BusinessDay 19 Jul 2019 by BusinessDay

Time is running out fast for Buhari and faster for Nigeria

hose who wish President Muhammadu Buhari well must now be asking: for what would Nigeria remember him? The question arises because of the growing perception of gross failure of PMB as leader and administrator. In four years, PMB has divided the country

rather than unite it, and under him, all the indices of the country are looking down rather than upwards. The President took the oath for a second term on May 29. Unlike in his first coming, he is now head of a democracy that has entered its 20th year and is stable. There is

Front page editorial thus no fear of a truncation. A long and growing to-do list stands before the president. Security is top. The issues on security include Boko Haram, the herdsmen menace, handling of the chal-

lenge of the Islamic Movement of Nigeria and their perpetually detained leader, the Niger Delta and unresolved matters such as the clean up of Ogoni land. Nigeria should also pay attention to trouble smouldering next door in Cameroon as refugees trickle into the country due to the crisis in that

country. Security was one of the critical areas the president and his party promised to outperform their predecessor. There was the assurance that the Boko Haram disturbances would be quickly sorted out. On

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Presidential election tribunal: INEC boss fails to honour summons L-R: John Coumantaros, chairman, Flour Mills of Nigeria plc; Peju Adebajo, former commissioner for agriculture, Ogun State; Ayinde Soule-Kohndou, first secretary economic affairs, Kingdom of the Netherlands; Mauricio Alarcon, CEO, Nestle; Godwin Obaseki, governor, Edo State, and Emmanuel Ijewere, chairman, Best Foods, at the 2019 BusinessDay Agribusiness and Food Security Summit with the theme ‘Fixing the Broken Linkages between Farm and Market’ in Lagos, yesterday. Pic by Olawale Amoo

… commission’s counsel says tribunal’s order fully complied with …panel dismisses HDP’s application to call additional witnesses

Agric productivity surge hangs C on fixing value chain deficiencies experts call for investment in long-term solutions, linkage between farms and industry See page 2

FELIX OMOHOMHION, Abuja

hairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, did not show up at the Presidential Election Petitions Tribunal on Thursday as ordered. Chairman of the five-man panel, Justice Mohammed Garba, had on Wednesday ordered the INEC chairman to appear before the tribunal at 12pm on Thursday. The INEC boss was asked to

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Friday 19 July 2019

BUSINESS DAY

news Zuma graft probe shows gaps in Nigeria’s corruption fight ISAAC ANYAOGU

acob Zuma, former president of South Africa, has appeared twice before a judge-led inquiry investigating corruption allegations against him, a development which casts uncomfortable light at Nigeria’s inability to try high-office holders for abuse of office. Zuma, who spent nine years in office, is accused of overseeing a web of corruption where more than $7.2 billion may have been stolen, according to former finance minister Praven Gordhan. This sum, however, looks like chump change in comparison to the monumental corruption allegations levied against previous office-holders in Nigeria but unlike South Africa, Nigeria’s former office holders, including presidents and governors, have little reason to be worried. “The absence of political will has prevented similar enquiries in Nigeria,” Kolawole Oluwadare, deputy director, SERAP, a civil society group, said by phone. Oluwadare said similar enquiries can only happen in Nigeria when anti-corruption agencies handle better investigations. Ibrahim Magu, who heads the Economic and Financial

Crimes Commission (EFFC), said the agency secured 703 convictions and recovered N794 billion between 2015 and 2018, but the bulk of those convicted have been low level crooks, especially internet scammers. Corruption cases against high profile individuals have always suffered needless delay, but in recent times, they have slowed considerably. For example, Orji Uzor Kalu, former Abia State governor, charged on 109 counts, has been in court for 12 years. Former President Goodluck Jonathan and his then oil minister, Diezani Alison-Madueke, have been accused of accepting bribes and breaking the country’s laws to broker a $1.3 billion oil deal in 2011. The deal, in which AngloDutch company Royal Dutch Shell and Italian oil giant Eni jointly acquired the rights to the OPL 245 offshore oilfield, has spawned legal cases spanning several countries. While Jonathan had never been tried in Nigeria, the EFCC had applied to court to seize assets of Diezani including property and trinkets worth $40m, a mere pittance to the amount allegedly looted. Buhari has claimed that

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Experts say infrastructure, unregulated developers hurting real estate market CHUKA UROKO

nfrastructure deficit and developers who don’t subject themselves to development regulation are hurting and narrowing opportunities derivable by genuine industry players in the Nigerian real estate market, experts have said. Infrastructure financing gap remains a critical global challenge for sustainable development and economic growth in developing economies. In Nigeria, the situation is dire and, according to the experts, the country’s low infrastructure stock is reason for the low performance of its real estate market. Emmanuel Odemayowa, MD/CEO, Cavalli Business and Investment Group, explained in an interview with BusinessDay that the value of Nigeria’s total infrastructure stock which includes road, rail, power, water, telecoms, airports and seaports, represents only 35 percent of the country’s GDP. “This is far below the level of peer emerging market countries where the average

is 70 percent,” he said, pointing out that to optimise the contribution of all these sectors, “Nigeria needs to invest $3 trillion in infrastructure over the next 30 years”. Adetokunmbo Ajayi, CEO, Propertygate Investment and Development Company, affirms, noting that infrastructure is reason development is not happening in some parts of the country, including areas where land is available and ‘cheap’. He explained in an interview with BusinessDay that there are many places that developers could have acquired land for development purpose but they can’t because the land is not accessible due to poor infrastructure. “In fact, there are developers who have gone ahead to take development in places that are far off thinking people would come but as at today, there is serious trouble because people would rather be tenants than buying property in places that are very far from their work or business area,” he said.

L-R: Yomi Badejo-Okusanya, MD/CEO, CMC Connect/president, African Public Relations Association; Nike Akande, former president, Lagos Chamber of Commerce and Industry (LCCI); Funlayo Bakare-Okeowo, MD/CEO, FAE Limited; Abiodun Okeowo, her husband; Mansur Ahmed, president, Manufacturers Association of Nigeria (MAN), and Babatunde Ruwase, president, LCCI, at the launch of First Class, a premium product for Corporate Envelopes and Letterheads from FAE Limited in Lagos Pic by David Apara

Agric productivity surge hangs on fixing value chain deficiencies

…experts call for investment in long-term solutions, linkage between farms and industry JOSEPHINE OKOJIE, CALEB OJEWALE, MICHAEL ANI & SEGUN ADAMS

or Nigeria to fully reap the benefits embedded in its agriculture sector and feed its 200 million people in the face of a changing climate, it must first fix structural deficiencies in the system, experts say. The experts who spoke at the 2019 edition of BusinessDay’s Agribusiness and Food Security Summit on Thursday said that provision of critical infrastructure across the agricultural value chain is a prerequisite for enabling Nigeria stimulate economic growth and reach its target of diversification through

the oil boom in the 70s. He explained that the capacity needed to address critical issues that affect agriculture in a serious and sustainable manner is currently lacking in the government. Nigeria’s infrastructural gaps are estimated at $300 billion, according to data from Africa’s Development Bank (AfDB). Ayodeji Balogun, country manager, AFEX Commodities Exchange Limited, urged the government to make investments in long-term solutions to fix the structural problems in the sector rather than the short-term measure of financing currently in place. “There are no significant investments in the system to

ensure that investors have a smooth operation and this is why we have not made any much progress in the sector,” he said. According to Balogun, apart from infrastructure, lack of quality assurance, weak financing and market information have continued to limit market access of agricultural commodities. He noted that most government intervention initiatives have been focused on the supply side with little or nothing for the demand side. “We cannot continue to finance the supply side without financing the demand side as this produces price

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Nigerian hospitals scale up infrastructure, expertise to dwarf health tourism …LUTH, Reddington, FMC Ebute-Metta run business unusually TEMITAYO AYETOTO

igeria’s healthcare system is renowned for heart-wrenching indices. These include poor health expenditure per capita, at only $217, as well as 35 percent chances of people dying between the age of 15 and 60, according to World Health Organisation statistics. But like little drops of sanity amid a pool of inadequacies, some health institutions in the country, both private and public, have embarked on substantial human and resource development strategies to create import substitution for outbound health •Continues online at tourism. www.businessday.ng In what can be regardwww.businessday.ng

agriculture. “Infrastructure to support agriculture are not in place and nothing was put in place as replacement of the commodity board when it was abolished,” Godwin Obaseki, governor of Edo State, said in his keynote address. “Land ownership and title is still a big challenge. Investors are still faced with challenges of taking over lands and resolving issues with communities even after the land has been allocated by the government,” Obaseki said. He added that the linkages from farm to the market in the sector became blurred when the country neglected the sector to focus on the juicy revenue at the time of

ed as an exercise in doing things differently to achieve different results, local hospitals of varying categories and specialties are actively overhauling their facilities, strengthening their expertise and pushing healthcare delivery to a point that can repose confidence in highincome class and expatriates, while rekindling hope in the majority of Nigerians with no option of alternative elsewhere. Predominantly, health issues relating to cancer (oncology), kidney (nephrology), heart and blood vessels, stomach and intestines (gastroenterology), as well as respiratory (pulmonology) and rheumatic issues top the list of reasons fuelling health

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tourism out of Nigeria. India, the United Kingdom and the United States, for instance, continue to be beneficiaries of the loophole in local healthcare system. 47 percent of Nigerians who visited India in the year 2012 alone did so for medical treatments with an estimated cost of N41.6 billion (US$260 million), available data show. But the narrative has gradually headed for a change in the little and big wins of Lagos University Teaching Hospital (LUTH), the Federal Medical Centre Ebute-Metta, Reddington Hospital, Lagoon Hospital, St. Nicholas and Healing Stripes hospitals, among others that are raising the @Businessdayng

bar. LUTH is one of the 22 Federal Teaching Hospitals that the Federal Ministry of Health supervises alongside 20 Federal Medical Centres, 17 specialty hospitals, 14 professional regulatory bodies and 19 training institutions spread across the country. With the consciousness of reducing capital flight gulped by medical tourism, the LUTH-NSIA ultra-modern cancer centre was inaugurated last February by President Muhammadu Buhari and has begun to render services. The facility which was an existing cancer centre co-located in LUTH was revamped and equipped to provide

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Friday 19 July 2019

BUSINESS DAY

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AN OPEN LETTER BY EDO STATE PROFESSIONALS TO HIS EXCELLENCY, COMRADE ADAMS OSHIOMHOLE, NATIONAL CHAIRMAN, ALL PROGRESSIVES CONGRESS (APC) CALLING FOR THE EXPEDITIOUS RESOLUTION OF THE IMPASSE IN THE EDO STATE HOUSE OF ASSEMBLY July 17, 2019. His Excellency, Comrade Adams Oshiomhole, National Chairman, All Progressives Congress (APC), National Headquarters, Abuja. Dear Comrade Chairman,

Do Not Condone Anyone Pulling Down The Solid House You Built For Edo People We the undersigned are representative members of Edo State Professionals (ESP) and we are concerned and embarrassed at the unfolding drama in the political space of our beloved State. We have a deep sense of nostalgia dating back to that cool evening in 2006 at the Lagoon Restaurant, when Mr. Godwin N. Obaseki then, Chairman/CEO, Securities Transactions and Trust Limited, introduced your gubernatorial ambition in Edo State to a select group of Edo sons and daughters and called on us to mobilise funds for your expectedly vigorous campaigns and possible election. You promised to ensure sanity in governance if elected the State Governor and when you eventually mounted the saddle as Governor you sat on the gubernatorial throne for eight years and you took the State through a refreshingly new experience. We thank you immensely for not disappointing us in the various sectoral strides you took during your stewardship. As you dismounted from the saddle of State Governor, in a strategic move to ensure a dynamic continuity of focus and efforts, you led the thrust to install your extremely brilliant, dynamic and self-effacing adviser, Godwin N. Obaseki, as your successor. And since Governor Godwin Obaseki took over, he has never wavered in actualizing the dreams you both drew up. Having been the Chairman of the State Economic Management Team for eight years under your reign he knew the direction and flow of your focus. He had become your political mentee and you his political mentor. A relationship of the right hand washing the left hand had emerged and both hands have remained clean in our eyes. We remember the countless times Godwin Obaseki came before our questioning eyes and minds at the meetings of Edo State Professionals to explain and defend the programmes and plans that your government had to implement now and again. It was his deft understanding of the dynamics of project conceptualization, financing and implementation that enabled the domestic financial markets to track and anticipate the focus of your administration and you recorded truly gigantic achievements. And you were the man of the moment. However, the development agenda by your team remains the backbone of Obaseki’s administration. The governance model that has evolved before now under Godwin Obaseki is one that left the political decisions in your able hands while he busied himself with repositioning the economic development agenda of the State in an environment of extremely scarce resources. This model of absolute trust and confidence must not be vitiated. Siblings disagree. Brothers and brothers disagree. Sisters and sisters disagree. Father and son disagree. Mother and daughter disagree. What do we expect of mentor and his mentee? Surely, they must disagree. We must manage diversity and divergence of opinions. Third party intrusions into relationships quite often prove catastrophic. Edo State cannot afford to lose such an able Governor you gave to us. The last Federal and State elections saw Edo State emerge as the only APC state in South –South and South East, with the APC winning 24 out of 24 seats in the state Assembly. This is the result of the work of both of you in the state. Despite this achievement, the Party (APC) is finding it difficult to manage the Edo State Assembly victory. Tension has risen very high To douse the tension building up in the State, His Royal Majesty, Omo N’Oba N’Edo Uku Akpolokolor, Oba Ewuare 11 N’Ogidigan, assembled a team of respected members of the Edo State traditional Council and went to Abuja to visit President Muhammadu Buhari whom he requested to help to resolve the misunderstanding between the principal sons of Edo State, Your humble self and Gov Obaseki. As if there was a different kind of interest somewhere, the House of Representatives then threatened to take -over the operations of the Edo State House of Assembly even when a court order exists preventing such interference until the substantive matter comes before the court in midOctober 2019. As the National Chairman of the Party and Elder of our state we pray for your kind intervention to prevent the National Assembly from plunging Edo State into crisis. We are not politicians and we will not pretend to know or understand the cause of this crises. Various versions of the cause of this crises is being bandied about but whatever may be the true cause of the Crises, what is important to us is the peace and development of our state. It is the responsibility of the APC, yourself as the National Chairman and Edo elder and the Governor to ensure Peace, Security and Development of Edo state. Comrade Chairman, we are disturbed by the statement in The Guardian of Sunday July 14, 2019 attributed to one Mr. Henry Idahagbon, a Benin-based member of the APC and leader of the Edo Peoples’ Movement (EPM) saying that the EPM was formed with just two cardinal objectives viz: “To strengthen the party to regain its winning ways, because during the last general elections, we lost woefully... The second objective is shopping for a credible alternative for Obaseki come next year”. Statements of this nature is totally unacceptable to Edo people. It would appear that the State Assembly members elect are being remotely teleguided or controlled by a third force. Our Edo people say that ‘if a man sees a stone flying into his eye from a particular direction, he will do all he can to avoid it”. This may be why the Governor is unrelenting. However, we are all aware that in 2019, the APC won more seats than it did in 2015 and so the winning ways have already been established by His Excellency Governor Godwin Obaseki. Comrade Chairman, the current impasse may be one of self-preservation and a throw-back to the 2014 battle you fought successfully to make Godwin Obaseki the gubernatorial candidate of the APC in Edo State. It is within your powers to jointly with the Governor restore calm and assist the Edo Assembly to constitute its principal officers. It is totally abnormal to begin to fight state governorship election in mid-2019 while the current tenure of the Governor has 17 months to go and the Independent National Electoral Commission (INEC) has neither set the date of the election nor has it declared open the date that electioneering activities would commence. Members of EPM are playing ‘God’ and nobody truly knows tomorrow. The current action by the EPM is directed at distracting the State Governor from carrying on with the excellent work of making Edo State an investors’ haven and a State ready to compete with Lagos State in internally generated revenue and in the deployment of the resources so generated for the welfare of the people of Edo State. We believe that the supremacy principle of the party is being tested by the EPM members. It is therefore proper “to call a spade a spade and not simply a farming implement”. The party is being betrayed by a select few and if care is not taken the current unhealthy rivalry may have deleterious effect on its electoral fortunes in 2020. Please, Comrade Chairman do not allow vultures to devour a dutiful Son you gave birth to who has operated in your image and likeness. The achievements of Gov Obaseki so far in his first term have simply been overwhelming. He has tripled the internally generated revenue of the State government simply by making sure that only government agencies are now empowered to collect revenue for the government. Comrade Chairman please, recall the statement you made last year at the launching ceremony of 75 intra-city buses purchased and 50 buses rehabilitated by Governor Obaseki in furtherance of your legacy project. You noted that promises were made on his behalf during the electioneering campaigns and he his delivering on them. You added that “Governor Obaseki is working tirelessly to industralise the State and make life easy for the people”. You then commended him for his “competence and financial ability to develop the economy of the State”. In Benin City and in all the three senatorial zones of the State, the government of Gov Obaseki has touched the lives of the ordinary citizens as a continuation of what you started. Roads, bridges, schools, hospitals, primary health www.businessday.ng

centers, institutions, rehabilitation of government owned buildings, revitalization of 41-year old abandoned buildings in the State Secretariat are some of the projects the State Governor has embarked upon. This is a testimony to the achievements of the Governor you created with your own hands. As you noted in Benin City on Sunday July 14 during your condolence visit to your former deputy Dr. Pius Odubu who recently lost his dear father, you said “I’ll never bring down the house I built”. That statement is heartwarming. But we like you to add that ‘you will never allow anyone to bring down the solid house you built under your watch’. You made no mistake in promoting the candidacy of Godwin Obaseki who is now our current Governor. You will not make a mistake by continuing to support and protect him. The forces you defeated in 2014 are regrouping to destroy your legacy. An election by Edo people today will give a complete and total victory to Gov Godwin Obaseki of the APC. The achievements of Gov Obaseki are legion. His promise to create 200,000 jobs in his first term are being achieved. Sofar, over 90,000 jobs have been created in both the private and public sectors. He has set up the Edo State Traffic Management Agency to put order in road management in the state. He has commenced the construction of 5,000 barrels per day modular refinery in partnership with a private concern. He has secured financiers for the Gelegele port that will transform Edo state into a maritime force in Nigeria. He is building a 180-km Okpilla to Gelegele port to ensure the smooth export of cement from Edo north without having the troubles of initial transportation to Lagos ports. The Gelegele port is being linked to the Lagos deep sea port to lighter cargo from there to Edo and for subsequent trucking to the inland regions of the South-East and middle-belt. He has completed the Azura power plant whose output is fed into the national grid but the Benin electricity distribution company is too inefficient to pass the benefit of the power generation to Edo people. He has constructed, rehabilitated and remodeled over 60 roads in Oredo local government where the highest concentration of Edo people live In. He is turning Benin City, the-State-capital, to the new ‘Dubai’ of Nigeria. Roads like the 26.5 km Afuze-Erah-Iruekpen; the 10-km Irrua-Opoji road; the 11.8km Ubiaja-Ugboha road; the 39.5km Ehor-Irhue-Ekpan-Umokpi-Orhua-Ozalla road; the strategic Ivioghe-Iviebua-Iviukha/Ivianokpedi-bhviegbeuei-Ivieukwe-Ekwosor road; Iyieku-Atte-Ebigbere/ICE road in Auchi; Ugboha-Ogwa-Ebelle Road; Abudu township roads, Iguobazuwa township roads and roads long abandoned are being brought back to life. Gov Obaseki’s agricultural revolution which has seen 5,000 hectares of farmland being cultivated; the creation of production centres in Benin city; the revolution in the basic education transformation sector which has led to the training of over 7,000 teachers in digital learning in the basic education sector, the production centre on Sapele road in Benin City; the completion of the revamped Benin Technical College with a production centre as workshop for skill training and for the use of private sector operating small and medium scale businesses and the repositioning of Ambrose Alli University as a centre of excellence have become the hallmarks of Obaseki’s administration. The Governor has made his transformation of the primary, secondary and tertiary education so far reaching that officials of the governments of Rwanda, Ghana, Benin and Cameroon have visited Edo to draw from the state experience. The additional achievements in completing 20 out of the planned 200 primary health care centres; the improved health infrastructure, the seamless payment of salaries, allowances and pensions to all arms of government in the state and the construction of Emotan gardens as the first in a series of real estate developments have placed the state on a pedestal. Mr. Comrade Chairman, will it be fair to allow rebellious elements of a breakaway EPM of APC in Edo State disrupt this obviously progressive trajectory? We are sure the answer is a definite NO. As we write this letter, embassies and their envoys are worried at the development in Edo State. The progress made in stopping the mindless trafficking of women and children from Edo State that has made the Italian government a development partner with Edo state is being threatened by the contrived impasse in the Assembly of Edo state. Gelegele sea port project is threatened. The modular refinery is threatened. The road constructions projects are threatened. Can we allow this imaginative leadership to be cast aside? Can we allow a prudent Governor who has managed with dexterity the meagre resources available to the State and completing projects that no-one ever thought possible be simply shunted aside? The people of Edo State nicknamed the Governor as ‘wake and see’ because of the rapid manner projects spring up and are completed to the consternation of the people. The State resources are husbanded by the Governor the way a husband holds his dear wife. Should the selection of a Speaker and the ambition of a few potential gubernatorial contestants diminish Edo State by allowing these landmark projects to be blown away? Comrade Chairman, we have written this letter to remind you that you had a reason for making Gov Obaseki your successor in office. He has been loyal to you and deserves your protection. He has remained relentless in the pursuit of your model of development. He has turned Edo state into an APC state by his miraculous and pace-setting performance. He loves Edo people and it is evident in his actions. He is not arbitrary and he is painstaking. Edo state under his control is like it was under your care and as your able successor his success is your success. The stability of Edo APC and the dynamism of the Edo state Governor will serve you well as national party Chairman. During your contest for the position as national Chairman, against pressure of other members of his tribal affiliations, he supported your candidature and created enemies in and outside Edo state who now want his head. Sir, you need to protect your mentee. We implore you to rescue the Governor from the shark infested waters of Edo politics. Just a statement of support and reconciliation by you will solve all the problems. You have the capacity to pour the oil of ‘Gilead’ on the troubled waters. You once told us “I will not sit on the fence on issues”. Please, act now in the interest of the people you governed for eight years. Comrade Governor, “this boy called you father do not have a hand in his death”. Please, accept, Mr. National Chairman of APC, the assurances of our highest esteem. Best regards. For and on behalf of All Edo State Professionals: 12. Dr. Celey Okogun 1. Nuhu Yakubu 13. Prof. Austin Obasohan 2. Osaro Isokpan Esq. 14. Prof. Dominic Osaghae 3. Emmanuel Ijewere 15. Moses Aroko 4. Emmanuel Ikazoboh 16. Prof. Joshua Otaigbe 5. Nuhu Yakubu 17. Percy Okogie Esq. 6. Sam Obaze 7. Chief Lawson Omokhodion 18. Rt. Hon. (Engr) Charles Osezua, OFR. 8. Hector Etomi 19. Efe Akhigbe 9. Aigbe Olotu 20. Ambrose Idogho 10. Chief Albert Iyorah 21. Macaulay Iyayi 11. Dr. Pascal Ebhohimen 22. Kingsley Ighomwenghian

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23. Osayaba Giwa-Osagie Esq. 24. Ben Ijewere Esq 25. Sylvester Omogui 26. Niyi Olowu 27. Professor Imuetiyan Salami 28. Ikponmwosa Alile 29. Osaretin Rhigiamusoe. 30.Dr Ben Aihebha 31. Julius Oseyomo 32. Henry Omoragbon 33. Dr. Chris Momoh.

Friday 19 July 2019

BUSINESS DAY

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Friday 19 July 2019

BUSINESS DAY

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Friday 19 July 2019

BUSINESS DAY

news Will oil prices help or harm Nigeria’s economy in Q3? Lukman Otunuga, research analyst at FXTM

lobal Oil prices looked tired, exhausted and ready for an early summer break during the second quarter of 2019, as global growth fears overshadowed supply disruptions and ongoing OPEC supply cuts. At the time of writing, Oil prices remain shaky and vulnerable despite OPEC+ latest decision to extend production cuts until March 2020. The crucial question is whether Oil prices will ever recover and trade back towards the $70+ levels. That depends less on geopolitical tensions in the Middle East and more on whether the US and China can reach a trade deal, settling disputes over tariffs and opening the door to continued global growth. In this case, it’s likely that Oil prices will be injected with a renewed sense of confidence on the back of boosted global growth expectations and demand for Oil. But what if the current circumstances persist and the US-China trade disputes continue throughout the second half of 2019? Taking each scenario oneby-one, starting with the upside for Oil prices, Nigeria’s economy could benefit considerably if a US-China trade deal is reached and global growth expectations become brighter. The manufacturing sectors in the US and China are the Oil-gobbling engines, which drive demand

for international Oil suppliers. China is the world’s top crude Oil consumer, importing more than 50 percent of its consumption, part of which comes from Nigeria. In the fourth quarter of 2018, Nigeria exported N23.5 billion worth of crude Oil to China and remains a major trading partner to the Asian giant. It’s likely that if China’s economy roars back to life, Nigeria’s growth would see more long-term support, benefiting foreign exchange reserves and the Naira. Although unlikely, if a trade deal were to be announced early in the quarter, it’s possible the nation’s 2019 budget would also see ample support from increased Oil revenues from China. This argument doesn’t apply to the US, which has considerably reduced its crude Oil imports from Nigeria as it heads towards energy independence, relying instead on domestic production to meet its own needs. If you take the negative outlook on Oil, it’s more likely the rise in Oil prices is a temporary result of supply shortage fears and the prevalent trend in Q3 will be downward pressure from concerns over a global recession. In this unfavourable scenario, the world’s two largest economies do not reach a trade deal in the third quarter and aggregate demand for Oil continues falling as it tracks economic weaknesses in China and the US. As demand for Oil is whittled away, Nigeria’s foreign exchange reserves may be negatively im-

pacted, along with the Naira, the 2019 budget and most importantly GDP growth. In terms of the national budget sheet, expenses like the petrol subsidy may take the limelight as they drag on revenues, overshadowing growth and threatening fiscal stability. There’s another factor we haven’t talked about so far but it’s significant in terms of Oil market economics. Oil sales are denominated in US Dollars. Recently, the currency has weakened against its rivals, meaning that Oil is more affordable and possibly giving traders an incentive to snap up contracts at current levels before they rise further. If the Dollar bears have their way and the currency keeps declining, Oil price benchmarks could see further support in the third quarter. The impact of a weaker USD might not be as strong as a USChina trade deal, but it could feed positively into Nigeria’s Oil revenues and go some way to counter possible losses from ongoing global recession fears. To sum up, Nigeria’s foreign exchange reserves, currency, growth and budget will face headwinds should trade disputes persist. However, provided the USD keeps weakening there’s scope for support from higher Oil prices based on bargain hunting. There’s always the possibility that the US and China could decide on a trade deal, if this happens sooner than later, Nigeria’s economy would benefit accordingly.

Renault collaborates Coscharis Group to kick-start local auto assembly in Nigeria MIKE OCHONMA

igeria’s match towards local automotive assembly got fired up once again as Renault automakers of France returns back to the country with a bilateral agreement with Coscharis Automobile Group to assemble the brand locally. This piece of good news, which started gaining traction since last week, became real Thursday when the new Renault assembly plant located at Awoyaya, Epe in Lagos was announced by a high-powered delegation from France led by Fabrice Cambolive, senior vice president and chairman of the Africa, Middle East, India region of Groupe Renault, and Coscharis Group led by Cosmas Maduka, president/chief executive, in a latest strategic alliance that was expected to reshape the face of automobile industry in Nigeria. To kick start this strong cooperation, which involves both local production and distribution, two of the Renault variants namely Logan and Duster will be assembled in the existing Coscharis Assembly facility with an initial investment of $50 million in 2014. Meanwhile, the Renault Kwid and Oroch models respectively will be imported as completely built unit (CBU) in due course of

the partnership. In terms of size, the Coscharis Motors Assembly plant can assemble 18.000 cars per annum with capacity to assemble 36,000 cars on two shifts. In 2018, it assembled about 2000 vehicles which is regrettably which the company said is far below the installed capacity. Speaking shortly before the tour of the Renault assembly plant yesterday, Fabrice Cambolive, senior vice president and chairman of the Africa, MiddleEast India region of Groupe Renault said, “With a population of over 200 million, Nigeria is a strategic African country where Groupe Renault will extend its footprint. The Coscharis Group is a recognized player in car (vehicle) assembly and distribution’’. Fabrice Cambolive disclosed that the choice of Coscharis in the new partnership was made possible by a combination of the loal assembler’s expertise and the Renault model range that are adapted to the local needs. With this synergy, ‘’We will be able to answer immediately to the customers’ demand in Nigeria,” said Groupe Renault. He disclosed that that the Renault brand is leading the African continent with an 18% market share. In 2018, Groupe Renault sold more than 216 000 vehicles in Africa, with huge sales volume coming from Morocco, Algeria,

Kidnappings: Obaseki, Nigerian Air Force set to partner on periodic aerial surveillance

do State governor, Godwin Obaseki,hasfirmeduptalks with the Nigerian Air Force to assist his administration with periodic air surveillance to check theactivitiesofkidnappersinparts of the state. According to Obaseki, the planned collaboration was informed by the equipment in the strategic operations unit of the Air Force, which he said would be useful to the state’s security

architecture. The governor, who received the new Commander, 107 Air Maritime Group, Nigerian Air Force Base Benin, Group Captain Nasiru Saidu, during a courtesy visit to Government House, assuredofhisadministration’sreadiness to support the operations of the Air Force. Obaseki said: “I spoke with the Chief of Air Staff, soliciting his support to curb the current rate of

kidnapping in the state. “As a government we have continued to invest in infrastructuresuchasthenightlandingfacility installed at the Benin Airport which your men are helping us to secure.” He assured the new commander that he would look into their request for Certificate of Occupancy for their landed property and see ways to intervene in the property under dispute.

Dangote Cement promo triggers upsurge in demand for cement … as graduate applicant wins a saloon car

he ongoing Dangote Cement’s Bag of Goodies Promo, which promises to reward 21 million cement consumers nationwide, has ramped updemandsfortheproductinthe South-Westernpartofthecountry just as another star prize winner emerged in Ibadan, Oyo State. Attesting to the favourable response from the cement consumers since the Bag of Goodies was launched, some of the retailers and distributors of Dangote Cement who during the presentation of the saloon car to the winner, Godwin Chimezie Success in Ibadan said the advent of the promo has led to an upsurge in the demand for Dangote Cement. Speaking one after another, the cement sellers said they were not surprised at the increased demands for Dangote cement because this is the first time a cement company would be

coming out with a big promo meant to benefit over 20 million consumers. “This is very unprecedented and this can only be done by Dangote Cement being the biggest of the cement companies. Imagining a cement promo with almost 50 cars, 550 refrigerators, 500 television sets, tricycles and motorcycles,whowouldnotwant have any of these at this time in Nigeria,” expressed Mr. Olanipekun Onifade kamoru, Chairman of Onyx Global, a leading Dangote cement distributor based in Oyo town. He stated that many cement consumers who have won prizes in the promo never believed it because they are not used to cement promo. JosephMakoju,groupmanaging director of Dangote Cement plc, who handed the car key to the winner, in company with Oyo State deputy governor, Raufu www.businessday.ng

Olaniyan, said the promo was a unique way of appreciating the real consumers of Dangote cement all over the country. “As you can see, no lucky dip, no raffle draw, it’s a straight win through scratch card. Every bag of Dangote cement has a card in it. What you get is what you win. No magomago. Cement sale is like a war, the distributors are the generals while the retailers are the foot soldiers. “At Dangote Cement we work hard to produce quality cement at affordable price so that we remain the best. Every time, we try to grow loyalty by rewarding our stakeholders, the last time it was the retailer, this time around it’s the consumers.” Makoju stated that hat no fewer than eight million bags of cementofhighqualityarereleased tothemarketdailyandthatrobotic technology made such production easy. https://www.facebook.com/businessdayng

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South Africa, Egypt. The group’s objective is to maintain its leadership within these countries and respond to the demand of the new emerging middle class of the countries like Nigeria. Commenting on this new business collaboration, the President / CEO of Coscharis Group, Cosmas Maduka said: ‘’this partnership is to showcase another initiative from our great organization through one of our subsidiaries, Coscharis Motors, to further create value as a key player in the automobile industry in Nigeria’’. we are glad to celebrate the confidence the renowned brand, Renault reposed in us to represent them in Nigeria. This milestone marks another step in the evolution of our organization towards remaining timeless in its relevance’’. According to Maduka, this partnership is to further delight the esteemed loyal customers and prospects alike, especially towards providing them a bouquet of more options and value for money. In his words, ‘’We are committed to broadening our dealership scope when such opportunity as this happens, since it is a strategic opportunity to deliver capable, refined and cost-effective vehicle models to our ever loyal customers,” he said.

Friday 19 July 2019

BUSINESS DAY

NEWS Medbury confirms hijack of ambulance to convey Tramadol … backs further investigation, suspends driver

edbury Medical Services has affirmed that one of its Medrescue ambulances was hijacked to convey unlawful Tramadol. The firm said in a press statement seen by BusinessDay. The ambulance was recovered by officers of the Nigerian Customs Service (NCS) after which they discovered that it contained packs of Tramadol. At the time of the incident, the ambulance was deployed onsite at the premises of one of the company’s clients. The medical firm stated that the perpetrator was driven by personal motive when he gained access to Medrescure ambulance to transport the illicit drug. “As we are also a victim of the incident, we are working with all stakeholders to understand the situation,” the firm said, adding that it is in contact with its client and also cooperating with relevant state agencies to properly investigate the incident. However, the company, in the statement on Thursday, said the driver hijacked the ambulance without

permission. It would be recalled that officials of the NCS, Apapa Area Command, on Wednesday announced the arrest of two suspects caught with 10 cartons of stolen Tramadol conveyed in an ambulance at Apapa ports. Medbury, a reputable industrial health provider responsible for emergency medical services to Apapa Warf, had at all times stationed its ambulances within the terminal. The company had earlier discovered that the whereabouts of the driver and ambulance where unknown and missing before the news broke. The company stated that the perpetrators of the condemnable act unlawfully hijacked its ambulance. The company also clarified that it has immediately suspended the driver and launched investigation into how the vehicle was used for the illegal activity. The statement read in part, “The initial assumption was that the driver had stolen the ambulance, but we were later informed that the driver had been intercepted by Customs

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officers at the Port and Tramadol was discovered in the vehicle. “We will like to clarify that the driver was at the time of the incident not authorised to move the vehicle out of the premises and acted on his own accord. “We immediately provided a replacement, a fully equipped ambulance, as soon as we were notified of the incident and the driver involved has been suspended indefinitely, pending the report of the investigation.” The statement added, “We are a law-abiding organisation and we will like to state that we are cooperating fully with the Nigerian Customs regarding this incident.” The company commended moves by the Nigeria Customs to further investigate the matter stating “While the terminal interfaces with Nigerian Customs and the issue of investigation is ongoing, we are on standby to offer assistance within our capacity and knowledge on the issue as well as receive any useful information from the terminal on its perspective on the issue.

We’ll fund Blue Line rail to completion - Sanwo-Olu JOSHUA BASSEY

overnor of Lagos State Babajide Sanwo-Olu says his administration will fund the Lagos Blue Line rail system to full completion. He has, however, not attached any date to it. His immediate predecessor in office, Akinwunmi Ambode, had shifted completion date for the project thrice to 2023. The 27.1km rail line with elevated sections, spanning from Okokomaiko to Marina on Lagos-Badagry corridor, was started by the former administration of Babatunde Fashola in 2009 and projected to be completed in 2013, a feat the administration failed to achieve. Fashola’s successor, Ambode, also failed to fund the project to completion, before Sanwo-Olu inherited it on May 29, 2019. But speaking at the fourth edition of the annual Lagos Traffic Radio lecture series with theme “Lagos beyond roads; the inter-modal transport option,” held Thursday, Sanwo-Olu assured his ad-

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ministration will fund the rail line to completion. Sanwo-Olu, represented by his deputy, Obafemi Hamzat, at the event where Fashola, the initiator of the project, was in attendance, affirmed that rail system was necessary to move growing human population. He said the Lagos State government was in talks with the Federal Government to share the Nigerian Railway Corporation (NRC) alignment for another rail line (Red Line) also long proposed to run from Agbado to Marina, with the involvement of the private sector. “We will open up the space for the participation of investors and stakeholders, both local and foreign in order to actualise the Red Line which is 31km from Agbado to Marina and a 6km spur from Oshodi to Muritala Mohammed Airport. The Federal Government will build the stations at Agbado, Agege and EbuteMetta while Lagos State government will build at Iju, Mushin, Oshodi, Ikeja, Yaba, and Oyingbo. From Ebute Metta, Lagos will then fund

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the extension of the line to Marina, said Sanwo-Olu. The governor added that the state government was also doing its best to actualise the inter-modal transportation, fusing rail, waterways and road with the objective to reduce the current 95 percent dependence on roads to move the over 22 million residents of the commercial city. On his part Fashola, who was the special guest and lead speaker at the lecture, urged Lagos to prioritise the execution of state projects as there would always be competition for funding and project implementation. Proffering solutions to the transportation situation in the city, he admonished Sanwo-Olu to priotise the blue rail project, which he described as the first cityowned project in the world without Federal Government intervention. Fashola also appealed to Sanwo-Olu to ensure all ferry terminals in the state are functioning and expand the Bus Rapid Transit, (BRT), in the state to extend to other divisions across the state.

Friday 19 July 2019

BUSINESS DAY

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Friday 19 July 2019

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The madness of foolanisation and the debasement of reason THE NEW WEALTH OF NATIONS

Obadiah Mailafia

n late nineteenth century Russia, a dozen men were once lined up to be executed for high treason. As the executioners got set with their guns, an emissary from the Tsar’s royal palace turns up to announce a pardon. When the prisoners were untied from the stakes, several were already dead. When a government forms the habit of taking its people to the very edges of the Niagara Falls of history, there comes a time when something snaps. People are traumatised beyond endurance. The anger seething among Nigerians today is unprecedented. Although the Ruga fiasco has officially been “suspended”, the red lines of history have already been crossed. The recent execution of Mrs Funke Olakunrin, daughter of Afenifere elder, Pa Reuben Fasoranti, has further brought the country to boiling point. This is the denouement of an unfolding scenario in which more than 60,000 Nigerians have been slaughtered by shadowy foreign herdsmen militias. The Land Use Act 1978 reposes ownership of land on those who live on it. Communities hold all our lands in trust on behalf of our ancestors and children yet unborn, in line with the customs of the African peoples as they have existed since

time immemorial. The State Governor is merely an overseer of those communal lands. In war and peace, government can commandeer such lands for projects of a public nature. But they are required to adequately consult the communities and to offer adequate compensation. Beyond FCT, the Federal Government, by law, has no land anywhere to hand-over to anyone, let alone murderous alien bandits. Only those who are ignorant of jurisprudence and the first principles of sound public administration can play with fire in such a reckless and offensive manner. The state since Hobbes and Montesquieu has existed only because people hand over their rights to the sovereign in exchange for protection and security. When the state fails in that elementary deontology, it forfeits the right to be obeyed. Indeed, St. Augustine of Hippo taught that an unjust law is no law. People reserve the right, according to the English political philosopher John Locke, to rebel against immoral and unjust laws. The right to rebel against injustice, illegality and oppression is a sacrosanct right of all peoples under the imperatives under all the precepts of natural law, equity and good conscience. We suspect that the secret agenda is to effect a massive population influx that would change the ethnic geomorphology and demographics of our country to ensure that power permanently resides in one side of the country to the detriment of all the others. It is an evil agenda that is capable of violently dismembering our country. In the Middle Belt, murderous herdsmen militias have razed down hundreds of villages and sys-

tematically repopulated them with their own people. It is a brutal strategy anchored on military conquest, land dispossession and hegemony. Government at both federal and state level has turned a blind eye to these genocidal atrocities. The Adara community in Southern Kaduna, for example, have been on the receiving end of severe ethno-religious persecution in recent years. Last year their king HRH Dr. Maiwada Galadima was assassinated by the faceless herdsmen. It was heartbreaking that this royal father, much respected for his wisdom and gentleness – a retired educationist and a knight of the Catholic Church – perished in this brutal manner. When the elders raised their voices against this calamitous injustice, they were rounded up and imprisoned. They were only released recently after spending several months in detention. Hundreds of people have been killed in Adara land. Farmers can no longer attend to their farms because of the fear of being killed. Poverty and incipient famine are the grim reality of daily life. Meanwhile, soldiers have been sent into those communities, confiscating their pathetic den guns, bows and arrows and denying them of any means of defending themselves against a murderous enemy. Throughout much of the Middle Belt, foreign bandits have taken over the roads and forests, springs and lush farmlands. They are the new owner-occupiers of primeval savannah homeland of a people who built the legendary Nok civilisation that is traceable back to the Egypt of the Pharaohs. We who were never conquered in history have become a conquered people through subterfuge

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I cannot believe that in our twenty-first century, people in authority can behave with such wanton disregard for law, ethics and social justice

and the classic Islamic warfare strategies of taqiyya, fitna, and savagery. The same expansionism is gradually being extended to the southern part of our country. The federal government recently announced a six-month ultimatum to all irregular migrants to regularise their stay. If we were living in sane times, that decree would have a meaning. But it is meaningless in the context of aliens who arrived our shores with guns and bayonets. ECOWAS protocols patently do not cover those who cross the border bearing illegal arms. They must be flushed out! I cannot believe that in our twenty-first century, people in authority can behave with such wanton disregard for law, ethics and social justice. The law of karma is universal and unforgiving. Those who live by the sword will, sooner or later, perish by the sword. Those who sow to the wind, will, by the slow and inexorable arc of justice, reap the whirlwind. Do not fear those who can kill the body but not the spirit. God still rules the universe, let the earth tremble! History has a way of settling accounts with those who shed the blood of innocent women and children. They may have all the arms and all the money and power, but the curse they have brought upon themselves will be visited be visited on their children to the seventh generation. We shall overcome. Nigeria will rise again. And the glory shall be the Lord’s. 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)

HR recruitment strategy II

elieve it or not the year 2020 is less than six months away and this is the time organisations need to review their plans for next year. Many organisations have gone through the motion at the beginning of the year (or maybe three or four years ago) to plan for 2020. It is however time to review those plans. Are those plans still relevant in line with the technology that is currently available? Are they still relevant to what is happening in government and in your environment? Whether it is for expansion, whether it is for recruitment, whether it is for innovation, review, review and review again. Today we’re going to be following on from the last article and we will be looking at recruitment, the second portion of your recruitment strategy. Why should we take a good recruitment process so seriously? We must take it seriously because a good recruitment process minimizes the time involved in the searching, interviewing, hiring and training. It can streamline these processes and make the search for viable candidates much more efficient. Also recruitment has a cost implication when it is not done right the first time. When done right the first time, it saves the organisation not just money, but also saves you making a cultural fit mistake, saves you having a bad egg in the pack or having foxes in the hen house. The price for hiring the wrong person into a wrong role is more than the cost of the recruitment consultant or the cost of the time of your human resource personnel. It includes the cost

of on-boarding, the cost of work tools assigned to new employee, (that may be damaged in the process) and the cost of doing it all over again. Also a non-monetary cost includes damage done to the morale of other employees and damage done to the work which may in some cases be irreparable. All these can be a high cost. Therefore you have to be sure you have right candidate. Besides looking for industry knowledge (if this is important), we should be looking for at least the following but not limited to: * Good Communication skills * Positive attitude * Cooperation/Teamwork * Goal-Oriented * Flexibility * Dependability * Integrity * Creativity * Long Term Potential * Enthusiasm and Passion * Putting Skills to Action * Ambition * Responsiveness. When all the interviews have been conducted, the successful candidate has been identified and all the reports have been written, the successful candidate has to be taken through the job description again before the letter of offer is drawn up. The contents of the offer can be discussed at this point just so that a letter that will be rejected is written. Some organisations will do this at the point of giving the letter of offer and some people don’t even bother to have this crucial discus-

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sion. They just send the letter of offer and job description. The consequence is either a rejection, after a lot of work and man-hours of senior people have been wasted or an acceptance without the candidate fully understanding the role. This will always end in disaster. Once the organisation and candidate are sure they want each other a letter of offer is given. This is a formal written document sent by an employer to the selected job candidate and it is important that both the employee and the employer are clear as to the conditions of employment. Once the candidate has formally accepted the offer, the organisation should prepare to receive the new employee. The best policy is to have everything the new employee needs ready for them on the first day. On-boarding is the action or process of integrating a new employee into an organisation. Apparently the word was coined in the 1970s and is also known as organisational socialization. It’s the mechanism through which new employees acquire the necessary knowledge, skills, and behavior in order to become effective members of an organisation. This process means you have prepared the staff to meet the new employee. You should have prepared information for them regarding the history, culture, goals values etc. of the organisation. You may have different people at different levels interact with the new employee. You give them any work tools and familiarise them with the organisation’s rules on how to use

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Olamide Balogun various company assets. You take them through any policies and procedures that pertains to them and that will ensure they deliver to the best of their abilities. Depending on the organisation, this may take a week or three months. This just depends on what has become your culture. Please don’t underestimate this process. It increases employee engagement and helps get them up to speed with seasoned hires much more quickly. The process benefits new hires, old hires, and company leaders alike. Orientation is just a step in the on-boarding process. They are not to be confused with each other. On-boarding is an ongoing process of building engagement from the first contact until the employee becomes established within the organization. Usually the recruitment process ends with the employee’s first appraisal session in the Balogun is the founder of Box & Cedar Ltd a boutique Recruitment and HR Consulting firm Www.boxandcedar.com

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Friday 19 July 2019

BUSINESS DAY

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Celebrating Dr Bolaji Ajenifuja at 90 HumanAngle

Femi olugbile

n the first of July 2019, a celebration took place in an exclusive suburb of Victoria Island, Lagos. It was the 90th birthday of Dr Bolaji Ajenifuja, one of the doyens of the specialty of Pediatrics in Nigeria, and a man who, even in his lifetime, has already become a legend. “I have taken care of four generations of Onirus’ , he could say, in a matter-of-fact way. ‘I looked after his father, then the current Oba, and then his children, and now his grandchildren…” He is a man who converses without affectation. He makes the truth look commonplace. His youthful ambition, after his medical studies in the United Kingdom, was to become a gynaecologist. Dr Norman Williams, the Chief Medical Adviser to the Nigerian Government of the day, must have seen something in the young Ajenifuja – perhaps the air of care and compassion he exuded as a junior Medical Officer, when he persuaded him to try his hands at the then ‘virgin’ field of Paediatrics. He accepted the advice of the older man and began a stint as a Medical Officer in the unit at the General Hospital, Odan. In 1962, a new hospital was opened in the Lagos city-centre. It was located

in the warren of streets and alleys that characterized the traditional areas of the expanding city. It was named Massey Street Children’s Hospital and was the first dedicated Children’s hospital in West Africa. The young Ajenifuja became one of its pioneer staffs, and spent some years happily labouring to help the sick babies of market women as they battled with malaria, childhood pneumonia and an assortment of other ailments. Ajenifuja would take a break from the rigours of Massey Street to travel to England for professional qualifications. He returned to Massey as a Consultant Paediatrician, having obtained the Membership of the Royal College of Paediatrics. As you berthed in Victoria Island on this particular day, the memories of the 80th birthday of this great doctor and mentor at the same venue exactly ten years ago were still fresh in your mind. You wandered now what could be different about this one. At 90, Dr Ajenifuja was still practicing Paediatrics. He explained this with a genial shrug of his shoulders, as though in helpless resignation. “My patients would not let me rest. Many of them – I looked after their parents. And then I looked after them. Now I’m looking after their children.” That was how the story of the Oniru Royal family came about. It was clearly one of a great many. “Even if it’s only two hours consultation I do daily, the clinic is always busy. I enjoy it.” It is trite to say he does not need the money – he hasn’t needed money for a long time. When he retired from practice at Massey Street Hospital after

fourteen years of sterling service, many of the greatest accomplishments of his life were still to come. But it was clear even then that he was a man with a bent for enterprise and private practice. He was already well-to-do. When he moved from his government quarters in Ikoyi, it was to his mansion in Ogalade Close, Victoria Island. In 1968, Ajenifuja and a number of other pioneers in the field came together to form the Paediatrics Association of Nigeria. His compatriots of the day bore names that ring a bell in Nigeria to this day – Olikoye Ransome Kuti, Ishaya Audu, Asuquo Antia, Anjorin Animashaun. This coming together occurred while Dr Ajenifuja was a Consultant at Massey. Not long after his ‘retirement’, he was elected as President of the Association. Other accolades would follow. He was elected as President of the Union of African Paediatric Associations and Societies, becoming the first Nigerian to occupy that exalted office. He became a Standing Committee member of the International Paediatrics Association. There is something very ‘Old Lagos’ about Dr Ajenifuja. He knows everybody, or so it seems, and everybody knows him. An early member of Yoruba Tennis Club, Island Club and the Exclusive Club of Ikorodu, he was also a pioneering member of the Rotary Club in Lagos. The son of a well-to-do aso oke merchant from Ikorodu has made good and clearly has a lot to celebrate. Gathered together to celebrate his epochal entry into the nonagenarian category were friends, family, and generations of patients – people who appreciate how the now frail-looking and slow-moving

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In 1962, the young Ajenifuja became was pioneer staff of Massey Street Children’s Hospital, the first dedicated Children’s hospital in West Africa

Ajenifuja has impacted their lives. He was seated at the head of a table in the expansive sitting room. His friends were clustered around him – the elders and eminents of Yoruba Tennis Club and the various clubs and associations he belonged to. Alhaji Femi Okunnu, suave and dapper as usual in jacket and bow tie, Baba Eto Chief Folarin Coker, Dr Olufemi Bucknor. Their conversation was lively and vigorous, filled with much laughter. Perhaps they were talking about matters many years old, pertaining to a life and a Lagos that existed long before many of the younger people in the room were even born. You bowed low to pay your respects. Dr Ajenifuja held your hand and tried to introduce you to his friends. “Chief Folarin Coker – Baba Eto… You know him?” “Yessir,” you said, greeting the pioneer Permanent Secretary for Information and Strategy in Lagos State, who was vision-impaired. He reached for your hand and erupted in a long string of Yoruba prayers. “I was PS when Alausa Clinic was named after you sir…” “And this is my friend – Dr Bucknor…” “Dr Bucknor employed me into the Service sir…” Having proved your bona fides with the elders, you sought out a spot among revelers closer to your age. It was not every day a pioneer and icon of the Medical profession gathered Lagos society to celebrate 90 years of a life filled with sterling achievement and service to humanity, especially the people of Lagos. It was a moment to be savoured. Femi Olugbile is a Writer and Psychiatrist. Comments to synthesiz@ gmail.com’

Business, negotiations and the audacity of No!

he actor, Sylvester Stallone was broke and homeless. He slept on the streets of New York and bus stations with his dear dog. Unable to feed the dog and to survive, he had to sell the dog at a liquor store, to a stranger. Sadly, with tears in his eyes, he sold for $25 only. That night he stayed up crying. One day, after watching a Muhammed Ali fight, it inspired him to write a movie script called “Rocky”. Hungry and tired, he stayed awake dripping sweat, blood and tears for days just to finish it. It was a fantastic script! He tried to sell the script and got an offer for $125,000 for it. But he had just one request. He wanted to star in the movie. He wanted to be the main actor, Rocky. But the studio said no. They wanted a “real star”. They said he looked scraggy and talked funny. Even though he was hungry, he declined and left with his script. He looked at them eye balls to eye balls and said no even though he had no home to even return to. They must have been shocked as they let him go. After a while, the studio agreed knowing that he wouldn’t compromise; they gave him $35,000 for the script and allowed him to star in it! That movie Rocky shook Hollywood; the Oscars even inducted it as one of the greatest movies of all time. And do you know the first thing he bought with the $35,000? The Dog. This is a story of persistence, negotiating, loyalty and dreams. It’s what great people are made of. Half of the troubles of this life can be traced to saying “yes” too quickly and not saying “no” soon and often enough. I can relate to this story for I have been in such a position. In the heat of a lot of needs about a decade ago, I couldn’t explain to my family why I kept turning down employment offers as a fresh graduate to start a business with zero capital. A few times I will go for interviews and ask for strategic roles and pay. Most times they looked at me funny as a

fresh graduate and all the time I would walk away from the negotiation table if I wasn’t given what I wanted. I was either very stupid or very confident. Over a decade later, businesses are growing by depending on our business. To grow, I’ve realized that diamonds come from pressure, a gem comes from friction. Life doesn’t give you what you want, but what you negotiate. Take the pain. If you win you’d be happier, if you lose you’d be smarter. You’d go harder. The harder the life, the stronger you’ll become. The stronger you become, the easier the life will be. Most people don’t stay long enough in a thing. So they negotiate out of impatience and hunger. They want the short term good feeling. Everybody just wants the temporary high of short term reward. It’s usually a smoke screen. In a world where everyone is screaming “positive vibes only”, it’s leaving a lot more people living a mirage; people make long term decision for short term gains. A few days ago I walked out on a high paying contract renewal because although we as a firm needed the pay, I knew it would be distractive. It’s something I am still learning to teach my team and carry them along with. Sometime last year at Hexavia, a management consulting firm, we were involved in a high power project that began to look too political. We just wanted to be technocrats and everyone else felt the right thing wasn’t the best thing to do. While I stood my ground as a consultant, our contract was terminated by the powers that be on a high level project because we made an honest recommendation that was uneasy and was to affect a lot of people. We must have been seen as “bad vibes” for not saying what they needed to hear, for not romancing egos and playing ball (I believe a few people knew we were right but their self-interest

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and the harder route which they were unwilling to take made them keep mute). The environment was very political. For this, our contract was terminated. We didn’t beg or lobby to get back on their own terms. We just walked away (just the way I like explain it to my colleagues: there is a reason why there is an exclamation mark at the end of Hexavia!). Three months later we get a call requesting for us to get back on the project and implement some of our recommendation after their easy route had failed. And of course Net Present Value (NPV) of money was at play; they just had to pay more to get us back. Today, the organization is better structured and back to profit. My point is, it’s great to be an optimist, and almost as equal as it is to be a pessimist, when there is none in your team/organization. For the sake of results, we most times forget, we owe them the most brilliant questions for qualitative risk management that brings about innovation. Without the fear of being labelled a pessimist or black sheep, learn to weigh whatever you are offered on the scale of what you want as against what you want most. In the words of Steven Covey, “You have to decide what your highest priorities are and have the courage to pleasantly, smilingly, and nonapologetically say no to other things. And the way to do that is by having a bigger yes burning inside.” As much as it’s good to be an optimist, pessimists play a very important role too. The truth is that extreme optimism has its down side: Maximax Criterion as we call it in in Operation’s Research (for those with engineering mathematics and advanced management/ quantitative analysis background). Having a balance between optimism and pessimism is key (when the coefficient of optimism according to The Hurwicz criterion is between 0 and 1). That’s a realist at play. Just like

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EIZU UWAOMA the saying goes, it took an optimist to invent the aeroplane but a pessimist to invent the parachute! Be a master and writer of your own destiny; define who you are and want to be else others will define it for you. Be the master of your own image rather than letting others define it for you. The world wants to assign you a role in life. And once you accept that role you are doomed. Don’t be afraid to stand out from the crowd and demand what is different. But let that audacity come from something deep within. Something you know, have mastered and familiar with. It’s an asset for the negotiation table, either for business or power. Do not negotiate on unfamiliar grounds. The 8th law of the 48 Laws of Power by Robert Greene, says “Make other people come to you, use bait if necessary”. For negotiations or meetings, it is always wise to lure others into your territory, or the territory of your choice. You have your bearings, while they see nothing familiar and are subtly placed on the defensive. That’s how to get more from situations.

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

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Friday 19 July 2019

BUSINESS DAY

Editorial Publisher/CEO

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

Time is running out fast for Buhari and faster for Nigeria Continued from front page the contrary, the nation has moved from claims that Boko Haram has been “technically defeated” or “degraded” to an admission that group remains a threat to at least the North East of the country. The economy too needs urgent attaention. The Nigerian economy has been in the doldrums since it entered into recession under Mr President’s watch. While the country exited that phase, key players and the average citizen feel the blues in the poor performance of the economy. Almost all indices are looking southwards. Take power, for instance. According to the Vice President, Prof Yemi Osinbajo, the Fe deral G ov ernment has spent N900b on power projects since 2015. Unfortunately, the lived experience

of citizens with power belies such humungous expenditure. Capacity has not improved, nor is there better supply or reliability. Power remains critical to any measure of success and is needed to power the economy and wellbeing of citizens. All of these require a leader who is focused and hands-on with eyes on the ball. Unfortunately, the perception is growing that Mr President is focused on matters other than the task for which he fought and won re-election. No one can say that Mr President is busier than he was in 2015. Well-meaning Nigerians such as Nobel laureate Wole Soyinka and PMB’s erstwhile running mate Pastor Tunde Bakare have now arrived at the same conclusion with most of the country: Nigeria is too big a task for Buhari to handle. We have the classic case of the Peter Principle. In offering him-

self and accepting to serve as civilian president after nearly four decades out of public life and civic engagement, PMB has entered his level of incompetence. It is a sad development for the country. There is so much to tackle in Nigeria. Nations of the world and our peers in Africa are driving full speed ahead. No dithering. They are tackling the social and economic challenges of their countries with vision, clarity and conscientiousness. Under Buhari, Nigeria has now spent the first two months of his new term getting more divided on matters such as the failed effort at land grab, a policy initiated and pushed by an unelected member of his kitchen cabinet and civil servants without a cabinet head. A cooperative National Assembly headed by persons the party and the President desired has reached out to indicate a will-

ingness to collaborate. Alas. We hope that the Soyinkas and Bakares of this world are wrong about the lack of capacity of Mr President. There are too many issues requiring focused attention and diligent implementation. Time is at a premium and time is not on the side of the President while it is running out fast for the country. Leaders tend to become lame duck very fast under this democracy. Effective leaders get their best work done in the first two years of the term, and that is for those who set forth immediately. Many in the political class are already holding consultations and permutations about succession in 2023. Yet the work for which the President took the oath on May 29 has yet to commence. It is unacceptable. Someone, please wake Mr President to the urgency of the task before him and our country.

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These days not every child is made for boarding school Tales from the main road

Eugenia Abu

n 1976, I graduated from what I will consider one of the finest secondary schools in the North, Queen Amina College, Kaduna. It used to be Queen of Apostles College Kaduna when it was managed by the Catholic mission before it was taken over by government and renamed. I enjoyed both worlds. I remember the Reverend Sisters, dedicated and diligent all ensuring that we were well catered for. Our parents were not afraid to send us away from school into a world where we benefitted not only excellent education but amazing life skills, etiquette, politeness, hard work and respect. It was here that you honed your artistic skills or flowered as a scientist and the Reverend Sisters were honest about what you were or were not good at. It was here that religious tolerance thrived as the sisters led by example building a mosque at the school’s gate. It was here that Hajia Saudatu Mahdi studied Bible Religious knowledge. Cerebral and efficient at her job as Secretary General of Women’s Rights Advancement and Protection Alternative (WRAPA). A good Muslim, today she is sound in both religious books as all Queen Amina students have proven to be, We all prayed

together at assembly so I know the Fathia as many Muslims then knew the Lord’s prayer. I remember with the greatest respect two of the most phenomenal women in my life who have moulded me and all those who passed through Queen Amina during their time. The Principals when Government took over, the late Dr Ramatu Abdullahi and then Ms Salamatu Audu. Don’t cross them. Efficient administrators, top disciplinarians and great moulders of women. How can we forget Dr Ramatu Abdullahi’s excellent English at assembly or her beautiful eyes which became round and large when you had committed a foul? How can we forget the swift movement of Salamatu Audu, her impeccable dress sense and the curl of her lips when she looked at you if you are on the wrong side of the law? How can we forget how she spoke, every word in the right place? Who did you emulate if you went to Queen Amina College in those times and you did not speak well? We were all their children and still are. It was a good time to go to school and an excellent time to be a boarder. I remember the protocol for going to bed, the prayers, lights out, entertainment on Saturdays and the debating society’s outing at NTA Kaduna. The debates were fierce and we competed with many who went on to do great things including my brother, the cerebral Governor of Kaduna state, Mallam Nasir El Rufai. Boarding was beautiful. It blended us and mended us and gave us every reason to look forward to returning to school. My lifelong friends are from these institutions whose management placed the students above self.

Today what do we see? Hostels where you will not keep your animals and management that is in it for the beer. I have been to many boarding schools across the land and very few are really interested in the welfare of the children. Many of the private schools are charging crazy money, a lot of the government ones are less than stellar and the children’s health is managed by fly by night nurses who offer Panadol for all ailments and some of the sick bays are there for siphoning money. I am at my wits end when parents complain of sick children who the school will not release and yet do not have the capacity to cater for. In addition to all of these are matrons and staff who spend their lifetime putting children up to ask for favours for them. When I went to school, it was a crime to offer a staff money for anything. School rules could not be compromised by staff in cahoots with parents. Unheard of. My father was an educationist and he was very strict. There was a chapel in the school which permitted outsiders to worship with us on Sundays. One of those Sundays my mum as all mums are wont to do travelled all the way from Zaria to Kaduna with jollof rice tucked in her basket which she handed to me and my sister after church. Unfortunately for us, Dr Abdullahi’s prying eyes caught the exchange as she walked past the chapel and she packed us off with my mum on a short suspension spell to as she put it “Go and continue enjoying jollof rice with your parents”. My father was mad. Several apologies later and a show of contrition saw us back in school.

But boarding schools today do not come anywhere near what we had. It’s difficult to understand how it all went south. Bullying, cultism, wickedness even from children as young as 12 and 14 years is now the order of the day. Teachers who bully children are not excluded. You also have some schools peddling unqualified teachers and because it is a boarding school, you have no way of knowing. Then there is sexual harassment by some male teachers and drug use in many schools including all female schools. In a lot of schools today, school fees are not really what rescues your children. It’s gifts to some members of the school as protection for your children. Then there are levies and more levies. So for example if the school decides to buy a bus and you had four children in the school, the school insists that you pay the bus levy four times after the school fees, which is insane. I believe that boarding schools build resilience but with the fragility of today’s children, peer pressure, wickedness and intense bullying, some kids do not possess what it takes to survive all that life throws at them in today’s mean culture in boarding schools. Check your children’s moods and any change in character which may be telling. Get them to tell you what is going on. And if you are not happy or satisfied, pull them out and protect them at home while instituting a structure that will make them pass their exams. Trust me, some kids are not made for boarding with what is going on these days. Enough said.

‘

the fragility of today’s children, peer pressure, wickedness and intense bullying, some kids do not possess what it takes to survive all that life throws at them in today’s mean culture in boarding schools

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

A stitch in time

hen a 13-year-old child is washing a full car in Lagos traffic for just N100 while his mates are in school, know that things are gradually falling apart in our neighbourhoods. On my way to work Friday afternoon, July 12, 2019, under a light rain shower in traffic at Oshodi-Apapa Expressway between Fatgbems filling station and Mile 2, a 13-year-old child, Kayode, dropped out of school to join his mates in washing cars in traffic. Although car washing in traffic has become a trend in this axis of Lagos, I took special note because before I could call his attention, he had washed a part of my car. I reluctantly allowed him to finish it, and afterwards engaged him. This is happening in Nigeria where education is supposed to be basic, free and compulsory for children up to 15 years, it is still very pathetic that no less than 10.5 million children - aged 5-14 years - are out of school, according to the latest data from the United Nations Children’s Fund (UNICEF). Sadly still, only 61 percent of 6-11 year-olds regularly attend primary school and only 35.6 percent of children aged 36-59 months receive early childhood education. The majority of children who are unable to access safe and quality education are situated in Northern Nigeria, where across the region net attendance rate is at 53 percent. Bauchi, Niger, Katsina, Kano, Sokoto, Zamfara, Kebbi, Gombe, Adamawa, Taraba and the Federal Capital Territory, Abuja, are the worst 10 states with about eight million children not

in school and, an average enrolment rate of only 57 percent. We know that the situation is awful in the north-eastern region, as insurgency has left about 2.8 million children in need of education-in-emergencies support across Borno, Yobe, and Adamawa. But what about these children washing cars across our mega city – Lagos; what has made them abandon school for quick money? “To help my parents”, Kayode said. He might be lying; the parents may not even know he has gone with friends to wash car in traffic, to make some quick money. From recent records, in the north-eastern states, at least 802 schools remain closed and 497 classrooms listed as destroyed, while 1,392 have been damaged. Parents and guardians are petrified of sending their wards to school over the spate of kidnapping and vandalism of school property by terrorists. The out-of-school situation is worse for female children in northeast and northwest where more than half of the girls are not in school. The violence in the region, economic hardship and cultural factors are odds stacked up against girls’ formal learning. Further data show that only 47.7 percent of the official primary school-age population of girls attends school in the northeast, with net attendance rate for girls in the northwest at 47.3 percent. But this is not the case in Lagos, where residents enjoy near security of lives and property; where there is something for anybody willing to do something meaningful for a living – as I see adults picking pet bottles www.businessday.ng

to sell to recyclers. I still imagine the motivation for these children to abandon school for car washing in traffic, especially when school is in session. According to the Multiple Indicator Cluster Survey (MICS5), 2016/2017, conducted by the National Bureau of Statistics and UNICEF, 229,267 children are estimated to be out of school in Lagos State as at 2017, compared with 158,787 in Ogun State, 113746 in Ondo State, 463,280 in Oyo State, and 260,522 in Osun State. National estimate was 9.1 million children out-of-school. With these staggering figures, should we condone another child/ren dropping out of school when we can really do something about it? We have heard and seen children growing into adulthood saying they were introduced into drugs and crimes on the streets, with some blaming their parents for lack of care. The issue of Kayode joining his mates to make quick cash calls for close parental guidance because I am sure the parents were not aware of him washing in traffic. But who gives them the sponge, bucket, soap and water with which they do their washing? Or are they washing cars to remit the proceeds to someone else sitting close by and monitoring their activities with promise of giving them protection, just as some child beggars disclosed. Another mind burgling and ugly cankerworm is the traffic – the gridlock in Lagos that has defiled all human managerial skills for over a decade now. For a 13-year-old child to wash a full car in traffic, not in a hurry,

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OSA VICTOR OBAYAGBONA shows the traffic is at a standstill. This is what commuters go through on a daily basis in that corner of the mega city. As the saying goes, “A stitch in time saves nine.” The earlier we all join hands to stop this trend the better for our beloved city Lagos. The core that makes us Africans should be re-enacted – communalism. Government, parents and all adults should see these childcar washers as ‘our own.’ If we all see them as ‘our own’ correcting them and driving them out of the streets will become easier, as this should come as a form of our collective social responsibility. And on a more serious note, they should be arrested and invite their parents to get them, as a deterrent to others. On the other side, the government should realise that a lot still needs to be done in traffic management in the state, so as to deny the streets from breeding more criminals and potential drug addicts. Osa Victor Obayagbona is assistant News Editor, BusinessDay

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Friday 19 July 2019

BUSINESS DAY

cityfile Hamzat urges youths to join volunteer clubs JOSHUA BASSEY

L-R: Head, Corporate Communication, Saharah Group, Bethel Obioma; Director, Governance and Sustainability, Sahara Group, Pearl Uzokwe; Baale of Olo-Jowon Oke-Oja Ijora, Tajudeen Igbalaiye; Managing Director, Asharami Synergy, Moroti Adedoyin-Adeyinka; and Baale Okosi at the launch Sahara Group’s project #Greenlife which is targeted at galvanising acting towards environmental protection across the globe in Ijora, Lagos

NYSC to secure artificial limbs for victims of Taraba accident Nathaniel Gbaoron, Jalingo

he National Youth S er vice Corps (NYSC) is to procu re a r t i f i c ia l limbs from the Republic of Saudi Arabia for youth corps members who were involved in an accident in Taraba. The director general of the corps, Shuaibu Ibrahim disclosed this during a visit to the victims in Sardauna local government area of Taraba.

The accident had claimed the life of one corps member and left others critically injured. The victims are members of batch B who had just completed their orientation and were posted to Sardauna local government area of the state. The affected corps members are presently undergoing medical attention at the Federal Medical Centre (FMC) Jalingo. Ibrahim, who was conducted round medicals

wards where the victims are receiving treatment by Inusa Wiza and state coordinator of the scheme, Florence Yaakugh said the scheme would take care of all the medical bills of the affected corps members. According to him, the victims with broken arms and legs , broken heads would be taken care of by scheme. “It is a common fact that the victims are on national assignment and the predicaments they are

presently going through will not be in vain. The service will leave no stone unturned to put smiles on their faces,” Ibrahim said. The state coordinator of the NYSC lauded the efforts of the state government and the director general. According to her, the state government had ordered all involved in the accident to be treated and the bill sent to the state for payment.

Bandits kill naval officer, kidnap 17 in Edo IDRIS UMAR MOMOH & CHURCHILL OKORO, Benin

riminals susp e cte d to b e herdsmen h av e re p o r tedly shot dead a naval warrant officer, identif i e d a s Fe l i x A k a n b i , and abducted 17 others in Edo State. T h e s u s p e c t s w e re alleged to have kidnapped 18 passengers including the naval officer who were traveling from Akwa-Ibom to Lagos enroute Edo State. It was gathered that the kidnappers interc e p t e d t h e 1 8 -s e a t e r

bus between Ekiadolor and Ovia River bridge after dispossessing all the passengers of their belongings, including cash and handsets It was further learnt that eight of the passengers were immediately matched into the bush, leaving other ten passengers behind. According to report, t h e su s p e c t e d h e rd smen who were four in number and armed with AK47 rifles opened f i re o n t h e 1 8 -s e a t e r bus along the B eninLagos Highway. T h e re p o r t f u r t h e r www.businessday.ng

had it that as the kidnappers were taking the victims to their camp in the Ovia forest, the warrant officer who could not walk as fast as others was shot and killed by the abductors. It was also learnt that men of the divisional police headquar ters in charge of E k i a d o l o r, h o w e v e r, re s c u e d t h e o t h e r 1 7 passengers. The police division was said to have mobilised its men to go after the kidnappers and they combed up the bush for over two

hours before they were able to res cue the 17 victims and recovered the lifeless body of the naval officer. Confirming the incident, spokesperson of Edo police command, Chidi Nwabuzor, said the police were combing the bush in search of the kidnappers. N w a b u z o r, a d d e d that the warrant officer was close to his retirement before his untimely death. He said the police would d o e ve r y t h i ng to f i s h out the kidnappers.

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agos State depu t y g o v e r n o r, Kadri Obafemi Hamzat has advised young Nigerians to embrace moral value building societies like the scout association rather than fall prey to cultism. Sp e a k i n g d u r i n g a visit to him by the Lagos State Scout Council on Wednesday, Hamzat said that the role of organisations like the scout has become more important in this era when young people are being lured into cultism. He urged youths to resist peer influence that usually leads them to vices and crime, adding that association like the scout provides better character forming influences. The deputy governor urged those already in the scout to adhere to the principles that have over the years made it an

organisation for young people. While promising the support of the state g overnment, towards the various activities of the scout association, Hamzat urged the leadership of scout council to always provide an avenue for young people to shun violence. Adebesin Oyeyemi, the scout council commissioner, who led the visit, assured of the organisation’s determination to mould character and contribute to the education of young people in its fold. “The mission of scouting is to contribute to the education of these young people and ensure value the change,” he said. Oyeyemi also advised parents to create time to know their children and wards despite their busy schedule, saying by so doing, a large number of young people will be weaned off crime.

Obaseki seeks monarchs’ support to secure communities

overnor of Edo State, Godwin Obaseki, has appealed for the support of traditional rulers to his administration’s proposed introduction of new community security initiative in the state. He made the appeal when some traditional rulers visited him in Benin on Wednesday, saying that the initiative would enhance security in the local communities. He said: “We are working on a detailed security plan for the state in which the traditional rulers are an integral part. We want to ensure that as the Federal Government is giving us security support at the state level, we are also working with you at the community level. “We will have people who will be trained by the police to serve as security persons in the communities they reside.’’ Obaseki said that the @Businessdayng

state would work with the councils to register and take biometrics of vigilantes, hunters and people “who carry arms legally for proper security synergy between the local, state and federal governments’’. Apart from the ongoing infrastructure and agricultural projects, he revealed government’s plan to build a production centre at Irrua and extend the laying of fibre optics for internet connectivity to Edo Central and North Senatorial districts. The governor, therefore, appealed to the traditional rulers to talk to their subjects for peace to continue to reign in the state. Leader of the team, Enogie of Opoji, Ehigiamen Aidenoju, commended the government for attracting development to their area. “I want to say on behalf of my colleagues, that we appreciate you for the developmental strides you have recorded.

Friday 19 July 2019

BUSINESS DAY

COMPANIES & MARKETS

COMPANY NEWS ANALYSIS INSIGHT

Telecom

Airtel’s stock remains flat as investors’ appetite wanes DAVID IBIDAPO

nvestors have refused to price higher or lower, the shares of Airtel Africa on the Nigeria stock exchange (NSE) market as share price of the second biggest Telco Company by market cap remained flat at N323.50 as at the close of market on Wednesday on weakened appetite. The stock had maintained its current level in four previous trading sessions on the exchange despite some forms of trade on the security. As at the close of trading on Wednesday, total volume traded on the company’s stock rose by about 6900 percent to 130,325 units of shares against 1,860 units traded the previous day. Waned by the preeminence of investor’s nega-

tive sentiments which has ushered the Nigerian All share Index (NASI) into its 26 months low, coupled with concerns over the Telco’s fundamentals, investors have resulted to taking caution on the stock. On the other hand, the stock slumped 1.26 percent on the London stock exchange market (LSE) on Wednesday to 70.80 GBp pushing further away Airtel Africa’s price from its Nigeria equivalent of 72 GBp. Analysts are however of the opinion that prices in the Nigerian market would further correct itself to reflect stock movement on the London stock exchange as Airtel’s share is still in its price discovery stage. Since inception Airtel Africa have lost in market value N284.86 billion, as price plunged 19 percent from N399.3 to N323.50 “The market currently

isn’t looking good and investors are cautious,” Paul Uzum a Lagos based stock broker told BusinessDay. “There is no excitement whatsoever towards Airtel’s share.” According to him, there is no strong market de-

mand pursuing the stock, to this end going forward the price is expected to reverse and converge with prices on the London Stock Exchange Market since it’s a dual listing. The Nigeria equity market further slumped

on Wednesday to further worsen its year to date performance to -10.8 percent, lowest levels in the last 26 months on negative market sentiments. Investor sentiment as measured by market breadth (advance/decline

ratio) remained flat on Wednesday at 0.3x due to 8 advancers against 26 laggards. “We expect the bearish performance to continue until we start seeing H1 2019 earnings results,” a report by Afrinvest stated.

Industrial Goods

CAP hits 5-year low on dampened investor sentiments ISRAEL ODUBOLA

he rout on the Nigerian equity market has pushed a

number of stocks to fresh lows, and Chemical & Allied Product (Plc) is no exception, as its stock is trading at its lowest price since July 2014. Stock of the Lagosbased paint maker traded flat at N24.75 on Wednesday after losing the maximum allowable limit of 10 percent a day earlier.

The paint manufactur-

ness of the 77-year old

R e v i e w o f 2 0 1 9 ’s

three months of 2019.

movement is hinged on

er has declined some 29

former military leader to

first quarter scorecard

This implies that the paint

market performance and

percent yearlong, which

hit the ground running

showed revenue grew

maker retained N230 from

half-year earnings result.

translates to a monetary

by appointing cabinet

8 percent to N2.12 bil-

every thousand naira real-

However, in the absence

loss of about N7 billion.

members is taking a toll

lion from N1.96 billion

ized as revenue after set-

of positive catalyst, CAP

The stock also under-

on equities that is down

in similar quarter last

tling variable cost, interest

could slide further es-

performs the industrial

some 11 percent since

year, while net income

and tax.

pecially if the first-six

goods index which has

the start of the year.

climbe d 8 percent to

lost 15 percent.

“Investors’ confidence

N499 million.

The company retained cost margin at 51 per-

months results turn out unimpressive.

Analysts say the stock

is very low in the market

The company’s oper-

cent, implying that pro-

C A P m a n u f a c t u re s

has taken a beating on

right now” said Emeka

ating margin slowed to

duction cost accounted

and distributes paints,

the back of negative

Nwagwu, analyst at Axe

29 percent in the review

for about half of revenue.

personal and household

sentiments of investors

Capital Limited. “It is

quarter, from 31 percent

The Board of Direc-

products, crop protec-

towards the equity mar-

only when the Federal

in the previous corre-

tors is scheduled to meet

tion and public health

ket over inability of the

Government is able to

sponding quarter, as op-

Wednesday, July 24, to

products. Foremost con-

current administration

initiate policies that in-

erating profit grew more

consider the mid-year

glomerate, United Africa

to provide clarity in its

vestors deem business

slowly than revenue.

financial reports of the

Company of Nigeria has

policy direction.

friendly that’s when mar-

company.

50 percent shareholding

Moreover, the tardi-

ket can move”

Net margin stayed flat at 23 percent in the first

T h e s t o c k ’s p r i c e

in the paint maker.

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

Friday 19 July 2019

BUSINESS DAY

COMPANIES&MARKETS

Business Event

E-commerce

Konga records 800% growth, cuts losses in 18 months JUMOKE AKIYODE-LAWANSON

onga, popular e-commerce c o m p a n y seems to be setting its sight on the path of profitability after achieving an increase in turnover by over 800 percent and recording reduction in losses over the past 18 months since its acquisition. Nnamdi Ekeh, the company’s co-CEO revealed that the new management of Konga has succeeded in reversing losses and growing the business to the delight of its new investors. The development has further raised expectations of the company hitting the path of profitability by 2022. “We have reduced cost by over 45 percent and also achieved growth of over 800 percent in the

past 18 months. We are working very hard to meet investors’ expectations. It is true we are incurring huge losses now based on the e-commerce business model. However, we have 36 months’ cash reserve to build Konga as a success. “We are ambitiously scaling Konga and that is why we launched a successful Konga Travels and Tours that is currently making huge waves in the travel booking industry. In addition, we have other approved projects and new lines of businesses that are set to be unveiled soon,” he said. Ekeh recently spearheaded a major Corporate Social Responsibility (CSR) project anchored by the company. Konga had visited three orphanages in Lagos and Abuja where it donated to the needy and

less-privileged. The initiative, carried out under the auspices of Konga Kares its social investment programme – is also set to hit other states in the country. According to him, the company has put in so much work behind the scenes and is now ready to take the lead. “We have spent the last year restructuring the business and positioning it on a very solid footing. This is evident from the huge strides we have recorded over the period and the several other viable business units and subsidiaries that have taken flight within the Konga Group. Indeed, we are preparing to lead in this space,” he said. Ekeh cites a lack of local know-how and huge losses as pitfalls that have encumbered businesses in the e-commerce sector.

L-R: Ibukun Beecroft, partner, Deloitte; Chinedu Nwanguma, senior manager, Deloitte; Yomi Olugbenro, partner/West Africa tax leader, Deloitte; Amani Momodu, senior manager, Deloitte; Michael Tosin-Oni, MD, Great Place to Work Nigeria; Maria Arogundade, associate, Deloitte Nigeria; receiving the “2019 Great Place To Work Award” at the Great Place to Work Institute Award Ceremony.

Power

Ikeja Electric partners PEP Store to ease utility bill payment ...IE-SLOT collaboration empowers Nigerian youths on skill acquisition SEGUN ADAMS

keja Electric Plc. (IE), one of Nigeria’s leading Electricity Distribution Company, has partnered with PEP Stores, a multinational retail company, to enable customers pay electricity bills or recharge their account at designated PEP Stores across Lagos. The partnership would allow post-paid and prepaid customers within IE network pay their bills and recharge their account while doing regular shop-

ping in PEP Stores located in Gbagada, Maryland Mall, Ipaja, Isolo, Allen Avenue, Ikorodu, Ogba, Awolowo Way, Ojodu Berger, Idimu, Amuwo Odofin, Ogudu and Ikeja City Mall. Lagos. Ugochukwu Obi-Chukwu, Ag. Chief Commercial Officer of Ikeja Electric, at a press briefing last week in Lagos said the essence of providing array of payment options and outlets, that offer reliable and convenience services to customers, was borne out of the company’s customer-

centric approach to service delivery. “The collaboration between Ikeja Electric and PEP Store demonstrates our passion to consistently improve service and make energy available to consumers,” he said. Obi-Chukwu also added that another interesting benefit of this partnership is that customers can also take advantage of the weekend when most of the outlets opens to purchase token for energy or pay bills just as they shop other needs.

Company Release

Legend Extra Stout broadens product offering, introduces new 45cl bottle

n a bid to extend its market penetration, Legend Extra Stout has launched a new 45cl bottle size to broaden its product offering to consumers. The new product size was unveiled recently in Lagos at a special unveiling tagged the “Power of 45”. Sarah Agha, the portfolio manager, national premium lager, Nigerian Breweries Plc, said the new product offering is a delight to consumers’ positive reaction as the brand

continuously focuses on optimum consumer satisfaction. “ Th i s u n i q u e st ou t brand has undergone evolutions in times past. Since it was first launched in 1992, the brand has proven its prominence in the beer industry and has undergone various changes in its bottle shape and labelling,” said Agha. She opined that the new 45cl bottle encapsulates the brand’s new narrative of appealing to all classes

of consumers. “Our message to our consumers is; go out and pick your size. It doesn’t matter if you are a 33cl, 60cl or 45cl guy, as long as you are true to yourself, you are a Legend.” According to Sarah Agha, this new bottle affirms the unique positioning of Legend Extra Stout as the unique bitter tasting stout of choice for the sociable, modern, ambitious and courageous Nigerian who is yearning to enjoy the finer things in life.

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L-R: George Radford, director, IP Global Africa; Ladi Balogun, group chief executive, FCMB Group Plc, and Collins Chikeluba, CEO, Kohinoor Lagos, at a Customers Cocktail organised by FCMB Bank (UK) Limited in Lagos.

L-R: Adeyinka Asekun, Nigerian high commissioner to Canada; Mazi Nnamdi Okwuadigbo, ICAN president; Abiola Oseni, chairman of ICAN Canada District, and Onome Adewuyi, ICAN vice president, at the 4th ICAN Canada Conference at Edmonton Canada.

L-R: Bola Adeeko, divisional head, shared services, Nigerian Stock Exchange (NSE); Omolola Salako, executive director, Sebeccly Cancer Care, and Olumide Orojimi, head, corporate communications, NSE, at the 6th edition of the NSE Corporate Challenge in Lagos.

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@Businessdayng

Friday 19 July 2019

BUSINESS DAY

MONEYINSIGHT

How technology is helping millennials find financial advice Stories by STEPHEN ONYEKWELU

illennials, the first generation to grow up with the internet and born after 1980 are disruptive and rely on technology to shop, listen to music, communicate with friends and hail a cab, now they take personal investing advice from robots. From social media to Amazon, Spotify, Uber, and Kolobox, millennials have transited, in the words of Bill Gates from electricity-based to an internetbased lifestyle. Gates had in his book “Business at the Speed of Thought” argued that it humanity long to build a civilisation around electricity. Now, with the internet and World Wide Web, the world has entered into a new mode – web-based civilisation. Financial Technology (fintech) companies are taking advantage of these traits to disrupt the personal investing industry. “Just as manufacturing companies have replaced assembly line workers with robots, these companies have replaced financial advisors with robo-advisors, which use big data and algorithms to determine the best places to put clients’ money—and appeal to a whole new generation of investors” Michael Blanding, a columnist at the Harvard Business School Working Knowledge wrote in an article titled “Why Millennials Flock to Fintech for Personal Investing”. Blanding said traditional financial advisors cater to baby boomers with substantial savings, requiring minimum amounts for

investment upwards of $100,000 to access their services. By contrast, industry-leading Wealthfront and similar firms such as Betterment, Vanguard Personal Advisor and Acorns have tapped into an underserved market by allowing clients to invest as little as $5,000. Wealthfront doesn’t even charge a fee for assets of less than $10,000—and even after that charges a 0.25 percent fee, as opposed to fees of 2 to 3 percent by traditional firms. In Nigeria, Kolobox has also presented products to cater to

this underserved market. The micro-investment platform aggregates fund from customers pulls it together and because of the joint might, it is able to negotiate for higher returns on investment. Everyone in the pool gets the same rate of return on their investment, irrespective of the amount invested. “We put our funds in Treasury bills, usually products that are backed by the Federal Government. Kolobox, among our competitors, is the only one that is regulated by the Securities

and Exchange Commission. Your funds are guaranteed and insured. We do not give our funds to microlenders where the risk of loss of funds is high” he added. The platform has a number of products, where you can lock in your funds. It also has others where your funds are not locked. Locked options give higher returns naturally. Kolobox has partnered with Radix Capital, which has been around for the last 15 years and done almost all the Lagos State bonds. They are one of the key investment banks in La-

gos. They are SEC-regulated and before any product is brought to the market it has to be approved by the Commission. One new feature on the platform is group investing. This allows an individual to invite family, friends, and colleagues, making investing more fun. This can help people set short medium and long term goals, a family may want to save towards their mother’s 80th year birthday or for a marriage. Saving together then serves as motivation. Kolobox was launched in July 2018.

L-R: Razvan Mihai, global head, training, Rally Trade; Kolawole Okeowo, head of operations, Rally Trade; Luca Constantinescu, CEO, Rally Trade; Michael Akinwale, general manager, Rally Trade, at the website and partner programme launch, Lagos last Saturday.

Rally Trade set to offer investors more rewards, launches new website

o kick off the second half of 2019, Rally Trade has announced the launch of a new partner programme and website. The new partner programme is aimed at empowering a proficient group of clients to share newfound skills with others while representing the values that Rally Trade stands for. Partners will be able to generate additional revenue that rewards and supports their efforts. As such, anyone with social and teaching skills is invited to register in Rally Trade’s Partner Programme either as an Introducing Broker or an Affiliate, to access our database of promotional and educational materials, and start collecting the rebates rewarded for their referrals. Rally Trade’s brand Partner

Programme is based on a MultiTier structure that enables its partners to earn on introduced sub-partners as well up to 3 Tiers. The brokerage is has announced an increased percentage split of net spreads. As such, starting with the 1st of August 2019, the new rebate system will be as follows: 60 percent of net spread for direct clients, 15 percent of net spread for Tier 2 clients; and 5 percent of net spread for Tier 3 Clients. The Partner Programme which is now available for preregistration at www.rally.trade/ Partner-Program/register will start on the 1st of August, 2019. Furthermore, serving as an example of the latest trends and technology available for better user experience, Rally Trade’s website (www.rally.trade) has www.businessday.ng

just gone through a major overhaul. It has been developed specifically for its Nigerian users to accommodate the need for a platform that encourages online access making vital information available from anywhere and at any time. Traders anywhere will be able to find the latest industry news, regularly updated market analysis, an events section to keep them up to date on all upcoming events, and an updated learning centre created for all traders by visiting www.rally.trade. Also starting on the 1st of August 2019, trading conditions on its MT4 Platform will be upgraded. Leverage, currently set at a maximum of 1:200, will be increased to 1:500. This upgrade comes as a popular demand from traders that use the most

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prevalent trading platform in the world. Moreover, Rally Trade will continue to offer leverage as high as 1:1000 on its cutting-edge Rally xTrader platform for proficient traders. Rally Trade, established in 2015, is an international online broker providing highly competitive brokerage services to markets with emerging economies. Winner of the “Best New Comer Broker in the Region” Award at the Lagos Forex Expo in 2015 and the “Best Broker in Nigeria” Award at the 2018 Lagos Traders Expo, Rally Trade is well known for the top quality services it is providing to its Nigerian customers alongside the exciting competitions it has organized on its cutting edge trading platforms. In Nigeria, Rally Trade currently has offices in Lagos, Port @Businessdayng

Harcourt, and Ibadan, and plans on expanding its reach across the nation. Rally Academy serves as the educational arm of Rally Trade and is a platform that enabled the company to make considerable investments in the financial education of Nigerians. Employing a team of professionals to guide Nigerians in starting their online businesses, Rally Academy specialises in services for Online Entrepreneurs and Investors hold recurring seminars and educational events across the country informing the public on various streams of income via online businesses. Over the past 3 years, Rally Academy has trained over 10,000 entrepreneurs and enabled them to start generating incomes in the online environment.

Friday 19 July 2019

BUSINESS DAY

INTERVIEW ‘Purchasing power is the biggest problem not just in real estate, but other sectors’ Adekunle Abdul, Managing Director, Metro & Castles Homes, spoke with BusinessDay’s Endurance Okafor on how the real estate company is poised to bridging the housing needs of Nigerians through the provision of low-cost property. He also shared insights on why low income and lack of credit are a constraint to businesses in the real estate industry as well as other sectors.

Tell us about yourself and what your real estate firm does. y name is Adekunle Abdu. I am the MD of Metro & Castle Homes. I studied general studies with numerous certifications in construction management from U.S.A. Right there in Maryland, I was into real estate, specifically with home flipping; buying run-down units, refurbishing them and putting them back into the market. On my arrival in Nigeria, even prior to when I relocated, I was already into real estate businesses in Nigeria- I had built for one or two people. So, we came up with the idea of Metro and Castle, which is basically to bridge the housing gap in the country while also meeting the needs of the people. I had to deliver good quality yet affordable housing to Nigerians. Since we started off in 2015, Metro & Castle has been engaged in a total of 18 different projects- ranging from blocks of flats to regular semidetached apartments. Last year, we slowed down in doing high-end housing- houses that are expensive, N80million to N100 million kind of property. That that was our core specialisation before now- that is luxury houses. Having been in the market for some years now, we understand the industry; we realised that a lot of people need houses, it is a need and not a want, and we know that a lot of people cannot aff0rd it unlike back there in the United States. There it is pretty easy. If you have good credit rating, you can get a house in few hours. But here, the process is something else. So we came up with the scheme where people can be paying in instalments, which is an idea of encouraging people to pay in parts over a period of time to enable them own the house, say from 24months to 36 months. This is our first approach, and luckily for us, we already sold out on our phase I. We have also gone further to engage the banking industry and the only bank so far that is working with us with some lucrative offer is SunTrust Bank. I know that the bank understands the language we are speaking because you know it is a foreign bank, and so from where they are coming from they can relate with our idea. Of course to be able to get a house from us through paying in instalments, you would have to meet some certain criteria, like have a steady source of income, and the rest and SunTrust has indicated an offer to support people, up to 60 percent of the values of the houses. Having that on ground coupled with my background as a cost engineer, we are able to narrow down on the houses but still deliver top-grade

Adekunle Abdul

houses. We practically make all our raw materials by ourselves, having engaged over 200 artisans on a daily basis and all kinds of contractors. We produce our blocks, fabricate our windows; everything is produced here except the ones that we need to buy, like tiles and the rest of them but whatever we can produce here, we ensure we do it ourselves, to enable us cut the cost down significantly. We have so far been able to achieve our goal. We also try to provide basic needs, and you can hardly see any estate in this area that has swimming pool and a gym. This is not luxury; it is a normal thing in a good community. Early last year we decided to move from the luxury homes to providing for the low-income earners. To that effect we moved to this Abraham Adesanya area on Lekki Gardens phase IV Road, where we think the lands are less-expensive compared to the major sub-areas. The cost of building a house is the same, whether you are building in V.I or Ikoyi, but it is the land value that drives the cost of properties high. So we knew that we couldn’t provide affordable housing in areas where lands are very expensive. We can only do it in areas where land is affordable. Also, SunTrust Bank has promised to help people, because that is the biggest concern. When you are earning a salary of N100,000 to N300,000 how can you afford a house? That is the question. So the bank understands that and the interest rate is what we are really looking at, because the support is one thing but the interest rate is another thing. You don’t want to use ten years to pay for a house and you end up paying twice or two and half the actual value of the house, so we have an indicative offer from them which is good, but we are still negotiating interest with them. I am sure that anytime from www.businessday.ng

August 2019, we’ll start marketing the phase II to people, and then providing finance to them as the case may be. What are the key challenges you have had to deal with as a developer trying to provide quality but affordable properties? First of all, I think the real estate industry is filled with businessmen, not construction professionals. So if you have money anybody can gather engineers together and put up a project and say they are going into real estate development and that is why we are having so many failed buildings and constructions because they are not construction people, rather businessmen just trying to make money. There are things when I get to my site I will see, that a business man might not see. His own is that engineer should deliver 20 units of housing. There are things we look out for internally. Because a building looks fine on the outside may not necessarily mean the building is alright. What is holding the building on the inside is the real deal. That is what really matters and that is why when you see a company that does off plan and tells you to visit his site during construction, they are open, that is what it means because you can walk in with a professional and do your survey. By the way, we are always open to that, our client are free to come by the site anytime as long as they inform us and book a schedule so we can have someone take them round their units and they can bring in an external person to also check. In a nutshell, the challenges in providing affordable properties are not much because we produce most of the products we make use of. This is due to the fact that we don’t want to tell people our units are expensive. The same way we build luxuryhousing is the same way we build low-

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cost housing; the difference is that there are more rooms in the luxury than the lost-cost. Having to keep up with artisans is another challenge, when you have 200 people is different from when you have 10 people. So keeping up with them and employing more brains to section them is another thing and there isn’t much challenge. As an industry that is perceived to have great potential, what can the government do to spur growth in the real estate sector? One of the things I think government has done in recent times is the fact that it gave the Central Bank of Nigeria the mandate to make it possible for people in various industries to access credit, and this I believe will boost the economy. For the components in a house, real estate players deal with over 50 contractors, from door to light, window and tiles. So if we get people who buy the houses, it means we’ll have purchasing power to do more and when we’re able to do that, the money goes round and the economy will continue to expand. No business will be stalling, which means we don’t have inventory. We won’t be building houses that nobody is buying. So I think purchasing power in Nigeria is the biggest problem not just in real estate, but other sectors which is what I feel they are trying to solve with CBN giving loans to individuals. In the U.S, as soon as I gradated I had three letters from three different banks begging me basically to buy a house, because I had a good credit rating. It is not a cash cow economy like that. They move money around a lot so their economy will grow. It is normal, so that everyone in business will sell, no business will stall, a light man will sell his product, same as the furniture person and the rest on the property chain and money moves round better. The moment when there is no money moving to people who want to buy, then you will start having a situation where people are producing but will not be selling. Do you have plans to roll your real estate properties that can be affordable for the larger population who fall in the low-income segment? That is a very good question, and yes, we are going to do that. Our phase II, for example has lower version of what we are actually trying to do now. Like I said initially everything depends on the price of land. Ideally because we don’t have control over the price of land, we buy what we see and think is good. But because I am looking for cheap land doesn’t mean I should go and buy by the water side where the soil test will fail the building, so I still have to look for where good land @Businessdayng

is and buy it. However even with the good land we are still trying to say: what is the need of this market? While trying to sell the phase I, we did a lot of survey, and we found out that people were looking for even two-bedroom apartments, and we didn’t have that at the time, so we are still learning as we develop. So having known that people want this kind of property, we factored that into our phase II plan and now we have properties that are below N20 million. So I believe that people that couldn’t get what they could afford in the first one will see something they can afford in this second one. So like I mentioned earlier about the bank, you that is earning salary and want to acquire a home, the bank can come in for you at least for five years. That is what my bank is offering. They are ready to issue credit to people with good income stream for five years. What is needed for a developer like Metro & Castle Homes to deliver quality properties at less than N10 million? Finance. Finance is the key strategy to everything. The reason why the prices of properties are high is because the funding comes at a cost, and all those costs are buried into cost of construction. Maybe what we are selling for N40million might be as low as m N25 million to build the property but by the time we bury in the interest rate, we’ll probably add another say 5 million to cover for the finance before we start having other government agency costs, cost of survey and the likes. So I think if we have a guaranteed market that the bank is ready to finance it will be a different ball game, even if I make 3million from one house, I won’t mind as long as it bought as soon as it is ready. But in a situation when we don’t know when the house will leave the market we have to make provision, that N5 million is provision because there is possibility that the house may be there for a year and nobody buys it. We have to consider the risk factor. So it falls down to finance. Ready market is always the best for everything and it can drive down cost. If I am producing 100 Air condition in a day, and I am sure that out of that number 95 are being sold every day, I can tell you that my margin will drop drastically, but if I don’t know when I will sell it I will have to factor in time, and then interest, and so on. That is what increases prices. So if the banks can finance, we can be making N2million on each property we wouldn’t mind, as long as people are taking it off the market, and I am able to move to the next project but as they say, the unknown will give you doubt to want to increase your price so that it covers the unknown.

Friday 19 July 2019

BUSINESS DAY

INTERVIEW

‘We need foreign investment in Gambia to make it Dubai and Singapore of West Africa’ As a small West African country with a population that is not more than 2million people, Gambia needs all the foreign investment it can get to develop its economy. In this interview conducted in Banjul, the Gambian capital, MUSTAPHA NJIE, the MD/CEO of Taf Africa Global, a pan-African real estate firm, explains why investors should come to his country, highlighting opportunities the country offers. He also speaks on his vast investment in Gambia and Nigeria. He speaks with CHUKA UROKO, Property Editor, who was part of a Nigerian trade delegation to The Gambia recently. Excerpts: There has been a fundamental change in your name from Taf Africa Homes to Taf Africa Global. What happened along the line? e have moved on and rebranded our business. So we are not building only homes anymore. This is why we removed homes and put global. We are still focusing on real estate in Africa but we are now a global brand. We can compete anywhere in the world. We are no longer focusing on homes. We now develop commercial building and mixed use development as could be seen in our GIETAF development here in Gambia.

in services into the estate and then buyers can come in and build based on the country’s building regulations. What this means is that if you cannot afford a $30,000 house, you will be able to afford $2,500 or $5,000 site and serviced plot of land and build at your pace and according to your income flow. We are catering for the low of the middle income, but not the low income earners. We have plans to go into low income housing, but we need government partnership to make that possible. It is the responsibility of the government to build for the low income earners.

In the past two days you have been hosting Nigerian investors. Why do you want them to invest in The Gambia given the small size of population and economy; what is the attraction? I have a long standing relationship with Nigeria and Nigerians. Today, I have friends and family in the country. I have always identified Nigeria as the big boy of Africa and this is shown in its GDP which is the largest in Africa. In West Africa, half the population of the sub-region is in the country. So, it simply makes sense that anything you are doing, especially in terms of investment, you must target Nigeria and its citizens. You are aware that the African Continental Free Trade Agreement (AfCFTA) has been signed and Nigeria has just joined. That makes Africa the biggest economic bloc in the world, meaning that Africa is now borderless and in doing business you can move from one country to another. Therefore, if we are small like Dubai, we need foreign investors in our place. Most of the money you see in Dubai come from foreigners. There are more foreigners living in Dubai than the locals. Dubai is a success story. We need foreign investment in The Gambia to make the country the Dubai and Singapore of West Africa. I am an entrepreneur who has invested heavily at home and in other countries, especially in Nigeria. So, I feel I own it as a duty to my country to attract foreign investment. Do you see any risk in opening up your economy to foreign investors, considering that local Gambians would also like to invest in their country? The issue of economic protection-

Mustapha Njie

ism is now old school. The key thing is competiveness. For instance, I went to Nigeria and had a partnership with Rivers State government. I was given a big project that was not given to some Nigerians. I performed and there was no protest from anywhere. I was never addressed as a foreigner in Nigeria but instead as an investor. I see this as the way forward. I would like to see non-Gambians coming here to invest being addressed as investors as long as they abide by the rules that guide investment in the country. Any prospective investor coming into a country is always concerned about the political environment of that country. What have you to tell intending investors about the politics in Gambia? Our former president, Yahya Jammeh was forced to resign. Nobody thought he would resign at the time he did. But he reigned. As a result, things have changed politically in this country. For any investor, any country you go into, be it in Africa or elsewhere there is always political risk. Entrepreneurs go into business based on risk calculation, but intent on taking opportunities off the existing challenges. An investor doesn’t have to run away because there are challenges. He has to find a way around those challenges and take away the opportunities that exist. What could be the value/size of foreign investment in this country at the moment? Comparatively, I would say that the size of foreign investment here vizwww.businessday.ng

a-viz those of the locals is 50—50. In the banking sector, you see considerable foreign interests here. There are five Nigerian banks here including Gtbank, Access, Zenith, Polaris and Mega banks. All of them are doing well here. This has proved that this country is open to foreign direct investment. The banks have been here for more than 10 years. Looking at the large size of your projects and placing them side by side with the small size of your country, one sees an uncommon investor-confidence. Where does your confidence come from? We are a pan-African operator and we are looking at the African market. The African population growth is estimated at 3 percent per annum. The affluence is there. People are earning more and they want better living. On the demand side, we can hardly meet the demand for affordable and accessible housing and that is what is driving our developments. That, perhaps, is what I see which others don’t see. That also gives us the courage to do what we are doing Your developments are more in the high than the low end market. How do you accommodate the interest of the low income earners in this country? What we do is mainly middle income housing. In Dalaba Estate, for instance, what we have there are mid-income houses. There we have two types of offerings. We offer finished houses and also site and services. What we do in site and services is to fence it off and bring

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You have invested heavily in your country. What is the size of your project portfolio and, in monetary terms, how much have you put into those projects? Since we started, we have invested about $100 million dollars in this country. We used to own a 100room 4-star hotel here. We were into plants and machinery and building materials. We used to tender for projects and build them. We built the first bonded warehouse at the ports here. We have build villas. The OAU Villas cost about $5.5 million and we were the one that built them. We have been in business for a long time. My company will be 30 in January 2020. I think that I am even under-estimating how much we have invested and this is because I don’t focus on figures. My focus instead is on what I do that touch people’s lives. I am always concerned about how I change the landscape so that when you come here everywhere is not bush or forest. I am not always interested in telling people what is my net-worth because such things are irrelevant to me. I don’t want to be referred to as the richest man in The Gambia. Now, tell us about your completed and on-going projects beginning with Brufut Gardens Brufut Gardens which sits on 40 hectares of land is about 15 years old now. It is a 600-unit up-market project, all units sold out. The Dalaba Estate which sits on 80 hectares is a mid-income project that is to deliver 375 homes. About 90 percent of the houses have been sold out. We don’t think that in the next three months there will be any unit left. We are moving fast in our developments. The next project is the GIETAF in the Special Economic Zone which is quite big. By the time it is completed, the total value is about $360 million. @Businessdayng

It is a mixed use project comprising commercial, industrial, residential and logistics and warehousing. The project is sitting on 160 hectares of land right inside the airport. It is a private public partnership (PPP) initiative between the Gambian government and my company. The government is bringing land as its own equity while we are bringing the finance, building and managing it. We have 65 percent equity and government has 35 percent. Looking into the future, what are Taf Africa Global’s plans beyond Gambia and Rivers State in Nigeria? We are in Nigeria forever because that is where the market is. We are ready for partnership at any level in Nigeria, including federal, state and even community level. We just want the land and with that we bring the finance and create the market. We will always be in Nigeria. Our projection is that in the next five years, we will be able to deliver 250 housing units in Africa and that is derived from our plan to build one million housing units in the next 20 years. It may be more or less but that is our target. We are currently tidying up an agreement with Shelter Afrique. We are bringing them on board as our strategic financial partner for all the housing development we do in Africa. Our hope is that the continental board would be able to provide the needed financing for any project we initiate in any country in Africa, especially in Nigeria where there is the market. Advice to other investors People should understand that whether in everyday living or in business, life is a marathon rather than a 100-metre dash. They should go at their own pace, realizing that they are not competing with anybody but themselves. They must plan ahead and be futuristic. They must always be looking at the bigger picture; doing things right, slowly but surely. The younger generation should be able to learn things right and hold their customers in high esteem. You should not toy with your customers even if you are losing money because the customer is always tight. If you treat your customer right, he becomes your marketer. Integrity in life and business is paramount for success. Whatever you do, don’t compromise your brand and that is my advice.

Friday 19 July 2019

BUSINESS DAY

HEALTH BUSINESS&LIFE

Nigeria’s universal healthcare drags due to weak collaborations

Doctor-patient relationship building: 4 technologies to focus on

...as Hygeia seeks way for affordable, accessible, quality healthcare for Nigerians

elationship building has always been an essential part of the doctorpatient dynamic. Today, however, patients hope the doctorpatient relationship will become increasingly digital. Of course, it’s just as important to meet in person as it always was. But for patients (and potential patients) with busy lives, it’s a good idea to have multiple touchpoints. And what better way to do so than with the devices we use every day? These 4 technologies will help patients feel more connected to your practice. You’ll stay top of mind with patients who haven’t yet picked your team as their healthcare providers—and remind current patients you’re here when they need you. Technology’s shifting role in doctor-patient relationship building Just a decade ago, most patients didn’t expect to hear from their doctors very often. And the experience could often be frustrating. Caring providers have always done all they can to see patients in need, but the doctor-patient relationship is strained when contact is limited to regular business hours through confusing phone trees and unclear scheduling policies. Today, patients prefer—and often expect—to receive communications like appointment reminders digitally. Many would much rather schedule an appointment online than over the phone, and many more would love additional options for online communication and health information. Changing the technology you use to communicate with patients—both current and prospective—can be a game-changer for your organization. Competing healthcare providers are already using these 4 methods to reach people outside of the office. Can you keep up?

Spruce. If a patient has a concern with a medication, needs a refill, or just has a quick question, they can contact their doctor via the app.

Text Messaging Here’s an easy question: what do most patients do to fill time the moment they’re alone in an exam room? Check their phones! The modern healthcare consumer is an avid texter, and may be more likely to respond to a text than answer the phone. In fact, 97% of people in the U.S. use text messaging weekly, and most use it every day (Pew Research Center). Here’s the challenge: standard SMS messaging may not be HIPAA compliant due to the lack of encryption (HIPAA Journal). However, SMS messaging is not the only way to “text” a patient. To ensure all text communication is HIPAA compliant, you should look into options other doctor’s offices are already using, like

Voice Search “Skills” Businesses have long been welcome to develop and submit “skills” to the Alexa platform— Amazon’s virtual assistant and voice search platform. However, only a select group of healthcare providers and companies were recently selected to develop skills as Amazon unveiled its HIPAA enablement. This option may not be available to all organizations—yet. But it’s only a matter of time before your competitors have voice apps that help people find the closest location, schedule an appointment, or even access medical records.

ANTHONIA OBOKOH

igeria has ambition to put its estimated 200 million populations under the universal health coverage, a target that has eluded the nation owing to weak collaborations within the healthcare sector. Hygeia, Nigeria’s leading Health Maintenance Organisation (HMO), has called for collaborations in creating sustainable solutions that will make healthcare affordable and accessible to all Nigerians. The call was made at a recent conference held recently in Lagos with the theme ‘Healthcare in Nigeria- Transformative Solutions.’ “Nigeria’s healthcare planning lags behind because they often lack cooperation between, or commitment from, involving doctors and administrators, which these groups sometimes conflict,” said Olamide Okulaja, the director of advocacy and communication at the PharmAccess Foundation. “The Hippocratic Oath, taken by the doctors forces them to focus on the patients at hand, whereas planning and control addresses the entire patient’s population. While managers are generally dedicated to provide the best possible services, they lack the knowledge and training to make the best use of the available resources,” Okulaja said. According to him, owing to the state of information system in the healthcare sector, crucial information required for planning and control is often not available. He noted that the problem with Nigeria is that, nobody is looking at teamwork. The healthcare workforce is facing a critical shortfall of health

professionals over the next decade as the brain drain in the sector has reached alarming proportions. Patients are facing increasing wait times, limited access to providers, reduced time with caregivers, and decreased satisfaction. Worse still, many of the private hospitals functioning are not sustainable as they lack corporation to increase health coverage and lack the proper structure to run profitable healthcare businesses. Speaking on the theme, Ibijoke Sanwo-Olu ,Wife of Lagos State Governor, said that the transformation of healthcare in Nigeria is a collective effort and that Nigerians must join hands together as individual, organizations, government, Non-Governmental Organisations and development partners to ensure that we have an effectively and efficient healthcare delivery system. “A bad healthcare system kills talents, innovation and precious lives. We cannot be serious about developing our economy without according befitting consideration to better healthcare system. “As a responsible custodian of

healthcare delivery in Nigeria, we must ensure excellent strength is accorded healthcare that is available and affordable,” she said. Also speaking, Obinna Abajue, chief executive officer (CEO), Hygeia, explained that the conference occupies a special place and it focus on the application of the issues to the everyday management of health issues in Nigeria. Abajue added that this year’s focus condition is mental health, “We need to provide better support for mental illness in our homes, at work and in the media. More stories of suicide provide no comfort even if adequately rationalised. We can be better as a people especially if we start early.’’ At the panel discussion,the panellists say that for health care to achieve healthcare inclusion in Nigeria, it is critical we began to look at who to hold responsible and also figure out the relevance of the HMOS and the strength of the healthcare system with regulators and bringing in the bottom of the pyramid, adopt technology and make healthcare available and affordable to the people.

Why tuberculosis is still on the rise in Nigeria ANTHONIA OBOKOH

uberculosis burden is not new and Nigeria accounts for the six highest burden of TB among the 22 countries with the worst cases, according to World Health Organisation (WHO). Despite significant progress made globally over the last decades, TB has continues to be among the top most infectious killer disease, claiming over 4,500 lives daily. Funding gap, high tuberculosis burden and rising incidence of multi drug resistance are among factors hindering Nigeria’s fight against TB, leading to 420 Nigerian deaths daily and there is no effective vaccine to prevent TB and about 104,904 cases were notified in 2017 out of the estimated 420, 000 huge TB cases in Nigeria. The emergence of multidrugresistant TB (MDR-TB) to tuberculosis poses a major health security threat and could reverse the gains made in the fight against TB globally and Nigeria in particular. According to Lovett Lawson, the chairperson of the board, Stop TB Partnership Nigeria, said that about $312 Million will be needed

to meet the target of ending the scourge of TB in the country by 2030 and there is a need for government to increase its current budget for Tuberculosis by 76 per cent, if Nigeria is to eliminate the disease burden by 2030. “Total funding from the Federal Government and international donors for the control of this deadly disease in Nigeria is only about 24 per cent of what is required if we are to end TB in 2030,” says Lawson. This means that Nigeria needs xxx to eliminate the disease by 2030. Tuberculosis (TB) is an infectious disease caused by a small germ (micro-organism) known as Mycobacterium Tuberculosis. It is highly contagious as people nearby may breathe in these bacteria from infected air and become infected. Coughing for two or more weeks, and sometimes with bloodstreaked sputum, fever and chills, chest pains, sweating at night trouble breathing, loss of appetite, weight loss and feeling tired most of the time are symptoms of TB. The threat to TB infection and poor lung health and breathing is aggravated by exposure to risk factors such as indoor and outdoor www.businessday.ng

air pollution, asthma, smoking and pneumonia. Persons infected with both TB and Human Immuno-deficiency Virus (HIV), without treatment, stand the risk of death. With early detention of TB even with HIV infection is curable, with early medical attention. Globally, the incidence of TB is not declining fast enough to end the disease as envisaged under the Sustainable Development Goals 2. In Nigeria, 47 Nigerians develop active TB, seven (7) of whom are children every hour, data from the 2017 global TB report states. In 2014, Nigeria developed a national strategic plan for TB control which is to run between 2015 – 2020 is to provide citizens with universal access to high-quality, patient-centred prevention, diagnosis and treatment services for TB, TB/HIV and drug-resistant TB by 2020 but the programme has recorded very little success. To this effect, Nigeria has been advised to increase investments in Tuberculosis (TB) care and prevention as current investments fall far short of the levels required to end the epidemic by 2030 the end date of the Sustainable Development Goals (SDGs).

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A healthcare Customer Relationship Management CRM Another way to reach patients on the devices they use every day is via email. We often recommend email marketing to touch base with those who have called or filled out a form on your website, but haven’t yet taken the next step to sign up for an appointment. One of the best ways to do this is with a CRM (Customer Relationship Management) system that allows you to streamline your marketing processes and keep in touch with those who aren’t quite ready for an appointment—but may be very soon. As with texting, be careful with how you handle any PHI. In addition, always check that emails are mobile-friendly. More people now read email on their phones than on a desktop computer! Social Media Granted, not many people find their healthcare provider through social media. But it’s worth allowing those that go above and beyond to research your facility and see what you’re all about. Besides, taking ownership over your social media accounts has SEO value, helping you take control over what patients see when they search your name. It’s a great place to show off the relaxing (or energetic) atmosphere in your office and showcase your staff. You can also use social media to advertise your services with highly targeted ads that find people in your desired demographic. For more information about paid social media strategies, see a previous article here: The Biggest Misconception about Social Media for Healthcare

•Culled from Healthcare Success: scientific marketing that delivers patients

Friday 19 July 2019

BUSINESS DAY

HEALTH BUSINESS&LIFE ‘Nigeria has highest global burden of sickle cell disease’ SIKIRAT SHEHU, Ilorin

ishat Otuyo, a medical practitioner with Kwara State Specialist Hospital, Alagbado, Ilorin has said that the country has the highest prevalence rate of Sickle Cell Anaemia globally. The doctor said that Nigeria account for 91.011 out of the total of 305.773 burden of Sickle Cell disease worldwide. Otuyo, who also stressed that the prevalence of Sickle Cell Anaemia (SCA) is about 20 percent of every 1,000 live births annually, which translates into about 150,000 children born yearly with the health challenge in Nigeria. The medical expert stated this at a oneday seminar organised by the Federation of Muslim Women Associations in Nigerian Youths (FOMWANY), Kwara State chapter. She explained that sickle cell disease as a generic disorder of haemoglobin, while anaemia is a condition in which there are not enough healthy red blood cell to carry adequate oxygen throughout

the body. According to her, sickle cell disease is a pan-ethnic condition with the highest prevalence among those of African descent. “Nigeria has the highest number of homozygous cases in the world with a prevalence of sickle cell anaemia ranging between 1.53.1 percent (Average 2 percent). She said that SCA can be inherited and the manifestation of the disease includes two essential pathological processes arising from sickling: haemolysis and vaso-occlusion; occurrence of sickling at the venous end of capillaries, while unsikling occurs at the arterial end which makes the cell becomes irreversibly suckled. Sickle cell traits she noted are more resistance to malaria than those with two normal haemoglobin genes and making the gene to persist. Otuyo, who spoke on the topic “Pre-Marital Scanning’ identified adequate nutrition and hydration, antioxidant therapy as the management of SCA, as she even said it can be prevented through genotype test, advocacy and awareness.

What Nigeria can pick from Egypt’s battle against viral hepatitis TEMITAYO AYETOTO, just back from Cairo

n the fight against viral hepatitis, a global epidemic that is 10 times larger than the global Human Immuno-deficiency Virus (HIV) epidemic, Egypt is the most successful country on the African continent with progressive statistics to show for its commitment to fighting the disease. Only one in six Egyptians lives with hepatitis C and the result is a product of health structures across the country dedicated to screening, treatment and cure, according to Gilead Sciences, Inc., a researchbased biopharmaceutical company focused on the discovery, development, and commercialisation of innovative medicines. Egypt, with a population of 105 million, began its battle with hepatitis C back in 2006, a time when there was no cure for the disease. But today, about 100 million Egyptians have been screened and 50 million treated and cured. Hepatitis is an inflammatory condition of the liver commonly caused by a viral infection or possibly occurring as a secondary result of medications, drugs, toxins, and alcohol. Egypt and Nigeria fall in the category of countries with the highest prevalence of hepatitis C, for instance, but while prevalence in Egypt hovers around 2-5 percent, Nigeria’s is at less than 1 percent. But as a matter of national priority to address the disease capable of wasting lives far more than tuberculosis, malaria or HIV, the Egyptian government worked on the ability of its healthcare infrastructure to handle hepatitis. It focused sufficiently on having enough physicians and personnel trained as well as ensured over 5,000 health centres across the country can welcome patients to

screen and follow up their treatments. Most importantly, keen health observers say there was an overriding political will to put an end to the scourge. And in fact, Egypt is seen capable of achieving the 90 percent reduction in incidence and 65 percent reduction in mortality targets by the World Health Organisation (WHO) by 2030 through the Global Health Sector Strategy on viral hepatitis. “The key really has been the political will and the engagement at the top of the country to say this is a national priority. A lot has gone into the screening of about 50 million people and treating them. They have done it and will achieve the elimination of this disease by 2030,” Graeme Robertson, Gilead Sciences executive director for Africa, said. Gilead Sciences was attracted by Egypt’s drive and found the need to leave its footprint in Africa’s road to freedom from viral hepatitis. This brought it closer to the challenge that the infections were rising with a diagnosis rate that didn’t correspond due to limited awareness and access to testing. As a result, it signed an agreement with the African Cup of Nations football tournament to leverage the platform in reaching millions of Africans with the message of getting tested for hepatitis B and C. At the last African Union Summit, Egypt’s President Abdel Fattah elSisi placed viral hepatitis at the high priority of security and development. His vision is to have other African heads of state sign the declaration to ensure real public health sector is funded and the education and training medical staff supported. AlthoughtherearepocketsofawarenessgoingoninNigeria,PapaSalifSow, vice president, Africa, Gilead Sciences, expressed optimism that Nigeria could also win the battle like Egypt if its priority on the disease is strong enough and depending on how fast and urgent it is

on the political agenda. “We have had many government level involvements in Nigeria which is step-one awareness of the issue. It is not obvious and the disease does not show. You don’t know anything until the liver is destroyed. There is political awareness starting come up,” Robertson told BusinessDay at the public briefing of its campaign in Cairo last week. “We have had many government level involvements in Nigeria which is step-one awareness of the issue. It is not obvious and the disease does not show. You don’t know anything until the liver is destroyed. There is political awareness starting to come up,” he said. Viral hepatitis is classified into five - hepatitis A, B, C, D, and E - and a different virus is responsible for each type of virally transmitted hepatitis. Hepatitis A is always an acute, short-term disease, while hepatitis B, C, and D are most likely to become ongoing and chronic. Hepatitis E is usually acute but can be particularly dangerous in pregnant women. Hepatitis A is most commonly transmitted by consuming food or water contaminated by faeces from a person infected with hepatitis A. Hepatitis B is transmitted through contact with infectious body fluids such as blood, vaginal secretions, or semen containing the hepatitis B virus (HBV). Injection drug use, having sex with an infected partner or sharing razors with an infected person increase risks of getting hepatitis B. Hepatitis C is transmitted through direct contact with infected body fluids, typically through injection drug use and sexual contact. Also called delta hepatitis, the hepatitis D virus (HDV) is contracted through direct contact with infected blood. Hepatitis D is a rare form of hepatitis that only occurs in conjunction with hepatitis B infection. The hepatitis D virus can’t multiply without the presence of hepatitis B.

How can I live a healthier, longer Life despite heart disease?

FOLASADE ALLI

erhaps you have a heart disease, perhaps you don’t, perhaps a close relative or a friend does – don’t panic. Anyone can live a healthier, longer life despite heart disease. How? Don’t worry, I’ll get there. Before I do, it is important to note that, unfortunately, heart disease, especially hypertensive heart disease, is the leading cause of death among adult and aged Nigerians. Also remember, this statement does not need to apply to you and your loved ones, which is the purpose of this article. First, you need to know what heart disease means. Heart disease refers to any condition that causes the heart not to function appropriately. For example, atherosclerosis heart disease results

HBL TEAM

from the build-up of plaques that clutters the arteries and vessels, thereby causing the heart to pump against high resistance. Other examples of heart diseases include hypertensive heart disease, congenital heart defects, coronary heart disease, inflammatory heart disease, ischaemic heart disease, rheumatic heart disease, and so on. All these heart conditions cause the heart not to pump well, which can cause heart failure, and even heart attack. If not monitored well, they can lead to cardiac arrest, and worst, sudden cardiac death. Secondly, you need to know if you’re either at risk of developing a heart disease, or at risk of complicating your existing heart-related condition. So, who is at risk? The answer is ANYONE and EVERYONE, especially: Unborn babies in the womb (foetus) , Adults from their 30s, and the aged, Youths in their 20s with excessive drinking and/or smoking habits, Individuals with diabetes, high cholesterol, high blood pressure and kidney disease, Individuals with a family

history of heart (-related) diseases and Women experiencing their menopause. Thirdly, you need to know the factors that increases your risk of having heart disease, and your loved ones: For an unborn baby: taking non-prescribed medications, not controlling and monitoring existing diseases such as diabetes and hypertension in the mother, not keeping up with your immunisation schedule, stressing a lot, drinking alcohol and smoking, and taking hard drugs. For children, adults, and aged folk: smoking or dwelling for long in smoke-filled environments, eating an unhealthy, salt-rich diet, non-compliance with prescribed medications, and physical inactivity. Fourthly, you need to know the symptoms of heart disease, and know that they vary depending on the kind of heart condition and individual. For many Nigerians, chest pain and discomfort in the arms, upper abdomen, or shoulder are the first signs.

Pain or discomfort in the face and neck area, including the jaw and tooth ache, Physical weakness and light headedness, Breathlessness, Gasping, Panting, Shortness of Breath, Cold sweat, Swollen ankles and foot and Feeling ‘sick to your stomach’/nausea. Make daily lifestyle changes to help reduce your risk of (further) heart complications including: Maintaining a healthy, balanced diet that is rich in fruits and vegetables, and foods low in saturated fats. Eat whole grain products, fish, beans, and lean meat. Avoiding drinking alcohol by reducing your intake (including red wine!), or simply never start drinking. Maintaining a healthy weight. Have you checked your BMI lately? If no, check and talk to a doctor about your weight if it doesn’t feel right. Quit smoking and protect yourself from tobacco by avoiding smoke-filled environments. Get active! A 30-minute walk everyday can help reduce the likelihood of a heart attack and

stroke. Please, avoid aggressive, heart heavy sports – leave that for healthy teenagers – plus, I prefer football for the kids. Before adults embark on any form of excessive exercise/sport such as tennis and football, check your numbers (see the next point). Know your numbers: check your blood pressure, cholesterol and glucose levels regularly. Carefully take your medication as prescribed – don’t wait until your first ICU admission to make a change. Instead, avoid it by carefully taking your medication. Take your existing heart conditions seriously, especially high blood pressure. Finally, discuss with your cardiologist about the best ways to reduce your heart disease risk. Join a heart healthy club such as LECC’s Cardiac and Vascular Care Programme for those with chronic heart condition.

• Dr. Folasade Alli, Consultant Cardiologist at Lagos Executive Cardiovascular Clinic

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

FINTECH News

Friday 19 July 2019

BUSINESS DAY

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Fintech startups push for more users as tech investors look to new segments Stories by FRANK ELEANYA

tartups in the financial technology segment have stepped up their push for growth in customer acquisition as the competitive landscape in digital banking gets more intense and investors look to other tech segments for new investment opportunities. The tech space may have seen a lot of funding activities in the first half of 2019, but fintech startups have struggled to sustain the edge they had over other segments in previous years. Usually, by the second half of the year fintech startups would be dominating the funding chart, however out of the $110.9 million already closed in 2019 by over 30 startups; fintechs have only managed to raise a little above $18 million according to data gathered by TechPoint Africa. They did dominate first quarter investments raising over $17 million out of the about $28 million received in that quarter. However there was a serious lull in the second quarter as startups in musictech, ecommerce, and

motorcycle hailing took the shine. In April for instance, Boomplay, a startup owned by Transsion raised $20 million Series A fund while Jumia Group secured $56 million corporate round whereas six fintech startups had to share $1 million funding in the same month. In May and June, it was the turn of motorcycle hailing companies like Gokada and Max to secure a combined $12.3 million. The only fintech funding in that same period

went to Trove, a crypto firm, which received $50,072. The shifting attraction however may be temporary as new investment in July from Chinese venture capitalist firms in OPay suggest. Although, OPay is more of a platform driving three units including ORide, OFoods and OPay, thus, it is expected that the $50 million investment in the company will be spread among the units. The funding lull also seems to have had a positive effect

on fintech players as some of them are increasing their campaign to lure more customers to their platforms and to pay for their services. Carbon’s 0% interest loans Carbon, former Paylater and one of the few startups in fintech that got investments and made a high profile acquisition earlier in the year, has been on an aggressive campaign to lure new customers. It recently launched an interest-free loan drive for people who are applying for

loans for the first time. “(I) just received my first loan from @get_carbon. (I) not going to lie, that sweet 0% interest rate for first timers this week helped,” a customer, Chibuzor Obiora posted on his Twitter handle @nbyodai. “A loan without stepping into a bank? Fantastic.” By 10 July, three days after the campaign was launched, the company said it has disbursed 10,000 free-interest loans to new customers. As a result, the campaign was extended from 12 July to 19 July. “We are in a competitive space but whoever serves the customer best will reap the rewards,” Ngozi Dozie, cofounder of Carbon had said earlier in 2019 when the company changed its name from Paylater to Carbon. Interest-free loans are a rarity for businesses in Nigeria, they are however very effective in attracting customers. Investify on PiggyVest Investify could be one of the most innovative features by a fintech platform in Nigeria in 2019. The feature was recently added by PiggyVest, one of the fintech platforms that has transformed savings and helped many Nigerians

develop a culture of saving for the rainy day. In its launch statement in February, PiggyVest explained that Investify is an investment feature that allows users to invest in agriculture, production and industries for bigger interest margins right from the app. Through the feature, users of the PiggyVest app have been able to invest in ventures in agriculture, motorcycle hailing services, and fixed yield investments that could fetch between 17 to 18% per annum. Renmoney mobile kiosks Last week, Renomoney took credit access to a whole new level by erecting kioks in local communities with agents helping customers secure loans within minutes of applying. The company said in April that the goal was to deepen financial inclusion and improve lending to individuals and investment in small and medium enterprises in a more convenient way. Since it began in April, the mobile loan kiosks have been seen in tens of locations around Lagos. A significant number of the startups have also embarked on talent acquisition as part of plans to achieve expansion projects.

‘Trump’s comments on Facebook Libra mirror misconceptions on cryptocurrencies’

S President Donald Trump’s comments on the p otential misuse of Facebook Libra capture the common misconceptions about cryptocurrencies, says Marius Reitz, general manager for Africa at Luno. The US President had in a series of tweets stated that while he is not a fan of Bitcoin and other cryptocurrencies,

he believes that Facebook Libra will have little standing or dependability. “We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable,” Trump said. “It is by far the most dominant currency anywhere in the world, and it will always stay that way. It is called the United States Dollar.” The comments has since

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been re-echoed by other US officials and a growing number of international government officials. US Treasury Secretary, Steven Mnuchin said during a press briefing that Facebook and other sponsors of the Libra coin have a lot of work to do to convince the administration that it is safe. French Finance Minister, Bruno Le Maire told reporters that a private company should

not have the possibility to create a sovereign currency. “Finance ministers and central bankers all have serious concerns on whether all rules have been followed and if regulations need to be changed to guarantee financial stability,” Sholz said. “Swift action is required.” Reitz said the concerns may be over exaggerated as cr yptocurrencies that are

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pegged to the US dollar and other tangible assets are easier to regulate. For him, Libra’s connection with established financial institutions also highlights its validity as a means of exchange. “Our research shows that there is low consumer confidence in the current financial system, which was created 75 years ago and hasn’t really kept pace with how the

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world has changed around it,” Reitz said. “From security to transparency, consumers, especially Africans, are calling for a change in how things are done.” He also noted that Africa is in a better position to gain from crypto adoption, hence the need for education around cryptocurrencies so that the continent can experience its full benefits.

Friday 19 July 2019

BUSINESS DAY

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How RUGA was ‘stolen’ from Nigerian researchers, politicised by govt Stories by CALEB OJEWALE Twiiter: @calebtinolu

n February 2018, a group of ten Nigerians on doctoral and other postgraduate research courses at the Wageningen University and Research in the Netherlands made a presentation on a cattle management model. Their presentation was made at a meeting attended by Robert Petri, who was then Netherlands Ambassador to Nigeria, and Michel Deleen, who was until recently, head of the Lagos office, which has now been upgraded to a Consulate General. On the hosts’ side was a representation of top academics and researchers, led by Louise O. Fresco, president of Wageningen University & Research. The meeting, organised in a Dutch University and attended by an equally Dutch delegation that had come all the way from Nigeria, was however not to discuss anything Dutch, rather, how to advance agricultural development in Nigeria. At the time of that meeting, establishment of Cattle Colonies was the ‘bright idea’ being promoted by the Nigerian government, and the presentation by the Nigerians at this meeting in the Netherlands, was offering an alternative described as sustainable cattle ranching that could accommodate herdsmen in different locations. BusinessDay, following this meeting published a number of articles. The group had subsequent meetings with representatives of government, including one in July 2018, where the concept was pitched to Audu Ogbeh, who was minister of agriculture and rural development. This was followed by another presentation of the same idea to some representatives of the Vice President’s office. After the presentation to some members of the VP’s office, the feedback was that “government wanted a quick solution”, and this model did not seem to offer that.

However, barely a year later, it appears the Nigerian government may have ‘stolen’ this idea or at least, some of it (for its ‘quick fix’), and in the process making a political mess of what should have been a business driven solution. In all of this, there has been no form of credit or involvement of the original promoters. “What the Federal Government did was to pick some of our ideas and put them inside RUGA,” said Abiodun Jegede, a member of the team that pitched this idea. Jegede was in Wageninen for his PhD in Environmental Technology at the time, along with nine others that were members of the team. In the model presented, the group aimed to develop a business model known as Agri-tourism, which would provide a sustainable ranching system to help the

Fulani community and all other stakeholders interested in cattle business to properly integrate with the global society, to ensure peaceful coexistence as a nation. The group expected to achieve this by addressing a number of questions on: how climate change impact can be reversed; how water and feed can be provided abundantly; how a circular economy can be maintained within the ranch; and how the cherished nomad philosophy of the Fulani can be preserved. This, they expected will be achieved by solving the major questions raised earlier through scientific studies, integration of all major stakeholders and implementation of a sustainable business model. “The establishment of cattle colony has been recommended as a solution to the conflict. However,

this approach is not feasible unless the root cause of the problem is addressed comprehensively and sustainably, implying that a ranch business model that caters for the basic needs of the herdsmen and the herd must be thoroughly implemented,” said Jegede, in a presentation on behalf of the group at the meeting last year. If successfully implemented, the ranch was expected to provide products such as milk, meat etc. and services such as grazing, orchard/non-wildlife tours, school tours, recreational harvest, sport, ecotainment, horseracing, rural home stay etc. In addition, net electricity produced from anaerobic digestion of the cattle manure could be sold to the grid to earn additional revenue. Jegede explained that this idea can contribute to ending the

herdsmen-farmer clashes and improve the livestock industry in Nigeria. In addition, this concept will help to mitigate greenhouse gas (GHG) emission and can contribute to powering rural communities. The application of scientific studies, integration of all major stakeholders and implementation of a sustainable business model, according to the group, would have aided the delivery of a ranching system that will be acceptable to both farmers and herdsmen. Onu Ekpa, a PhD candidate in Food Quality and Design group, Wageningen University, who is also a member of the group, expressed the view that “Nigeria risks worsening food security problems if the crisis continues.” According to him, the group’s model treats agriculture as a viable business rather than as a tool for social and political exploits. “We are optimistic that our model which aims to address w a t e r, f e e d , e n e r g y a n d environmental issues will be a sustainable solution. Agritourism is an added value to the model, it will generate a lot of revenue for Nigeria, mitigate climate change and preserve our ecosystem,” he said. Petri, who was the Dutch ambassador to Nigeria, had lauded the group’s initiative to solve a problem which is bedevilling the country’s agricultural sector, pledging to study the model in detail and offering whatever a s s i s t a n c e i s p o s s i b l e. H e subsequently facilitated their meetings and presentations with the minister of agriculture, as well as representatives of the Vice President’s office. Today, the story has changed, as the government repackaged a model it said “would take time to implement”, and creating controversy out of a model, which if presented to the public as intended by its promoters, may have been embraced and contr ibute towards s olving herdsmen-farmers violence in Nigeria.

What is the big deal about Methyl Bromide NAFDAC and NAQS are sparring over? (1)

here is an ongoing cold war between the National Agency for Food and Dr ug Administration and Control (NAFDAC), and the Nigerian Agricultural Quarantine Service (NAQS) over the use of Methyl Bromide for agricultural fumigation in Nigeria. While NAFDAC has repeatedly said the chemical is banned in Nigeria, NAQS counters its, saying it remains permitted for quarantine use and is a requirement before certain agricultural goods can be exported to some countries; notably India and Mexico. For some reason(s), both agencies of government have failed to sit at a table and come to a joint position. NAFDAC in a statement this week, said, “The use of Methyl Bromide as fumigant is banned and remains banned in Nigeria. Farmers, agro input dealers and

exporters of Agricultural produce are advised to use alternative pesticides which are safer, cheaper and more effective.” The agency said its attention “has been drawn to an upsurge in the demand for methyl bromide from Nigeria.” The surge in demand, according to the statement, is sequel to the new requirement of the government of some countries, such as Mexico and India, that methyl bromide must be used as fumigant on the agricultural produce being exported to their countries. NAFDAC further said it was advising the Federal Ministry of Trade and Investment to “look into the mandatory requirement of methyl bromide fumigants as a trade impediment issue, and it should be treated as such once there are more viable alternative pesticides that are less injurious to humans and the environment.” www.businessday.ng

However, Vincent Isegbe, director general of NAQS in a phone interview to clarify the development, expressed the view that NAFDAC was overstepping its mandate. According to Isegbe, there are exemptions for the use of Methyl Bromide, and these include when it is used as a chemical in feedstuff; uses that the parties of the Montreal protocol deem “critical” under certain classifications by parties to the protocol and lastly; use for Quarantine and Preshipment (QPS). In an earlier statement this year, when NAFDAC made a similar announcement of ban, NAQS said the announcement caused concern and panic among farmers and exporters who rely on Methyl bromide as a potent option for the control of certain agricultural pests. A c c o r d i n g t o N i g e r i a’s quarantine agency, whereas the

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use of methyl bromide is known to have some deleterious effect on the environment, it is acceptable for controlled quarantine use because of the lack of comparably efficacious alternatives. For example, under the International Standard for Phytosanitary Measures (ISPM) 15, the use of Methyl bromide for the treatment of wood packaging in international trade is allowed. While NAFDAC also highlights that the use of methyl bromide was banned by Montreal Protocol of 1987 due to its effect on ozone layer depletion property, Isegbe of NAQS says this falls under the purview of the National Ozone Office, domiciled in the Ministry of Environment. However, both agencies appear to agree on two things. NAFDAC recognises that Methyl Bromide receives critical uses exemption from some countries, which is also @Businessdayng

emphasised by NAQS. Secondly, NAFDAC appears cautious to allow the chemical in Nigeria, based on what it describes as “the documented abuse and misuse of other agrochemicals.” The risks of use of Methyl Bromide will outweigh the benefit for critical use, NAFDAC asserts. To the extent that chemicals are abused in Nigeria, NAQS had also stated “For the avoidance of doubt, all agro-chemicals are potentially harmful; if used contrary to their original purpose or if applied arbitrarily.” It appears the conversation both agencies working for the same government have failed to have, is on regulation of the chemical’s usage, to avoid its potentially harmful effects, especially on humans. Industry stakeholders then wonder, why not dialogue and design a framework for this?

Friday 19 July 2019

BUSINESS DAY

Hotels

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

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

Money saving deals in Dubai this summer OBINNA EMELIKE

ith several luxur ious resorts, fine dining restaurants and designer boutiques, the popular misconception is that a budget-conscious trip to Dubai may be out of reach. To the contrary, the beautiful Emirati city is also one of the best cities in the world to find competitive deals on hospitality, pampering, shopping and dining. There are a whole host of affordable options available to help you make the most out of your visit this summer if you only know where to look. Whether you are travelling with a large group or just looking for some wallet-friendly options, there are a number of affordable ways to make the most of your trip to Dubai by saving on hotels, getting bargain buys, sightseeing, accessing venues free of charge and cheap dining. Save on hotels: Recently, Dubai has seen a rise in the number of three and fourstar hotels that are perfect for those on budget. These hotels provide world-class comfort, amenities and convenience that the city has become famous for. They include the Emaar Hospitality Group’s Rove Hotels that have fast become trendy tourist hotspots, designed with quirky, locally inspired art and a culturally connected soul. There is also the XVA Art Hotel & Café at Al Fahidi, Dubai’s oldest area. The hotel offers 13 rooms, each designed by a different local artist. The hotel is also home to an art gallery and an awardwinning restaurant. Bag a bargain: Dubai’s traditional markets, called souks, are still a crucial part of daily life and trade today, and a wander through one of the bustling souks can reveal

the true essence of Dubai’s shopping heritage. These include the Textile Souk, a bustling space with rolls of fabric, fine silks and airy cottons, with prices that are not set in stone; and the Spice Souk, which offers the greatest sensory overload with the vibrant colours and aromas of some of the world’s most prized spices. Dubai’s alternative shopping hotspots are perfect if you are on the look-out for unusual souvenirs, antique finds or chic couture. At the Al Satwa area, explore the city’s hidden gems of retail stores, overflowing with fabrics in bright shades, unusual prints and diverse textures. Here, you can barter and haggle for embellishments, feather trims and exquisite beading, and then take your chosen fabrics to one of the many tailors for a cash-effective couture experience. Global Village brings cultures together to help visitors explore different countries around the world in just a few hours. There is plenty to enjoy for the whole family, with more than 75 countries displaying traditional handicrafts and snacks across more than 30 pavilions. Save while sightseeing: Old Dubai is one of the city’s most important historical landmarks. Here, you can see what life in Dubai was like during the time of trade, when the Creek was the lifeline of the whole city. You only need to pay AED3 to enter the Dubai Museum and just AED1 to cross the Creek on an Abra, a traditional wooden boat. The Coffee Museum at Al Fahidi Historical District is another great option if you are on the look-out for authentic coffee, featuring Ethiopian, Egyptian and Emirati styles of live brewing, alongside traditional decor and seating as well. Showcasing the history of the UAE, the Etihad Museum www.businessday.ng

features pavilions that cover key moments that led to the founding of the nation. The museum includes a documentary about the UAE’s past and an interactive map and timeline illustrating the area before the formation, the unification process, creation of the constitution, and subsequent declaration of the Union in 1971. Spots with free entry: No trip to Dubai is complete without experiencing the architectural engineering feats that make the city what it is today. Downtown Dubai is a lively hub of activity and home to the world’s tallest building, the Burj Khalifa, and one of the world’s tallest dancing water fountains. You can appreciate the scale of the tower for free at the base, set to the backdrop of The Dubai Fountain’s choreographed water jets as they put on a dazzling display every 30 minutes during early afternoons and throughout the evenings. Located at Jaddaf Waterfront, the Jameel Arts Centre is a significant new addition to Dubai’s contemporary arts scene. It features multiple gallery spaces that house curated commissions, as well as a research library, alongside a restaurant, writer’s studio, rooftop terrace and shop. For a waterside walk with one of the best views in the city, a stroll along the Dubai Water Canal offers front-row seats to Dubai’s skyline. One of the most spectacular parts of the canal is the illuminated waterfall gushing down from the Sheikh Zayed Road bridge, and several picturesque bridges that light up during the evenings. Cheap restaurants: Do as the locals do and head to 2nd of December Street for some cheap eats. Formerly known as Al Dhiyafa Street, this buzzing area is the place to load your plate with cuisines from India, Iran, Lebanon and more. Discover some of

Dubai’s best chicken shawarmas at Al Mallah, served in a bread pocket with salty pickles, French fries and a generous helping of a delicious garlic paste. Legendary Dubai eatery Ravi is located on Al Satwa Street. This is one of the oldest restaurants in Dubai and serves delicious Pakistani food for less than AED30. Dubai’s legendary Lebanese bakery, Al Reef Bakery is famed for serving up some of the best manakeesh in town for less than AED10. Save with discount & deals: The Dubai Pass is a great way to experience all that is possible in the city. The all-inclusive pre-paid card grants cash-free access to 33 key attractions across Dubai, offering perfect way to explore the city’s world-class destination proposition. Building on the Dubai Pass proposition, the recently launched Stopover Pass has been designed for short-stay visitors to enjoy the emirate’s variety of attractions and experiences. This helps save both time and money as it combines the city’s favoured attractions, tours and cruises into an easily accessible city pass, enabling stopover guests to choose between two, three or four attractions in 36 hours. Emirates passengers can also make the most of their holiday in Dubai this summer with My Emirates Pass, with exclusive offers at over 500 leisure and retail outlet locations. By simply showing your Emirates boarding pass, you can save 50 percent on La Perle tickets, 50 percent off at The Spa at Address Boulevard, 40 percent off restaurants at the Park Hyatt, buy one ticket and get the second for free at the Dubai Dolphinarium, 40percent discount on retail rates at KidZania, 20 percent discount on tickets across the Dubai Parts & Resorts, and so much more.

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The Wheatbaker #4 Onitolo(Lawrence Road), Ikoyi, Lagos. Tel: 01 277 3560

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

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

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

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

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

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

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

Friday 19 July 2019

Harvard Business Review

BUSINESS DAY

MANAGEMENTDIGEST

Spotlight on white-collar crime: Where is your company most prone to lapses in integrity? EUGENE SOLTES

very sizable organization has integrity gaps — areas where what’s considered appropriate behavior diverges from the norms set by its leaders. Within these pockets, things like offensive language, overly aggressive sales practices or conflicts of interest may be overlooked or even condoned. Such lapses not only endanger the reputation of the company but also pose regulatory and liability risks. Many corporate leaders don’t discover the magnitude of integrity gaps until a problem has blown up into a crisis. Compliance and ethics programs are supposed to prevent such crises, but the people running them are often playing defense rather than strategically rooting out trouble. Fortunately, company leaders can get ahead of the risks by setting up systems for early detection through routine data collection. Before your organization can develop a plan to identify integrity gaps in its culture, it needs to accept two things: — SOME MISCONDUCT OCCURS AT YOUR FIRM: When I looked at data from a host of internal reporting sources for three innovative Fortune 100 companies — none of which has faced a recent civil or criminal charge — I found that on average, each firm had experienced a violation that could lead to regulatory sanctions (such as a bribe) once every three days. These companies have some of the most robust and effective controls: Even companies that invest heavily in compliance will have some malfeasance within their ranks. — A CONSIDERABLE AMOUNT OF MISCONDUCT IS NOT GOING TO BE INTERNALLY REPORTED: Violations that company leaders learn about are probably only the tip of the iceberg — and that should make leaders nervous. Though some attorneys argue that a company shouldn’t proactively try to identify miscon-

duct because it could turn into discoverable evidence that might be used against the firm, “ignorance is bliss” is not a sustainable way to run a business. Once you’ve acknowledged that integrity gaps exist in your organization, how can you figure out where they are? Randomly giving employees a simple survey can help you. The survey has three questions: 1. IN THE PAST QUARTER HAVE YOU OBSERVED ANY OF THE FOLLOWING? Please check all that apply: (a) conflicts of interest, (b) sexual harassment, (c) bribes or inappropriate gifts, (d) accounting irregularities, (f) antitrust violations or (e) theft. While the kinds of misconduct companies need to ask about will vary with their business models and risks, the question above includes examples of the most pertinent problem areas. Different organizations, and subgroups within them, will get dramatically varying responses to this part of the survey. I have seen some companies where fewer than 0.5% of employees report observing certain types of questionable behavior. But that figure can reach 10% or more in individual geographic and functional subgroups in some firms. When analyzing the survey data, look for integrity problems

rather than strictly legal violations. For example, a senior manager might regularly say things that wouldn’t legally constitute sexual harassment but that nonetheless make employees deeply uncomfortable. 2. IF YOU OBSERVED QUESTIONABLE CONDUCT, DID YOU REPORT IT? Please answer yes or no for each of the following: (a) conflicts of interest, (b) sexual harassment, (c) bribes or inappropriate gifts, (d) accounting irregularities, (e) antitrust violations or (f) theft. Leaders sometimes take false comfort in the fact that they have a code of conduct that requires employees to report any violations they see. In reality, however, that promise is a check-the-box exercise for many employees. The responses to the second question will often illuminate gaps between the code and actual behavior. The research firm Gartner has observed that reporting rates vary significantly for different kinds of violations. Workers are most likely to report a theft of company property or accounting irregularities; 46% of those who observed a theft reported it, and 41% of those who saw fraudulent accounting practices did. However, the reporting rate is considerably lower in other instances, including inappropriate gift giving (27%) and conflicts of in-

terest (34%). 3. IF YOU NOTED EARLIER THAT YOU DIDN’T REPORT THE QUESTIONABLE CONDUCT, WHY NOT? Please provide a separate answer for each of the following: (a) conflicts of interest, (b) sexual harassment, (c) bribes or inappropriate gifts, (d) accounting irregularities, (e) antitrust violations or (f) theft. The potential reasons employees don’t report wrongdoing are numerous. They may fear retaliation, be reluctant to get involved, feel conflicted because the incident involved a friend or worry that exposing the misbehavior could undermine the firm’s goals or financial performance. Many of the barriers to reporting are institutional problems that require understanding the source of employees’ concern. Others, like not wanting to get involved, indicate that the reporting process itself is — or at least is rumored to be — too cumbersome. Companies that work to reduce that perception can increase reporting rates. Critically, data collection should be conducted anonymously to encourage complete candor. Anonymity can be preserved while the firm gathers nonidentifying metadata, including the location and rank of employees. That information will reveal to managers which

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

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parts of the organization deserve greater attention. To ensure employee confidentiality, many companies hire a third-party consultant to conduct the surveys and restrict access to their data to in-house compliance, legal and audit teams. Data from this simple survey can produce three types of insights: — WHERE TO FOCUS: Identifying the location of specific integrity gaps — by both function and geography — can be extremely valuable. By analyzing data on violations in these areas, companies can unearth the causes of misconduct and devise a strategy to address them — perhaps by redesigning incentives, creating new controls or conducting training. — BETTER WAYS FOR EMPLOYEES TO VOICE CONCERNS: While it may be obvious that norms will differ among countries, offices and even teams, figuring out how they differ and what to do about them is a challenge. Employees’ survey responses can help tackle this. — THE TRUE SIZE OF THE ICEBERG: To prevent wrongdoing, you need to understand issues that may be developing below the surface. Yet it’s often difficult to know what kinds of problems are slipping through. The survey data can help companies better estimate the actual amount of misconduct within the organization — and the amount that’s not being reported. Many leaders publicize their firms’ commitment to integrity and say that their employees should feel empowered to speak up if they see something questionable. Yet the best leaders don’t rely on these statements alone. Instead they collect data to monitor and assess whether their organizations actually adhere to their ethical standards. Sustaining a company’s cultural integrity requires constant vigilance.

• Eugene Soltes is the Jakurski family associate professor of business administration at Harvard Business School, where his research focuses on corporate misconduct.

Friday 19 July 2019

BUSINESS DAY

entertainment

Death and the King’s Horseman, a must-watch play …stages for Wole Soyinka at 85 this month across Lagos venues OBINNA EMELIKE

he year 1976 was very spectacular for students and readers of Professor Wole Soyinka, Nobel Laureate and foremost Nigeria literary icon. That year witnessed the release of ‘Death and the King’s Horseman’, an enthralling literary and drama masterpiece from the stable of the Nobel Laureate. However, while the drama book is a good read any day, it is more interesting watching the characters unleash their creative ingenuity on stage in attempt to relay to live audience Soyinka’s thoughts in the drama masterpiece. The intrigue is that after over 40 years of its release, ‘Death and the King’s Horseman’ still mirrors the society, reflects on topical issues and most importantly, entertains the audience wherever it is staged. At a stage performance of the drama on July 14, 2019 at the Freedom Park, Lagos, it was excitement all through the performance amid lessons to take home. The performance directed by Kelvin Mar y

Ndukwe and produced by Oluwanishola Adenugba was in celebration of the 85th birthday anniversary of Professor Wole Soyinka, the playwright. From the onset, the stellar cast ensured that there was no boring moment for the audience; credit to Ndukwe, who directed the stage performance and Adeleke Solanke, the stage manager. It was truly live theatre as promised by the organisers as the cast lived up to the audience and director’s expectations in acting out Wole Soyinka’s drama piece, which many drama companies try hard to deliver. Of course, regulars at the Freedom Park’s stage performances also spotted out new artistes who took advantage of the stage play to showcase their talents. Set in the old Oyo Kingdom, ‘Death and the King’s Horseman’ emphasizes the cultural heritage, which entails a chief to voluntarily die when a king passes on. As the drama flows, it also showcases the rich cultural heritage of the people, especially dance and language. The drama is a historical piece set during the peak of British Colonial Adminis-

tration in Nigeria and the Second World War of the early 1940s. As the tradition demands, the King’s horseman known as ‘Elesin Oba’ must commit suicide before the burial of the late Alafin in order for the Elesin’s spirit to precede and clear the way for the transition of the Alafin’s spirit. A cultural dialogue ensues when information gets to Mr. Pilking, the then Brit-

ish Colonial Administrator who sees the age-long tradition as quaint and repugnant. His intervention and subsequent arrest of the Elesin Oba at the climax of the rites of passage set of multi-facet tragic trajectories and dislocations within the Oyo Kingdom. Olunde, the first son of the Elesin, a medical student in England who returns to bury his father as tradition demands, commits suicide to fill the

Octopus Dance Zone wins K-Pop 2019 dance competition

he Octopus Dance Zone has emerged winner of the 8th edition of the Korean-Pop Dance Competition in Lagos, Nigeria. The Port Harcourt Rivers State-based professional dance group won the dance competition with its song title, Lullaby (GOT 7) and smiled home with a sum of N5,000,000 and LG XBOOM Speaker (OK99) for each member of the group. Second position went to D’Brainy dance group, Port Harcourt, River State with its song titke, No Air, and a cash prize of N300,000, and LG XBOOM Speaker (OK75) for each member. While Isaiah 54 dance group, Katsina State, came third place with its song title Airplane Mode (Noir) with a prize of N200,000 and LG XBOOM Speaker (OK55). The event, which held over the weekend at the Tolulope Odugbemi Hall, University of Lagos, was organised by the Korean Cultural Centre Nigeria under the Embassy of the Republic of Korea in partnership with LG Electronics, the Korean giant electronic manufactur-

ing company. The free-to-attend event witnessed huge crowd including many undergraduate students of University of Lagos and other young people from outside the university community in attendance. As well, Prof. Olarenwaju Fagbohun, Vice Chancellor of the University of Lagos, the Lagos State Commissioner of Police, Shin In Chul, president, Korean Community, and Korean companies representatives were present. At the competition, all the competing dance groups danced with display of energy. Acrobatic and choreographic styles were showed in demonstration of hard work

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of training by each party. Octupus Dance Zone, the winning group, showed class and superiority when it displayed a stage performance that enthralled the audience. The group’s performance was dazzling and a show of dexterity that met the expectations of the judges. Korean Pop Music, popularly known as K-Pop, originated from South Korea and out of the total 37 teams across Nigeria that entered the online preliminary stage of the competition, which began in April this year, only ten teams made it to the grand finale. Total prize money of N1million was awarded plus a chance to enter the qualifying rounds of the KBS World

K-Pop festival preliminaries that could see a Nigerian team land in all expenses paid trip for the World K-Pop festival and perhaps win big like some compatriots did in previous editions. It would be recalled that in 2012, the Elevators Dance Group won the Third Prize in the K-Pop Cover Dance in Korea. In 2015, Pacific Stars won the Overall Best Prize in the KBS World K-Pop Competition in Korea while Supreme Task won the Best Prize In Performance category in the KBS World-Pop Competition in Korea. Speaking at the grandfinale, Lee In-tae, the Korean Ambassador to Nigeria, said, he was delighted to be part of the guests at the competition to watch young people display energy and creativity in dancing, saying if he was younger, he would have participated. “I am delighted to attend the 2019 K-Pop Dance Competition in Nigeria today. What a great spirit. It is wonderful to feel the energy here at the University of Lagos. If I were 30 years younger, I would have joined the competition”, the ambassador said.

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void left by his father’s arrest. But the intrigue is that Elesin still takes his own life in his captivity when the natives present the corpse of his son to him. The play seeks to explore the tragic consequences associated with diminished sensibility and understanding of the intercultural behavior, communication and tolerance, especially during the British Colonial era in Nigeria. The thematic relevance

of the play in the present day Nigeria where youths are adrift in the social media could be found in Olunde’s choice of honour, self-sacrifice and patriotism in contradiction to the Elesin and the Pilkings’ arrogance, selfpreservation and sacrilege. After reading the book or watching the stage performance, you will, no doubt, give credit to the cast and director. But you will also appreciate the creative ingenuity of Professor Wole Soyinka, the playwright. Of course, the drama was among the many literary masterpieces that gave Soyinka the enviable recognition of Nobel Prize in Literature in 1986, and the first African to be honored in that category. In continuation of the 85th birthday celebration anniversary of Wole Soyinka, ‘Death and the King’s Horseman’, will also stage at the Lagos State Council of Arts and Culture, Obafemi Awolowo Way, Ikeja from July 19-20, 2019 by 3pm and 6pm. The play will also stage at Radisson Blu Anchorage Hotel, Ozumba Mbadiwe Street, Victoria Island, Lagos on July 21, 2019 by 6pm. The play is free to attend at all the venues.

Tinny Entertainment unveils new act, releases single TETE IFEOMA OKEKE

inny Entertainment has signed Myles, a new upcoming music act, to its record label. Timilehin Arokodare, CEO, Tinny Entertainment, unveiled the new act through an announcement on his social media page recently. “Tinny Entertainment is proud to present our latest signee @theboymyles. Myles is an incredibly gifted artiste who brings a lot of talent, hard work and innovation to the afro beats sound. Please give him all your support, we are excited about the future of Nigerian music and we are confident that Myles is one of the talented acts to carry this flag. Please watch this space, his music drops next” the record label boss said on his instagram page. Following the signing, Myles, an Afro-pop singer, has just offered a feel of what he is about with the release of ‘TETE’, his debut single. ‘TETE’, an afro fusion track with sing along lyrics, @Businessdayng

was produced by Qasebeatz and also mixed and mastered by SynX. Born Olawale Micheal Ogunleye, Myles, is a Nigerian singer and songwriter born in Ogba, Lagos in 1994. He is an indigene of Supare Akoko-South in Ondo State. At the age of 9, he discovered his flair for music and nurtured his passion for music until he was a teenager and began his music journey as a rapper. The artiste draws his inspiration from great rappers like Lil’ Wayne. In 2010, Myles made the decision to pursue music as a singer and not as a rapper. He believed he was better at singing and writing songs than he was as a rapper. He describes his music genre as Afro-pop but he can easily delve into the genres of R ‘n’ B, dancehall, reggae and more. The new act is set to release his first official single under Tinny Entertainment soon. He believes his sound would be set apart from other Afro-pop singers because of the unique content, message and delivery he puts into his songs.

Friday 19 July 2019

BUSINESS DAY

entertainment Profiting from the summer holidays Business etiquette

Janet Adetu

t is now officially the Summertime where most schools have closed or just about to close and the kids and university undergraduates will be on their long summer break, I guess it is the perfect opportunity for professionals like yourselves to take a break and spend more valuable time with your families. Many professionals and entrepreneurs tend to schedule part of their annual leave around the summertime, let’s face it what better time to enjoy the sunny season or even the wet season resting and hopefully relaxing. Given the current economic wave we are facing globally and locally there is that dear need to keep thinking out of the box and innovating new ways of creating wealth and value. The summer season is one of the best ways to take advantage of in terms of boosting your business profits. I have put my thoughts together and come up with a number of possible ways you can profit from this summer holidays. BootCamps If you are in the education space

setting up some form of summer bootcamp for kids would help generate income for yourself. At the same time you can create and add value to the lives of children through these bootcamps. Be mindful that you may not make a huge margin initially but it will supplement the weeks where schools are closed. Family Holiday Packages If you are in the travel industry, take advantage of the season. It does cost a lot more to buy a ticket to travel when you are right in the middle of the summer season. You may offer your clients family holiday packages before the peak season, attractive enough for people to take the offer. The package will promote holiday destinations, tours, activities and bargain prices to motivate these families for an agreed fee. Kids Photography Our kids today do love creativity and having fun while learning. The art of photography helps express talent and that creative mind. Pho-

tographers can easily offer photography classes in the summer which are basic usages and handling of the camera, to taking pictures. This is very different from the norm and, a trail blazer, This will put you in the minds of these parents who would not mind the innovative classes that will engage the children. Kids Cookery Masterclass Caterers can impact children by teaching them the art of basic cooking during the summer. We all like our children to be self-sufficient especially when it comes to the kitchen where necessary. Light foods that do not require too much technicality are what kids love to do and are a plus for parents. Offering cookery classes for both girls and boys will attract different age groups. You may pump it up by creating a cooking competition to attract more participants. Excursions / Tours The travel industry is full of exploration, fun, adventure, and information. It is another opportunity for you to create your own excursions and tours that offer new exciting interests for families, friends, colleagues and children. You may increase your business income by looking at tourist places in your locality that are favourite spots. Let the package include transport, pick up, feeding and more to be attractive. Kids Make-Up As a makeup artist you may in addition to your normal makeup

Sahara Group reiterates support for the arts at ‘Bling Lagosians’ Private Screening OBINNA EMELIKE

iding on success of its numerous projects in the arts and entertainment space of Nigeria, especially Hanatu, a short film project in collaboration with Kunle Afolayan and the Grooming Film Extrapreneurs’ project, which offered young filmmakers opportunity to enhance their craft at the London Film Academy, Sahara Group, leading African energy conglomerate, sponsored a private screening of ‘The Bling Lagosians’, the latest Nollywood blockbuster. At the private screening, which held over the weekend at Terra Kulture Arean, Victoria Island, Lagos, the group reaffirmed its continuous support for the arts as a vehicle for promoting sustainable development across the globe.

Speaking at the private screening of movie produced by Bolanle Austin-Peter Production, Bethel Obioma, head, corporate communications, Sahara Group, said the energy giant recognises the role of the arts in shaping positive narratives and galvanising action towards positive change. “At Sahara Group we believe in the transforming power of the written word, photography, music, drama and other forms of art and our commitment has remained unwavering through various interventions and partnerships,” he said. He added: “Our involvement with the arts enables Sahara to keep spearheading a gold standard for corporate citizenship as the world continues to work towards achieving the 17 Sustainable Development Goals (SDGs).” The movie tells the story of “The Holloways”, a powerful Lagos socialite circle whose matriarch never disappoints when it comes to flaunting her family’s extreme wealth. She is resolute on having her 51st birthday become the year’s biggest society event – however things take a turn when her family’s huge dept verges on being exposed. How will the family cover it up when she is 100 percent reluctant to cut back on her extravagant lifestyle? A further boost to the rich storyline is the formidable cast, which includes: Elvina Ibru, Toyin Abraham, Jide Kosoko, Bisola Aiyeola, Denola Grey, Monalisa Chinda, Osas Ighodaro Ajibade, Sharon Ooja, Helen Paul, Alex Ekubo and more.

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‘

The summer season is one of the best ways to take advantage of in terms of boosting your business profits

classes offer image and confidence building sessions for teens as well as add a brief makeup session with it to give it a buzz. Our teens will have this opportunity to learn makeup under the authority of their parents to boot image, self esteem and confidence. This is another good opportunity to profit in the summer. Acting & Performing Arts The entertainment industry is fast growing when it comes to music, acting, and singing. Kids do love acting, speaking, presentation and voice overs. If you are in this space create a kids holiday program that is paid for once exposing the children to talents that are considered hidden. You can have this program for one to three weeks so you can double up on your income. Summer Fashion Line As a fashion designer what better way to increase your income than to create a fashion line for summer. A personal label will also boost your brand, it will require good marketing as people feel that summertime ifs best for buying new clothing items. These are just a few of many other things that you can boost your income this summer holidays. It is time to think out of the box and use all opportunities that come your way. Please share your experience with me by sending an email to or janet.adetu@jsketiquetteconsortium.com. / jtadetu@gmail.com Follow and like @janetadetu @jsketiquetteconsortium I look forward to hearing from you.

Glo leverages Sobowale, Ozokwor in new TVC to underpin data superiority

ata grandmasters, Globacom, reputed for churning out ingenious television commercials over the years, has released another creative advert which features Nollywood greats, Sola Sobowale, a.k.a. “Toyin Tomato”, and Patience Ozokwor, alias “Mama Gee”. In the commercial, called “Baby Babble”, the two actresses go head-to-head in a humorous manner to underscore Globacom’s superiority in the data market – unmatched speed, services quality, reach and efficiency of its 4G offering. The duo had featured as traders in an earlier Glo TVC where they, along with their daughters, engaged in a struggle for customers to buy their wares. In “Baby Babble”, however, they take their healthy rivalry to a supermarket, Quick Shop, where Mama G is heard calling Sola Sobowale “Wakabout”, while the latter replies, “follow follow”. As the two ladies wheel their trolleystowards the cash point, there’s a struggle on who will get there first. Mama G wins as Sola is blocked by a cleaner. On getting to the cashier, the message of the commercial is played out as the Glo 4G comes to the rescue as the two women again engage in a mild contest of who will be able to placate a crying baby whose mother had queued up to pay for her shopping. Patience Ozokwor fires the first salvo, saying, “she does not want overripe things”, referring to Sola who is fair in complexion. Sola fires back, calling Patience “dudu by

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nature”. Not to be pushed over in the battle for the baby’s attention, Patience quickly calls her daughter, Uche Nwaefuna, on phone to send her a children’s video clip which lands instantly on her phone and ipad. Courtesy of Glo 4G, the video downloads swiftly, thus highlighting the efficiency of the Glo data network. As Patience plays the video for the child, Sola snatches the ipad and is able to calm the baby with it. The child is tickled, while the appreciative mother (Bimbo Thomas) who, upon realising that the baby has stopped crying, thanks Sola Sobowale for the gesture, thinking that she is the owner of the ipad. The drama ends with Mama G realising that she has been outwitted by Sola. As she grabs back her ipad, Sola laughs and dances mischievously, happy that she emerged triumphant in the “who can lull the baby” challenge. The curtain draws with the voice over intoning, “Glo, Your No. 1 4G LTE Network Nationwide”. The 4G plans are also highlighted to show affordability. With N100, the subscriber gets 180mb data, while N1,000 gives 3.6GB. Similarly, the subscriber would get 12.9GB of data for N2,500 subscription. Patience Ozokwor and Sola Sobowale have regularly been cast as alter egos in films, skits and television commercials where they tried to out-wit each other to entertain the audience with compelling stories enacted to resonate with the target audience.

@Businessdayng

Friday 19 July 2019

BUSINESS DAY

FEATURE

Tackling Lagos gridlock for enhanced business operations and quality living The Babajide Sanwo Olu-led government in Lagos State is taking steps to tackle perennial gridlock around Victoria Island and Lekki axis in the state. JOSHUA BASSEY writes that a collaborative effort with the private sector would help to decongest areas like Oniru, MuriOkunola roundabout among others, insisting that doing so would improve business operations and quality life for residents.

ne of the pillars of development agenda of the Babajide Sanwo-Olu administration in Lagos State is Traffic Management and Transportation. The other four include Health and Environment, Education and Technology, Making Lagos a 21st Century Economy, Entertainment and Tourism as well as Security and Governance. These five key areas the government has weaved into the acronym- THEMES. While all of the five pillars are essential and play pivotal role in driving the vision of a greater Lagos that works for both businesses and residents, traffic management and transportation, however, stands out. This is understandably so in a city that runs as the commercial capital of West Africa, and hosts an estimated 21 million people. Sitting on a land size of 3,577 square kilometres which makes it the smallest of Nigeria’s 36 states, it is to be expected that a government desirous of development will accord the transportation sector a priority, as the millions of residents as well as goods and services must necessarily traverse the length and breadth of the city and beyond. It is no surprise, therefore, that the governor is focusing on efficient traffic management and transportation as a key area in his development agenda. “We will minimise traffic congestion on our roads and facilitate multi-modal transportation. We have already identified about 60 strategic traffic gridlock areas in Lagos primed for immediate decongestion. We

Governor Sanwo-Olu making a point during a stakeholders meeting on proposed regeneration of the Lekki-Oniru axis at Four Points, Sheraton, Oniru, Victoria Island.

shall integrate road, rail and water transportation into a coherent multimodal transportation programme.” said Sanwo-Olu during his inauguration on May 29, at the Tarawa Balewa Square (TBS). Since the inauguration, the administration is seen following up with measures that show its readiness to match words with actions. Not a few would agree that the visits of Sanwo-Olu and the top echelon of his administration to traffic prone areas for on-the-spot assessment of Oshodi-Apapa, Lagos-Badagry and Lekki-Epe corridors, signing of executive orders to affirm zero tolerance on traffic disorder and environmental

Babajide Sanwo-Olu (3rd l), Lagos State governor; Obafemi Hamzat (2nd l), deputy governor and others inspecting drainage channels along Abraham Adesanya in Ajah. www.businessday.ng

nuisances and constitution of an inter-ministerial ad-hoc committee to drive the implementation of the executive orders, are a demonstration of commitment to finding a way around the traffic menace and environmental challenges in Nigeria’s former capital city. Last week, Sanwo-Olu took another step towards addressing the traffic conundrum bedeviling the commercial cum residential environs of Victoria Island and Lekki when he mobilised top functionaries of his government, which included his deputy, Obafemi Hamzat, Secretary to the State Government, Folashade Jaji, and Head of Service, Hakeem MuriOkunola to interface with top bankers, among them, Herbert Wigwe, Managing Director/CEO of Access Bank Plc; Nnamdi Okonkwo, Managing Director/CEO of Fidelity Bank Plc, among other professionals on how to end the gridlock around Victoria Island and the Lekki axis and create a better ambience for business and living. At the meeting, which held at Four Points by Sheraton Hotels, the private sector partners and stakeholders, who deliberated on a study, tagged “Victoria Island-Lekki Circulation” which took four months to analyse traffic pattern on that axis, causes of gridlock and possible solutions, submitted by Planet Project Limited, an indigenous engineering/construction firm, agreed to the need to overhaul the current traffic architecture around Victoria Island. The study identified five major trouble areas within that axis. They include Muri-Okunola round-about, Sandfill junction, Akinbolade Street connecting Oniru, Ligali Ayorinde, just as it suggested the creation of one additional access road and the dualisation of Akinbolade Street to allow for better traffic flow. Abiodun Otunola, managing di-

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rector of Planet Project, who presented the study, said the solutions might also involve the removal of identified roundabouts along the Lekki-Ajah corridor, but more importantly, rehabilitation of major streets in Victoria Island, some of which are riddled with potholes. The study also suggested the use of concrete around some of the road junctions as against asphalt which has weak resistance to water. The governor, who believed the implementation of the proposed solutions would go a long way, gave the commitment of government in line with his electioneering promise. “The whole idea is to improve the time that people spend in traffic in order to enhance business and social life,” said Sanwo-Olu. The governor, who left the stakeholders’ meeting to undertake a further tour of the Lekki-Ajah corridor, while fielding questions from newsmen, announced toll-free passage on the Admiralty and Lekki-Ikoyi link bridge tollgates on Thursday July11 and Wednesday July 17, 2019 at peak periods: 6:30am and 9:30am as well between 4:30pm and 8pm. The objective, according to him is to allow traffic consultants to the government carry out a comprehensive study of traffic flow around LekkiIkoyi-Victoria Island axes, which is part of the initiatives the government is bringing to diffuse vehicular gridlock in major business districts in the state. “We are currently undertaking a traffic study with our experts and we want to know where the traffic gets to when the tollgates are left open for steady movement. It is only when we do this at the peak hours that we will be able to understand how to deal with congestion in these places.” Sanwo-Olu said the undertaking was necessary for the government to take actions that would lead to reduc@Businessdayng

tion of gridlock on the axes by 50 per cent. The resultant effect, he said, would lead to decrease in travel time and improved productivity. “Our government wants to bring about a quick journey time through our traffic solution. The way we want to do it is to have an online real-time study of what the issues are. We are going to analyse the dimension of observed challenges and discuss next steps of solution we are bringing,” he said. As part of the measures being initiated to achieve free flow of traffic, Sanwo-Olu hinted that the mode of toll collection at the Ikoyi-Link bridge would completely go electronic, disclosing that a new method of payment would take off in October. The governor urged motorists plying the route to apply ahead for electronic access cards at Lagos Tolling Company in compliance with the new service. “This means that motorists will not be paying cash. The process to implement this is on, and we will come up with a seamless electronic solution. We are giving three months notice to residents and motorists to prepare ahead. By the time this is done, we believe some of the bottlenecks in and around Ikoyi would be reduced and we are hoping there would be free flow of traffic,” he assured. He also hinted that the size of the roundabout at the Admiralty road would be reduced for the purpose of traffic diffusion. Sanwo-Olu, who also visited the scene of recurring flood near the Abraham Adesanya Junction to inspect the cause of the clogged drainage in the area, said Office of the Drainage Services had been directed to ensure free flow of water in the clogged drainages and canals in Ajah area. “We have had several complaints about how long it takes people moving around Ajah Bus Stop. We are going to push a major layby, where we can take commercial vehicles off the road. We have realised that commercial vehicles are the major cause of traffic at the spot. We are going to push the layby there and cut it off, so that motorists moving inward to Victoria Island can have an easy way. We are looking at both lanes to reduce journey time,” said Sanwo-Olu who believed the measures being already taken and those to be adopted in later days, weeks and months will help to shorten the time Lagosians spend on the roads and improve quality of their lives. Bimbo Fatoki, a resident of Lekki, said the measures being considered by the government such as the proposed removal of the roundabout close to the Lekki-Ikoyi link bridge was a welcome development. “This is a welcome development and I think also that the roundabout in this area should be taken out because it is also part of the problem,” said Fatoki.

Friday 19 July 2019

BUSINESS DAY

CULINARY DELIGHTS

Nok By Alara African cuisine with a twist of fine dining and sophistication

hrough the help of the internet, years before I ever imagined I would be working in Lagos, I read an article about a luxury concept store called Alara. There was something captivating about the bright orange and creative exterior designed by renowned architect David Adjaye. Alara, meaning “the wondrous performer” created by Reni Folawiyo is dedicated to design, fashion, art,

Peanut Sauce, Jerk Chicken with Ghanaian Rice & Beans, Waaky and much more. On this occasion, I went for Sunday brunch with my friends Bada Akintunde Johnson, Country manager Viacom Nigeria and Tomi Wale Creative Director Get up Inc. The only menu available at our time of arrival was the brunch menu, and even just the brunch menu is the type of menu that has you wanting to

the waiter to bring it. I sipped on my water waiting for something like an out-of-the-box attempt to show up. My thoughts upon finishing my meal were “ Who turned the Amala so good? Who made the soup???” I enjoyed it. As a boy that grew up in Bodija, I was proud to know there is a new TRUE place in Lagos to eat that meal! When I was done, I started noticing new things at NOK like the colorful and beautiful crafted

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

GUESTS

BADA AKINTUNDE JOHNSON

food, and culture. From a global perception perspective, it would surprise me if there is any restaurant as highly regarded as Nok by Alara in Nigeria. The concept store and restaurant has gained international acclaim from notable publications such as the New York Times, Vogue and The Wall Street Journal. In simple terms, NOK by Alara is a contemporary African restaurant, the culinary extension of Reni Folawiyo’s concept to celebrate and elevate all aspects of African lifestyle. When I think of Lagos one of the things that immediately come to mind besides the yellow danfos, traffic and the Nerve Centre statues at Maryland bus stop, when it comes to restaurants, Nok by Alara represents the budding culinary scene of Lagos to me. Located on 12A Akin Olugbade Street in Victoria Island, LAGOS, Nok by Alara is nestled within a lush bamboo-framed garden, NOK is an intimate dining space displaying contemporary art and design from all over the continent. Nok by Alara is known for its exciting fusion of flavor of African dishes with a twist of innovative presentation and a flare of luxury. NOK has been able to perfect the art of reinventing classics of African cooking. Nok has the unmatched technique of bringing out the luxury and delicious flavors in so many of the wonderful foods on our continent. The menu at Alara is simply exciting. You can find options such as Grilled Calamari Suya, Oxtail Hotpot, Poisson Braisé, Lamb Mafe with

order absolutely everything. After much deliberation, Bada and I opted for the Whole Tilapia with Akassa (Eko). The meal was just delicious and filling. The mix of rich flavors and seasoning was just right and the pepper hit the right spot. I also had eko for the first time which reminded me of South African pap. The combination of the two was exactly what I needed. Apart from the delicious food I highly appreciated the presentation of the food and the accents of the table settings and cutlery holders. Every detail of the restaurant is tastefully pulled together to contribute to the fine dining experience. This is what Bada has to say about his food“It was a sophisticated but richly deep African food experience. The authentic sweetness of traditional Nigerian dishes elevated to high street restaurant levels”. Here is what Tomi had to say about his experience. “Nok by Alara exudes an artistic look and feel. As we walked in a waiter walks up to our table with a pleasant introduction of himself. He hands over the menu and I noticed Amala. The Ibadan boy in me immediately saw that as sarcasm so flipped on. How can Amala be in this beautiful interior with simple yet elegant chandeliers dropped off a black room with desaturated images diagonally placed on the wall in symmetry? I mean, the chairs and tables here are well spaced and I see no smoke in sight! Yeah right, Amala. Bada and Lehlé went with their choices of fish and for some reason, I went back to the Amala page and told

chairs outside, triangular orientation everywhere, the brilliant architecture to make sunlight be the major source of lighting during the day, an inspirational beauty when you present African art with a sense of excellence. It was a beautiful experience”. Here is fun fact, Nok By Alara is the only restaurant in Lagos that serves Thiéboudienne which is the national dish of my home country of Senegal. The Thiéboudienne is so authentic, one would think it was made on the streets of Dakar. It is boldly flavored combination of fish, rice, and vegetables simmered in tomato sauce is a hearty one-pot meal. You can make it with any fish or vegetables you have on hand, including potatoes, cassava, squash or pumpkin. The rice used in Thiéboudienne is jollof rice. Without attempting to contribute to the ongoing Jollof wars, contrary to popular belief Jollof is believed to have originated in the Senegambia region of West Africa among the Wolof people. The mouth-watering meal has traveled throughout the sub-region because of the frequent cultural exchange that goes on and is also made in Nigeria and Ghana. If you would like to taste authentic Senegalese Jollof rice then head over to Alara. Nok by Alara represents Lagos fine dining, it is perfect for a fun weekend brunch, a dinner, drinks with It is perfect for art lovers that enjoy authentic African dishes and fine dining. I cannot recommend Nok by Alara enough!

TOMI WALE

RATING 5 2 Tilapia with Akassa (Eko) - N13000 Amala

Mango Chilli Mule - N3000 Hibiscus Lemonade Total

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- N3000 - N23,000

CONTACT reservations@nokbyalara.com

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

- N4000

Friday 19 July 2019

BUSINESS DAY

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Friday 19 July 2019

BUSINESS DAY

Live @ The STOCK Exchanges Prices for Securities Traded as of Thursday 18 July 2019 Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 213,271.35 6.00 -3.23 161 9,354,441 UNITED BANK FOR AFRICA PLC 189,806.79 5.55 -0.89 223 16,283,364 ZENITH BANK PLC 580,835.14 18.50 -0.54 254 21,268,958 638 46,906,763 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 202,808.40 5.65 0.89 166 33,327,186 166 33,327,186 804 80,233,949 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,585,023.16 127.00 -0.78 76 2,624,031 76 2,624,031 76 2,624,031 BUILDING MATERIALS DANGOTE CEMENT PLC 2,896,886.26 170.00 - 38 1,758,655 LAFARGE AFRICA PLC. 209,401.34 13.00 0.39 61 1,836,401 99 3,595,056 99 3,595,056 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 282,453.39 480.00 -9.43 12 169,265 12 169,265 12 169,265 991 86,622,301 REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC 1,710.00 85.50 - 0 0 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,175.81 40.70 - 0 0 UPDC REAL ESTATE INVESTMENT TRUST 14,408.66 5.40 - 0 0 0 0 0 0 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 0 0 VALUEALLIANCE VALUE FUND 3,312.39 103.20 - 0 0 0 0 0 0 0 0 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 0 0 OKOMU OIL PALM PLC. 53,228.18 55.80 - 6 19,700 PRESCO PLC 44,800.00 44.80 - 6 18,910 12 38,610 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 8,520.00 4.26 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,440.00 0.48 - 1 2,500 1 2,500 13 41,110 DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. 873.61 0.33 - 9 153,260 JOHN HOLT PLC. 179.01 0.46 - 2 324 1,903.99 2.93 - 0 0 S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC 41,054.47 1.01 0.99 52 3,884,954 U A C N PLC. 16,711.52 5.80 -1.69 54 2,422,933 117 6,461,471 117 6,461,471 BUILDING CONSTRUCTION ARBICO PLC. 711.32 4.79 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 23,760.00 18.00 - 17 53,131 165.00 6.60 - 0 0 ROADS NIG PLC. 17 53,131 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 3,325.95 1.28 - 3 12,600 3 12,600 20 65,731 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 13,231.85 1.69 - 1 100 GOLDEN GUINEA BREW. PLC. 242.22 0.89 - 0 0 GUINNESS NIG PLC 100,757.61 46.00 - 19 83,511 INTERNATIONAL BREWERIES PLC. 131,516.69 15.30 -10.00 23 104,870 NIGERIAN BREW. PLC. 463,820.32 58.00 -1.69 43 7,953,279 86 8,141,760 FOOD PRODUCTS DANGOTE FLOUR MILLS PLC 88,500.00 17.70 1.14 78 1,314,197 DANGOTE SUGAR REFINERY PLC 135,000.00 11.25 9.22 41 576,737 FLOUR MILLS NIG. PLC. 57,405.31 14.00 - 97 887,516 HONEYWELL FLOUR MILL PLC 7,295.78 0.92 - 36 378,737 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 3 4,800 NASCON ALLIED INDUSTRIES PLC 39,741.58 15.00 - 13 14,460 UNION DICON SALT PLC. 3,321.07 12.15 - 0 0 268 3,176,447 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 20,284.58 10.80 - 17 69,100 NESTLE NIGERIA PLC. 990,820.32 1,250.00 0.40 49 45,831 66 114,931 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 VITAFOAM NIG PLC. 4,628.12 3.70 - 4 5,199 4 5,199 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 23,822.86 6.00 -3.23 42 482,166 UNILEVER NIGERIA PLC. 183,840.17 32.00 - 11 108,118 53 590,284 477 12,028,621 BANKING ECOBANK TRANSNATIONAL INCORPORATED 166,063.44 9.05 -9.05 51 948,829 FIDELITY BANK PLC 46,359.68 1.60 -0.62 36 4,601,251 GUARANTY TRUST BANK PLC. 859,390.43 29.20 -0.17 106 7,155,784 JAIZ BANK PLC 12,964.27 0.44 - 7 93,750 SKYE BANK PLC 10,687.83 0.77 - 0 0 STERLING BANK PLC. 63,338.92 2.20 2.80 88 16,746,565 UNION BANK NIG.PLC. 190,740.93 6.55 -0.76 22 367,305 UNITY BANK PLC 6,896.71 0.59 - 5 115,177 WEMA BANK PLC. 21,601.70 0.56 - 30 400,358 345 30,429,019 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 0 0 AIICO INSURANCE PLC. 4,573.93 0.66 1.54 20 2,692,795 AXAMANSARD INSURANCE PLC 17,325.00 1.65 - 11 285,236 2,520.30 0.31 -6.45 7 1,225,700 CONSOLIDATED HALLMARK INSURANCE PLC CONTINENTAL REINSURANCE PLC 19,811.94 1.91 - 6 190,460 CORNERSTONE INSURANCE PLC 3,240.49 0.22 - 2 2,000 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 0 0 487.95 0.38 - 0 0 INTERNATIONAL ENERGY INSURANCE PLC LASACO ASSURANCE PLC. 2,489.97 0.34 -2.86 24 3,090,903 LAW UNION AND ROCK INS. PLC. 2,062.24 0.48 - 1 8,500 LINKAGE ASSURANCE PLC 5,120.00 0.64 - 0 0 MUTUAL BENEFITS ASSURANCE PLC. 2,234.55 0.20 -4.76 17 1,763,974 10,983.45 2.08 -9.17 20 946,450 NEM INSURANCE PLC NIGER INSURANCE PLC 1,547.90 0.20 - 0 0 PRESTIGE ASSURANCE PLC 2,583.62 0.48 - 1 1,017 REGENCY ASSURANCE PLC 1,333.75 0.20 - 3 9,440 SOVEREIGN TRUST INSURANCE PLC 1,751.57 0.21 5.00 3 100,110 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 92 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 5,085.44 0.38 -5.00 24 3,346,408 140 13,663,085

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MICRO-FINANCE BANKS FORTIS MICROFINANCE BANK PLC 11,799.67 2.58 - 0 0 NPF MICROFINANCE BANK PLC 2,583.90 1.13 - 2 47,000 2 47,000 MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 3,780.00 0.90 - 0 0 ASO SAVINGS AND LOANS PLC 7,370.87 0.50 - 0 0 INFINITY TRUST MORTGAGE BANK PLC 5,796.93 1.39 - 0 0 2,265.95 0.20 - 0 0 RESORT SAVINGS & LOANS PLC UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 0 0 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 6,900.00 3.45 - 24 185,630 36,467.56 6.20 - 9 71,652 CUSTODIAN INVESTMENT PLC DEAP CAPITAL MANAGEMENT & TRUST PLC 660.00 0.44 - 0 0 FCMB GROUP PLC. 31,684.34 1.60 4.58 46 2,337,437 ROYAL EXCHANGE PLC. 1,131.98 0.22 - 0 0 STANBIC IBTC HOLDINGS PLC 394,261.29 38.50 -1.28 28 8,646,538 13,200.00 2.20 1.85 43 529,251 UNITED CAPITAL PLC 150 11,770,508 637 55,909,612 HEALTHCARE PROVIDERS EKOCORP PLC. 1,680.29 3.37 - 0 0 852.75 0.24 - 4 1,002,700 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 4 1,002,700 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 544.04 0.55 - 0 0 0 0 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 9,492.94 4.55 - 0 0 GLAXO SMITHKLINE CONSUMER NIG. PLC. 9,925.77 8.30 - 9 49,550 MAY & BAKER NIGERIA PLC. 4,140.56 2.40 - 4 4,500 949.58 0.50 - 0 0 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 325.23 1.50 - 0 0 13 54,050 17 1,056,750 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 781.44 0.22 -4.55 30 8,031,068 30 8,031,068 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 1,470.89 0.50 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 1 100 NCR (NIGERIA) PLC. 648.00 6.00 - 0 0 TRIPPLE GEE AND COMPANY PLC. 346.47 0.70 - 5 13,922 6 14,022 PROCESSING SYSTEMS CHAMS PLC 1,267.94 0.27 -3.70 14 888,024 E-TRANZACT INTERNATIONAL PLC 9,996.00 2.38 - 0 0 14 888,024 TELECOMMUNICATIONS SERVICES AIRTEL AFRICA PLC 1,215,762.01 323.50 - 21 45,516 21 45,516 71 8,978,630 BUILDING MATERIALS BERGER PAINTS PLC 1,825.89 6.30 -10.00 8 100,463 CAP PLC 17,325.00 24.75 - 9 6,308 CEMENT CO. OF NORTH.NIG. PLC 171,522.69 13.05 - 20 169,000 FIRST ALUMINIUM NIGERIA PLC 844.14 0.40 - 0 0 MEYER PLC. 313.43 0.59 - 0 0 1,959.74 2.47 - 0 0 PORTLAND PAINTS & PRODUCTS NIGERIA PLC PREMIER PAINTS PLC. 1,156.20 9.40 - 1 100 38 275,871 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,256.91 2.09 - 0 0 CUTIX PLC. 2,906.18 1.65 - 19 277,700 19 277,700 PACKAGING/CONTAINERS BETA GLASS PLC. 33,173.14 66.35 - 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 57 553,571 CHEMICALS B.O.C. GASES PLC. 1,889.75 4.54 - 0 0 0 0 METALS ALUMINIUM EXTRUSION IND. PLC. 1,781.64 8.10 - 0 0 0 0 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 1 10,000 1 10,000 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 92.40 0.42 - 0 0 0 0 1 10,000 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,377.79 0.22 4.76 9 694,058 9 694,058 INTEGRATED OIL AND GAS SERVICES OANDO PLC 49,725.65 4.00 -2.50 47 1,810,156 47 1,810,156 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 56,974.05 158.00 - 6 3,834 CONOIL PLC 14,052.53 20.25 9.76 25 115,516 ETERNA PLC. 4,368.88 3.35 - 4 2,454 FORTE OIL PLC. 23,900.53 18.35 -0.81 32 247,035 MRS OIL NIGERIA PLC. 6,354.80 20.85 - 1 10 TOTAL NIGERIA PLC. 44,103.89 129.90 - 30 23,400 98 392,249 154 2,896,463 ADVERTISING AFROMEDIA PLC 1,820.01 0.41 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 17,551.17 1.80 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 341.14 0.29 - 0 0 0 0 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 3,112.54 5.28 - 3 10,350 TRANS-NATIONWIDE EXPRESS PLC. 328.19 0.70 - 1 5,000 4 15,350 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 0 0 0 0 HOTELS/LODGING CAPITAL HOTEL PLC 4,723.78 3.05 - 0 0 IKEJA HOTEL PLC 2,847.95 1.37 - 2 10,000 TOURIST COMPANY OF NIGERIA PLC. 7,862.53 3.50 - 0 0 TRANSCORP HOTELS PLC 41,042.18 5.40 - 0 0 2 10,000 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 4,800.00 0.40 - 0 0 0 0 PRINTING/PUBLISHING ACADEMY PRESS PLC. 241.92 0.40 - 5 11,200 LEARN AFRICA PLC 1,080.03 1.40 - 27 32,436 STUDIO PRESS (NIG) PLC. 1,183.82 1.99 - 0 0 UNIVERSITY PRESS PLC. 776.54 1.80 - 18 51,450 50 95,086

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Friday 19 July 2019

BUSINESS DAY

LEADINGWOMAN

Through the storms and pain, for CHRISTABEL IKE, hope is rising again doctors forgot gus in my body and did not even remove the appendix which they said they did and it had busted in my stomach which cost the lives of my triplets and almost cost me my life as well. Definitely, I am pressing charges and suing them once I heal completely.

KEMI AJUMOBI

hristabel is a Chemical Engineer who is a makeup artist and owns Kristabel makeovers, makeup school and beauty bar, where she has trained several ladies and is using her skills to beautify the lives of others. She has suffered tremendous losses back to back, from the loss of her sibling to the loss of her triplets this year, medical error during surgery, depression, a hack on her business account, assaulted by her cousin and more. Through it all, she has weathered the storms of life and pulled through. She is optimistic that everything is going to be alright.

Losing 3 children this year I lost my triplets due to doctor’s carelessness and negligence. I waited so long for this blessings but I saw them lying lifeless just before my eyes. From the day I realised I was pregnant, it was pain all day and all night. Not the usual pregnancy discomfort but pains. Not knowing I had gus, a busted appendix, and masses growing inside me alongside my triplets. It was a very painful journey.

Several years ago Growing up was beautiful, I had almost everything I wanted whilst growing up. As a lecturer, my dad was very strict though. He never spared the rod, but will still call us and correct us with love… I’m glad for the chastisement because it helped in making me a better person. My dad and mom taught us that life is not always a bed of roses, they taught us to be self-reliant and hardworking, and that has brought me really far today. Establishing Kristabel Makeovers (KM) I established Kristabel Makeovers in 2010 and it was because of my love for the art and making beautiful faces. I also established Kristabel Makeovers to be able to give back to the society. I wanted to train young ladies with Life skills. Electrical Engineering to KM, how did the transition happen? Honestly, it was my husband who encouraged me to go into it... I really love to draw and paint so my husband said I’ll make a good makeup artist. He got me my first bride client and that’s how we started. Then I went for formal makeup training and here we are. Do you miss Engineering? Ever practised? Yes, I worked in the telecomm field for a few years. I miss engineering sometimes, but I’m so fulfilled in my present field. Being assaulted by your cousin as a child and the aftermath Growing up, we had lots of our relatives come stay with

us. My parents were rarely ever around. My mom worked with Nestle foods and my dad was a lecturer, consultant and used to organize conferences a lot so they weren’t always around. In my parent’s absence, my cousin would sneak into our room and start kissing me. There was a day he called me to the boys quarters and I innocently went and he locked the door and pulled his trousers and pants. He asked me to keep quiet. I began to beg him not to hurt me. I cried immensely that day. My saving grace was that my dad returned and when he hooted the horn, my cousin wore back his trousers and said if I ever mention it to anyone, he would kill me. I couldn’t tell anyone and so I ran away from home. Thank God he never had sex with me but his presence always put fear in me, even till I was grown. I was so afraid that I had to open up to my sister who wasn’t living with us at that time. www.businessday.ng

When and why were you hacked? How has coming back been? My page was hacked in June 2018 when I was just getting to 100,000 followers. It was one of the most painful experiences of my life, I cried so hard for days. But I had to pick myself up and start all over again. The hacker later came on my WhatsApp and showed me a chat where someone in the same business as I was had paid him money N200,000 to hack my page. It was even more painful to find that out. But God kept me. Losing your siblings to sickle cell Hmmmm, my life’s journey hasn’t been an easy one. I lost one of my older brothers to sickle cell about 19years ago. He died in our arms. I was so close to him so it was a big blow. I still haven’t gotten over it. I also lost my older sister to sickle cell anaemia just 3years ago. I was

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in shock for weeks, just not easy to get over. Then I lost a close Aunty (my mom’s younger sister) who I stayed with to sickle cell as well two years ago. Reason behind being hospitalised and what mistake did the doctors make 5 years ago? I had an appendix operation 5years ago. I was discharged a month later and not long after that, part of my stomach started swelling uncontrollably. I started working out and going to the gym. But as I did, my stomach kept increasing in size. Then I went back and I was asked to do a scan which I did and they all said it was a hernia. So I was getting ready to do a hernia repair when I was told I was pregnant and should wait till delivery to have it fixed. When the pain became unbearable, I had to do the operation even whilst pregnant. But when I was opened up, I realised those @Businessdayng

Handling depression I started getting really depressed when I lost a second sibling and it got worse last year when I lost my Instagram page and then my triplets this year. My job was something that gave me joy, so I started putting in more work to take my mind off things and I took some antidepressant medications for a few days but I realised healing had to start from within. I just really became so thankful to God for being alive and for my beautiful family. And that’s how I’m moving on. I’ve been blessed with the best husband any woman could pray and ask for. He was always by my side encouraging me and assuring me everything was going to be alright, he was my therapist, my everything. Advice for those struggling with depression My first advice would be to get out of the pain because nobody deserves to live that way. Secondly, to rely on you more than anyone else since we hold the key to our happiness. Now, the third and most important advice is to seek professional help and while you go through this, have a loved one by your side who understands and supports you. Lastly, never ignore depression if it persists. If there are days when just little things throw you down for hours, don’t listen to people who dismiss your problems by calling you names and asking you to act normal and fit in. Love yourself and the life that you’ve been blessed with. Please read the concluding part of Christabel’s story on our website on www.businessdayonline.ng

Friday 19 July 2019

BUSINESS DAY

Sports Algeria battle Senegal for $4m AFCON prize money … Senegal eye first AFCON trophy … As Sadio Mane and Riyad Mahrez clash in fiercely final

Stories By Anthony Nlebem

he Teranga Lions of Senegal will square up against the Desert Foxes of Algeria in the 32nd editions of the Africa Cup of Nations (AFCON) final on Friday at Cairo International Stadium, Egypt. Senegal will be making their second appearance in the AFCON final and they have never won the continental tournament and head coach Aliou Cisse, who is a former Senegal captain, will look to his key players Idrissa Gana Gueye and Sadio Mane. Mahrez curled in an injurytime free-kick to send Algeria through to the Africa Cup of Nations final with a 2-1 victory over Nigeria on Sunday. The Desert Foxes will make their third appearance in the AFCON final having won the title once in 1990 and coach Djamel Belmadi, who is also former midfielder, will be banking on his dangermen Adam Ounas and Riyad Mahrez to deliver the trophy This will be the 20th meeting between Senegal and Algeria.The Desert Foxes have recorded 10 wins compared to Lions of Teranga’s four victories, while five matches ended in a draw. The encounter will also be a battle of supremacy as two Premier League players Sadio Mane(Liverpool and Senegal) and Riyad Mahrez(Leicester City and Algeria) will battle it out and the winner stands a chance to win the African Player of the year award. The Premier League stars have helped fire their teams into Friday’s showpiece match

in Cairo adding to the successful seasons with their respective clubs. Ma n e w o n t h e Ue f a Champions League with Liverpool, while Algeria captain, Mahrez was part of a Manchester City side who completed the first domestic treble in England. The two have been evenly matched throughout the competition too. Both have scored three goals - two behind Nigeria’s Odion Ighalo - with Mahrez’s last-gasp free-kick booking Algeria’s place in the final while Mane scored the winning goal against Uganda in the last 16. Senegal are in the final after a bizarre own goal in extra time sent the Lions through with a 1-0 win against Tunisia at the 30 June Stadium in the Egyptian capital. A mistake by goalkeeper Mouez Hassen in the 100th

minute saw the ball bounce off the head of defender Dylan Bronn and trickle into the net. Hassen came racing towards the penalty spot to try to cut out a cross from the right flank but completely missed the ball, which then hit the unfortunate Bronn. Friday’s final will be the second time the two sides have met in the competition this year, having been drawn together in Group C. Algeria won the group match 1-0 - which sealed their spot in the last 16 - thanks to a 49th-minute Youcef Belaili goal. It is the only goal Senegal have conceded in the tournament and the result saw them finish second in the group behind their final opponents. Senegal will be without key centre-back Kalidou Koulibaly for the final. The Napoli defender picked up a second yellow card in three

matches during the semifinal and he will now serve a suspension. Senegal manager Aliou Cisse is hoping his current team can go one better than the 2002 contingent and win the competition. “There is a pride at getting to the final. It had been 17 years since we got this far, since my generation in 2002,” Cisse said. “Our philosophy is to take a game at a time and try to play the best football to erase the disappointment of 2002. It’s a dream to win the title not only for me, but for all the Senegalese people. We are close to realising this dream that we could not achieve in 2002.” It will be Algeria’s first appearance in the final since 1990, when they beat Nigeria on home soil to lift the trophy - the only time they have done so.

Mikel Obi announces his retirement from international football

2 - ye a r- o l d Su p e r Eagles Captain, John Mikel Obi, has announced his retire-

ment from international football. The midfielder made this statement on his verified

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Instagram page, saying its time for him to bow out of the team and let the young ones take over. Mikel Obi wrote, “Egypt is a country where I’ve started and have finished my national career. “In 2006, I played my first official championship for my country. 2019 African Cup of Nations marks my last championship for national team with Super Eagles. “My national career started in 2003 under 17 World Cup and I’m grateful to the

AFCON: Nigeria’s Super Eagles earn $1.5m as 3rd place prize

national team for placing me on the world arena and giving me an opportunity to show my skills and have an incredible national and international career. “At the age of 32, it’s time for me to retire from the national team and let the youth take over, who’ve done an amazing job securing a bronze medal at AFCON 2019. “Thank you to all my Nigerian supporters and to my Country for all the trust, support and love you’ve shown me over the past 15 years.”

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hree-time winners, Nigeria’s Super Eagles who bounced back from their defeat against Algeria on Sunday in their semi-final game to defeat Tunisia 1-0 and secure the third place match at the Africa Cup of Nations in Cairo, Egypt, will take home a total sum of $2.2 million as cash prize. Odion Ighalo, the tournament’s top scorer with five goals so far, tapped in after keeper Moez Ben Cherifia deflected the ball off his own defender Yassine Meriah to give Nigeria the lead. Tunisia went close as Ferjani Sassi and Ghaylene Chaalali shot wide. Three-time winners Nigeria have now finished third eight times. Tunisia, the champions in 2004, needed a finger-tip save from Cherifia to deny Samuel Chukwueze in the second half and the keeper was called on again injury time to acrobatically save Samuel Kalu’s free-kick. Super Eagles were worthy winners on a night with Tunisia offering little threat for Nigerian goalkeeper Francis Uzoho. Senegal will look for their first AFCON title when they lock horn with 1990 winners Algeria in Friday’s final. The prize money for AFCON 2019 totals $16.4 million, a 64 percent increase from previous AFCON; the winner gets $4.million, while runners up take home $2.million,

semi-finalists get $1.5 million, eight teams from the quarterfinalists also get $800,000 each, third in group picks $575,000 each and last team in each group take $475,000. Victory meant an eighth bronze medals from the Africa Cup of Nations for Nigeria, following earlier wins in 1976, 1978, 1992, 2002, 2004, 2006 and 2010. It also preserved Nigeria’s record of never losing a bronze medal at the Africa Cup of Nations in the 62 –year history of the championship. Nigeria is making her 18th appearance at AFCON and has made the semi finals for the 15th time – a remarkable record of almost always getting to the business end of the championship. The country has failed to reach the semi finals only thrice before: 1963 (debut, in Ghana), 1982 (Libya), 2008 (Ghana). Of the 15 times Nigeria has made the semi finals, the Super Eagles have gone ahead to win the title three times, picked up the silver medals four times and won bronze medals seven times. The Super Eagles have also never lost a third place match at the Africa Cup of Nations, winning in Ethiopia in 1976 (against Guinea), Ghana in 1978 (against Tunisia), Senegal in 1992 (against Cameroon), Mali in 2002 (against Mali), Tunisia in 2004 (against Mali), Egypt in 2006 (against Senegal) and Angola in 2010 (against Algeria).

GOtv Boxing Night 19: Organisers promise adequate security

lykiite Productions, organizers of GOtv Boxing Night, have assured fans attending the 19th edition of the event (GOtv Boxing Night 19) of adequate security in and around the venue. The professional boxing event holds on Sunday at the Indoor Sports Hall of the National Stadium, Lagos. Jenkins Alumona, Managing Director/CEO, Flykite Productions, disclosed that necessary arrangements have been put in place to ensure the safety of the boxers, officials and the fans at the event venue. “The safety of everyone who will be at the venue is of paramount importance to us. It is important for us to ensure that the boxers, who are the principal actors, as well as the fans, feel safe during the event. Our security partners, KSquare Security, and the Police will be @Businessdayng

on hand to ensure that fans’ minds are at rest. We have done this many times and we intend to keep doing it, as fans are the lifeblood of the sport,” said Alumona. A total of nine bouts will be held at GOtv Boxing Night 19. The biggest pitches Rilwan “Baby Face” Babatunde, West African Boxing Union (WABU) welterweight champion, against Ghana’s Eden Biki in an international challenge bout. Other big names scheduled to be in action are African Boxing Union (ABU) lightweight champion, Oto “Joe Boy” Joseph; West African Boxing Union (WABU) lightweight champion, Rilwan “Real One” Oladosu; former African Boxing Union (ABU) featherweight champion, Waidi “Skoro” Usman; Taiwo “Esepo” Agbaje and TP Rock Musa. Two all-female bouts are also lined up at the event.

Friday 19 July 2019

BUSINESS DAY

news Edo professionals task Oshiomhole on quick... Continued from page 1

come along with the Resident Electoral Commissioner in Zamfara State, having been subpoenaed. H o w e v e r, a t a b o u t 11.50am on Thursday when the tribunal stood down the People’s Democratic Movement’s proceedings to prepare ruling in an application, neither Yakubu nor the Zamfara REC was in court. Counsel to the candidate of the People’s Democratic Party (PDP), Atiku Abubakar and the PDP, Chris Uche (SAN), drew the court’s attention to the directive made on Wednesday regarding the subpoena order on the INEC boss. “Is the chairman here now?” Justice Garba asked counsel to INEC, Yunus Usman (SAN), in response to Uche’s request. Usman, in response, assured the tribunal that they would comply with the court’s order before noon. At the end of proceedings on the PDM’s petition, Uche again reminded the tribunal that the INEC boss was yet to appear in court. Responding, Usman told the tribunal that the order of the court was to the “effect that documents should be produced, not that any person should appear before the tribunal”. Usman further told Justice Garba that the order of the tribunal had been fully complied with, with the tendering of the said subpoenaed documents. The documents which were brought to court were accompanied by a written letter to the chairman of the tribunal. Uche, while commending Usman for the efforts, however, requested for a copy of the letter to enable him ascertain if the documents were complete and same as the ones requested for. Meanwhile, in a unanimous ruling on Thursday, the tribunal dismissed two applications filed by the Hope Democratic Party (HDP) for being incompetent, lacking in merit and an abuse of court processes. The first was an application filed by the petitioners seeking to amend their motion to reflect the statement of oath of the original witnesses to be called in support of their petition. The tribunal in dismissing the application agreed with the respondents that the motion lacked merit and constituted an abuse of court processes. The court had on June 25 granted request of the petitioners to carry out clerical correction in their processes before the tribunal but declined to allow them amend their witnesses statement on

oath as well as call additional witnesses on the ground that such amendment would affect the petition already filed before the tribunal. Chairman of the five-man panel, Justice Garba, said it was a misconception on the part of the petitioners that it granted their earlier application for the amendment to call additional witnesses. While holding that no additional list of witnesses could be allowed to be brought in at that stage, the tribunal described the new application as a “surreptitious attempt to circumvent the earlier ruling of the court”. “The current application is an abuse of court processes, it is lacking in merit, constitutes an abuse of court processes and it is hereby dismissed,” the panel held. The court also dismissed another application, notice to contend, filed by the petitioners on the grounds that the application was alien to the law. The petitioners had in the application urged the tribunal to declare them winner of the presidential election on the basis of a referendum held on February 16, 2019 wherein they claimed over 50m Nigerians voted in favour of the HDP and its presidential candidate, Ambrose Owuru. The HDP asked the court to nullify the 2019 presidential elections due to Federal Government’s decision to postpone the election, adding it was “unconstitutional”. Delivering ruling on the application, Justice Garba agreed with the submission of counsel to INEC, Yunus Usman, that the application is unknown to law and ought to be dismissed. The panel stated that its task as defined by section 239(1) A of the constitution is electionrelated and does not include referendum. Accordingly, the panel held that the application falls short of election matter so the tribunal lacks jurisdiction to entertain the notice to contend. The panel in addition said the subject matter of the application constitutes a pre-election matter, which is outside the jurisdiction of the panel. “Having regard to the defect of the notice to contend, it ought to be dismissed. It appears to be alien to the law. It is not supported by any of the laws. The court will not engage in matters outside election issues. Process filed is an aberration, it is an abuse of court processes and it is hereby dismissed,” the tribunal held.

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

L-R: Ayodele Zubair, chairman, Lagos Internal Revenue Service (LIRS); Babatunde Fowler, chairman, Joint Tax Board (JTB); Babajide Sanwo-Olu, Lagos State governor; Teju Somorin, first female professor of Taxation in Nigeria, and Ebenezer Onyeagwu, group managing director, Zenith Bank, at the unveiling of the Taxpayers Identification Number (TIN) certificate, at the South-West Regional flag off ceremony in Lagos.

Agric productivity surge hangs on fixing value ... Continued from page 2

fluctuations. We need to have a systematic structure that balances both finance,” he said. Nigeria’s agricultural sector has been marred by several structural challenges ranging from poor road networks, inadequate storage facilities and lowquality inputs. Data from the National Bureau of Statistics (NBS) show that agricultural sector grew by 0.17 percent from 3 percent in Q1 2018 to 3.17 percent Q1 2019, while on a quarter-on-quarter basis it increased by 0.72 percent compared to the preceding quarter. While improvement has been seen, growth in the sector is still below 2014 level. Undoubtedly, one of the

greatest problems confronting the movement of agricultural commodities from one point to another is the absence of an effective rail infrastructure linking the north where the commodities are produced and the south where the markets are located. Farmers continue to suffer low levels of agricultural productivity due to poor infrastructure to allow them to easily move their produce from farms to the market, reducing their profits and capacity to expand. “We need to provide the infrastructure to move agric produce from where they are surplus to where they are needed and the most effective way to do this is through the rail,” said Sadiq Usman, deputy chief operating officer of agro-allied division,

Flour Mills of Nigeria plc. Usman stated that developing agriculture is very critical in the country’s efforts to diversify, which according to him can only be achieved if heavy investments are made in infrastructure. He called for a linkage between agriculture and industry, which he said is the surest way to Nigeria’s industrialisation. Mauricio Alarcon, CEO, Nestle, said that fixing the deficiencies across the value chain will ensure sustainability of agribusinesses in the country which in turn will reduce poverty by providing jobs directly and indirectly that will serve as a stimulus to the Nigerian economy and the agricultural sector. “It makes more business sense to do backward integration but it requires lots

Nigerian hospitals scale up infrastructure, expertise... Continued from page 2

advanced radiotherapy and chemotherapy treatment services by an $11 million investment under a publicprivate partnership (PPP) arrangement between the Nigeria Sovereign Investment Authority (NSIA) and LUTH. Nigerians can now access internal and external radiotherapy services, which were previously hard to come by in the country. To serve 3,000 patients annually without unnecessarily protracting waiting times for treatment, over 80 trained healthcare professionals are on ground, LUTH says. The NSIA currently owns the centre but full ownership is expected to revert to LUTH after 10 years of operations. According to the Federal Ministry of Health, five additional centres are currently being upgraded across the country to meet the demand

of treating the deadly disease. Breaking barriers to quality healthcare on the private sector front is the Reddington Hospital sitting on Victoria Island, Lagos. With millions of dollars invested in leading healthcare technology, Reddington’s vision is to bury the insecurity many feel about healthcare in Nigeria. The latest on the list of its major investments is the acquisition of a new Magnetic Resonance Imaging (MRI) machine last year, to ensure the process of having an MRI get far less concerning for patients. Reddington had to pull down one of the walls within its head office to install this giant imaging device. MRI uses a large magnet and radio waves to view organs and structures of the body, diagnosing variety of conditions, from torn muscles to cancers and examining the brain and spinal cord. Recently, a senior mem-

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ber of a foreign consulate was in a dilemma of either travelling long hours back to the United States for a major operation or simply taking the risk and leap of faith to get it done in Nigeria. He chose the latter with the reassurance that the equipment, facilities, expertise and nursing support needed were available without flying out. While the hospital boasts of a culture of having many expert hands on deck to deal with heart-related problems, the opening of Davidson Critical and Surgical Centre represents another of its major investment in terms of technology, delivering the same quality of service that can be accessed out of Nigeria. Davidson Specialist Surgery and Critical Care Centre is a facility that offers major to complex specialised surgery supported with high-level intensive care. @Businessdayng

of patience, time, hard work and evaluation of the entire value chain,” Alarcon said. The success of any crop cultivation venture hinges on the quality of seed inputs, which account for 45 percent probability of good yield for farmers, but experts say lack of awareness, influx of fake seeds and poor research beset the sector. “It is difficult for farmers to distinguish between seeds, grains and counterfeit seeds,” Kabir Ademoh, local coordinator, Seed for Change, said during a fireside chat at the agribusiness summit. However, Ekum Ojogu of the National Agricultural Seeds Council said that the seed regulator has implemented measures to ensure that farmers can identify original seeds and discourage sales of counterfeits. It is a fully integrated specialist unit equipped with technology and managed by a team of experienced surgeons. “The biggest impact is to stop medical tourism outside Nigeria. If people have confidence that they can get the quality of care and expertise within Nigeria, then why will they fly six and a half hours either to India, the UK of the US, and spend more money and be away from their families when in fact they can get it done here?” Andy Cunliffe, general manager and business development director, Reddington Hospital, told BusinessDay in an exclusive interview. As part of efforts to strengthen its arsenal of experts, Reddington brought in Dr S. M. Aung, an associate professor of Cardiology, a Fellow of American College of Cardiology and consultant interventional cardiologist.

•Continues online at www.businessday.ng

Friday 19 July 2019

BUSINESS DAY

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Bad roads: Hope as LSPWC begins full-scale routine repair works JOSHUA BASSEY

hemotoringpubliccanlook forward to some relief in the months ahead as the Lagos State Public Works Corporation (LSPWC) has begun full-scale routinerepairandrehabilitationof major roads in line with the recent Executive Order onzerotolerance forpotholes,asdeclaredbyGovernor Babajide Sanwo-Olu. It has been a herculean task driving around Lagos, especially since the rainy season began, as major roads and streets are in near collapsed state due to the lack of any serious maintenance over the years. As a result, several productive hours are being spent in gridlock. Olufemi Daramola, general manager of the corporation, who stated this while undertaking an inspection tour of the ongoing rehabilitation of Iju Road, said palliatives were being provided with the use of boulders and crush stones on strategic roads across the state to ensure free flow of traffic in spite of incessant rainfall witnessed in Lagos in the past few weeks. Among the roads currently undergoing rehabilitation are Oke-Afa Isolo, Ejigbo, IkotunIjegun axis, Oba Sekumade and Bayeku road at Ikorodu, Iddo inward Idumota, Ahmadu Bello Way, Alfred Rewane Road, Ikorodu Road Ojota interchange

opposite LAMATA office and Ikotun-Ijegun road, Damalong link (Jibowu-Moshalashi). Others are Oba Ogunusi road (Grammar School Section), Ikeja under bridge, Ogudu road, Eric Moore Abebe Junction, Oduduwa Road, Apapa, Oguntolu/ George street, Shomolu, Iddo inward Idumota, Alapere road junction inward Lagos Ibadan Old Toll Gate, Billings way Oregun and Opebi/Allen/Toyin street Ikeja, Herbert Macaulay road Lagos Mainland, Ikotun Igando road, Ilupeju Avenue by Ilupeju Secondary school, Alfred Rewane road by Zenith Bank, Point Road, Apapa, and Apapa Road. “In line with Governor Babajide Sanwo-Olu’s Executive Order on ‘operation zero potholes in Lagos’ to ameliorate the sufferings and pains of commuters, we have commenced full-scale rehabilitation work. The weather has not been friendly but we are committed to carrying out the directive of the governor,” he said. Hesaidthecorporationhadto fix its plants, put some equipment and logistics in place, but the rain had slowed down the speed of delivery. “However, things are gettingbetterandwewillgoallout to enforce the governor’s directive because he feels the pain of the peopleandcommutersacrossthe state”,he added.

Medical device market booms in Nigeria’s healthcare to reach $184.4m by 2022 ... predicts healthcare expenditure to reach N5,762.061bn by 2021 at CAGR of 8.35%

igeria’s medical device market will record double-digit growth in local currency and will grow at a 20172022 CAGR of 9 percent to reach $184.4 million by 2022, says latest report by Fitch Solutions. Medical devices such as diagnostic imaging, patient’s aids and orthopaedics are related articles designed by the manufacturer for diagnosis, prevention, monitoring, treatment or alleviation of disease burden. To take advantage of the growing interest, although the market is predicted to benefit from an improved outlook for the economy and remains almost entirely reliant on imports, chronic underfunding and the chaotic management of public healthcare services, exacerbated by the insurgency in the northeast region, will continue to restrict market growth in the medium term. Therefore, over the next three years, 70 percent of healthcare organisations worldwide are expected to invest in consumerfacing mobile applications, wearables, remote health monitoring, and virtual care, which will create more demand for huge records and analytics capabilities to support population health management initiatives. However, BusinessDay’s findings show that the country now sees more importations of cancer nuclear machines, radiotherapy machines, CT scans, dialysis machines. On the basis of end user, market is segmented into hospitals, clinics, pharmacies, and academic research institutes.

“The Nigerian medical device market will witness a strong growth rate in the medium to long-term future driven by improved economic conditions and the introduction of a foray of new companies with technological advancements,” Research and Markets also predicts. Nigeria is expected to grow more in the share medical device market. This is owing to rising intravenous usage of technology in the state and the rising cost of healthcare, which stimulated the development of innovative connected products. Also, demand for early detection and non-invasive therapies high awareness among people regarding the medical uses of medical technology is expected to drive the market growth in the state. “Nigeria is about 20 percent of the entire Africa population, so it is a big market. We must work with the whole world and this why we are seeing these innovations of new technology of medical device by private individuals and starts up,” said Francis Faduyile, the president Nigerian Medical Association (NMA). However, China is the leading supplier of medical devices to Nigeria, with a 47 percent share of the import total in 2016. China was the main supplier of consumables, patient aids, dental products and other medical devices with a particularly dominant position in bandages &and dressings, syringes, needles and catheters and therapeutic appliances. www.businessday.ng

L-R: Chimezie Success Godwin, excited winner of star prize, saloon car; Funmi Sanni, marketing director, Dangote Cement; Laide Raji, representative of Oyo State deputy governor, Private Principal Secretary to the deputy governor; Joseph Makoju, group managing director, Dangote Cement; and Adeyemi Fajobi, national sales director, Dangote Cement, at the Dangote Cement “Bag of Goodies” consumer promotion star winner presentation in Ibadan, Oyo State.

Court rejects pro-Oshiomhole memberselect’s plea to take over Edo Assembly … ‘House of Reps lacks constitutional powers to shut down Edo Assembly’

do State High Court, sitting in Benin City, on Thursday, rejected a plea for an interim injunction filed by the 12 pro-Oshiomhole members-elect asking the court to restrain security agencies from barricading and cordoning off the Assembly complex so they can have access to take over the House. InsuitnoB/81OS/2019,Victor Edoror, member-elect, Esan Central Constituency; Washington Osifo, Uhunmwode Constituency, Edo State House of Assembly, and Crosby Eribo, member-elect, Egor Constituency, on behalf of the 12 pro-Oshiuomhole’s members-elect also asked the court to restrain the Speaker of the Assembly, Frank Okiye, and his Deputy, Yekini Idiaye, from parading themselves as Speaker and Deputy Speaker of the Assembly, respectively. The court headed by Justice Erhabor, refused the ex-parte application, while the matter was adjourned to July 24. Though the Claimants were not in court, but

their lawyer represented them. The security operatives asked to be restrained are the Edo State Commissioner of Police; Director, DepartmentofStateServices,Edo State,andCommandantoftheNigerian Security and Civil Defence Corps (NSCDC). The members-elect challenged the constitutionality of the inauguration of the 7th Assembly of the Edo State House of Assembly, noting, “there is need to restrain the 1st and 2nd defendants fromfurtherparadingthemselves, describing themselves or acting or purport to exercise the powers and functions of the office of the Speaker and Deputy Speaker respectively until the hearing and determination of this suit.” In his ruling, Justice Erhabor ordered the Abuja lawmakerselect to put the Speaker, Deputy Speaker and other defendants on notice of their suit before him. He refused granting the ex-parte application because it was lacking in merit. Speaking on the ruling, Adaze Andrew Emwanta, a law teacher,

explained, “The legal implication of the ruling of the Edo State High Court is to the effect that the plan of the lawmakers-elect to take over the premises of the Edo State House of Assembly has suffered another set-back.” Emwanta advised the 12 House of Assembly memberselect to present themselves to the Speaker of the Assembly, Frank Okiye for inauguration instead of creating all sorts of drama at the National Assembly or the courts. Meanwhile,inarelateddevelopment, Edo State government said the House of Representatives lacked the constitutional powers to shut down the Edo State House of Assembly. The state government’s statement is a response to the purported orders made on July 17, by the House of Representatives to the Inspector-General of Police and the Director-General of the Department of State Services (DSS) to seal off Edo House of Assembly until a proper inauguration is done, amongst others.

In a statement issued in Benin City, Secretary to Edo State Government, Osarodion Ogie, maintained, “There is nowhere in the Constitution of the Federal RepublicofNigeria,wheretheHouse of Representatives or even the National Assembly for that matter, is granted the right or power to shut down a State House of Assembly,” adding that “in point of fact such powerisexpresslyexcludedbythe Constitution.” Ogie said: “It has come to the attention of the Government of Edo State that the House of Representatives at its sitting on 17th July, 2019 purported to issue certain orders regarding the status and activities of the Edo State House of Assembly. “Amongothers,it:DirectedHis Excellency, The Governor of Edo State to ‘issue a fresh proclamation for the inauguration of the House of Assembly’ and ordered the Inspector General of Police to shut down the premises of the Edo State House of Assembly and purported to make further orders in this regard.”

Peter Gurbani in aggressive expansion to capture fashion market ODINAKA ANUDU

… commemorates 1st anniversary of premium store

eter Gurbani, a specialist in men’s fashion, is expanding aggressively to have a large share of the market. It recently unveiled products such as Made to Measure, Bespoke wear, Ready to Wear and Accessories. In a statement sent to BusinessDay, the firm says it is expanding to enhance its service to eminent clientele across Lagos. It further says it is commemorating the first anniversary of its premium store, sharing success stories with loyal patrons and other clients. “Made to Measure’ and ‘Bespoke’aretwopopularfeaturesthat illustrate the popularity in men’s custom-made fashion clothing industry,” the statement notes. “Bespoke’ is a tailored/shirt/

trouser/blazermadeforoneclient byourskilledtailor.Ourexpertwill calculate the definite measurements of the wearer. Once the attire is ready, the client is called for a one-time trial. At the trial the unstitched clothes are tried on him for his approval and further improvisationifany,”thefirmsays. Describing‘MadetoMeasure,’ the fashion designer says it happens when an expert takes the client’s measurements to pick out an item of ready clothing that matches well with their own body measurements. “The final measurements are used to stitch a completely new suit right from the start. This way welessenthechancesofanyalterations once the suit is ready,” it says. Thestatementsaidthat‘Made

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to Measure’ industry is open to all stylish customers—men and women. “Even though we specialise only in men’s wear, we at Peter Gurbani welcome our women clients to give our services a try. We ensure that our committed facilities will leave you happy.” For ‘Ready to Wear’, the firm said in its years of service, it has been able to collate clients’ measurements, especially Nigerians, adding that these measurements have helped group clients into two segments: Clients who fit the regular UK size and the rest of those who fit with some changes which are specific to Nigerians. The firm said ‘Accessories’ are a very exciting section, explaining that today’s man takes time to @Businessdayng

accessorise which goes well with their formal attire. “As they pay detailed attention to their looks, they tend to be fastidious. They pick and choose according to their taste and attitude. The most important accessory is a nicesilktiewithapocketsquare,”it further states. The firm says it has a number of varieties in cufflinks, neckties, pocketsquares,bowties,suspenders, collar pins & cummarbund to match every style and taste. On its journey so far, the firm said, “We are completing one year withthisPeterGurbaniStore.With that, we have completed almost twenty years in this industry.” The statement thanks clients for their patronage in the last 20 years.

Friday 19 July 2019

BUSINESS DAY

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Friday 19 July 2019

BUSINESS DAY

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Bad roads: Hope as LSPWC begins full-scale routine repair works JOSHUA BASSEY

Medical device market booms in Nigeria’s healthcare to reach $184.4m by 2022 ... predicts healthcare expenditure to reach N5,762.061bn by 2021 at CAGR of 8.35%

Court rejects pro-Oshiomhole memberselect’s plea to take over Edo Assembly … ‘House of Reps lacks constitutional powers to shut down Edo Assembly’

Peter Gurbani in aggressive expansion to capture fashion market ODINAKA ANUDU

… commemorates 1st anniversary of premium store

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38 BUSINESS DAY

Friday 19 July 2019

NEWS

Buhari seeks unwavering action against small arms, illicit financial flows Tony Ailemen, Abuja.

resident Muhammadu Buhari on Thursday challenged security agencies in Africa, especially the intelligence community, to tighten the loop against illicit financial flows, attributing rising security challenges to sponsorship by those who profit from illegal financial activities. The President, addressing opening session of the 16th Conference of the Committee of Intelligence and Security Services of Africa (CISSA), said development and stability on the African continent had been undermined by illicit outflows estimated to be about $60 billion annually. Nigeria is facing the biggest security challenge ever in its 59 years history, and the meeting is expected to produce new ideas on how to tackle the problem The programme with the theme “Illicit Financial Outflows from Africa and their Impact on National Security and Development” aims to also address the challenges of social media platforms used to propagate the spread of terrorism as well as hate speech, among other negatives in the African continent. Estimates suggest that African countries lose over $60 billion annually due to illicit financial outflows, a staggering amount for a continent in dire need of development

finance. The President noted that “the United Nations Report on ‘Illicit Financial Flows and the Problem of Net Resource Transfers from Africa: 19802009,’ observed that during the period 1980 to 2009 between $1.2 trillion and $1.4 trillion was taken out of Africa. This figure is half of the current Gross Domestic Products of all the countries of Africa,’’ he said. “The theme “Illicit Financial Outflows from Africa and its impact on National Security and Development,’’ was most timely, urging stakeholders from the intelligence community of the 52 African countries to create a template of risk factors and actionable strategies and give priority to examining the links between crime and instability on our continent. The President also challenged the conference to put measures in place that will ensure terrorists and criminals were denied access to financial systems. “Criminals and their collaborators cheat the system through various practices, including trade mispricing, trade mis-invoicing, tax abuse and evasion, as well as money laundering. Several unfair commercial agreements and illegal resource extraction by multinational companies, in cahoots with their local collaborators, also create routes for illicit financial outflows.

Digital Bridge, Cisco fight cyber attacks on Nigeria’s businesses

Jumoke Akiyode-Lawanson

igital Bridge Institute (DBI) has collaborated with Cisco Academy to combat increased cyber threats and attacks on organisations and institutions in Nigeria. Viola Usoro, acting administrator, DBI, says it has become necessary to combat the menace because, as more organisations adopt new ICT tools and technology innovations in their operations and processes, it is apparent that cybercrime and cyber attacks have become the greatest threat to businesses. Speaking at the 2019 Cisco African Academic conference held at the Digital Bridge Institute recently, Usoro said, “It is estimated that 54 percent of companies all over the world experience at least one cyber attack every year.” According to a survey by Sophos Nigeria Limited and Sidmach Technologies, 60 percent of businesses and organisations every year suffer cyber attack in the form of malware, phishing, ransomware, crypto jacking and others. “92.4 percent of these are delivered via email. Although most of these attacks are not covered by the media, they all lead to losses in millions of naira,” she said. She further said the cyber security framework underscored the importance of cyber security, saying, “Most people try to

prevent cyber attacks by securing their networks using various Antivirus software, establishing more secure networks and so forth. Yet, statistics has shown that a huge percentage of cyber breaches result from human errors thus re-emphasising the need for awareness creation and capacity building.” She recalled that in 2018, DBI along with other industry stakeholders formulated the National Operational Standards in ICT trade areas. These standards once approved by the National Board for technical Education (NBTE), will form part of the National Skills Qualification Framework (NSQF), to help regulate trainers and professionals in the ICT industry in Nigeria. She added that the African Safari 2019 apart from providing an opportunity for sharing on best practices within the Cisco Networking Academy, puts special focus on cyber security projects creating a hub while significant stakeholders create awareness and build capacity on cyber security. Also speaking at the event, Olakunle Oloruntimehin, Cisco general manager, Nigeria and West African countries, said investments and capacity building had become critical in tackling the menace of cybercrime in the country, adding that the Cisco Networking Academy was created to bridge gaps in ICT development. www.businessday.ng

L-R: Bayo Oyagbola, managing partner, Oyagbola Chambers; Amina Oyagbola, managing consultant, AKMS Consulting, and Ferdi Moolman,CEO, MTN Nigeria, at the leadership commendation of Amina Oyagbola by MTN Nigeria at MTN Plaza, Lagos recently

South West largest contributor at 45.6% to total IGR - FG HOPE MOSES-ASHIKE & DAVID IBIDAPO

… lists benefits of new JTB TIN registration system

ederal Government throughtheFederalInland RevenueService(FIRS)on Thursday said South West geopolitical zone was the largest contributor to total internally generated revenue (IGR) collection at the sub-national level for the year 2018. Tuned Fowler, chairman, IFRS, said this in Lagos at the South-West Regional Flag-Off Ceremony of the new National Taxpayers Identification Number (TIN) Registration System and Consolidated Taxpayers Database. The new national TIN registration system was officially flagged off on July 1, 2019, by Vice President Yemi Osinbajo. Fowler, who also is the chairman of the Joint Tax Board (JTB), saidthenewsystemwhileimprovingtheefficiencyandoutputofthe entire tax administration process, was meant to provide a variety of conveniencetoboththetaxpayers and the tax administrator. The new system guarantees that each taxpayer’s details are

readily available to them at their fingertips all day/everywhere. AccordingtoFowler,thesystem possessesthecapabilitytointegrate withrelevantagenciesandleverage on already captured data, deploy analytics to discover underlying andcorrelatingtrendsandpatterns thatcouldleadtoincreasedIGRfor all tiers of government. These agencies include the Corporate Affairs Commission (CAC), Nigeria Customs Service (NCS), Nigeria Immigration Service (NIS), Federal Road Safety Commission (FRSC), Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS), Nigeria Identity Management Commission (NIMC) and Nigerian Communications Commission (NCC). “This would significantly reduce the burden of manual taxpayer information management and by extension grossly crash the cost of collection. “The system is designed in such a manner that each taxpayer is assigned a unique and universal Taxpayer Identification Number

(TIN) and it is now possible for any taxpayertoview,retrieveorupdate his/her tax profile from anywhere 24/7,” he said. The new TIN Registration System and its consolidated database ofindividualandcorporatetaxpayers’ have been designed to form the foundation upon which the nation’sautomatedtaxadministration system is built. BabatundeSanwo-Olu,governor of Lagos State, who graced the occasionasthechiefhost,unveiled the new TIN certificate, explaining that the new JTB national TIN registrationsystemwasawelcome addition to the state of reform towardstakingidentitymanagement andtaxadministrationinNigeriato the next level. According to Sanwo-Olu, “it is not a surprise that many states includingLagoshavetriedtoaddress tax issues through one scheme or the other. The reality however is that no matter how sophisticated cutting edges these things are is really sub-optimal and lacks cross boarder acceptability. “It is generally agreed that tax

revenue has always underperformed its potentials which is evident in our tax to GDP ratio which is one of the lowest in the world at about 7 percent.” Thegovernorsaid,hencethere was still a lot of room for improvement, and believing the new initiative being flagged off would go a long way towards bridging the deficitbycapturingeffectiveeligible tax payers within the tax net. According to stakeholders and taxexperts,improvedtaxrevenueis saidtohelpthegovernmentlessen its overdependence on crude oil proceeds, which is highly volatile, “with improved tax compliance in the country, citizens can hold accountable the government and demand better living standards where necessary,” he said. In his opening remarks, Oseni Elamah, executive secretary, JTB, said the new system is a webbased solution that offers access to authorised users to initiate TIN request from the comfort of their homes/offices real-time online, verifytheirtaxstatusandprinttheir TIN certificate.

‘Nigerian organisations require information sharing to tackle cybersecurity challenges’ KELECHI EWUZIE

rofessionals in the cybersecurity industry across various sectors have called for effective information sharing collaborations among Nigerian organisations to tackle cybersecurity challenges. Experts in their various summations at a special industry roundtable with Chief Information Security officers in Nigeria held in Lagos with the theme: Cyberwarfare: Winning the raging war, observed that the increasing damage that cybersecurity issues pose to organisation’s bottom-line had brought cyber risks to the top of the agenda for many executives and boards today. Rakiya Mohammed, chief information security officer, Central Bank of Nigeria (CBN), in her keynote address, said it was important that organisations know their capacity to

prevent, detect, respond and recover from cyber-attacks, adding that every company had been or would be impacted by cyber risk. Adedoyin Odunfa, managing director, Digital Jewels, while moderating the panel discussion, observed that the damaging attacks, suspicious digital communications coming at an increasingly and alarming frequency nationally, regionally, globally had brought cyber risks to the top of the agenda for many executives and boards today. She advised that organisations must move beyond fear and confusion with regards to cyber attacks to taking actions that are deliberate, intentional and impactful to mitigate against imminent threats and recover seamlessly. Harrison Nnaji, chief information security officer, First Bank, stated that organisations must understand their digital ecosystem and build a response that cut across the ecosystem.

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On their part, Ighoakpo Eduje and Abumere Igboa, representing Heritage Bank and Stanbic IBTC, respectively, on the panel, agreed that there was significant improvement in awareness among boards in organisations when it comes to cyber security, adding that the issue of cyber risks remained top on the agenda and called for a buy-in and total involvement of all within the organisation to ensure cyber resilience. Rakiya Mohammed in her presentation at the event opines that organisations need to upscale their cyber Army Training & Retention, Situational Awareness, Background Checks, IT Business Continuity & Disaster Recovery Testing strategies to prevent such attacks and manage them appropriately whenever they occur. Speaking on what cybersecurity best practices that could be adopted by public and private sector organisations, Bharat Soni, Chief Information Security @Businessdayng

Officer, Guarantee Trust Bank maintained that a minimum baseline mandatory practices should be adopted by all organisations in alignment with regulatory, industry and global standards to stay safe in the cyber space. On what is considered the greatest source of risk today as far as cyber risk is concerned for the financial Services industry, Olufemi Fadairo, Head Industry Security Services, Nigeria InterBank Settlement Systems, identified compromised employees as a key risk factor as well as data infiltration. “Knowledge keeps growing andiforganisationsmustcoverthe steps of cybersecurity breaches in order to prevent attacks, they must keep improving daily, otherwise, people will be the biggest risk”, he said. In addition organisations needtoappreciatethevalueoftheir recognizableassetstoascertainthe level of protection to be provided.

Friday 19 July 2019

BUSINESS DAY

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IGR drive: Churches, mosques not to pay tax in Rivers

Japanese firms build 100 solar-powered light in Imo SABY ELEMBA, Owerri

he Japanese government in collaboration with Development Dynamics and Ufotonnie International Limited have built over 100 solar-powered streetlights and donated same to Eziagbogu Community in Exinihitte Mbaise Local Government Area of Imo State. The good rural development gesture is in conformity with the agenda of the government of Governor Emeka Ihedioha to pursue investment drives within and outside the country to transform the state and ensure even development in the 27 local government areas of the state. At the project commissioning site, Japanese Ambassador, Yukata Kikuta, commended Governor Ihedioha on his development initiatives and his quest to partner local and international bodies as well as local and international entre-

preneurs to develop the state. Yukata assured the governor and the people of Imo of collaboration to bringing real and the desired development projects to the state. “Japan is strongly committed to supporting Nigeria as declared at the sixth Tokyo International Conference on African Development sixth (TICAD VI) . One of its themes was the promotion of social stability for shared prosperity and this project is part of our commitment to the socio- economic development of Imo State,” Yukata said. Speaking at the commissioning ceremony, the governor urged Imo citizens to always take advantage of their contacts and positions to attract development to the state, and assured of the readiness of his administration to partner such persons or organisations. He maintained that his administration was focused on

Ignatius Chukwu

encouraging Imolites and foreigners to join in the rebuilding project for the benefit of all and sundry. “I associate myself and Government of Imo State with positive developments for the good of our people. I thank our brothers who facilitated this project. It is a matter of fact that development is influenced, so when you have a privileged position, you must take advantage of it to benefit humanity. “Now that the Japanese government is part of us, it will not be out of place to seek an extension this gesture to other parts of the state”, Ihedioha said. The governor charged the community to set up a maintenance and security committees to see that the project is maintained and secured, adding that security is a collective responsibility, and therefore urged the community heads, youths and members of the public to safeguard projects in the state.

hurches and other religious centres are not to pay tax in Rivers State, so declaredtheRiversState Internal Revenue Service (RIRS) on Thursday, July 18, 2019. The clarification came amid fears that the state government was about to impose taxes on churches, whereas the Christian body played huge roles in defending the Nyesom Wike administrationandthegovernor’s re-election. The executive chairman of the RIRS, Adoage Norteh, told newsmen in Port Harcourt that he had felt that church workers neededtopayincometaxthrough their income but that never was it contemplated that churches, as organisations would pay taxes. Governor Wike had drawn some criticisms for declaring Rivers a Christian state and defended it by saying that a state with 98 per cent of its citizens as Christians was as good as a Christian state, especially as he said some northern states with good

number of Christians ha gone ahead to proclaim their states as Muslim states with the Sharia legal system imposed. The insinuation that churches would pay tax seemed to negate the governor’s stance, hence the need for clarification by the RIRS. Norteh explained that by law, churches and mosques were not expected to pay taxes since they were recognised religious organisations. He said: “Claims in some quarters that the Rivers State government wants to tax churches are erroneous. The Rivers State Government is concerned about the state of our national economy and in its tax policies, it has decided to reduce tax burden.” He went on to say that the Wike administration is also concerned about the burden of individuals. “On Tuesday, I met with the executives of the state Christian Association of Nigeria on this subject. We are aware that churches, by the law setting them up, are not for profit and to that extent, they are not to be taxed.

So, nobody is going to ask the church to be taxed. All I said was that church workers, who earn income, are like other workers anywhere and should pay tax.” He maintained that the payment of tax had nothing to do with politics or religion, adding that until the law on tax was amended, those qualified to pay tax were expected to pay tax. He went on: “As a policy, Rivers State Government does not target anybody or group. Tax has nothing to do with politics or religion. Many don’t like to pay tax, but the law says ‘pay tax’. Until that law is amended, we are expected to pay tax.” The issue of churches and tax came up during stakeholders’ sessions preparatory to the introduction of informal tax in the state. Some members of the society wanted to know if churches would be made to pay tax. Norteh had responded by explaining that churches would not pay tax as organizations but that those who earn income from churches and any religious organisation would pay income tax.

Ebonyi seals collapsed building NKECHINYERE OGINYI, Abakaliki

n unfortunate incident happened in the late hours of Wednesday as a popular hotel in Abakaliki, Ebonyi State, collapsed with over 70 persons escaping the collapse. Among the 70 persons who escaped the collapse of Metro View Hotels located adjacent the College of Health Sciences (CHS) of Ebonyi State University (EBSU) were students who went for group reading. The hotel building plan was approved on February 11, 2001, while it was built and commissioned by a former Minister of Culture and Tourism and an indigene of the state, Frank Nchita Ogbuewu on May 28, 2005. Consequently, the state government has sealed the hotel while investigation is ongoing. Report has it that a Nigeria Society of Engineers (NSE) committee identified as Prevention, Investigation, Failure and Analysis Thursday visited the collapsed building for investigation. The newly appointed special assistant to Governor David Umahi on Capital Territory Development, Ejem Okoro, announced the government action and said 60 persons escaped death following the sudden collapse of the popular hotel. His words, “We got a shock news in the night that a wing of Metroview Hotel has collapsed and we immediately dispatched our men to go and get underground view of the news. “They saw that the building has collapsed and took photographs of it. We discovered that a wing of the hotel, which looks like an attachment to the main building, has pulled from the main building and the entire place

collapsed. “The fortunate thing that happened is that so many people lodged here, nobody was injured and they came out successfully and have been re-located to another hotel. “Up to 60 people lodged here and they are safely out from this place, glory be to God. We are advising people to get approval from the government when they want to build and as you are building, you take order. “We have step by step on how to build and supervise building. So, if we don’t supervise your building, you are building on your own and if anything happens to the building, we will hold you responsible. We have to seal the entire building till further notice because we don’t want to lose any life,” he said. Autsine Orji, director of the hotel, said they had noticed a crack on some of the pillars holding the building and they immediately cordoned off the side of building and started renovations, adding that it was on the process of the renovation that the building collapsed. Orji said those who lodged in the hotel were outside the building for a seminar when the incident happened, stressing that no life was lost. “The manager of this hotel showed me the pillar that was cracking and we immediately cordoned-off the place, this was on Tuesday this week. We immediately evacuated all our guests in the hotel on that Tuesday to see if we can salvage the building and started work on the building on Wednesday. During the work, we discovered that it was coming down the more. We then left the job. Then at about 7:pm of that Wednesday, the building collapsed and it came down. www.businessday.ng

L-R: Frank Nweke, former minister of Information; Veronica Onoja, director, customer experience, Airtel Nigeria; Lanre Gbajabiamila, DG, National Lottery Regulatory Commission, and Emeka Oparah, director, corporate communication customer social responsibility, Airtel Nigeria, at the Airtel customer forum in Abuja. Pic by Tunde Adeniyi

Delta reconstitutes DESOPADEC board, others Francis Sadhere, Warri & Mercy Enoch, Asaba

elta State Governor Ifeanyi Okowa has reconstituted the Governing Board of the Delta State Oil Producing Areas Development Commission (DESOPADEC). The names of the nominees were contained in a letter sent to the House by the Governor and read by the Speaker, Sheriff Oborevwori at Thursday’s plenary. The nominees for appointment into the governing board of DESOPADEC comprise a former member of the State Legislature representing Warri North constituency, Michael Diden as Chairman, Askia Ogieh as Managing Director, Lucky Shedrach Agediga, John Nani, Daniel Mayuku and Leonard Anoka as Executive Directors. Other members of the DESOPADEC Governing Board are Griftson Omatsuli, Paul Oweh, Kent Okiemute and Joyce Overah. Also nominated, as members are Anslem Nwokenye,

Paul Bebenimibo, Ikechukwu Akozor, Vincent Oyibode and Ossai Ochonogor Samuel. Okowa said the reconstitution followed the expiration of the DESOPADEC Governing Board and in exercise of the powers conferred on him by Section Seven Sub Section 1A of the DESOPADEC Amendment law 2019. The Majority Leader, Tim Owhefere moved a motion for the House to receive the letter for further consideration and seconded by Emeka Nwaobi. The Speaker, Oborevwori directed the nominees to submit thirty five copies of their curriculum vitae to the office of the Clerk on or before Monday July 22, 2019 and should appear for screening on Tuesday July 23, 2019. Meanwhile, the Governor also constituted Governing Board of the newly established Warri Uvwie and Environs Special Areas Development Agency. The names of the nominees

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... nominates 10 more commissioners as contained in a letter to the House by the State Governor, Senator Ifeanyi Okowa are Joseph Otumara as Chairman, Ovuozourie Macaulay as director-general. Other members of the agency are Sunny Ezonfafe, Amaka Egboro and Kelly Otuedon. The governor said the constitution of the Agency was in exercise of the powers conferred on him by Section Four sub section 2A of the law establishing the Agency. After receiving the letter following a motion by the Majority Leader, Tim Owhefere seconded by Emmanuel Sinebe, the Speaker directed the nominees to submit thirty five copies of their curriculum vitae to the office of the Clerk on or before Monday July 22, 2019 and should appear for screening on Wednesday July 24,2019. The governor also reconstituted the Local Government Service Commission with Joesph Otirhe as chairman. @Businessdayng

Chukwuka John Greatman as first member, Katherine Ilolo as second member and Rose Asore as third member. According to the letter, Governor Okowa said the reconstitution of the Commission followed the expiration of the former members and in exercise of the powers conferred on him by section Eighty One Sub Section Two of the Delta State Local Government Service Commission Law 2004. The Speaker, Sheriff Oborevwori directed nominees to submit thirty-five copies of their curriculum vitae to the office of the Clerk on or before Monday July 22,2019 and should appear for screening on Wednesday 24, 2019. Also, Governor Ifeanyi Okowa of Delta State has sent another list of commissioner nominees comprising his Chief Press Secretary, Charles Aniagwu and nine others, to the Delta State House of Assembly for confirmation.

Friday 19 July 2019

BUSINESS DAY

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

PHCCIMA urge resuscitation oil palm industry in Nigeria

Group condemns clustering of petrol stations at residential areas in Enugu

EFEGADIRIM MADU, Port Harcourt

ort Harcourt Chamber of Commerce and Industry (PHCCIMA) has urged stakeholders at a Palm Oil Stakeholders forum in Port Harcourt, to rediscover opportunities inherent in the industry and resuscitate it to boost Nigeria’s economy, beginning with that of Rivers State. Nabil Saleh, president of PHCCIMA, speaking to a crowded hall of participants at the forum organized by PHCCIMA in collaboration with major players in the palm oil industry, said there was need to refocus attention of government, investors and key economy operators, on the palm oil industry to rediscover vistas of opportunities. The forum had as theme: “Resuscitating the Palm oil Industr y, Prospects in Rivers State,” noted that in our ancient economic base that existed before the advent of crude oil, pal oil was a great economic resource. He also urged the key players in the industry to heed to the clarion call to diversify our ailing economy to agriculture. Saleh stated that the objectives of the forum were to critically examine the root cause for collapse of the palm oil industr y, and to mitigate the challenges, including ident i f y i ng hu g e p o t e nt i a l o f t h e sub-sector, promoting its comm e rc i a l c u l t i vat i o n , c re at i ng more jobs and reducing poverty in Rivers and Nigeria at large. Saratu Iya Aliyu, the president of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NAC-

REGIS ANUKWUOJI, Enugu

CIMA), who was represented by the 1st deputy president, Ide John Udeagbala said that resuscitation of palm oil industry was an important project. She noted that the project was worth actualizing at this time when the global trend of t e c h n o l o g y w a s f a s t m ov i n g from oil to energy. She urged Nigerians to be serious with agriculture to create more employment and boost the economy. Isaac Okemini, former special adviser to the governor on investment and privatization, in a presentation: “Harnessing the Potentials of Oil Palm Industry in Nigeria,” enumerated the importance of the oil palm industry to the economy, of the state which includes, conservation of foreign exchange, job creation and serves as a tool for effective security management. He sa i d 6 0 p er c ent of oil

palm investments is domiciled locally, hence oil palm industry is rural based; and has the ability to mitigates rural-urban migration which will have direct impact on rural economy a n d h e l p s t o re d u c e p ove r t y and income distribution. Okemini outlined the critical challenges of the industry, which are short supply of the four factors of production: land, labour, capital and entrepreneurship, regretting that each of the four is in short supply. According to him, there is a serious knowledge gap within the industr y; as premis ed in a situation where you may have the casual labour but the middle level and senior management cadre required to run the industry is limited; hence the employment & remuneration program of the industry is not sustainable long term, even

as there is also critical shortage of indigenous entrepreneurs. He identified the land tenure system which mitigates the extensive usage of existing land, population pressure limiting the usage of existing land for oil palm cultivation and also lamented that the critical mass of investment required by the industr y is not available and may never be available. O n w ay f o r w a rd , O k e m i n i noted that government and pr ivate s e ctor par tnership is critical for the industry; saying government can and must create land. The current system of dispossessing peasant farmers of their lands is not sustainable, as it spreads poverty. This has become imperative as oil palm development must be a partnership between large scale developers and rural land owners.

Oil firm brings succour to host community as thousands receive free medical service ANIEFIOK UDONQUAK, Uyo

elp has come the way of the host community of Oriental Resources Energy, as the oil firm operating in Mbo Local Government Area of Akwa Ibom State provided the people with free medical care. The exercise which was organised in collaboration with a non-governmental organisation, Faith Optical and Medical Services attracted a large crowd of beneficiaries. A breakdown shows that fewer than 4,634 patients received treatments for various ailments with 33 undergoing eye surgery, while over 100 patients got eye glasses and took place at the Health Cen-

tre, Enwang, the local government headquarters. It saw pregnant women also receiving ante-natal kits even as school children and their teachers got home with hygiene sets. Speaking during the exercise, Anslem Okere, deputy manager community relations of the company said the free medical exercise was part of the company’s corporate social responsibility programme aimed at ensuring a healthy populace in their host communities. “We take host communities as major stakeholders in our operations. We have done the free medical outreach on several occasions and the turnout has always been tremendous. This year, we added the free eye surgery because the www.businessday.ng

people demanded for it and we ensure that their demand was met and they have appreciated the gesture so much. We have also embarked on other social investments including, scholarship, skill acquisition center at Enwang, 100 units of housing at Enwang Teachers’ Quarters at Effiat, among others,” he said. Asukwo Eyo, chairman of the local government council who declared the programme open, applauded the oil company for the exercise, which he stated, would go a long way in meeting the health needs of the people and complementing government’s efforts at providing affordable health care to the citizens. “This exercise is indeed a welcome development. We are happy with this kind of gesture. I urge

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other firms to take a cue from this company,” he said. Managing Director, Faith Optical and Medical Services, David Ehimhen said need assessment led to the inclusion of eye surgery in this year’s outreach, describing the weeklong exercise as successful. He lauded the community for their cooperation One of the beneficiaries, 73-year-old Sylvanus Bassey whose sight was restored lauded the initiative saying it has changed his life for good. A member community relations committee, Mfon Henry also expressed delight over the free medical service; but however, urged the firm to increase the budgetary allocation of the yearly programme to accommodate more patients.

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esidents of an Enugu neighbourhood, Oneday Bus Stop along Agbani Road Enugu and its environs have called on the Enugu government to save them from a ticking time bomb that could result from clustering the bus stop with petrol and gas stations. The bus stop is housing three functional petrol stations, one gas filling station and another petrol station under construction, which the residents see as a threat to their lives; as it could lead fire disaster if not checked. Ogbonnaya Oji who spoke to BusinessDay condemned the attitude of clustering the place with highly inflammable industries close to a hotel, a Church and residential buildings. “Locating petrol and gas stations around residential and major bus stops in Enugu metropolis, and even many cities in this country may cause untold havoc to residents one day, if not checked,” he said. He called on the Department of Petroleum Resources (DPR) and town planning authority to intervene; lamenting that where four fuel and gas stations were sited together couple with residential buildings was dangerous. “Petrol is highly inflammable product that should be taken far away from fire or fire igniting objects like roadside corn and pear rosters and other related items to avoid devil’s mistake,” he said. Ogbonnaya said it was better imagined than for one to see the ugly situation experienced at the bus stop when any of the tankers caring products is discharging. Petrol tankers normally cause untold hardship for motorists, and create a gridlock with vehicles forming a long line without a single space for even pedestrians to move through. He advocated for the type of measures taken by Enugu government to save Akanu Ibiam International Airport, where many structures and petty businesses were vacated from the airport area. He said government should ask most of the filling stations sited within residential buildings in Enugu metropolis to relocate to EnuguPort Harcourt expressway.

Friday 19 July 2019

BUSINESS DAY

FINANCIAL TIMES

World Business Newspaper

KIRAN STACEY IN WASHINGTON AND HANNAH MURPHY IN SAN FRANCISCO

avid Marcus, the co-creator of Facebook’s potentially revolutionary new cr yptocurrenc y, spent much of this week reassuring members of Congress that it would not be launched until it had regulatory sign-off. What he did not say, but what some believe is inevitable after Mr Marcus spent a bruising two days on Capitol Hill, is whether hostility in Washington and other capitals might mean the currency is significantly delayed, or even abandoned entirely. “This is not going to happen next year, especially as it is an election year,” said Ben Koltun, a senior research analyst at Beacon Policy Advisers, a Washingtonbased political consultancy. “It is very hard to see how a regulator would approve this under the kind of political pressure they are being put under.” Mr Marcus hoped his two three-hour hearings would show Facebook was listening to politicians’ concerns and willing to collaborate on addressing them. So far, Donald Trump, the US president, Steven Mnuchin, the Treasury secretary, and Jay Powell, the head of the Federal Reserve, have expressed reservations about the scheme. But any hope that Mr Marcus might get a better hearing from members of either the Senate

Facebook’s cryptocurrency hopes hit a wall in Washington Distrust is the consistent theme as Libra co-creator David Marcus testifies to Congress

David Marcus, chief of Facebook’s Calibra digital wallet service, at a House Financial Services Committee hearing on Wednesday in Washington DC. Democratic senator Sherrod Brown described Facebook as being ‘like a toddler who has gotten his hands on a book of matches’ © AP

banking committee or the House financial services committee was quickly dashed when Sherrod Brown, the Democratic senator, began his remarks by describing Facebook as “dangerous”.

Multimillionaire’s request to remain at New York mansion rejected by judge

federal judge has denied bail to Jeffrey Epstein, who is accused of sex crimes involving dozens of underage girls, rejecting the multimillionaire’s request to stay at his New York mansion until his trial. “I find that the government has established danger to others and to the community by clear and convincing evidence,” said Richard Berman, the judge overseeing the case. He found there was a risk of flight by the “preponderance of the evidence” and described the proposed bail arrangements, involving Mr Epstein remaining at his mansion, as “irretrievably inadequate.” Prosecutors have accused Mr Epstein of trafficking and sexually abusing minors at his mansions in New York and Palm Beach, Florida, between 2002 and 2005. He pleaded not guilty to the charges at an initial hearing on 8 July. The case, brought by the

Manhattan US attorney’s office, came more than a decade after a controversial plea deal in Miami that prevented a federal indictment at the time. In 2008, he pleaded guilty to state prostitution offences. Mr Epstein’s bail hearing was initially scheduled for Monday but the judge said he would postpone the hearing to Thursday after prosecutors revealed that more victims had come forward since his arrest earlier this month. Two of his alleged victims spoke at that earlier hearing. Courtney Wild, who told the court Mr Epstein had sexually abused her when she was 14, called him “a scary person to have walking the street”. Mr Epstein’s lawyers said he was willing to post bail as high as $100m, including his $77m Manhattan mansion and his private jet. They argued that the 66-year-old posed no danger to the community and should be allowed to remain at his New York residence under house arrest while he awaits trial. www.businessday.ng

ence.” Mr Brown’s remarks showed that Facebook’s biggest problem with Libra is that in launching a new product which requires regulatory approval, the company

Iran’s Revolutionary Guards seize foreign vessel near Strait of Hormuz

Jeffrey Epstein denied bail in sex crimes case ORTENCA ALIAJ IN NEW YORK

“They are like a toddler who has gotten his hands on a book of matches,” Mr Brown continued. “Facebook has burnt down the house over and over and called every arson a learning experi-

has given lawmakers a chance to punish them for previous wrongdoing by not granting it. “Facebook thought they could hide behind the fact that there are 27 other partners in Libra,” said one Congressional official. “But members know that this is Facebook’s project, and this is a chance to go after them for things like Cambridge Analytica.” On several occasions during the two hearings, members of Congress raised privacy concerns such as the Cambridge Analytica data scandal in which user data were leaked to a political research group through a third-party app. The scandal triggered greater scrutiny from governments across the world, including two lengthy hearings in 2018 where Mr Zuckerberg testified in front of Congress. On Wednesday a report by a working group set up by the G7 group of countries warned of “serious risks” associated with Facebook’s new currency, including those relating to “anti-money laundering and countering the financing of terrorism”.

Crude prices rise after ship taken for allegedly transporting smuggled fuel NAJMEH BOZORGMEHR IN TEHRAN, ANDREW ENGLAND AND ANJLI RAVAL IN LONDON AND DEMETRI SEVASTOPULO IN NEW YORK

ran’s Revolutionary Guards said it had seized a foreign vessel near the strategic Strait of Hormuz and detained its crew for allegedly smuggling out of the Islamic republic. The incident is the latest to impact shipping in the oil-rich Gulf and comes amid heightened tensions in the region as US sanctions have thwarted Iran’s ability to export oil. “In a bid to identify and fight organised smuggling . . . the patrol boats of the first zone of the guards’ naval forces in the Persian Gulf and the Strait of Hormuz abruptly stopped one of the foreign vessels which carried 1m litres of smuggled fuel,” a statement by the guards’ naval forces said on Thursday. The guards said the vessel was carrying 1m litres of fuel, about half its capacity, but did not provide details about its identity or

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ownership.It was apprehended on Sunday south of Larak Island, which sits at one of the narrowest points of the Strait of Hormuz and is one of Iran’s main oil export points. It was manned by 12 foreign crew, the guards said. But no shipping company or government has reported that one of its vessels has been seized. Speaking in New York, Iranian foreign minister Mohammad Javad Zarif said the seizure — which he said occurred “about 10 days ago” — involved a “small tanker” and was part of the routine efforts to prevent smuggling of fuel products out of Iran. “[It is] one of the things that we do in the Persian Gulf because of the heavy subsidies that we provide for our own fuel products,” Mr Zarif told a reporters at the Iranian mission to the UN. “There is a lot of smuggling out of Iran. A lot of it goes to the through the Persian Gulf . . . We do things in the Persian Gulf and this is one of those.” The price of Brent crude hit its highest level of the day after the @Businessdayng

guards’ statement on Thursday. The international oil benchmark rose as much as 1.3 per cent to $64.46 a barrel following two consecutive sessions of declines. The detained vessel was alleged to have been going to deliver smuggled fuel received from Iranian boats to foreign ships. Iran’s foreign ministry on Tuesday said the Iranian navy had assisted a foreign ship that needed repairs. His comments came amid reports that a Panamanianflagged vessel, the MT Riah, had disappeared in the Gulf. It was not clear if the two incidents were connected. Asked if there was any connection between the latest seized vessel and a UAE tanker — a reference to the MT Riah — Mr Zarif said: “I don’t think there was a UAE tanker. I think most people made a big story.” Iranian officials have repeatedly threatened to disrupt the passage of oil and petrochemicals through the Strait of Hormuz if US sanctions prevent it from exporting crude.

Friday 19 July 2019

BUSINESS DAY

NATIONAL NEWS

Investors baulk at Mexico’s plan to breathe new life into Pemex Tax breaks and fresh funds will buy time, but few believe it can stave off a downgrade COLBY SMITH IN NEW YORK

nternational investors have given a thumbs-down to Mexico’s plan to revive its debt-laden state-owned oil company, Pemex, a move that has confirmed their unease about the country’s policy direction under the populist leadership of President Andrés Manuel López Obrador. In the hours after the government of Latin America’s secondlargest economy announced how it will transform “an oil industry in ruins” and shore up Pemex to “contribute to developing Mexico” eventually, the peso dropped almost 1 per cent against the dollar, before recouping some of its losses. Yields on bonds issued by the government and Pemex also spiked, indicating a fall in price, while the cost of insuring against the oil company defaulting remained elevated, near levels not seen in three years. The market reaction turned swiftly negative because few investors are convinced the plan does enough to fix the indebted company’s most pressing problems and, more importantly, stave off another downgrade from credit rating agencies. In June, Fitch Ratings cut Pemex’s rating to junk. “It’s likely buying a couple of years’ time for Pemex,” while doing little to avoid another downgrade by year-end, said Yerlan Syzdykov, the global head of emerging markets at Amundi Asset Management. Until that credit event happens, however, Mr Syzdykov said he would steer clear of the Mexican market. Mr López Obrador’s plan includes $6.7bn of much-needed tax relief in 2020 and 2021, with another nearly $16bn of support coming directly from the government, the private sector and the oil company itself next year, according to a government presentation. In 2021, total investment will increase to nearly $22bn, in order to keep pace with the government’s goal of increasing oil production from today’s historically low levels, which are forecast to average 1.7m barrels a day in 2019, to 2.61m barrels a day in just five years. While the fresh funds will help tackle Pemex’s $100bn-plus debt load, investors take issue with other facets of the plan, including the limited role designated to private investors. Causing the most consternation, however, is the government’s insistence on pushing ahead with a Pemexled $8bn refinery project in Dos Bocas, in the southeastern state of Tabasco, which the private sector doubts can be built to budget within the government’s three-year timeframe. “There are too many red lines now,” said Kim Catechis, a portfolio manager at Martin Currie. “The government has drawn a red line

on private sector involvement and a red line on the refinery, so you’ve ended up with a suboptimal plan.” The plan to rescue Pemex follows the unexpected departure of Carlos Urzúa after just seven months leading the finance ministry. In a scathing resignation letter, Mr Urzúa denounced Mr López Obrador for formulating economic policy without sufficient evidence, as well as putting in place “officials who don’t know about public finances”. “The resignation is a big, bad flashing warning signal,” said Mr Catechis, who has already wound down some of his positions in Mexico and expects at least one sovereign downgrade in the next six to nine months. “Stay in at your own peril.” For Alejo Czerwonko, an investment strategist at UBS Wealth Management, the flare-up between Mr Urzúa and the Mexican leader is unsurprising: the former is a respected technocrat with a solid record of eschewing fiscal profligacy; the latter is a leftist president who rails almost daily about the neoliberal policies of the past 40 years that put the market first. “The resignation is really a product of Mexico’s worsening policy mix since [Mr López Obrador] took office,” said Mr Czerwonko. “[His policies] are incompatible with the more orthodox, better trained members of his administration.” Mr López Obrador’s move as president-elect to cancel the completion of a $13bn airport in Mexico City that was already onethird built stirred controversy with investors early on. However, Mr Urzúa was able to shore up market confidence, with the unveiling of a fiscally prudent budget in December. The spending plan promised a 1 per cent surplus in 2019, which his successor, Arturo Herrera, says will be met. But some investors worry Mexico will start to slip on its fiscal targets — especially as the economy teeters toward technical recession. Mexico’s debt remains in investment-grade territory for now, but investors fear a crisis could spiral. “Mexico and Pemex are . . . tied at the hip,” said Anupam Damani, a portfolio manager at Nuveen, who remains underweight Mexico. “The Mexican government is facing an impossible trinity of trying to manage fiscal prudence at the state level, having to support and make Pemex sustainable and fund [Mr López Obrador’s] social welfare agenda.” For the country’s outlook to turn more positive, Alberto Bernal, a strategist at XP Securities, said he needs to see “a complete change of ideology from the government”. That means welcoming foreign investment into the energy sector, among other market-friendly policies. www.businessday.ng

Kremlin throws weight behind EU effort to boost Iran trade

Backing for system designed to circumvent US sanctions prompts Washington warning HENRY FOY IN MOSCOW

ussia has signalled its willingness to join an EU payments channel designed to circumvent US sanctions banning trade with Iran and has called on Brussels to expand the new mechanism to cover oil exports. Moscow’s involvement in the channel, known as Instex, would mark a significant step forward in attempts by the EU and Russia to rescue a 2015 Iran nuclear deal that has been unravelling since the Trump administration abandoned it last year. “Russia is interested in close co-ordination with the European Union on Instex,” the Russian foreign ministry told the Financial Times. “The more countries and continents involved, the more effective will the mechanism be as a whole.” “This is an important project,” Dmitry Peskov, Vladimir Putin’s spokesman, told reporters on Thursday. “When it is activated, we cannot rule out interaction

in this regard.” The new payment system was designed to help European companies fend off “illegal attempts to restrict their activities,” he added. Iran has expressed frustration that the remaining signatories to the nuclear deal have not done more to give it relief from economic sanctions reimposed by the US, particularly restrictions on its ability to export oil. It has underlined its discontent by breaching limits agreed in the accord on its uranium enrichment processes. Mohammad Javad Zarif, Iran’s foreign minister, has previously described Instex as “not sufficient”. Moscow’s support for Instex prompted a warning from US Treasury secretary Steven Mnuchin, who attended a G7 financial meeting in France. “If you want to participate in the dollar system you abide by US sanctions,” Mr Mnuchin threatened, after discussing Iran with his French counterpart Bruno Le Maire. “We want to make sure that Instex is very careful

on diligence and not doing anything that would run into issues of our sanctions.” He noted that exports to Iran for humanitarian purposes were still permitted. The landmark nuclear deal, known as the Joint Comprehensive Plan of Action, lifted a series of punishing international sanctions on Iran in return for Tehran’s agreement to curb its nuclear programme. Since they were reimposed by Washington, sanctions have devastated the Iranian economy, in part by halting a big portion of Iran’s oil exports, its most valuable commodity. Russia said Instex was “a good tool in the implementation of projects . . . that the United States has strongly torpedoed” but called for it to be expanded to include crude oil. “If the encouraging statements by the EU . . . will be backed up by concrete steps and practical advances, including in relation to the use of Instex for servicing trading in Iranian oil, it will help stabilise the difficult situation created around the JCPOA,” it said.

China-made surveillance cameras continue to watch over US military bases Hikvision equipment still being used just weeks ahead of a federal ban CAMILLA HODGSON IN SAN FRANCISCO

hina-made surveillance cameras are still watching over US military bases, just weeks before a federal ban on such equipment comes into force, according to a review of defence contracts. Cameras made by Hikvision, which is 42 per cent owned by the Chinese government, remain in place at the Peterson Air Force Base in Colorado, the home of North American Aerospace Defense Command (Norad) and the headquarters of Air Force Space

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Command. The Peterson base spent $112,000 on Hikvision cameras in 2016 and a spokesperson said these were “not associated with base security or classified areas” and were not connected to the internet or air force networks. The base added that it now had a plan to “evaluate these systems and replace them”. Meanwhile, a US Navy research base in Orlando, Florida, bought $4,000 of Hikvision cameras even after the passage last year of the National Defense Authorization Act (NDAA), which @Businessdayng

bans federal agencies from buying cameras and telecoms equipment from Hikvision and two other Chinese suppliers, Dahua and Hytera, from this August. Officials said the contract was unrelated to base security and that the cameras, which were being used as part of a training system, were not connected to the internet. Police departments in states including Massachusetts, Colorado and Tennessee are also still relying on Hikvision cameras. The Memphis Police Department alone has at least 1,500.

Friday 19 July 2019

BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

No change to US dollar policy ‘as of now’, says Treasury chief Steven Mnuchin says Washington ‘could consider’ a different stance in future MAMTA BADKAR AND COLBY SMITH IN NEW YORK AND EVA SZALAY IN LONDON

S Treasury secretary Steven Mnuchin on Thursday said there was “no change” to Washington’s stance on the dollar “as of now”, amid mounting speculation over whether the Trump administration will act to weaken the dollar. Mr Mnuchin said the US “could consider” a change to its dollar policy “in the future” but there was no change at present. His comments, made to Bloomberg on the sidelines of a G7 financial meeting in France, come as Wall Street has grown anxious over the risk the Trump administration might intervene in the currency markets in a bid to weaken the greenback. President Donald Trump has previously said he wanted a weaker dollar that would make goods exported from the US cheaper and would support the economic expansion. “The door is somewhat more wide open than ever before for intervention,” said Steven Englander, strategist at Standard Chartered. “When you say something is off the table for now, it means

it could be on the table for lunch.” Mr Mnuchin’s comments brings closer scrutiny to the twoday meeting of the G7 finance ministers and central bank governors that concludes on Thursday. “If the group fails to reaffirm its previous G7 commitment to not target the exchange rate, it will significantly raise market concerns about near-term US Treasury FX intervention risk,” said analysts at Nomura. “However, even if the group reaffirms its previous G7 commitment to not target the exchange rate, the risk of US FX intervention should remain under the current leadership of President Trump.” The threat of currency wars came into focus following a speech from Mario Draghi, European Central Bank president, in June that hinted at the possibility of more stimulus in the eurozone. Mr Trump responded by accusing Europe, alongside China, of manipulating their currencies in a bid to gain unfair advantage over the US, where the dollar has been appreciating steadily since the Federal Reserve started raising rates in 2015. In May, the US Treasury added Ireland and Italy to its currency manipulator watch list, despite both countries being part of the eurozone.

US stocks wobble on mixed earnings news MATTHEW ROCCO IN NEW YORK, MICHAEL HUNTER IN LONDON AND DANIEL SHANE IN HONG KONG

S stocks eyed their third consecutive daily drop as investors absorbed a mixed bag of earnings

news. Heavy losses for shares in Netflix weighed on the communication services sector, which led a 0.1 per cent retreat for the S&P 500 on Thursday and offset gains in financials and consumer staples. The benchmark index slid as much as 0.4 per cent in morning trade. The Dow Jones Industrial Average and Nasdaq Composite were down 0.3 per cent and 0.4 per cent, respectively. Netflix, the first of the major technology stocks known as the Faangs to report second-quarter numbers, fell 10.9 per cent on a disappointing update issued after Wednesday’s closing bell. Blackstone’s shares were up by 0.4 per cent, paring stronger gains seen earlier in the session, after the US private equity powerhouse’s earnings beat forecasts and it reported assets under management of $545bn. Morgan Stanley was up 0.7 per cent after it reported a narrower quarterly loss than forecast.

Microsoft reports later in the day. “The second-quarter earnings season in the US faces great expectations given the major indices at or nudging all-time highs,” said Richard Hunter, head of markets at Interactive Investor. “That means the slightest disappointment, providing even the slimmest of entry points for the bears, will be pounced upon. Technology stocks in particular need to perform to perfection, given their spicy valuations. The remainder of the reporting season has its work cut out if current market levels are to be maintained.” The index tracking the greenback ticked 0.1 per cent lower in the wake of comments from Treasury secretary Steven Mnuchin, who said there was “no change” to Washington’s dollar policy “as of now”. In Europe, earnings from SAP missed forecasts, in part due to the impact of the trade dispute between China and the US. Shares in Germany’s most valuable company and the region’s largest software maker fell 5.6 per cent. It was the biggest single decliner on Frankfurt’s Xetra Dax 30, which dropped 0.9 per cent overall. www.businessday.ng

Steven Mnuchin’s comments come as investors are growing anxious over the risk the government might intervene in the currency markets to weaken the dollar © Bloomberg

Netflix stumbles as competitors prepare to swoop Shares down more than 11% in midday trading after streaming service loses US customers ANNA NICOLAOU IN NEW YORK

etflix has fallen far short of its own forecasts for new subscribers, raising concerns about the streaming giant just as rivals Disney and Apple are set to swoop into its market. The company added 2.7m subscribers globally in the three months ending in June — well below its guidance for 5m additions and Wall Street forecasts for 5.1m new users. Netflix also revealed that it had lost subscribers in the US for the first time since 2011, as customers defected after price rises of as much as 18 per cent earlier this year. “There was no one thing” to explain the decline, said Reed Hastings, Netflix’s chief executive, adding that “if investors believe in internet TV . . . our position in the

market is very strong”. Investors showed their disappointment with the results on Wall Street, sending shares down more than 11 per cent in midday trading. “Misses in subscriber numbers hurt Netflix shares more than just about any other metric, and this is a significant one,” said Nicholas Hyett, equity analyst at Hargreaves Lansdown. “Missing expectations just when competition for viewers is hotting up is doubly worrying and doubly painful.” In the US, its largest market, Netflix lost 130,000 subscribers in the quarter. The company in January raised prices for all US customers. The price of a standard Netflix subscription now costs $13 a month — a dollar higher than rival Hulu. California-based Netflix already has a strong grip in its home country, with more than

60m Americans paying for a Netflix subscription. But the latest results “could point to potential saturation in the [US] market,” said Patrice Cucinello, director at Fitch. Netflix blamed its content slate for the large miss, while adding that its forecasts “strive for accuracy (not conservatism)”. The company said that it expected the US to return to “more typical growth” in the third quarter, during which two of its biggest original hits, Stranger Things and Orange is the New Black, return with new seasons. Netflix expects to add 800,000 US subscribers in the period. Netflix has continued to pump billions of dollars into its own shows and films. Analysts expect the company to invest $15bn in content this year. It has justified the splurge with fast subscriber growth: at the end of June, Netflix had 152m subscribers across the globe.

Honeywell profits bolstered by strength in aerospace division Industrial group says it is planning ‘cautiously’ given economic uncertainty MAMTA BADKAR IN NEW YORK AND PATTI WALDMEIR IN CHICAGO

oneywell on Thursday reported better than expected second-quarter profits driven by strength in its aerospace business and delivered a slightly rosier fullyear outlook, despite what its chief executive called an “uncertain” global economy. The New Jersey-based industrial giant said organic sales — which strip out the impact of foreign exchange and the spin off of its home and transportation systems businesses — rose 5 per cent, shy of analysts’ expectations for a 6.3 per cent increase, according to a Refinitiv survey of analysts.

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“We are continuing to plan cautiously for the second half of the year given the uncertain macro environment in which we operate,” said chief executive Darius Adamczyk. “We’ve seen some slowing in certain short-cycle businesses. We think it is prudent to plan conservatively in the event of a broader slowdown . . . geopolitical and the economic movements are pretty volatile right now.” The company’s shares were up close to 2 per cent by lunchtime trading in New York, when the market benchmark S&P 500 was slightly lower. Net income climbed to $1.5bn, or $2.10 a share, in the three months ended in June, compared with $1.27bn, or $1.68 a share, @Businessdayng

in the year-ago quarter. That exceeded analysts’ expected earnings of $2.08 per share. Sales in the Honeywell’s aerospace business, its largest division, rose 11 per cent on an organic basis, driven by strength in business aviation original equipment and in the US and international defence and space business. Overall net sales fell 15 per cent from the second quarter of last year, to $9.2bn. That was just shy of analysts’ estimates for $9.35bn. “We are making significant progress in transforming Honeywell into a premier software-industrial company, with connected software sales continuing to grow at a double-digit rate organically,” said Mr Adamczyk.

Friday 19 July 2019

BUSINESS DAY

ANALYSIS

FT US to shift Central America aid funds to Venezuela’s opposition Washington confirms money will be diverted from humanitarian projects to support Juan Guaidó

MICHAEL STOTT IN LONDON AND GIDEON LONG IN GUAYAQUIL, ECUADOR

he US government has confirmed it will divert money away from humanitarian aid programmes in Central America and channel it towards the Venezuelan opposition led by Juan Guaidó. The move follows Donald Trump’s decision earlier this year to suspend all future humanitarian aid to El Salvador, Guatemala and Honduras until they do more to stop migrants heading north to the US border. Washington said at the time the money would be used to fund “other foreign policy priorities” without giving details. Now the US Agency for International Development has confirmed that some of the funding “will be used in support of the legitimately elected Venezuelan national assembly and interim president Juan Guaidó”. Mr Guaidó has been trying to unseat Venezuelan president Nicolás Maduro since the start of this year. He has the backing of the US and about 50 other countries. The Maduro regime often

derides him as “a US puppet” financed by Washington. A USAID spokesperson said the diverted funding would be used in Venezuela “to expand good governance efforts, to promote independent media and the freedom of information, for civil society assistance, and to support human rights organisations”. The aid story first surfaced in the Los Angeles Times on Tuesday. The newspaper quoted an unnamed congressional aide saying the US was “essentially taking the money that would help poor Central American children and giving it to pay the salaries of Guaidó and his officials and employees”. But Mr Guaidó’s aides deny that. They say they are supported by donations and often out of their own pockets. Speaking in the Ecuadorean city of Guayaquil where he was attending a meeting of the Inter-American Development Bank, Ricardo Hausmann, Mr Guaidó’s representative at the IDB, said funding for the opposition comes from “the effort of people working pro bono, civil society, donations”.

US casinos unlock the value in their real estate Sale and leaseback deals have spurred a wave of mergers and acquisitions SUJEET INDAP IN NEW YORK

t has been more than a decade in the making, but US casinos seem to have found a way to unlock the value in their real estate, unleashing a wave of mergers and acquisitions across the sector. Casino operators are increasingly splitting off the land on which their giant entertainment complexes sit, taking advantage of investors’ desperate hunt for income in a world of ultra-low interest rates to juice their share prices and pursue swashbuckling dealmaking. James Goldstein, an analyst at research firm CreditSights, said the sale and leaseback of property is making up for the difficulty of getting new casinos off the ground in the US. “Given the lack of domestic greenfield opportunities, the availability of property finance has facilitated recent sector M&A, a necessity for growth,” he said. The question now is whether the tactic has made gaming companies themselves an unduly risky proposition for investors, and how they — and their associated property companies — will perform in an economic downturn.

Nowhere has the financial engineering been more thoroughly pursued than at Caesars Entertainment, the company behind Caesars Palace, its flagship property on the Las Vegas Strip, and a portfolio of other casinos from Mississippi to Illinois. An audacious $31bn leveraged buyout by the private equity firms Apollo Global and TPG in 2008 exploited Caesars’ property value to help fund the deal. In addition to issuing traditional cash flow-based loans and bonds, the firms also mortgaged Caesars’ properties, issuing nearly $7bn of debt in the form of commercial mortgage-backed securities linked to a handful of casinos that included Harrah’s and Rio. Backed by the appraised value of the properties, rather than by Caesars’ cash flows, the CMBS allowed for greater leverage. The deal was signed on the cusp of the financial crisis, and the debt load quickly proved to be excessive. The Caesars CMBS debt ultimately was refinanced into a different structure in 2013 and the core Caesars operating company filed for bankruptcy in 2015. However, savvy investors still believed in the Caesars property portfolio as a way to lower the company’s borrowing costs. www.businessday.ng

Often billed as ‘parental control’ or ‘employee monitoring’ tools, stalkerware apps can be installed invisibly on a target’s phone

Inside the secretive world of stalking apps Spyware is hidden on thousands of phones for tracking users without their knowledge CAMILLA HODGSON IN SAN FRANCISCO

ennifer’s boyfriend said she wasn’t allowed to put a password on her phone. “He said I didn’t need it if I trusted him,” she said. But that didn’t just mean he could go through her messages if she left the device lying around. “He could see everything I was doing, no matter where I was. When we broke up, he started stalking me. I felt so violated when I found out.” Jennifer — not her real name — is one of the many victims of stalking who was helped by Operation Safe Escape, a US-based security group that works with victims of domestic violence, to identify and deal with powerful tracking software installed secretly on her phone. According to the group, this violation is not unusual. Apps used for stalking and covert surveillance, which tread a fine legal line when it comes to data privacy, are hiding on thousands of phones, despite being banned by major app stores. Apps such as mSpy, TheTruthSpy and FlexiSpy allow users to monitor someone else’s phone activity, including their call logs, the contents of text and chat messages, GPS data and photos. Often billed as “parental control” or “employee monitoring” tools, many stalkerware apps also advertise themselves as a way to catch cheating partners — and note they can be installed invisibly on a target’s phone. Installation generally requires physical access to the device; users can then hide the app’s icon and view the contents of the phone remotely, by logging into an online dashboard that monitors its activity. Although these apps are secretive about user numbers and rev-

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enues, cyber-security company Kaspersky Labs said a growing number of people were being attacked by stalkerware. Last year Kaspersky found and removed 58,000 instances of stalkerware after customers used its antivirus app, which looks for malicious code, to scan their devices. By July 2019 its specific anti-stalkerware product, which was released in April, had detected malicious apps on phones belonging to more than 7,000 customers worldwide. Stalkerware “can be much more severe than other types of malware . . . because it is made to be used as a tool for the abuse of another person’s privacy and is often used by domestic abusers”, said security researcher Alexey Firsh. Anti-spyware company Certo also said demand had “certainly increased in recent years”. ‘Illicit surveillance’ The cheap availability of personal surveillance apps can have devastating effects. In 2014 a survey by National Public Radio of 72 domestic violence shelters in the US discovered that 85 per cent had assisted victims whose abusers had tracked them using GPS. The same year, the National Network to End Domestic Violence found that 54 per cent of abusers had tracked their victims’ mobile phones using stalkerware. Last year, amid rising concerns, US senator Richard Blumenthal sought information from nine appmakers that offer tracking software, including mSpy and FlexiSpy, about how they ensured their products were not being used for “illegal purposes”, such as stalking or “illicit surveillance”. Spyware is prohibited by most major app stores, including Apple’s and Google’s. In April Apple removed several parental control apps on the grounds that they @Businessdayng

were excessively invasive, and Google removed four stalkerware apps from its store this week after researchers at antivirus company Avast identified them. However, apps such as mSpy can be downloaded directly on to Android phones via their internet pages. This can’t be done on iPhones unless they are “jailbroken”, a process that removes certain safety settings installed by Apple. Many spyware apps advertise downloads for jailbroken iPhones. Some apps also offer an iPhone workaround, which requires the user to gain access to the target’s iCloud login details. They can then remotely monitor all the information backed up to the iCloud account, though are unable to eavesdrop on calls or listen in to a phone’s surroundings. This workaround does not require the user to gain physical access to the phone, unless twofactor authentication — which asks iCloud account owners to approve logins on new devices — is in place. While explaining this restriction, a representative of monitoring app Mobistealth provided a link to a webpage that explained how to disable two-factor authentication. Since Apple is unable to determine whether someone with correct iCloud credentials is the account owner or a malicious actor, there is little they can do. A spokesperson for mSpy said its technology was not spyware, but “parental control software” developed only for that purpose. Parents can hide the app’s icon to prevent children from uninstalling it, they added. Although its app could be “misused”, mSpy said it could not tell whether this was happening since user data are encrypted.

Friday 19 July 2019

BUSINESS DAY

POLITICS & POLICY After doubling national debt to N24trn, Buhari has nothing to show – Atiku INNOCENT ODOH, Abuja

ormer Vice President Atiku Abubakar has again raised the alarm over the debt burden the President Mu h a m m a d u B u h a r i ’s administration allegedly brought upon Nigeria in the last four years. Atiku, who is the presidential candidate of the People’s Democratic Party (PDP) in the February 23 election, in a statement issued on Thursday by his media adviser, Paul Ibe, said that the Buhari government had doubled Nigeria’s national debt from N12 trillion in 2015 to N24.9 trillion today and still had no tangible evidence of development to show for it. Atiku called the attention of stakeholders in the Nigerian project to the existential threat affecting Nigeria, which he said the Buhari-led

administration has chosen to ignore. Recall that last week, Atiku urged immediate action to address Nigeria’s unsustainable debt burden. This is

especially as he claimed the National Economic Council which he chaired in 2006 paid off Nigeria’s entire debt under the leadership of President Olusegun Obasanjo.

Seyi Makinde (r), governor of Oyo State, receiving a souvenir from Abdullahi Zulkifli, comptroller, Nigerian Customs Services, Oyo and Osun area command, at the visit of comptroller to the Government House in Ibadan, Oyo State. NAN

Ex-Kwara SSG, Commissioner, SSA on EFCC watch list SIKIRAT SHEHU, Ilorin

he Economic and Financial Crimes Commission (EFCC), in Ilorin zonal office has submitted the particulars of individuals on its watch list and under investigations in the state to the Nigerian Immigration Service (NIS), Kwara State Command. Isyaku Sharu, the EFCC boss made the disclosure through the Ilorin Zonal Head of the Commission, who on his behalf, received the Comptroller of Immigration Service, Kwara State Command, Edith Onyemenam, who led other NIS senior officers on a courtesy visit to Ilorin Zonal Office of the Commission. The prominent on the list include immediate past secretary to the state government, Isiaka Gold; former commissioner for finance, Demola Banu; former senior special assistance to former governor Abdulfatah Ahmed

“As if to vindicate the former Vice President, the National Bureau of Statistics has released Q1 statistics which revealed that in the first quarter of 2019 (January

on media and communications, Muideen Akorede and former general manager of Radio Kwara, Adedeji Abdullateef. T h e a c t i n g c ha i r ma n of EFCC, Ibrahim Magu, however, disclosed that the need to familiarise the NIS with the particulars of such personalities under EFCC’s investigation became necessary following intelligence at the disposal of the Commission that some highly-placed individuals undergoing corruption probe and on the Commission’s watch list in the state have procured forged police reports with which they plan to apply for another international passports to escape from the country. According to Magu, “Information at the disposal of the Economic and Financial Crimes Commission in Ilorin reveals that these highly placed individuals are planning to use forged police reports to re-apply for another international passports to flee

the country in order to escape prosecution and justice. “The Commission urges you to use your good office to place these individuals under strict surveillance,” he said. The EFCC boss, who expressed joy at the visit, said: “Your coming today is a welcome development. As stipulated in EFCC Establishment Act, the Nigerian Immigration Service is a member of the Commission. We can’t do anything without you. If we don’t collaborate with your office, we can’t get it right.” In her remarks, Onyemenam commended the antigraft body for the existing cordial relationship between the two agencies. “I am delighted to be here this morning. We have existing relationship already. I am here to see that the relationship is well cemented. I want to see your support. My office will also give you support as well. If there is anything you want from my office, I will equally do that,” Onyemenam said.

to March), General Buhari’s regime spent a whopping N610.2 billion on debt servicing for domestic debts. Note that these monies were spent on servicing (paying interest) debt, not in repaying debt. “To put this in perspective, in the first three months of 2019, what Nigeria has spent on servicing domestic debts, so far, is more than the combined entire budget for education and youth development for the whole of 2019. “How did this happen? How could an administration double our national d eb t f ro m N 1 2 t r i l l i o n in 2015 to N24.9 trillion today and still have no tangible evidence of development to show for it? The reason is that no matter how much resources you give a man who does not know how to create wealth, it will never be enough,” he said.

The Wazirin Adamawa warned that if the current trend continues, Nigeria would have spent N2.5 trillion on debt servicing by the end of 2019, a figure that is more than Nigeria’s capital budget. “Can a nation survive like this?” he asked. He further warned that “the deeper we go into unsustainable debt, the more of her independence Nigeria loses to her creditors”. “The older generation should sacrifice for the youth. We must not be a vampire generation that squanders the financial lifeblood of Nigeria and bequeath financial bondage to the next generation. “For the avoidance of doubt, not long ago, Atiku Abubakar had outlined a robust strategy for the funding of the country’s development needs without resort to indiscriminate borrowing,” the statement added.

Protest, reactions trail Rep’s resolution on Edo Assembly IDRIS UMAR MOMOH & CHURCHILL OKORO, Benin

rotest and reactions on Thursday trailed the House of Representatives’ resolution directing the Department of State Security Service (DSSS) and the Inspector-General to seal off the premises of the Edo State Assembly if the governor of the state, Godwin Obaseki failed to properly inaugurate the house. Recall that there had been crisis over the proclamation of the 7th assembly by the state governor among the 24 members- elect. About 11 out of 24- members-elect were inaugurated in a house proclaimed on June 17 at about 10pm by the clerk of the assembly, Yahaya Audu Omogbai. But reacting to the House of Representatives’ resolution, concerned Edo youths and other interest groups staged a peaceful protest

within Benin City metropolis to denounce the resolution. The protest was led by Valentine Asuen, Edo State youth leader of the All Progressives Congress; Olu Martins, a human rights activist, Roy Oribhabor, Edo state chairman, Conference of Nigeria Political Parties (CNPP). Other groups are member of National Butchers Union of Nigeria, Oodua Poeples Congress, Edo state chapter, Road Transport Employers Association of Nigeria (RTEAN) among others. Speaking at the secretariat of the Nigeria Union of Journalists (NUJ), Edo State council, Olu Martins decried what he described as the “hasten decision” of the House of Representatives ad-hoc committee. He opined that the committee would have waited for the Senate ad-hoc committee before taken any resolution. While commending the state government for its people-oriented projects, he however, assured that youths

in the state are solidly behind the governor to succeed. On his part, Valentine Asuen, the APC youth leader said: “We are fully in support as APC youths in Edo state that we are with you; that you have a genuine intention for the development of Edo State. “Obaseki has touched every nook and cranny of Edo State. So, why should we remain ungrateful to him? We must support him so that he can do more. Work is in progress and we will continue to be in progress. ‘We are here to tell him that he should not be distracted by any forces that he should continue to be focused; as he has always put the interest of the Edolites at heart. We are fully in support of him,” he said. Meanwhile, Gideon Obhakhan, former, Edo State commissioner for education commended the leadership of the House of Representatives for the resolution to seal off the premises of the Edo state house of assembly.

tive Commissioner. Just like what happened in 2016, Abubakar nomination faced stiff opposition on the grounds that his nomination was rejected in the Eighth Senate for having a low

educational qualification of a Diploma. The Peoples Democratic Party member representing Adamawa South, Binos Dauda Yaru, raised an objection to Abubakar ‘s nomination.

Senate confirms Buhari’s nominee rejected by Saraki-led chamber OWEDE AGBAJILEKE, Abuja

he Senate on Thursday approved the appointment of Aliyu Abubakar, as a non-executive commis-

sioner on the board of the Nigerian Communications Commission (NCC). Abubakar, from Bauchi State, was nominated last week by President Muhammadu Buhari for the same www.businessday.ng

position despite his rejection by the Eighth Senate because of low educational qualifications. The Senate also confirmed the appointment of the others namely: Uba Maska from

North West reappointed as Executive Commissioner, Millionaire Abowei from South South as Non-Executive Commissioner and Abdulazeez Mohammed Salman from North Central as Non-Execu-

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Friday 19 July 2019

BUSINESS DAY

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Friday 19 July 2019

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Friday 19 July 2019

PHOTOSPLASH

BUSINESS DAY

Proudly supported by

BusinessDay Agribusiness and Food Security Summit 2019

Ayinde Soule-Kohndou, first secretary economic affairs, Kingdom of the Netherlands, giving his address Godwin Obaseki, governor, Edo State, delivering his keynote address.

Frank Aigbogun, publisher/CEO, BusinessDay, giving his opening address

Hadiza Yaro of East-West Seed, giving her speech

L-R: Caleb Ojewale, senior analyst, BusinessDay; Ayodeji Balogun, country manager, AFEX Commodities Exchange Limited; Segun Anjorin, head, high local corporate, Ecobank; Godwin Obaseki, governor, Edo State; Osita Nwanisobi, deputy director, development finance department, Central Bank of Nigeria (CBN); Olabode Abikoya, executive director, Bank of Agriculture Limited, and Frank Aigbogun, publisher/ CEO, BusinessDay

L-R: Manzo Maigari, CEO, Agrolog Innovative Agriculture; Deji Adebusoye, director, L&Z Integrated Farms (Livestock and Dairy); Olurotimi Fashola, team head, projects, Elephant Group; Jamie Rixton, chief agronomist, Ellah Lakes Plc, and Emmanuel Ijewere, chairman, Best Foods

L-R: Sadiq Usman, deputy chief operating officer, Agro-Allied Division, Flour Mills of Nigeria Plc; Mauricio Alarcon, CEO, Nestle; Peju Adebajo, former commissioner for agriculture, Ogun State; Sadiq Kassim, group executive director, (Grains), WACOT; Olajide Basorun, CEO, Rhyss Farms; Jacquelyne Yawa, head, agribusiness, Guinness Nigeria, and Alex Goma of PZ.

Mauricio Alarcon, CEO, Nestle (r), with Graham Leslie, MD, Dizengoff

Zephia Ovia of Vetiva Capital Management Limited (l), with Damilola Ajayi of Vetiva Fund Managers Limited

Aures Tchana, MD, Loopsight Company (l), with Janice Olawoye, vice chancellor, Ahmed Pategi University

Alex Adefule, manager, Truecall Farms (l), with Babalola Thomas, manager, Tbakes Foods and Integrate Farms Limited

Josephine Ewitat, head, flour, sugar, and cement, FCMB, (l), with Ayodeji Olakunri, head, dairies and confectionaries

Victoria Uwadoka, corporate communications/public affairs manager, Nestle (l), with Tomiwa Bayo-Ojo, MD/CEO, Volvus Energy

Ayodeji Balogun, country manager, AFEX Commodities Exchange Limited, presenting his paper

Ayoola Oduntan, GMD, Amo Farms (l), with Agboola Belgore, general manager.

Maxwell Oko, director, Lake Oko Farms (l), with Olajide Basorun, CEO, Rhyss Farms

Pictures by Olawale Amoo

Women in Business

BUSINESS DAY Friday 19 July 2019 www.businessday.ng

By Kemi Ajumobi

Adesua Dozie

Bekeme Masade-Olowola

General Counsel, GE Africa at GE Nigeria

CEO, CSR-in-Action

desua is an experienced General Counsel who has the experience of acting as a trusted and purpose-driven legal advisor to multinational companies operating across Africa. In her current role as General Counsel of GE Africa, she has had the opportunity to advise structure and lead transactions across the African continent, in turn facilitating regional growth, strengthening corporate governance and compliance cultures across diverse business communities, and serving as a guardian of the complex dynamics between purpose, profit and risk. She has a firm belief in the power of the General Counsel and legal teams within multinational organisations to drive robust corporate governance across Africa thereby ensuring the sustainability of business and development of the communities in which they do business. She is a passionate advocate for diversity and inclusion and believes that they are important business imperatives. Adesua is highly passionate about women’s involvement in leadership and governance. When she was 28 years old, two men she had never met before took a chance on her. William Asiko and Lawrence. In her words, “ ‘Larry’ Drake hired me as the Division Counsel for West Africa for Coca-Cola. Although I was a strong candidate, that familiar imposter syndrome began to creep in. “Why do you deserve to be here?” I thought as I compared myself to candidates who were older and likely had more qualifications. But William and Larry saw something in me that I did not see in myself: potential and drive.” She thought to herself. Soon, Adesua realized her self-doubt was misplaced, and threw herself into her new role with vigour. The idea of women in the workplace according to Adesua is by no means foreign to Africa. However, underemployment, pay gaps, limited access to executive roles in the office, archaic work-life balance policies, and poorly-enforced labour regulations are what she says contribute to gender discrimination and marginalisation. “Trailblazing women like Nigeria’s Osaretin Afusat Demuren, chairwoman of GT Bank, and Kenya’s Susan Mboya-Kidero,

President of the Coca-Cola Africa Foundation, are models of female leadership. But the road towards advancing gender equity in the African workplace needs more male voices and, in particular, more male champions. More men ready to take a chance on high potential talent.” She believes. Furthermore, for her, one way in which companies can encourage career growth of female professionals is by moving beyond mentorship and promoting sponsorship. “When my children were much younger, I recall many moments of doubt. Despite loving my job and the satisfaction it gave me, I often contemplated whether I would be better off staying home with my young children instead of navigating the delicate balancing act of work and home life. At the time, my husband encouraged me to reallocate my responsibilities, and re-focus on my personal and professional priorities.” Adesua said. Her former bosses, William Asiko and Michael Chabeli, also played critical roles at different important stages of her career by encouraging her to envision work-life balance from a different perspective, and challenging her to strive for more leadership roles. In this way, they acted as mentors by guiding her and as sponsors by advocating on her behalf. As long as Adesua is concerned, the tide won’t change on a larger scale for women in the corporate world until other companies follow suit by incorporating diversity and inclusion into their strategy. She believes that it is not enough for women-led civil society groups and international organisations to campaign for gender equality when men feel barely involved in such issues. She summarizes her views insisting that in the absence of strong state policies in many African countries, companies in the private sector aspiring to be globally competitive must lead the way in advancing gender equality and empowering women. “Companies with men at the helm must intentionally create office cultures that welcome diversity, encourage inclusion, champion junior employees, and discourage the replication of outdated gender roles.” Adesua insists.

ekeme Masade-Olowola is a wellrespected sustainability and communications entrepreneur. A social entrepreneur, she is the Chief Executive of CSR-in-Action, a group made of a consulting firm, a think tank and a training institute dedicated to corporate social responsibility, policy development, advocacy, empowerment and sustainable development in the region. Under Masade-Olowola, CSR-in-Action has promoted sustainable measurement and reporting using the GRI framework, specifically, since 2011, and has catalysed the growth of sustainability adoption and transparency in the region through consulting, training and advocacy interventions. CSR-in-Action produces the pioneer sustainability investment report in Nigeria The Collective Social Report: Nigeria (now The Corporate Sustainable Investor Report), endorsed by the United Nations Framework Convention on Climate Change (UNFCCC), and supported by United Nations Global Compact (UNGC) in 2012; a first of its kind compendium which includes a rating of business sustainability performance. CSR-in-Action is a multi-platform enterprise that creates opportunity for thought leadership in the structured development space, provides one-stop data for practitioners, match-makes cross-sectorial partners, provides training and strategic support such as event management and CSR strategy development. They also act as an advisory body to institutions on sustainability principles and corporate social responsibility ethics. Masade-Olowola helped establish the Business Coalition for Sustainable Development Nigeria (BCSDN) in May 2014, an initiative affiliated with the World Business Council for Sustainable Development (WBCSD), made up of a coalition of leading businesses across all sectors to drive collective development. She has engaged stakeholders throughout the economic value chain – government, business, civil society organisations and communities – and recently spearheaded the design and development of a Community Engagement Standards framework to facilitate the Federal Government agenda for promoting peace through equity in oil and gas communities in Nigeria. She is on the board of several non-profit and for-profit organisations and is convener

of the annual Sustainability in the Extractive Industries Conference, the largest development focused gathering for extractives now in its eighth year, and producer of The Good Citizen Radio Show. “I was born, raised and still live in Lagos, Nigeria. I am a natural entrepreneur who sees opportunities everywhere. But what stands me out is that I love to find solutions for issues around me which led me to founding and currently managing CSR-in-Action, a social enterprise dedicated to promoting ethical and sustainable governance, women and youth empowerment, and sustainable development in Nigeria, through established programmes and strategic consultancy for businesses and governments. I am a writer – currently only of non-fiction such as biographies – and an editor, as well as a public relations professional” she says. Growing up for her was fun, she had 3 siblings in the same age range and they had a mum whose primary objective was keeping them safe and happy. Her mum got them to volunteer with her Inner Wheel District 911 and that was where her passion for humanitarian work grew from. Masade is an Emerging Leader of the Harvard Kennedy School because she has the passion to lead development. She holds a Merit in International Human Resource Management & Employment Relations (MSc) from the prestigious University of London, Queen Mary College because at the time, she thought that a HR twist to International Relations was a good path to follow. While in the UK, she worked in project management and policy performance measurement and evaluation with the Royal Borough of Kingston and Surrey County Council where she took part in stakeholder engagement, was involved in discussions on racial mainstreaming, took part in the designing of social policy frameworks as well as mechanisms for monitoring and evaluating activities of the councils ranging from housing, environmental management, supplier management, to overall performance. All of these experiences set her up for the time when she identified the massive potential for sustainable growth in the corporate world and the gaps therein and went ahead to set up CSR-in-Action; initially just advocacy alone, but now consulting.

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