (4) University of Agriculture.

This is an enormous responsibility on the part of the federal ministry of Agriculture. We are currently in the process of streamlining the research agencies to be more cost effective and productive. There is currently a Bill in the National Assembly on this issue.

As I have mentioned earlier, some of the research institutes are focusing on the development of new seedlings in cocoa and oil farms. Others have developed good seeds like the institute of Agriculture Research Samaru, Zaria and the Chad Research Institute, Borno State.

You have been privileged to serve this country as Minister of Agriculture and Rural Development, what legacies would you want to leave behind?

I think I would like to be remembered for uplifting the agricultural sector to the next level; enabling poor and peasant farmers to become rich by playing their part in the development of this country. I hope to see by the time I leave office that farmers’ income have increased, employment in the agricultural sector has gone up and the synergy in the agricultural and industrial sectors is strengthened. I would like to see that our rural agricultural population is linked up with good access roads. Under the Covid-19 Economic Stimulus Package, we are building over 260-kilometer rural roads. We also intend to increase the rural roads by 300 – 400 kilometer roads under PPP arrangement.

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On 2020 World Food Day, Nigeria still struggling to guarantee food security CALEB OJEWALE

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he world food day is celebrated across the globe today, amidst a global crisis that started as a health crisis, but soon evolving to become an economic and even food crisis.

As noted by the Food and Agriculture Organization of the United Nations (FAO), the COVID-19 pandemic has become a global scourge exposing the fragility of agri-food systems. It threatens to push millions more into hunger; has made many to rekindle their appreciation for food security: what some take for granted and many go without; but has also provided an opportunity to transform an agri-food system that is out of balance.

With the theme “Grow, nourish, sustain. Together. Our actions are our future”, World Food Day 2020 calls for more resilient and robust agri-food systems, and for global solidarity - both vital for recovery from this crisis, and for building back better.

In Nigeria, 86.4 million people in face moderate or severe food insecurity according to this year’s State of Food Security and Nutrition in the World, an annual flagship report jointly prepared

by FAO, IFAD, UNICEF and WFP. It also states that 36.8 percent of children under the age of five are experiencing stunted growth and 49.8 percent of women of reproductive age have anaemia.

In cost and affordability of nutrient adequate diet, this represented 34 percent of expenditure and cannot be afforded by 72.7 percent of the population. In cost and affordability of healthy diet,

this constitutes 64.1 percent of expenditure and 91.1 percent of the population cannot afford it.

As at 2019, the country had 24.6 million undernourished people while 17.8 million are severely food insecure.

The pandemic severely impacted agricultural productivity in Nigeria (and invariably food security), with farmers lamenting in the weeks movement was restricted, as it coincided in some places with harvest and in others planting season.

While some said they lost parts of harvests, others could not commence the planting season according to schedule. Input movements across the country

were also hampered, meaning even those in rural communities that could perhaps still get to farms had no seeds, fertilisers or other inputs to use; even day old chicks for poultry farmers.

However, Kabir Ibrahim, national president, All Farmers Association of Nigeria (AFAN) told Agribusiness Insight “Nigerian farmers are poised to optimize their productivity to make Nigeria food sufficient in response to the President’s continued support for Agriculture but still ask for better security, good seeds, other inputs as well as access to credit in a sustainable manner.”

He further stated, “To finally and definitely impact the food

system and to rapidly attain Food Security AFAN advises the government to reappraise the FMARD and also appoint a Special Adviser on Food Security.”

This year’s world food day is also coinciding with the 75th anniversary of FAO, and is expected to be an opportunity to thank Food Heroes – farmers and workers throughout the food supply chain - who, no matter the circumstances, continue to provide food to their communities and beyond.

“What we now need is smart, systemic action to get the food to those who need it and improve it for those who have it. Action to prevent crops from rotting

in the field, for lack of efficient supply chains,” said Qu Dongyu, FAO Director-General. “Action to enhance the use of digital tools and artificial intelligence, so as to predict threats to harvest, automatically trigger crop insurance and cut climate risk. Action to rescue biodiversity from relentless erosion. Action to turn cities into the farms of tomorrow.”

He also advocates action by governments to implement policies that make healthy diets more accessible. Action by agencies like FAO to turn to think-tanks and action-tanks rolled into one, linking up with the research community and the private sector to unleash the power of innovation.”

Lessons for Nigeria as WMO report emphasises impact-based weather forecasting

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n Tuesday when “The State of Climate Services 2020 Report: Move from Early Warnings to Early Action” was released by the UN World Meteorological Organization (WMO), there was an emphasis on the need to switch to impact-based forecasting. That is, an evolution from “what the weather will be” to “what the weather will do” so that people and businesses can act early, based on the warnings.

The significance of this in Nigeria cannot be overstated, with floods in recent years destroying property, claiming lives, and of course severely affecting agricultural activities.

Petteri Taalas, SecretaryGeneral of WMO, emphasised the importance of being prepared and able to react at the right time, in the right place,

which can save many lives and protect the livelihoods.

“Early warning systems constitute a prerequisite for effective disaster risk reduction and climate change adaptation. Being prepared and able to react at the right time, in the right place, can save many lives and protect the livelihoods of communities everywhere,” said Taalas, Secretary in a foreword to the report.

He also highlighted that while it could take years to recover from the human and economic toll of the COVID-19 pandemic, it is crucial to remember that climate change will continue to pose an ongoing and increasing threat to human lives, ecosystems, economies and societies for centuries to come.

“Recovery from the COVID-19 pandemic is an opporwww.businessday.ng

tunity to move forward along a more sustainable path towards resilience and adaptation in the light of anthropogenic climate change,” added Taalas.

It presents a unique message and challenge to Nigeria, and in particular its Meteorological agency, on more precise impact based forecasts, that will not only detail the specifics of ‘what can happen’, but also come early in order for as much preventative measures as can be mustered to be put in place.

Globally over the past 50 years, some 11,000 disasters, attributed to weather, climate and water-related hazards, claimed over 2 million lives and cost the world economy $3.6 trillion, according to WMO. In 2018 alone, storms, floods, droughts and wildfires left some 108 million people in need of

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international humanitarian assistance. By 2030, this number could increase by almost 50 per cent at a cost of around $20 billion a year.

In spite of the alarming figures, one in three people are still not adequately covered by early warning systems, with communities in Africa, least developed countries and small island developing States most affected, the UN agency added, citing challenges such as weak dissemination of early warning, inadequate observing networks, and insufficient capacity to translate early warning into early action.

To make early warning systems more effective, the report outlines six key recommendations to improve the implementation and effectiveness of early warning systems, globally: @Businessdayng

- Investing to fill the early warning systems capacity gaps, particularly in African least developed countries and small island developing States; - Focusing investment on turning early warning information into early action; - Ensuring sustainable financing of the global observing system that underpins early warnings; - Tracking finance flows to improve understanding of where these resources are being allocated in relation to early warning systems implementation needs and what impact this is having; - Developing more consistency in monitoring and evaluation to better determine early warning systems effectiveness; and - Filling data gaps, particularly in small island developing States.

Friday 16 October 2020

BUSINESS DAY

FINTECH News

Products Review

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Personality Review

19

Company Review

Investors mobilise for legal battle as AgroPark, again, postpones payout to 2021 FRANK ELEANYA

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groPark, another agri-investment p l a t f o r m, h a s left investors sp oiling for a legal battle after it sent a letter informing them, for the second time, that payment of capital and accrued dividends will no longer be possible and will now be moved to 2021.

It is a similar challenge that has faced investors in other agro-investment firms like Thrive Agric and HO Corn. In the case of Thrive Agric which is also facing legal actions, the co-founder and CEO had to step down for an acting CEO to help sail the company through the turbulence.

In a letter dated September 17, 2020, and signed by Sola Olunowo, managing director of the company, AgroPark which claims it manages over 5,000 hectares of farmland across the country, blamed the lockdown occasioned by the COVID-19 pandemic, the cost of production, and offtakers struggling to attain market stability, as being responsible for the setback it has faced in fulfilling its obligations. According to the company, the cost of production was becoming unpredictable because of the constant use of petrol and diesel to power equipment for irrigation.

“In line with the new payment schedule, all efforts we have put into recovering from these difficult times, we are saddened by our inability to meet the payment obligation for September 15th, as stated in the payout schedule. We are working hard to increase sales and unlock some of the constraints we face and we truly hope that as demand returns, it will be reflected in your return on investment. The due returns as advised will be paid on or before 30th January 2021,” Olunowo noted.

But a coalition under the name of AP Concerned Subscribers are not having it.

How it started Founded in 2017, AgroPark is a Lagos-based agro-investment firm that

specialises in the production and processing of spices (turmeric, basil, lemongrass, pepper); poultry; and fishery. In July, the company said it was diversifying into staple crops like maize; sweet corn; soybeans; rice; and beans. Hence it has since cultivated 130 hectares of maize; 10 hectares of sweet corn; 40 hectares of rice; and 85 hectares of land was ready for second plowing for soybeans.

To fund its farming operations, AgroPark looks out for individuals with resources to buy into its farm investments. These investors provide funds to own the farms on a lease basis for a return that varies from 20 percent to 40 percent.

While the investors own

the farms, AgroPark is the manager that ensures that money spent is returned in one piece. Returns are paid on a quarterly and yearly basis depending on the crop the investor subscribed for.

A ten-year lease, for instance, gets quarterly remittance. In an interview with the Guardian, Olunowo said the longer an investor can wait the larger the return.

According to people who invested in the farms, AgroPark had faithfully paid on time until the first quarter of 2020. “They gave a COVID-19 explanation that time, which was somewhat believable, so no hard feelings,” an investor who chose to remain anonymous told BusinessDay. “(I) talked to their rep who told me that

they will switch my crop to maize and remittance was due in September, which the portal stated too. They also sent some emails communicating their stance.”

The squabbles and halftruths The aggrieved investors are accusing AgroPark of not clearly communicating what has happened with their investment. Hence, in August the investors got together to form the AP Concerned Subscribers coalition.

At the behest of their legal advisers, the coalition issued a Letter of Demand rejecting explanations for negative remittances and the inability to pay remittances. They also demanded disclosure of a business structure and farm succession plan for clients’ farm lot. As well as the immediate reversal of all negative remittance communicated to subscribers and payment of all accrued returns from April to August 2020.

AgroPark as a form of response chose a subtle offence. In a September letter addressed to a particular investor which BusinessDay saw, AgroPark accused the coalition of breaching its data privacy rules. According to the company, AP Concerned Subscribers allegedly collaborated with some members of staff to obtain the personal information of the investor.

But the coalition said

that AgroPark’s letter was part of a grand plan to cover what the real problems are.

It recalled meeting with the management of AgroPark in June requesting among other things clarification on non-payment of subscribers’ remittances and review the off-takers list and transactions made during the lockdown.

“Unlike Agropark, we have the requisite data confidentiality process to ensure that the integrity of your data is never compromised.

We also plan to further engage Agropark on the level of their internal breaches so that we can understand what Agropark and the staff have done with our confidential data/information,” the coalition said in a letter.

Alle g e d re cruitment sharp practices In 2019, former staff of the company took to Nairaland to allege unhealthy recruitment practices by AgroPark.

A staff who identified herself as Adanna recalls h o w s h e w a s re c r u i t e d alongside 9 employees as Agricultural Journalist graduate trainees. She took up the offer thinking by doing so she will gain an experience of a lifetime. The company even promised to train the new recruits, hence they sent them to a farm estate at Ijale Orile Abeokuta to gain firsthand experience in agriculture.

Three things tech companies eyeing Nigeria Stock Exchange should consider FRANK ELEANYA

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rivate equity and venture capital may be the biggest sources of investment in the tech ecosystem in Nigeria, but they are yet to sufficiently address the problem of access to funds for many tech companies. Hence, there is always a scramble for the next funding opportunity available.

Over $2.9 billion have gone the way of 177 tech startups in Nigeria so far, according to data from Startuplist Africa. While the investment is spread across the various segments of the ecosystem it is still not enough to sustain the growth and expansion of the many startups that are in the country. This is why the Nigeria Stock Exchange (NSE) represents an option for many companies.

To be sure, the NSE is the physical market of the Nigerian capital market, established in 1960 to provide listing and

trading services, as well as electronic clearing, settlement and delivery (CSD) services through Central Securities Clearing System (CSCS) Plc Act. the instruments listed in the exchange include Federal Government development loan stocks, state government bonds, commercial and industrial loan stock, equity stocks, preference shares, etc.

The Nigerian Stock Exchange has welcomed a decent number of technology com-

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panies including MTN Nigeria, Airtel Africa; eTranzact; Computer Warehouse Group (CWG); Triple Gee & Company Plc; Omatek Plc; Chams Plc; and Courtville Business Solutions Plc. Many more businesses are constantly looking in the direction of the stock market to raise funding for expansion.

There are many benefits for companies choosing to list on the stock exchange. For some companies, listing on a

stock exchange is a strategy to increase shareholder base and enhance credibility. Going public can also improve a company’s visibility and credibility among institutions and the investing public due to complying with various regulatory norms and ensuring transparency while conducting operations. Listing also allows shareholders to transact in the shares of the company, sharing risks as well as benefiting from

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any increase in the organisational value.

Although stock exchanges all over the world share some similarities, there are marked differences which companies need to consider. Niyi Toluwalope, CEO of eTranzact one of the fintech companies on the Nigerian Stock Exchange, shares three points that could help companies looking in this direction.

Appetite for risk The Nigerian Stock Exchange, according to Toluwalope, attracts investors that are interested in steady capital.

Tech companies are mainly after growth capital.

“For example, I want to buy shares in companies that are listed because I know it is going to pay me dividends every year. Hence, it is more like a retirement plan rather than an aggressive investment play because I know that if I put money in this company in the next @Businessdayng

three years the money is going to grow fivefold,” he explained.

This is mostly responsible for why the stock exchange does not have a strong representation on the GDP of the country.

Usually, a strong stock market typically signals a healthy economy. This is not the case for the Nigerian stock market despite the robust growth it has recorded over the years. Today’s economic growth is powered by agriculture and SME growth.

Interestingly, not much of the capital in the exchange goes to these areas. The Nigerian stock market capitalisation to the GDP from 2019 is 9.6 percent whereas the world average in 2019 based on 58 countries is 83.64 percent.

In the absence of a healthy risk appetite from the stock market, many foreign private equity investors with high risk appetite have dominated investments in technology companies in Nigeria.

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Friday 16 October 2020

BUSINESS DAY

LEADINGWOMAN On #EndSARS and #EndPoliceBrutality, the women speak Anthonia Ojenagbon

Kemi Ajumobi

CEO, Silton African Kitchen

Associate Editor, BusinessDay

Aisha Yesufu Nigerian Socio-Political Activist

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just got a call from one of the protesters at Berger in Abuja.The protesters have been attacked by hood-

Adeola Azeez Seasoned Banker

I

t is a deep pain that needed to come now because our youth are rising up to the dehumanisation, the devaluation, and the demotivation that they have experienced in the hands of SARS. SARS is the Special Anti-Robbery Squad, created at a time

lums under the watchful eyes of the Nigerian police.

The same thing they did to us in 2014 is what they are doing to us again in 2020.

They bring in hoodlums to attack protesters while they watch and tell the hoodlums what they are supposed to do.

The Nigerian government does not understand that these young people, the youth of this nation that have been failed so badly over the years, that they are angry and they have come together and they are working together, and they are mobilising themselves and saying they are not retreating.

The Nigerian government does not understand that while the other protests are protests of empathy, this protest is a protest of survival for them.

when armed robbery in the country was at a very high level, where we couldn’t sleep, security was terrible and all kinds of things were going on. Now, the purpose of setting up that team has been long gone because of what they are doing and inflicting on everyday Nigerians, I feel pain, I feel sad that we needed to get to this level before the government said that we needed to disband SARS. How many times have they disbanded it in the past?

From 2016, 2017, 2018… they disband and they reemerge and everybody has been complaining about their experiences, various youths and even adults have been killed in the hands of SARS, they’ve been raped in the hands of SARS. Enough is enough and it will not stop until those five demands are met. These children have grit, they are fearless.

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KATE HENSHAW Award winning actress, Social advocate God of creation, direct this noble cause!! Great Nige-

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MO ABUDU Media Entrepreneur, Venture capitalist

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e wake up every day to so many evils in our societies that just need to end.

The power of social media, the creation of hashtags and protests around the world is forcing governments also to take necessary actions.

The Bible does say the

rian youths!!! long may you live... none of us is free until all of us are free!

heart of man is desperately wicked Jeremiah 17.9. Why are we like this? Why do we do the things we do? When will it all END? I do take solace in one Godly and Universal law.

For those that commit these evil deeds, you will all answer for it in this world or the next.

We Yoruba’s have a saying : Kò sí ńkan tí èyán se tò se gbé, translated: “you will be punished someday for all the evil you do” So whilst we continue to fight for injustice in many ways, it might be a protest, a hashtag, private lobbying, open letters, private calls, donations are made to worthy causes, we even produce feature films about some of these challenges and so on and so forth, the evil doers, from those in the police force, to greedy politicians, human traffickers, rapists, racists, chauvinists and so on, should know, pay day is coming to all your evil souls, kindly be rest assured.

was 8 months pregnant. We went to Festac for the christening of my sister-in-law’s grandchild. On our way back, they stopped us.

“Oga park, l say park” and Sylvester (my husband) parked where he was instructed to.

They checked all our papers, asked for money which we insisted we did not have, they insisted they were taking him away and they would pay for a taxi for me to go home, they dragged him to their van, It was late at night.

They started dragging Sylvester and l was scared to death. They threatened to waste us and it hit me, if help doesn’t come we are finished. I lived with an uncle who is a police man so l understand how this works.

We begged and begged and begged. When begging didn’t work, l just started shouting, l asked which station and they didn’t answer, I ran to the middle of the road, l started stopping cars, l was shouting, “police wants to carry my husband away” one of the policemen said I should shut up or he will shoot.

I kept shouting and crying loudly, cars started slowing down when they saw a pregnant woman shouting and crying at that time of the night by the road side to find out what was going on.

Four men came out from their cars to meet us, with my big stomach; l just knelt down, still shouting and crying that my husband be released by the police. I started the story asking what l will tell his mother, I told the police he is an only son and that his mother was aged.

We were eventually allowed to leave after some time.

We demand an end to police brutality!

Adesua Onyenokwe

Ace Journalist. Speaker.

Coach

Ufuoma McDermmot Actress Producer Director

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hile we salute good and upright law enforcement agents, we cannot continue to sacrifice Nigerian

lives to a breed of corrupt officers who taint our country’s image and cut our lives short. President Muhammadu Buhari, do something sir! I did not vote nor campaign for you but you are the president of this country so fix it! www.businessday.ng

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RINU ODUALA iVocate For Humanity

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he end goal is #EndSARS and until we achieve that, we won’t stop speaking. Don’t give room for distractions. Our

focus is #EndSarsNow If anybody says anything different, say #EndSARS. Any other thing, it’s still #EndSARS. After that, we can discuss about trivial matters

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followed all the #Endsars campaigns on social media. It has been going on and on, this is about an abuse of power.

Why will an organisation set up to protect people be the one that is hitting people, get swollen headed by the powers that is in their hand, that is @Businessdayng

only made even stronger because of the guns they have in their hands, but kudos to all those people who came out. While I feel for those who lost their lives, I applaud all those who came out to fight. This abuse of power just has to stop, it doesn’t matter what it was created for, it certainly wasn’t created to kill people. Let’s ENDSARS now!

21

Friday 16 October 2020

BUSINESS DAY

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@Businessdayng

22

Friday 16 October 2020

BUSINESS DAY

Hotels

Lagos Continental Hotel rises again ...Reopens with improved offerings Stories by Obinna Emelike

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esterday, October 15, 2020, discerning guests and hospitality industry stakeholders witnessed the reopening of Lagos Continental Hotel after seven months of shutdown, occasioned by the Covid-19 pandemic, refurbishment and upgrade projects in the hotel.

To meet the highest standard of hospitality, the management of the hotel noted that it used the lockdown period wisely to make continuous improvements to the hotel in order to meet the needs and demands of the modern business traveler, who looks for honest luxury without all the bells and whistles.

However, having stayed long out of business, the management of the Victoria Island-based hotel spiced the reopening with unique activities including; media launch, reopening staff retreat, reachout to guests, among others.

The retreat, which was the highpoint of the pre-opening activities was aimed at motivating both new and returning staff, who were mentored by Michael Idakwo, a hospitality consultant, and chef Selassie Attadika, a Ghanaian culinary expert and winner of one of the 100 Chefs of the World 2019, at the one-day retreat.

In his presentation titled ‘Exceeding guests’ expectations’, Idakwo noted that exceeding expectations is not a wish but a work, which must be diligently and consistently done by the entire hotel staff.

He argued that the recession had impact on hospitality industry, but that the pandemic came with unprecedented impact, which means that only hotels that offer exceptional services can survive post pandemic.

“Only happy staff can make a happy customer. So, learn, improve on your skills

L-R: Marcel Brekelmans, general manager, Lagos Continental Hotel; Selasie Atadika, Ghanaian chef, and Ekene Nnabuihe, director of sales & marketing, Lagos Continental Hotel, at the reopening retreat.

and jettison any excuse that will impact negatively on customers’ expectations. If you do that, there will be more referrals from the happy guest and your exceptional service will be rewarded”, Idakwo advised the participants.

According to Idakwo, customers expect good feelings, to be respected, celebrated, informed, served, among others services, which can be delivered only by exceptional staff, who often hone their skills, create magic and differentiate their services.

Also in her presentation titled ‘Arica Excellence ‘, chef Selassie Atadika motivated the participants with her success story in the food business, with thriving African-themed restaurants.

“You can be that staff every guest is looking forward to meet if you put your mind in what you do and also make consistent efforts to improve on your knowledge and skills required to render exceptional service”, chef Selassie said.

She noted that local delicacies are part of African culture, and delivering them in more appealing way would encourage guests from other parts of the world to taste and appreciate them, as well as, help in

preserving African heritage.

To be exceptional and portray the ‘African Excellence’ in their service, the chef urged to participants to understand the importance role each plays in the new team, to be detailed in delivering even the smallest service, and create amazing guest experiences that would change the usual narrative to an African excellence.

Speaking on the retreat, Marcel Brekelmans, general manager of the hotel, noted that the management of the hotel is beginning to see the motivation and passion to be exceptional among the new and returning staff, which are among the objectives of the retreat.

Offering assurance on best hospitality offerings, the general manager, urged guests to visit for a taste of the improved hotel.

“We have made adequate preparations for our guests’ return, with their safety and that of our colleagues as our topmost priority”, he assured.

Explaining the strick safety measures in place, Brekelmans said, “Our rooms are rigorously cleaned and disinfected for in-house guests.

After departure, rooms are left for a minimum of 24 hours, and decontaminated prior to

another guest’s arrival”.

According to him, the hotel’s in-room directory now comes in a newspaper form, enabling the hotel to change it on daily basis to avoid paper contamination.

Other upgrades in the hotel include; the installation of full size luggage scanners on the entrance door, upgrade of rooms and public areas, the reconceptualization of the restaurants and bars, and the implementation of staff development programmes.

As well, the hotel’s technical systems were not left out, especially water management, power, management, AC and cooling system.

In his remarks on the upgrades, Ekene Nnabuihe, director of sales and marketing of the hotel, noted that the facility upgrades was necessary in order to offer guests the best value for money in a very safe and secured environment, while the hotel strive to maintain high standards across its offerings.

The general manager further noted that as part of the hotel’s strategic reopening, several appointments (both domestic and expatriates) were made in the last five months, within the executive leadership team and top management with focus on key areas within the business to support the next phase of growth.

Now reopened, the management of the hotel assured that Lagos Continental Hotel is safer and cleaner with improved service delivery.

“We enjoin you to consider a visit or tour of our property, where we will be more than pleased to show you our efforts in the past seven months”, the general manager concluded.

It would be recalled that the 358-room 5-star hotel was shutdown for facility upgrade on July 31, 2020.

Before the upgrade, it was earlier closed for the period of lockdown.

Akwa Ibom appoints Icon Hotels & Resort as management company for Ibom Hotel and Golf Resort

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he Akwa Ibom State Government has announced the appointment of Icon Hotels and Resorts Nigeria, the Nigerian subsidiary of Icon Hotel Group Africa, as managers of its Uyo-based 5-star Ibom Hotels and Golf Resort. The appointment of the African leading hospitality management company, according to the state government, is in a bid to further grow tourism and hospitality potentials of the state, as economic activities resume nationwide.

Performing the handover ceremony on behalf of the state government, Akparawa Ephraim Inyang-Eyen, chief of staff to the Governor, charged Icon Hotels & Resorts management team to bring their globally rated African hospitality expertise to bear in managing the hotel.

While congratulating Icon Hotels & Resorts on the appointment, the governor stressed the need to onboard innovative ideas in attracting patronage for the hotel and the overall tourism development of the state. He also www.businessday.ng

reiterated the government’s commitment to supporting the new managers, as both parties collectively ensure that Ibom Hotel becomes one of the leading hotel brands in Africa.

In his remarks Udom Emmanuel, Akwa Ibom State governor, said, “We expect that in the next 12 months the hotel should manifest a new culture and environment to attract patronage”. He urged the new management not to victimize workers and to use those already working, especially those who are good at

their jobs.

In response, Fred Maina, Group CEO, Icon Hotel Group Africa, thanked the government for trusting their competence and expertise in turning around the fortunes of the hotel for the better. According to Maina, the next 12 months will see the hotel recording tuned up customer experiences in services, refreshed ambience and trained personnel. It will also see the hotel significantly contributing to the state’s revenue with increased inflow of tourists and businesses.

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

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

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

Tel: 01 277 3560

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

Tel: +234 9 4603900, +234 805 7522500

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

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate

By Games Village Second Gate Durumi2 Abuja

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

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

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

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

Friday 16 October 2020

BUSINESS DAY

23

ENTERTAINMENT

At home with Emmy Kosgei Madubuko, the music pastor Stories by OBINNA EMELIKE

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bout 17 years ago, the African music industry witnessed the launch of a new entrant. She came with unique East African vibes under the stage name, Emmy Kosgei.

As well, she chose a different path in her career. Instead of the popular hip hop, which many Kenyan musicians do then, she settled for the gospel genre.

Moreover, she renders her inspirational, melodious and danceable gospel songs in Kalenjin, her native language.

She interprets her music through her culture; donning African regalia, creatively choreographed African dancing and the spirit behind her songs is the ‘Power of God’, she states.

Now married to Apostle Anselm Madubuko, founder, Revival Assembly Church Lagos, Emmy is a music pastor.

Raised by parents who are pastors, the gospel artiste is a born again Christian, brought up in the church with the natural love for gospel music.

She sees music as food for the soul, a powerful tool that can be used to pass any message across and believes that the spirit behind the music is more important than the language of communication.

“Music has no language and barrier. Music brings people together to preach peace and bringing healing. African culture and

Emmy Kosgei Madubuko, the music pastor

Africa Music Summit holds November 4th

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he organisers of Africa Music Summit, Calabar 2020, have announced that the summit would hold on November 4, 2020 at the Cultural Center Calabar and would be declared open by Ben Ayade, governor of Cross River State.

The summit is expected to be graced by government dignitaries, renowned musicians, entertainment promoters and influencers, among others.

As part of the preparations ahead of the summit, Eric Anderson, commissioner for Culture and Tourism Development, Cross River State, on September 8, 2020 took the local organising committee of the Africa International Music Summit (AIMS) on a tour of the event venue.

Anderson commended the organisers of the event, saying that the summit would unravel the business potential in music. He reinstated the resolve of Governor Ayade to continually support initiatives that seek to challenge people, especially the youth to engage in entrepreneurial activities, including music and entertainment.

“The summit will unravel

the business potentials in music, as music goes beyond just entertainment. The music industry is an economy and those involved need to know and understand the business aspect of it to be able to breakthrough in it,” the commissioner said.

Michael Odiong, the summit director, AIMS LOC, explained that Calabar repeatedly came up as the preferred choice and promised a smooth working relationship with the ministry to make the event a successful one.

Effiom ‘ Trombone’ Bassey, the lead organizing director, AIMS LOC and special assistant to Governor Ben Ayade on Entertainment, said the music summit would educate music artistes especially in Cross River State to redefine their perspectives about the business of music, understanding that it goes beyond performances, their immediate environment, and that they can make it from anywhere.

After the tour, Bassey told journalists that the conference would host about 200 guests, despite its 2, 500 seating capacity and in line with social distancing measures,

while speakers and guests will participate remotely from their locations.

The initially planned 3-day music summit, according to the organising committee, was supposed to hold in July 2020 at three different locations in Cross River, but for the outbreak of the COVID 19 pandemic.

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Mr Eazi, one of the keynote speakers at the music summit

music are powerful and attractive”, enthuses the artiste, who is also the patron of Revival Assembly Women Fellowship.

Considering her consistent appearances on stage, she gained confidence and started working on her first album, Katau Banda, which came out in 2005. Since then, Emmy’s music career has been on the rise.

In 2006, she staged her first performance in South Africa, the US tours followed, among others that have seen her perform on global stages alongside world’s music greats.

Also, since the release of her first album in the US, which was well received, she has become a regular festival performer there and internationally before it was even acclaimed in Kenya.

Along the line, she has built a huge followership world over with people who appreciate her music.

She is currently working on her 7th album in Lagos (where she has lived for seven years now) with a production team and producer led

by Orliam.

The album project includes released single titled Maloo, a gospel Afro-fusion blend of Kalenjin, Swahili and Igbo languages with jazz infusions. The rest of the album is expected to be released by the end of the year. Emmy describes her musical style as richly Afrofusion and patriotic. She further describes it as a source of inspiration for her audience. Some of her highly acclaimed songs from her six previously released albums

includes; ‘taunet nelel’ ‘Ategisin’, ‘ololo’, among others, which have won her numerous awards on local and international music scenes.

However, her over 17 years in the music scene are dotted with many recognitions and awards.

Emmy is a peace and cultural ambassador for Kenya and the visionary for the annual Pamoja Concerts, which is now in its 10th edition. The concert is a platform that preaches peaceful co-existence in Kenya and brings together close to 40,000 attendees. Her project is peace. After receiving an honorary award by the Kenyan head of state, she was also officially appointed tourism and cultural ambassador of her country (both nationally and globally), and has severally represented Kenya globally at festivals, which she presents another side of Kenya than the popular tourism front. She represented Africa at one of the Master Peace Concert Amsterdam, one of the biggest global festivals that take her music of peace globally. She is a multiple award-winning gospel acclaimed musician not only in her home country Kenya, but also globally.

She has won BEFTA Awards UK, AGMA Awards UK, Over 10 Groove Awards, EAM Awards, and has also received the Head of State Commendation by the president of the Republic of Kenya. Emmy is a philanthropist, who has touched children with disability. In her Hope Academy, she educates over 70 children from poor backgrounds through proceeds from her music, among other projects.

KimOprah, former BBNaija housemate, becomes The Hairfuse brand ambassador

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he Hairfuse Luxury Limited, a fast-rising luxury hair and beauty care company, has appointed KimOprah, a former housemate of Big Brother Naija, as its first brand ambassador.

Welcoming on board KimOprah, whose real names are Chinonso Ibinabo Opara, Mosunmola Rotimi, leading partner of The HairFuse Luxury Limited, said, “We celebrate KimOprah’s association with our Luxury Hair brand.

The relationship between the 2019 Bbnaija housemate and The Hairfuse Limited builds on our vision of becoming the preferred luxury hair care company in Nigeria and beyond”.

She noted that the company is a full-service beauty hub dedicated to consistently providing high customer satisfaction by rendering excel-

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lent service, quality products, amid an enjoyable atmosphere.

Rotimi said further that the partnership would help The Hairfuse Limited reach more young people.

The former Big Brother Naija Pepper Dem Gang housemate expressed joy over the partnership. “I am pleased to announce that I will be working with The Hairfuse as their brand ambassador”, she said, while looking forward to a pleasant working experience with the brand.

The Hairfuse offers pedicure and manicure services, ready to wear wigs, direct installation, natural hair treatment and styling and frontal customisation.

She represented Nigeria at the Miss Intercontinental World Beauty Pageant. She is passionate about beauty and hair care, @Businessdayng

and is determined to take the sector to the next level.

KimOprah, former BBNaija housemate, becomes The Hairfuse brand ambassador

24

Friday 16 October 2020

BUSINESS DAY

Sports

Rohr in selection dilemma ahead of Sierra Leone clash Stories by Anthony Nlebem

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uper Eagles technical adviser, Gernot Rohr, says it’s tough to pick a team for November’s Africa Cup of Nations qualification double-header against Sierra Leone.

Rohr handed debuts to as many as six players during the international break in October, namely Zaidu Sanusi, Frank Onyeka, Samson Tijani, Kevin Akpoguma, Cyriel Dessers and Chidera Ejuke.

The Super Eagles bowed 1 - 0 to re ig n i ng A f r i ca n champions in their first game before settling for a 1-1 draw with the Carthage Eagles on Tuesday.

In the absence of the like s o f Nap o li’s Vi c to r Osimhen, Leicester City’s Wilfred Ndidi, Rangers’ Joe Aribo, Galatasaray’s Peter Etebo and goalkeeper Francis Uzoho, the games played in Austria gave the German tactician an opportunity to test new players.

Rohr believed that the Super Eagles merited a draw in their first friendly against

the African champions and should have defeated the Tunisians on Tuesday night.

“Indeed, the results could have been better. We could have picked a draw against Algeria and a win against Tunisia,” Rohr told the Super Eagles Media team.

“We have some positives to pick out from the games because inspite of missing some key players we still competed well.

“Now it is going to be difficult for me to pick our list for the AFCON qualifiers next month because of the new boys who did well.

“I believe these very good friendly games will help us to return to winning ways when we play Sierra Leone next month (home and away).

Good results next month may see us qualifying for the 2022 AFCON already.”

Kelechi Iheanacho took the marksman’s role from gangling Paul Onuachu.

After two misdirected shots

by Samuel Chukwueze and Zaidu Sanusi, the former U 1 7 Wo r l d Cu p w i n n e r showed his team mates how to do by holding the ball well inside the box, against Dylane Bronn, and firing

… as Arteta battles former boss, Pep Guardiola

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cross-town rivals since October 2010.

L i ve r p o o l have b e e n handed a health boost as Sadio Mane and Thiago Alcantara are back in training after quarantining for contacting coronavirus.

Liverpool are coming off of a massive defeat to Aston Villa, while their crosstown rivals are sitting at the top of the table.

The return of Mane and Alcantara should provide a significant boost for Liverpool. Diogo Jota did a solid job filling in for Mane, but

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M

aliyo Games, a Nigerian gaming company, has released Whot King, an immersive mobile card game for casual gamers.

The app, which is available on the Google Play and App stores, is packed with features that are designed to keep users entertained, and engaged.

Featuring a unique card design, orientation and usercentred gameflow, Whot King is a digital iteration of the original Whot, a multiplayer card game loved by generations of players.

Like Ludo, and Ayo, two locally adopted board games, Whot is a part of a staple of games that enjoy widespread popularity across the West African sub-region. It is considered the national card game in Nigeria.

The developer, Maliyo Games, has a record of game hits inspired by African themes under its belt. Some like Mosquito Smasher, Okada Rider, and Aboki Run are leaders in their categories for downloads, frequency and duration of plays.

According to Hugo Obi, the company CEO, “User-friendliness is foremost in our creative process. In designing Whot King, the team considered the possibility that a lot of people might be first-time Whot players. That’s why we included an interactive tutorial to simplify the player onboarding process.

In fact, we expect the greatest

growth of traditional games ported to virtual gaming environments to come from first time players including women.”

To illustrate the company’s attention on ease of use, Whot King was developed from ground up to be played in portrait mode. This enables players to use one hand, just like they would when using traditional functions on their screens.

To keep it edgy, Whot King has a range of card features with extra powers that allow users to bypass restrictions. One of these, the magic charm, has proven quite popular with players. Another one is the tournament mode, which allows solo players to initiate and complete

games without other players.

Hugo shared his excitement about the game’s prospects.

“Like many young people growing up, I enjoyed playing Whot with my siblings and schoolmates. As a game developer, I wanted to create an aesthetically pleasing and immersive gaming experience.

My inspiration is to package Whot as a universally appealing game, and present it to a global community of mobile gamers. I believe that we can achieve this with Whot King.”

Premier League clubs to debate reform plan

Everton face acid test against Liverpool in Merseyside derby lub football action returns this weekend after the international break. Premier League action opens with a potential thriller between Merseyside rivals Everton and Liverpool at Goodison Park. Both the Toffees and the Reds have enjoyed excellent starts to the 2020-21 season, with Carlo Ancelotti’s tutoured Everton side feeling they c ou l d c ha l l e ng e Ju rg e n Klopp’s champions in this clash and perhaps pull off a first league win over their

past goalkeeper Ben Mustapha Farouk to put Nigeria in the lead for the first time in the tour. This was in the 21st minute.

Of the 26 players invited to the Super Eagles training camp, only four in the shape of Dele Alampasu, Mathew Yakubu, Ola Aina and Tobias Lawal did not taste action in the two matches this month.

Next up for the Super Eagles is a quickfire homeand-away AFCON qualifying fixture against the Leone Stars of Sierra Leone, between 9th and 17th November.

Maliyo Games introduces Whot King Card game

he does not have the same psychic connection with his strike partners Roberto Firmino and Mohamed Salah just yet, Mane will likely slot back into his starting role.

“Everton is a massive club, the reality hit with a lot of the players that we’ve got a world class manager and, as players, if we’re not delivering then they can bring someone else in who can do a job,” said defender Michael Keane.

Saturday features another mouth-watering clash with the meeting of Manchester City and Arsenal in the earlyevening kick-off. Once again, Gunners manager Mikel Arteta will pit his wits against former boss Pep Guardiola and look to continue his growth as a leader of a major club.

One of the top matches to look out for in LaLiga sees Barcelona head to the Coliseum Alfonso Perez to take on Getafe also on Saturday 17, October, a meeting of two teams which have made promising starts to the season and will be looking to keep up their momentum.

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remier League clubs are holding a shareholders’ meeting after Football Association chairman Greg Clarke said a breakaway from the top flight was wielded “as a threat” during talks over radical proposals to restructure English football.

The “Project Big Picture” plan, backed by Liverpool and Manchester United, has been criticised by the government, the Premier League and fan groups.

Proposals include cutting the number of Premier League teams from 20 to 18, scrapping the League Cup, controversial changes to voting rights and a financial settlement for the English Football League (EFL).

Representatives of the 20 Premier League clubs will have the chance to debate the issue in the open for the first time during a virtual gettogether on Wednesday that comes after an eye-catching intervention from Clarke.

In a letter to the FA council, which convenes on Thursday, he said he had taken part in initial discussions before walking away when he felt the aim had become “the concentration of power

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and wealth in the hands of a few clubs, with a breakaway league mooted as a threat”.

Clarke warned the FA could use its so-called “golden share” as a trump card if it felt the wider interests of the game were being compromised and suggested any breakaway competition would not receive the necessary sanctions from the governing body.

“We, the FA board and council, have to ensure that any changes would be to the long-term benefit of the whole of football and we have substantial controls to help ensure that the best interests of the game are served by any new proposals,” he said.

The plans have been championed by EFL chairman Rick Parry, with teams in the Championship, League @Businessdayng

One and League Two in line to receive £250 million ($323 million) up front alongside a promise of a 25 percent share of future Premier League broadcast revenue.

Support among the 72 EFL clubs appeared to be soaring after separate divisional meetings led by Parry on Tuesday, although the plans have reportedly been less well received by most Premier League clubs outside the elite names.

Former Leeds chairman Peter Ridsdale, representing Preston, said there were “no dissenting voices” in the Championship call, Burton Albion chief executive Jez Moxey described League One support as “unanimous” and Leyton Orient chairman Nigel Travis said excitement about the plans was “overwhelming”.

Friday 16 October 2020

BUSINESS DAY

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Friday 16 October 2020

BUSINESS DAY

Advertise Here What Ban On Maize Importation is doing to Poultry Production

‘The poultry sector is one of the major consumers of maize as it is a key ingredient in poultry feed and accounts for 70 per cent of production cost. The poultry industry is worth N10 trillion but is losing N1 trillion. The industry is next to IT in value but is now on the verge of collapsing.’ to cause cancer and other health problems. The loss comes when the country is still struggling with the coronavirus pandemic, which have adversely affected its food chain as markets were closed and movement restricted.

SIAKA MOMOH

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igeria is the 10th largest producer of maize in the world, and the largest maize producer in Africa, followed

by South Africa . While maize is grown in the entirety of the country (both yellow and white varieties), the North Central region is the main producing area.

Seventy percent of farmers are smallholders, with an average 5 ha area of cultivated land accounting for 90 percent of total farm input.

Maize in Nigeria is usually intercropped, with yam, cassava, guinea corn, rice, cowpea, groundnut, and soybeans.

The Central Bank of Nigeria, on July 13, 2020,restricted access for importation of maize through the official CBN forex window. It hinged its decision on the need ‘to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase jobs which were lost as a result of the ongoing COVID-19 pandemic’. Prices of poultry and fish feed have increased across the country weeks after the Central Bank of Nigeria stopped the issuance of forex for the importation of maize. Traders and farmers attributed the hike in prices to the scarcity and sudden increase in the cost of the grain. Nigeria, over the last 10 years, has imported some 33,000,000 tons of maize because importers get maize at a cheap price outside Nigeria and decide to import. In 2019, Nigeria produced 11 million metric tons with a demand level of about 15million metric tons, according to the data from USDA The food industry is bracing for major adjustments as concerns over the impact of Central Bank of Nigeria’s (CBN) ban on maize import grow. While the extent of the ban’s impact remains uncertain, production disruption is a major area of focus. Some stakeholders fear that the CBN’s ban of maize import when local farmers have not produced enough to power the food industry will lead to high cost of the crop, which is a major raw material in livestock and pharmaceutical industries. Higher projected orders from the food processing industry have sent maize prices soaring with supplies plummeting. With the ban

ble and the changing climate and Covid-19 creates a perfect storm to drive prices up.

Alternative carbohydrate sources such as cassava has been researched on but results have not been translated into use, thus, import seems to be the way out. Other carbohydrate alternative includes sorghum, wheat, and millet and corn bran.

on maize importation, analysts say food industries are paying more for maize and that is as a result of farmers and middle men hiking the prices to take cash in the opportunity.

Impact on Poultry Sector The poultry sector is one of the major consumers of maize as it is a key ingredient in poultry feed and accounts for 70 per cent of production cost. The poultry industry is worth 10trillion naira but is losing N1 trillion. The industry is next to IT in value but is now on the verge of collapsing because: • Cost of feed in the past has shot up as maize is a key ingredient in poultry feed and accounts for 70 per cent of production cost.

• Access to raw materials will be affected as prices go up and maize farmers are trying to scale up production and value • Producers have not been able to pass on the high costs to consumers, as such, they have continued to reel under the impact of higher production feed costs as current cost of production is at par with sales price

so they get no profit.

Many believe that the ban was ill timed because poultry farmers were still counting their losses from the near-closure of businesses due to restrictions imposed by federal and state governments to stem the spread of COVID-19.Because of the ban, a ton of maize, which sold for ₦80,000–₦120,000 had climbed to₦160,000-₦180,000 while a ton of soybeans have increased from ₦110,000 to ₦123,000 in the last few months. Maize prices have soared to an all-time high in the market because of weak supply. The price control board is necessary to control maize prices and this should have kicked in with the price increase of maize since import was banned.

Poultry farmers cannot produce chickens cheaply without subsidies.

So far, farmers harvest two major corn crops yearly. For this reason, the biggest worry for the poultry players is there’s unlikely to be any respite from higher feed prices over the next five months, when the new maize crop arrives into the market.

Prices have always been unsta-

Fear Of Aflatoxin While farmers and food processors are encouraged to use existing stocks, another concern is that poor storage of maize during the lockdown would have caused it to be infected by aflatoxin, a toxin caused by mold. Apart from the lack of storage infrastructure, the heat and humidity ensure that corn is easily damaged by mould, some of the maize might have become unfit for human consumption as they have been contaminated by aflatoxin, known

M

International Commodity Price Update Proffered Solutions 1.Poultry stakeholders can take advantage of the Central Bank of Nigeria’s agricultural schemes.

2. Stakeholders and farmers in the poultry sector can come together to discuss, draw a conclusion and write preferred strategies to be include in a policy.

3. Government and/or NGO’s can set up enough cassava peel processing centres in the rural areas for the local farmers.

4. Farmers should take water management seriously as a way of coping with the changes in the climate 5. Policy makers should involve everyone in the poultry system before a policy is implemented...

6. Poultry stakeholders can take advantage of the cassava peel as a feed alternative in providing carbohydrate for the animals. Research has shown that poultry do very well with cassava peels in their feed, sheep and goats even prefer feeds with cassava peels as a component.

7. Government should make available mechanical dryers at subsidized rates to cassava peel processors.

Story Source: Agra Innovate West Africa Newsletter September 2020.

Editor’s Note

aize is currently a scarce commodity and this has upped the prices of products of industries which use maize as raw materials. The poultry feed mill industry stands out here because poultry farmers cannot produce chickens cheaply without subsidies. So far, farmers harvest two major corn crops yearly. For this reason, the biggest worry for the poultry players is there’s unlikely to be any respite from higher feed prices over the next five months, when the new maize crop arrives into the market.

Read this and more in our package for this month.

‘Please send comments and advert requests to siakamomoh@yahoo.com or call 2348061396410’

Advertise here

Siaka Momoh

Friday 16 October 2020

BUSINESS DAY

Brainstorming on social entrepreneurship, state of healthcare, other issues A 2-day virtual conference, held at the instance of Leap Africa, which brought together over 500 delegates globally, including a stout collection of firebrand experts.

Siaka MOMOH

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ocial Innovators Programmes and Awards (SIPA) 2020 virtual conference which held first week of October 2020 was well attended by over 500 delegates globally. The first day of the 2-day virtual conference, organised at the instance of Leap Africa, offered valuable perspectives on how to actualize the SDG’s on the wings of social entrepreneurship.

Fire side chat The fire side chat hosted by Joseph Mojume had Melanie Perkins, co-founder and CEO of Canva, Melanie discussed the role of collaborative efforts in maximizing impact. She stated that when a group of people do not share a strong vision, people would roll their boats in different directions. In her words, “Do as much as you can and find people who share the same vision with you”.

Sustainable development The main panel session titled ‘Achieving sustainable development through social entrepreneurship’ was moderated

by Pearl Uzokwe, Director of Governance and Sustainability at Sahara Group Limited.

The panelists include.

Among several others • Jan Van Weijen Consular General Nigeria, Kingdom of The Netherlands • Paula Moreno - Founding President, Manos Visbles; Board Member, Ford Foundation.

The session offered valuable insight on the importance of reaching people, no matter

how small the number, as long as lives are impacted. The session also emphasized the need for “access to networks and partners is important as no one single person can actually create deep lasting change”.

Relevant Education: Pathway to Progress The first breakout sessions focused on Investment and Innovation for affordable healthcare in Africa was moderated by Emmanuel Owobu, co-founder and CEO of MOBicure.

The panelists were Dr. Paulin Basinga, Director Health Africa, Bill and Melinda Gates Foundation, Ralph Oluwole, Head of Growth, Helium Health and Vivian NwakahC.E.O/founder of MEDSAF. The session started with a highlight of the state of the healthcare sector in Nigeria where about 95% of Nigeria’s do not have access to affordable healthcare. Conversations centred on the need for more players in the health sector who can utilize the power of strategic collaborative efforts to pivot the sector in Nigeria.

Major highlights include the emphasis on the use of technology and mobile solutions to facilitate the healthcare. “Tech-

nology brings digital solutions to health care problems”.

With delegates from all over the world, day 2 was enlightening and transformative. The main panel titled Youth Skills, Employability and Entrepreneurship was moderated by Segun Alimi, Programme Manager LEAP Africa. The panelists were Chidinma Lawanson- Country Head, Nigeria, Mastercard Foundation; Sharmi Shuramarain- Chief Impact Officer, Harambee Youth Employment Accelerator; Seyi LadejobiHead, Employability at Lagos State Employability Trust Fund (LSETF) and Tolu AgunbiadeGeneral Manager.

Media and the creatives The day witnessed four breakout sessions that held simultaneously. The first breakout session on Leveraging Media and the Creatives in Storytelling and Advocacy was moderated by Motunrayo Alaka, ED, and Wole Soyinka Centre for Investigative Journalism.

The panel include Ibidolapo Ajayi- Producer, Coming from Insanity, President, The Movement Pro; Jane Maduegbuna - Executive Director, Legal and External Networks, Afrinolly Creative Hub. Key insights from the ses-

sion were on leveraging the power of the media to change mindsets and how it can be harnessed for social good. It emphasised the role of social media and how it has revolutionized information dissemination. The panelists therefore advocated for building communities of practitioners who use media to create change.

According to the panel: “Each individual is a change maker and needs to look around them and see what they can contribute to change the society” Use of data The second break out session on Exploring the Use of Data for Social Impact Measurement & Reporting was moderated by Desigan Chetty, Chief Operation Officer, Entrepreneurship to the Point and Property Point. The panelists were for this session were Oluseun Onigbinde- Co-founder and Budgit • Kat AthanasiadesSenior Associate, Centre for Evaluation Innovation.

Conversations from the session suggested that the scarcity of data in development makes it difficult to make informed decisions hence interventions are designed by feelings and use of outdated explorations from the past.

This presents a situation where interventions do not mirror the aspirations and needs of beneficiaries. There is therefore a call to be more intentional about data for impact assessment through support for data networks and more focus on debts rather than volumes.

More than measuring numbers and activities, long term impact and their consequent indicators must be equally measured.

MAN wants the varying cost of electricity tariff in the country regularized

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he Manufacturers Association of Nigeria (MAN) has called on the Federal Government to prevail on the Electricity Distribution Companies to regularise the varying cost of electricity tariff across different states for the purpose of creating a level playing ground for manufacturers in Nigeria.

It notes that disparity in electricity tariff has been observed to favour some regions of the country over others and most worrisome is the fact that manufacturers who are made to pay higher tariffs sell their products in the same market and cannot afford resultant effects of wider gap in the prices of products as com-

petitors in the industry.

MAN explained, “This tariff differences in some instances are as high as 25% making it impossible to ensure fair competition amongst manufacturers. The resultant effect of this tariff differential is that manufacturers under the DisCos with higher tariff rate sell at loss in order to sustain the market share and if action is not taken urgently, the affected manufacturers may be forced to close down with looming adverse effect on employment and the economy.

To this end, MAN recommends uniformity in tariff and in the event where the disparity has to be maintained due to the difference in commercial activities.

It says then Government should intervene with the establishment of an equalization fund as provided in the petroleum sector to support DisCos with smaller number of customers in order to ensure uniformity in tariff across the country.

MAN commends the efforts of the Federal Government aimed at sustaining economic growth and the development of the manufacturing sector in Nigeria particularly the ongoing efforts at improving the quality of reliable and sustainable electricity supply in the country.

For MAN, “The inadequacy of electricity supply has been one of the major challenges hindering the com-

petitiveness of manufacturing sector in the country as manufacturers spent over 40% of the production overhead on electricity leading to increase in cost of operation and prices of made in Nigeria goods when compared with prices of similar products from other countries.

“It is therefore worthy to note that improvement in electricity supply in terms of quantity, quality, efficiency in service delivery and pricing is critical to the competitiveness, growth and development of the sector.

This we believe is a recipe for sustaining the employment of over 65 million direct and indirect workers in the manufacturing sector.”

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Linking large and small firms

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eveloping Strategic Partnership and Alliances between Large Organisations and SMEs has found an ally in Jane Nelson’s Building Linkages for Competitive Entrepreneurship.

‘Start Small, Think Big’ is a popular saying that goes with SMEs. The Small and Medium Enterprises Development Agencies of Nigeria (SMEDAN) is very much at home with this. The agency ran an advert that carries this slogan as copy.

A good way to think big is to relate with the big. Most of the bigcompanies we see today were small companies in the past. They all went through a growth stage and became big thereafter.

Jane Nelson has a fine tooth comb analysis of linkages between large and small firms. According to her, critical to the process of upgrading, innovating and remaining competitive are the number, type, intensity and “spillover effects” of linkages between small enterprises and other firms - both firms of their own size for example through horizontal integration at the level of industry clusters, or vertical integration within value chains.

UNIDO, she argues, says that integration into global value chains driven and governed by large national or global firms, which makeup a significant part of world trade, represents one of the most effective ways of promoting the upgrading of developing country small enterprises since such integration can provide them with access to markets,upgraded technology, improved management practices, and other benefits.

Different types of business linkages There is much variety in the possible types of linkages between large and small firms.

UNCTAD’s 2001 World Investment Report and the UK’s Department for International Development (DFID) use the common categorization of forward linkages, backward linkages, and horizontal linkages outlined as follows: Vertical backward linkages These exist when foreign affiliates or domestic companies acquire goods and services from small enterprises, for example, through procurement, sub-contracting or outsourcing arrangements.

Vertical forward linkages These occur when foreign affiliates or domestic companies sell goods and services to small enterprises or distribute goods and services through small enterprises, for example under franchise or retailing arrangements Horizontal linkages These involve interaction or

cooperation between small enterprises, often engaged in competing activities e.g. sharing production of large orders, bulk purchasing, or group leasing of equipment. Such linkages often provide the impetus for the development of industrial clusters.

Linkages, broadly defined, can also involve non-business entities like universities, training centres, research and technology institutes, NGOs, export promotion agencies, quality organizations, trade and industry associations, and other official and private institutions. The vertical backward linkages for instance are applicable to the subsisting arrangement under the USsponsored African Growth and Opportunity Act (AGOA).

These linkages are applicable to our economy here and actually exist. Nigerian Export Promotion Council(NEPC) set up a garment manufacturing centre where young Nigerians are trained how to make garments and export to the United States under the AGOA arrangement. Several Nigerians have been trained at this NEPC garment manufacturing centre to date. They are trained, encouraged to set up their own businesses and linked with fund locally, and order from the US. Lesotho is ahead of Nigeria regarding this AGOA business. It has a well developed apparel manufacturing industry. Its manufacturers are the single largest users of the apparel provisions of the African Growth &Opportunity Act (AGOA).

According to a report by AFK INSIDER, the textiles and garments industry in Lesotho, exported at least $330 million worth of products to the U.S. in 2015, making it the country’s largest private-sector employer as the nation reaps big from the African and Growth and Opportunity Act (AGOA).

Says the publication: “The tiny Southern African nation is one of the African nations benefiting from the trade pact signed in 2000, allowing at least 6,000 products from 38 sub-Saharan African to enter the U.S. market duty free.

About 80 percent of the nation’s textiles and garment exports go to the U.S., according to the Lesotho Textile Exporters Association. The sector currently supports over 44,000 jobs. Several factories in the nation’s industrial district of Thetsane, in the capital Maseru, export nearly $250 million annually in garments to leading U.S. brands like Old Navy, Walmart and Levis, The Christian Science Monitor reported. Lesotho, Kenya, Mauritius and Swaziland are leading in garment exports to the U.S.” NEPC must have seen small Lesotho’s intimidating garment manufacturing portfolio as a challenge.

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Friday 16 October 2020

BUSINESS DAY

Feature

Sanwo-Olu: Two testy days at work GBENGA OMOTOSO

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udge him by his modest frame, and you would be making a big mistake. Consider the weight of his office, and you might think that he would be averse to taking personal risks, and you would be wrong again.

He is no heavyweight boxer, yet he packs a devastating punch. He does not possess the oratorical prowess of Marcus Cicero or the fiery Rev Martin Luther King Jr, or Bola Ige, our own Cicero, God bless their souls; yet his eloquence is striking and his words can rouse a crowd to action. He is no soldier, yet he as bold as a lion.

I am speaking of my boss, the one whose Administration is “bankrolling” me, as it were: Lagos State Governor Babajide Sanwo-Olu. The anti-Special AntiRobbery Squad (SARS) protests had been going on for days, with angry youths seizing some sections of Lagos – Nigeria’s business and financial engine-room by the neck. The tension anxiety that gripped the city were palpable. Prominent citizens and ordinary folks were worried that the gathering clouds portended danger.

Hundreds of protesting youths camped on the Lekki Expressway. Another group was stationed at the House of Assembly gate, screaming: “No more SARS”; “No to police brutality”; “End SARS” and more. Their firered eyes spoke volumes.

Some were roaring, their youthful necks expanding and contracting. They pumped the air with their fists.

Sweating and screaming, hundreds of protesters pulled off their shirts and wound them round as protection from the scorching Lagos sun (31 C). The protesters vowed that they would not vacate the road they were occupying until their demands were addressed.

Deputy Governor Dr Kadri Obafemi Hamzat elected to address the crowd at the Assembly gate. He mounted a truck, a microphone in his hand, and started slowly, even as music was blaring from some speakers mounted under a white canopy.

“Great Nigerian youths!”

Dr Hamzat shouted. “We are with you. We feel your pains. I once had an encounter with SARS; you are not alone,” he told the

protesters and counselled them to leave the roads.

He said the State Government would not condone brutality and violation of citizens’ rights by security operatives, pointing out that the position of the State on the matter had already been communicated to the appropriate quarters by the Governor.

His words: “The tenet of the police operation is to protect the citizens. Security operatives don’t have the right to trample on the rights of law-abiding citizens, because of their unfamiliar looks, or because they are carrying laptops or iPhones.

It is wrong for any police officer to expressly accuse or pronounce someone, irrespective of age, guilty because they have dreads or ride luxury vehicles.

“As a Government, we support evidence-based investigations and actions driven by intelligence. The procedure of arrest and prosecution must be followed through. We are equally aggrieved like every other law-abiding Nigerian.

If a young man or woman who is legitimately doing his or her job is attacked or maimed by police officers for no reason, we will never support that. We condemn police brutality in whatever guise and we will continue to engage their leadership for change.”

As the Deputy Governor left the scene at 1:15pm, the protesters continued to sing anti-police songs, calling for SARS to be disbanded.

He instructed his security aides not to harass the demonstrators.

That was last Friday.

The next day, Saturday, the demonstrators stormed his home. He also addressed them, urging patience and restraint. But they were not in the least mollified.

On Monday, Governor Sanwo-Olu cut short an Executive Council meeting to address the angry crowd.

His security detail, it was later learnt, had tried to dissuade him from embarking on a venture which they considered “dangerous”.

“It is a mob with no known leader, who can tell them to come for a discussion,” the governor was told.”

He disagreed.

“Taking no action is no option,” the governor told his Executive Council members.

He chose a few of them, the younger ones mostly, to join him on the short drive to the Lekki Toll Gate, the heart of the protests. Sanwowww.businessday.ng

Governor Babajide Sanwo-Olu

Olu told his security officials to stay back as he walked like any other person on the street. He was dressed like a typical Lagos boy – a fez cap, a grey sport shirt, a pair of jeans, and dark trainers. Smart.

He was calm. Even as the roaring crowd surged forward, he was unruffled.

A young woman was reciting all manner of grievances against SARS. She was barely audible. Some were hailing the governor.

“Sanwo-Eko! Sanwo-Eko!” they yelled. The governor kept a straight face. His serious mien betrayed a critical

“

Your voice has been heard clearly and a clear pronouncement has been made on the activities of SARS. The operation has been dissolved by the police leadership and just a moment ago

fact - this is quite different from a campaign crowd; it is a crowd of seemingly implacable youths. A protester offered Sanwo-Olu his open-roof vehicle. The governor mounted it. He grabbed the mic and began to address the unruly protesters.

“Your voice has been heard clearly and a clear pronouncement has been made on the activities of SARS. The operation has been dissolved by the police leadership and just a moment ago. Sanwo-Olu said.

“Mr. President addressed the nation on the issues you have raised. The President has said all SARS officers that are involved in the killing of innocent people and engaging in human rights abuses will be brought to justice.”

He went on: “My stance on this EndSARS protest is unmistakable and I have told you that we identify with this protest because you have legitimate concerns. I am saying it again here that this protest is in good faith. But, we must not be unruly when going out on a protest like this.

We want you to be peaceful and decorous in expressing yourselves.”

Were they pleased?

No. Was the governor happy?

Sure. He was in high spirits because his belief that the youths needed to be engaged had turned out to be right.

Then, there were the

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backroom engagements.

After a long Security Council meeting, SanwoOlu held virtual meetings with a group of youths who told him what they felt was the way forward. They wanted all those detained in connection with the protests released. Sanwo-Olu broke to them the news that they had been let off the hook – and the younger ones were allowed home to their parents. But the youths insisted that one of them was being held at Panti Police Station.

Sanwo-Olu assured them that he would be released.

And he was.

Th e m e e t i ng e n d e d about 10pm. But there was no respite for the governor and the deputy governor.

They headed straight to another meeting that lasted till about 1a.m. After that, Sanwo-Olu called another meeting “to review the situation”.

He went to bed at about 3 am. Amid the meetings, the governor was consulting with Inspector-General of Police Mohammed Adamu. To the Police Commissioner, he issued a warning at every point that no shot must be fired.

Still, the protesters were not pacified.

Early Tuesday, the crowd began to gather again at the Assembly gate. There was a long row of cars and, of course, an army of youths.

The music of Fela Anikulapo-Kuti – God bless his soul - was blaring in the background. Young women @Businessdayng

were wiggling their waists.

The men were singing along the musician. There was smoking, and there was drinking Sanwo-Olu was on his way to the office when he saw the crowd. He drove down to the scene. For minutes, he went round to give as many as possible the “chop knuckle” greeting, stretching out his hand.

Beside him was Dr Hamzat.

The governor crossed his arms and raised his hand in a Black Power salute.

The crowd responded: “No more SARS.” Comedian Debo Adebayo, who also goes by the name Mr Macaroni, and Oluwatoyin ‘Woli Arole’ Bayegun, also a frontline comedian, tried to calm the youths.

“What do we want?”

“End SARS!” they screamed.

Sanwo-Olu and Hamzat clambered into a truck. The governor spoke frankly and eloquently. As a mark of respect for his identifying with them, they stopped the music and listened.

“Your voice has been heard loudly and actions have been taken from the highest office in the land to address your grievances. It is time for us to move forward and engage further on your demand,” he told them.

The governor spoke of his efforts to settle the crisis, his determination to compensate victims of police brutality and get justice for victims of SARS abuses. Besides, he announced that he would soon be on his way to Abuja to present the protesters’ demands to the President.

He would also visit the police chief. He marched with the protesters and displayed a placard bearing the #End SARS message.

About two hours after, the social media was throbbing with pictures of Sanwo-Olu’s visits to President Buhari and IG Mohammed. He drew high praise. In two days, Sanwo-Olu attended about 10 meetings and two demonstrations, flew to Abuja and returned with good news: President Buhari granted all the youths’ requests.

Those fast-moving days of riveting events might well have been taken from the thriller, Kevin Maurer and Matt Bissonnette’s “No Easy Day,” only that, in Lagos, there is no easy day.

When Sanwo-Olu is not leading his team to deal with one pressing issue or one emergency or another, he is taking the lead in preparing them for the next.

Friday 16 October 2020

BUSINESS DAY

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POLITICS & POLICY #ENDSARS protesters threaten total shutdown next week as NCFront hails youth INNOCENT ODOH, Abuja

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he #ENDSARS protesters have threatened to completely shut down the entire country next week if the Federal Government does not acquiesce to their demands for fundamental reforms in the police system even as they accused the government of sponsoring hoodlums to disrupt their protests across the country.

The protesters, who resumed their demonstration in Abuja on Thursday after they were attacked by suspected hoodlums in the nation’s capital on Wednesday, gathered at the Federal Secretariat, displaying banners and placards with different inscriptions demanding far-reaching reforms not just the disbandment of the notorious Special Antirobbery Squad(SARS).

One of the protesters, who gave his name as Emmanuel, told BusinessDay on Thursday that they were not deceived by the dissolution of SARS and its replacement with Special

Weapons and Tactical Team (SWAT) by the Federal Government. He said: “The dissolution of SARS is a farce, they are still in operation, we still see them even in Wuse. Go to Guzape they are still there and doing their evil job. They think Nigerians are foolish but they are wrong.

“We are being taken for granted and if they failed to comply with our demands, next week we are shutting down Nigeria. We want a genuine end to SARS, and police brutality. They should stop killing our youths- the future leaders,” he said.

Another protester, who gave her name as Faith, said: “The government is trying to deceive us by changing SARS to SWAT. It is still the same people they are still going to deploy. So, we are not going to stop until we see visible changes”.

In Abuja, the protesters have for five consecutive days defied police violence and attacks by hoodlums. They have staged more protests, which caused serious traffic

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gridlock in major areas of the city on Thursday beginning from the Federal Secretariat down to the Unity Fountain, located in the highbrow area of Maitama.

They have marshaled five demands, which include: immediate release of arrested protesters; Justice for all deceased victims of police brutality and appropriate compensation for their families and setting up an independent body to oversee the investigation and prosecution of all reports of Police misconduct (within 10days).

They also demanded that in line with the new Police Act psychological evaluation of retraining (to be confirmed by an independent body) of all disbanded SARS officers before they can be redeployed and increase in police salary so that they are adequately compensated for protecting lives and property of citizens.

Although the InspectorGeneral of Police (IGP), Mohammed Adamu, had on Sunday dissolved SARS and replaced it with SWAT, and

declared that no personnel of the disbanded SARS would be recruited into the new outfit, the protesters have remained adamant.

Meanwhile, the National Consultative Front (NCFront) has hailed NCFront Youths for Strategic Roles in #EndSars, EndSwat, EndPoliceBrutality nationwide protest even as it charged Nigerian youths to continue to resist sponsored attacks of political hirelings and hoodlums in the ongoing revolutionary build up in the country.

A statement issued on Thursday by Head, Public Affairs Bureau of NCFront, Tanko Yunusa, decried the “panicky hiring and criminal attacks on peaceful protesters by political hirelings and hoodlums with the aim of undermining the peaceful and orderly protest of the large section of responsible and resourceful Nigerian Youths, spearheading the popular revolt of the Nigerian masses, who are sorely disenchanted with the present governance deficit in the country.”

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Abiru celebrates Olorunfunmi Bashorun at 82

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he candidate of All Progressives Congress (APC) for senatorial by-election in Lagos East, Tokunbo Abiru, has felicitated with a member of the Governance Advisory Council (GAC), Olorunfunmi Bashorun, on his 82nd birthday.

Bashorun, a retired deputy director of the Central Bank of Nigeria (CBN), and Secretary to the State Government under the former governor Lateef Jakande administration between 1979 and 1983, was born on October 15, 1938.

In a statement by his media office Thursday, Abiru described Bashorun as not just a prominent political figure in Lagos East, but also a father, who has been a steady source of inspiration and support for the younger generation.

As a chartered banker and a lawyer, Abiru noted that Bashorun rose through the ranks to become a deputy director in the apex bank until the Lateef Jakande administration appointed him secretary to the state

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government in 1979.

Since he joined partisan politics in 1979, the APC candidate observed that Pa Bashorun “has been a consistent and dependable progressive, faithfully working with other apex leaders in the APC to take the state to a greater level.”

“Pa Bashorun was at the centre of the team that conceived a 14-point programme for Alhaji Jakande’s governorship campaign.

He also played key roles in the transformation of the 14-point plan into government programme when the Lateef Jakande administration took off in 1979,” Abiru said in the statement.

“At 82, I congratulate Pa Rueben Olorunfunmi Bashorun for a life full of fulfillment and service to humanity. I also thank God for His grace and mercy upon your life. With all my heart, I pray God will satisfy you with longer life; bless you with sound health and grant you unfailing memory all your days on earth,” the APC candidate further said.

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news First Bank CEO becomes member of...

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include President Jimmy Carter; Professor Henry Gates Jr, Harvard University; Michael E. O’Neill, Chairman of Citigroup (2012-2019).

The mission and work of the Committee is motivated by the conviction that systematic, principled and effective multilateral cooperation is the surest means of achieving economic and social progress.

Through its programs and events, the Committee convenes policymakers together with members and stakeholders across its network to explore current issues in global finance, development and trade, and to propose ways in which the system – and the institutions that comprise it – can be strengthened and made more effective.

Appreciating the recognition, Adeduntan said, “On behalf of the board, management and staff of FirstBank, I’m deeply honoured to be recognised as a member of The Bretton Woods Committee.

In addition, as a contributor, FirstBank remains committed to the goals of the BWC.

“This is especially at this time when the role played by business and political leaders is critical to exploring efficient ways of deepening collaboration and inclusion across borders whilst mitigating the adverse effects of the coronavirus on not just the global economy but on other aspects of the livelihood of every individual and household.

“I look forward to working with other members of The Bretton Woods Committee as we continue to build on the successes achieved over the years. With these, we will make the world a better place.”

Adeduntan has since the start of the year received various recognitions and applauses for his priceless leadership and role in promoting economic growth and development in Nigeria and the continent at large. These include - the conferment of The Cranfield Alumnus 2020 Award by Cranfield School of Management Alumni, The African Banking Personality of the Year 2019 by African Leadership Magazine, and very recently, the Forbes Best of Africa Award.

US payment firm eyes Africa’s e-commerce in $200m acquisition of Nigeria’s Paystack FRANK ELEANYA

U

S-based global payment company Stripe on Thursday acquired Nigerian payment company Paystack in a deal reportedly at about $200 million.

The deal seals about two years of co-existing as partners by the two companies.

Stripe had led Paystack’s Series A financing round and provided guidance as the company scaled to new markets.

According to Stripe’s business lead in Europe, the Middle East and Africa, Matt Henderson, the acquisition would allow Paystack develop new products, support more businesses, and consolidate the hyper-fragmented African payments market.

“We can’t wait to see what they will build next and how their growth can turbocharge the African tech ecosystem,” Henderson said in a statement BusinessDay received.

Founded in 2015 and launched in January 2016

by Shola Akindele (CEO) and Ezra Olubi (CTO), Paystack has grown to become a major player in the digital payment segment of the financial services. It currently services more than 60,000 businesses in Nigeria and Ghana, which use its platform to securely collect online and offline payments, launch new business models, and deepen customer relationships.

Interestingly, Paystack pro-

cesses more than half of all online transactions in Nigeria and has ambitions to expand across the African continent. It recently kicked off a pilot with businesses in South Africa.

“Paystack is a growth engine for modern businesses in Africa, and we couldn’t be more excited to join forces with Stripe, whose mission and values are so aligned with ours, to nurture transformative businesses on the continent,” Shola Akinlade, said. “We believe deeply that with the right tools, African creators, developers, and entrepreneurs can do incredible things. Leveraging Stripe’s resources and deep expertise, we’re excited to accelerate our geographic expansion and introduce more payment channels, more value-added services, and deeper integrations with global platforms.”

Following the acquisition, Paystack will continue to operate independently, growing its operations in Africa and adding more international payment methods.

The company will gradually integrate its capabilities in Stripe’s Global Payments and Treasur y Network (GPTN), a programmable platform for global money movement that currently spans 42 countries.

Paystack, which was the first company from Nigeria to join Y Combinator, employs 114 people representing 12 nationalities and working remotely across nine countries. www.businessday.ng

L-R: Alan Sinfield, MD/ CEO, 9mobile; Umar Garba Danbatta, executive vice chairman, Nigerian Communications Commission (NCC); Olusola Teniola, president, Association of Telecommunications Companies of Nigeria (ATCON); Muyiwa Ogungboye, 2nd vice president, ATCON, and Adeleke Adewolu, executive commissioner, stakeholder management, NCC, during the maiden edition of the national dialogue on telecoms and ICT sector in Nigeria, organised

by ATCON at the NAF Conference Centre & Suites, Abuja, yesterday.

Nigerian government’s playbook...

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round of popular protests

and demonstrations by students rocked the country. The rationale was basically economic- arising from the excruciating social hardships which SAP continued to wrack on the lives of the people and also the deplorable condition of education in Nigeria” he wrote.

Further devaluation of the naira on March 5, 1992, which led to an increase in prices of goods and services, the fuel crisis of April 1992, the profligacy, and extra-budgetary spending of Babangida regime on wasteful pet projects stoked the 1992 struggle.

This rage found an outlet on June 23, 1993, when the Babaginda regime annulled the results of the June 12 elections in a most bizarre manner as well as all the relevant court decisions following the election, suspended NEC through an unsigned terse statement.

Campaign for Democracy (CD), an umbrella organisation for no fewer than 40 NGOs/Human Rights Groups, called for a one-week nationwide protest that began on July 5.

Over 10,000 people took to the streets in a march, which ended at the gates of MKO Abiola’s compound in Lagos.

He climbed to the top of one of the compound’s walls and addressed the crowd, urging Nigerians to be calm without abandoning their commitment to change. But violence broke out on July 6, 1993, protesters blocked three bridges leading from the city’s residential islands to the business centre.

Looters attacked the few shops that were open and carried away television sets and stereo systems on their heads, set fire to barricades, and hijacked cars. Protesters built barricades of buses and tyres and set them ablaze.

The Nigerian police were called in and they responded by firing tear gas from helicopters and on the ground, they employed sticks and batons.

It soon turned into violent and the military took charge, shutting media houses, arresting activists, and shooting into crowds. Some protesters were arrested and jailed and a nation-wide clampdown by

the military continued in August, eventually culminating in Abacha seizure of power.

Between 1993 and 1995, there were scores of protests and on every occasion, the police and military continued the worn method of arresting leaders of protests or inducing them to abandon the agitation, attacking protesters to violently shut it down, and when that fails offered token compromise which benefits were soon eroded by even worse policies.

Through the years, Nigerians have given up on that they can truly see change. It was an enduring impact of three decades of abusive military rule, which did a number on the people’s psyche. Nigerians turned to the promise of glorious heaven to escape their vapid reality, to suture the open wound wrought on by unconscionable poverty in the midst of plenty. Churches flourished and Islamic scholars preached obsequious devotion to politicians while the people got poorer.

But the Nigerian government was never prepared to deal with a protest they cannot induce its leaders, where a large part of its funding is routed through bitcoins, where tokenism is not enough enticement.

This generation of Nigerians on the streets does not share the reality of growing up with brutal military regimes like those of Muhammadu Buhari and Ibrahim Babangida so they have been spared the psychological trauma of protesting over the roar of bayonets. The betrayal of watching fiery activists join the government and inflict worse pain on them, as many fondly recall of the 2012 fuel subsidy removal protests.

This generation of Nigerians, born around the return to civil rule in 1999, are also the biggest victims of misrule by the current and previous governments. They are the most unemployed and underemployed, have some of the worst educational facilities in public schools and lack adequate representation in government.

Anthony Enahoro, one of Nigeria’s foremost anti-colonial and pro-democracy activists, in

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1944 at the age of 21, became Nigeria’s youngest newspaper editor ever and in 1953, became the first to move the motion for Nigeria’s independence. In January 1966, Yakubu Gowon became Nigeria’s youngest military chief of staff at the age of 31 and a few months later became the head of state.

In 2020, many of Nigeria’s young people have settled for Big Brother Nigeria to animate their passion because when they try, they are told they are too young to run. Those who pursue their creative ideas are ambushed by a marauding police unit called the Special Anti-Robbery Squad (SARS).

They are confronted with the brutal reality of a situation where those making all the decisions about their future will not be in it. Worse still, without social protections or benefits their parents enjoyed, their little efforts to chart a sustainable future for themselves are being truncated by a corrupt police force in a systematic abuse.

However, they are matching against a battered police force, poorly trained and illequipped that they don’t even have enough riot gear to confront protesters. A police force bereft of all pretence to morality where its officers are accused of being as ruthless as criminals, who have substituted duty to the people for the political class and business elites.

Hence, the government is confronted by a march entirely led by young people that has forced the police boss to announce the end of a rogue police unit, SARS, and forced a taciturn president to address a befuddled nation.

“The disbanding of SARS is only the first step in our commitment to extensive police reforms in order to ensure that the primary duty of the police and other law enforcement agencies remains the protection of lives and livelihood of our people,” said Buhari, in a hastily arranged national address on October 12.

Mohammed Adamu, Inspector-General of Police, the next day announced the creation of a new police outfit to take over from the dissolved SARS unit of the Nigerian Police Force. The new outfit known as Special Weapons and Tactics Team (SWAT), will @Businessdayng

fill the gaps arising from the dissolution of SARS, he said.

“Prospective members of this new team will also undergo a psychological and medical examination to ascertain their fitness and eligibility for the new assignment. They are to commence training at the different Police tactical training institutions nationwide, next week,” said Frank Mba, the police spokesman.

But the protesters say this is tokenism. They are asking for not just for a symbolic end of SARS, but complete reformation of the Nigerian police and the bringing to justice its officers who have engaged in extra-judicial killings and sundry crimes against Nigerians.

Worse still, they cite examples of ongoing violence against protesters as evidence that they cannot trust the government.

“The government does little or nothing to better the lives of Youths in this country! Nigerian Youths struggle day after day to earn a living for themselves!! We do everything by ourselves yet you people slaughter and murder us!! Unprovoked!! Never again!!! #EndSWAT #EndSARS,” said Debo Adebayo, a TV actor and comedian.

Some analysts are urging the government to engage with the protesters in dialogue as a way out of the impasse.

Ebun-Olu Adegboruwa, a senior advocate of Nigeria, speaking during an interview on Channels TV’s Sunrise Daily, asked the government to genuinely address their concerns and urged the police to respect the rights and values of the protesting youths.

“Government should engage them in terms of genuine attempts at addressing the issues,” the lawyer said.

“The first thing is to set up a Truth and Reconciliation Commission. The people have become victims of police brutality.”

The protest is taking a toll on the economy as the economy is suffering shocks. Major roads are closed and the threat of violence has led to the closure of businesses in troubled spots. Governments at all levels in Nigeria are reeling as prolonged protests show indications that it could morph into widespread anarchy unless genuinely addressed.

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reason is that the Nigeria Customs Service (NCS) carries out physical inspections because it does not have functional scanners and Single Window platforms.

Due to physical inspection, the management of the Nigeria Customs has succeeded in creating multiple units that are involved in cargo clearing at ports.

A recent visit to the port shows that currently, Customs has over 12 different units at each port and they include Enforcement, Valuation, Customs Intelligent Units (CIU), Residence, Taskforce, Strike Force, CG Squad, Headquarters Strike Force, Customs Police, Special Weapons and Tactical Team (SWATT), Abuja Alert and the Federal Operations Units that mount checkpoints right at the port gate.

These units are involved in cargo clearance such that importers and their agents must seek approval of their documentation before the release their cargoes.

Vicky Haastrup, chairman, Seaport Terminal Operators Association of Nigeria (STOAN), condemned

ance quicker. Nigerian ports must operate the one-stopshop platform, if we must compete with other ports in the West and Central Africa.”

Industrial clusters suffer Apapa is becoming a failed industrial cluster already. Companies in the port city such as Flour Mills, Honeywell, Dangote, among others, are bearing huge logistics costs and losing their vital customers.

The situation has extended to Amuwo-Odofin and is disrupting productive activities at the cluster.

In a recent interview with BusinessDay, Osaro Omogiade, managing director of Amuwo-Odofinbased Nosak Distilleries, said the whole of the industrial cluster had been taken over by trucks, making lives and access to the factory tough.

“You can see that the whole of Amuwo-Odofin has been taken over by trucks. They line up along the road and block everywhere. To access your factory is a very big challenge.

It is not just us but all com-

A chaotic scene at Apapa Port gate

money is gone. And that business will be a total loss for you.

“So, the wise thing to do when they threaten you is to settle so that you can continue with your journey.

This will not cost you more that N50,000 or N100,000.

When this happens, the truck driver will be happy because it means more money for him. Your agreement with him is for one day. If it increases to two, three or four days, it means he has more money to collect for the extra days.

“The SWAT Team and the Strike Force are supposed to checkmate the FOU (Federal Ordinance Unit), but they are one and the same thing. All of them are just ‘come and chop’ groups. If the FOU arrests you, they will tell you to give them N100,000, but because of the SWAT Team and the Strike Force, you will make it N200,000. There, in your presence, they will send their own share and the number of your container such that when you are passing, they will pretend that they did not see your truck,” the player said.

Failure to export empty containers The failure of international shipping companies

The most affected roads include Apapa-Oshodi Expressway (Cele to Mile 2 axis); Awodi Ora and Wilmer roads in Ajegunle; Kirikiri; Lagos-Badagry Expressway, Orile Igamu; Second Rainbow down to Apple Junction; Ago Palace Way; Ikorodu Road; Ijora; Eko Bridge, and among others.

Consequently, residents in areas like AmuwoOdofin, Festac, Iyana-Oba, Satellite Town, Ajegunle, Apapa, Surulere and many other areas in Lagos are presently losing long manhour while going to their offices, market places or returning home after the day’s job.

Within the port terminals, there is close to 90 percent yard occupancy, indicating high rate of congestion and longer dwell time for imports. This has also elongated waiting time of vessels as ships now spend between 30 and 50 days on Nigerian waters before accessing the ports.

Jonathan Nicol, president, Shippers Association Lagos State, stated that terminal operators were responsible for receiving empty containers on behalf of their principals - shipping companies, which were responsible for the export

Another chaotic scene at Oshodi-Apapa Expressway

the high rate of manual examination of cargoes at the ports, saying deployment of automated scanners would drive and enhance cargo clearing process.

Haastrup, who spoke in Lagos during a virtual conference held recently, said manual examination of cargoes was not efficient, saying, “We have a situation where people must visit the port physically to do Customs documentation and cargo examination before they can take delivery of their consignment. This is inefficient.

“It is a shame that Nigerian ports do not have quality and functional scanners, which is why Customs relies on physical examination of containers, which drives human traffic into the port. We need to provide these scanners and other automation platforms in order to make cargo clear-

panies in Amuwo-Odofin.

At times, you park your vehicles somewhere and walk down to the factory. It is a huge challenge. The pains are enormous; the various players in Amuwo-Odofin know what they are going through,” he said.

Key players say the whole situation still boils down to corruption.

“When Customs stops you and you allow them to take you to their office and not settle on the road, you will spend nothing less than five days and you will pay up to N500,000 and 600,000 to them because they want to please their superiors in Abuja,” one key player at the ports told BusinessDay. “By the time you are doing this, your demurrage is counting because you deposited N200,000 with the shipping company and from that, they take something every day. If you delay up to 10 days, it means the

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Water-logged road leading into Apapa Port

that do business in Nigerian seaports to effectively retrieve and evacuate their empties has been blamed for lingering congestion in port terminals and persistent traffic gridlock on roads in port cities.

This explains why nearly all roads, streets, bridges and under bridges in Lagos, especially those that have connection with Apapa have been turned into parks for container carrying trucks.

of the empty boxes. He said shipping firms were deliberately refusing to retrieve and export their empties.

According to Nicol, refusal to export empty containers has become a threat to Nigeria shipping trade as it results to artificial port congestion leaving little space for container with laden goods.

This, Nicol said, has brought untold hardship on shippers because when there were scanty spaces left

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due to deliberate refusal to evacuate empty containers, shipping lines would introduce congestion charges against the shippers.

He further stated that there were over 65 percent of empty containers not fit for evacuation in Nigeria, which was probably because most of the containers had outlived their usefulness and cannot be exported.

Any light at the end of the tunnel?

There, however, seems to be light at the end of the tunnel. Determined to decongest ports in Lagos, the Federal Government is perfecting arrangements to ensure that Onitsha River Port begins full operations in the first quarter of 2021.

Jibril Darda, acting general manager, corporate affairs, who confirmed this

to import inputs or export finished products but also threatening factories located around Amuwo-Odofin and Apapa axes.

He explained that the situation was raising demurrages paid on in-bound raw materials and out-bound manufactured products, adding to already bloated production costs in several companies. He commended the efforts of Lagos State government geared towards resolving the Apapa conundrum but acknowledged that the efforts were not sufficient.

“Manufacturers are suggesting that a rail line be constructed in a way that it conveys containers out of the ports to the terminal,” he said.

“They also want to be allowed to use barges through Ikorodu,” he further said.

Motorcyclists, and LASTMA official and police officer at Apapa

recently to BusinessDay, said the authority recently carried out a test-run movement of containers from Onne Seaport to Onitsha River Port.

Darda, who described the operation as the first phase of test-run, said the operation would also involve movement of export goods from Onitsha River to Onne Seaport.

According to Darda, the second phase of the test run would involve movement of container from Lagos Seaports to Onitsha River Port as well as returning empty containers and export goods from Onitsha to Lagos ports.

Queen Uba, area manager of NIWA Area Office Onitsha, Anambra State, told newsmen in Onitsha that NIWA had been making frantic efforts toward full operation of a port in the South East since George Moghalu assumed office.

Experts believe this would help to decongest Apapa and Tin Can ports.

The way forward In an interview with BusinessDay, Ambrose Oruche, acting directorgeneral of MAN, explained that the congestion at Apapa was not only hurting manufacturers’ capacity @Businessdayng

Chris Ukachukwu, president of Onitsha Chamber of Commerce (ONICCIMA), said in a statement sent to BusinessDay that the chamber found it incomprehensible that all seaport projects remained concentrated in Lagos while the ports in Onitsha, Calabar, Port Harcourt, Sapele, Warri, Escravos, Forcados and Onne were yet to run at optimum capacity or even explored as in the case of Onitsha River Port.

“There is a need to ensure that all hindrances to the transporting of barges, like the need for continuous dredging of the River Niger, managing the pricing regime and other operational requirements of the port are adequately addressed in order to open up unprecedented patronage of the eastern ports,” Ukachukwu stated.

The Lagos Chamber of Commerce and Industry (LCCI) said it would be necessary to construct a rail line into the ports.

“Our desire is for Nigeria to get to the point where it can move containers and other items to and from ports by rail across the country,” LCCI said in a recent statement.

Friday 16 October 2020

BUSINESS DAY

SWAT is ill-timed, say governors …demand prosecution of FSARS officer, compensation of victims KAMARUDEEN OGUNDELE, Abuja

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he governors of the 36 states have said the introduction of Special Weapons and Tactics Team (SWAT) by the Inspector-General of Police (IGP), Mohammed Adamu, is ill-timed.

The governors said the hurried manner the SWAT was introduced to replace the disbanded Federal -Special Anti-Robbery Squad (F-SARS) could be easily misinterpreted

by Nigerians.

According to them, there is the need for the IGP to convene a stakeholders’ forum for inputs into the police reform as states’ security peculiarities vary.

The governors stated this in a communiqué issued at the end of the Nigeria Governors Forum (NGF) meeting held Wednesday night in Abuja and attended by the IGP. They also called for a review of remuneration of the police to stimulate enhanced performance.

The Forum acknowledged the concerns of many Nigerians especially youths that had been affected by the excesses of some officials of the FSARS

and the Nigeria Police.

It, however, noted that the efforts of officials of FSARS in their states had greatly assisted in containing the increasing spate of kidnapping, armed robbery, cattle rustling, and other high end crimes particularly in the Northern states, where containing these criminal activities would have otherwise been very challenging.

The Forum, therefore, expressed concern about the sweeping decision to scrap FSARS even while acknowledging the need to address its excesses.

Governors urged the IGP to be ready to forge stronger partnerships with state governments and the civil society to improve civil relations between the Nigeria Police and the general public.

It also agreed that the concerns of the public went beyond a need for police/ FSARS reforms and included a demand for better governance; The communiqué reads in part, “Governors were unanimous in their support for the IGP and endorsed his plan to carry out far-reaching reforms geared towards greater effectiveness, accountability and transparency.

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NEWS

ITF, NECA commit to boost youth employability with vocational skills SEYI JOHN SALAU

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s Nigeria continues to implement programmes aimed at bridging the unemployment and underemployment challenges among the youth population, 42 participating organisations in the Industrial Training Fund (ITF) and the Nigeria Employers’ Consultative Association (NECA) have reiterated commitment to deepen technical and vocational training adoption through skills acquisition for entrepreneurship.

Under the ITF-NECA Technical Skills Development Project (TSDP), about 11, 000 youth are trained annually by participating partners, who have been absolving 80 percent of the trainees since inception in 2009.

Timothy Olawale, the DG of NECA said, one of the components of the technical skills training is the ‘start and improve’ your own business module of the international labour organisation (ILO).

According to him, the TSDP training is one of the critical reasons why all 42 participating partners embarked on the implementation of the technical skills development programme.

“To solve the unemployment problem in the country and to address underemployment, and

to also address the issue of the gap in middle-level manpower skills that are required,” said Olawale.

According to Olawale, several surveys have shown that there is a need to develop entrepreneurial skills among Nigerian youth.

“The jobs are always available in the private sector but lack of employable skills has been the challenge for our youth,” said Olawale.

The NECA DG stated that the remaining less than 20 percent trainees not absolved after the training, were not based on nonavailability of spaces; but because they have chosen to stand on their own and start their own businesses.

Joseph Ari, the DG/chief executive of the ITF, said the impact of vocational and technical skills development on Nigeria’s economy cannot be over emphasised.

According to Ari, most agile population in Nigeria remain either unemployed or underemployed, hence the ITF-NECA Technical Skills Development (TSDP) programme is to bridge Nigeria’s employment challenges.

Ari opined that a critical challenge facing Nigeria with the trend in the future of work is the development of competent workforce and a sustained economic growth in the global economy.

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Arise Women pledges to help reduce spread of Covid-19 …holds ‘walk for life 2020’ tomorrow INIOBONG IWOK

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rise Women, a humanitarian foundation, has concluded plans to hold its 2020 edition of Arise Walk for Life tagged, ‘#Staying Alive’.

The event, which is scheduled to take place on October 17, 2020 would begin at 7:00am in over 50 clusters across Nigeria, London, United States of America, Canada and various isolation centres.

Speaking at a press briefing heralding the event, convener of Arise Women, organisers of the event, Siju Iluyomade said that the annual event, which started over a decade ago, was a global initiative specially dedicated for Nigerians to keep up with their health in general.

IIuyomade further explained that this year’s walk will help reduce the spread of Covid-19, adding that walking eliminates joint pain, boost immune system.

While encouraging everyone to embrace walk, Iluyomade said: “You can just walk in a cluster of 25, but you

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must maintain social distance in the process.

“Africa recorded few Covid-19 cases because African people walk and this strengthens their hearts and they burn calories in the process.

“Walking eliminates joint aches and boost immune system, which is why Covid-19 is limited in Africa.”

She stated that celebrities have always been part of Arise and that some of them would be around for the walk this year.

According to her, personalities expected at the walk are the special assistant to President Muhammadu Buhari on Sports and Super Eagles legend, Daniel Amokachi; Olympic Gold medalist and sports administrator, Mary Onyali; former deputy governor of Lagos State and special adviser to the President on Sustainable Development Goals, Adejoke Orelope Adefulire; popular Disc Jockeys, Humility and Xclusive, Kaffy, DJ Cuppy, Bimbo Akintola, Nathaniel Bassey, Peter Rufai, among others.

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Friday 16 October 2020

NEWS

N62m and counting, tallying the funds that animates #EndSARS protests ISAAC ANYAOGU

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t is now nine days since young Nigerians took to the streets to protest police brutality after years of trending #EndSARS on social media detailing abuse, armed robberies, and extra-judicial killings by a rogue police unit failed to force concrete changes. Now, they are forcing a shutdown of the country and they are paying for it.

According to information published by the feminist coalition, a group of young Nigerians formed in July 2020, with a mission to champion equality for women in Nigeria, the movement has raised over N62.6 million to sustain the protests across Nigeria.

“On October 14, we donated N1,216,080 to 11 protests, the hospital bills of 3 protesters, a donation to the family of a deceased protester, and other supplies.”

Total raised: N62,643,663.05 To t a l d i s b u r s e d : N13,026,580.00 Balances: N 49,617,083.05 $11,474.34 The group tweeted to provide an accounting for money spent sustaining the protests now rapidly spreading across major cities in Nigeria.

An analysis of the group’s social media posting indicates that the donations are pouring in. Only four days ago, the Feminist Coalition announced that it has raised the total sum of N37,355,149.48 in crowdfunding and is on course to double the amount.

In its recent announcement, the group said it had disbursed the total sum of N13,026,580.00, which represents about 20 percent of the total amount raised so far, an indication that it was raising money faster than it could spend.

According to the group, donations are used to provide first aid care, hire ambulances, buy facemasks, and settle police bail for arrested protesters, pay hospital bills for the injured, feed the protesters, pay lawyers to represent protesters charged to court and even contribute towards the funeral of those killed.

These donations have been received by Nigerians and others, at home and outside the country. The money has come in various forms too, through foreign currency, naira, through payment channels, and even bitcoin.

The group is accounting for every money spent listing specific names of groups that received the donation, where they are located, and what it was used for.

“This shows that we are committed to one goal, which a better Nigeria where everyone will be accountable for the resources entrusted in his or her hand,” said John Babatope, an accountant close to the movement.

This is a radical departure from how government officials through wanton corruption have elevated graft to the status of a norm. The chairperson of the anti-corruption agency, Bolaji Owasanoye, recently said investigations done by the ICPC

had shown that some of the funds meant as palliatives by the government towards Covid-19 relief were diverted into private accounts.

“We discovered payment of N2.67 billion during lockdown when the children were not in school, and some money ended up in personal accounts. We have commenced investigations into these findings,” he said.

Following an investigation, Matthew Inabo, an account director with the Federal Ministry of Education, has been re-arraigned before a Federal High Court in Abuja for his alleged involvement in diverting about N45 million parts of funds meant for the Federal Government’s Home Grown School Feeding and Health Programme (HGSFHP).

The Feminist Coalition who says they are fighting injustice through peaceful protests, fundraising, and social media organisation, has also been faced with spurious requests for donations and had to urge those sending the requests to desist.

On October 13, the group reported that its bank account being used for donations has been blocked while the link being used to donate through Flutterwave, a fintech company that emerged as the preferred way to donate money for the cause, has been deactivated.

“We’re moving to only accepting donations in Bitcoin using BTC Pay. BTC Pay is a free, secure, decentralised, and censorship-resistant platform, which makes it our best option, given the past few days #EndPoliceBrutalityinNigeria,” the group said on Twitter.

Funding is a critical factor for the success of protests. In Nigeria, some popular struggles have been funded by business elites and opposition politicians.

Governments have succeeded in breaking up such protests by reaching compromises with these leaders. So, they withdraw their funding and life goes out of the rage.

Some governments have also tried to break up protests by instituting criminal proceedings against those providing funding. For example, the United States Justice Department has launched a criminal inquiry into the leadership and financing of protests against police abuse that have roiled American cities.

Federal authorities claimed it is not against free speech rather “coordinated, criminal activity ... and violence related to riots, destruction of federal property, and violence against law enforcement officers.”

But the protest this time is different. It is entirely crowdfunded by mostly young people and their businesses - some through blood and tears.

At this pace, the group could well hit the N100 million mark before the end of the month if protests are sustained with bitter consequences for the economy.

For many young people already without jobs and whose lecturers are on strike for over seven months, the protests provide a distraction from the pain of a troubled country.

L-R:. Tomi Coker, commissioner for health, Ogun State; Bamidele Abiodun, Ogun State first lady; Bolanle Oluomo, wife of the speaker, Ogun State House of Assembly, and Funmi Efuwape, commissioner for women affairs, Ogun State, at the flag off of free breast and cervical screening for women in Abeokuta, yesterday.

N9.7bn disbursed for 32 projects in 17 states, FCT unaccounted for - report GODSGIFT ONYEDINEFU, Abuja

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ver N9.7 billion disbursed for the implementation of 32 projects in 17 states in Nigeria and the Federal Capital Territory (FCT) is yet to be accounted for, findings on the latest 2017 audit report from the Office of the Auditor-General of the Federation, (OAGF), has shown.

Olusegun Elemo, executive director of Paradigm Leadership Support Initiative (PLSI), a CSO, while analysing the 2017 audit report in Abuja on Thursday, said N17 billion was disbursed for the implementation of the projects, but various contracts were unexecuted, others abandoned and the said sum could not be accounted for.

The states where the contracts were awarded include

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Bayelsa, Enugu, Gombe, Kano, Jigawa, Niger, Cross Rivers, Kebbi, Anambra, Delta, Ondo, Imo, Plateau, Kaduna, Oyo, and Ebonyi states.

Some of the contracts awarded includes the construction of health facilities, class rooms, roads, including hostels at the University of Abuja, University of Birninkebbi, University of Dutse, Federal College of Education Umunze, University of Petroleum Resources, Effurun; University of Owerri, University of Technology, Akure; and University of Ibadan.

Others are Nigerian Port Authority, National Examination Commission (NECO), Teachers Registration Council, Kano State SUBEB, among several others.

Elemo, speaking at a oneday workshop supported by the Open Society for West Africa (OSIWA), said the un-

accounted funds when compared to similar publication on 2016 Audit Report of the federation showed an increase of N6.8 billion (70.1 percent).

According to him, this is an indication that the level of accountability in the country is worsening.

Elemo stressed that Nigerians must commit to ensuring that public funds are not just spent but also properly accounted for, while noting that the lack of accountability was the foundation of all problems in the country.

“Are you aware that President Muhammadu Buhari laid before the National Assembly last Thursday the 2021 budget estimate of more than N13 trillion and nobody is asking the big question of how do we ensure that this huge funds is efficiently, effectively and economically

utilised?

“What justification do we have to continue to spend without adequate audit mechanism? How do we use a 1956 Audit Act to evaluate a 2020 budget? It is completely unreasonable and that is where the problem is. The lack of accountability,” he said.

Elemo further advocated the empowerment of the office of the auditor-general of the federation to effectively play the role of ensuring that public funds begin to work for citizens.

Elemo also called for efforts to ensure that the OAGF is not subject to the control of any authority as enshrined in the 1999 constitution.

He assured that the civic organisation will continue to work closely with relevant agencies to ensure accountability in all areas.

#ENDSARS: FCT security c’ttee prohibits street demonstrations …thugs sustain attacks on protesters in Lagos, as Sanwo-Olu promises investigation INIOBONG IWOK, Lagos & DOZIE EMMANUEL, Abuja

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he Federal Capital Territory (FCT) Security Committee yesterday prohibited any form of street demonstrations in the territory.

In Lagos, armed thugs, again on Thursday, attacked the ENDSARS protesters at Alausa, Ikeja, the seat of government in Nigeria’s former capital city, just as the protest spread to other parts of the state, including Okota in Oshodi-Isolo, while also being sustained in the Lekki axis.

As a result, vehicular traffic around Okota, Cele and their adjoining areas was disrupted for hours, forcing commuters in their hundreds to resort to trekking long distances to their destinations.

BusinessDay recalled that

pandemonium broke out on Wednesday at the Berger roundabout, Abuja when the pro and anti-SARS protesters clashed, leading to the vandalisation of five vehicles and the arrest of many protesters by the police.

In a press statement, the chief press secretary to the FCT minister, Anthony Ogunleye, said the committee came up with the decision after its routine meeting on Tuesday, October 13, 2020, to review the security situation in the FCT with a view to addressing identified challenges.

Ogunleye hinted that the meeting, which was chaired by the FCT minister, Muhammad Bello, had extensive deliberations with heads of the various security agencies and military formations in the FCT, senior members of staff of the FCTA, representatives of religious and

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traditional institutions as well as area council chairmen.

He noted that the committee was satisfied with the President’s directive to the police boss to disband the Special Anti-Robbery Squad (SARS) as well as other reforms aimed at enhancing the effectiveness of the Nigerian police.

According to the statement, “The committee noted with satisfaction the directive by President Muhammadu Buhari to the Inspector-General of Police to disband SARS as well as other reforms aimed at enhancing the effectiveness of the Nigerian police.

“However, the committee noted with concern that despite the pronouncement by the Inspector General of Police scrapping the FSARS, the #ENDSARS protests continued in parts of the territory, saying the protesters caused inconveniences to @Businessdayng

law abiding citizens.

Meanwhile, Governor Babajide Sanw-Olu has said his administration would investigate the attack on the ENDSARS protesters in Lagos.

The governor was responding to a trending video showing suspected armed thugs alighting from a Lagos State government branded BRT bus with dangerous weapons with which they attacked the protesters.

Sanwo-Olu through his verified twitter handle @jidesanwoolu on Thursday condemned the attack.

“I strongly condemn the attack of peaceful protesters by armed and unscrupulous elements trying to cause chaos in Alausa today. My government will never tolerate the attack of protesters.

Security agents will immediately protect peaceful protesters from miscreants.

Friday 16 October 2020

BUSINESS DAY

A3

NEWS

Solid mineral sector eyes $1.5bn private sector investment

Ajaokuta Steel Mill: Russian technical team to arrive Nigeria soon - minister OLUSOLA BELLO with agency report

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ope of eventual completion of the long-abandoned A j a o ku t a S t e e l Company seems to be rising as a 60-man team from Russia is expected in Nigeria to carry out a technical audit of the company, minister of Mines and Steel Development, Olamilekan Adegbite has said.

Adegbite said in Abuja on Thursday that the Russian government has nominated TYAZHPROMEXPORT (TPE), the company which originally constructed the Ajaokuta Steel to conduct a technical audit to ascertain the level of work required to complete the steel mill.

“The original builders of Ajaokuta Steel TPE are coming with the 60-man team to Nigeria to commence audit report of the company.

“I am in contact with them; we are making arrangement for their coming in line with Covid-19 protocol established in Nigeria.”

Agreement to revive the Ajaokuta Steel Company was reached during a meeting between President Muhammadu Buhari and President Vladimir Putin in Russia in 2019.

The foundation laying of Ajaokuta Steel Company was conducted in 1980 by late President Shehu Shagari and within four years, the company recorded 84 percent completion.

The steel company located on 24,000 hectares of greenfield landmass was built on 800 hectares of land over three decades ago.

Ajaokuta steel reached 98 percent completion in 1994 and has not produced a single iron to date.

On improving the sector, the minister said that the ministry had commenced the process of reviewing the mining law. “The law that controls mining is 2007 but we are at the process of reviewing it.”

He said some physical incentives for attracting miners to invest in Nigeria include import duty waiver for all mining equipment.

Others are three-year tax holiday for foreign with a possible extension and low royalty-three to five percent compared to some countries that charge 20 percent royalty, among others.

“These are parts of incentives put in place to attract foreign investors. These incentives are also applicable to local miners,’’ said Adegbite.

…$1.3bn worth of Nigerian gold illegally shipped to Dubai in 2 years - official HARRISON EDEH, Abuja

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he executive secretary of the Solid Mineral Development Fund (SMDF), Fatima Shinkafi says the Fund looks to unlocking about $1.5 billion worth of investment in the mining sub-sector, leverage its proposed $500 million fund.

Shinkafi stated this while making a presentation on financing options in the mining sector at the ongoing Mining Week in Abuja.

“The SMDF has been structured and positioned and is ready to invest $500 million to unlock $1.5 billion in third party investments and financing in the mining sector. We are here to promote private sector-led investments, although we do have a social investment angle to the fund,” said Shinkafi.

She observed that funding has been a major challenge in the sector, as mining is perceived as high risk by financiers from various financial institutions.

Sh e n o t e d t hat m o s t financiers were cautious about mining business in Nigeria, explaining further that private capital would remain a challenge, because many of the projects in the country are at stage 1 or 2, “which are the stages where exploration and the feasibility studies take place. We hope to move projects to further stages where financiers are more comfortable to get involved.”

According to Shinkafi, the major mandate of the SMDF is to act as a catalyst to spur development of Nigeria’s mining sector by undertaking targeted sustainable, profitoriented investments and interventions in key areas,

in close coordination with stakeholders in the sector.

“We need to do things differently. Often implementation is the problem and an innovative approach is needed such as a combination of tools to solve the problems in the mining sector.”

“The fund will address the financial gaps across the mining value chain, including geoscience activities, exploration, equipment financing, mine development, production, infrastructure and capacity building.” She made it clear that SMDF is “not a commercial bank, but a partner. We co-fund projects.”

Meanwhile, she said the nation’s mining sector could generate $15 billion annually, which also has an estimated value of gold of 1 million ounces to 60 million ounces if scaled up based on an estimated ratio of inferred

reserves to inferred resources.

“If we were to match the oil and gas production levels the sector would generate annual revenues of $15 billion.

This is not something we can continue to ignore”, she said.

According to her, Nigerian gold valued at $1.3 billion has been illegally taken to Dubai in the last two years as informal exports indicate tremendous potential of $2.2 billion worth of gold, tin and lead illegally exported out of Nigeria from 2016-2018.

Shinkafi indicated in her presentation that Nigeria’s artisanal gold production has almost doubled since 2015 without any major investment recorded during the period under review.

She lamented that till date, the country has only produced two percent of the total gold production volume with an estimated 84 metric tonnes in Africa.

‘SMEs must leverage technology for growth in the new normal’ BUNMI BAILEY

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ith businesses around the world continuing to grapple with the realities of a disrupted landscape on account of the Covid-19 pandemic, they must adopt and apply technology in new ways if they are to thrive in the new normal.

John Obaro, founder/managing director of SystemSpecs, a financial and human capital technology firm, shared this perspective at a recent MTN REVV Masterclass aimed at providing SMEs with access to new markets, productivity support and business advisory services.

Emphasising the positive correlation between technology deployment and productivity optimisation, Obaro highlighted the need for small businesses to leverage everyday technology in new ways to enhance the various aspects of their operations for value creation, team building and superior returns.

“We must not underplay the role of technology for optimal performance, especially during the growth phase of businesses where it is important to keep costs low, operations lean, creativity at its highest and customers excited,” he said.

According to Obaro, the Covid-19 pandemic offers enormous opportunities to SMEs to reimagine and recreate their businesses, leveraging online technologies as well as engaging customers beyond the pre-

Covid-19 norms.

Drilling down to the issue of team-building and people management in the new normal, he advised small businesses to leverage technology to build a family-like atmosphere within the workforce to deepen teamwork, trust, and ultimately increased productivity.

“The basic thing for me from the outset is that relationships matter. You hire right and relate well with your employees. You need to create a work atmosphere where people are free to make mistakes and learn from them. I have always placed emphasis on giving them (employees) the kind of freedom that they need. Building that trust in a relationship is important.

“As an SME, it gives you an opportunity to really get personal; as you grow bigger, it probably becomes more difficult, as you would need to get more structured. And of course that comes with different challenges,” Obaro added. He advised that small businesses should be careful to employ people that buy into the organisational vision because an employee without passion for the business would be counterproductive.

Speaking further, Obaro, whose software company developed Remita, HumanManager and Paylink, said as SMEs grow beyond early stages, they would need to pay more attention to employee issues such as performance management, compensation, capacity development, career progression, among others.

L-R; Johnson Anorh, chief administrator, GAGE Awards; Nicole Adehi, member communications team, GAGE Awards; Oby Ezekwesili of Bring Back Our Girls (BBOG), and Yomi Olaniwun, head strategy and communications, GAGE Awards, during the presentation of GAGE Awards to Oby Ezekwesili for the Social Movement of the year 2020 with BBOG.

Bill on mental health for third reading at Senate November ANTHONIA OBOKOH

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he Senate is set to pass the National Health Bill for the t h i rd re a d i n g i n November 2020, even as the Federal government has been charged to set up a mental health desk at the Federal Ministry of Health to regulate and coordinate all levels of mental health care in the country.

Senator Ibrahim Oloriegbe, chairman of the senate committee on health, dropped the hint

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on Wednesday, during a virtual summit held by the Association of Psychiatrists of Nigeria in commemoration of this year’s World Mental Health Day. Oloriegbe who is representing Kwara Central district, gave assurance that the bill which earlier passed through the second reading, will be returned to the senate for the third reading and by November it will be passed by the senate.

He said: “With the pandemic, we have all seen the consequences on the social and economic and that the

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coping mechanism by people that have broken down.

We have been privileged be to support the processing and passage of a law that will guide and be a policy framework for sustainable and effective activities or actions towards addressing mental health disorders. “ B e f o re w e c a m e i n , there has been some attempt there was a law that was in the draft stage. We looked at that and did some amendments and presented it. While we were doing that, we saw that the previous effort did not even @Businessdayng

make attempt to rep eal the Lunacy Act which is the currently existing law in Niger ian legal books as far as mental health is concerned.

“We are in the final stage and today may be the day we are submitting it back to the Senate for them to schedule it for the third reading. We have finalised every work on it, we have a clean draft and we hope

by November, hopefully when we go back to plenary before the middle of the month, it will be passed by the senate.

A4

Friday 16 October 2020

BUSINESS DAY

MoneyInsight

Bitcoin’s hold on $11,000 tightens as appetite for crypto returns

ANDREW BOURNE

FRANK ELEANYA

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he world’s largest cryptocurrency, Bitcoin will not be going below the $11,000 range very soon as appetite for the cryptocurrency appears to have returned.

The volume of transactions that had dropped in recent weeks is back on the rise, according to a research team from Luno and Arcane Research who monitor the market on a weekly basis.

Bitcoin finally pushed above $11,000 again last week and held firmly throughout the weekend. The market is once again trending upwards, after a disappointing September. At press time, the price of the cryptocurrency was at $11,416 on the Coindesk Price Index.

The upward price push also means sentiment on bitcoin is back to positive.

After staying in the fear area for more than a month, the Fear & Greed Index is now back above 50 and has entered the Greed area.

The Index touched 56 on Sunday, which is the highest level since the brutal BTC drop down from $12,000 to $10,000 in the beginning of

September.

Similarly, the daily volume which has dropped to levels last seen in February saw a spike over the past week.

“The market looks to be more alive again, and we could perhaps be looking at the start of a new trend for the bitcoin volume and the overall trading activity,” the researchers said.

There were concerns that the September bears will persist after BitMEX. A cryptocurrency deriva-

tives trading platform was charged by the CFTC with illegally operating in the US. Concurrently, its executives, including Arthu Hayes, CEO were charged with violations of the US Bank Secrecy Act and are facing prison sentences.

One of the Bitmex founders was subsequently arrested.

With the CFTC charge, BitMEX not only lost significant market shares in the futures market, but they also lost their role as the market leader in the perpetual swap

market. Bitmex loss of market means that Binance is now the largest contributor to the total open interest in the perpetual swap market, accounting for nearly 25 percent of the market. BitMEX had 29 percent of the market prior to the CFTC charge, but it fell down to 20 percent by October 10th.

The researchers note that a push above $11,500 for bitcoin this week and a close above last summer’s resistance level would be a bullish signal.

8 shopping tips that save you time, money STEPHEN ONYEKWELU

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very shopper it appears wants to get the best deal for their Naira especially during this tough economic times caused by the coronavirus pandemic?

There is an abundance of sale ad from retailers who want your business.

Here are some useful shopping tips: Shop around. A “sale” price is not always the “best” price. Some retailers may offer a sale price on an item for a limited time; others may discount the price on the same item every day. Having an item’s ma nu f a c tu re r, m o d e l number, and other identifying information can help you get the best price for the item you want.

Read sale ads carefully.

Some may say “quantities

Why businesses should take a long-term approach to people, product, and customers

limited,” “no rain checks,” or “not available at all stores.” Before you step out the door, call ahead to make sure the retailer has the item in stock. If you are shopping for a popular or hard-to-find item, ask the retailer if he would be willing to hold the item until you can get to the store.

Take time and travel costs into consideration.

If an item is on sale, but it is way across town, how much are you really saving www.businessday.ng

once you factor in your time, your transportation, and parking?

Look for price-matching policies. Some retailers will match, or even beat, a competitor’s prices — at least for a limited time.

Read the retailer’s pricing policy. It may not apply to all items.

Go online. Check out websites that compare prices for items offered online. Some sites also may compare prices of-

fered at stores in your area. If you decide to buy online, keep shipping costs and delivery time in mind.

Calculate bargain offers that are based on purchases of additional merchandise. For example, “buy one, get one free,” “free gift with purchase,” or “free shipping with minimum purchase” may sound enticing. If you do not really want or need the item, it is not a deal.

Ask about sale adjustments. If you buy an item at regular price and it goes on sale the next week, can you get a credit or refund for the discounted amount? What documentation will you need?

Ask about refund and return policies for sale items. Retailers often have different refund and return policies for sale items, especially clearance merchandise.

https://www.facebook.com/businessdayng

usiness success is perceived differently today. Buzzwords like maximization, venture-backed, growth hacking, and well-conceived exit strategies (like IPOs or acquisitions) define entrepreneurial success in the current age. In a mad rush to show high quarteron-quarter growth rates, corporate leaders have forgotten that the true value of a business is how long it stays relevant in the market and instead focus solely on transient growth spurts even if they cost profits.

Any business, no matter how big its initial success, needs to take a long-term approach if it’s to avoid being one of history’s almostrans. This applies to every aspect of the business, including, people, products, and customers.

Invest in People When you are a new company working on developing deep tech, discovering talent and retaining them is a challenge. Try to create and slowly nurture a pool of capable workers who will gain domain expertise over time. At Zoho, in order to sustain our long-term R&D efforts, we initially kept the teams small and worked with people who were committed to learn and understand the domain.

Patience is the key when you cultivate talent in-house. As people refine their skills and gain deeper domain knowledge, they gradually bring their learning to the business and build a solid offering that will stand the test of time.

Ultimately, it’s the culture of experimental learning that you build which keeps you going and also motivates people to stick around for the long haul.

Build a product that can pivot and adapt Equally important is to take a long-term approach to your product. You might be selling something simple today, but you need to be able to build on that. Take Amazon, for example. It @Businessdayng

started out selling books and gradually built out to become a trillion-dollar company. It hasn’t just focused on e-commerce either. Amazon Web Services (AWS), its cloud-computing division, keeps more than 40% of the internet up and running.

The lesson here is that long-term thinking isn’t just about having a product plan and sticking to it. It’s also about adapting to any future opportunities that present themselves. Whatever sector you operate in today, it will see disruptions sooner or later. If you can adapt to those changes, or find new opportunities in other sectors, you will be better placed for continued success than your competitors.

Keep up with customer expectations Finally, you need to take a long-term approach to your customers. If you are constantly gaining new customers but not retaining them, you’re unlikely to see real success. Returning customers routinely spend more money on brands they’re loyal to. People are also more likely to recommend others to businesses they have had a good experience with. Simply put, it just makes business sense.

But taking a long-term focus with your customers isn’t just about the direct touch-points you have with them. Everything, including the software solutions you use, should have the customer at heart. For example, a unified tool which allows you to instantly see every interaction a customer’s had with your business (be it via voice, email, or chat), will put you in a much better position to serve them than trying to work with several different products.

Taking this long-term approach might feel overwhelming initially, but it’s much more likely to pay off than simply trying to survive from quarter to quarter. After all true success is built over time.

Bourne is Regional Manager for Africa, Zoho Corporation

BUSINESS DAY Friday 16 October 2020

By Kemi Ajumobi

Kemi@businessdayonline.com

www.businessday.ng

Women in Business Funke Medun

YEWANDE ZACCHEAUS

Director/Country Manager at Leapworld Limited

CEO, Eventful Limited

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unke brings several years’ experience with a profile that spans business development, relationship management, team management, building and maintaining strategic alliances. She holds a first degree in Geology and an MBA from Lagos Business School (Pan African University), Nigeria.

She is an associate member of the Chartered Institute of Personnel Management (CIPM) and a licensed human resource practitioner (HRPL). She is also an alumnus of China Europe International Business School (CEIBS) and IESE Business School, Spain.

Funke is an accredited World Bank business development support (BDS) consultant and a seasoned professional with several years’ experience in banking, consulting and entrepreneurship development.

She is a capable, result-oriented, ambitious and successful business management consulting executive. She is a BDS consultant for the World Bank Growth & Employment (GEM) project, Bank of Industry (BOI) Nigeria and Lagos State Employment Trust Fund (LSETF) project.

Funke is the pioneer coordinator for CEIBS women entrepreneurship and leadership for Africa (WELA) program in Nigeria. She also manages Leapworld’s other alliances such as Prixim consulting UK; RSL Derivatives, BOI, World Bank GEM project, LSETF amongst others.

Medun is currently a director at Leapworld Limited a management and business support services consulting, assessment, empowerment, training and human resource management organisation. She oversees the general activities of the company, and is responsible for strategy & execution and profiteering of the organisation.

Medun had about a decade of experience in the banking sector before joining the consulting industry. She worked with Nigeria Zenith bank plc and Guaranty trust bank plc (GTBank) in different departments and capacities. She was also the country manager/head business

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development, Nigeria of a consulting firm with head-office in Canada. She has pioneered several business units and managed them with great results. She has successfully managed several teams, mentoring and impacting great skills.

She has worked on projects and implemented training programs in different countries for organisations such as World Bank GEM project, Bank of Industry (BOI) Nigeria, Algorithm media, Etiquette Consortium, Diamond bank plc, Fidelity bank plc, Channels Television, Lekki Free Trade Development Company, Seplat Petroleum to mention a few.

Medun is also very active in community development. She is a volunteer financial education trainer with the “financial literacy for all” project, Nigeria (in Collaboration with Common Wealth UK) and a life-skills trainer with the Lagos Eko Education project (World Bank funded).

She was also a mentor under the Guaranty Trust Bank plc staff mentoring scheme and a peer educator with the Health & Life planning club (Action Health Incorporated, Lagos).

ewande is the CEO of Eventful Ltd, a leading events planning and consulting company in Nigeria. She studied Law at University of Lagos and thereafter obtained an LL.M from Cambridge University, England. After a successful career in law and banking Yewande established her own business, Eventful Ltd in 2002.

Eventful is the pioneer and a market leader in the events and venue management and consulting business in Nigeria.

They are well positioned to cover a wide spectrum of events. They insist that things can be done properly in Nigeria and do not compromise their standards. Event planning and management is a creative and challenging undertaking, whether the event is for thousands or for a handful of guests and as such, they pride themselves in their ability to think through the whole event process and deliver a proposal, through design, theme, maximizing impact of your brand, developing a budget, hiring of providers, venue set up, managing the event, to post event reconciliation.

Yewande is passionate about redefining the events and entertainment landscape of Nigeria. She is the convener of The Food Souk, a world class food and beverage fair, The Beauty Souk, a niche fair for beauty enthusiasts, The Fashion Souk, a fashion fair showcasing the value chain of the Nigerian fashion business and The Street Souk, a fair for millennials featuring urban street wear. These fairs have become annual landmark events on the Lagos social calendar.

Yewande is a founding Trustee and a past Chairperson of Women in Management and Business (WIMBIZ), an organisation established with the objective of being the catalyst that elevates the profile of women in management, business and the public sector.

She is the author of four Inspirational books, God’s Waiting Room 1, 2,

3 and 4 which were written as a result of her personal testimony and to encourage couples experiencing delay in childbearing.

“Infertility is so prevalent in our society today that practically everyone knows someone who is believing God for the fruit of the womb.

God’s Waiting Room is a book filled with practical principles based on the word of God on how to survive the waiting period and turn it into a time of fulfillment, self-discovery and blessing.” She said.

Yewande is the proud 2011 recipient of the prestigious International Women’s Entrepreneurial Challenge (IWEC) Award, an initiative of the Chambers of Commerce of Manhattan, Barcelona and India. She is a 2015 recipient of Thisday Newspapers Gamechanger award for being the pioneer and game changer in the event planning industry in Nigeria.

She serves on several boards and non-profit organisation as a nonexecutive director and chairman.

Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Advert Hotline: 08033225506. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Patrick Atuanya. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.