BusinessDay 17 Apr 2020

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news you can trust I ** friDAY 17 april 2020 I vol. 19, no 544

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NGUS mar 31 2021 392.66

Verdict unlikely to inspire confidence - Analysts

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oody’s Investors Service left Nigeria’s credit ratings unchanged at B2 with a negative outlook, Thurs-

day, opting to hold off on a downgrade to the surprise of some analysts.

The other members of the widely acclaimed “big three”, Standard and Poor’s and Fitch, have slapped Nigeria with down-

grades over the past month over the continued decline in crude oil prices which could see Africa’s largest oil producer lose more than a third of its revenues this year and the impact of the coronavirus pandemic on eco-

6M

nomic growth. Sovereign credit rating downgrades increase the cost of borrowing not only for the government but for corporates.

“Our negative outlook continContinues on page 29

5Y 0.00

0.00 2.94

10.96

NGUS mar 29 2023 401.74

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Nigeria escapes Moody’s downgrade amid rising economic turmoil LOLADE AKINMURELE

3M 0.00 2.17

I&E FX Window CBN Official Rate ($/N)

fgn bonds

Treasury bills

10 Y -0.05

30 Y 0.04

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NGUS mar 26 2025 412.03

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COVID-19: Intrastate travel aiding community transmission – FG …says stigmatisation of patients affecting war against virus HARRISON EDEH, INNOCENT ODOH & GODSGIFT ONYEDINEFU, Abuja

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he Presidential Task Force on COVID-19 on Thursday expressed concern that despite the presidential lockdown order in some states and the directives of some state governors restricting movements, intra-state travels have continued, aiding community transmission of coronavirus.

“We have noticed that community spread of the virus is now being traced to people embarking on intra-state travel. We need to try and restrict our movement in order to stop the spread of the virus,” Sani Aliyu, national coordinator of the Presidential Task Force, said during the daily press briefing on the COVID-19 pandemic in Abuja.

Nigeria has recorded 407 confirmed cases of COVID-19 as at 6:00pm on Thursday, April 16. 128 patients have been discharged while with 12 deaths Continues on page 29

Inside L-R: Ojekunle Jacob Ojemuyiwa (Jr), commissioner for agriculture, Oyo State; Debo Akande, special assistant to the governor on agricbusiness; Mukaila Kafaru, HR, business partner, Flour Mills of Nigeria (FMN), and S.B Oloko, permanent secretary, Oyo State Ministry of Agriculture, at the official handover of food products donated by FMN to Oyo State as part of FMN’s commitment to mitigate impact of the lockdown instituted to reduce the spread of coronavirus, yesterday.

Telcos’ data revenue to surge amid COVID-19 lockdown P. 2

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Friday 17 April 2020

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news Nigeria not beneficiary of recent IMF Debt relief – Finance minister HOPE MOSES-ASHIKE

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he Federal Government of Nigeria has confirmed that Nigeria is not a beneficiary of the recent International Monetary Fund (IMF) debt relief for 25 countries.

In a statement released in Abuja yesterday, Zainab Ahmed, minister of finance, budget and national planning, said “it is true that Nigeria is not a beneficiary of the recent IMF debt relief for 25 countries”.

“This is because, as stated in the IMF Executive Board statement, the relief ‘provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months’,” Ahmed

said in the statement.

Since Nigeria, according to her, is not indebted to the IMF, there is no outstanding debt obligation to be forgiven.

Ahmed disclosed that Nigeria’s application for new IMF financing is under consideration and receiving attention.

The new application is for financing under the Rapid Financing Initiative (RFI). It is a loan to be paid back. It is not an IMF programme. Nigeria is entitled to access up to 100 percent of its quota under the RFI. Ahmed, speaking on the current financial position of the country with the IMF, said, “Nigeria’s current financial position at the IMF is public information on IMF website.”

Privatise NNPC, replicate NLNG model in oil sector to exit economic crisis, experts tell FG ISAAC ANYAOGU

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here is need for a larger role for the private sector in the Nigerian economy, according to experts, who also urge reforms that include privatising the Nigerian National Petroleum Corporation (NNPC) and replicating the successful NLNG model in the management of oil sector assets. This, they say, has become increasingly critical in the wake of looming recession following the outbreak of the coronavirus pandemic.

Imo Itsueli, former chairman of the NNPC board, in a presentation during the BusinessDay webinar in collaboration with MTN Nigeria, said more private sector involvement in the economy is the best way to get out of the current fiscal crisis.

“There are many things we havenotdonewellandcontinue to do badly in the oil and gas sector,” Itsueli said during the webinar on Wednesday on the theme ‘The National Economic Emergency(Nigeria;theeconomy, governance and citizenship in the time of COVID-19)’.

He said Nigeria has continued to produce below 2 million barrels of oil a day because it lacked investments required to ramp up production. The investments have stalled because the country has failed to enforce the required reforms that will attract investments.

However, this is hardly new counsel. The government continues to show lack of political will to take urgent reforms.

Atiku Abubakar, the presidential contender on the platform of the People’s Democratic Party during the last general elections in the

country, called for the privatisation of the NNPC. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in January urged the Federal Government to adopt the NLNG model to revive the country’s four ailing refineries.

The Federal Government has ignored these counsels as oil proceeds mask an economic rot. Now, under strain from depressed oil prices, fallen demand, crumbling non-oil proceeds and rising debts, the carcass of a wilting economy stares at bemused government officials.

The situation looks to worsen as the recent agreement among oil producers to cut about 9.7 million barrels a day places a cap on Nigeria’s production to no more than 1.4 million barrels. Even then, Nigeria has struggled to sell its crude in an oil market brimming with so much supply; it is running out of storage spaces.

Itsueli said Nigeria has been unable to pass a Petroleum Industry Bill for over 20 years and the country is not even replenishing oil production as investments have been too few and far between.

“Industries thrive best when industries lead the business environment. The government should give instructions and allow the private sector to operate,” Itsueli said.

He said Nigeria needs to learn from the US and Canada which have no national oil companies.

“France, Italy, Germany, the UK, all used to have oil companies and they have metamorphosed to private companies because they are more efficient at managing them,” Itsueli said. www.businessday.ng

Telcos’ data revenue to surge amid COVID-19 lockdown ... MTNN, Airtel seen as defensive stocks FRANK ELEANYA

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obile network operators (MNOs) in Nigeria are expected to record major milestones in data revenue as a result of the current coronavirusinduced lockdown in major cities across Nigeria.

“We believe the outbreak of COVID-19 which has disrupted activities, leading to the shutdown of offices, factories, schools, and social gatherings will result in increased data and voice consumption in the short term as people increasingly communicate remotely and seek entertainment during the lockdown,”

CSL Stockbrokers said in a recent report.

To curb the spread of the deadly coronavirus, Lagos, Abuja and Ogun State have been on lockdown since March 30, and on April 13, President Muhammadu Buhari extended the lockdown in the three areas by 14 days, meaning that residents would now spend a whole month at home. Residents in many other states across the country have also been asked by the governors to stay at home.

Agusto & Co., a Lagos-based consulting firm, in a recent publication tipped telecommunications as one of the three sectors, alongside agriculture and home and personal care, that would post strong growth

on the back of the lockdown as the bottom line of most businesses in the country is expected to head south.

The consulting firm said growth in Nigeria’s telecommunication industry is expected to be fuelled by a surge in work-from-home activity, the increasing search for news online, and the use of airtime for voice calls (as many are frequently checking up on their loved ones).

A week before the first lockdown was proclaimed

by President Buhari, internet traffic grew by 10 percent as many companies had introduced remote work, according to Internet Exchange Point of Nigeria (IXPN). The IXPN also said there was internet

surge on Tuesday after the lockdown order went into enforcement.

“Working remotely implies that several white-collar professionals will consume more internet data for work and virtual meetings leading to a spike in demand for data,” Agusto & Co. said in the publication ‘COVID-19 in Nigeria: Economic Perspectives and Mitigating the Risks’.

The consulting firm also expects that more telecoms consumers (beyond the white-collar professionals) will spend more time on social media and other streaming apps at this time.

“We believe these trends

Continues on page 29

Seyi Makinde (r), governor, Oyo State, and Rahman Adepoju, caretaker chairman, Ibadan North West Local Government, during the governor’s visit to Dugbe Market, Ibadan which was razed by fire.

Here’s a breakdown of COVID-19 cases in Nigeria … 64% of Lagos cases are male, 36% female OLUFIKAYO OWOEYE

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he coronavirus pandemic continues to batter the global economy with most businesses grinding to a halt.

Figures from the John Hopkins University as at April 16 show that the deadly virus has so far infected more that 2.6 million people with 137,000 deaths globally.

The United States has the largest number of cases with 609,685 reported cases, followed by Spain at 177,633, and Italy at 162,488 cases.

Nigeria has tested over 5,000 people so far, and as at the evening of April 15, the country had a total of 407 confirmed cases in 20 states, including Abuja. Of this number, 128 have been

discharged, with 15 confirmed deaths.

Lagos, the nation’s commercial capital, has the highest number of confirmed cases of coronavirus, with 235 confirmed cases as at April 15, 135 active cases and 85 discharged cases. Two cases were evacuated, and 10 coronavirus-related deaths have been recorded in the state so far, mostly between the ages 51 and 62.

Abuja, the Federal Capital Territory, occupies the second position with a total of 58 reported cases, two deaths and 23 discharged cases.

Osun and Kano have 20 and 16 confirmed cases, respectively; Edo has 15 confirmed cases with one death; Oyo has 11 cases; Ogun nine; Katsina has seven confirmed

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cases with one death; Bauchi six; Kaduna six; Akwa Ibom six; Kwara four cases with one death; Delta four confirmed cases; Ondo three; Enugu, Ekiti, Rivers and Niger have two cases each, while Benue and Anambra States have one case each.

Akin Abayomi, Lagos State commissioner for health, at a press briefing last week released the list of areas with the highest numbers of confirmed cases in the state.

According to the list, EtiOsa Local Government Area has 47 cases, followed by Ikeja with 24, Lagos Mainland 14, and Alimosho, Agege and Ikorodu with one confirmed case each.

Cases by age As of the time of the press briefing last week, the com@Businessdayng

missioner said that most of the patients are between 30 and 59 years old, adding that only three patients are between 60 and 70 years currently receiving treatment.

Gender distribution Abayomi said 64 percent of the patients are males, 36 percent females.

He said that 68 percent of the cases were imported in the first four weeks of confirmation of the index case in the state.

“91 per cent of confirmed #COVID-19 cases in Lagos are Nigerians, 9 percent are foreigners,” he added.

According to him, there are about 20 ventilators in the state hospitals, and another 20 in the private hospitals which the state can access if the need arises.

Friday 17 April 2020

BUSINESS DAY

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Friday 17 April 2020

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Friday 17 April 2020

BUSINESS DAY

Operator of the NNPC/MPN Joint Venture

Tender Opportunity: Provision of Offshore Microwave Network 4GB Bandwidth Capacity Upgrade for MPN NipeX Tender Number: 00000174 1. INTRODUCTION:

Nigerian Content (NC) in the Nigerian oil and gas industry is defined as:

Mobil Producing Nigeria Unlimited (MPN), operator of the NNPC/MPN Joint Venture plans to engage reputable Telecommunication Companies for the Offshore Microwave Network 2GB Bandwidth Capacity Upgrade which interconnects MPN's field locations for an anticipated contract term of three (3) years with one (1) year optional renewal period.

Contract is expected to commence in 2020.

The quantum of composite value added to or created in the Nigerian economy by a systematic development of capacity and capabilities through the deliberate utilization of Nigerian human, maternal resources and services in the Nigerian oil and gas industry

2. SCOPE OF WORK This project covers the upgrade of MPN's existing microwave network which interconnects several onshore/offshore locations within the NNPC/MPN JV operating areas. This microwave network currently supports critical business voice, data and video communications on a continuous basis and the upgrade will be required to provide a minimum network-wide scalable bandwidth capacity of two (2) gigabits. The general scope of work for this project will be as follows: l

l l l l

Carryout detailed Path and Site analysis/surveys required for upgrade of all microwave network links listed below and develop detailed low level designs for the new circuits using the Aviat WTM45xx series radios and existing frequencies as provided by MPN. Decommissioning of existing Aviat CTR 87xx radios and ODUs Supply and Installation of Aviat WTM 45xx radios and corresponding antennas.

Integrate upgraded links with existing ProVision Network management application Provision of post-installation maintenance and support for entire microwave network.

"Nigerian company "is a company formed and registered in Nigeria in accordance with the provisions of Companies and Allied Matters Act with not less than 51% equity shares by Nigerians.

Bidders shall consider Nigerian content as an important element of their overall project development and management philosophy for project execution.

As part of their submissions, Tenders shall: Develop an NC plan which shall explain the methodology of how it intends to comply i. with the requirements of the Act: and how to achieve the set target(s) in the schedule of the NOGICDAct. ii.

Provide a detailed description of its committed infrastructure (asset, equipment, technical office and administrative space, storage, workshop, assembly area, repair and maintenance, testing, laboratory, etc.) in Nigeria (office, equipment etc.) to support this contract, evidence that all equipment deployed to work by multinational and international companies are owned by the Nigerian subsidiary.

iii.

Demonstrate that the entity is a Nigerian-registered company. Provide details of its Ownership Structure. Submit certified true copies of CAC forms (CO2 & CO7) including memorandum and article of association. For foreign companies and multinational in alliance with a local company, submit evidence that the local company is an indigenous company and the binding agreement of the alliance duly signed by the CEOs of both parties.

iv.

Submit a plan on how it intends to give the first consideration to services provided from within Nigeria, raw materials and manufactured & assembled goods of Nigerian origin.

v.

Provide evidence of specific training, certification program man-hour budget. Skill development and technology transfer plan in place for its Nigerian personnel including list of relevant training and development for indigenous staff in the last three years.

vi.

Provide evidence (personnel list and positions with organizational chart to substantiate) of percentage of key Management positions that are Nigerian Nationals and percentage of the Company total workforce (direct and in-direct employees) that are Nigerians.

List of Microwave Links to be upgraded: l l l l l l l l l l l l l l

TTC <> QIT <> MHE <> TTC -- RING 3 QIT <> UBIT <> EDOP <> IDOHO <> QIT - RING 1 QIT <> IDOHO <> EDOP <> EKPE <> OSO <> USARI <> QIT - RING 2 BRT <> OSO <> EKPE <> YOHO <> BRT - RING 5 UBIT <> EAP - Spur 1 UBIT <> BOP - Spur 2 EDOP <> ETIM - Spur 3 EDOP <> INIM - Spur 4 EKPE <> ASABO - Spur 5 YOHO <> USAN - Spur 6 FOT <> INTELS - Spur 7 YOHO <> YOHO FSO - Spur 8 BRT <> FOT Onne - Spur 9 Usari <> QIT - Spur 10

3. MANDATORY REQUIREMENTS A.

B.

To be eligible for this tender exercise, interested contractors are required to be preq u a l i f i e d i n t h e 3 . 0 1 . 1 0 ( Te l e c o m m u n i c a t i o n S e r v i c e s ) o r 3 . 11 . 0 9 (Telecommunication Installation/Support Services) category of the NipeX Joint Qualification Scheme (NJQS) database. All successfully prequalified suppliers in this category will receive invitation to Technical Tender (ITT).

To determine if you're prequalified and view the product/service category you are listed for: visit vendors.nipex-ng.com and access NJQS with your log-in details, click on continue Joint Qualification Scheme tool, click check my supplier status and click supplier product.

Bidders' failure to comply with the NOGICD Act or demonstrate commitment to Nigerian Content development will result in Bidders' disqualification.

5.

CLOSING DATE

Only tenderers who are registered with NJQS Product/Category Telecommunication Services (3.01.10) or Telecommunication Installation/ Support Services (3.11.09) as at Friday, May 8, 2020, being the advert close date shall be invited to submit Technical Bids.

6.

ADDITIONAL INFORMATION

A.

Interested suppliers must be prequalified for this product/ service category in NJQS

B.

Full tendering procedure will be provided only to contractors that have been successfully prequalified in NJQS

C.

This advertisement shall neither be construed as an Invitation to Tender (ITT) nor a commitment on the part of MPN to award a contract to any supplier and/or associated companies, sub-contractors or agents.

C.

If you are not listed in the product/service category and are registered with DPR to do business, contact NipeX office at 8/10 Bayo Kuku Road Ikoyi Lagos with your DPR certificate as evidence for verification and necessary update

D.

D.

To initiate the NJQS prequalification process, access www.nipex-ng.com to download an application form, make necessary payments, and contact the NipeX office for further action.

This advertisement shall not entitle prequalified companies to make any claims whatsoever and/or seek any indemnity from MPN and/or its partners by virtue of such companies having been prequalified in NJQA

E.

NNPC/MPN reserves the right to reject any and or all prequalified suppliers at its sole discretion and at no cost whatsoever

E.

To be eligible, all tenders must comply with the Nigeria Content requirements in the NipeX system.

F.

All cost incurred in registering and prequalifying for this and other product/service categories in NJQS shall be borne solely by suppliers

G.

Suppliers that are prequalified for this product/service category in NJQS must ensure that the name and contract details (physical address, email address and telephone number) of their company and authorized/responsible personnel is up-to-date in their company profile in the NJQS database

H.

MPN shall communicate only with the authorized/responsible personnel of prequalified companies and not through unauthorized individuals or agents.

l

Please visit the NipeX Portal at www.nipex-ng.com for this Advert and other information

l

NCDMB NUMBER: ES/NCDMB/MPN - NCP/02/10/19/UPD/OFFSHORE MICROWAVE NETWORK BANDWIDTH CAPACITY UPGRADE FOR MPN

4. NIGERIAN CONTENT Company is committed to the development of the Nigeria Oil and Gas business in compliance with the Nigerian Oil and Gas Industry Content Development Act 2010 (NOGICD Act) enacted by the Federal Government of Nigeria in April 2010.

As from the commencement of this Act, the minimum Nigerian Content in any project, service or product specification to be executed in the Nigerian oil and gas industry shall be consistent with the level set in the schedule to the Act and any other targets as may be directed by the Nigerian Content Development and Monitoring Board (NCDMB).

NNPC/MPN JV requires their contractors to comply with the Act, Its attached Schedule and any applicable regulation developed by the Nigerian Content Development Monitoring Board.

Mobil House, Lekki Expressway, Victoria Island, P.M.B. 12054, Lagos www.businessday.ng

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BUSINESS DAY

news

Liquidity, staff safety top Nigerian businesses’ COVID-19 concerns - PwC survey ZEBULON AGOMUO

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usinesses in Nigeria have identified liquidity and safety of their staff among the most pressing business needs they are concerned about as they grapple with the impact of the COVID-19 pandemic, a survey conducted by PwC Nigeria shows.

A release by PwC, a copy of which was made available to BusinessDay, states that the survey findings were revealed during a recent webinar hosted by the firm on the economic implications and policy responses to COVID-19. It also said that the survey had about 3,000 respondents, ranging from managers to CEOs and business owners.

“Asked what their top business concerns were, 22.5 percent pointed at liquidity, that is the availability of immediate cash to pay bills especially following disruption to business activities that has been experienced. This was followed by safety of staff at 15.4 percent, which is an impressive indication that Nigerian businesses have a people focus, and were not only concerned about their profitability,” the release stated, adding that “The third significant business concern identified was infrastructure for remote working (14.6percent) further buttressing the need for access to electricity and internet connectivity.”

as 56.7 percent of respondents indicated that they will delay investment decisions while 19.4 percent stated that they would invest less.

“Majority of the survey respondents think that governments’ interventions have either been grossly inadequate (23.8%) or inadequate (43.9%) with 17.5 percent expressing indifference to what government has done up to the date of the survey. Only 14.4percent agree that government’s intervention has met their expectations. This provides a clear message to government both at the federal and state levels pointing either to the need to do more, or to better communicate what is being done already to help shape public perception.”

The statement also quoted Oyedele as noting, “Among the top two areas that respondents believe government’s intervention should be focused include tax relief (30percent), provision of loans at zero or low interest rate (29.3% and cash transfer to the poor (16.9%).”

It was also pointed out that “overall, the businesses surveyed agree that the private sector has a role to play in supporting government’s fight against Covid-19 with 85.5percent suggesting that they are best suited to provide support in the area of provision of items, equipment and facilities compared to only 10.7 percent who will consider donating cash to government.”

Taiwo Oyedele, fiscal policy partner and West Africa Tax leader at PwC, who provided the results of the findings, was quoted as saying that most businesses (78.4%) did not plan to lay off staff as a result of the crisis.

“This presents a very positive picture. However, decisions on staff retention are often top management decisions and it could mean that a good percentage of respondents may not be privy to such plans by their organisations. The other 21.6percent admit that they will lay off various percentages of staff as a consequence of the pandemic.

“Of this group however, 55.3percent do not think government intervention will influence their decision on laying off staff with the rest indicating they would retain their employees if government’s intervention were able to take care of varying percentages of their staff wage bill.

“As part of its societal impact, PwC has indicated that it would provide free business continuity support services to small businesses employing between 5 to 50 employees who undertake to retain all their staff during this period,” he said.

According to the statement, “It would appear that the muchneeded investments to stimulate growth and move the needle on poverty will be greatly impacted as a result of the COVID-19 crisis

Naira gains N0.50k on black market Hope Moses-Ashike

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aira/dollar exchange rate appreciated slightly by 50 kobo, as dollar traded at an average rate of N415.50k on Thursday as against N416 traded on the black market on Wednesday.

BusinessDay findings show that dollar sells at N416 at Festac area of Lagos, which indicates N1 loss to the value of naira compared with N415 traded the previous day.

The traded unchanged against the local currency at N415 and N361 at the black market and official window, respectively.

At the Investors and Exporters (I&E) forex window, the naira/dollar exchange rate opened the market at the rate of N385.72k on Thursday.

Exchange rate at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) stood at N387.35k as at Wednesday.

FX rate at the I&E is where

the actual trade takes place by authorised dealer and the seller of FX while the rates at NAFEX are indicative rates, according to Ayodele Akinwunmi, relationship manager, investment banking at FSDH Merchant Bank Limited.

Also explaining, Akintunde Olusegun, financial market analyst at Polaris Bank Limited, admitted, “That NAFEX was the official spot rate or like the average rate of all traded rates in the I&E market. It is derived”.

COVID-19: Stallion Group delivers bags of rice, fish to Lagos hospitals MIKE OCHONMA

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tallion Group is stepping up its CSR campaign towards the ongoing fight against Coronavirus scourge.

Apart from pledging free rice and fish delivery for three months to all the hospitals handling the COVID-19 pandemic, the Stallion team in collaboration with the Lagos State government is also deploying staff buses to carry health care workers to hospitals dedicated for COVID-19 treatment in Lagos.

Frontline health workers will

... maps out 3-month delivery schedule have a dedicated pick up and drop services during the Federal Government’s directives on enhanced community quarantine.

The buses will be attached to the COVID-19 dedicated hospitals for the next three months to ensure safer and comfortable transportation of the healthcare providers who are in the frontline in the fight against the virus.

The free staff bus service along with a dedicated driver and fuelling is implemented in cooperation and close coor-

dination with the Lagos State government.

Sunil Vaswani, chairman of Stallion Group, while stating that these were exceptionally difficult times, noted that urgent emergency resources had to be deployed to cope with the needs of affected states and support their health care systems. ‘’At Stallion Group, our top priority is the health and safety of our employees, customers and our community,” the Stallion chairman said.

Police nab killers of Funke Olakunrin Cynthia Egboboh, Abuja

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igeria Police operatives say they have arrested the killers of Funke Olakunrin, daughter of the leader of the Pan-Yoruba sociocultural organisation, Afenifere,

Chief Reuben Fasorantin.

The suspects, include Lawal Mazajea40yr-oldmanfromFelele area of Kogi State; Adamu Adamu, a 50yr-old man from Jada area of Adamawa State; Mohammed Shehu Usman, 26yr-old man from Illela area of Sokoto State, and www.businessday.ng

Auwal Abubakar, a 25yr-old man fromShinkafiareaofZamfaraState.

Police relations officer, Frank Mba, who announced this in a press statement on Thursday, said the Inspector General Police had assured of diligent prosecution of culprits. https://www.facebook.com/businessdayng

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Friday 17 April 2020

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news

Lagos COVID-19 deaths hit 10 as 2 more patients die … discharges 5 … as Kwara discharges 2 patients Joshua Bassey, Anthonia Obokoh & SIKIRAT SHEHU, Ilorin

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ith two more patients reported dead in Lagos on Thursday, the number of deaths arising from COVID-19 complications since the outbreak of the disease in the state has risen to 10.

The latest deaths were announced via the official Lagos State Twitter handle by the commissioner for health, Akin Abayomi. The deceased, both males, were aged 51 and 62.

According to the state government, the latest dead had no travel history or record of contact with any infected person.

“I hereby urge Lagosians to remain vigilant and report any concern about #COVID19 infection in our communities by calling 08000CORONA #ForAGreaterLagos,” Abayomi said.

“As at April 15, 2020, 18 new cases of #COVID19 infection were confirmed in Lagos, bringing the total number of COVID19Lagos cases to 235,” he said.

Five more patients comprising three females and two males, have been discharged from the Mainland Infectious Diseases Hospital, Yaba, Lagos to reunite with the society.

Governor Babajide SanwoOlu, who announced this via his twitter handle on Thursday, said all the five patients tested negative twice consecutively to #COVID19.

“This brings to 90, the number of patients successfully managed and discharged from our isolation facilities,” Sanwo-Olu added.

He, therefore, appealed to the residents of the state to stay at home, practice social distancing

and observe the highest possible personal and hand hygiene.

In a similar case, Kwara State government on Thursday discharged two of its four COVID-19 patients after they had both twice tested negative.

They were discharged alongside five members of their families who were also at the state’s isolation centre and had equally twice tested negative.

Speaking with journalists in Ilorin, the state capital, Governor Abdulrahman Abdulrazaq reiterated that testing positive for the virus was not a crime as anyone could contract it, warning against stigmatisation of COVID-19 patients or their families.

“I’m glad to announce to you that we are discharging a total of seven persons from our isolation facility,” AbdulRazaq told journalists.

“Among these are our first two (index) cases (a male and a female) who have twice tested negative for COVID-19. The remaining five are members of their families who were on quarantine and have also twice tested negative to the virus.

“With the exit of the seven persons, we have 11 persons left in the facility. Two of these 11 are COVID-19 patients while the remaining nine are people with varying contacts with them.

“We commend our health workers for their professionalism and commitment. We assure them of our support now and always. We are working out incentives for every health worker at this facility to deepen their confidence in the system that we will always look after them”.

Dangote-led flood committee donates N1.5bn to further fight COVID 19 pandemic

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othered by the increasing trend and spread of Covid-19 pandemic, the PresidentialFloodReliefandRehabilitation Committee, set up in 2012 by the Federal Government and led bythePresidentofDangoteGroup, Aliko Dangote has announced a donation of N1.5 billion, to further curtail the virus spread.

Announcing the donation on Wednesday after an emergency meeting, Chairman of the committee, Dangote said, it has become imperative for all well-meaning Nigerians to dip their hands into their pockets and help the federal government in fighting this deadly virus, that has also claimed 11 lives in Nigeria.

He said: “The reality of the Pandemic has set in now in Nigeria and all hands must be on deck to save our country from its attendantcrisis.Sofar,sogood,weneed to sustain the momentum and ensure that we curtail the spread.”

The mandate of the committee was to provide support for flood victims, and by extension, similar related disaster relief situation in the country.

It would be recalled that the committee assisted victims of communal clashes and insurgency on several occasions in line with its terms of reference.

In attendance at the emergency meeting were: Aliko Dangote,TonyElumelu,TundeLemo, Karami Rabiu, Florence Ita-Giwa among others. Among the members who supported the decision taken at the meeting but who could not be in attendance were the co-chairman of the Committee, Olisa Agbakoba, Folorunsho Alakija, Sani A. Lugga, Hajiya Fatimma Wali-Abdurraham, Hajara Alkali, among others.

It would be recalled that the FG in 2012 set up the committee to raise significant funds to provide reliefs for the flood victims.

At the fund-raising dinner held at the Presidential Villa on November 8, 2012, eminent citizens pledged about N12 billion for the task. The Federal Government and Dangote made the highest donation of N2.5bn at the event.

The flood committee had consistentlyintervenedinstates,across thecountrythathadproblemswith flood since its inception till date.

Some of the top donors to the committee and the amount donated so far are: Aliko Dangote, (N2.5bn), Jim Ovia, (N1bn), Tony Elumeleu (N500m), Florounsho Alakija (N500m), Arthur Eze, (N480m), Nigerian Governors’ Forum, (N150m), Flour Mills (N200m), among many others. www.businessday.ng

Mohammed Garba, Kano State commissioner for information, receiving the relief materials donated by Gala Investment Limited. On the left side is Oke Godwin, human resources manager; Ali N. Abdallah, admin manager, and Muhammad Danazumi, marketing manager.

Oil marketers re-emphasise need for petroleum ‘price liberalisation’ by law …say government not able to increase fuel price through price modulation mechanism Olusola Bello

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s the coronavirus pandemic deals devastating blow on the oil and gas industry thereby resulting in crashing of the global oil prices, oil marketers under the umbrella of Major Marketers Association of Nigeria (MOMAN) have again emphasised the need for full ‘price liberalisation’ rather than ‘price modulation’ with respect to Premium Motor Spirit (PMS) - petrol.

The association made this known in a statement issued and made available to newsmen in Lagos, Thursday, saying that full price deregulation will bring about long-term stability in the downstream sector.

Tunji Oyebanji, the association chairman, said it had become necessary for the As-

sociation to state its position following the recent statement by Timipre Sylva, minister of state for petroleum resources, that the government would implement a policy of “price modulation,” which means it would give effect to existing legislation enabling it to set prices in line with market realities through the Petroleum Products Pricing Regulatory Agency (PPPRA) as provided in its Act. He stated that the clear and obvious risk was that the country had never been able to increase pump prices under this law, leading to high and unsustainable subsidies and depriving other key sectors of the economy of necessary funds.

“When crude oil prices go up, government has always been unable to increase pump prices for socio-political reasons leading to these high sub-

sidies, and we believe the only solution is to remove the power of the government to determine fuel pump prices altogether by law,” Oyebanji said.

According to Oyebanji, our current situation, laid bare by the challenges of Coronavirus to the health of our citizens in particular and economy of our country in general, demands that we are honest with ourselves at this time. A fundamental and radical change in legislation is necessary.

The MOMAN chairman said: “Purchase costs and open market sales prices should not be fixed but monitored against anti-competitive and anti-trust abuses by the already established competition commission and subject to its clearly stated rules and regulations.”

There is no country or economy where governments do not have the power to influence

prices, he said. Nigeria is no different with respect to any other commodity or product, stating further that governments use economic tools such as taxes or interventions on the demand side or the supply side of the market and other administrative interventions to influence prices where it needs to.

The problem here, he stated, is that government has retained for itself by law the power and the responsibility to fix pump prices of PMS, which is what puts it under so much pressure and costs the country so much in terms of under-recoveries or subsidies when it cannot increase prices when necessary to do so. It makes sense to relieve itself of this obligation now when crude prices are low and resort to influencing prices using the same tools it does for any other commodity or item on the market.

N200bn power intervention to clear debt owed gas firms, peak power generation - FG HARRISON EDEH, Abuja

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ederal Government has confirmed that its N200 billion intervention support to the power sector is geared towards clearing outstanding debts owed generation companies as well as peak power generation to the highest megawatts peak per hour.

Minister of Power, Mamman Sale, confirmed this development to BusinessDay through his spokesperson, Aaron Artimas.

The minister explained that with the Federal Government’s intervention, the arrears of debts owed gas firms had been cleared in addition to three months ahead payment by government to facilitate constant power supply in the country.

It would be noted that the TCN had earlier issued a statement affirming the support of the Nigerian National Petroleum Corporation (NNPC) in solving

concerns of gas availability to thermal power plants, which has significantly addressed gas generationproblemsnationwide, especially during the lockdown occasioned by the coronavirus pandemic.

Mele Kyari, group managing director, NNPC, in confirming this development on Wednesday, said the government had paid over N200 billion to the power sector towards improving electricity supply.

Kyari disclosed this while speaking with journalists in Abuja shortly after a closed-door meeting between the NNPC, minister of power, and managing director of Transmission Company of Nigeria(TCN),UsmanMohammed.

“Actually, the Federal Government has made payment of over N200 billion for power in the last 23 days and this will go a long way to ensure that issues around power supply are addressed.

“We will work as a team to en-

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sure that all issues are settled,” he said. Kyari affirmed at the visit that his team was in the Ministry of Power to inform the minister that in the last one or two months, and particularly during the COVID-19 period, NNPC had increased gas supply to the power sector.

According to Kyari, there will be a significant improvement in power generation in all Federal Government and associated power facilities.

He said: “This also means that Nigerians will get better access to power during this lockdown period and going forward.

“There are issues around power supply process and we have discussed most of them and we are moving as a team to make sure that we resolve issues around payment and evacuation.

“Weareveryconfidentthatthis will get the desired result. We will visit some power plants tomorrow to make sure that we sort out any issue to ensure that Nigerians have @Businessdayng

access to better power.”

He said the minister was very clear on what was to be done to improve the power supply, saying, “We will make sure this becomes transparent and obvious to all Nigerians.”

The TCN managing director, Mohammed, said the meeting was to ensure that there was constant supply of power as directed by President Muhammadu Buhari.

Mohammed said the president had directed that there should be constant power supply to the people during the COVID-19 lockdown.

“This is why this meeting was convened by the minister of power to discuss the supply of gas to the power plants. This is very important before now we have been discussing with NNPC, of course there is gas availability in the market but there are several power plants that don’t have gas and that is a big problem for us.

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COVID-19: Lagos residents jittery as robbers become vicious, send attack notice CHUKA UROKO

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esidents of Lagos State, especially those living in the suburbs of the city, are now jittery as armed robbers have become increasingly daring and vicious, sending alerts and notice of intension to attack targeted neighbourhoods.

The residents have, therefore, cried out to Babajide Sanwo-Olu, the state governor, to muster all the powers at his disposal to protect them from these robbers who, citing hunger emanating from the COVID-19 lockdown, have over-run their areas.

Some of the affected areas are Alapere in Ketu, Surulere, Okota, Ejigbo, Igando, Isashi, etc. Residents of these areas no longer sleep at night as the armed robbers, especially the rampaging

gang known One Million Boys, have become not only daring, but also vicious.

Earlier in the week, after robbing in Ikotun, Egbeda, Igando and Ejigbo areas, the gang circulated an alert letter to the residents of Okota in Oshodi-Isolo Local Government Area of the state, threatening to come to rob and asking the residents to co-operate with them.

The alert letter, which BusinessDay sighted reads: “One Million Boys are coming to visit your area very soon. So, make everybody prepare. If you don’t comply, we will cut your hand.”

On Wednesday night, the boys made good their threat, visited the area and robbed Green Field Estate located along the Ago Palace Way, towards Ago-Amuwo Link Bridge. That same night, they also visited Kila Street, off Ago

Palaceway.

In a related development, Thursday morning, another gang that calls itself 100 Million Boys of Nigeria Surulere circulated a letter to the tenants of a street in Ijeshatedo in Surulere, notifying them that they would be visiting the tenants this week.

“We advise you comply and prepare for our coming. If you try to contact the police or any other security, (means) it will be bloody for everyone there. Bear in mind that we are dangerous and can take any risk of action,” the alert letter reads in part.

“The situation is this bad and that is why we are appealing to the state government and the state’s commissioner of police to do all they can to save our lives and property,” pleaded an Okota resident who did not want his name mentioned.

BusinessDay had in an earlier report disclosed how some Lagos communities had resorted to selfhelp since they don’t see security operatives’ presence in all of this.

Many of these communities now keep night vigil, burning tyres on major roads and streets, thinking that the rubbers would be scared.

In many locations, communities like gated estates are major targets. Residents of such communities now live in fear and their management has urged them to “sleep well in the afternoon and be at alert at night.”

“But how long are we going to continue like this”? asked Simon Okonjo, a freight forwarder who lives in one of the recently attacked communities, noting that since these people were operating without being challenged by security operatives, it meant residents had to prepare for the worst.

Covid-19: Governors to support businesses, improve sample collection James Kwen, Abuja

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igerian Governor’ Forum (NGF) says it will take necessary measures to support the continuous existence of businesses during the lockdown to reduce the spread of the Covid-19 pandemic.

NGF also disclosed that Governors are working to improve their logistical and operational efficiency for sample collection and care.

The body gave these indications in a communiqué issued at the end of its 5th Covid-19 Teleconference meeting during which they were briefed by the Presidential Taskforce on the pandemic and Coalition against Covid-19 (CACOVID).

According to the communiqué’ signed by the NGF chairman and Governor of Ekiti State, Kayode Fayemi, said states had established Covid-19 hotlines and would ensure that emergency services were integrated into the operations of their Task Force on Covid-19.

The communiqué revealed that, infection prevention and control committees would also be set up in states to support the role of health workers who are at the frontline of the pandemic.

“The Forum received briefing from the National Coordinator of the Presidential Task Force (PTF) on COVID-19, Dr. Sani Aliyu and the Director General of the Nigeria Centre for Disease Control (NCDC), Dr. Chikwe Ihekweazu, on activities of the PTF, including the current partnership with the Coalition against COVID-19 (CACOVID) to support States’ response to the pandemic through the delivery of essential health equipment and the distribution of palliatives to vulnerable persons.

“Members commended the Presidential Task Force and NCDC for ramping up the country’s testing and contact tracing capacity during the 2-week period of lockdown in many parts of the country, and called for greater collaboration with States who are the primary stakeholders of the COVID-19 response.

“Following a briefing from the CACOVID led by Messrs. Aliko Dangote and Herbert Nwigwe and the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on the delivery of healthcare equipment and distribution of palliatives to the most vulnerable persons across States, Governors commended the group for their commitment and collaboration on the COVID-19 response”, the communiqué’ read.

Cryptocurrency active users surge amid lockdown FRANK ELEANYA

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Day four after President Mohammad Buhari broadcast - ‘Disobeying the order of responsibility! Avoid gatherings & physical contact and practice social distancing by leaving 2 metres distance from others to prevent coronavirus spread and stay safe’ - yet people defy the Presidential Order and the NCDC instructions along Gwarinpa, Kwubua/Aya Expressway in Abuja.

Picture by TUNDE ADENIYI.

COVID-19: REA hands over solar hybrid mini Gala Investment donates multi-million naira relief materials to Kano Covid -19 committee plants to Abuja, Lagos health centres HARRISON EDEH, Abuja

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ural Electrification Agency (REA) on Wednesday 2020 handed over two completed solar hybrid mini grid plants in Abuja and Lagos to assist in illuminating health centres taking care of isolated patients being treated for coronavirus pandemic.

The two other completed solar hybrid mini grids, the agency informed in the statement, are scheduled to be handed over on Thursday in Ogun State. REA noted it was part of the Agency’s support in stemming the tide against the Covid-19 pandemic.

The projects handed over to authorities at the health centres, it said, include a 53.1KWp solar hybrid mini grid installed at the University of Abuja Teaching Hospital Covid-19 Isolation Centre, 25KWp solar hybrid mini grid at Nigeria Centre for Disease Control (NCDC) Public Health Laboratory in Lagos as well as a 20KWp solar hybrid mini grid at 128 Bed Ikenne Isolation Centre, and 10KWp solar mini hybrid mini grid at 100 Bed Iberekodo Isolation Centre in Ogun State.

This initiative, the agency said, is being implemented to complement the efforts of the

Federal and State governments as well as the private sector in containing the spread of the Covid-19 virus.

The intervention, REA explained, follows the outlined intervention and palliative measures of President Muhammadu Buhari in his national broadcast of March 29, 2020, and the minister of power directives on the role of REA in complementing the Federal Government’s efforts on Covid-19.

It further outlined measures towards containing Covid-19 in the country by providing emergency electrification of Covid-19 health centres across the country, collaboration with development partners on accelerating disbursement to qualifying developers as well as engaging the Central Bank of Nigeria (CBN) through the Federal Ministry of Power towards inclusion of energy companies under the Covid-19 intervention programme of the bank.

Ahmed Salihijo Ahmed, managing director of the agency, at the handover of the project, reiterated REA’s support in containing Covid-19 and commitment towards electrification of unserved and underserved areas across the country. www.businessday.ng

Adeola Ajakaiye, Kano

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ala Investment, one of the leading investment firms in Northern Nigeria, has donated relief materials worth several millions of naira to the Kano State Fund Raising Committee on Covid-19 pandemic.

The items donated were delivered to a government warehouse designated for the collection of relief materials, situated on Plot 24 Maganda Road, in Kano, on Wednesday.

Speaking while presenting the items, Aseriabo Godwin, head, human resources of the company, said the company resolved to donate the items as part of its corporate support to Kano State government’s effort to cushion the effect of the harsh impact of Covid-19, on ordinary residents of the state.

According to Godwin, the donated items include 50 units of 75X36 size mattresses, 300 cartons of Indomie, and 100 cartons of superghettii, among others.

Commenting on the items, Mohammed Garba, commissioner of information, who received the items on behalf of the Kano’s Covid-19 committee,

commended the company for the gesture.

He said used the occasion to clarify issues related to the lockdown measure, which the state government announced, which came into effect midnight of Thursday 16, noting that the initiative was born out of the need to effectively manage the outbreak in the state.

“You will recall that on Tuesday evening, the state Governor, Dr. Abdullahi Umar Ganduje ordered for complete lockdown of the state from 10 P.M on Thursday, 16 April, 2020.

The lockdown order came on the heels of the fourth case of Coronavirus in the state, then.

“Apart from the index case involving a former envoy recorded last Saturday, two other cases were recorded on Easter Monday, involving a young man and a woman that returned from Istanbul, in Turkey.

“And today we have just received the news of from the state ministry of health about five additional case of people who tested positive to Covid-19, in the state,” Mohammed stated.

He added that the lockdown which will be lasting for one week, in the first instance, is meant to ensure that the outbreak is effectively tackled.

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lobal cryptocurrency exchange, Luno, said on Thursday that the leading cryptocurrencies like bitcoin, Ethereum, Bitcoin Cash, and Ripple, on its platform have seen record-breaking activities since the coronavirus pandemic forced many investors to stay at home.

In a release sent to BusinessDay, while trading volume has doubled since the start of March, the number of active users month-on-month rose by 50 percent. It is the highest number of active users since April 2019.

In Africa, the cryptocurrency exchange has seen a 25 percent increase in new customers from the fourth quarter of 2019 to the first quarter of 2020.

Luno is home to more than 3.5 million users across 40 countries worldwide. Nigeria is one of its key markets in Africa.

According to the company, March was its biggest month in terms of both trading volume since August 2019 and within Africa. Bitcoin volumes rose by 100 percent from February to March.

The company says the record number of active users in March is also an indication that the perceived lack of confidence in cryptocurrencies may be premature.

“We live in unprecedented times, which has brought uncertainty to every aspect of our day-to-day lives,” said Marcus Swanepoel, CEO of Luno. “The markets have not seen this level of turbulence since the financial crash in 2008 and while cryptocurrencies - like any nascent technology - has its sceptics, the early data is reassuring. Not only are many existing investors continuing to invest in leading cryptocurrencies, but an entirely new audience is also looking toward cryptocurrencies for the @Businessdayng

first time.”

The spread of COVID-19 in 2020 has seen the price of Bitcoin and other cryptocurrencies performing below market expectations. In February, Bitcoin has gone a bull run, crossing $10,000 for the first time in 4 months. It could only sustain the momentum for less than seven days.

In March, Bitcoin’s volatility was back as it suffered severe losses amid a global sell-off. The digital currency’s 30-day volatility reached 167.24 percent on March 31st, its highest since January 2014, according to data compiled by asset manager Blockforce Capital.

Interestingly, Bitcoin holders were not affected, as data from Luno’s weekly insight showed.

“What’s particularly encouraging is the number of people we’ve seen who are interested in learning about cryptocurrencies, which gives us an indication of how people are starting to think beyond the tried and tested way of managing money that yields no return,” Swanepoel said.

With many new interested parties turning toward crypto for the first time, the Luno Learning Portal serves as a go-to guide for anyone looking to take their first steps into the world of digitised assets.

“There’s been a big education gap surrounding cryptocurrencies for a few years. What can they be used for? How are they used? Where do I even buy cryptocurrencies from? Ultimately, the onus is on us - the exchanges, the platforms, the investors, the advocates - to aid and educate the general public about cryptocurrencies and how they can be used. If we want to see mass adoption of crypto, we need to make sure that people feel empowered to make informed decisions and not like they’re being excluded from a geeky tech club,” said Swanepoel.

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Covid-19 is bringing out the worst instinct in Nigeria’s elite/middle class

CHRISTOPHER AKOR

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ase I: Lat March, a 55 year old gentleman was brought into the emergency unit of the Lagos University Teaching Hospital (LUTH) unconscious. His family denied he had any history of recent travels outside the country. Even after regaining consciousness, he lied to doctors at LUTH over his health condition and travel history. He died a few hours later. Investigations revealed he just returned to the country two weeks before from the Netherlands where he had a kidney transplant and was on immunosuppressant drugs. Further investigations revealed that soon after arriving the country, he performed a Covid-19 test at the Central Public Health Laboratory at Yaba and the result turned out positive. Yet, he and his family continued to hide the truth while deceiving health workers and exposing them in the process. Of course, tests were carried out and he was confirmed positive for Covid-19 after his death.

Case II: A 57-year old, male, Alhaji Muideen Obanimomo was brought into the University of Illorin Teaching Hospital’s (UITH) Accident & Emergency Department on the night of Wednesday, April 1st, 2020 in the company of one of the hospital’s Professor of Internal Medicine, Kazeem Alakija Salami (a specialist in infectious diseases); allegedly with history of abdominal discomfort/stooling, following ingestion of rotten pineapples.

He was then admitted and managed as a case of ‘food poisoning’. The patient

later died in the early hours of the following day, 2nd April 2020.

“Following the patient’s death and release of his corpse to the managing professor (who also claimed to be his relative) for immediate burial (in accordance with Islamic rites), the hospital management received several anonymous calls disclosing information of recent travels by the patient and his wife to the UK and having been on self-isolation on arrival to Ilorin 12 days prior presentation at A&E (on the advice of the Professor who brought him) – information that was concealed from the frontline medical personnel at first contact in the A&E, A&E Attendants and the mortuary staff; acts that the hospital’s management considered highly unethical,” a statement from the management of UITH read.

But it later emerged the hospital was not completely truthful about what really happened. Alhaji Obanimomo first came to UITH on March 29 with his wife who complained of headache. When Obanimomo was brought into the A&E by his kisman, Professor Salami on April 1st, he was already showing strong symptoms of Covid-19. Yet, he wasn’t tested, and when he died, no samples were taken for test. More suspiciously, the corpse was hurriedly released to the Professor for burial. Further, it prevented the ambulance that evacuated the corpse from reentering the hospital premises and all the doctors, nurses and pharmacists who potentially had contact with him were isolated and placed on chloroquine prophylaxis.

Case III: On March 7, the President’s Chief of Staff, Abba Kyari, travelled to Germany where he held talks with officials of Siemens in Munich on improving power supply in Nigeria.

He returned to the country on March 18 but refused to self-isolate as the standard protocol demands. Over the next few days, he would hold series of meetings with individuals and state officials and travel far and wide including attending wedding receptions. On Tuesday, March 24, he tested positive

for Covid-19.

But the same Abba Kyari who refused to self-isolate on his return wrote a memo to the leadership of the National Assembly on March 21 complaining about members who travelled and refused to get screened on their return at the airport. He urged the leadership to ensure all such members get tested immediately.

These were cases of Nigeria’s leadership, elite and middle class – all seemingly educated - acting like complete illiterates but with so much hubris as to endanger the lives of everyone else.

More befuddling was the refusal of some of these individuals to give health workers the chance to save them. That was why two weeks ago on the page I described them as narcissistic and unimaginative. These two terms have continued to define their actions and response to the pandemic.

I have often railed against the middle class as the weakest link in Nigeria’s quest to creating a capable state that works and serves everyone. I have always argued that “unlike the archetypal middle class in Western countries that act to protect the democratic order by ensuring good governance and accountability of elected leaders, the Nigerian middle class, with few exceptions, use their privileged positions to negotiate good deals for themselves, their families and friends and have thus become the medium through which Nigeria’s politics of plunder, neopatrimonialism and prebandalism is sustained and deepened.”

The mindset is to ensure personal survival and prosperity even at the detriment of the collective. That mindset has taken firm root in our culture and religion. My “case is different” is the new singsong and it signals a belief that in spite of the bleak fortunes of the society, one can prosper and become quite successful. This narcissistic attitude and culture explains why people who have tested positive or are exposed to Covid-19 will foolishly lie to medical workers and infect thousands of others

‘

And to show how totally unimaginative our elite and middle class were, their only strategy for dealing with the pathogen is the model developed for other places – lockdown, social distancing and quarantine.

Two weeks into this, the cookies are already crumbling and the remedies are even worse than the problems

just to be admitted to medical treatment. It is why a Professor of Medicine, with expertise in infectious diseases, will choose to needlessly and foolishly expose his colleagues to the virus just to help a relative.

And to show how totally unimaginative our elite and middle class were, their only strategy for dealing with the pathogen is the model developed for other places – lockdown, social distancing and quarantine. Two weeks into this, the cookies are already crumbling and the remedies are even worse than the problems. As at Wednesday, April 15, only 11 people have died from the virus in Nigeria. But, according to the National Human Rights Commission (NHRC), 18 citizens have been killed by the Nigerian security forces in attempts to enforce the lockdown regulations on Covid-19 pandemic.

Even the International Monetary Fund (IMF) and World Health Organisation (WHO) have realised the foolishness behind the adoption of the lockdown template by African countries without even thinking of their local peculiarities. “How do you implement a lockdown when 80% of your labour force is dependent on daily earnings and cannot stock-up on food for days?”

How do you advocate for constant washing of hands when majority of the population lack access to running water? The IMF in its April 2020 regional economic outlook projected that SubSaharan African economy will “contract by -1.6 percent this year – the worst reading on record, a downward revision of 5.2 percentage points from our October 2019 forecast.” The multilateral institution minced no words when it asserted that “the measures that [African] countries have had to adopt to enforce social distancing are certain to imperil the livelihoods of innumerable vulnerable people.”

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

How silo culture defeats leadership

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hen organisations witness growth, certain challenges and opportunities come with it. A new level of opportunity and challenges are closed door neighbours of growth. How a leader manages this situation will determine the future of such organisation.

This is irrespective of the level of organisation’s present outstanding performances.

Nothing is static and leaders must ensure their learning and situation monitoring antennal are always well-positioned to pick up ques and signals. Beyond this, ability to know what to do, a product of experience, research, relevant knowledge acquired over time, in repositioning or reshaping the organisation system to perform optimally and beyond must come to play. Effective communication, fence mending, strategy and tactic will go a long way in this regard.

Leaders cannot afford to be silent when each department or unit is becoming a thin god or working in isolation. Whatever the motive is. This often ranges from a desire to get all the credit or to assume unnecessary superiority over others. No living organism succeeds when one part is most active while others are left in redundancy or where ego and strive become the order of the day.

The moment corporate shared values and unifying factors are overlooked or thrashed;

the organisation has become a time bomb. No matter the level of achievement it is enjoying now. Wise leaders must constantly monitor and affirm, irrespective of the present challenges, opportunity or growth margin; everyone, and units must continue to uphold a culture which enhances unity, team building and pursuit of overall corporate objectives and goals.

It is the duty of leadership to ensure everyone, and units pursues same vision and goals.

Contributions of all must be affirmed and promoted every day and every time.

The danger and undoing of many successful organisations of yesteryears are traceable to silo culture which influence became so strong while the leadership remained unconcerned, careless or refused to acknowledge the problem and act on time.

Let us take a case study of a flourishing Ad Agency in Nigeria few years ago. This thriving advertising company we will refer to as Pinnacle Advertising. This corporate leading agency became the cynosure of everyone, and many struggled to work with this organisation so as to put its name on their CVs. As the company witnessed growth, individuals and units within the organisation, which are technocrats in their own fields, began to overlook importance of team spirit and unifying factors that make a healthy system www.businessday.ng

function. The focus shifted to who brought in more money and pursuit of personal rewards over corporate visions.

The management strongly believed in the skills of its employees but gradually began to overlook basic attitude which promoted silo culture. This was alien to the organisation. At the critical situations, when it became so obvious leadership must act in order to prevent imminent dangers, many of the top-level officials in the organisation lacked fundamental crisis communication knowledge and strong will to enforce a cross-silo culture which delivers greater dividends to all.

The aftermath of all the intrigues and power play made a thriving and leading company to go into insignificance and relegation in the industry today.

The import of the above in a workplace or organisation is like a ship, sailing towards a destination that has been communicated to those onboard. Although all the occupants may not know how to get there, they trust the crew of the ship, spearheaded by the Captain, to navigate them through the seas and storms to the target destination.

While this might come off as a simplistic way of describing an organisation, its essence is certainly not lost in the use of such a metaphor. While the Helmsman is steering the wheel and watching out for any storm that

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Toye Sobande might threaten the smooth sail, other crew members are doing their duties diligently in their various corners to ensure that everything stays on course.

Promoting individualism above corporate goals and values, an indication that can lead to entrenchment of silo culture, has never produced and will never produce any great and sustainable growth. If it does momentarily, leaders should know they must act decisively, and make hay while the sun shines. A time comes when efforts put in may be late or may not guarantee the expected and quick turnaround.

Leaders should never forget competitors are watching and waiting. A slight delay may change the dynamics of the market and the second in command will rule. Do look out for part two of this article.

Sobande is a doctoral candidate in strategic leadership at Regent University, Virginia Beach, USA

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Building economic resilience in a time of adversity THE NEW WEALTH OF NATIONS

Obadiah Mailafia

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lack swans are rare, unpredictable, large-impact occurrences. The theory of complexity provides a good framework for understanding black swans and for learning how better to cope with uncertainty under the dynamics of open, complex adaptive systems. The paradigm of Complex Adaptive Systems (CAS) draws insights from multiple disciplines, ranging from evolutionary biology to quantum physics, computer science and Nobel laureate Ilya Prigogine’s dissipative structures in non-equilibrium thermodynamics. It marks a departure from the mechanical worldview of Enlightenment science associated with figures such as Isaac Newton, Galileo, Descartes Johannes Kepler and Francis Bacon.

The Institute of New Economic Thinking at Oxford and a study circle at the Bank of England led by Chief Economist Andrew Haldane, have been researching the British economy and financial system from the perspective of complexity theory. As a result, concepts such as tipping points, networks, contagion, feedback, and resilience are becoming part of the lexicon of financial and regulatory management systems.

It seems clearer by the day that the neoclassical open economy macroeconomics paradigm that has dominated economic thinking and policy over the last couple of decades has been found abjectly wanting. It has turned out to be a sophisticated form of quackery. Neoclassical economics has certainly failed in its predictive capacity to provide a basis for action under conditions of extreme uncertainty.

During a visit to the London School of Economics in November 2008, Her Royal Majesty Queen Elizabeth II asked the professors about the financial crisis:

“Why did nobody notice it?” She was not a disinterested observer, having lost £25 million from her estimated fortune of £320 million. The dons were bewildered and embarrassed. No one had an immediate answer.

The novel coronavirus pandemic has exposed the fragility and vulnerability of national economies and national health systems. Within the space of a fortnight, nearly 20 million Americans have registered for unemployment. Thousands of firms have sued for bankruptcy. Global airlines have been grounded while industrial supply chains have been ruptured. Stock markets have lost trillions of dollars. Parallels are being drawn with the Wall Street Crash of 1929, the great financial Tsunami that led to the Great Depression.

Kristalina Georgieva, a Bulgarian national and Managing Director of the IMF, estimates that all but a few of the 189 member states of the Fund will experience falling standards of living in 2020. A study prepared by Andy Sumner, Professor of International Development at Kings College London, estimates that half a billion people in the developing world could be pushed back into poverty.

We understand that the IMF/World Bank Spring Meetings scheduled to start this week will be held through virtual teleconferencing. Having attended several of those jamborees myself, I know this is a big come-down. From my experience, many of the most important deals are made in the corridors and in the coffee rooms. This, alas, will no longer be possible.

From what we know from complexity theory, black swans are here to stay. What this calls for is the need to build up capacity for resilience, by which is meant the policy-induced capacity of an economy to overcome exogenous shocks. Nassim Nicholas Taleb has developed the concept of “antifragile” which underpins the capacity of some systems to actually profit from fragility. Some adversities can make peoples and institutions even more resilient than ever.

From the lessons of the current COVID-19 pandemic, economic resilience remains a big challenge for rich as well as poor countries. Who would have imagined that America, Britain, Italy and Spain would have fared so badly as they have under the current crisis? Why

has China – the engine and locomotive of world industrial production – made such a remarkable come back? Why are they buying distressed assets all over the world? What are the lessons in terms of fostering economic resilience?

First, I believe that having a diversified economy is crucial. For rentier petrodollar states such as Nigeria, the pandemic has created a nightmare scenario. For better or worse, our fortunes are tied to the demand and supply of oil, the vagaries of the dollar and the shenanigans of the cruel sheikhdoms of Arabia. Whatever happens in the coming decade, it is evident that the hydrocarbon industrial civilization that has sustained the world economy for more than a century is on its way out. We must diversify or perish!

Secondly, it is clear that countries with robust fiscal buffers will tend to be more resilient. The indicators of fiscal buffers include national savings, external reserves and size of sovereign wealth funds. The UAE sovereign fund is worth $1.298 trillion while that of Singapore is worth $764 billion. Nigeria’s external reserves have fallen to $34 while our sovereign fund is worth a mere $2.9 billion. Our Excess Crude Account, which peaked at an impressive $18 billion, has just $70 million left in it.

Thirdly, fiscal discipline is imperative. Spendthrift nations who borrow to throw palm wine parties like Unoka in Achebe’s Things Fall Apart, will sooner or later become beggarly nations. Prudence requires that you exercise utmost discipline in public expenditure, with robust controls for how public moneys are spent. When you exercise fiscal discipline, difficult times will find you better prepared to weather the storms.

Fourth, most resilient countries are also those countries that have got the fundamentals right – ensuring that the overall macroeconomy is moving at an even keel, without unnecessary bottlenecks, structural imbalances and distortions that hamper long-term sustainable growth. This requires mastering inflation, price stability, the current account balance, the exchange rate, the national debt and financial system stability.

Fifth, we need to nurture improvements in the quality of policymaking.

The capacity of leaders to design effective policies is crucial, aided by a bureaucracy that is highly professionalised and merit-

‘

It seems clearer by the day that the neoclassical open economy macroeconomics paradigm that has dominated economic thinking and policy over the last couple of decades has been found abjectly wanting. It has turned out to be a sophisticated form of quackery

based, with traditions of excellence and capacity to deliver. Forward-thinking and long-range planning as advocated

by Israeli policy scientist Yehezkel Dror is highly advisable. Dror advocates strengthening “the Central Minds of Government” as a crucial ingredient of success under conditions of “acute adversity”. Inbuilt in this system is also the requirement of creating advance warning indicators and early warning systems that allow leaders to take pre-emptive and precautionary actions.

Sixth, there is the imperative of collective preparedness. This requires development of human capital, enhancement of technological capability and creation of elite consensus while expanding the possibility frontiers of collective welfare.

Times of adversity require communities to fall back on their reservoir of social capital, which is the glue that holds people together in bonds of organic solidarity. Creating this sense of belonging and building hope is vital to overcoming adversity.

Finally, leadership is vital. It is times of adversity that provide opportunity for the best leaders to shine. Leaders inspire and lift up the citizens. The hold up the magic lantern that enables people to see beyond the darkness of the moment into a future of hope.

It is unfortunate that we in Nigeria are seeing only darkness at the top. When the national assembly demanded recently for a proper account of how N2 trillion off the so-called “conditional social transfers” were dispersed, the Office of the Accountant-General went up in flames a few days later. We are not fooled.

This is not an act of God; it is an act of brazen arson. When the defunct Shagari administration was forced to investigate allegations of widespread of corruption, flames similarly engulfed buildings such as NITEL and Ministry of External Affairs.

It is a red alert on our democracy.

I do not put my hope in government.

My hope is in the indomitable courage and generosity of the great Nigerian people. We shall not only overcome; we shall prevail!

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)

Of times, seasons and punctuation marks (2)

W

elcome. Unlike before, not as many people seem as excited when Friday comes around because there does not seem to be much to look forward to. In Lagos we just heard that the lock down has been extended for another two weeks.

The good thing though is that it is the responsible thing to do. The experts have told us that this is the responsible thing to do to ensure that the COVID-19 will be stopped in its track.

This time has been described as a pause. The time to reflect. Some people will keep looking for distractions but you cannot be distracted the whole time. There must be time set aside to ruminate over the past, the present and the future.

Many things will change in the future, how are you positioning yourself? This is the second half of the article I started last week. Enjoy.

Let me break it down. If you know you have lost something and know you are never finding it, don’t trouble yourself as to what life would have been like with it. Just move on. I know many people have lost a lot of money on … say the stock market. Every time they need money, they will wallow in deep depression wondering what may have been if they did not lose the money. It is lost. Move on until something else comes. Sometimes when we think there is a

full-stop we must realise that a new sentence can start immediately after. So, the story is not over (at least not until the fat lady sings) That sort of wondering never ever did anybody any good but definitely has done a lot of evil. A pity party only has loneliness, depression, possible suicide as its guests.

Punctuation marks to written communication is like times and seasons in our lives. What a tragedy it would be if all the years and all our lives rolled in and out endlessly without any demarcations (punctuations). The important thing is to know when the season is a comma, semi-colon, bracket, full stop or the beginning of another sentence.

What did this foetus need, destiny helpers who ensured it lived, more destiny helpers who adopted it, another destiny helper who blurted out her story in anger and her determination to make her life count for something. The realisation that her pause was a comma and not a full stop must have been exhilarating.

At what punctuation mark are you right now in your life. What help do you need and who is helping you. Almighty, (remember the maker of heaven and earth), has placed people at strategic places to help your destiny. Do you recognize them? The Manual for living says there is a time

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and season for everything under the sun Be sure to recognise your season, time or punctuation mark. You don’t want to wear winter clothes in the summer and vice versa. In the manual for living. there was a group of people who were famous for their being able to discern the times and seasons-the sons of Issachar.

I have not written a blog post since February.

Oh! I could tell you a hundred and one reasons why not and all of them would be valid. A shout out to Mobs who asked after my writing and did not seem very impressed with any of my reasons (excuses). She is a destiny helper even though she does not know it. Her simple question has resulted in this post.

Just to finish, I was talking to a teenager who was feeling pressured by her classmates to go out with a boy in her class. I explained about life punctuation/ times and seasons to her. Teenagers should really just have friends, study, play sports and generally enjoy themselves. If they start having relationships (even if you can call it that) with the opposite gender, because they are not fully equipped mentally and emotionally, the situation may get out of hands and lead to something unwanted like a teenage pregnancy or in the very least a (broken heart). We all know this is not the end of the world neither is it a

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Olamide Balogun final full stop but it may be a long pause and a different paragraph instead of a short pause.

At the end of this month I get my full health coaching certification after a whole year of intensive learning. My question therefore is this, do you know where you are punctuation wise, spiritually, physically, financially, career wise, health and weight wise and finally relationship wise? Are you even measuring this? In consulting we usually say “what you don’t measure you cannot manage”. If you don’t know where you are, how will you know when you are on a comma or full stop or when you have arrived at your destination?

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Balogun is the founder of Box & Cedar Ltd a boutique Recruitment and HR Consulting firm Www.boxandcedar.com

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Ekwegh is a private legal practitioner with over 15 years

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Isabela Dos Santos and political leadership in Africa HumanAngle

Femi olugbile

T

he story of Angola is as colourful as the characters who have populated that story.

The most colourful of these characters, of course, was Jonas Savimbi.

Many Pan-Africanists would remember the wars, drama and political shenanigans of the nineteen seventies, eighties and nineties. Southern Africa was in a state of flux as the Liberation Struggle raged. The Big Powers were fighting for stakes in the land and natural resources of Africa. Portugal was in retreat from its African colonies.

Apartheid South Africa was looking to hold on to a buffer zone to protect itself from the creeping threat of black African nationalism.

Savimbi spoke four European languages, and was fluent in seven. He was beloved of the intellectual and political right-wing establishment in the USA and Europe. He was in continuous dialogue with the conservative Heritage Foundation – he would visit their offices, and they in turn showed up in his jungle redoubt even at the height of the Angolan civil war. He was received at the White House by two American Presidents Ronald Reagan and George W Bush.

Reagan tried to promote him to a scepti-

cal African audience as a true champion of African Liberation, and even cooked up an alliance for him in the African American community through renegade black activist Roy Innis.

He was a tall imposing man with a thick beard who was as comfortable in formal suits as in battle fatigues. He was at once the suave intellectual and the swashbuckling guerrilla fighter.

He learned Mao’s tactics from the Chinese, but soon became an agent of America and the West in the cold war against Russia and those perceived as its proxies.

This was the man who led UNITA, one of the three major Angolan Liberation Movements. He was the figure who loomed large in the background, when General Murtala Mohammed, Head of State of Nigeria, made his famous “Africa Has Come Of Age” speech in Addis Ababa on 11th January, 1976, a speech that has gone down in the annals of African History as one of the turning points in the struggle to liberate not just Angola but the whole of the African continent, and the African mind, from colonial oppression. (“…Africa has come of age. It is no longer under the orbit of any extra continental power. It should no longer take orders from any country…The fortunes of Africa are in our hands to make or to mar…for too long we have been treated like adolescents who cannot discern their interests and act accordingly…”)

The context of Murtala’s speech was instructive. The Portuguese had just been defeated in Angola. The MPLA, the ‘Liberation Movement’ backed by most Africa countries, but also backed by the Soviet Union, had taken over control of most of the country. It was embroiled in a civil war with two other

liberation movements - the principal one of which was UNITA, led by Jonas Savimbi. Savimbi was receiving massive military aid from America and Europe, as well as from the apartheid regime in South Africa. President Gerald Ford sent a letter to African leaders at their Summit in Addis Ababa, urging them to back Savimbi. It was in response to this letter that Murtala got up to make his speech, delivering the greatest slap in the face that America had received in many a year. Subsequent to this, the dominoes of ‘Western’ power in Southern Africa began inexorably to tumble.

Savimbi was eventually killed in battle in 1992.

The victors, the MPLA, were no knights in shining armour. They displayed Savimbi’s body, riddled with fifteen bullets, on national television to convince his diehard supporters that he was truly dead. Earlier, they had massacred ten thousand civilian supporters of Savimbi’s party in an infamous orgy of violence known as the “Halloween Massacre”, while they were protesting against the government on election day.

Augustinho Neto, a dour technocrat and medical doctor became the first president of Angola. When he died, he was succeeded as party leader and President by Jose Eduardo dos Santos.

Dos Santos would go on to become the second longest serving head of state in Africa, after Teodoro Obiang Nguema of Equatorial Guinea. He was President until 2018. In his tenure, Angola, from a basket case, became one of the richest countries in sub-Saharan Africa. The wealth was mostly from the oil in the province of Cabinda, and minerals, including diamonds. The nation shed all pretensions to “Communism”,

‘

The hard reality today is that, while a small number of people, principally former President Dos Santos and the children from his three marriages, along with their cronies, are exceedingly wealthy, most Angolans remain very poor indeed, with average daily income below $2

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

From the blogs

Yomi Lawal

COVID-19 deaths -mass murder in progress by few ‘experts?’

I

magine you felt your body was not at optimum and you went to a hospital or lab for a test. Test result comes back positive for typhoid fever even though all you had was persistent headache.

The nurse tells you to go home and keep taking paracetamol for the headache and that you should call the hospital to see the doctor only when you are gasping for breath. Would you accept such instructions? Would you go home to stay without treatment until your situation expectedly degenerates and you have a lifethreatening emergency? I don’t think so.

This however is what is being done in nations recording high deaths from COVID-19. And this is what some of you who think you are protecting science (why you think you should be comical) are saying.

People who test positive for the coronavirus are sent back home to develop the disease COVID-19!

If you weren’t aware, now you know. As usual I have included screenshots which you can also verify by yourselves.

It’s like someone testing positive for HIV and then sent home and told to come back to the hospital only when they have full blown AIDS. Treatment and its science.

There is an effective treatment for getting rid of the coronavirus. This treatment is based on several studies around the world. A 2009 study explains how Zinc blocks the replication of coronaviruses, this is the same family of virus responsible for common cold, SARS, MERS and COVID-19. These studies have been applied by doctors on the field with some having 100 percent success rates!

The science behind use of zinc to kill the COVID-19 coronavirus is this. Zinc is an ion. Ions are naturally inhibited by our cells from going

into our cell cytosol and will do so very slowly for those that can get through. This is because our cell membranes require anything trying to get across to have a sort of key or password to unlock the membrane to gain access or be similar to the content of the cytosol. To get ions across our cell membranes, the charge of the ion is blocked by a carrier called an “ionophore”. Chloroquine is a zinc ionophore. Coronavirus is an RNA virus that can pass through cell membranes into the cytosol where it replicates and invades the host cells. This RNA virus protects itself from attacks from our immune system by protecting itself with fatty tissue. This fatty protection is why you are told to wash your hands with soap, soap breaks down the fat (oil) protecting the virus. Alcohol (hand sanitizers inclusive) breaks down same fatty protection of the virus. The immune system will easily take out the coronavirus if the fatty layer protection is removed. Zinc removes this protection and also stops the coronavirus from making new copies of itself. The body immune system is then able to quickly kill off the coronavirus. Zinc can only help effectively and quickly if it can get into the cytosol.

This is the job chloroquine or hydroxychloroquine does, it helps the zinc get into the cytosol by “hiding” the fact that zinc is an ion from the cell membranes. It makes the membrane more permeable. The use of antibiotics is to take care of other infections caused by the weakened immune system that was busy trying to fight off the coronavirus in vain.

This is the science behind the use of hydroxychloroquine, erythromycin and zinc sulphate in the effective treatment of COVID-19 or its coronavirus. These are published and unchallenged studies.

Current medical procedure killing tens of thousands. Patient walks into testing centre and

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tests positive for the coronavirus. Patient does not usually see a doctor but called on the phone to give test results. Patient is told to self-isolate at home. Patient is told to take ONLY paracetamol if fever develops. Patient is told to call back when they have difficulty breathing. Patient is taken to the hospital (now in an ambulance) and then hooked up to a ventilator. Same cocktails of “unapproved” drugs including the ventilator that cannot cure nor treat anything is deployed.

Several health workers begin running around to attend to 1 patient. The patient becomes too weak and now at higher risk to be administered hydroxychloroquine or chloroquine. Patient is told to say goodbye to his family on phone.

Patient dies and is added to COVID-19 casualty.

Some of the doctors are tired of these needless deaths which is being defended by few scientists.

These doctors are advocating new procedures.

Advocated medical procedure by some Medical doctors.

Patient tests positive to coronavirus. Patient is immediately given hydroxychloroquine in combo with zinc and antibiotics if needed.

Patient does not progress to having COVID-1.

Patient is healed within 10days without necessarily coming into the hospital.

What is saved? No need for multiple medical personnel running around in unnecessary emergency to battle to save patient in respiratory distress. Cost of treatment as low as $20, alternatives cost way more. No cost of ambulance (as high as $3000). Hospitals are not overwhelmed. No need for thousands of ventilators. More people can be tested and treated. No lockdown and no violation of civil liberties. Economy continues. We don’t see the faces of “experts” asking for evidence they know already exists since 2009. Your loved ones remain alive!

Who loses? Those who are using the world

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the purported ideology of the MPLA, and became a “liberal democracy” with a “free market economy”.

The hard reality today is that, while a small number of people, principally former President Dos Santos and the children from his three marriages, along with their cronies, are exceedingly wealthy, most Angolans remain very poor indeed, with average daily income below $2.

It is clear that all is far from well within the MPLA government itself, as Dos Santos’ hand-picked successor has allowed details of clearly illegal transactions and illicit use of state resources by the Dos Santos family to be revealed to the world. A recent episode of BBC’s “PANORAMA” showed proof of criminal acquisition of wealth. Specifically, it revealed that Isabela – who contends with Nigeria’s Folorunsho Alakija for the title of “richest woman in Africa”, amassed her fortune substantially through the misuse of her father’s presidential powers during his tenure in office.

Isabela denies all the accusations.

She lives comfortably in London, where she has many choice properties. She has even declared her intention to run in the next election for President of Angola, a statement that shows her father still has a strong political base in the country.

It is hard to find a befitting concluding line for this story, other than to say, for a land where “freedom” was bought so expensively with rivers of African blood, the leaders should be doing better than Isabela, her father, and the MPLA. Much better.

as economic experiment. Those developing needless expensive treatment drugs. Those using the opportunity to force worldwide means of ID. Those who stand to gain politically from the deaths in this crisis.

Solution? Those whose family members died because the self-isolation process without treatment was followed should call their lawyers and sue the originator of this murderous plan, this can’t be medicine. Those who are told to selfisolate right now should demand treatment and get their lawyers involved quickly. Political leadership should prepare to prosecute ALL those decision makers that consistently poopooed treatment as lacking evidence, there is enough evidence of effectiveness from field doctors to get conviction against these actors in court. Doctors must remember their Hippocratic oath and start saving lives from day1. Let your loved ones around the world know these things I wrote, they can independently verify, you can too.

The irritating argument the “not approved” group tout is that hydroxychloroquine is dangerous and that it is not proven. Ask them to show you datasheet for paracetamol which they give people to go be taking and that of hydroxychloroquine.

Paracetamol has “death” along with kidney failure etc. as possible side effects. The side effects of paracetamol are as long as that of HCQ. Hydroxychloroquine does not have “death” written as possible side effects. It has side effects that can easily be managed under medical supervision and those side effects are more in old people.

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Friday 17 April 2020

BUSINESS DAY

Editorial Frank Aigbogun

Wanted: A new architecture for Nigerian healthcare

editor Patrick Atuanya

Now is the time to have a new architecture for healthcare in Nigeria

Publisher/Editor-in-chief

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

Bashir Ibrahim Hassan

GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu

C

ovid-19 presents an opportunity for Nigerian officialdom as well as the citizenry to take another look at our healthcare system and redesign its architecture. The faux pas of two key officials should point the way forward. Health Minister, Osagie Ehanire, did not know if personnel at the frontline of managing this pandemic earned extra allowances and then opined that they did not deserve more than the routine, an opinion contrary to global best practice. Secretary to the Federal Government and Chairman PTFCovid19 Boss Mustapha was frank about his ignorance of the poor state of health infrastructure.

Ehanire’s position speaks to human resource in the health sector and how we manage it. Mustapha’s admission addresses the more holistic concern about the poor understanding of the issues by persons at the highest decision-making levels of our bureaucracy. The political leadership of our health institutions is not on the same page with the technical team. Such persons had their sights on medical tourism out of Nigeria and could not see what stood before them. Not anymore, thankfully.

There are several issues to tackle in Nigerian healthcare. They cover policies, infrastructure, human capital and its management, equipment and medications, health insurance as well as technology, and enabling environment.

Nigeria has a well-articulated national health policy. There have been three policy documents, in 1988, 2004 and 2016. There is also the National Health Act 2014. We are united with the world in the pursuit of universal health coverage.

The 2016 Policy Document painted an unflattering picture. It stated: “The analysis showed that the Nigerian health system is weak and, hence, underperforming across all building blocks. Health system governance is weak. There is an almost total absence of financial risk protection and the health system is largely unresponsive. There is inequity in access to services due to variations in socioeconomic status and geographic location. Other problems related to health services include: curative-bias of health services delivered at all levels; inefficiencies in the production of services; unaffordability of services provided by the private sector to the poor; limited availability of some services, including VCT, PMTCT and ART; low confidence of consumers in

the services provided, especially in public health facilities; absence of a minimum package of health services; lack of proper coordination between the public and private sectors; and poor referral systems.”

The summary provides a good foundation. Costs and transparency are some of the biggest issues facing healthcare globally. They are even more so in Nigeria. Insurance is a driver of healthcare provision in most parts of the world. Why is ours not working optimally to deliver huge enrolment numbers in line with our population?

The consumer experience of healthcare in public hospitals as well as private ones is unpleasant and suboptimal. The delivery system is another challenging area for medical and non-medical services.

Contrary to the claims of one of our ministers, we do not have adequate human capital in healthcare.

According to the Global Health Force Alliance, “Nigeria has one of the largest stocks of human resources for health (HRH) in Africa but, like the other 57 HRH crisis countries, has densities of nurses, midwives and doctors that are still too low to effectively deliver essential health services (1.95 per 1,000). In recent years migration to foreign countries has

declined and the primary challenge for Nigeria is inadequate production and inequitable distribution of health workers. The health workforce is concentrated in urban tertiary health care services delivery in the southern part of the country, particularly in Lagos.”

The report attributes the inequity to lack of public and private sector coordination; favouring indigenous hires; commercial pressures in the private sector that lead to poor quality work; and work environments that contribute to low motivation, less-than-optimal productivity, high attrition -especially from rural areas; and lack of planning based on staffing projection needs resulting in an overproduction of some categories of health workers and a lack of others (Federal Republic of Nigeria HRH Strategic Plan 2008-2012).

There is no coordination and linkage among the three healthcare systems that Nigeria operates: orthodox, alternative and traditional. Then there is the matter of infrastructure. A clear policy, collaboration with the private sector and a deliberate push for results should yield world-class hospitals in Nigeria that would render efficient service and stop the medical tourism outward. We submit that now is the time to have a new architecture for healthcare in Nigeria.

HEAD, HUMAN RESOURCES Adeola Obisesan

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

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FINTECH News

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Why cash palliative via BVN is smarter FRANK ELEANYA

T

he effort to provide cash relief to millions of Niger ians whose income sources have been adversely affected by the coronavirus could benefit more if it is carried out using the Bank Verification Number (BVN) system rather than the physical cash disbursement the government has employed, many people have said.

The Nigerian government in partnership with development agencies have been disbursing the sum of N20,000 to vulnerable communities.

The programme which is being coordinated through the National Transfer Social Safety-Nets Coordinating Office (NASSCO) targets only one million vulnerable Nigerian households on the National Social Register (NSR).

The National Transfer Cash Officer (NCTO). a unit of NASSCO, works with various state governors to develop the NSR of poor and vulnerable people in 35 states and the Federal Capital Territory (FCT).

Notwithstanding how much has been disbursed, many Nigerians say the cash stimulus is not far-reaching enough as it ignores the population of Nigerian employees forced to stay indoors for a whole month with nothing to do.

“Federal and State governments would have to think very carefully about the tension between public safety and hunger during the lockdown,” said Joe Abah, Country Director of DAI. “There are no easy answers.

Governance is often about having to choose between

two horrible choices. It won’t go away.”

He adds that any programmes to alleviate the effects of COVID-19 on the poor cannot focus on the rural poor alone.

“It must also include the urban poor. The rural poor can still go to the farm and get food. The urban poor living in slums share toilets and kitchens and can’t go out to get food,” he said.

Many Nigerians say that the cash stimulus will achieve better results if done via BVN. BVN is an identification system that gives each customer a unique universal identity in all commercial banks in Nigeria.

As of 29 December 2019, only a little over 40 million active bank accounts were linked to a Bank Verification Number (BVN), according to data from Nigeria Interbank Settlement System (NIBSS). “ You have about 38.5 million people on the BVN already,” Segun Sowunmi, former spokesman for the People’s Democratic Party’s Campaign Committee in the last general elections said in an interview. “You can look

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at their bank balances and get the idea of those who cannot sustain themselves in the lockdown and put something in there directly.”

The use of BVN for the cash palliative removes the problem of transparency that has been raised.

NASSCO had on Tuesday published a list of families on the register in order to encourage transparency.

According to the agency, the states yet to be captured like Ogun and Ebonyi are still in the process of building their register. The register notwithstanding, the requirement that the cash is disbursement by hand at physical locations still raises a lot of problems that BVN and digital payments can easily address.

“If you can onboard people into a National Social Register of Poor & Vulnerable Households and give ID cards, why couldn’t you just onboard them into a digital payment scheme at the same time to ease disbursements?” said Victor Asemota, founder of SwiftaCloud.

The Central Bank of Nigeria (CBN) had in Decem-

ber 2019, moved to increase BVN accounts by creating the lite and premium account classifications. The BVN classification allows both rich and poor people access to financial services.

Using this system, with as

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little as a name and phone n u m b e r s, t h o u s a n d s o f Nigerians can get a BVN lite. The financial regulator can easily enlist the help of mobile network operators (MNOs) to get more Nigerians on BVN in a matter of

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minutes. Unfortunately, the CBN is still dilly-dallying on issuing Payment Service Bank (PSB) licence, hence the MNOs have little incentive to want to help the banks or financial technology firms get more customers.

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Friday 17 April 2020

BUSINESS DAY

cityfile

Soldier nabbed with 20 wraps of cannabis

T

he Joint Border Patrol Team in Seme, Lagos State, has arrested a serving soldier while attempting to smuggle 20 wraps of cannabis into the country.

A source said that the soldier, identified as Hassan Hassan, is a horse personnel serving in Maiduguri, Borno State.

The source said that Ha s s a n w a s a r re s t e d around 6:30 p.m. on Tuesday while trying to smuggle 20 wraps of cannabis on his motorcycle with registration number Lagos TG 451 QN from Benin Republic.

According to the source, upon interrogation, Hassan claimed he was on pass at 243 Recce batallion Barracks, Ibereko, Badagry.

“While the suspect was arrested, his accomplice, however, escaped.

“The soldier and the

exhibit have been taken to Seme Customs Area Command for further investigation,” the source said.

The source said that the suspect claimed that he lost his warrant card while on transit from Maiduguri but produced a sworn affidavit to attest to the claim.

When contacted, the Customs spokesman in Seme, Abdullahi Hussaini, confirmed the arrest.

Hussaini said the acting area comptroller of Customs in Seme, Chedi Wada, had directed that the suspect be handed over to 243 Recce Battalion, Ibereko, Badagry, for further disciplinary action.

Hussaini said that the 20 wraps of Indian hemp had been handed over to the National Drugs Law and Enforcement Agency (NDLEA), Seme command, for further action. NAN

Ondo: Police warn officers against extortion Koretimi Akintunde, Akure

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ssistant Inspector General of Police (AIG) in charge of zone 11, Bashir Makama, has warned officers and men within the zone against extortion and abuse of power while enforcing the lockdown orders by government to check the spread of the Coronavirus pandemic.

Makama, who is in cha rg e o f O yo, O su n and Ondo States, gave the warning in Akure, the Ondo State capital while speaking with journalists during his monitoring tour to the state, on Wednesday.

He said that it was imperative for all officers manning the border town to shun act of indecency, brutality and unprofessional conducts.

According to him, any officer caught in an uncivilised manner or other act of official misconduct will face disciplinary action.

“We have warned our

officers several occasions and they all know the rules and regulations of Nigeria Police but whoever goes against the rules is doing so at his own peril.

“I am sure they are aware of what happened to the officers that were caught in Lagos and whoever that is seen would be dealt with accordingly.

“So, whoever that does that here, and is caught would have to face the music. And our position on disciplinary measures is still static”.

According to him, the police are already ensuring that criminal elements, including miscreants do not infiltrate through the borders using the opportunity of the lockdown to perpetrate evil in the zones.

The AIG explained that the Inspector General of Police, Muhammed Adamu, had given the marching orders to all police subordinates to ensure the maximum control of men and officers under them while Conoravirus pandemic lasts. www.businessday.ng

Commander Rapid Response Squad (RRS) DCP Olatunji Disu and some market leaders in Computer village, Ikeja checking violators of government stay at home order during the enforcement in Lagos.

Military destroys illegal refineries in N/Delta … impounds 3 wooden boats laden with product JAMES KWEN with agency report

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igerian Navy Ship (NNS) Delta has destroyed three illegal refining and arrested three wooden ships laden with petroleum products in the Niger Delta.

The coordinator, Defence Media Operations, John Enenche, disclosed this in Abuja.

Enenche said that the operation which took place on April 7 was sequel to the recent discovery that some illegal refineries earlier dismantled on Bennett Island in February, had been reactivated.

According to defence spokesman, the navy ship, in conjunction with an Ocean Marine Service

(OMS) surveillance crew deployed two swamp buggies to the island for antiillegal bunkering/crude oil theft operations.

The team, he said, commenced swamp buggy operations at the illegal refining sites and deactivated 24 ovens, 35 receivers, 25 surface metal storage tanks and covered one dug out pit.

“Additionally, on April 8, the team located another illegal refining site at Bennett Island. During the operation, 14 ovens, 20 receivers and 21 surface metal storage tanks were dismantled.

“Similarly, on April 10, the combined team of NNS Delta and OMS surveillance crew commenced the swamp buggy operation at Bennett Island in Warri South local government area of Delta State,” said

Enenche on Wednesday.

He added the team also discovered an illegal valve connection along the TransForcados pipeline suspected to have been connected by pipeline vandals.

“The valve and associated fittings were disconnected and recovered to the OMS Houseboat at Yeye,” he said.

Enenche also disclosed that the Nigerian Navy ‘Pathfinder’ ship on April 8, while on patrol located an illegal refining site in Alakiri around Okirika general area of Rivers.

He said that the site, which had approximately 20,000 litres of illegally refined AGO impounded, adding that no arrest was made as the operators of the illegal refining site fled on sighting the patrol team.

The coordinator further disclosed that the Forward Operating Base ESCRAVOS team also intercepted two wooden boats along Banga village Creek, Opuedebubor in Warri South West local government area of Delta State.

The boats, he explained, were loaded with about 3,000 litres of product suspected to be illegally refined AGO, packaged in polyethylene bags.

He said the boats were towed to a safe place and impounded.

“Same day, the team visited a reactivated Illegal Refining Site (IRS) along Opuedebubor Creek behind Banga Village in Warri South West. The site had 14 refining units, 24 metal storage tanks, 15 metal drums and 12 dugout pits.

Women protest lockdown extension in Delta Francis Sadhere, Warri

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o m e n f ro m Sapele Local Government Area of Delta State have protested the 14-day lockdown extension by Governor Ifeanyi Okowa to curb the spread of Covid-19 pandemic.

Angered by the extension, the women in their hundreds, in the early hours of Wednesday took to the streets, as they complained of starvation.

The protesting women clad in red apparels, ac-

cused the state governor of being insensitive to their plight wondering why he should extend the lockdown without making provisions on how the masses would get food.

They said that the governor and other top politicians in the state have provided enough foodstuffs for their families while leaving them to starve.

Leading the protest, Rosslyn Akpamredo, who spoke on behalf of the women, appealed to governor Okowa to lift the extension and lock only the borders or provide

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money and foodstuffs to all women in the state. She said if this is not done, they would be forced to defy the lockdown order as they were tired of sitting idle at home without food and electricity.

“Instead of hunger to kill us and our children, we will prefer the Chinese Coronavirus to kill us and let Okowa come and bury us when we die. We cannot stay at home without food and light. Let Governor OKowa send his soldiers to kill all of us and bury us,” she said.

Okowa had earlier in a state broadcast appealed @Businessdayng

to Deltans that the lockdown was not intended to punish anybody but for the safety and health of all Deltans.

He explained that painful as it may be, extending the lockdown and imposing the curfew were inevitable in view of current developments in the state, including three confirmed cases of Covid-19 and the disobedience of the restriction rules by some persons.

He, however, assured that food would be made available to targeted indigent people in the state.

Friday 17 April 2020

BUSINESS DAY

COMPANIES & MARKETS

Shell reopens terminal, suspends force majeure on Forcados crude

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hell has lifted a force majeure on exports of Nigeria’s Forcados crude oil after the pipeline transporting it reopened.

The Dutch oil-giant said in a statement that the removal of force majeure followed the reopening of the Trans Forcados pipeline by operator Heritage Energy Operational Services Limited, a spokeswoman for the Shell Petroleum Development Company of Nigeria said on Monday.

Force Majeure refers to a provision which is commonly found in contracts that frees both parties from obligations

COMPANY NEWS ANALYSIS INSIGHT

APPOINTMENTS

OIL & GAS

OLUFIKAYO OWOEYE

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if an extraordinary event prevents one or both parties from performing their obligation.

The pipeline was shut down on April 4, Shell said in a previous statement. It declared force majeure on April 6.

Forcados exports were set at roughly 245,000 barrels per day (bpd) in May and 283,000 bpd in April.

Forcados terminal has history of shutdowns in the past. The pipeline was shut down in May 2018 for repairs over heavy leakage.

In October 2016, it was shut for major repairs after a militant attack affected its loading programme.

Also, the pipeline was shut down May last year by

Shell and Heritage over fire outbreak and in February 2016 after a bomb attack by Niger Delta Avengers.

Shell had recently announced that it will write down up to $800 million in the first quarter of 2020 after a drop in oil demand due to the coronavirus.

According to Shell, the global lockdown of 3 billion people - roughly 40percent of the world’s population, demand for fuel has been in free fall, forcing it to lower its refining output by around 13percent.

“Refinery utilisation is expected to be between 80% and 84% with availability expected to be between 93%

and 96%. Refining margins are expected to be weaker compared with the fourth quarter 2019. Oil Products sales volumes are expected to be between 6,000 and 7,000 thousand barrels per day,” Shell said.

This is coming after the company had earlier this month said it would lower spending by $5 billion to $20 billion or less and suspend its vast $25 billion share buyback plan in an effort to weather the downturn.

Shell’s first quarter oil production was expected to fall by 4.5% versus the fourth quarter of 2019, while liquefied natural gas (LNG) volumes were set to decline by 2.3%.

Lafarge announces new board changes as shares gain on bargain hunting OLUFIKAYO OWOEYE

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ement maker Lafarge has announced the retirement of Christof Hassig and Rossen Papazov as Non-Executive Directors of the company with effect from the 7th April 2020.

The Board also announced the appointments of Gbenga Oyebode, MFR as an Independent Non-Executive Director, Olivier Guitton as a Non-Executive Director and Lily Alade-Akinyemi as the Finance Director, all effective 8th April, 2020.

Oyebode is a lawyer with over 35 years of experience in corporate and commercial practice and holds an LL.M from the University of Pennsylvania, Philadelphia, an LL.B from the University of Ife. He was the Chairman of Access Bank Plc (2005-2015), Director, MTN Nigeria Plc (2001-2019) and Chairman, Okomu Oil Palm Company (all listed on the Nigerian Stock Exchange) and now serves on the Boards of Nestle Nigeria Plc and Socfinaf S.A (listed on the Luxemburg Stock Exchange).

He is the Chairman of CFAO Nigeria Plc. He also sits on the Africa Advisory Committee of the Johannesburg Stock Exchange (JSE) Olivier Guitton as a Non-

Executive Director. Guitton holds a Bachelor of Business Administration, EDHEC Business School, French Instit des techniques de Marches (ITM) with over 22 years work experience in the transportation industry. He is currently the Head of Finance, Middle East & Africa at Lafargeholcim.

Lolu Alade-Akinyemi the new Finance Director, is a certified accountant with 20 years of experience leading and transforming Finance & Supply Chain teams in complex, multinational companies in the United Kingdom, Ghana and Nigeria.

He holds a Master’s degree in Business Administration from the Edinburgh Business School, Scotland, UK and is currently the Chief Financial Officer and Supply Chain Director of Lafarge Africa Plc. Shares of cement-maker Lafarge was the toast of investors last week following the release of its first post-disposal audited financial report The shares gained 41.3percent during the week after opening at N8.95 on Monday to close at N12.65 on Thursday, the last trading day of the week following the declaration of Friday and Monday as public holiday. The rush for Lafarge shares can be linked to its return to the path of profitability.

LASACO gives N1bn free insurance cover to Osun health workers on COVID-19 MODESTUS ANAESORONYE

L-R: Victor Olotu, Acting Head, Business Development and Strategic Planning, SIFAX Group; Capt. Ibraheem Olugbade, Executive Director, SIFAX Off Dock; Abubakar Umar, NPA Port Manager, Tin Can Island and Buba Jubril, NPA Traffic Manager, Tin Can Island, Lagos during the donation of COVID-19 protective items to the Nigerian Ports Authority, Tin Can Island Port, Lagos. SIFAX Group donated 100 cartons of hand sanitizers, 200 boxes of hand gloves, 20 packs of special nose masks and 100 boxes of nose masks

AUTOMOBILE

Ford predicts $600m Q1 loss amid Coronavirus pandemic OLUFIKAYO OWOEYE

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.S. auto-maker, Ford said it expects to post a pre-tax loss of about $600 million for the first quarter as the coronavirus outbreak battered its sales and shuttered vehicle assembly plants, resulting in a 21percent decline in vehicle sales to dealers versus the same quarter in 2019.

Tim Stone, Ford’s Chief

Financial Officer said in a statement that the company has sufficient cash today to get it through at least the end of the third quarter with no incremental vehicle production and wholesales or financing actions.

The company in the statement said it has about $30 billion in cash on its balance sheet, including $15.4 billion it borrowed last month against two existing credit

facilities.

In March, the company shuttered plants in North America and Europe due to the spreading pandemic.

Earlier this month, the automaker said its firstquarter U.S. sales had fallen 12.5percent during the quarter.

The U.S. market, with its highly profitable pickup truck and SUV segments, generates the overwhelming

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majority of Ford’s profits.

Ford’s U.S. sales chief Mark LaNeve said on April 2 that Ford believes some level of government stimulus will be needed for American consumers once the COVID-19 pandemic recedes.

Ford said it expects its first-quarter adjusted loss before interest and taxes to be about $600 million, compared with a profit of $2.4 billion a year ago.

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s part of its contributions to the fight against the Corona Virus pandemic, LASACO Assurance Plc, has provided One Billion Naira free Insurance Cover to Health Workers in Osun State.

200 frontline health workers involved in the containment of the disease in the State will now enjoy insurance cover to the tune of N5,000,000 each to cover Death/Permanent Disability and Medical/Hospitalization expenses.

Segun Balogun, managing directorof the Company said, in a statement, that the gesture was to boost the morale and motivate the workers, who are in the fore-front of the battle against COVID-19 and are, thus, exposed to several risks.

He emphasized the need of such protection for health workers to enable them focus on their duty calls and not be @Businessdayng

overwhelmed by the hazards involved.

He commended Nigerians for cooperating with government in the fight against the disease so far and advised them to continue to make the necessary sacrifice by observing social distancing and other preventive measures prescribed so as to quickly achieve the flattening of the curve and eventual eradication of the disease.

Balogun promised that the company would continue to provide Corporate Social Responsibility to support government in meeting the needs of the people.

LASACO Assurance Plc, along with other leading Insurers and Ark Insurance Brokers,have partnered in such similar intervention in Lagos State,whereby Insurance Cover of N5 billion has been provided for 1000 Health Workers and volunteers involved in the Covid-19 battle in the State

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Friday 17 April 2020

BUSINESS DAY

COMPANIES&MARKETS

Business Event

COVID-19: APM Terminals increases contributions to over N300m AMAKA ANAGOR-EWUZIE

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fter paying an additional N200 million, A P M Te r m i nals Apapa and the West Africa Container Terminal (WACT) Onne have jointly committed more than N300 million to the fight against the spread of the coronavirus disease also known as COVID-19 in Nigeria.

R e c e n t l y , A P M Te rminals Apapa, Nigeria’s leading terminal operator, donated additional N150 million into the Federal Government’s COVID-19 Relief Fund Account created by the Central Bank of Nigeria (CBN) while WACT paid N50 million into the same account.

APM Terminals Apapa also donated 1,000 units of nose masks; 500 disposable protective coveralls; 400 litres of hand sanitizers; protective goggles and hand gloves to the Lagos Port Complex of the Nigerian Ports Authority (NPA) towards curtailing the pandemic.

This new donation into the COVID-19 Relief Fund Account and the donation of safety items are coming barely two weeks after the company donated U S D 2 0 0 , 0 0 0 (ov e r N 7 5 million) into the United

Nations in Nigeria Basket Fund for the fight against COVID-19 in Nigeria, and committed another N25 m i l l i o n o n c o m mu n i t y awareness through radio, social media as well as fliers to sensitise the Apapa community on how to curb the spread of the pan demic.

Martin Jacob, managing director of APM Terminals Apapa, described the fight against COVID-19 as one battle everybody must join hands to fight. “And with the strong leadership being provided by the Federal Government, Nigeria will overcome this difficult time.”

Jacob said the items donated by the company were aimed at preventing the spread of the virus at the port, since ‘there is currently no vaccine for it’.

“The only option available to us this time is prevention. The responsibility lies on all of us to protect ourselves and render all possible assistance within available resources. The basic precautionary measures to take such as not touching our eyes, nose, or mouth; regular washing of hands with soap and water or alcohol-based sanitizer; maintaining social distance and avoiding large gatherings must be respected by all including at the port where we

provide essential services,” Jacob said.

Daniel Odibe, general manager, External Relations of APM Terminals Apapa, who handed over the nose masks and other items to the Port Manager of Lagos Port Complex Apapa, Funmilayo Olotu, said all hands must be on deck to curtail the spread of the deadly virus.

“As a responsible corporate citizen of Nigeria, APM Terminals Apapa has complied with the directive of the Federal Government and the NPA to maintain continuity in port operation. Our terminal is in full operation. We have als o adopte d str ing ent safety measures in line with the guidelines of the World Health Organisation (WHO), the Nigeria Centre for Disease Control (NCDC) and the Port Health Services to ensure that the supply chain remains uninterrupted and availability of essential supplies is maintained in the face of the pandemic,” he said.

Funmilayo Olotu, Port Manager of Lagos Por t Complex Apapa, who received the items in company of other top NPA officials attached to the port, expressed appreciation to APM Terminals Apapa for the donation.

Peavey bags power engineers’ fellowship for industry advancement

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roup Chief Operating Officer, Income Electrix Limited, Dr. Dallas Peavey, has been elected into the Fellowship grade of the Nigerian Institution of Power Engineers (NIPE) in light of his contributions to the advancement of the Nigerian power sector.

Peavey’s experience cuts across the generation, transmission and distribution value chains of the power industry in Africa, Asia, the Americas and Pacific Rim. He is the erstwhile Chief Executive Officer of Egbin Power Plc, Nigeria’s largest power generating station, and a renowned industry analyst looking to drive holistic growth and development in the power sector.

Conferrer of the fellowship, NIPE, is the umbrella body of the engineering

practitioners in the Nigerian power sector and a division of the Nigerian Society of Engineers. It is a prestigious technical institution tasked with driving professionalism in the Nigerian power industry.

The Fellowship grade (FNIPE) is the highest recognition of the NIPE and its conferees are expected to be above board and gain global acceptance as power engineering experts. An FNIPE holder becomes a certified power sector icon and authority on engineering practices, distinguished in their specialized area of power as accomplished professionals.

“The Council considered your person worthy of this great honour, having painstakingly x-rayed your unique profile, selfless contributions to the development and advancement of the power engineering prowww.businessday.ng

fession, your numerous positive impacts to the institution and Nigeria in general,” said NIPE Registrar/CEO, Engineer Edward M. Obokoh.

In his remarks, Dr Peavey, who expressed gratitude for the prestigious conferment when the Nigerian power sector is on the cusp of phenomenal growth thanks to the contribution of industry stakeholders, said: “The NIPE fellowship is a rare but very welcome invitation to continually break barriers by forging meaningful stakeholder engagements within my space and beyond so we can collectively revolutionize the electricity value chain and make Nigeria a favourable domestic and commercial destination for power.”

The formal conferment ceremony of the award is scheduled to hold in Abuja later this month.

Daniel Odibe (l) general manager, External Relations of APM Terminals Apapa, handing over nose masks and other safety items donated by the company to Funmilayo Olotu, Port Manager, Lagos Port Complex Apapa in Lagos on Monday.

L-R: Allwell Umunnaechilla, head, operation, Lagos Commodities and Futures Exchange, (LCFE); Rotimi Solomon Omowale, chief financial officer; Akin Akeredolu-Ale, managing director; Fatima Lawal, company secretary; Rasheed Yusuf, director, and Samuel Onukwue, director, at the breakfast meeting organized By LCFE to introduce the company to senior stockbrokers, in Lagos

L-R Stephen Shofu, marketing communications manager, Rosabon Financial Services; Chidinma Ezeani, CEO, Classy Glam Make-up; Taiwo Temitope, CEO, Naomi Apparels Fashion; Nkechi Njoku, CEO, Josypat Affairs, and Vivian Chiokwa, lead, financial product development, Rosabon Financial Services during the presentation of the Rosabon One Million naira Grant cheque to MamaMoni Empowerment Foundation in Lagos.

L-R: Kelechi Nwaobi, group head, transaction and corporate solutions, corporate and investment, Starling Bank; Fola Tinubu, managing director, Primero Transport Service Ltd; Mark Redguard, brand and marketing consultant, Emzor Pharmaceutical Industries Ltd; Ganapathi Rao, technical manager, Infinity Group, and Segun Anako, general manager, Primero Transport Service Lt, at the Primero Transport Service Ltd Demonstration Of Buses Disinfection, In Lagos.

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@Businessdayng

Friday 17 April 2020

BUSINESS DAY

LEADINGWOMAN Ijeoma Ndukwe…simply because she dared Kemi Ajumobi

Ijeoma Ndukwe is the Transformational Clarity Queen and Lead Brand Strategist at Leap to Limitless Global and MD of Bubez Foods Ltd, a competitive player in Nigeria’s food processing and packaging industry established in August 2012.

She began Bubez Foods (www. bubezfoods.com) on a very low scale from her home with N200/ less than $1 and her blackberry contacts. At the end of 2016, it recorded 9 figures in investments and 7 figures in sales. A 343% increase in sales within 18 months of opening its factory in June 2015 and a growing network of 80 selling vendors in states in Nigeria and occasional deliveries to the United Kingdom and other countries.

In 2019, Bubez Foods exported a 20ft container of Bubez Pap to the United States of America and today are in the market to raise $5m for expansion through their investment bankers in New York.

As a seasoned entrepreneur, Ijeoma’s passion for business, clarity, and knowledge has also made her a sought-after speaker at business events organised by different communities across the country, including the Central Bank of Nigeria (CBN), several organisations and churches, where she ignites a mindset shift in her audiences. She has also been a guest on multiple Television platforms such as CNBC Africa, EbonyLife TV, Channels TV, AIT and more.

Her goal is to create a widespread impact that teaches people, especially women, to unlock and maximize their fullest potentials and to move to the next phase of their life through clarity and hard work.

Ijeoma Ndukwe is also the author of the Business Inspirational book, Your Dream, Your Seed, a 365 day abundance journal, a 90 day affirmation calendar, and she is currently working on 2 new books.

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In the beginning s a child, I always dreamt of the different businesses I would co-own with my siblings. I got into the University to study medicine and surgery, after 2 years, I knew that life wasn’t for me. I hated the sight of blood and still do till date, flunked out of medical school after four years and graduated with a B.Sc in Human Physiology.

Going into your line of business In answer to my childhood dream of different businesses, I have dabbled into different businesses from bead making, sales of skincare products, luxury lifestyle retail store and so on. In 2012, after my third child, I knew I could be more and had the burning desire to be and do more. While searching in my quiet time, I got the answers. I

would always give my kids pap/ akamu/ogi, a traditional cereal, as their weaning meal and I imagined selling the same product to other working mums who didn’t have the time to process pap and would also worry about hygiene. I decided to bridge the gap between hygiene and convenience and presented Bubez Pap to them. That began my foray into starting Bubez Foods.

From N200 (less than $1) to 9 figures in investments and 8 figures in sales, what is the story?

This didn’t happen overnight, it was bordered with challenges and obstacles but I was determined to overcome to see the fulfillment of the dreams I have for Bubez Foods. I borrowed funds at ridiculously high rates sometimes 12 -15% monthly (not advisable). I love things that challenge me and my creativity. I’m not passionate about www.businessday.ng

pap but I’m extremely passionate about starting and growing a business from scratch. That was all the motivation and drive I needed to prove that my dreams are valid. I sold 98% of my jewellery and luxury handbags, cut off every form of socialising and stayed focused on my dreams.

What changed was my mindset. I am a student of the mind because I believe absolutely in the limitless power of the mind.

I constantly and regularly feed my mind with books and mind empowerment programs.

Managing 80 vendors, enlarging the business One of my core strength is strategy. I can create strategies even in my sleep, yes, it is that deep.

One of my problems is the inability of my mind to shut down because it’s always churning strategies. As the CEO of Bubez Foods, strategy creation and execution is how I ensure we

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consistently enlarge our territory. Marketing our product happened naturally at the early stages because it was a need and we had provided a solution so people were coming to us, they were interested. Curiosity and admiration made them buy into the vision. The curiosity of how we created a powerful brand out of a local, traditional meal that is normally seen as a meal for the lower class and the intrigue that we took pap, created the strawberry and vanilla flavours, made it cool and appealing, got a large buy-in.

What makes Bubez tick?

Until 2012, not very many people were selling pap; they were selling the powdered pap. We decided to stay in our niche of the raw, paste pap to create brand awareness and gain brand acceptability. As a brand strategist, creating a brand that stands out comes from brand authenticity. Anybody can copy or imitate your product but they can’t copy your unique abilities. The challenge is that, most businesses are creating brands outside of themselves when all they need to do is bring 100% of themselves into the business.

For example, I had a failed marriage and I love family, I can’t do anything about my failed marriage because it’s in my past but I can create a product that will create and deepen family bond at meal time. So, I put all my passion into creating a quality product. Brand is intangible and it is all about perception, you don’t need to know me or my story but you can feel the love in how Bubez Pap is packaged.

Moving a 20ft container of Bubez Foods to the US This was the most daring thing I had done in Bubez Foods. I made a few trips to the U.S prior to us shipping the product for market research and testing.

The products were already in a container at the Apapa ports before I made another trip to find a buyer for the product... yes I found a buyer to buy the entire products. Because our product is in the ready-to-cook and paste form, we use coldsupply chain for logistics; you can imagine what that means.

Our products survive within certain temperatures; it spent 5 weeks at the ports and 7 weeks on the sea before landing safely in Houston Texas. For everyday it spent in that container was meant to be a worry about the freshness and preserved quality. The 12 weeks it spent and our production time meant it arrived 2 months before the best before date. We had to devise a means to ensure the entire 9 pallets were distributed.

We sold Bubez Pap out of 5 @Businessdayng

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stores within Texas, which was a dream come through for me. We used 1 pallet for research and development in Massachusetts and gave out free pap as experiential marketing.

Being in the market to raise $5m for expansion through your investment bankers in New York The research and development in Massachusetts was one out of four, we did another one few months after in Denmark. All of that R&D is geared towards the realisation of our dreams, to set up a fully automated food processing and packaging factory and eventually become listed on the stock exchange. The equipment we’re trying out and testing aren’t exactly very cheap and we need investor’s funds to achieve that. We got introduced and engaged investment bankers in NYC to lead the advisory and fundraising rounds for us.

We’re receiving some interests and believe that very soon, we’d get term sheets and the funds to execute this strategy that we documented 4 years ago.

Helping women unlock and maximize their fullest potentials I have had to set up a new company, Leap to Limitless Global to teach people especially women, how to create powerful brands by upgrading their confidence, gaining clarity in their lives and having cash to do things that will help them support their families.

Powerful brands are not just for businesses, as a person, you’re a brand, as a stay-at-home mum, you want to create a powerful brand and be a strong voice of influence in your children’s lives. I do this by sharing my processes and systems with them through a coaching program called THRIVE. Currently, we have 65 women signed up for the pilot phase of the program.

The effect of the current lockdown on your business With the current lockdown, I shut down production because I care about the wellbeing of my employees but the sales team is still supplying the stores. We had three of our key people in production and sales do a food distribution program to feed 260 families. We gave out a monthly supply of single-use, powdered extra-fortified Bubez Pap with Soybean to each of these families.

Also, there are opportunities opening and that will open in various ways, my question to everyone reading this is “How are we preparing for the multiple opportunities that will open up post COVID-19?”

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Friday 17 April 2020

BUSINESS DAY

Health Business&Life APHPN urges FG to adopt localise measures to flatten COVID-19 curve amid lockdown Anthonia Obokoh

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eyond the fresh lockdowns imposed on residents of Nigeria’s biggest city Lagos, neighbouring Ogun state, and the capital Abuja, Lagos state chapter of the Association of Public Health Physicians of Nigeria (APHPN) has urged the Federal Government to adopt localised measures tailored to the peculiarities within Nigeria to help flatten the COVID-19 curve more quickly.

These measures include a gradual reversal of the lockdown and an urgent review of the distribution of palliative measures to cushion the effects of extended stay-at-home order by President Muhammadu Buhari.

“Already the economic implications are biting hard on individuals and families, and recently, there has been an increase in unrest and insecurity needing urgent attention,” said Tolu Olufunlayo, chairman of the association in a statement.

APHPN warned that direct country comparisons and total adoption of strategies from other countries may not be in Nigeria’s own interest.

The organisation called on Nigeria to deploy measures capable of positively changing people’s behaviors such as community engagement and education.

This is the according to them is the best tool to prevent spread because viruses are spread by the

behaviour of the people.

Nigeria recorded its first case of the novel coronavirus on February 27, 2020, and the number has since risen to 373 as of April 15, 2020, with less than 5,000 tests. The public health physicians described the trend as a gradual increase rather than an exponential rise experienced in some countries, which could be explained by a largely asymptomatic pattern of the disease in

Nigeria coupled with the effect of suboptimal testing.

It said although testing more people is important, it could be challenging as COVID-19 is not only a local problem but a global issue.

Observations of the pattern and spread of COVID-19 in Lagos State, the epicenter of the pandemic in Nigeria show that not only it is unlikely to attain the level of testing required to make the continued lockdown achieve the optimal epidemiological benefit, but the severity of disease in the country is also yet to transit to that seen in countries with older populations, according to APHPN. It further pointed out the rising insecurity due to the large numbers of people living on the fringes of society and reliant on now nonexistent informal occupations for daily subsistence, and proposed a continuous active case search in a localized manner through local council mechanisms.

In addition to that, APHPN said active and passive surveillance systems could be strengthened through training of ad hoc volun-

teers and sustained through the retention of those trained, while it advocated that the use of scientific data should be employed to determine the epicenters of the disease within the state and to tailor specific interventions.

But more importantly, the association called for continuation and strengthening of the preventive measures such as hand hygiene, cough etiquette, physical distancing, and use of home-made masks to reduce droplet contamination of hands and surfaces.

“The maxim ‘Never waste a good crisis’ can be leveraged on by Lagos State to buttress the uniqueness of its informal social networks that were so crucial in mitigating the portended disaster during the Ebola crisis. Communities, and communities within communities, are strategically placed to mitigate the spread of COVID-19 through the community development associations, ward health committees, and other committees established by the governor,” it said.

‘Misinformation, fake news remain major setback to effectively tackle COVID-19 pandemic in Nigeria’ Adaku Efuribe is a clinic pharmacist and Sustainable Development Goals (SDGs) advocate, she has been in the fore front of advocating for better healthcare systems for all Nigerians, and she is also a global health and wellbeing consultant who has dedicated her time in offering public health enlightenment to all Nigerians on the COVID-19 outbreak. In this interview with Anthonia Obokoh, she speaks about theCOVID-19 pandemic in Nigeria and answers some burning questions while offering useful advice to all Nigerians.

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hat do you have to say about the government efforts so far to curtail the spread of the novel coronavirus, are there any loopholes?

I have observed with keen interest the efforts the Nigerian Government has put in place to safeguard and protect the lives of all Nigerians and this is highly commendable.

We have to consider our unique issues if we are introducing work from home and stay at home strategies, we need to consider that we do not have 24hour electricity supply in Nigeria. Most homes do not have tap water; they have to buy water in cans and they have to leave their homes to do this. Petty traders and self-employed artisans depend on their daily income to make money to pay for basic necessities like food, rent, medicines etc.

So, if we are ordering a stay at home and lockdown like the UK or US we must understand, the UK has a financial care package in place for people, who do not have income, This is the time for us to ensure we fix the epileptic electricity supply in Nigeria. Other African countries like Ghana have gone ahead to improve power supply, Nigeria is lagging behind massively.

What has been the major drawback in the fight against COVID-19 in Nigeria?

I would say misinformation and fake news has caused a lot of issues, as people believe anything they read on the internet. One important thing we should all do is to avoid rumour mongering.

With so much misinformation about the COVID-19 pandemic on social media, we should always endeavour to sieve out the chaff from the wheat. Few weeks ago, we had the challenge of reaching out to people living in remote parts of Nigeria, those who don’t have access to internet, social media and those who can’t understand English language.

I suggested we interpret preven-

tive measures in different Nigerian languages and make use of town cries, radio stations among others to ensure everyone is well informed about the COVID-19 pandemic. I went ahead to lead by example, I interpreted COVID19 preventive measures in Igbo Language, I also made a video in Igbo. Today, we have another challenge in our hands; to educate the learned and literate who have been misinformed.

From your assessment, are there any areas of improvement in the fight against the COVID-19 pandemic Well, the healthcare sector in Nigeria needs massive improvement. The Ministry of Health and Nigeria Centre for Disease Control (NCDC) has been on the forefront of leading and communicating vital information to the general public on COVID-19 pandemic, however we need more isolation centres and well-equipped hospitals to cater for the healthcare needs of the populace. We also need more healthcare professionals /volunteers and emergency centres fitted with enough ventilators.

We have to focus on informing people about the preventive measures and the importance of self-isolation, travel restrictions and staying at home.

We also need to improve our database, data and information is vital. We need data to ascertain the www.businessday.ng

true situation of the pandemic in Nigeria as per the number of people who are infected, in self-isolation, recovered or deceased. This would help us develop strategies to battle the pandemic as well as help us deploy medical resources effectively to people and places they are needed most.

Information is very key in the sense that everyone needs to be well informed of preventive measures and travel restrictions. There are so many dubious websites, myths and fake news accessible online and this poses a lot of risks as people could be misinformed, so the Ministry of Health and NCDC are continually updating their websites with public health information which is very important.

What lessons do we have to learn from China, Iran and Italy?

These countries have battled very high cases of COVID-19. One thing we could learn is the quick deployment of frontline medical personnel, social distancing and travel restrictions.

We can also see that from the recorded number of deaths from these countries that the COVID-19 pandemic is a serious health concern and we don’t have to relent on our efforts to contain the spread in Nigeria.

We have to continue to re-enforce preventive measures, travel restric-

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tions, social distancing etc.

Are there any potential health risks from 5G and is there a link between 5G and COVID-19 According to the WHO, to date, and after much research performed, no adverse health effect has been causally linked with exposure to wireless technologies. Health-related conclusions are drawn from studies performed across the entire radio spectrum but, so far, only a few studies have been carried out at the frequencies to be used by 5G. WHO is conducting a health risk assessment from exposure to radiofrequencies, covering the entire radiofrequency range, including 5G, to be published by 2022.WHO will review scientific evidence related to potential health risks from 5G exposure as the new technology is deployed and as more public healthrelated data become available.

Is there any medication that can prevent or cure COVID 19 infection?

According to WHO, at the moment ‘No pharmaceutical products have yet been shown to be safe and effective for the treatment of COVID-19.

However, a number of medicines have been suggested as potential investigational therapies, many of which are now being or will soon be studied in clinical trials, including the SOLIDARITY trial co-sponsored

by WHO and participating countries’.

How about Chloroquine?

World Health Organization (WHO) has NOT approved the use of chloroquine for #COVID19 management.

Scientists are working hard to confirm the safety of several drugs for this disease.

If early results from an unproven or experimental treatment are promising, the treatment should be studied in the context of a formal clinical trial to establish its safety, efficacy, risks, and benefits’.

My candid advice to all is- do not engage in chloroquine self-medication. This could lead to side effects or even death. @Businessdayng

What do you advise about the use of herbal remedies to cure coronavirus infection? Do they work?

I have seen a few publications and videos on social media, asking people to use herbal products to protect themselves from COVID 19.At the moment, there is no evidence to ascertain the effectiveness of any herb against COVID-19. I am an ‘herbalist’, Ialso have a good stock of local Nigerian herbs, but it’s highly important to double check before using large quantities of herbs. People should always talk to their pharmacist or doctor, some of these herbs could interact with your medication Special precaution always for immunocompromised patients, pregnant women, breastfeeding mothers, people with Chronic disease conditions, children and the elderly.

Are smokers and tobacco users at higher risk of COVID-19 infection?

Evidence has shown that smokers are likely to be more vulnerable to COVID-19 as the act of smoking means that fingers (and possibly contaminated cigarettes) are in contact with lips which increases the possibility of transmission of virus from hand to mouth. Smokers may also already have lung disease like COPD or reduced lung capacity which would greatly increase risk of serious illness.

Smoking products such as ‘shisha’ often involve the sharing of mouth pieces, which could enhance the transmission of COVID-19.

What is your final advice to all Nigerians?

My advice to all Nigerians: Adhere to the guidelines set by the government, observing social distancing, wash your hands regularly with soap and water, cover your nose and mouth with a tissue when you cough or sneeze and bin the tissue immediately, use alcohol-based hand gel, protect your health, look after yourself, do what you can to stay safe and listen to the health experts.

Together we would flatten the curve and contain the spread of COVID-19.

Friday 17 April 2020

BUSINESS DAY

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Health Business&Life Asthma: A travel message - Is it a storm or fair weather?

Executive Travel Health

Adeniyi Bukola

COVID 19: NGO warns against careless eating, drinking SIKIRAT SHEHU, Ilorin

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zekiel Adebola, the director of Vineyard Marriage and family counseling Therapy, a non governmental agency in Ilorin, has warned society at large to be cautious of what they eat, drink and wear, calling for serious personal hygiene.

He also advised Nigerians to comply with the directives

by the government and health practitioners to prevent them from contracting Coronavirus.

In a statement released by Adesike Babatunde, secretory, Adabola explained that at this point in time; every one should stay at home and be careful as cases of the Covid 19 is in Kwara.

According to him, since there is no cure for the virus, people can protect themselves and help prevent spreading the virus to others if they wash your hands

regularly for 20 seconds, with soap and water or alcohol-based hand rub; cover the nose and mouth with a disposable tissue or flexed elbow when coughing or sneeze.

Adding that, people should not touch their eyes, nose, or mouth if their hands are not clean; avoid close contact (1 meter or 3 feet) with people who are unwell, stay home and self-isolate from others in the household if they feel unwell.

Kwara govt steps up measures to defeat COVID 19 SIKIRAT SHEHU, Ilorin

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he Kwara State Governor, Abdulrahman Abdulrazaq has refurbished the state’s oxygen plant to tackle the problem of Corona virus in the state.

The revamped facility bolsters Kwara capabilities to manage Coronavirus (COVID-19) patients who may require ventilators for a lifeline.

Other facilities at the isolation centre include; 10 Ventilators that are working, Patients Monitors, Refrigerators, ICU beded and Mattresses - expanded to more than 60 facilities and quarantine space that is up to 1000 beds space.

Kwara State currently has four cases of COVID-19 --Two males and two females.

“This facility comes handy at this time. If for whatever reason any of our patients require oxygen, Kwara does not need to buy oxygen from any private sources or other states.

“In fact, the plant’s capacity is such that we can sell to private hospitals and some other states. Yesterday, we supported the University of Ilorin Teaching Hospital (UITH) with 13 small cylinders and one big cylinder of oxygen,” Abdulrazaq said while briefing journalists in Ilorin.

According to the Governor, Kwara had no ventilator until now, but the recovered loot became useful in the face of dwindling allocations arising from the global oil crisis.

Abdulrazaq, revealed that his administration is now working on having an isolation centre in Offa after which another would be created in General Hospital Kaiama.

The Governor, however, com-

HBL Team

mended the Economic and Financial Crimes Commission (EFCC) for helping the state to recover looted funds which have become useful in the campaign against COVID-19.

Abdulrazaq, explained that the recovered funds strengthened Kwara’s ability to put in place necessary facilities, among other counterCOVID-19 efforts, saying “We have bought five new ambulances (three on the ground and two are on the way). We have 10 ventilators now and we expect to have 30 by the end of the month and that’s one of the highest in the country today. We now have a mobile x-ray machine too.”

Meanwhile, Ben Babatunde, Engineer and the plant manager, said the oxygen now has 93% purity level and can fill 24 (7mm) oxygen cylinders in one day.

The facility has only worked for 56,156 hours (six years four months) cumulatively since it was established in 2004.

However, Kayode Alabi, Deputy Governor and Chairman Technical

Committe on COVID 19, disclosed that “we have carried out a total of 42 tests, 29 of which were negative.

As I said earlier, we have four confirmed cases. Three of them show no symptoms. Only one is showing some symptoms but is stable.

Of these four cases, one is a contact of the index case. The other was a patient at the UITH but now at the state’s isolation centre.

There is a risk of community transmission which must be curtailed. The good news is that our rapid response team is in firm control of the situation — thanks to the support of the NCDC team led by own son Shuaib Belgore and the COVID-19 Committee.

We continue to appreciate our health workers for their priceless contributions to this effort. We urge the people of Kwara State to remain patient. We call for increased personal hygiene. This is the time for everyone to take responsibility for our individual and collective health,” Alabi told journalists at a press briefing on Tuesday.

Q-life Family Clinic

lifeadvisoryservices@outlook.com

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mportant Tips: Before booking your holidays, Discus with your Travel Health Advisor. Make sure your asthma is well controlled before Travel. Carry important Contact numbers on your person, including your doctors and the recommended doctor at your destination. If your asthma is normally well controlled, you should be able to go sightseeing, trekking, swimming and other leisure activities you wish, so enjoy yourself but do not Scuba Dive.

Must Know: Your symptoms may vary greatly, from mild and infrequent to debilitating and severe. This may influence the type of trip and destination you choose. Know your triggers. (many people with Asthma have allergies which can trigger asthma symptoms egHouse dust mites, animal dander, molds, pollen and cockroach droppings. Tobacco smoke, air pollution, strong odours and fumes are irritant that often aggravates asthma. Please, if you are advised not to travel, do not travel. Some food items may help you stabilise your asthma and some others could trigger the symptoms. Consult your nutritionist.

Before departure: A detailed history will be required of you including mode of transport and destination.

Plan your diet: If you have food allergies, be certain that the food you will be eating does not contain substances to which you are allergic.

Keep your allergy shot schedule: If you are taking a long trip, discuss with your allergist how to continue to take or receive your allergy shots. Health Insurance is essential. You will have to declare your asthma status and it should include repatriation. Make sure you have a self-management plan with details of medication and use, what to do in an emergency and contact numbers. Two inhalers must be taken in case of loss or theft (one in your hand luggage, and one with your responsible companion or checked in luggage).

The same goes for stand by emergency suppositories. Wear an information bracelet or neck chain were possible (Get from MedicAlert or SOS Talisman). Take a little more medication(all clearly labelled) than you think you need and carry a print out of all regular prescriptions in case you lose your supplies and to prove the medicine is for your personal use.

An adequate supply of all your medication should be in your carry bag. (Hand luggage) The usual immunisations for your destination should be taken along with annual influenza shots and pneumococcal vaccine.

Plan for an emergency: Ask your doctor for an asthma action plan that will outline what to do in case of an asthma episode.

After Departure:- On Route:Do not over-indulge in food and alcohol

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

especially when on the move. Drink plenty of water and non-alcoholic drinks in flight. Sit well forward in non-smoking areas in aircraft(most flights are non-smoking these days). Avoid smoking areas in the Airport. Do not smoke. Irritability could be an early sign of reduced oxygen intake. Try to move about every hour, to exercise your legs to prevent blood clots. Give the note from your doctor (detailing Condition and Medication) to the ships doctor if you are going on a cruise.

At Destination: Your condition may improve or deteriorate during your holiday due to climate change, absence of allergic triggers (fewer allergens at high altitude), stress or exercise/exertion. Virtually all large cities in the developing world have significantly polluted air and the developed world in some major cities. Air pollution can be severe in cities where there are no controls over petrol and diesel exhausts. If possible avoid heavy traffic.

Temperature changes, like sudden exposure to cold and dry air can bring on asthma symptoms, also aerosol metered dose inhalers may not function properly under freezing conditions and may need to be warmed in the hands before use. All beds and pillows harbour dust mites-unless they are treated with a microbial compound (for example, UltraFresh) which inhibits their growth. Be wary of hotels that look unclean.

Take all necessary precautions as a regular traveller. You can do virtually all activities, but do not overexpose yourself to the sun and other extreme conditions. Be cautious if you have exercise-induced asthma, especially exertion of mountain climbing. Acclimatize properly. If you must dive, go snorkeling instead and not scuba diving. Increased asthma therapy prior to exercise will achieve better control but intensive exercise should be avoided as much as possible.

Sports: If you are going to exercise a lot, especially activities that you are not used to, such as mountain climbing, hiking, etc., remember that exercise itself can trigger asthma symptoms. Any activity should start with a warm-up, and your quick-relief medication should be taken 15 to 20 minutes before you begin.

All is Clear: If you have a clearly labelled Medication and Spacer (in your carry on bag), a responsible companion (if necessary).

Your Asthma is stable. A letter with details of your condition and medication and information bracelet or neck chain. You are all clear to go. On return, you may need to inform your doctor of your experiences so he can plan better and safer trips for you and other asthmatics. Gather more information from the following websites and literature. www.fitfortravel. nhs.uk/General/Astma.html , www. asthma.org.uk (subscribe to Asthma Magazine), www.asthmacontrol. com (Gives you an idea of how well your asthma is controlled). Answer: With due consultation, it is not a storm, but fair weather. Have a Nice Journey

Consultant Family Physician and Travel Medicine Physician Q –Life Family Clinic. qlifeadvisory@outlook.com.

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Friday 17 April 2020

BUSINESS DAY

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Commodities watch

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Send in Commentaries to caleb.ojewale@businessdayonline.com

Bleak outlook for food security as farmers get shutout of farms over lockdowns Stories by CALEB OJEWALE Twiiter: @calebtinolu

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s millions of Nigerians remain confined to their homes following lockdown orders and curfews in several states, the availability of food needed to survive even beyond the lockdown period is getting worse as farmers in many parts of Nigeria remain unable to access their farms. President Muhammadu Buhari may have indicated agriculture as an essential service; however, the reality is different as farmers in different parts of the country risk arrests if they attempt to visit their farms, while availability of food is fast becoming unstable.

Agribusiness Insight monitored a webinar on ‘Assessing the Impact of Covid-19 on National Food Security in Nigeria’ organised by the Nigeria Agribusiness Group (NABG), with participation of key stakeholders and its executive council members, where a common theme was that accessibility to farms/facilities remain the major issues in the ongoing lockdowns.

“There have been reports of extension service workers and farmers being arrested and chased from their fields because of the lockdown,” said Manzo Maigari, director general of NABG. He further explained that across Nigeria, most of the food consumed is not produced in backyard farms.

“Food must come from Kano, Yola, and for cattle Borno or Yobe, now there is a lockdown and they are not being allowed to move freely,” he said.

Kabiru Ibrahim, president, All Farmers Association of Nigeria (AFAN), had lamented that the current lockdown is making it difficult for farmers to go to their farms, putting food production at risk and uncertainty for food security in the immediate future when the Coronavirus pandemic may be over.

“It is exceedingly difficult for the smallholder farmers to go on their farms because of the complete lockdown across the country,” he said, while noting police checkpoints and others along the roads, many of which do not grant passage to farmers.

Smallholder farmers who are completely left on their own dominate the agriculture landscape in Nigeria, and no one cares what is happening with them because we have taken too much for granted in terms of food security. The population is growing at a much higher rate

than even the GDP, but who is feeding Nigeria? It is the smallholder, said Maigari.

“After Covid, the next issue could be hunger and how to survive as a nation,” said Lizzy Igbine, national president, Nigerian Women Agro Allied farmers Association.

The food being eaten today in Nigeria was produced mostly last year and so the country may not see the impact of the lockdown on agriculture until next year. However, as industry players noted, there is an urgent need to work with the realisation that if the country does not give priority to food production, as captured by Maigari, “what we will be dealing with next year will be worse than the Coronavirus”. When the Coronavirus is over, one thing that is expected to become topical globally is food security, and Nigeria may not be an exception unless this is purposively addressed.

“What is necessary now is to position ourselves as a country in such a way that we avert creating new problems in responding to the Covid-19 pandemic,” said Ubong Inyang who works with Babban Gona farmer services.

According to him, the driver of food security in Nigeria postcovid will be the ability to continue producing food irrespective of the current situation. Like others, he stressed that it is important exceptions are made for farmers so that they can access their farms.

In terms of logistics supply chains, there have been challenges moving inputs from for instance chemical companies in Lagos or fertiliser from producers in Port Harcourt, as they have been facing restrictions of movement. “If we are not able to get fertiliser to the farm on time, it has already started raining in some places, so we can

already imagine it is going to affect productivity generally,” he said.

Suggesting possible ways to avert a crisis in food security, Igbine expressed the view that from all the money being donated as Covid-19 relief, government should devote some to inputs if it really wants to support agriculture. She also stated that in the last two years farmers in Gwagwalada and Keffi have been unable to access their farms, and there should be a plan to secure farmers as they return to their farmlands.

Also on funding, Ibrahim, the AFAN president, said it is important for government to realise that “it will be foolhardy to say that you have 34 billion in the foreign reserve and you are hungry.” He further advocated that there should be special windows for all farmers to access their farms, perhaps having special clearance such that at checkpoints when they ascertain they are farmers, would be granted passage. If implemented, the country he says, may be able to guarantee food production continues.

Maigari, DG of NABG, stressed it was important to have the Presidential Taskforce on Covid-19 make those implementing the lockdown at checkpoints understand that “they are standing there to implement the lockdown because their stomachs are full. If they get hungry they won’t be able to enforce the lockdown.”

Apart from farmers, it was noted that other players in the value chain such as agro dealers of inputs like seeds, fertilisers and agrochemicals are able to move and deliver products that will ensure farmers can continue producing food across the country.

$100,000 Agripreneur Prize launched to support business models during COVID-19 crisis

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he second edition of the $100,000 GoGettaz Agripreneur Prize Competition has been launched this week, as it aims to inspire young people throughout the African continent to launch and grow innovative or technology-driven businesses in the agrifood sector, from “seed to fork” and beyond.

Organisers says the competition was launched amidst the coronavirus pandemic to give hope and support to the agripreneurs on the African continent. Bringing on board influential co-founders, members and ambassadors, the 2020 competition aims to grow the pan-African GoGettaz entrepreneurial community and pave the way for new businesses embracing technology and innovation in the agrifood and agritech sectors.

A statement by organisers said the 2020 GoGettaz Agripreneur Prize Competition will acknowledge two innovative ventures, one led by a man and one led by a woman who founded or co-founded businesses in the agrifood sector in Africa. The winners will each be awarded a grand prize of $50,000 along with an industry-leading support network to take their businesses to the next level.

The competition launches as the coronavirus pandemic is having a severely negative impact on health, well-being, and livelihoods of billions of people throughout Africa and the world.

While the ultimate costs of this crisis are unknown, tremendous effort and innovation is needed to keep agribusiness going and ensure the health crisis does not translate into a severe food crisis. www.businessday.ng

Leadership and coordinated action are required at global, national, and local levels to find solutions for agrifood systems that are responsive to, and supportive of, health measures.

“We have decided to go ahead with the 2020 GoGettaz Agripreneur Prize Competition.

Not despite the coronavirus, but because of it,” said Svein Tore Holsether, president and CEO of Yara International. “Now, more than ever, we need to support African agrifood entrepreneurs and the small and medium agribusinesses on the continent. They are the people who produce food and get it to the people who need it. They will be the people who help to rebuild our economies after the pandemic is over.”

In 2019 pan-African telecommunication, technology and

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renewable energy group Econet together with global crop nutrition leader Yara, co-catalysed Generation Africa and the inaugural US$100,000 GoGettaz Agripreneur Prize which was awarded in September at the annual Africa Green Revolution Forum (AGRF) Summit in Accra, Ghana. This year, other partners have joined; The Alliance for a Green Revolution in Africa (AGRA); Corteva Agriscience; The Southern African Confederation of Agricultural Unions (SACAU) and; The Syngenta Foundation for Sustainable Agriculture.

“Agrifood is more than an essential business in this global pandemic, it is urgent for survival,” said Strive Masiyiwa, founder and executive chairman of Econet. “Our African agribusinesses must stay strong and @Businessdayng

innovate to meet growing food needs locally, across the whole value chain. Now is the time for Africa’s entrepreneurs to see and seize new opportunities.”

The GoGettaz Agripreneur Prize Competition is open to young, agrifood entrepreneurs, aged 18 – 35 from across Africa.

Applications can be submitted to the competition via http:// gogettaz.africa. 10 Finalists will be invited to compete in a live or virtual (online) pitching contest at the Africa Green Revolution Forum (AGRF) Summit between 8-11 September 2020. The two GoGettaz Agripreneur Prize winners will receive their US$50,000 awards alongside the prestigious Africa Food Prize. All 10 finalists will be awarded mentorship, programming linkages and other guidance to continue their entrepreneurial journey.

Friday 17 April 2020

BUSINESS DAY

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How post-COVID-19 Bitcoin market could change halving events, but these happened alongside a thriving global economy.

At the time of writing, the price of ike every asset market, the cryptocurrency mar- bitcoin was at $6,719 on the Coindesk ket has never faced an Index. Bitcoin’s struggle to maintain economic meltdown like a bullish run in the first quarter of the one induced by the 2020 has significantly undermined its ‘safe haven’ narrative.

But the cryptocurrency is not struggling alone as gold and treasury bonds have also been greatly impacted by the spread of coronavirus.

“In the worst-case scenario, adoption rates will be mildly affected, which will continue to impact BTCs price in the short to medium-turn,” Marcus Swanepoel, CEO of Luno told BusinessDay via email. “However, it’s not something that will spell significant trouble in the long-run, and bitcoin will recover to its original value. In the meantime, we’ll all be focusing on Libra and other transactional cryptocurrencies.” coronavirus pandemic.

In other words, the bitcoin marWith a Bitcoin Halving event expected in May, there are doubts that ket in post-COVID-19 will be looking pump or bullish-run expectations for other means to increase adoption may not be forthcoming this time. as the safe haven notion is put to bed.

Michael Casey, an analyst with High prices have followed previous

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Nigerian entrepreneur named among Migration Entrepreneurship Prize winners CALEB OJEWALE

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hidi Nwaogu, a Nigerian entrepreneur, has been named a winner of the Migration Entrepreneurship prize by the Human Security Division of the Swiss Federal Department of Foreign Affairs.

This announcement was made during the first online edition of the annual Seedstars Summit, where Nwaogu emerged a winner alongside 10 others in that category. The Seedstars Summit, which was held online from 31 March to 3 April in response to the coronavirus pandemic, had according to organisers, more than 1,000 online attendees. The event was also said to have reached and engaged more people than ever before, especially in emerging markets.

When a call for start-ups was announced, it was indicated that the aim of the project is to support socially driven business models in countries and regions prone to strong migration movements. Entrepreneurship by and for migrants and refugees has the potential to create shared benefits for the foreign born and local communities alike by contributing to livelihoods and social cohesion. The ultimate objective is to improve human security for the individual by promoting freedom from fear and a life in dignity in a sustainable manner.

The eligible ventures must create promising business opportunities locally and offer innovative

solutions alleviating the pressure for people to take dangerous routes leaving their homes. The solution can be aimed for society at large thus aimed at migrant and the local population, and be implemented in the origin, host and transitory countries.

Migration entrepreneurship prize was awarded to entrepreneurs with social business models in countries and regions prone to strong migration movements, offering innovative solutions that reduce the vulnerability of migrants.

Chidi Nwaogu, a tech entrepreneur and software developer is the co-founder and CEO of Publiseer, a digital platform that says it has helped nearly 5,000 independent and underserved African writers, musicians, and filmmakers, earn above the minimum wage and live above the poverty line from the sales of their creative works.

For his contributions to the growth of the tech ecosystem in Nigeria, Nwaogu has won the 2018 African Entrepreneurship Award, the 2019 Africa 35.35 Award for Entrepreneurship, the 2019 Young Leaders Award for Media and Entertainment, and the 2019 Bizz Business Excellence Award. He also made the shortlist for the 2019 Unilever Young Entrepreneurs Award.

30 year old Nwaogu is an Acumen Fellow 2020 (West Africa), Halcyon Incubator Fellow 2019 (Washington DC), Westerwelle Fellow 2019 (Berlin), AfricanPLP Fellow 2019 (Cairo), and Yunus&Youth Global Fellow 2019 (New York). www.businessday.ng

Coindesk sees fierce competition to establish dominant standards across multiple alternatives becoming the order of the day.

“It’s a diverse field, encompassing decentralized, standalone currencies such as bitcoin; decentralized, algorithmically managed “stablecoins” such as dai; reserve-backed stablecoins built on open, permissionless blockchains such as Circle and Coinbase, Paxos and Tether; new, privately defined stablecoins built on permissioned blockchains such as Facebook’s Libra; and, last but not least, central bank digital currencies (CBDCs) such as China’s Digital Currency Electronic Payment (DCEP) system.” he wrote.

Swanepoel noted that although the value of Bitcoin has dropped, it

has done so at a far lower rate than many other assets, and it also came at a time where it had approached the $10,000 mark, where some pullback was expected. Gold, the closest asset to Bitcoin, saw a slump to its lowest rate in over six years towards the end of February, only then to stabilise and increase.

In March, Goldman Sachs declared gold as “immune” to coronavirus. At the time the price of gold was $1,600. As of the time writing this article, the price has grown to $1,702.

“We do, however, need a few months to see if cryptocurrencies, particularly bitcoin, will behave more as gold has in times of crisis,” Swanepoel said.

He believes the best-case scenario is people recognising Bitcoin as a safe haven, or as an asset with

returns - compared against every other asset that is losing value. In that case, the cryptocurrency could become one of the world’s biggest asset classes in just a matter of months.

One good news for the market is that the number of people holding Bitcoin is likely to stay unchanged or even increased after the crisis.

Quarterly research conducted by Coindesk. Most of the holders are hoping in time Bitcoin will prove itself as a haven or store of value.

The current economic crisis also presents an opportunity for Bitcoin to go into the mainstream society, creating new investments options for people. In Canada, for instance, investors at 3iQ in partnership with Winklevoss twins launched a Bitcoin fund on the Toronto Stock Exchange.

The fund allows Canadians to invest in Bitcoin through their regulated investment managers, without the hassles of self-custody and with some incentives.

“Ninety percent plus of Canada’s wealth is held in a Canadian regulated investment dealer,” Fred Pye, 3iQ President and CEO Fred Pye said.

“An investment advisor cannot open up a Bitcoin wallet for his client,” he said. Now with “The Bitcoin Fund,” Pye said investors can put Bitcoin on their regular statement with their other investments. “Investors should be looking at diversified portfolios and this should be a part of it.”

Here is what your credit score says about your financial health STEPHEN ONYEKWELU

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redit score is coming into everyday usage thanks to the proliferation of financial technology (fintech) start-ups such as Carbon (formerly Paylater), Mamamoni and Renmoney that advance microcredit to customers. This has necessitated the need for quicker assessment of the creditworthiness of potential borrowers.

A poor credit score could mean paying higher interest rates on credit facilities or loans if even approved at all. While a high credit score means borrowing money at a much lower rate because you appear more financially responsible.

The knowledge that both financial and non-financial institutions are using a number to determine if people living in Nigeria can access loans, credit facilities or post-paid services or not is not common knowledge. It is until they need credit facilities like loans or post-paid products that they are made aware of its existence and how important it is, to their financial lives and access to finance for both personal and business needs.

There is still a perception that loan granting is based on ‘Man know Man’ which for the most

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part, is no longer the case at least for the average Nigerian.

Credit scores are provided by credit bureaus. The CRC Credit Bureau provides this service at N400 (four hundred naira).

The CRC score is a three-digit number ranging from 300-850 that summarises a borrower’s history of borrowing and paying back loans or post-paid services by allocating a 3-digit number that represents how risky it is to do business with such an individual.

“It is also a credit grading system, with 300 being the lowest grade like an ‘F’ in a report card and 850 being the highest which would be an ‘A’ or distinction in your report card,” said Tunde Popoola, managing director and chief executive officer of Lagosbased CRC Credit Bureau. “The CRC Score powered by FICO is easily accessible to everyone and can be bought via the CRC Credit Bureau website.”

The Fair Isaac Corporation (FICO) is an American company with over 50 years’ experience in data and analytics. CRC Credit Bureau in partnership with FICO developed a unique credit rating system for the Nigerian market that helps lenders make quick and informed credit decisions and for individuals the knowl@Businessdayng

edge of what their credit status is.

It is also used amongst other criteria to determine the interest rate, a borrower will be charged if a lender decides to approve the credit line or loan. It is a numerical expression based on a level of analysis of an individual’s Credit Report and is used to represent how risky it is for lenders or creditors to do business with said individual.

In developed economies, it is normal practice for creditors to consider credit scores and reports before advancing loans, goods or services to another party with the understanding that payments are to be made in the future.

This practice is catching up in Nigeria, as there are more credit activities taking place in the financial and non-financial sectors.

Knowing your CRC Score, makes you better prepared before applying for a loan and is the first step in taking control of your financial reputation.

To request for your CRC score visit the CRC website pagehttps://www.crccreditbureau. com/product/crc-score-individualto register and pay for Credit Score and have it delivered to your email address in a matter of minutes

22

Friday 17 April 2020

BUSINESS DAY

entertainment ‘With the Ultimate Love Show, Africa has the chance to present to the world an original narrative’ Adesuwa Onyenokwe, distinguished TV personality and former magazine publisher was “Aunty” on the recently concluded Ultimate Love reality television show. In this interview with Obinna Emelike, she talks about her role in guiding the love guests to self discovery.

What do you think about the concept behind Ultimate Love? he Ultimate Love reality show is an idea whose time has come.

Every human needs love and association and once there is a platform for that, it will bloom. Aunty’s love pad created the perfect opportunity for this to happen. In our fast paced world the dating game is getting increasingly difficult and complicated. Being closed in one space free of the daily hustle and bustle, selected couples could focus on exploring a meaningful relationship with the help of experts. Add to that the fact that they stood the chance of walking away with gifts that would help them on their forever journey. You can’t top that as the perfect antidote for a crumbling family system: Help the primary actors, men and women, find each other even as they compete in a game that tests their wits, to win valuable prizes, ultimate of which is, true love. It is even more interesting because for once, Africa has the chance to present to the world, something totally original. The Ultimate Love Show format is not a copy of any existing reality show in the world. For example, the inclusion of Aunty is purely out of an African tradition. On this continent, relationships involve family. Family matters, and MNET has proven, through this show, that it cares.

had no favourites was quite a challenge, especially when I had to save a nominated couple weekly.

Though there were set criteria, every couple saved always felt I did them a favour, which implied to the rest that favouritism could have set in. I get that from my kids all the time so I could handle it.

The biggest win was the fact that a number of true relationships were formed. Even though there was obvious chemistry, the Love Guests stayed focused on the emotional rather than the physical. I didn’t think they could.

It says a lot for what the human can do to gain a prize it considers worthwhile.

T

Adesuwa Onyenokwe

You helped the love guests through their journey of selfdiscovery and the desire to find love. How did you prepare for these one-on-one sessions with the love guests?

I have spent over three decades as a reporter/interviewer, been a wife for thirty-three years, and a mother for thirty-two, I would say I came prepared for this. (Smile).

And then of course coupled with the fact that I have life coaching skills, I was able to listen in on and

to the youngsters, while guiding them to a better understanding of themselves. I led them to explore their background, emotions and motives, to assist them in the process of coupling. A listening nonjudgmental ear got them relaxed and ready to open up, enough to take advice too, when it came.

What would you say was your biggest challenge and win during the show?

Convincing the Love Guests that I

What do you think of the Sunday nominations and the drama it caused among the Love Guests?

That was a big deal and some!

The Love Guests spent the first couple of weeks in the Love Pad cavorting happily, as they picked their partners and began the process of getting to know each other, so the first nominations took them by surprise! It was a shock reminder that they were not in the pad to ‘play’. Eventually the drama of the Sunday live shows, elicited a tension that hung in the air for a couple of days till they relaxed and then bam, once another week ended, the cycle continued. Though with time couples fashioned individual strategies to go about

their nominations, those eviction nights remained tension soaked keeping them on tenterhooks, each not knowing who would go or stay.

Roksie became the first Ultimate couple of the show. What are your thoughts on their journey?

Interestingly Roksie was the only couple that stayed the entire eight weeks in the Love Pad! They never got to go out on a mission or win a spot in the love nest.

Their coupling was incidental, (they were not each other’s first choice), then hesitant, but when it picked up it just raced on to the end. Kachi’s patience paid off and Rosie’s honesty won her the viewer’s hearts, and their votes propelled Roksie to the end. The icing on the cake was the proposal and acceptance! Even the best of producers couldn’t have written a better script. This is what reality is all about. Just like with food, when love unfolds naturally and organically, it is strong, rich and enduring. I believe that will be Roksie’s story even out of the Love Pad. Going by the feedback I get from enthusiastic viewers across Africa, most of who are ‘panting’ for more, this is a good testimonial for a show that surpassed everyone’s expectations in just its first season. My phone hasn’t stopped ringing…Kudos to the show owners!

Amid Covid-19 scourge, Andrea Bocelli offers Music For Hope

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n an Easter Sunday like no other, Andrea Bocelli, Italian tenor, gave the most extraordinary performance of his life.

There was no audience present in Milan’s iconic Duomo, but across the globe, people tuned in to witness his emotional performance, streamed live via YouTube, uniting the world at a time when many are apart, being isolated at home.

The unique performance, which offered an uplifting message of love, healing and hope through music, took place at the historic Duomo, the cathedral of Milan, Italy, by invitation of the City and of the cathedral, and thanks to the hospitality of the Archpriest and the Veneranda Fabbrica del Duomo.

Bocelli said of the event: “I will cherish the emotion of this unprecedented and profound experience, of this Holy Easter which this emergency has made painful, but at the same time even more fruitful, one that will stay among my dearest memories of

all time. That feeling of being at the same time alone –as we all are in the presence of the Most High –yet of expressing the voice of the prayer of millions of voices, has deeply impressed and moved me. Love is a gift. Making it flow is the primary purpose of life itself.

And I find myself once again indebted to life. My gratitude goes to all those who made this possible, the City of Milan and the Curia, and to all those who accepted the invitation and joined in a planetary embrace, gathering that blessing from Heaven that gives us courage, trust, optimism, in the certainty of our faith.”

Accompanied only by the cathedral organist, Emanuele Vianelli, Bocelli sung a carefully chosen selection of pieces, specially arranged for solo voice and organ for the occasion. These included the beloved Ave Maria setting by Bach/Gounod and Amazing Grace, opening completely unaccompanied–an incredibly poignant moment, in the still of a city under continued www.businessday.ng

lockdown, alongside a stirring programme of sacred music for one of the holiest days of the year.

The recording was released digitally on audio streaming services within hours.

The event was promoted by the City of Milan and the Veneranda Fabbrica del Duomo, produced by Sugar Music and Universal Music Group, thanks to the generous contribution of YouTube. Andrea Bocelli’s participation was entirely pro-bono (in collaboration with Almud and Maverick Management).

Bocelli, with the Foundation that carries his name, is currently involved in an emergency COVID-19 campaign. The Andrea Bocelli Foundation (ABF) has started a fundraiser to help hospitals purchase all the instruments and equipment necessary to protect their medical staff. It is possible to donate through the GoFundMe campaign here or by contacting the Andrea Bocelli Foundation, by writing to development@andreabocellifoundation.org.

Andrea Bocelli

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Friday 17 April 2020

BUSINESS DAY

23

entertainment

Business etiquette

Janet Adetu

E

News! News! Breaking News! verywhere you turn you are bombarded with so much news about the current pandemic COVID -19 Corona Virus, the good, the bad and the ugly, the authentic and the fake all congesting the air waves. The covers of paper as well as TV visuals. It is amazing how information overload has just taken over. Well it is not surprising given the news today is centered health, life and loved ones. The various economies worldwide have seriously been stormed by this huge pandemic a global catastrophe.

Yes you turn on the TV or the radio all you hear is negative and bad news from the magnitude of the spread to the overwhelming increasing numbers and sadly to the increase in the number of lives lost to the deadly virus. All this has become so overbearing that you need to be strong to be able to handle the news.

Sources for receiving news is now so vast, from family, friends, colleagues and now the fast-paced social media. With new technology you can hardly miss the information when it drops. It is the social media

Handling fake news and platforms like WhatsApp that is ensuring that all news plus fake news is spreading so wildly. It is now a given that fake news with its nature of being hot gossip, juicy, attention seeking and a call to action forming content for conversation is the key to selling media on all platforms.

Identifying fake news It is interesting to witness some people suddenly embarking on the task of spreading instant news now fake news on a constant basis. What you see overnight is the rush for fake news to be automatically and spontaneously forwarded, at times it appears that those who send do not take the time to read such messages before passing on regardless of whether the information is relevant true or falsified.

Fake news does appear as the truth until proven otherwise. The onus is on the bearer of the news at most those journalists soliciting for information to verify their facts before spreading contagious news.

It is easier to tell fake news at times by checking if certain more reliable sources are carrying such news too. Fake news will spread like an epidemic, but the best approach is to receive as new knowledge as it is your responsibility to keep abreast of what is going on around you especially during crisis times like now.

Impact of fake news Everybody handles information differently, some may resolve to

panicking while others may come across confused, scared and worried. Fake news once hot, heady and juicy inflicts an action. It generates gossip and the desire for more people to hear. Unfortunately, as we battle the current pandemic the need to halt all forms of news spreading is so important. Just hearing the negativity of the news is creating heightened anxiety, fear, stress, depression, confusion, hypertension and much more among many.

Ways to handle fake news These are a few ways to handle all the news that is flying around and maintain a positive mindset.

Receive news as information It is important to recognize how you receive information and what you do with it. Relevant information is best received as new knowledge with minimal bias or judgement.

The authenticsource is very important this gives you an element of reassurance as more information and data mounts daily.

Do not forward, do not share It is not compulsory received news must be spread especially when that news is now considered information overload, or it is a forwarded message with the potential of being forwarded by others. If the news is negative and disturbing, you may relieve yourself by deleting. If you hear negative news or potential fake news avoid repeating or spreading just to avoid adding to the existing

‘

It is now a given that fake news with its nature of being hot gossip, juicy, attention seeking and a call to action forming content for conversation is the key to selling media on all platforms

epidemic.

Avoid negative conversations Fake news will always create content for conversation, in the same light when the news is negative people want to talk about and spread faster. Listening to hearsay is what creates the distresses that need to be managed. It is easier to walk away when the energy in the air is toxic. Relate more to those who calm you down rather than mount pressure on you.

Engage with important news Not all news is fake, you have the responsibility to sift what is important to you. Use new information to keep updated and to follow strict guidelines. Use reliable sources of news to manage crisis times.

Spread positivity Time waits for no one, what are you productively doing with your time. If you must spread any news because you cannot help it, then let the news be educational, engaging, uplifting and empowering, encouraging and worth it.

Make up your mind as you intend to spend your time now that you are at home. Move away from time wasters and embrace anything that will develop you positively.

Wishing you the best during these trying times.

Watch out for yourself and all your loved ones.

Janet.adetu@gmail.com @janetadetu @jsketiquette

Global Citizen teams with Pepsi on virtual music concert to help those impacted by COVID-19

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s brands continue pivoting to virtual experiences due to the COVID-19 pandemic, Global Citizen and Pepsi have partnered to produce a one-night, international livestreamed event to highlight healthcare workers and amplify the efforts of organizations providing aid those impacted by the crisis.

Global Citizen, an international advocacy platform dedicated to ending extreme poverty by 2030, will host One World: Together at Home, a Live Aid-style broadcast of musical performances recorded in musicians’ homes, interspersed with footage of healthcare workers’ experiences fighting the disease and PSAs from world leaders, athletes and activists.In a rare show of solidarity, late-night talk show rivals Jimmy Fallon, Jimmy Kimmel and Stephen Colbert will co-host the broadcast, alongside characters from Sesame Street.

The lineup of musical performers, curated in collaboration with Lady Gaga, includes Alanis Morissette, Andrea Bocelli, Billie Eilish, Billie Joe Armstrong of Green Day, Burna Boy, Chris Martin of Coldplay, David Beckham, Eddie Vedder, Elton John, Finneas, Idris and Sabrina Elba, J Balvin, John Legend, Kacey Musgraves, Keith Urban, Kerry Washington, Lang Lang, Lizzo, Maluma, Paul McCartney, Priyanka Chopra Jonas, Shah Rukh Khan and Stevie

Wonder.

The broadcast will air live on April 18 beginning at 5 p.m.

EST on global networks such as: NBCUniversal: NBC, Bravo, E!, MSNBC, MSNBC.com, NBCSN, NBC News, NBCNews.com, NBC News on YouTube, Peacock, Syfy and USA; Walt Disney Television: ABC, ABC News, ABC News Live, Freeform and Nat Ge Others are: ViacomCBS: CBS, Channel 5 in the UK, Network 10 in Australia and Telefe in Argentina; BET and MTV globally across more than 180 countries; and CMT, Comedy Central, Logo, MTV2, Paramount Network, Pop, TV Land and VH1 in the U.S, Bell Media platforms in Canada, MultiChoice and RTE, while BBC One will broadcast an edited version of the event for U.K. audiences on April 19,2020.

The multihour program will also be broadcast on iHeartMedia stations and stream online on multiple platforms: Alibaba, Amazon Prime Video, Apple, Facebook, Instagram, LiveXLive, Tencent, Tencent Music Entertainment Group, Tidal, TuneIn, Twitch, Twitter, Yahoo and YouTube. The digital stream will feature additional performances and more stories from the people on the front lines of the pandemic.

“As we honor and support the heroic efforts of community health workers, One World: Together at Home aims to serve as www.businessday.ng

a source of unity and encouragement in the global fight to end COVID-19,” said Hugh Evans, co-founder and CEO of Global Citizen, in a statement. “Through music, entertainment and impact, the global live-cast will celebrate those who risk their own health to safeguard everyone else’s.”

According to Pepsi’s vp of marketing, Todd Kaplan, the brand has suspended its “That’s What I Like” campaign indefinitely to reallocate its marketing efforts and full U.S. TV and digital media spend to support the promotion and production of the broadcast.

Kaplan explained that Pepsi was looking for a method to bring people together while they’re apart, specifically through music.

“Pepsi hopes to bring people all over the world together to support a common cause through the power of music and entertainment,” Kaplan said. “Having worked together previously— most recently the 2018 Global Citizen Zero Waste Festival—we knew that Global Citizen would be the perfect partner for such a task.”

Pepsi is working with numerous agency partners to support marketing and creative elements, including VaynerMedia for TV, social and digital promos; Motive for digital; OMD for paid media; Acceleration Community of Companies for PR; and the inhouse PepsiCo Design Center for logo design.

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The broadcast extends existing initiatives from both Global Citizen and Pepsi. For the past few weeks, Global Citizen has promoted social distancing and highlighted public health efforts with Together at Home-branded content on the organization’s website. The platform has sponsored livestreamed, at-home music performances on Instagram and curated blog posts about companies shifting their efforts to fight COVID-19. It’s also asking the public to take action by donating or tweeting out information about numerous fundraisers helping those impacted by COVID-19.

Global Citizen’s current efforts mirror its usual fundraising operations. Each year, the organization announces a specific set of goals that address social and environmental issues—and secure financial commitments from celebrities, corporations and philanthropists—for its annual Global Citizen Festival in New York’s Central Park.

The music festival, which normally occurs in September, is free to people who take certain social media and online actions through the festival’s app and website.

In recent years, artists including Beyoncé, Rihanna, Coldplay and Janet Jackson have headlined.

Last year, Global Citizen announced plans to expand the 2020 Global Citizen Festival into a 10hour five-continent event, Global @Businessdayng

Goal Live: The Possible Dream, slated for Sept. 26. The organization hasn’t announced whether it plans to move forward with this year’s festival or postpone or cancel the event due to COVID-19.

Pepsi’s involvement with this month’s broadcast extends the PepsiCo Foundation’s $45million global program to bring food to underserved communities during the crisis. So far, the initiative includes delivering 20 million meals to U.S. communities through the foundation’s Food for Good program, a partnership with Share Our Strength’s No Kid Hungry campaign that provides emergency grants to U.S. schools and community organizations and a partnership with the Baylor Collaborative on Hunger and Poverty and USDA to reach rural U.S. students.

PepsiCo is also funding personal protective gear for healthcare workers in the U.S., Europe and China, and investing in financial support for restaurant workers.

One World: Together at Home won’t be the first musical event to address the pandemic. After SXSW was canceled, The Fader turned its annual Fader Fort into a digital music festival to raise money for music charities. iHeartRadio also aired its Living Room Concert for America on March 29 on Fox, which raised $10 million, according to organizers.

24

Friday 17 April 2020

BUSINESS DAY

Hotels

Hoteliers bemoan collapse of once-thriving industry

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T

ruly, coronavirus (Covid-19) has dealt a deadly blow on the Nigerian hospitality industry, with impact expected to last long after the virus is contained.

The reality is that the situation has gotten worse; from scaling down to essential services three weeks ago, to a total shutdown now.

For the first time in the history of the Nigerian hospitality industry and even at the global level, hotels did not open their doors to guests on Easter Sunday because of the lockdown enforced by governments across the world to curtail coronavirus spread. The situation is truly unprecedented; shattering all business plans, revenue targets and growth projections.

As at today, April 17, 2020, all international branded hotels have shutdown, expatriates among their top management have been evacuated by their respective countries, their Nigerian employees are back to their families, while a few security personnel hang around empty hotel buildings, which are sadly under lock and key.

The indigenous brands that have no expatriates to discharge, have also shutdown and asked employees to return to their families until further notice.

The big question is how long will the ‘further notice’ be?

Wth the lockdown, movement is restricted, potential guests are held back and even when there is no restrictions, hoteliers think their employees are vulnerable as guests who test positive to coronavirus can spread it among staff.

However, there have been special cases where companies like telecommunications, pay TV outfits, and security firms contract hotels to quarter their staff who offer essential services, but the experiment did not last as the model is not profitable, while sourcing of food items and other necessities is impossible as markets are closed, logistics almost impossible.

Again, some had few but sustainable guests (majorly foreigners) amid employees that serve them on the con-

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dition that nobody enters or leaves the hotel to ensure safety of guests and employees.

Yet again, the model crashed when European countries and United States of America evacuated their nationals in Nigeria, most of whom were staying in the hotels.

Now, it is total collapse of an industry as hotel properties are under lock and key.

Hoteliers are really troubled, especially those who obtained bank facilities for expansion projects.

A c c o rd i n g t o Mi k e Akanumoh, a hotel expert, the current situation is unprecedented and nobody ever imagined it could be this bad, including those who obtained bank loans to build hotels.

“It is total shutdown, zero occupancy, zero revenue, and yet huge expenses to be incurred from restoring facilities that will deteriorate within the period of the shutdown”, Akanumoh said.

Osakwe Ehumadu, an Abuja-based hotelier, decried that many of his colleagues in Abuja are going to lose their hotels to the banks due to the inability to pay back loans used in setting up the hotels because of the shutdown of their businesses occasioned by the lockdown.

“I have two hotels in Abuja, but I am still paying back the loan I obtained to build the second hotel, which is 120 rooms. Last month, we couldn’t remit completely the agreed monthly sum to the bank and they have www.businessday.ng

already written to acknowledge that lapse. It is going to be tougher than I expected”, the hotelier lamented.

Fatai Ajibola, a Lagos hotelier, noted that the first quarter of the year is a wrong time for sustained challenges in hotel business like the current coronavirus pandemic because the first quarter is usually slow and there are many bills to settle despite lull in business, including servicing bank loans.

“We canvassed for Tourism Trust Fund, where hoteliers can obtain loans with soft interests, but it did not materialize. Now, huge debts are hanging on the neck of most hoteliers due to the inability to service the loans, a sad development occasioned by persistent lull in business. It is not that you cannot build hotels without bank loans, it will take more years if you do not have guaranteed source of adequate fund”, he said.

Beyond being under pressure to pay back bank loans from an operational and thriving business, some hoteliers are in bigger trouble, particularly those whose hotel projects are uncompleted and need more funding.

“My financial adviser warned me to go for crowd funding instead of bank loans for my hotel project.

We are stuck now because my partners in the project are not forthcoming with the agreed counterpart funding because of coronavirus scare. But my concern is that I borrowed part of my funding from a bank. They will soon be

on my neck”, Dan Ikheve, a first-time investor in hotel business, said.

For Stan Jameson, general manager of an international brand in Lagos, shutting down is not the issue, the problem is restarting the hotel after the virus is curtailed.

“Restarting a hotel after months of shutdown comes with a huge cost. It is like opening a new hotel; you have to restore so many facilities, get staff to be in the right frame of mind, renegotiate with suppliers, announce your opening, reach out to your clients and then wait for guests, who I don’t think will be willing to sleep in hotel rooms soon after the virus is curtailed”, he explained.

The general manager, who responded from the comfort his Manchester home, said the end of the pandemic is not in sight, hence restoration of the hotel industry may linger longer than other sectors.

In the same vein, Akanumoh thinks that the situation is a global one and that the industry would bounce back when the world recovers and start traveling again.

“For now, there is no projection for business recovery plan that will work.

Already the travel sector missed Easter sales, and summer holiday is also gone with huge revenue loss. The concern now is how to curtail the spread of the virus, help the infected to recover, stop the deaths and not business recovery in the immediate”, he said.

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Friday 17 April 2020

BUSINESS DAY

25

MADE in aba Aba shoemakers, others seek government stimulus to reduce impact of lockdown

…says over 200,000 artisans among vulnerable groups GODFREY OFURU Aba

A

rtisans in the Aba finished leather cluster, hosting shoe, b a g a n d belt makers in Africa, are seeking special government intervention to douse the negative impact of the ongoing lockdown in Nigeria occasioned by coronavirus pandemic.

The over 200,000 artisans in the fourteen zones that make up the Aba finished leather cluster are among the first groups in Nigeria to start feeling the negative impact of the c o ro n av i r u s p a n d e m i c , Ke n A nya n w u , nat i o na l secretar y, Association of Leather and Allied Industrialists of Nigeria (ALAIN) observes.

He says that the problem c re a t e d by c o ro n av i r u s pandemic is being felt s er iously in Aba due to shortage of imported raw materials from China, which has resulted in low productivity and loss of jobs for labourers, who are mainly youths.

This is as the ongoing lockdown, announced by the Abia State government, has resulted in the shutdown of production, thereby compounding their

woes.

According to Anyanwu, “Aba started feeling the impact of the coronavirus pandemic two weeks after the outbreak was first re p o r t e d i n D e c e m b e r, 2019, in Wuhan, China.”

He says Aba is a huge cluster in Nigeria, West Africa and Africa, where finished leather goods and raw mater ials exchange ha n d s— m o re t ha n a ny other in Africa.

“It is also interesting to note that China is the biggest source of machines and raw materials for the over 200,000 finished leather manufacturers in Aba,” he notes.

Anyanwu explains that Nigeria imports about 400 million pairs of footwear from China per annum.

A breakdown of imported footwear from China are 700 40-foot container loads of ladies footwear; 250 40-foot container loads of men footw ear, and 50 4-foot container load of children footwear.

These imports, a c c o rd i n g t o A n y a n w u , are mostly concluded in November every year.

Consequently, Aba importers had almost f o re c l o s e d i m p o r t a t i o n of both footwear and raw materials from China

before the announcement of the outbreak of coronavirus pandemic.

He states that the outbreak of the pandemic saw the cessation of business activities in China, which caused scarcity of both finished products and raw materials in Aba.

In his words, “The first sector affected by this p a n d e m i c a re t h e ov e r 200,000 artisans in the finished leather sector in Aba. “Most impor tant raw materials for finished leather goods production became scarce by February 2020, and that was when

manufacturers started to feel the hardship.”

Aba leather cluster produces an average of over 300,000 pairs of footwear per annum before the outbreak of coronavirus.

This quantity of products are lifted daily, f ro m t h e 1 4 z o n e s t hat make up the Aba finished

leather cluster, creating a beehive of activity in the Ariaria area of Aba. However, the problem c re a t e d by c o ro n av i r u s in China is also been felt s er iously in Aba due to shortage of raw materials for production and loss of jobs for most of the daily labourers. “ To d a y e v e r y o n e i s complaining of hunger, as there is no job to do to get food,” Anyanwu says. “ The shor tage of raw materials has so far brought about loss of business and loss of revenue,” he further says.

“We may w itness the shoemakers coming to work to look for what they and their families will eat if nothing is done. This might lead to further human crises should one person in the cluster contract the virus.”

He advised relevant authorities to do something t o re d u c e t h e s u f f e r i n g o f t h e s e ma nu f a c t u re r s from the effe ct pre and post effects of coronavirus, stressing that they are among the vulnerable groups.

Abia state government announced an initial 7-days lockdown on April 1, 2020, which was extended by another 7-days on April 8, 2020.

COVID-19: Klotplanet seeks government support to sustain production GODFREY OFURUM Aba

K

lotplanet Global Limited, a garment manufacturing outfit, which spearheaded mass production of facemasks and personal protective equipment (PPE) in Aba, the commercial hub of Abia State, has appealed for the state government’s support to sustain production.

Obinna Anoruo, manager, Klotplanet, in an interview with BusinessDay in Aba, explained that they firm branched into protective kits for Covid-19 management to meet the n e e d s o f Nig e r i a n s a n d reduce cost of imported ones.

He stated that the production cost of the kits and masks is a bit high, hence his outfit’s desire for government’s support t o re d u c e t h e i r c o s t o f production.

He further stated that since demand for the

m a s k s by t h e p o p u l a c e would reduce after Covid-19 infections, only government support could make the endeavour a viable business for them to remain in it. www.businessday.ng

“A f t e r C o v i d - 1 9 , w e will like to sustain the production of these masks a nd PPE , esp e c ial ly for hospitals and eateries.

“And that is why we need to align with government.

We n e e d t h e i r s u p p o r t t o p ro d u c e a n d s u p p l y to hospitals that w ould continue to need the kits after coronavirus infections had ceased,” he stated.

Anoruo noted that the

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outfit has been in operation for more than 20 years, creating garments of different kinds for their customers.

According to him, “ We v e n t u r e d i n t o t h e p ro d u c t i o n o f P P E a n d facemasks to make it available to the people at an affordable price.”

Anoruo noted that the outfit produces masks in a p a ck o f 5 0 p i e c e s a n d sells each pack for N7,500, s t re s s i n g t h a t t h e y c a n pro duce up to 500, 000 pieces daily.

“Our facemask product has a hydrophobic dense layer (water-resistant) and a second filter layer, which is combined to make the protective mask.

“We sell a pack of 50 pieces at N7, 500, because the cost of production pushed the price that high, but if government c a n c o nt ro l t h e c o s t o f raw materials, the cost of production will reduce. “ The treads we use, which we were buying at the cost of N130 is now @Businessdayng

N150, just as prices of other materials have also gone up,” he further said.

He explained that the production of facemasks and PPE, which has become a new business line for the outfit, will not be a oneoff thing, but w ould b e sustained after Covid-19 if the firm gets funding.

Anoruo said the firm w o u l d , h o w e v e r, n e e d s u p p o r t o f g ov e r n m e n t to sustain the production after coronavirus to supply them to hospitals that would continue to need them.

He said it sources raw materials locally, adding that the lockdown in Abia is also affecting the sourcing and cost of materials thus raising their production cost.

He noted that the PPE production would boost the economy and bring other benefits to his outfit, stressing that hospitals should also buy from them to encourage local production and consumption of the kits.

26

Friday 17 April, 2020

BUSINESS DAY

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Friday 17 April 2020

BUSINESS DAY

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Live @ The STOCK Exchanges Prices for Securities Traded as of Thursday 16 April, 2020 Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 223,934.92 6.30 -10.00 249 10,039,938 UNITED BANK FOR AFRICA PLC 205,196.53 6.00 -7.69 327 29,172,725 ZENITH BANK PLC 450,539.69 14.35 -9.75 1,185 84,563,274 1,761 123,775,937 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 163,323.58 4.55 -6.19 630 65,669,358 630 65,669,358 2,391 189,445,295 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,065,983.07 101.50 3.57 184 1,025,003 184 1,025,003 184 1,025,003 BUILDING MATERIALS DANGOTE CEMENT PLC 2,317,509.01 136.00 2.18 345 1,576,302 LAFARGE AFRICA PLC. 193,293.55 12.00 -6.61 193 4,291,913 538 5,868,215 538 5,868,215 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 291,280.06 495.00 - 10 468 10 468 10 468 3,123 196,338,981 REAL ESTATE INVESTMENT TRUSTS (REITS) SFS REAL ESTATE INVESTMENT TRUST 1,386.00 69.30 - 1 100 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,175.81 40.70 - 0 0 UPDC REAL ESTATE INVESTMENT TRUST 8,271.64 3.10 - 0 0 1 100 1 100 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 2 50 VALUEALLIANCE VALUE FUND 3,312.39 103.20 - 0 0 2 50 2 50 3 150 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 0 0 OKOMU OIL PALM PLC. 52,512.75 55.05 - 14 21,625 PRESCO PLC 36,450.00 36.45 - 10 20,780 24 42,405 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 8,500.00 4.25 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 2,100.00 0.70 - 12 1,611,542 12 1,611,542 36 1,653,947 DIVERSIFIED INDUSTRIES JOHN HOLT PLC. 198.47 0.51 -8.93 1 132,501 1,903.99 2.93 - 0 0 S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC 29,673.03 0.73 4.11 74 7,557,486 U A C N PLC. 21,033.47 7.30 - 40 907,004 115 8,596,991 115 8,596,991 BUILDING CONSTRUCTION ARBICO PLC. 381.65 2.57 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 31,416.00 23.80 3.48 128 3,584,873 165.00 6.60 - 0 0 ROADS NIG PLC. 128 3,584,873 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 2,234.62 0.86 - 4 57,589 4 57,589 132 3,642,462 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 7,516.32 0.96 9.09 53 3,026,603 GOLDEN GUINEA BREW. PLC. 829.98 0.81 - 0 0 GUINNESS NIG PLC 49,064.58 22.40 -0.44 58 640,851 INTERNATIONAL BREWERIES PLC. 134,310.34 5.00 10.00 46 3,035,877 NIGERIAN BREW. PLC. 235,508.77 29.45 9.89 53 1,524,998 210 8,228,329 FOOD PRODUCTS DANGOTE SUGAR REFINERY PLC 148,200.00 12.35 -2.76 128 2,277,971 FLOUR MILLS NIG. PLC. 88,158.16 21.50 - 35 222,916 HONEYWELL FLOUR MILL PLC 7,612.99 0.96 2.13 11 291,856 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 0 0 NASCON ALLIED INDUSTRIES PLC 22,520.23 8.50 - 6 29,000 UNION DICON SALT PLC. 2,993.06 10.95 - 1 78 181 2,821,821 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 13,147.41 7.00 - 24 340,761 NESTLE NIGERIA PLC. 723,853.69 913.20 10.00 134 966,365 158 1,307,126 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 VITAFOAM NIG PLC. 5,316.09 4.25 - 22 604,315 22 604,315 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 15,881.91 4.00 - 18 96,772 UNILEVER NIGERIA PLC. 63,195.06 11.00 - 74 604,509 92 701,281 663 13,662,872 BANKING ECOBANK TRANSNATIONAL INCORPORATED 91,747.76 5.00 - 56 601,498 FIDELITY BANK PLC 59,108.59 2.04 -3.77 147 22,150,697 GUARANTY TRUST BANK PLC. 603,339.17 20.50 -6.39 680 26,283,835 JAIZ BANK PLC 15,321.41 0.52 - 17 485,950 STERLING BANK PLC. 38,867.06 1.35 -10.00 46 4,281,217 UNION BANK NIG.PLC. 192,196.97 6.60 6.45 23 686,006 UNITY BANK PLC 5,727.78 0.49 - 11 222,055 WEMA BANK PLC. 21,601.70 0.56 - 22 619,691 1,002 55,330,949 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 0 0 AIICO INSURANCE PLC. 9,064.16 0.80 - 9 63,032 AXAMANSARD INSURANCE PLC 16,590.00 1.58 - 5 102,150 CONSOLIDATED HALLMARK INSURANCE PLC 2,439.00 0.30 - 1 78,900 CORNERSTONE INSURANCE PLC 8,690.41 0.59 9.26 8 993,100 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 0 0 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 1,757.62 0.24 4.35 7 414,464 LAW UNION AND ROCK INS. PLC. 4,296.33 1.00 2.04 19 1,450,835 LINKAGE ASSURANCE PLC 3,680.00 0.46 - 0 0 MUTUAL BENEFITS ASSURANCE PLC. 2,234.55 0.20 - 1 355,192 NEM INSURANCE PLC 10,561.01 2.00 - 1 5,000 NIGER INSURANCE PLC 1,547.90 0.20 - 0 0 PRESTIGE ASSURANCE PLC 2,960.40 0.55 - 0 0 REGENCY ASSURANCE PLC 1,333.75 0.20 - 0 0 SOVEREIGN TRUST INSURANCE PLC 2,272.89 0.20 - 0 0 STACO INSURANCE PLC 4,483.72 0.48 - 0 0 STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 0 0 SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 1 909 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 0 0 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 0 0 WAPIC INSURANCE PLC 6,477.75 0.27 - 18 483,017 70 3,946,599 MICRO-FINANCE BANKS NPF MICROFINANCE BANK PLC 2,629.63 1.15 - 5 28,290 5 28,290

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MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 6,784.62 1.05 - 0 0 ASO SAVINGS AND LOANS PLC 7,370.87 0.50 - 0 0 INFINITY TRUST MORTGAGE BANK PLC 5,671.82 1.36 - 0 0 2,265.95 0.20 - 0 0 RESORT SAVINGS & LOANS PLC UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 0 0 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 6,940.00 3.47 -0.86 55 2,054,539 33,820.72 5.75 - 1 220 CUSTODIAN INVESTMENT PLC DEAP CAPITAL MANAGEMENT & TRUST PLC 495.00 0.33 - 2 6,000 31,684.34 1.60 -5.88 102 7,312,286 FCMB GROUP PLC. ROYAL EXCHANGE PLC. 1,029.07 0.20 - 0 0 STANBIC IBTC HOLDINGS PLC 288,886.60 27.50 -3.85 36 264,376 13,680.00 2.28 -0.87 103 6,854,997 UNITED CAPITAL PLC 299 16,492,418 1,376 75,798,256 HEALTHCARE PROVIDERS EKOCORP PLC. 2,991.61 6.00 - 3 58,000,748 1,101.47 0.31 6.90 5 647,386 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 8 58,648,134 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 593.50 0.60 - 0 0 0 0 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 5,111.58 2.45 -3.54 69 2,755,482 FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. 6,338.15 5.30 0.95 52 1,087,398 MAY & BAKER NIGERIA PLC. 4,399.35 2.55 6.69 26 542,054 1,139.49 0.60 9.09 9 462,787 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 325.23 1.50 - 0 0 PHARMA-DEKO PLC. 156 4,847,721 164 63,495,855 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 710.40 0.20 - 6 2,902,300 6 2,902,300 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 911.95 0.31 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 0 0 NCR (NIGERIA) PLC. 216.00 2.00 - 0 0 TRIPPLE GEE AND COMPANY PLC. 287.07 0.58 - 2 1,672 2 1,672 PROCESSING SYSTEMS CHAMS PLC 1,080.09 0.23 -4.35 11 3,549,000 E-TRANZACT INTERNATIONAL PLC 10,962.00 2.61 - 0 0 11 3,549,000 TELECOMMUNICATIONS SERVICES AIRTEL AFRICA PLC 1,123,311.48 298.90 - 3 3,024 3 3,024 22 6,455,996 BUILDING MATERIALS BERGER PAINTS PLC 1,941.82 6.70 - 7 3,309 BUA CEMENT PLC 995,612.01 29.40 -3.29 22 345,497 CAP PLC 16,240.00 23.20 - 10 125,864 MEYER PLC. 265.62 0.50 - 0 0 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,769.32 2.23 - 0 0 1,156.20 9.40 - 0 0 PREMIER PAINTS PLC. 39 474,670 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,192.12 2.03 - 0 0 CUTIX PLC. 2,113.59 1.20 - 19 292,281 19 292,281 PACKAGING/CONTAINERS BETA GLASS PLC. 34,998.04 70.00 - 0 0 GREIF NIGERIA PLC 388.02 9.10 - 0 0 0 0 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 0 0 58 766,951 CHEMICALS B.O.C. GASES PLC. 1,519.29 3.65 - 2 50,000 2 50,000 METALS ALUMINIUM EXTRUSION IND. PLC. 1,781.64 8.10 - 0 0 0 0 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 0 0 0 0 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 77.00 0.35 - 0 0 0 0 2 50,000 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,252.54 0.20 - 2 12,000 2 12,000 INTEGRATED OIL AND GAS SERVICES OANDO PLC 35,802.47 2.88 -0.69 67 1,791,899 67 1,791,899 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 58,019.78 160.90 - 14 6,928 ARDOVA PLC 14,587.79 11.20 - 83 1,254,048 CONOIL PLC 10,999.14 15.85 9.69 24 186,003 ETERNA PLC. 3,116.91 2.39 - 2 1,255 MRS OIL NIGERIA PLC. 4,206.05 13.80 - 1 10,000 TOTAL NIGERIA PLC. 32,695.95 96.30 - 23 38,935 147 1,497,169 216 3,301,068 ADVERTISING AFROMEDIA PLC 1,509.28 0.34 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 15,796.05 1.62 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 235.27 0.20 - 0 0 0 0 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 2,686.42 2.90 - 12 183,344 TRANS-NATIONWIDE EXPRESS PLC. 421.96 0.90 - 0 0 12 183,344 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 0 0 0 0 HOTELS/LODGING CAPITAL HOTEL PLC 4,259.15 2.75 - 0 0 IKEJA HOTEL PLC 2,224.31 1.07 - 1 1,000 TOURIST COMPANY OF NIGERIA PLC. 7,076.28 3.15 - 0 0 TRANSCORP HOTELS PLC 30,401.62 4.00 - 0 0 1 1,000 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 3,960.00 0.33 - 0 0 0 0 PRINTING/PUBLISHING ACADEMY PRESS PLC. 187.49 0.31 - 0 0 LEARN AFRICA PLC 732.88 0.95 5.56 9 861,055 STUDIO PRESS (NIG) PLC. 1,183.82 1.99 - 1 1,291 UNIVERSITY PRESS PLC. 409.84 0.95 -3.06 12 1,963,278 22 2,825,624 ROAD TRANSPORTATION ASSOCIATED BUS COMPANY PLC 580.20 0.35 - 0 0 0 0 SPECIALTY INTERLINKED TECHNOLOGIES PLC 688.80 2.91 - 1 1,000 SECURE ELECTRONIC TECHNOLOGY PLC 1,126.31 0.20 - 0 0

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28

Friday 17 April, 2020

BUSINESS DAY

Live @ The Exchanges Market Statistics as at Thursday 16 April, 2020

Top Gainers/Losers as at Thursday 16 April, 2020 LOSERS

GAINERS Company NESTLE MTNN DANGCEM NB CONOIL

Opening

Closing

Change

Company

Opening

Closing

Change

N830.2

N913.2

83

ZENITHBANK

N15.9

N14.35

-1.55

N98

N101.5

3.5

GUARANTY

N21.9

N20.5

-1.4

N133.1

N136

2.9

STANBIC

N28.6

N27.5

-1.1

N26.8

N29.45

2.65

BUACEMENT

N30.4

N29.4

-1

N14.45

N15.85

1.4

N12.85

N12

-0.85

WAPCO

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

22,554.84 5,985.00 379,110,193.00 4.327

...despite pockets of profit taking activities

A

mid profit taking activities on notable stocks, bargain investors still took positions in a number of attractive counters trading at lower bands.

This led to an additional 0.07percent increase in the market’s benchmark performance indicator - the Nigeria Stock Exchange (NSE) All Share Index (ASI).

Stocks like Nestle Nigeria Plc, MTNN Plc, and Dangote Cement Plc were topmost on demand in remote trading session on Thursday April 16.

Zenith Bank and GTBank led the stocks that were on offer as investors rushed to book profit.

As the bulls dominated trading session in three trading days into this week resulting to 5.48percent gain, the market no doubt will close this week on a positive note.

In the absence of any negative event that is capable of weakening investors’ confidence market watchers expect no deviation

from this positive pattern on Friday.

Nestle Nigeria Plc recorded the highest gain on the Bourse after its share

price moved from day open high N830.2 to N913.2, adding N83 or 10percent; MTNNN Plc also increased from N98 to N101.5, adding N3.5 or 3.57percent while Dangote Cement rose from N133.1 to N136, adding N2.9 or 2.18percent.

Zenith Bank stock price moved from day open high N15.9 to N14.35, losing N1.55 or 9.75 percent while GTBank decreased from N21.9 to N20.5, down by N1.4 or 6.39percent.

In 5,985 deals, investors exchanged 379,110,193 shares valued at N4.327billion.

The Stock market’s benchmark index (NSE ASI) increased from 22,539.

94 points on Wednesday April 15 to 22,554.84 points on Thursday.

The record negative return year-to-date (YtD) has moderated to -15.97percent. The value of listed stocks on the Bourse increased by about N8billion, from N11.746trillion to N11.754trillion.

Coronation Merchant Bank holds virtual AGM, appoints substantive Managing Director Iheanyi Nwachukwu

C

oronation Merchant Bank Limited held its 5th Annual General Meeting (AGM) on Tuesday, April 14, 2020.

The meeting, which took place at the Bank’s head office, was held in strict compliance with social distancing rules and the directives of the Federal and Lagos State Governments.

Only nine persons attended physically, while others participated via video conference.

The Bank’s audited figures presented showed a 14percent increase in Profit After Tax from N4.484 billion in 2018 to N5.097 billion.

Total Assets grew by 14percent from N222.78 billion in

2018 to N253.35 billion. Cost of risk remained at a healthy level of 0.05percent while the Bank sustained its zero NonPerforming Loan ratio indicative of strong risk management practices and good quality of risk assets.

The shareholders were informed that the Central Bank of Nigeria recently approved the appointment of Banjo Adegbohungbe as the substantive Managing Director/CEO following the retirement of Abubakar Jimoh, who led the leadership team of the Bank from inception in 2015 until recently when he commenced his terminal leave.

Commenting on the appointment of Adegbohungbe as MD/CEO, the Acting Chairman noted that, “The seamless www.businessday.ng

transition in the Bank’s leadership is a result of deliberate succession planning by the Board, in line with its commitment to strong corporate governance standards. In the past 20 months, Banjo has distinguished himself in service to the organization and contributed immensely to the overall growth of the Bank. We are confident that his appointment will further strengthen andposition the Bank for improved performance”.

He further stated that: “The outgoing Managing Director, Abubakar Jimoh, gave himself to the growth of the Bank, having led a team that turned around a nearly-extinct Associated Discount House Limited and converted it to an “A+ rated” merchant bank in

Nigeria within five years of its existence. We will always be gratefulto Abu for his years of service to the Bank and for the strong values he instituted in the organization”.

The outgoing Managing Director/CEO, Abubakar Jimoh acknowledged the wise counsel and professional guidance that he and his leadership team enjoyed from the Board of Directors and other key stakeholders that contributed to the Coronation MB success story.

He also congratulated the in-coming MD/CEO for his well-deserved appointment, and appealed to the Board members and all stakeholders to accord him a higher level of support that will propel him to greater success

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FTSE 100 Index 5,628.43GBP +30.78+0.55%

Nikkei 225 19,290.20JPY -259.89-1.33%

S&P 500 Index 2,805.46USD +22.10+0.79%

Deutsche Boerse AG German Stock Index DAX 10,301.54EUR +21.78+0.21%

Generic 1st ‘DM’ Future 23,368.00USD -23.00-0.10%

Shanghai Stock Exchange Composite Index 2,819.94CNY +8.76+0.31%

11.754

Investors continued to take position in attractive stocks Stories by Iheanyi Nwachukwu

Global market indicators

FBN Holdings notifies NSE of discussions with Sanlam to divest from FBN Insurance

F

BN Holdings Plc on Wednesday April 15 formally notified the Nigerian Stock Exchange (NSE) of on-going discussions with its partner Sanlam Emerging Markets (Sanlam) the owners of 35percent equity in FBN Insurance Limited (FBNI) regarding the proposed sale of the Company’s 65percent equity in FBN Insurance Limited.

According to the formal notice sent to the Exchange and signed by the Company Secretary Seye Kosoko, FBNH stated that the move is in line with the “Group’s strategic objectives” adding that they are currently engaging the regulators for the necessary approvals.

FBN Holdings however assured the Exchange that further announcement will be made if the transaction is concluded. The proposed divestment is said to be a strategic business decision for FBNH. When completed, the transaction will involve the transfer of FBN Holdings’ 65 percent stake in FBN Insurance Limited to Sanlam.

The notification to the Nigerian Stock Exchange is one of the statutory steps required of listed

companies when considering a market-sensitive decision or transaction.

In deference to Rule 17.5 of the Rule Book of the Exchange 2015, FBN Holdings first notified the market of the development in the Directors’ Report Section of its Audited Financial Statements for the year ended December 31, 2019 which was released to the Exchange on Monday 6, April 2020.

For the financial year ended December 31, 2019, the Company posted a Profit Before Tax (PBT) of N84billion representing a growth of 31percent over 2018 PBT of N64billion.

Profit After Taxation (PAT) at N74billion was a growth of 27percent over N58billion reported for 2018.

The company’s Board of Directors has also recommended the payment of the sum of N13.64billion (38kobo/Share) as dividend to its Shareholders representing a growth of 46percent over prior year dividend.

The proposed divestment will unlock significant value to leverage the Group’s strength in its core business for which it is renowned.

FMDQ Exchange admits Flour Mills bonds, Nigeria Infrastructure Debt Fund, others to its platform

F

MDQ Exchange has admitted for listing the Flour Mills of Nigeria Plc Series-3 N12.49billion Tranche A and N7.50billion Tranche B Fixed Rate Senior Unsecured Bonds, under the N70billion Bond Issuance Programme, as approved by Board Listings and Markets Committee of the Exchange.

Notably, the Exchange had in December 2018 admitted the Flour Mills of Nigeria Series 1 & 2 N20.11 billion bonds. Proceeds from these bonds will be used to refinance the food giant’s short-term debt obligation as well as support its working capital.

In light of the activation of remote working for its employees, FMDQ Holdings Plc is committed to providing uninterrupted services to all stakeholders.

As part of steps taken by the Group to curb the spread of the COVID-19 pandemic, the Group’s wholly owned subsidiary, FMDQ Securities Exchange Limited (FMDQ Exchange or the Exchange), has, as with other FMDQ entities, continued to validate this commitment.

The Exchange also admitted

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for listing on its platform, the Chapel Hill Denham Nigeria Infrastructure Debt Fund Series 6 162.72 million Units of N100 each at N109.72 (the Chapel Hill NIDF or the Fund) under the N200 billion Issuance Programme.

The Chapel Hill NIDF, which is the pioneer Infrastructure Debt Fund in Nigeria and Sub-Saharan Africa, has its investment focus on the traditional infrastructure sectors, primarily transport, power, renewable energy, utilities, energy infrastructure, logistics and other public-private-partnership type investments.

The Fund aims to enable investors access infrastructure as an asset class, while providing returns available from long-dated infrastructure debt investments. In the same vein, the Coronation Merchant Bank Limited N0.32 billion Series 7 and N6.64 billion Series 8 Commercial Papers (CP) under the N100billion CP Issuance Programme was also admitted for quotation on the platform of FMDQ Exchange.

Friday 17 April 2020

BUSINESS DAY

29

news

COVID-19: Intra-state travel aiding...

L-R: Monday Omokagbo, security manager, Nigerian Breweries plc, Kaduna; Danjuma John-Ekele, corporate affairs manager, North, Nigerian Breweries plc; a member of the Kaduna State COVID-19 Medical Team and permanent secretary, Ministry of Health, Kaduna State, Mahmud Shuaibu, at the presentation of drinks to the Kaduna State COVID-19 Taskforce as part of NB’s support to the state government’s fight against COVID-19.

Continued from page 1

have been recorded.

Nigeria escapes Moody’s downgrade...

Continued from page 1

ues to reflect the material downside risks to Nigeria’s creditworthiness identified when the outlook on the sovereign’s rating was changed to negative in December 2019,” said Samar Maziad, a vice president at Moody’s.

“However, those risks have increased since then, exacerbated by the oil price shock and the financial and economic implications of the coronavirus outbreak,” Maziad added.

Although Nigeria dodged a downgrade from Moody’s this time, the verdict of the ratings agency is unlikely to inspire confidence in an economy tipped to contract by as much as 3.4 percent this year by the International Monetary Fund (IMF), according to analysts.

Nigeria has applied for

bailout funds of about $6.9 billion from the IMF, World Bank and Africa Development Bank in the past week, as the rapid and widening spread of the coronavirus outbreak and related price shocks create an unprecedented credit shock across a wide range of regions and markets.

Fo r Ni g e r i a, t h e s e shocks amplify existing credit vulnerabilities over both the immediate and longer term, according to Moody’s.

“In the near term, the significant drop in oil revenues will reduce an already extremely low tax base, undermining fiscal strength,” Maziad said.

Combined with possible capital outflows, pressure on the fragile balance of payments may intensify, threatening external stability, according to Maziad.

Telcos’ data revenue to surge amid...

Continued from page 2

will help drive growth in the telecommunications industry in 2020 through to 2021,” it said.

According to CSL Stockbrokers, MTN, the largest telecommunication network in Africa, is expected to lead the growth table. The mobile network operator reported double-digit growth in revenue (up 13 percent year-to-year to N1.2 trillion in FY 2019), on the back of growth in voice (+8 percent year-to-year) and data revenue. Buoyed by the topline growth and the sub inflationary growth in operating expenses (up 4 percent year-to-year), pre-tax profit grew strongly, up 31 percent year-to-year to N290.1 billion in 2019 financial year.

MTN has not shown signs of slowing down in 2020. As

of January, the telco’s internet subscriber market share grew by over 1 million people to 55,527,289, from 54,113,148.

The telco recently pushed its brand visibility into rural communities with the provision of 300 free SMS per month. With about 50 percent of its subscriber base in these communities, the network has become the mainstay of millions of people contacting loved ones and conducting business outside their location.

“We think favourable demographics, rising smartphone penetration along with increasing internet penetration (38.47 percent as at Jan2020 compared with 32.34 percent in January 2019), and continued investment by the company in deepening 4G coverage are positive catalysts for earnings growth,” CSL www.businessday.ng

Nigeria could be needing as much as $9bn to plug a gaping hole in its balance of payment this year, the biggest imbalance in at least seven years, according to estimates from local consulting firm, Agusto & Co. That would be the largest outflow from the country’s external reserves since at least 2014 and could set the stage for a big currency devaluation.

In the longer term, Moody’s said the impact of the coronavirus on growth, particularly in the large informal sector, may weaken economic strength.

What’s worse, according to the ratings agency, is that the country’s “very low institutions and governance strength is likely to constrain the effectiveness of government measures to buffer the impact of the economic and financial shock”.

“The risk of such stresses materialising is rising,

and while the negative outlook also encompasses longer-term challenges, downward pressure may materialise relatively early on in the outlook horizon,” Moody’s said.

While not Moody’s current expectation, indications that the government was contemplating participation in broader debt relief initiatives with negative consequences for private sector creditors would be negative for the rating.

Set against Nigeria’s rising economic pressures, Moody’s affirmation of its B2 ratings also takes into account the government’s relatively low debt burden in relation to GDP and commensurately low annual borrowing requirements, its low external debt service needs over the next few years and the capacity of the large banking sector to absorb more government debt.

Stockbrokers said.

Along with MTN, Airtel has also been described as a “defensive stock” by market analysts. A defensive stock is capable of shielding from turbulence in the market. It also provides consistent dividends and stable earnings regardless of the overall stock market.

However, as MNOs smile to the bank, Nigerian internet users remain concerned about the quality and cost of internet.

“I can say with certainty now – remote working does not work in Nigeria,” Mark Essien, founder of Hotels. ng, said. “I have worked with more than 50 remote workers, and only about 10 percent have ever worked out. There are too many issues around power + internet to make this model work.”

Alliance for Affordable Internet (A4Ai) categorised Nigeria among top 10 coun-

tries in Africa with the most affordable internet data. The price of one gigabyte plan of data is 1.7 percent of the average monthly income of Nigerians as 1GB costs about $2.78.

While nearly all the networks have announced further data price slashes weeks before lockdown, Nigerians still struggle with cost of data.

Many people have alleged that the packages disappear too quickly ensuring that they spend more money on data within a month. The agitations got to a head in early April when customers took to Twitter to demand for ‘Free Wifi’.

“I have spent some of my time in the last three days engaging a notable telco to provide discounts on data plans for startups and SMEs across Nigeria,” said Bosun Tijani, founder and CEO of Co-creation Hub (CcHUB).

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Aliyu emphasised that restriction of intra-state travel has become more important than ever with the news of people being smuggled within and out of Lagos, saying it was hampering the efforts being made to curb the spread of the pandemic.

He stressed the need for donors to adhere to the protocols of health and safety as they distribute palliatives in the local communities, saying there was need to conform to physical distancing while distributing such relief materials.

“It is a serious public safety concern when donors don’t adhere to safety and health protocols. I enjoin donors to ensure that the physical guidance restrictions we have are abided by,” Aliyu stressed.

He said donors should liaise with the Presidential Task Force on COVID-19 to ensure that donations are relevant to what is needed to fight the pandemic.

Boss Mustapha, secretary to the government of the federation (SGF) and chairman, Presidential Task Force (PTF) on COVID-19, in his opening remarks during the briefing, warned against violation of the restriction-of-movement order imposed by President Muhammadu Buhari on the FCT, Lagos and Ogun States, stressing that it was made to save the lives of Nigerians from the rampaging coronavirus.

Emphasising that Nigeria is in a state of war against an invisible enemy, Mustapha said “compliance with the advisories for personal hygiene, social distancing, restriction of movement, early reporting of symptoms and wearing of masks regularly, especially in public, remain the best measures for the prevention of infections and to slow down the spread”.

“Let me also advise that whenever you are outside the confines of your homes, make sure it is for very legitimate reasons covered by the exemption or within the hours relaxed for the purchase of basic items. Similarly, you should carry with you a valid means of identification,” he said.

Mustapha said that the government would continue to monitor developments around the country and provide guidance to subnational entities and all Nigerians on measures to take to strengthen their systems and to minimise the risk of infection.

“The PTF continues to count on the collective cooperation of all Nigerians in our effort to contain the spread of this deadly virus,” he said. @Businessdayng

Chikwe Ihekweazu, director general, Nigeria Centre for Disease Control (NCDC), expressed deep concern over the stigmatisation of people infected with COVID-19 or who have undergone test, saying it could weaken the fight against the pandemic.

He said the fear of being stigmatised by their fellow Nigerians has caused some contacts to go into hiding, rather than avail themselves for testing, isolation and treatment.

The DG said even as government has made progress in scaling up the testing capacity among other measures, stigmatisation would cause all efforts to be counter-productive and have a profound impact on the strategy being deployed to tackle the disease.

The consequence of stigmatisation, he said, is that people who have this virus would go underground and end up infecting others, stalling fight against the virus.

“Stigmatisation is preventing our work from happening, because some contacts are hiding. If we stigmatise, it will disrupt our work. People will go underground, infect others and the cycle will continue,” Ihekweazu said.

He, therefore, urged Nigerians to desist form stigmatising people who are infected with the virus or who have been tested.

“This infection is just a virus, it does not get to you because you are bad or an elite. The infected people have families, they need to be respected, because the problem can also affect their mental well-being,” he said.

“We need to support and encourage those infected, show love to them and reintegrate them into the society. We should allow our humanity come through for us,” he further said.

Ihekweazu announced that there are plans to enforce the use of face masks in crowded places, such as markets, to prevent spread of the disease.

Osagie Ehanire, minister of health, also urged Nigerians not to stigmatise people who have recovered or barely went for testing.

He said government is working to significantly increase Nigeria’s testing capacity this week, informing that there are now 13 laboratories in the country with capacity to test while more laboratories are on the way.

He urged states to engage with private sector to improve their capacity to test.

The minister also urged all who test positive for the virus to ensure that they go to an accredited centre.

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Friday 17 April 2020

BUSINESS DAY

Sports

Osimhen reveals why he rejected Arsenal offer Anthony Nlebem

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uper Eagles striker, Victor Osimhen, has opene d up about why he rejected Arsenal as a teenager and why he will use the same reasoning when it comes to his next move.

Osimhen, 21, has been in excellent form for Lille this season, scoring 18 goals in 38 games to spark transfer speculation.

The Nigerian striker has been linked with the likes of Arsenal, Liverpool, Real Madrid and Barcelona, while compatriot Odion Ighalo has hailed the youngster as the “future of Nigerian football.”

While Osimhen seems destined for a big move in the near future, he has revealed that he passed up the chance of a Premier League move as a teenager in order to develop his game further - a decision that has reaped dividends.

Osimhen revealed that he

spoke to Arsene Wenger after winning the Golden Boot at the U17 World Cup. “I spoke with Arsene Wenger after the tournament

ended and he wanted me to come to Arsenal,” he said.

“I had a lot of options; Barcelona, Inter Milan, Atletico Madrid, Juventus and

the rest.

“Arsenal was a good option, but it wasn’t the best at the time. I wanted to start playing as soon as I turned 18.

“I wanted to go to a place where I had time to invest in my game and improve physically. Wolfsburg showed me that possibility.”

Osimhen joined Wolfsburg in 2017 before joining Belgian club Charleroi on loan the following year, and scored 19 goals.

Those goals earned him a permanent move to Charleroi, but Lille then stepped in and snapped him up.

Osimhen says that while a Premier League transfer is enticing, he will choose his next step carefully - with game time a priority.

“Of course, one day I’d like to play for a big club in England... my priority is to play a lot of games.

“Signing for a big club and being on the bench is not exciting for me.”

Newcastle United £300m potential takeover edges closer Anthony Nlebem

A

potential takeover of Premier League club side has taken a step closer after documents show that owner Mike Ashley has entered into agreement with potential buyer.

Financier Amanda Staveley is leading a bid which involves Saudi Arabia’s sovereign wealth fund and the Reuben Brothers.

The bid is said to be worth about £300m and is being brokered by Amanda Staveley, the Dubai-based financier.

The deal is being structured through a vehicle created by Staveley and will see the Riyadh-based Saudi PIF funding 80 per cent of the potential takeover. Staveley’s PCP Capital Partners will put in 20 per cent of the consideration, with 10 per cent of the funds coming from Staveley personally and the remainder from David and Simon Reuben, the British

property investors, the Financial Times reports.

The documents include details of a £150m claim related to Staveley’s firm, PCP Capital Partners, and its longrunning legal case against Barclays Bank PLC. The Premier League has also been informed of the

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potential deal and are understood to have begun the process of carrying out checks under its owners and directors test.

The deal was first reported in January, when it was said to be worth £340m. An investment of £200m in the team’s playing squad and a regen-

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eration of run-down parts of Newcastle were reported to be part of the plan.

T h e t a k e ov e r w o u l d make Newcastle the second Saudi-owned Premier League club. Sheffield United is owned by Saudi Prince Abdullah bin Mosaad bin Abdulaziz Al Saud, who secured full control from local businessman Kevin McCabe last year, bringing to an end current owner Mike Ashley’s 13-year reign at St James’ Park.

Staveley, who is believed to want a 10% stake in Newcastle, first attempted to buy the club in 2018.

Sports finance expert Kieran Maguire told BBC Sport: “These are steps you’d expect to take place in respect of a takeover; it seems that things have accelerated.

“The trouble with Mike Ashley is that until you see the final documents, it’s never completed but the other parties would not waste their time like this unless there had been progress in terms of a takeover.”

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Qatar confirms first coronavirus cases at World Cup sites Anthony Nlebem

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ive coronavirus cases have been detected at three World Cup stadiums in Qatar, the first confirmed instances among those involved in 2022 projects.

The Gulf nation has reported a total of seven deaths, 3,711 COVID-19 infections and 406 recoveries since March 6 but had not previously disclosed any positive tests from workers at World Cup sites.

“The Supreme Committee for Delivery and Legacy (SC) has confirmed that two staff members who work for an SC Contractor on the Al-Thumama Stadium project have tested positive for COVID-19,” organisers said in a statement to AFP. “In addition, three workers, one working on the Al-Rayyan Stadium project and two on the Al-Bayt Stadium project have tested positive.”

Qatar is building seven new stadiums for the tournament, one of which has officially opened, while one existing venue was refurbished ahead of 2022 FIFA World Cup. The SC was following health ministry guidance to respond to the cases and all those affected would continue to be paid and receive free healthcare, the statement added.

The timings of the competition, due to be held in November and December of 2022, remain unchanged by the coronavirus pandemic which has already forced the postponement of the European football championships and the Tokyo Olympics. Both will now take place in 2021.

Building work for the stadiums and infrastructure to host the global soccer spectacle has continued through the crisis even as non-essential retail has been halted and mosques, parks and restaurants have closed.

The SC said workers with symptoms are examined on site with suspected cases reported and referred for testing at accredited hospitals, the only establishments authorised to undertake the process.

“Those that have tested @Businessdayng

positive will be monitored on an ongoing basis by medical professionals and will stay in quarantine for 14 days,” the statement said.

“Those who came into close contact with the confirmed cases of COVID-19 are also in 14 day isolation, as a precautionary measure.”

The statement did not say that work had been suspended at any of the affected stadiums.

Labourers at several nonSC construction sites across Doha have continued to work in close proximity, AFP has seen, despite strict government social distancing rules.

At one development close to the National Museum, a dozen workers -- some unmasked -- crowded close together to weld steel supports over the weekend.

The Labour Ministry said on Monday that it had issued a penalty to a contractor for failing to operate its worker transport buses at the compulsory half capacity.

Authorities said they had received 1,328 complaints from workers on a newly opened complaint hotline for reporting breaches of virus rules and exploitation by employers.

Tens of thousands of workers are strictly confined to Doha’s Industrial Area after dozens in the blue-collar district tested positive for the virus last month.

Officials have said they are now considering easing the lockdown after undertaking widespread testing, detection and treatment in the area.

Advocacy groups including Human Rights Watch (HRW) and Amnesty warn that cramped accommodation and inadequate sanitation endanger migrant workers across the Gulf, who may not have access to healthcare.

Qatar has assured migrant labourers that anyone who fears they have coronavirus will receive free treatment and has guaranteed that those under quarantine will continue to receive wages.

Ninety percent of Qatar’s 2.75 million people are expats.

Many are from developing countries and working on projects linked to the tournament.

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FINANCIAL TIMES

World Business Newspaper

Eurozone faces economic strains as government debt piles up

Single currency area’s debt-to-GDP ratio nears 100 per cent as borrowing swells Sam Fleming and Martin Arnold

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he European Central Bank’s decision to buy almost €900bn of extra bonds this year has kept sovereign yields under control and helped stave off a rerun of the 2010-2012 eurozone debt crisis.

But as new IMF forecasts on Wednesday showed, the coronavirus crisis is propelling government debt in the single currency area towards 100 per cent of gross domestic product. Central bankers and economists warned that debt burdens could still stifle the growth prospects of a range of fiscally weaker member states, straining the economic cohesion of the eurozone.

Yannis Stournaras, governor of the Bank of Greece, said his country’s experience during the last crisis showed how important it will be to keep growth afloat during the dark period ahead. The package of fiscal measures proposed by the eurogroup of eurozone finance ministers last week had, he warned, failed to go far enough.

“Keeping the difference between the growth rate and interest rate at a positive level — that is critical. We have to minimise this snowball effect that we saw in the Greek crisis,” said Mr Stournaras, who was Greece’s finance minister before taking over as head of the country’s central bank in 2014.

“Whether you call it ‘coronabonds’ or something else, what we need is joint action.”

The IMF predicted euro area

European Central Bank has bought almost €900bn of extra bonds this year © Ralph Orlowski/Reuters

gross public debt will rise by around €800bn from 2019 to 2020, leaving it at 97.4 per cent of GDP, well above levels reached during the sovereign debt crisis. After Greece, Italy will have the highest debt burden this year among euro area countries, topping 155 per cent. But a number of other states including France, Spain and Portugal will have debt piles exceeding 100 per cent of GDP, the IMF’s Fiscal Monitor shows.

Editor’s note The Financial Times is making key coronavirus coverage free to read to help everyone stay informed. Find the latest here.

Vitor Gaspar, director of the fiscal affairs department at the IMF,

said the numbers seen in countries such as Spain and Italy were appropriate given governments’ need to support their economies during the crisis, and that the increases in debt were in line with other parts of the world. And with interest rates low, debt-to-GDP ratios should stabilise in Spain and come down in Italy the following year, he said.

“Lots of surprises have happened in the past few weeks, but it does look like the euro area is substantially more robust than it was in the previous episodes,” Mr Gaspar said. “The financing and macroeconomic conditions should be more favourable for countries’ ability to finance higher levels of debt than in the past.”

However, many economists worry that the current crisis will bear far more heavily on fiscally stretched countries, especially in the south, as heavy debt loads constrain their ability to invest in a robust recovery.

The current shock may be “symmetric,” said Lorenzo Codogno of LC Macro Advisors, “but the policy response might be asymmetric because of the different fiscal space in different countries.”

Lots of surprises have happened in the past few weeks, but it does look like the euro area is substantially more robust than it was Vitor Gaspar, IMF If Europe ends up in a situation where some countries are constrained in policy responses and

growth performances diverge, he said, “it would produce economic and social and political strains”.

The Italian economy, for instance, has stagnated for more than a decade and it was already the weakest performer in the eurozone when the coronavirus crisis hit, having shrunk 0.3 per cent in the final three months of last year — its biggest quarterly fall for almost seven years.

TS Lombard, the research group, calculated that Italian government debt would increase to 218 per cent of GDP by 2025 and Spanish government debt would rise to 137 per cent, even if their financing costs remained at their current low levels.

A sell-off in Italy’s government debt this week has pushed the country’s 10-year yield to a fourweek high of over 1.8 per cent.

That reversed more than half of the reduction in the spread between Italian and German long-term borrowing costs since the ECB announced its extra €750bn bondbuying plan.

Mohamed El-Erian, chief economic adviser at Allianz, said that, like other parts of the world, Europe will leave the shutdown with higher debt and lower growth potential.

“Absent some form of subsidised support from the ECB or, preferably, subsidised financing from the more resilient countries, this will add to the longer-term debt sustainability challenges facing some of the more vulnerable economies,” he said, “thereby adding to both growth and financial stability risks.”

American jobless claims mount to 22m since shutdowns Total of first-time applicants for unemployment benefits rises by 5.2m in fourth week of lockdowns Mamta Badkar and Brendan Greeley

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ore than 5.2m Americans filed new claims for unemployment insurance last week, pushing the total in one month to more than 22m, in the latest sign of the staggering job losses from the coronavirus shutdowns.

The jobless figures follow a series of data this week that documented the magnitude of the blow from the public health crisis to all parts of the economy, with historical declines in industrial production and retail sales, and local business owners telling the Federal Reserve that economic activity had contracted “sharply and abruptly across all regions in the United States.”

The initial jobless claims total of 5.25m in the week ended April

11 was lower than the 6.62m recorded the previous week, the labour department said on Thursday. That compared with economists’ expectations for 5.5m.

“We tentatively estimate payrolls will fall by around 15 million with the unemployment rate hitting 14 per cent,” said James Knightley, economist at ING. “This would mean all the jobs gained since 2009 have been lost in the best part of a month.”

California once again reported the largest number of jobless claims at 660,966, based on preliminary state-level estimates that have not been seasonally adjusted, though that was lower than the previous week. New York, which remains the epicentre for the outbreak in the US, reported 395,949 claims. www.businessday.ng

8.2% Members of American workforce successfully filing for unemployment insurance According to comments in the report from state labour agencies, the claims continued to come mainly from workers let go from closed restaurants, bars, hotels and shops.

The job losses are broadening out across industries, however; seven states reported a high number of claims among administrative workers, and some of the harder-hit states lost jobs in construction as well.

“The bleeding is ongoing but it’s less severe,” said Gregory Daco, chief US economist at Oxford Economics. The claims number will probably continue to fall from its highs of early April, he said. “That would be a reassuring sign that essentially not everybody’s losing their jobs.”

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The initial claims data likely continue to understate the depth of job losses as there have been widespread reports about overwhelmed state-run website crashes and delays in filing claims for unemployment insurance benefits.

The number of people who have successfully filed claims and been approved for unemployment insurance, however, climbed to 8.2 per cent of the entire workforce

by April fourth. That was up from 5.1 per cent the previous week.

It was also the highest rate since the department began keeping records in 1967.

Unadjusted for seasonal shifts in unemployment, the total number of people whose claims have been processed stood at 12.5m in the first week of April.

Not every worker whose claim has been processed is getting paid @Businessdayng

yet, however. “Historically, 90 per cent of those workers [would be] getting paid,” said Andrew Stettner of the Century Foundation, a nonprofit organisation. He estimated that 75 per cent were now receiving payments.

“Although the system is overwhelmed,” he added, “It is working and delivering assistance as needed.”

Two separate reports on Thursday further illustrated the depth of the blow to the US economy from the coronavirus lockdowns. The rate of new home construction in the US plunged 22.3 per cent in March, the most since 1984.

At the same time, the Philadelphia Fed manufacturing index, a gauge of factory activity in the US mid-Atlantic region, fell to minus 56.6 in April — the lowest reading since July 1980 — from minus 12.7 in March.

Friday 17 April 2020

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FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Facebook’s Libra scraps core parts of its digital currency vision Project’s scope drastically reduced in attempt to placate global regulators Hannah Murphy and Izabella Kaminska

T

he Facebook-led digital currency project Libra has announced a drastic downgrading of the scope of its initial vision, scrapping several elements of the project in an attempt to placate global regulators.

On Thursday, the 22-strong Libra Association, which lost a flurry of high-profile members last year over concerns that the initiative might hurt monetary stability or facilitate money-laundering, unveiled a substantially diminished “Libra 2.0”, designed to appease wary regulators. It added that it was still aiming to launch by the end of 2020.

Among the concessions made to regulators was the abandonment — initially at least — of its key proposal to create a synthetic coin backed by a basket of currencies. Instead, the association said it would offer a set of digital versions of single currencies, such as a Libra dollar or a Libra euro, that would be fully backed one to one by cash or cash equivalents, plus support from a capital buffer.

It also said it would support central bank digital currencies, as central banks continue to circle the space.

The shift follows a backlash from US watchdogs over the ini-

The Libra project, which was announced in June last year, has faced hostility from the outset © REUTERS

tial proposals, which prompted concerns about foreign exchange risks and raised questions as to how such a basket would be weighted. Libra said it was still aiming to create a “multi-coin currency” at a later point, though this would be a “digital composite” of some of its existing singlecurrency coins.

In a move that will irk diehard crypto enthusiasts, the association also said that it would forgo its ambitions to move to a fully “permissionless” system, in which anyone could participate

and no single authority would have control, as was the original vision of bitcoin.

The concessions come as Libra said it was formally starting the process of applying for a licence with the Financial Markets Supervisory Authority in Switzerland, where the non-profit group is based. On Tuesday, the G20’s Financial Stability Board published a report urging the world’s leading economies to redraw their policies to ensure that digital currencies, which can be sent cross-border, are fully regulated.

To address money-laundering and terrorism financing concerns, Libra will set up a “financial intelligence unit” and vet digital wallets looking to build on the network, restricting unlicensed players from doing so, at least at first, according to its vice-chairman Dante Disparte.

It would also bake compliance into the underlying technology, he said.

“Our anticipation and hope is that by the end of 2020 the Libra payment system is licensed, live and operationally ready,” he

added.

Announced in June last year, the Libra project has faced hostility from the outset, including for its association with Facebook, which spearheaded the project but continues to battle privacy scandals. Mark Zuckerberg, Facebook’s chief executive, received a brutal grilling from Congress in October.

Such fears have prompted eight of the project’s founding members including Visa, Vodafone, eBay and PayPal to withdraw their backing, raising questions over the its future.

The Libra association has since set about replenishing its numbers, announcing the addition of ecommerce group Shopify in February. It said on Thursday that it was still seeking to hire an independent head, an appointment that had been expected earlier this year, according to two people familiar with the situation.

Thursday’s changes leave multiple questions unanswered.

Some have raised fears that a move to single-currency coins could hit Libra and users looking to convert currencies with additional costs.

It is also unclear how capital buffers would be funded or by whom, and how the organisation would remain competitive if it had to pass on the costs of negative collateral rates to customers in the form of transaction fees.

Wall Street pares back gains after another spike in jobless claims Investors say ‘astounding’ number of unemployment claims in US had been priced into markets Eva Szalay, Myles McCormick and Hudson Lockett

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all Street pared back opening gains as investors took stock of another steep jump in US unemployment claims and Goldman Sachs warned on the pace of the equity rally.

The S&P 500 was up 0.3 per cent by early afternoon in New York, having opened 0.6 per cent higher after figures showed an additional 5.2m first-time jobless claims last week. This was down from 6.6m the previous week, but still takes the cumulative total since the March lockdowns began to 22m.

Seema Shah, chief strategist at Principal Global Investors, said that while the rise was “astounding”, they were in line with expectations. This allowed US trading to get off to a positive start before investors turned more cautious.

“It’s clear that the worst is yet to come,” added Win Thin, a strategist at Brown Brothers Harriman.

The Dow Jones was flat at midday although the tech-heavy Nas-

daq Composite edged up 1.6 per cent.

A slowdown in infection rates and sweeping monetary and fiscal intervention have seen global stocks bounce back after lockdowns sent them plummeting in February, with the S&P 500 up more than 25 per cent since its mid-March nadir. But analysts are wary about whether the recovery can be sustained. www.businessday.ng

“This rally in equity markets is probably too far too fast, and there are probably still downside risks from here,” said Peter Oppenheimer, chief global equity strategist at Goldman Sachs. “But we will see a strong recovery in the economy starting in the second half of this year and that will generate a reasonable recovery in risk assets.”

There were modest rises in

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Europe following signs that lockdown restrictions were easing in the region after Germany on Wednesday joined a list of countries that have announced plans to relax measures.

Both Frankfurt’s Xetra Dax and Paris’s CAC 40 rose 0.2 per cent, while the continent-wide Stoxx 600 gained 0.7 per cent.

Lee Hardman, currency analyst at MUFG, said the German announcement provided a “small chink of light” amid some otherwise bleak news. But he cautioned that the return to normality will take time. “Economic activity is unlikely to pick up more notably until later this year in the best-case scenario,” he said.

Concerns about debt levels in the Europe also linger. Eric Stein, a portfolio manager at Eaton Vance, said tensions in the region about debt and disagreement about the best way to deal with the impact of coronavirus could dent European assets.

“The breakdown premium is not yet priced in,” Mr Stein said.

A more pessimistic sentiment hung over the Asian trading day @Businessdayng

after the IMF warned that growth in the region would grind to a halt for the first time in six decades due to coronavirus. Japan’s benchmark Topix index fell 0.8 per cent and Hong Kong’s Hang Seng index dropped 0.6 per cent.

Strategists said investors were unlikely to find any sources for hope when China reports its firstquarter GDP figures on Friday, in what is expected to be the week’s most important economic reading.

The data “may not provide much optimism on a quick turnround in economic recovery, since external demand is now a new threat to the Chinese economy and domestic demand is recovering only gradually”, said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management.

Brent crude was down 0.2 per cent to trade at $27.63 a barrel.

The international oil benchmark has lost more than 10 per cent this week, with traders unconvinced by an Opec deal that promised the biggest cuts to production in history in the face of a collapse in crude demand.

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FT

ANALYSIS

Emmanuel Macron: time to think the unthinkable France’s president believes the coronavirus pandemic will transform capitalism — but leaders need to act with humility Roula Khalaf and Victor Mallet

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e are all embarking on the unthinkable,” says Emmanuel Macron, leaning forward at his desk in the Elysée Palace in Paris after an aide has cleaned the surface and the arms of his chair with a disinfectant wipe.

Until now, Mr Macron has always had a big plan for the future.

After winning power in a surprise election victory in 2017, the hyperactive French president announced a blizzard of ambitious proposals for reforming the EU that perplexed his more cautious European partners. When he chaired the G7 group of big economies last year, he tried to reconcile the US and Iran and make peace between Russia and Ukraine. His government has legislated furiously to modernise France.

The coronavirus pandemic, however, has left even Mr Macron groping for solutions to a global health crisis that has killed almost 140,000 people, and wondering how to save the French and world economies from a depression comparable to the crash of 1929.

“We all face the profound need to invent something new, because that is all we can do,” he says.

Macron on . . . China Let’s not be so naive as to say it’s been much better at handling this.

There are clearly things that have happened that we don’t know about He still has plans, of course. He wants the EU to launch an emergency investment fund of hundreds of billions of euros through which the reluctant northern members would have to support Italy and Spain, where many thousands have died from Covid-19. And he wants richer nations to help Africa with an immediate moratorium on bilateral and multilateral debt payments.

But perhaps for the first time, an uncharacteristically hesitant Mr Macron seems unsure whether or when his proposals will bear fruit.

“I don’t know if we are at the beginning or the middle of this crisis — no one knows,” he says. “There is lots of uncertainty and that should make us very humble.”

It is a sign of “social distancing” and travel disruption in extraordinary pandemic times that the normally busy Elysée now has only a skeleton staff on site and that the FT’s editor attends the interview via video link. The usually tactile Mr Macron — of whom it was once said that “he could seduce a chair” — is forced to greet his guests from afar in the ornate salon doré, the golden room looking out over the palace lawns towards the Champs-Elysées.

This room was first used as the French president’s office by General Charles de Gaulle. In two speeches to the nation a month ago, Mr Macron deliberately adopted the tone of his presidential role model, declaring all-out war on the virus, imposing some of the strictest controls in Europe on people’s freedom of movement to slow the spread of the disease and declaring that his

government would save jobs and companies “whatever the cost”. Behind his desk is a framed example of a $500 Anglo-French first world war bond from 1915.

Yet in recent weeks the bellicose rhetoric has given way to a more reflective view of how to handle the pandemic, accompanied by admissions of logistical failures that have left French doctors, nurses and essential workers desperately short of protective masks and of tests to measure the spread of the virus.

Unlike other world leaders, from Donald Trump in the US to Xi Jinping in China, who are trying to return their countries to where they were before the pandemic, the 42-year-old Mr Macron says he sees the crisis as an existential event for humanity that will change the nature of globalisation and the structure of international capitalism.

As a liberal European leader in a world of strident nationalists, Mr Macron says he hopes the trauma of the pandemic will bring countries together in multilateral action to help the weakest through the crisis.

And he wants to use a cataclysm that has prompted governments to prioritise human lives over economic growth as an opening to tackle environmental disasters and social inequalities that he says were already threatening the stability of the world order.

But he does not hide his concern that the opposite could happen, and that border closures, economic disruption and loss of confidence in democracy will strengthen the hand of authoritarians and populists who have tried to exploit the crisis, from Hungary to Brazil.

Macron on . . . the environment Climate risk seems very far away because it affects Africa and the Pacific. But when it reaches you, it’s wake-up time “I think it’s a profound anthropological shock,” he says. “We have stopped half the planet to save lives, there are no precedents for that in our history.”

“But it will change the nature of globalisation, with which we have lived for the past 40 years . . . We had the impression there were no more borders. It was all about faster and faster circulation and acwww.businessday.ng

cumulation,” he says. “There were real successes. It got rid of totalitarians, there was the fall of the Berlin Wall 30 years ago and with ups and downs it brought hundreds of millions of people out of poverty.

But particularly in recent years it increased inequalities in developed countries. And it was clear that this kind of globalisation was reaching the end of its cycle, it was undermining democracy.”

Mr Macron bristled when asked if erratic efforts to curb the Covid-19 pandemic had not exposed the weaknesses of western democracies and highlighted the advantages of authoritarian governments such as China.

There is no comparison, he says, between countries where information flows freely and citizens can criticise their governments and those where the truth was suppressed. “Given these differences, the choices made and what China is today, which I respect, let’s not be so naive as to say it’s been much better at handling this,” he says.

“We don’t know. There are clearly things that have happened that we don’t know about.”

The French president insists that abandoning freedoms to tackle the disease would pose a threat to western democracies.

“Some countries are making that choice in Europe,” he says in an apparent allusion to Hungary and Viktor Orban’s decision to rule by decree. “We can’t accept that. You can’t abandon your fundamental DNA on the grounds that there is a health crisis.”

Mr Macron is especially concerned about the EU and the euro.

Banging the desk repeatedly with his hands to emphasise his points, he says both the union and the single currency will be threatened if the richer members, such as Germany and the Netherlands, do not show more solidarity with the pandemic-stricken nations of southern Europe.

That solidarity should come in the form of financial aid funded by mutualised debt — anathema to Dutch and German policymakers, who reject the idea of their taxpayers repaying loans to Greeks or Italians.

Mr Macron warns that failure to support the EU members hit hardest

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by the pandemic will help populists to victory in Italy, Spain and perhaps France and elsewhere.

Macron on . . . threats to democracy We can’t accept that. You can’t abandon your fundamental DNA on the grounds that there is a health crisis “It’s obvious because people will say ‘What is this great journey that you [the EU] are offering? These people won’t protect you in a crisis, nor in its aftermath, they have no solidarity with you,’” he says, paraphrasing populist arguments politicians will use about the EU and northern European countries. “’When immigrants arrive in your country, they tell you to keep them.

When you have an epidemic, they tell you to deal with it. Oh, they’re really nice. They’re in favour of Europe when it means exporting to you the goods they produce. They’re for Europe when it means having your labour come over and produce the car parts we no longer make at home. But they’re not for Europe when it means sharing the burden.’”

For Mr Macron, the richer EU members have a special responsibility in the way they deal with this crisis. “We are at a moment of truth, which is to decide whether the European Union is a political project or just a market project. I think it’s a political project . . . We need financial transfers and solidarity, if only so that Europe holds on,” he says.

In any case, Mr Macron argues, the current economic crisis triggered by Covid-19 is so grave that many EU and eurozone members are already in effect flouting injunctions in European treaties against state aid for companies.

The ability of governments to open the fiscal and monetary taps to stave off mass bankruptcies and save jobs will be pertinent for Mr Macron’s own uncertain political future in France.

With the national economy forecast to shrink by 8 per cent this year and millions of temporarily laid-off workers still being paid thanks only to a €24bn official “partial unemployment” scheme, the government is expecting a 2020 budget deficit of 9 per cent of gross domestic product, the highest since the second world war. @Businessdayng

Although often feted abroad for his energetic liberal internationalism, Mr Macron has recently been treated by domestic opponents from the far-left to the far-right — including the anti-establishment gilets jaunes demonstrators — as a president of the rich, a former Rothschild investment banker who wants to impose free-market capitalism on his reluctant citizens.

In reality, Mr Macron had already begun to slow his reform drive before the pandemic in the face of stiff opposition from a resurgent left and from the vestiges of the gilets jaunes movement. After a busy two years liberalising the labour market, reducing the tax burden on workers and entrepreneurs and trying to simplify the country’s expensive pensions systems, he backtracked last year on cutting the size of the civil service and then last month suspended reforms entirely for the duration of the coronavirus crisis.

He has tried to adopt environmental causes and soften his image to woo the left and the Greens ahead of a 2022 election that he hopes will be another second-round election run-off against Marine Le Pen, leader of the extreme right Rassemblement National party.

Covid-19 might offer an opportunity to make the case that he is trying to humanise capitalism.

That includes, in his view, putting an end to a “hyper-financialised” world, greater efforts to save the planet from the ravages of global warming and strengthening French and European “economic sovereignty” by investing at home in industrial sectors such as electric vehicle batteries, and now medical equipment and drugs, in which the EU has become overdependent on China.

Macron on . . . Europe We are at a moment of truth, which is to decide whether the European Union is a political project or just a market project There is a realisation, Mr Macron says, that if people could do the unthinkable to their economies to slow a pandemic, they could do the same to arrest catastrophic climate change. People have come to understand “that no one hesitates to make very profound, brutal choices when it’s a matter of saving lives. It’s the same for climate risk,” he says. “Great pandemics of respiratory distress syndromes like those we are living through now used to seem very far away, because they always stopped in Asia. Well, climate risk seems very far away because it affects Africa and the Pacific. But when it reaches you, it’s wake-up time.”

Mr Macron likened the fear of suffocating that comes with Covid-19 to the effects of air pollution. “When we get out of this crisis people will no longer accept breathing dirty air,” he says. “People will say . . . ‘I do not agree with the choices of societies where I’ll breathe such air, where my baby will have bronchitis because of it. And remember you stopped everything for this Covid thing but now you want to make me breathe bad air!’”

Friday 17 April 2020

BUSINESS DAY

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35

Women in Business

BUSINESS DAY Friday 17 April 2020 www.businessday.ng

By Kemi Ajumobi

TOYIN UMESIRI

LILIAN AJAYI ORE

Founder/CEO, Nazaru LLC

Founder /CEO, Global Connections for Women Foundation (GC4W)

T

oyin Umesiri is an entrepreneur and the convener of the Trade with Africa Business Summit.

After over a decade working in corporate America; at Fortune 1 (Walmart) and Fortune 150 (Whirlpool Corporation), she made the big leap to full-time entrepreneurship to follow her passion for Africa. Toyin is the Founder/ CEO of Nazaru.

Nazaru LLC. is a U.S. based company focused on driving increased trade with Africa. They have grown out of the desire to see Africa emerge as a global economic force. Nazaru is positioned to support and help grow exports particularly to the United States under the African Growth & Opportunity Act (AGOA).

Umesiri is passionate about empowering women and she has had the opportunity to serve on various leadership committees that advanced women’s agenda.

In 2016, she was published in a book called ‘Leading Women’ and was also featured as a leading and inspirational woman in technology on the platform.

For over a decade, Toyin has led multiple multi-year, multi-million dollar projects across the supply chain, manufacturing, procurement, global sourcing and merchandising and this has allowed her to know what it takes to run a large business end to end.

She also led the team responsible for designing the global sourcing and supplier management solutions at Walmart.

Toyin is ever inspired by the story of Sam Walton, founder of Walmart, who she describes as a visionary leader that focused on serving the needs of rural America over 50 years ago. “The company he founded, on strong business principles, then grew to become the number 1 company in the world. My experience at Walmart has taught me what vision, hard work, humility and teamwork can accomplish.” She said.

As CEO of Nazaru , she leads a U.S. based company that drives increased U.S. commercial interest in Africa by not only fostering Business to Business (B2B)

dialog that leads to mutually beneficial arrangements, but also showcasing Africa’s exporters and brands.

On starting Nazaru, Toyin made an emergency trip to Nigeria in 2015 after her father passed on. She recalls that, that decision to come back home at that time changed her life completely. She says so because while in Nigeria, she wrote a mini biography of her father which gave her deeper enlightenment on how he lived his life and selflessly served his community in various impactful ways.

After the trip, she made up her mind “to be of greater service to my generation” Umesiri said. She had no idea how this great passion to effect positive changes in Africa will happen, but after 2 years of research, it became clear and she knew exactly what to do.

Returning to Arkansas, she made a commitment to be a blessing to Africa.

“Being naturally situated in the global headquarters of Walmart, it was there that I first ignited my dialogue on Africa”.

Umesiri disclosed.

In conversations with various stakeholders and business executives around the world, it was evident to Toyin, that there was a huge gap in information available about Africa. This knowledge dissemination is now informing the type of work she does through Nazaru LLC and the event ‘Trade with Africa Business Summit”.

She calls her organisation Nazaru because, according to her, she needed a deep symbolism that resonated with her findings, and Nazaru has its roots in the scriptures (John 1:46) and is short for Nazareth. The question raised in that scripture “Can anything good come out of Nazareth?” and Philip answered, “Come and see”, was indeed a prompter for Toyin, who understands that in regards to Africa, “There are many who still do not think much of Africa, but we can prove them wrong. Africa is filled with hard-working men and women, young and old, focused on positioning themselves for a better future.” Toyin stated.

L

ilian Ajayi Ore is an award-winning humanitarian and an international women advocate. She is the Founder and the Chief Executive Officer of the Global Connections for Women Foundation.

The GC4W, is an award-winning notfor-profit organisation headquartered in New York City, with a reach of 3.5 million people worldwide, and is one of the leading international non-profits of the millennium in the areas of gender equality, women empowerment, and youth empowerment.

Lilian is a resident of Manhattan New York, with origins in Africa. She is currently a University Professor of Global Marketing and Web Analytics at New York UniversitySPS. She is a global contributor for The Huffington Post, a Harvard graduate and a former member of the Harvard Club.

She sits on several boards including NAAEP, a Nigerian American Agricultural Empowerment program that trains and empowers farmers through a mechanized farming program.

Lilian is the Executive Producer and Host of the television broadcast series “Path to Passion,” where young women entrepreneurs are profiled and interviewed.

The show aims to inspire and empower other women to follow and live out their passions.

Ajayi Ore debuts her 1st editorial feature on Diplomatic Courier, a global affairs magazine and she joined as a regular contributor for the international magazine. She has been invited to speak at several leadership panels including Columbia Business School, Columbia Law School Economic Business, and NYU-Stern Business Economic Forum.

Ore was invited to give the keynote remarks at the Trinity International Development Initiative (TIDI), Trinity College Dublin University of Ireland during the “Inspiring Change: Empowering Women’s Futures in Africa” Africa Day event in Dublin, Ireland, to name a few.

She was invited to address the United Nations President of the General Assembly

and other international delegates at a twoday meeting on climate change, where she spoke of the impact of climate change on the rural women in Africa.

Lilian led the first workshop on the status of Women and Girls in Africa and Rest of the World and spoke on a UN Women panel during the United Nations Youth Assembly at the UN Headquarters in New York. She also created the first Microsoft education certificate to teach gender equality in the classroom.

Ore has interned for Congresswoman Barbara Lee, Mayor Anthony Williams, and at the American Federation of Teachers (AFL-CIO), serving their constituents as a political representative in Oakland, CA and in Washington, DC. She has been recognised for her dedication and commitment to community service and is a recipient of several congressional awards.

She spent a portion of a career working at the United Nations Headquarters in New York, representing the Mission of Nigeria to the UN, and served on the Social Economic Committee as the economic development policy negotiator.

Lilian Ajayi-Ore is currently working on her first fictional novel and has led digital marketing strategy, online marketing campaigns and data intelligence analytics efforts for numerous Fortune 500 and Fortune 100 companies.

More recently, Lilian was invited to create the very first ‘Teach Gender Equality’ course and ‘Planet 50/50’ project on Microsoft education, and the programs are made available to over 2 million teachers in 130 countries worldwide.

With GC4W, Lilian Ajayi-Ore hopes to create one of the largest global networks for women and girls, where women and girls can feel connected, educated and empowered to live out their best lives.

“My mission is to help leading brands and organisations identify key market trends, implement a winning marketing strategy, gain market intelligence, and explore new business opportunities to ultimately achieve their enterprise goals.”

She said.

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