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news you can trust ** friday 30 october 2020 I vol. 19, no 683

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Distribution of 900,000 free electricity meters begins today in Lagos, Kano, Kaduna FG’s deal with labour on tariff for implementation from November 1

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A week after Lekki shooting, wounded victims fight for life … I can’t feel my arm anymore, victim says

ISAAC ANYAOGU

Temitayo Ayetoto

he Federal Government is making good on its promise to provide free electricity meters for customers with the first phase of distribution of 900,000 meters set to commence today in Kano, Kaduna and Lagos.

BusinessDay learns that all the 900,000 meters are already in the country and they will be distributed free at the point of deployment.

Under the Presidential Metering Initiative, the government committed to the bulk procurement and distribution of 6.5 million meters, which would be distributed to electricity consumers across the 11 power distribution companies (DisCos).

In the first set of distribution, electricity customers will get about 900,000 meters, which would be deployed mainly by two companies - Mojec International Limited, a Lagos-based meter assembler, and Momas Electricity Meters Manufacturing Company Limited (MEMMCOL), a local meter manufactur-

xactly a week after the Nigerian Army’s incursion into peaceful #EndSARS protest at Lekki Tollgate, Nicholas Okupwe lay exhausted in the emergency ward 1 of the Grandville Trauma Centre, Ajah, Lagos.

With a white plaster covering his chest and a tube draining bad fluid, he mustered some strength to ask for help.

A bullet was nesting peacefully around his back and he twitched from time to time as pains grew.

Without charge, the ‘Good Samaritan hospital’ has ensured he survived the encounter with death, stabilising him first before conducting an X-ray and CT-scan to assess the severity of the damage.

The next step is to displace the

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Inside

President Muhammadu Buhari (l), welcoming Theophilus Danjuma, former minister of defence, at the Presidential Villa in Abuja.

T-bills rates plunge below 1% as investors post record N667bn unsuccessful bids P. 29

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Security expert advocates new innovation to curb crime in Nigeria KELECHI EWUZIE

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What is left of Lagos State Traffic Management Authority (LASTMA) office, Pen Cinema after an attack, last week.

Pic by Olawale Amoo

COVID-19 spurs over 120 health innovations in Africa - WHO Godsgift Onyedinefu, Abuja

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he Covid-19 pandemic has spurred the development of more than 120 health technology innovations that have been adopted in Africa, a new World Health Organisation (WHO) analysis finds.

According to the analysis released on Thursday, the countries with the most innovations in Africa were South Africa (13 percent), Kenya (10 percent), Nigeria (8 percent) and Rwanda (6 percent).

Africa accounts for 12.8 percent of 1000 new or modifications of existing technologies that have been developed worldwide targeting different areas of the Covid-19. The response areas include surveillance, contact tracing, community engagement, treatment, laboratory systems and infection, prevention and

control.

In Africa, 57.8 percent of the technologies were ICTdriven, 25 percent were based on 3D printing and 10.9 percent were robotics. The ICTbased innovations include WhatsApp Chatbots in South Africa, self-diagnostic tools in Angola, contact tracing apps in Ghana and mobile health information tools in Nigeria.

“Covid-19 is one of the most serious health challenges in a generation, but it is also an opportunity to drive forward innovation, ingenuity and entrepreneurship in life-saving health technologies,” said Matshidiso Moeti, WHO regional director for Africa.

“It’s great to see the youthful energy of the continent fired up to fight Covid-19.

Solar-powered automatic handwashing tools, mobile applications that build on Africa’s rapidly growing con-

nectivity. These home-grown innovations are uniquely adapted to the African context”, Moeti said.

Moeti, quoting a study by the World Bank group said the African countries, at around 0.01 percent per capita, invest far less in innovation than developed countries and the continent is not living up to its potential. She noted that investment is vital to further spark innovation on the continent “The pandemic has put a fresh impetus on the need to invest in innovation and to put the right policies and strategic frameworks in place to unleash African ingenuity on the world,” Moeti said.

“We know that investing in innovation yields huge dividends. With Covid-19 and other health threats part of our daily life, there’s no time to waste in creating the right environment for African innovators to flourish”, she

added.

WHO recommends greater investment in ICT infrastructure, robotics, artificial intelligence, drones and mechatronics as well as putting the right policies in place to boost creativity and entrepreneurship and to bolster university-led research.

Earlier this year, all 47 African member states in the WHO African region adopted a WHO strategy for scaling up health innovations in Africa.

By 2023, 80 percent of all member States agreed to perform needs assessments to identify critical gaps in their health systems and will have established coordination mechanisms to scale up innovations. 75 percent will have developed policies and incentive frameworks, and half will have developed analytical tools to assess the economic and social impact of innovations.

Construction of Delta Agro-Industrial Park to commence before year-end - Okowa …park to host 30 agro-processing factories Mercy Enoch, Asaba

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fter four years of planning and negotiations, construction of the Agro-Industrial Park at Aboh Ogwashi-Uku axis of Delta State, is set to commence, as the ground-breaking would be performed this year, the state governor, Ifeanyi Okowa has said.

Okowa disclosed that at full capacity, the park would host 20 to 30 agroprocessing factories and agro-business enterprises.

The number of direct jobs to be created from the agro-industrial park is estimated at 4,000 while the indirect economic impacts will cover tens of thousands of farmers and agricultural value chain operators.

Okowa stated this in his 2021 budget speech at the state’s House of Assembly.

Most Deltans had wondered why the delay in the commencement of the long proposed project. This was just as the owners of the large expanse of land earmarked for the project began the agitation to reclaim their land for being left fallow. Okowa’s assurance that the project will commence this year is seen restoring hope and dousing tempers among the indigenes.

The governor said that the project was at the construction stage under an Engineering, Procurement and Construction (EPC) contract with a completion period of 18 months, adding that the ground-breaking ceremony would be performed before the end of this year.

“The park is being developed as a multipurpose and multiproduct epicentre of agro-processing, agrowww.businessday.ng

industrial and agribusiness activities to catalyze and transform agricultural value chains in the State.

“The project is a joint venture between Delta State government, Mirai Technologies Ltd and Norsworthy Investments Ltd. In this regard, the three parties have jointly registered a Special Purpose Vehicle (SPV) known as Delta State Agro-Industrial Park Limited.

“By design, it will have clustered set of infrastructure, facilities and utilities including power, water, security, research and training, quality assurance, sewage, and waste management.

“Others are marketing and commerce, packaging, warehousing, storage, equipment maintenance, administration, conferences, residential and hos-

pitality.

“The value proposition of the Agro-Industrial Park includes the elimination of persisting infrastructure constraints to agro-industries, diminution of the cost of operations, and enhancement of the overall ease of doing agribusiness.

“The common infrastructure, facilities and amenities will enable firms and businesses to operate smoothly, attain maximal efficiency, maintain profitability, and grow investments over time.”

He further noted that the project would foster improved competitiveness of agro-industrial and agro-processing businesses, increased flow of private investments to the state’s agricultural sector, job and wealth creation, sustainable growth, and diversification of the state’s economy.

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security expert and managing director of Hogan Guards Security, Paul Ibirogba has advocated the deployment of Polygraph Lie Detector to curb rising crime rate in Nigeria.

Ibirogba said polygraph lie detector has become an entrenched tool in advanced countries to enhance criminal investigations and recruitment into armed forces.

Ibirogba speaking at the inauguration of Hogan Polygraph and Investigations Limited in Lagos, Wednesday, said a lie detector test is used to measure and record several physiological indicators.

According to him, such indicators include blood pressure, pulse, respiration and skin conductivity, while a person answers a series of questions he is asked under controlled conditions. The system runs on the theory that deceptive answers will produce physiological responses that can be differentiated from those associated with non-deceptive answers.

He further said the theory, which has been validated all over the world, rests on the belief that when people lie intentionally, they exhibit

certain predictable physiological characteristics.

The security expert observed that Nigeria’s judicial process was long and winding, and often leads to frustration when the end result of determining the truth becomes opaque. The reason some criminal investigations and court processes take years and even decades is because of the search for truth or evidence.

“The police, judicial officers and private investigators as well as every organisation can use polygraph lie detector. Even the police and other security forces can begin their much anticipated reforms on taking every recruit through the lie detector to ensure that bad eggs and those with criminal background are weeded out from the outset,” he added.

The Hogan boss said the company envisions that for Nigeria to reduce crime to an all-time low, “all organisations irrespective of size must have a work-force that is genuinely honest and possess a high level of integrity to diligently promote and uphold trustworthiness and eradicate fraud in all forms at all workplaces towards a guaranteed and sustained organizational solvency.”

Geely Auto to invest $54m in development of healthy cars

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eely Automotive in Nigeria in partnering with Mikano is to invest $54 million in the development of ‘healthy and intelligent’ vehicles in furtherance of the fight against coronavirus.

The move not only adds a new dimension to Geely’s understanding of passenger safety, it also represents a new development direction for automobiles.

The development of a “healthier car” differs from specialised medical vehicles in that Geely’s products are made for ordinary consumers. Cars with comprehensive virus protection not only require the capability to isolate harmful substances in the air, it also needs to quickly and effectively purify cabin air for occupants, said An Conghui, president, Geely Holding Group and CEO of Geely Auto Group.

Geely Auto’s global R&D and design networks based in Europe, USA and China will jointly move to develop and research new environmentally sustainable materials with antibacterial and anti-viral properties which can be used within air-conditioner systems and on frequently touched surfaces such as buttons and handles.

Geely Auto will make full use of its global R&D system and resources as well as cooperate with professional medical and scientific research institutions @Businessdayng

to set up special project teams to work on the new research.

Conghui said epidemic prevention required long-term effort of the wider society, adding “as the most common mode of transportation, consumers spend a considerable amount of time in their cars, akin to a ‘second home’ Only by making healthier products can we meet consumer demand for better quality of life.”

Based on the automotive industry’s development direction built around electrified, connectivity, intelligence, and shared mobility, auto companies should commit to developing products that help protect the health of drivers and passengers. This will become one of Geely Auto key long-term development objectives,” Conghui added.

Earlier in January, Geely Holding Group joined hands with the Li Shufu Foundation to set up a special $30 million fund in support of the new coronavirus prevention and control, with a focus on the mass purchasing of much needed medical supplies for China in the short term.

Geely’s leading track record will be taken to a new level with the development of an all-round healthier car. Geely’s move sets a new precedent in the development of safety technologies that goes beyond developing leading crash test

Friday 30 October 2020

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THE WEST #EndSARS Protest: $460bn nation’s GDP threatened as looting, destruction of businesses dotted Southwest ...as DAWN Commission pledges to forestall such future incident RAZAQ AYINLA, KORETIMI AKINTUNDE, Akure, SIKIRAT SHEHU, Ilorin and JOHN OLANIYI, Osogbo

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f the massive looting of goods and wanton destruction of properties in almost all the six Southwest states are anything to go by, business and manufacturing activities will be on the verge of serious dwindling as major businesses, including Okitipupa Oil Palm Plc, Shoprite Mall, Tuns Farm, Mega Electronics Stores, Fonemart, among other businesses were heavily looted and destroyed during #EndSARS protests.

In Lagos state, Governor Babajide Sanwo-Olu said that about N1trillion would be required to restore the looted businesses and properties destroyed in Lagos alone, while Governor Abdurahman Abdulrazaq of Kwara state declared that several billions of naira was lost to the raids in the state, but pledged to release N500 million to cushion the negative economic effects in Kwara state.

Looted Shoprite Mall in Ilorin

Pic by Sikirat Shehu

In Ondo state, Okitipupa Oil Palm plc was attacked by the hoodlums under the guise of #EndSARS Protest and razed down several buildings, looted several offices and carted away laptops, computers as well as electric generators, running into N300 million as Taiwo

Adewole, Chief Executive Officer of the company, Taiwo Adewole described the action as barbaric, brutal and horrendous.

Adewole, who said management and all members of the Board of Directors were devastated by the sad de-

Arrests, collection of looted items, a continuous process - Egbetokun •144 arrested, 71 arraigned for looting in Kwara SIKIRAT SHEHU, Ilorin

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ayode Egbetokun, Kwara State Commissioner of Police has vowed that the command will ensure all those who looted public and private properties in the state are arrested and the stolen items recovered, adding that the arrest will be a continuous exercise in the nooks and crannies of the state.

Egbrtokun, who made this known during the week while addressing journalists at the parade of 144 suspects in Ilorin, the state capital, pointed out that the Police in collaboration with other security agencies will ensure no culprit is allowed to escape and will be brought to book.

“We have arrested a total of 144 people with looted items and many would be arrested because it is an ongoing pro-

cess, all security agencies are out to enforce compliance and forestall future occurrence,” he said.

The police boss however, advised those in possession of the stolen items to willingly surrender them to the police, noting that whoever returns those items willingly would be pardoned.

The Commissioner noted that all the suspects were arrested with looted items in their poccession and called on members of the public to assist the police with useful information to enable it arrest the run away suspects.

Egbetokun however appealed to the parents and guardians to keep their wards off the streets, warning that anybody found wanting will face the wrat of law.

“It is our duty to protect lives and properties in the state. Those who choose to remain with the criminals on the streets clearly made a

choice of confrontation with the law enforcement agents and are at risk of the consequences of such an action,” said Egbetokun.

Meanwhile, 71 suspects were arraigned before an Ilorin Magistrate’s court for allegedly looting COVID-19 palliatives at Kwara Agro Mall and cargo terminal in Ilorin, the Kwara State.

The suspects were charged for criminal conspiracy, trespass, belonging to gang of thieves, nischief, voluntarily causing grievous hurt, theft and disturbance of public peace.The police prosecutor, Nasir Yusuf, told the court that the suspects were arrested last Friday and Saturday at the Agro Mall and cargo terminal when they were looting the palliatives.

He says that investigation on the matter was still ongoing while he left the bail of the suspects to the discretion of the court.

velopment, lamented that “enemies of progress could go to this extent to visit such a dastardly and ruinous act on the company that is just being salvaged from the destruction unleashed on it by undue government interference, inept and corrupt management over the years.

He said though management was planning to set up a team to ascertain the level of the destruction, adding that “there are certain items and consumables whose values cannot be easily quantified, however in terms of buildings and physical structures burnt and those carted away, I can put the loss at about N300million” In Ilorin, Kwara state, some workers of Shoprite Mall located in Ilorin City Mall, the Kwara State capital, decried the recent looting of the stores by hoodlums, saying by that heinous act, they had been rendered jobless by the action of the looters.

The Mall which also hosted several other businesses such as KFC, Cold Stone, Health Plus, Fonemart, among others, were heavily looted as eyewitnesses stated that the hood-

lums invaded the premises and looted everything inside the Shoprite Mall.

One of the workers who spoke to BusinessDay on anonymity said, “They did not only loot everything and left the store as big as it was empty, they also destroyed everything. Those people are indeed heartless and wicked. The looters destroyed the camera room of the store and went away with the gadgets to avoid being captured.

“The looting might have rendered all of us (the workers) which are about 1000 jobless.

You can imagine how long it would take to restock the store.

Even the hoodlums went to the backyard and broke into the containers. Also, they carted away 400 bags of flour which were just supplied to us. Our uniforms, our shoes were also taken away. I didn’t know Ilorin could be this worse, some people are even jubilating when a lot of people have been rendered jobless.”

Also, Fonemart was robbed as the Auditor of the firm, Funmi Oguniyi, who spoke on behalf of the Chief Executive of the firm, said that she and her colleagues were quite sure that

the attacks were planned and executed by outsiders, saying that Ilorin is too peaceful as a community, for such a terrible incident to be perpetrated by its indigenes.

Similarly, Governor Gboyega Oyetola of Osun state went around the town and visited many places in Osogbo, Osun state capital, where many stores and farms were looted and properties destroyed to the tune of N5 billion.

Governor Oyetola, who visited Tuns Farm in the state where the hoodlums didn’t only loot the farm and other establishments within the factory, but also killed a staff member in the raid, pledged to arrest the perpetrators and provide compensations for the victims of the attacks and raids.

But, the Development Agenda for Western Nigeria (DAWN) Commission, which is a Secretariat of the Southwest Governors’ Forum, decried looting and destruction of businesses and properties in the region which ran into several trillions of naira and thereby, threatening $460 billion value of the nation’s gross domestic product.

Gov Abiodun congratulates Ngozi Okonjo - Iweala as DG, WTO

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overnor Dapo Abiodun of Ogun State has congratulated the two-time Finance Minister of Nigeria, Ngozi Okonjo - Iweala on her victory as the Director General, World Trade Organization (WTO).

Abiodun said Okonjo Iweala’s victory as the first African woman to win the global international organization position came as a result of her hard work, resilience and dedication to duty.

Governor Abiodun charged her to see her emergence and success as not only personal or for Nigerian but that of the African continent as a whole

Okonjo

while appreciating her for making the nation proud.

“We are very proud and confident that you will bring your wealth of experience and spheres of influence to bear

towards repositioning the organization for greater results”, Abiodun reveals.

Describing the victory as a well deserved one, Governor Abiodun prayed for God’s wisdom for the newly elected Director General and wished her outstanding success in her new endeavors.

Gov Abiodun further lauded President Muhammadu Buhari for his deft diplomatic support that ensured the success of the Nigerian candidate.

“This is also a diplomatic leap-forward for Nigeria. It is victory for all of us and good news that we should build upon for our country’s image,” he said

Ogun approves Nigeria-Benin Republic link road, 11 others for reconstruction RAZAQ AYINLA, Abeokuta

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s part of effort aimed at improving ease of doing business and smooth movement of people and goods within and outside the state, Ogun State Government said it had approved the reconstruction of Nigeria and Republic of

Benin link road and 11 other roads which cover 43.61km in all the three Senatorial districts of the State.

Speaking at a press conference jointly addressed in Abeokuta recently by Ade Akinsanya, the Commissioner for Works and Infrastructure and Waheed Odusile, Commissioner for Information and Strategy, respectively, said that the roads reconstruction be-

came imperative going by their socio-economic importance to the State.

Akinsanya said that the governor gave the approval for the roads reconstruction at the State Executive Council (SEC) meeting held on Thursday where there was an agreement between the government and contractors that the roads would be completed between six and nine months duration.

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

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The social media challenge and the season of anomie Tales from the main road

Eugenia Abu

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r Bode, Chief Medical Director of the Lagos University teaching hospital will remember the night I arrived with my three-year-old son who required surgery over twenty years ago. I had never met him but he was referred to as Mr Bode and we were told that he was a fine Doctor and had had some specialisations that made him bear Mr even as a Doctor, a higher field. I found him responsive and empathetic. For someone I had never met, he talked gently and assured me that my son would be fine. While I waited for that surgery to be over, I encountered a woman whose son had swallowed a coin. She was writhing on the floor.

The Doctors at LUTH also assured her and both our sons were safe in the end. Those days were days of great service and kindness in Nigeria.

The parallel I would like to draw today is how online content is messing up that kindness and putting everyone on edge. I teach social media management and there is no doubt that as a tool, the positives are enormous. I have seen people benefit from quantum opportunities but I have also seen lives destroyed from

the internet. Let’s take the 8-year-old who nearly died this week in the U.S. because he was attempting a Tik Tok challenge where a young person had swallowed a die (singular for dice) and then brought it back up. Since the 8-year-old could not find a die, she swallowed an American coin, a quarter, and had to be rushed to the emergency room. This whole scenario nearly killed her parents and literally nearly brought her life to an end.

In August, a 15-year-old named Chloe Philips in the U.S state of Oklahoma was pronounced dead after overdosing on antihistamines as part of “a Benadryl Tik Tok challenge.” This challenge was for people to ingest large amounts of the medication in order to hallucinate. Most of the people who tried it were young and impressionable. They all got there from an online activity. High risk incidents online are occurring all over the world and several people have died as a result.

Cyberbullying is the number one sport for a lot of teenagers who are looking for attention and many victims have either gone into depression or have committed suicide because they are being bullied. Drug and sex trafficking gangs use the internet to groom and recruit youngsters for their nefarious activities. It’s a huge criminal ring and social media is the biggest space for playing those high stakes criminal games.

But let’s bring it back home and see the role social media has been playing in the post- EndSARS riot.

A rash of protests which had started peacefully ended up in many unspeakable tragedies and mind-numb-

ing crimes. At the top of the week, the BBC on their site reported the many fake news items circulating online during the reportage of the EndSARS protest and in fact apologised for using some of them. So many of them, stuff that seemed to have legitimacy including but not limited to a young lady who seemed to be crying carrying a Nigerian flag was reported widely on social media.

The information therein was that her brother had died at the hands of SARS. It would seem that she never lost a brother, even though she had had some brush with SARS. Amazing!

There were so many other stories that made it into the fake news list on the BBC site. Most of it photo shopped or images imported from an earlier event before the recent protests.

Shocking how the various social media platforms are being abused at a time of introspection for both citizens and government. A time when the nation should look inwards and a time for all not to further escalate the pain when all we need now is to find that calm and peace and propagate it to all and sundry.

I teach International broadcasting and report writing at Bingham University and I find that part of my role as a Lecturer is to continue to preach peace to my young wards while encouraging them to engage peacefully no matter the anger. So this week we talked about the lootings going on and the destruction across the country. In an honest conversation we shared our views. As I listened I began to hear the general narrative about how the hoodlums were not the initial protesters.

Of course most people know that.

‘

The death of anyone diminishes us all be they policemen or civilians. It is time to call a truce. The destruction is enough. We have a nation to build one block at a time, one citizen at a time, one leader at a time

Eugenia Abu is a broadcaster, writer, trainer, brand and multimedia strategy expert and media consultant.

Email: abu_eugenia@yahoo.com Phone number: 08033109820

On the civil unrest in Nigeria: A linguistic perspective

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igerians have, for an aeon, clamoured for a considerably better life.

However, ‘the straw that broke the camel’s back’ (not, ‘the last/final straw that broke the camel’s back’) was the peaceful demonstrations staged across the nation to demand the outright disbandment of the infamous special unit of the Nigeria Police Force, designated as SARS (the Special Anti-Robbery Squad), in the wake of the brutality, extortions and extrajudicial executions meted out to some hapless and helpless Nigerians. In that connection, the general reader should note that SARS has an entry in reputable English dictionaries; it is an abbreviation for ‘severe acute respiratory syndrome’, a debilitating infectious disease which causes breathing difficulties and, sometimes, death.

Perhaps the only similarity between the two SARS’s is that they are harbingers of death.

To buttress the foregoing, many a person has bewailed that, ‘We don’t feel “save” in the hands of people who should be protecting us’. While that submission is incontrovertible, it is instructive to emphasise that people feel ‘safe’; not ‘save’. By extension, we can appeal to God and the Federal Government to ‘save’ us, so that we can be ‘safe’.

You can discern from the last sentence that the verb is ‘save’ (save us), and that triggers the feeling of being ‘safe’, an adjective (we feel safe). Meanwhile, how the youthful, prudent and vibrant protesters — who were branded by some old folk as ‘visionaries’ (not, ‘visioneers’) — sustained the protest rallies without any pre-eminent leader is laudable.

Most certainly, though, they had ‘sponsors’ (not, ‘sponsorers’) who bankrolled healthcare,

food and drinks, private security and other logistics. Frankly speaking, it feels exhilarating to belong to a generation of young people who speak up without let or hindrance, while their leaders ‘turn/put off’ their microphones (not, ‘off’ their microphones). Mark you, to ‘off’ (as a verb), in informal American English, means to ‘kill’ somebody.

Observably, while the peaceful remonstrance nationwide rose to a crescendo, it is absolutely appalling that some malevolent elements like ‘louts’ (not, ‘touts’), miscreants and, perhaps, ‘bandits’ (not, ‘armed bandits’) contrived to sabotage and subvert the efforts of the coordinated Nigerian youth by infiltrating the latter’s ranks and assaulting them.

Some of the valiant youth had to repel these villains by hurling projectiles at them. This, mercifully, did not culminate with reprisal attacks, as the services of private security establishments were contracted. Take note that, as opposed to what a school of thought has posited in times past, ‘reprisal attacks’ is as appropriate as ‘reprisals’. In other words, the former is not tautologous or pleonastic.

Not just that, it is equally distressing that ammunition (not ‘ammunitions’) was directed at unarmed citizens of a country and, to date, no one has openly taken responsibility for such a dastardly disposition. Even if it was claimed that the intent of the security personnel was to disperse the demonstrators, and not to kill them, still, some of them became casualties of ‘stray bullets’ (not, ‘straight bullets’).

These innocent and patriotic citizens, who had defied the elements by staying ‘in’ the sun or rain (not, ‘under’ the sun or rain), were assaulted in the evening, resulting in the ‘loss of www.businessday.ng

lives’ (not, ‘lost/loose/lose of lives’). Although some individuals have castigated the protesters for flouting the government’s directive on ‘curfew’ (not, ‘coffin/coffee’), it was still not a justifiable reason to unleash ammunition.

Besides, prominent persons such as Aisha Yesufu, Folarin Falana (Falz the bahd guy) and Obianuju Catherine Udeh (DJ Switch), ‘to name but a few’ (not, ‘to name a few’) must be commended for their substantial inputs over the course of the remonstrance.

Some people particularly acknowledged DJ Switch’s concerted efforts to ensure that victims were nursed back ‘to health’ (not, ‘to life’). Furthermore, I watched footage where she ‘raised the alarm’ (not, ‘raised an alarm’) when ‘gunshots’ (not, ‘gun shots’) were being fired from a distance.

In my considered opinion, the protesters were markedly different from the ‘riff-raff’ (not, ‘riff-raffs’) who remorselessly indulged in the vandalism, plundering and torching of private and public ‘property’ (not, ‘properties’). At this juncture, it is of critical importance to underscore that, while ‘property’, an uncount noun, collectively refers to people’s possessions (buildings, vehicles, electronics, gadgets, items of furniture and whatnot), ‘properties’ should be used for buildings and the surrounding land only.

Incidentally, the overwhelming majority of these miscreants have been deprived of necessaries such as gainful employment, functional healthcare, as well as social and economic ‘infrastructure’ (not, ‘infrastructures’). Although these young people appear embittered, they went ‘to extremes’ (not, ‘to the extreme’) to register their dissatisfaction.

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But then social media narratives indicate that many persons young and old who were engaging online, were directing hoodlums to where they can find the palliative warehouses. It was a stunned group of young persons I explained to that although they did not loot, those propagating and glamourizing theft and brigandage in whatever form cannot excuse themselves from the actions of those who actually went and looted.

Where we are today as a nation requires deep thought and selfintrospection of all. Nigerians generally work hard but at this time, in this season of anomie, we are all looking for succour to heal us and even manage our mental health better so we can divest from the terrible stories circulating online most of which are untrue.

The death of anyone diminishes us all be they policemen or civilians. It is time to call a truce. The destruction is enough. We have a nation to build one block at a time, one citizen at a time, one leader at a time. Think before your re-tweet, before you repost that information you cannot verify. Do not be triggered by happiness online. It’s as bad as being trigger happy with a gun.

In both cases people die. There is no competition in who posted the greatest number of sad news, untruths and rehashed four-year-old stories passing it off as today. It’s time to free your hands for prayers. Don’t be in a hurry to punch that button. Let us pray.

The Gift of Gab

Ganiu Bamgbose

The malicious ‘damage’ (not, ‘damages’) caused by these hooligans is dispiriting, and those who have been apprehended amongst them should be made to pay ‘damages’ (a sum of money claimed or awarded in compensation for a loss or an injury) to those whose personal property was either pillaged or razed.

If the government does not want a repeat of the unsightly fallout, the ‘agitation’ (an uncount noun; not ‘agitations’) of the demonstrators should not be swept under the carpet.

First things first, the government should engage in nationwide consultation with the citizens for an accurate and comprehensive understanding of the people’s yearnings. Once this is rigorously ascertained, the legislators should expeditiously pass the requisite bills, and the President should not withhold his ‘assent’ (not, ‘accent’).

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

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Tell my mother I was unarmed THE NEW WEALTH OF NATIONS

Obadiah Mailafia

T

he youth have spoken. Vox populi, vox Dei. Tired of seeing their tomorrow being mortgaged by philistines, they have decided solemnly to take their future into their own hands.

We may neither understand nor even empathise with them; but we can never wish them away.

I am a humble economist with abiding interests in political philosophy. One of the most influential texts in political theory that I know of was written by the German jurist Carl Schmitt (The Concept of the Political, 1932). I would not want to bore my gentle readers with its heavy disquisitions, but merely to say that I agree with Schmitt that not everything is political. There are situations that transcend politics. The EndSars protests are one of such. I believe that the drama unfolding before us is nothing short of an existential revolution.

And revolutions, by their nature and character, do not follow any particular rhyme or reason. One thing I know for sure is that there is always a tinder-box.

All that is needed is for the conjuncture of circumstances to coalesce and for one fool or another to light a match that ignites it.

Of course, every revolution attracts

the jackals, hyenas, vultures and other scavengers of history. There will always be free-riders and spoilers who will exploit every opportunity to advance their own selfish agendas that explain all the unfortunate looting and mayhem.

The ruling classes will always fight back with savagery, as exemplified by the blowback in Abuja, where hired mercenary hoodlums came with daggers and submachine guns. It takes courage, patience and wisdom to ignore the noise and to focus on the bigger picture.

What happened at Lekki Tollgate on “Black Tuesday” (20 October) will remain a blight upon our collective psyche. For several days, protesters held vigils in makeshift tents. Without warning, masked men in army uniform were brought in at dusk. The lights and CCTV cameras were shut down. Mobile telephony networks were also blocked.

They went into action, killing and maiming defenseless youths. The numbers are still being disputed. While Governor Babajide Sanwa-Olu claimed that there were no casualties, Amnesty International reported that there were at least 12. It is speculated that the numbers are anything from 20 to 50 people.

What is disturbing is that the lives of young people who were totally unarmed and who were not a physical threat to anyone were snuffed off with such callous impunity.

Rightly or wrongly, Lekki Tollgate has been associated with the strongman of Lagos State, Asiwaju Ahmed Bola Tinubu. Whilst the upheaval was exploding, he fled to France on his private jet; a claim he vehemently denied on Saturday when he showed up at the State House, Marina, on a solidarity visit with his own minion-governor. He of course vehemently denies having issued the orders to the military. Earlier, he

had also been accused of having allegedly “sponsored” the EndSars protests.

I agree with Jagaban Borgu when he complains that he could not have committed both crimes at the same time.

Perhaps we would never know who issued the orders.

The Lekki Massacre constitutes a Crime against Humanity. The NBC has angered many Nigerians by slamming N3 million on some TV stations whose only crime is professionally reporting this gruesome reality show. It is reassuring that the Chief Prosecutor of the ICC has taken judicial notice as have the Commonwealth of Nations and the international community.

Whether he was directly involved or not, the soi-disant Lion of Bourdillon cannot escape moral culpability. He is the National Leader of the ruling party; a statesman whose lack of scruples would have impressed Machiavelli and Kautilya. He has never shown compassion for the victims of violence. He has allegedly accumulated a vast fortune out of the machine politics of Lagos. One of the firms allegedly associated with him mints currency from Lekki Tollgate.

His overweening ambition is to clinch the Presidency in 2023, even when his provenance is under a cloud.

We regret all the looting, arson and violence. But there is no perfect revolution. There are reactionary and even criminal elements among the youths.

There are sadly no intellectual leaders that can shape this revolution and give it meaning and purpose. A revolution without discipline and ideas will only lead to anarchy. This is why some abject scoundrels have attempted to give religious or ethnic coloration to the protests.

Ayesha Yusuf has declared that our youth are fighting for a society where,

‘ A revolution

without discipline and ideas will only lead to anarchy.

This is why some abject scoundrels have attempted to give religious or ethnic coloration to the protests

“the son or daughter of nobody can become somebody without knowing anybody”. It is a fight for the heart and soul of our country. The worst thing the authorities can do is unleash further military force on defenseless protesters.

The martyred African-American civil rights leader Martin Luther King Jr taught that unearned suffering is redemptive. Those who lost their lives in this upheaval would not have died in vain. Their blood will lead to the birth of a New Nigeria. What we face are the birth pangs of a new nation. Nigeria will no longer be the laughing stock of the world. She will be a City set on a hill; a bright and shiny light among the nations.

I conclude with the haunting lines by an anonymous poet: Tell my mother I was unarmed.

Tell my father I had the flag in my hands when I was shot.

Tell the unborn Generation that I died singing the national anthem.

Tell the cowards who shot me that my spirit lives on in the life of every good Nigerian youth.

Tell the government that they shot my body but not my spirit… …Let God judge me, I am only sorry for the pain of leaving you this early.

My prints will forever remain in the sands of history for I have done my time based on the path I chose freely and willingly.

Now that my torment is over… I know that freedom is coming, yes freedom will come tomorrow.

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)

It’s time to call out Lai Mohammed’s social media paranoia

I

n January, Minister of Information Lai Mohammed gave an interview to the German broadcaster DW where he comprehensively and repeatedly denied all knowledge of the “Protection from Internet Falsehood & Manipulation” bill, also known as the “Social Media” bill. When DW’s Tim Sebastian asked him point blank “Are you in support of this bill or not?” Mr. Mohammed’s answer was “I’m not even aware of that bill.”

Given the year that 2020 has turned out to be, one would be forgiven for forgetting that January 2020 and right now are just 10 months apart - what a difference 10 months can make.

Between Mohammed’s DW interview and when you are reading this article, there has been a global pandemic that upended the world. There has also been a series of regulatory attempts to push through different aspects of this “Social Media Bill,” culminating in an NBC Code amendment that successfully sidestepped the legislative process and implemented certain key aspects of the bill.

In this column 3 months ago, I wrote that the 6th NBC Code Amendment - which was publicly championed by a certain Lai Mohammed - would end up being a trojan horse for authoritarianism and muzzling of speech in Nigeria’s media space. Now in October 2020, the metaphorical gloves on Mr Mohammed’s hands have come off entirely. Whereas 10 months ago, he looked Tim Sebastian in the eye and claimed that he knew nothing about such a bill, he appeared before the House of Representatives on Tuesday afternoon singing a completely different song.

What on earth is Mr. Mohammed so scared of?

Speaking to the House, Mohammed claimed among other things, that social media must be regulated and filtered in the manner of the Peo-

ple’s Republic of China. According to him, this is to ensure that young Nigerians are not misled by “Fake News,” and parody content, which he claimed, they are unable to differentiate from credible news. In Mr. Mohammed’s personal opinion - which he wants to base public policy on - a paternalistic authoritarian internet infrastructure must be installed by the state to save us misguided children from ourselves.

I personally find this argument woefully inept, maliciously false and infuriatingly patronising at the same time. In what capacity does Mr. Mohammed imagine that he is some kind of Victorian governess who decides what “children” in their 20s and 30s should and should not have access to, based on his subjective and completely unscientific personal opinion about our ability to parse truth, parody and falsehood? Who told Mr. Mohammed that young Nigerians do not already parse these things at a far higher level than he does?

I will remind Mr. Mohammed for instance, that in my previous career iteration, I was a creative engine behind “The Other News,’’ on Channels Television, West Africa’s first primetime political satire TV show. This was a show whose premise was entirely based on understanding the finer points of satire, parody and comedic exaggeration vis-a-vis factual news. It was also one of the most successful shows on Nigerian television with over 2 million weekly viewers chiefly drawn from the under-35 demographic.

Who says that young Nigerians need to be spoon fed what is allegedly good for them by a nanny state? Is that a scientifically established fact? Or is that Mr. Mohammed’s unsubstantiated personal opinion like everything else he said before the House of Tuesday?

If Mr. Mohammed simply dislikes the freedom that social media has given young Nigerians to access and share information in real time,

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which enables them organise massive movements for societal change like the recent #EndSARS protests, he should own it publicly with his proverbial chest. Lai Mohammed is neither a schoolteacher who gets to decide for us what we should and should not consume, nor is he in any kind of moral position to pontificate about “Fake News” or the potential of social media to amplify dangerous messages.

His antecedents as the Publicity Secretary of the APC prior to the 2015 election are well known. He had no problem leveraging social media to amplify all manner of messaging that was both overtly untrue and genuinely dangerous. Rightly, he was never harassed or prevented in any way from putting out what he put out, because Nigeria is a constitutional democracy with freedom of speech and freedom of association clearly enshrined in the 1999 constitution.

His antics in his current position are also known to the world.

How exactly he thinks that running a democracy and giving the state control over information and speech can be married into one harmonious entity is anybody’s guess.

‘Fake News’ is a fictitious problem contrived by Lai Mohammed Listening to Lai Mohammed constantly go on and on about “Fake News,” one would get the impression that 1) The government he is part of is making serious, well-intentioned, good faith efforts to get citizens well informed by credible sources, and 2) “Fake News” is some sort of existential epidemic threatening the very corporate existence of Nigeria. In actual fact, neither of these ideas is anything remotely close to true.

First of all, the Nigerian government itself is Nigeria’s largest fake news factory. Lai Mohammed himself is the country’s single most vocal and prolific purveyor of the exact sort of falsehood he is supposedly campaigning against. The

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David Hundeyin instances are too many to explore comprehensively in this column, so I will mention just three instances where Mr. Mohammed has put blatant fiction into the news cycle.

On May 6, 2016, in response to a question about the president’s incessant foreign trips during an appearance at Liberty Radio Kaduna, Mr. Mohammed claimed that Major General Muhammadu Buhari (Rtd) was “being invited by world leaders” because “they have the confidence to discuss with” him “the issue of the looted funds.” In fact, not a single world leader ever expressed a thought remotely close to this, and Gen. Buhari was in fact traveling on Nigeria’s tab. Fake news.

In a Channels TV interview on June 1 2016, when asked about the tomato scarcity crisis at the time, Mohammed claimed that “2 tomato harvests had been lost due to Boko Haram activity.,” with the inference that it was the previous administration’s fault. In fact, the scarcity was caused by the Tuta absoluta tomato pest which ravaged Nigeria in 2016. Fake news.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Hundeyin is a writer, travel addict and journalist majoring in politics, tech and finance. He tweets @DavidHundeyin.

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Days of hope and a season of anomy HumanAngle

Femi olugbile

A

nd it started on such a high note!

The young, fed up with waiting, decided to occupy the Lekki Expressway, at the tollgate, and to demand change, now.

The date? October 8, 2020.

The immediate trigger was a video of what appeared to be the shooting and fatal injury of a young man in Delta State by members of the notorious SARS unit.

The campaign, #endSARS had been running on and off for almost three years. Millions of tweets and countless statements had gone out on different platforms denouncing the outfit for its several acts of brigandage, impunity and lack of professionalism.

An all – Nigerian animal – that crowd. And they were not going to back off or back down. This one, they said, was different.

There was something spontaneous about it all; just as there was a sense of long-suppressed energy about the way it rapidly spread. In short order, similar eruptions were taking place in other parts of Lagos, and in Ibadan, in Abuja and other cities.

There was a sense of “Nigeria on the Move”. A demographic group that made up 60% of Nigeria was rousing itself and

finding common purpose.

They had no leaders, they said. Everybody was a leader.

A truly motley crowd – young men in t-shirts and jeans, ladies in thick spectacles and elaborate hairdos who could be on their way to a dress-down Management brainstorm in Zenith bank or on the way to work out at the gym down the road. And DJs. And music. And speeches.

They were not PDP or APC or whatever. They were nobody’s foot soldiers.

They were their own army. Everywhere protesters brusquely declined cash ‘gifts’ from serving government officials.

In Abuja they ejected activist Omoyele Sowore from their ranks.

“Support us on Twitter”, they advised him, firmly.

It was about SARS – that Police outfit whose members boasted about their power to ‘waste’ Nigerians if they looked to be ‘Yahoo boys’, if they refused to be frog-matched to the nearest ATM to empty their bank account, or if they caught their attention in any other way. If corruption, incompetence and cruelty were sad but common policing themes in the Nigerian experience, in SARS they reached their apogee. Nobody was safe. Nobody – especially the youth. The profile markers for which a youth could be picked off the street to commence a perilous journey with SARS that could end ‘any which way’?

Wearing dreadlocks. Having tattoos.

Driving an expensive car. Having an iPhone 10 or 11, or a top-of-the-line Samsung. Carrying a laptop.

The incidents were as bizarre as they were outrageous.

It was easy to tell that the SARS issue was also a metaphor for deeper discontents. The youths were marginalized “leaders of tomorrow” in a

unitary ‘federation’ that functioned more like a hidebound gerontocracy, where ‘politics’ was a game of musical chairs in a closed shop among an elite from different parts of the country who regularly swapped party platforms and where “leaders” stood for nothing, really. It was not only SARS the youths wanted off their necks but also a dysfunctional governance system that was monstrously expensive to run.

They were not “lazy”, they said, chafing at the description. Nigerian youths were world-beaters, actual and potential. As if to confirm that, slap in the middle of their protest, Paystack, a payment platform created by two Nigerian youths, was acquired by a buyer for two hundred million dollars.

From the nebulous reaches of the internet, a set of demands arose, and were presented to the government.

With unusual alacrity, they were accepted, and a plan was outlined for their implementation.

It was going so well, so soon. Momentum, plus even a certain hubris.

A few voices of growing disquiet from within and without asking belatedly for a grand strategy, a set of “next steps”, an exit strategy to forestall a nightmare scenario of “snatching defeat from the jaws of victory”. The expression STFU, a not-very-nice way to say “shut up” sent them scurrying for cover.

Given the cleavages and fissures and ‘agenda-within-agenda’ that was the story of Nigeria, something was going to give.

It did, rudely, on the night of the 20th of October.

Since then the country has stared into the bottom of an abyss and recoiled at what it saw. Public and private property looted and put to the torch. Mobs on the rampage, ready to die, ready to

‘

Whether or not this expanded brief was what the protesters had in mind when they took the tollgate on the 8th of October, this is the state of the story, now

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

Feedback avoidance behaviours in leadership

T

o get honest and productive feedback, leaders need a communication path between them and their associates.

Communicating openly and frequently is necessary for workgroups and teams to function correctly. Feedback is an important knowledge acquisition mechanism for leaders to be successful in their roles. Without knowledge, most leaders cannot make informed decisions.

The consequence of uninformed decisions is that it leads to a higher rate of failure, which can have a detrimental impact on the organisation’s business.

In most organisations, it is standard practice that managers receive feedback from superiors as a means for performance review. However, it is rare and unusual for managers to receive feedback from subordinates regularly. When a manager requests upward feedback, it may be suspect as to motive and even viewed as in conflict with subordinate job roles. Although leadership development programs provide an institutional mechanism for collecting information from subordinates that managers might be reluctant to ask for or not otherwise receive.

An example is the 360 Degree Feedback System, in which employees receive confidential, anonymous feedback from the people who work around them, which includes peers and direct reports.

In terms of feedback, the leader’s primary role will be to provide it to others, but leaders also need to be open and ready to be receiving feedback if they want to create a communication culture truly. The reality is that a leader’s associates may never feel comfortable giving feedback, and that is why leaders need to be courageous enough to ask for it. It is important

to know that encouraging feedback helps team members open up and voice their opinions about your leadership style. It allows them to convey what works for them and what doesn’t work under your leadership.

While it is up to you to implement the feedback, you receive in ways that show your people that you are listening, and you are there for them. Leaders must be reminded that leadership is not about you; it’s about making the organisation run as smoothly and productively as possible. To do this effectively, every leader must build and maintain a psychologically safe environment for receiving feedback.

At an interpersonal level, sharing feedback is always very risky and threatening. Leaders need to show their associates that being honesty won’t be met with negative repercussions. By so doing, a leader increases the likelihood of the associates taking the risk without any fear or reservation. You can ask for feedback by being curious, rewarding candor, and showing vulnerability. Start by having the right mindset and believe there is always something useful to learn from your associates.

You demonstrate this by asking your associates open-ended questions that you don’t have all the answers to the issues confronting you and the organisation. When leaders listen to and genuinely explore their associate’s different, and possibly risky, perspectives, you are rewarding their candor even if you disagree with them. Acknowledging your weaknesses or mistakes along the way are great ways to be open and vulnerable.

Sometimes, leaders are very resistant to other people’s negative opinions, ignoring other people’s suggestions and opinions, and

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The leadership factory with

sometimes being stubborn and self-conscious.

This will cause tension in human relationships and make the organisation or department information feedback inefficient. This attribute is what characterises narcissistic leaders. Thus, to some extent, narcissistic leadership suppresses the feedback behavior of employees in the organisation. Sadly, narcissistic leaders are excessively self-focused, disregarding others, and sometimes even show hostile behavior towards their employees. Hence, employees have little or no trust in such leaders. As a result, employees feel that leaders are not self-aware, and leaders don’t pay attention even if they give feedback. For their sanity and the protection of their self-esteem, employees will eventually choose feedback avoidance behaviours.

Research has shown that leaders rarely seek feedback in cultures with high power distance, and even the subordinates take evasive actions against their leaders. Studies assume that the reason for this phenomenon is that leaders suppress subordinates with a vague sense of power which increases feedback avoidance behaviours.

Usually, associates or employees are full of respect for those in management roles, and the authority of leaders creates tremendous pressure on subordinates. The high-power distance culture also emphasizes “loyalty, filial piety, obedience,” making subordinates cautious and avoiding offensive superiors as much as possible. When narcissistic leaders show self-focus and disregard for employees, employees are not valued and have a lower sense of power.

To avoid this psychological pressure, they will choose as many evasive actions as possible.

Also, research on mutual trust mechanisms

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kill. Ominously it began to look possible that the mobs after running out of “government” and “political” targets might turn inwards on the rich, unleashing true mayhem.

Slowly, a certain calm is beginning to return.

The judicial inquiries into SARS and the sordid happenings of ‘Black Tuesday’ are cranking into gear.

But the new reality will not be the old reality. Nigerians will remember civilians and police brutalised by mobs, but they will also remember how in Ogombo, the community stepped forward to prevent the rampaging mob from destroying ‘their’ police station and assaulting ‘their’ policemen. They will remember protesters waving their nation’s flag and cleaning up the roads after the day’s protest. Nigerians have seen what hell could look like, but they have also caught fleeting glimpses of the country they could be in the process of birthing.

A well-reasoned agenda and strategy document of the protesters is now in circulation. Beyond SARS, and even with Restructuring as a given, the very nature of politics in Nigeria would have to change. Political parties will not be “investments”, owned by individuals.

Political office will not be a lucrative business. The cost of governance will not continue to be unreasonably onerous.

Frustration must not be so rife among the masses. The people must not have reason to continue to be justifiably distrustful of their leaders.

Whether or not this expanded brief was what the protesters had in mind when they took the tollgate on the 8th of October, this is the state of the story now.

Toye Sobande between supervisors and subordinates shows that supervisors’ trust can increase autonomy and improve subordinates’ sense of power.

When a sense of power increases, subordinates will have the courage to take on more responsibilities and risks, engage in challenging work and make more feedback-seeking behavior.

Thus, in high power distance culture, leaders have less staff trust while demonstrating authority, which leads to a lower sense of employees’ power at work. To avoid taking on more responsibilities and risks, employees will choose more feedback avoidance behaviours. Therefore, a sense of power will mediate the positive effect of leadership on feedback avoidance behaviours.

Feedback is a powerful tool that offers excellent results and creates a healthy and productive organisational culture. Hence, there are no good reasons to avoid creating a communication culture and feedback within your organisation.

More importantly, it costs the leader and the organisation nothing. So, leaders don’t need to overhaul policies and procedures; you don’t need to consider large restructuring initiatives.

Instead, it is best if you talked to your people on a consistent, continuous basis.

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

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Frank Aigbogun editor Patrick Atuanya

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

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#ENDSARS: Time to restore foreign investors’ confidence

F

Nigeria ought to attract not scare away long term investments

or now, it could be said that the ENDSARS protest has stopped. But the damages and cost to the economy are yet to be fully accounted for. It is regrettable that the federal government made little or no conscious effort to address the demands of the peaceful protesters until events took an unfortunate turn.

Even more depressing is the fact that policy makers, most especially the fiscal authority, ignored the economic implications of all that went down during the #ENDSARS protest, knowing fully well how desperate Nigeria needs every support for growth and development after fierce blows from the COVID-19 pandemic which saw the economy contract by 6.1 percent in the second quarter of 2020.

The federal government must be reminded that the current fragile state of the economy was worsened by the COVID-19 pandemic and fixing this will require a comprehensive analysis of macroeconomic factors responsible for the precarious state of the economy.

One of such is Nigeria’s low Foreign Direct Investments (FDIs).

The unfortunate turn of events following the #ENDSARS protest which kicked off as a peaceful demonstration shortly after Nigeria’s independence celebration would

weigh negatively on both economic recovery and inflow of Foreign Direct Investments (FDI) in Nigeria.

FDI, a term that describes when a foreign entity invests in or acquires a business asset in Nigeria, is a key ingredient for Nigeria’s economic development. Historically, Nigeria has struggled to attract FDI due to a number of factors, of which policy inconsistencies played a major role.

Instead of fixing the existing dent to the perception of foreign investors with regards to the safety of their investments, the unimaginable response of security agents against peaceful protesters at Lekki which fuelled lootings and destruction of shops by hoodlums has further dampened foreign investors’ confidence in Nigeria Since 2014, foreign direct investors have gradually reduced their exposure to the Nigerian economy according to data from the National Bureau of Statistics (NBS).

In the last 6 years, the value of FDI slumped by approximately 59 percent to $934.34 million from $2.277 billion in 2014. This represents a compounded annual decline by 16 percent in a six-year period. In 2014, FDI inflows into Nigeria averaged $569.26 million quarterly, but now, Nigeria can barely account for $260 million in FDI quarterly.

Recently, BusinessDay reported how Ghana overtook Nigeria as the largest FDI recipient for West Africa.

In Sub-Saharan Africa, UNCTAD in reported in 2018 that Africa registered 6 percent increase in FDI inflows in 2018 ($40 billion, up from a revised $38 billion in 2017), but the growth was concentrated in few economies and the aimed for the shift from the natural resources dominated FDI profile of the continent towards a more balanced sectoral distribution was only partially visible, in that the relatively diversified economies, such as Egypt and South Africa, saw more stable and increasing FDI inflows.

For a country whose economy is broadly unstable given its exposure to swings in crude oil prices, and also experiencing cases of insecurity, Nigeria will struggle to attract FDI going forward. Since the recovery of the Nigerian economy from the 2016 recession in 2017, FDI has accounted for a meager 6 percent on the average of total capital imported (TCI) into the country.

An economy like Nigeria with economic and social potential ought to attract more long-term foreign investment. To do so, however, we need to address the underlying structural bottlenecks that make Nigeria such a difficult country to do business.

Insecurity such as what we witnessed last week is one of such bottlenecks.

We cannot also ignore poor investment climate characterised by overly stringent or impromptu

government policies, bureaucratic bottlenecks for securing permits, and a weak legal framework; Nigeria’s infrastructure deficit especially the absence of stable power and miserable Human Development Index characterised by high poverty, unemployment, and low disposable incomes, are other factors many foreign investors fear shunning Nigeria’s large population.

As stated in an IMF article in 1993, FDI has become an important source of private external finance for developing countries such as Nigeria. It is different from other major types of external private capital flows in that it is motivated largely by the investors’ long-term prospects for making profits in production activities that they directly control.

Not only can FDI add to investible resources and capital formation, but, perhaps more important, it is also a means of transferring production technology, skills, innovative capacity, and organisational and managerial practices between locations, as well as of accessing international marketing networks.

Our two cent advice is for the FG to see meeting the demand for better governance and a reformed police force as a step to mend the smeared trust and confidence of foreign investors. The economic consequences of the unfortunate turn of events in the past weeks are too grave to ignore.

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Friday 30 October 2020

BUSINESS DAY

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Friday 30, October 2020

BUSINESS DAY

COMPANIES&MARKETS Fixed income market loss is equities gain as domestic deals hit six-month high David Ibidapo & Gbemi Faminu

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omestic transactions on the nation’s bourse hit a six-month high in September as investors take advantage of stocks with low prices but strong fundamentals.

Fuelled by ample liquidity in the system and depressed yields in the fixed income market which hit a record low in September, domestic investors have been able to maintain a larger share of total transactions in the Nigerian equity market.

Total transactions inc re a s e d by 4 2 p e rc e n t month on month to N134 billion in September against N94.45 billion in August.

Domestic transactions accounted for 70.33 percent of all transactions, valued at N94.92 billion while the foreign transactions accounted for 29.67 percent of the total transactions valued at N40.05 billion.

On a year on year comparison, transactions slumped 5 percent in September 2020 from N141.45 billion in corresponding period of 2019, reflecting the impact of a COVID-19 induced slump in crude oil price on the performance of stocks measured by All Share Index (ASI) in 2020.

During the period, the ASI shed approximately 30 percent in market value with most stocks hitting their alltime low as foreign investors

take flight amid COVID-19 implications on the economy.

In the last nine months, domestic investors have carried out transactions worth N825.94 billion with monthly transactions, on the average, accounting for 61.96 percent of total transactions while foreign investors, N510.25 billion with monthly transactions accounting for 38.03 percent on an average.

During the period under review, foreign investors sold off N334.94 billion worth of stocks in response to the COVID-19 induced slump in oil prices which saw Nigeria’s dollar reserve deplete significantly given her heavy reliance on FX earnings from the sales of crude oil. However, foreign investors reduced exposure

to the Nigerian equity market when oil prices began rebounding, ignoring also cheap valuations of fundamentally strong stocks.

The resultant effect is that despite buy pressure from domestic investors (retail and institutional) market performance has is still weighed by low foreign investment inflows.

Attracting new inflows looks very unlikely in the short to medium term considering the lingering challenges in the FX market and the fact that we have not really seen a clear cut pronouncement from the CBN as to how they intend to solve the backlog of demand for FPI also intervention in the I&E window is below intervention the macro condition is still uninspiring too.

“FPI selling activities have been constrained by liquidity challenges in the FX market. Looking back at the second quarter when market lost about 20 percent in the month of April and foreign investors could not get the much needed liquidity to repatriate their funds, which caused reinvestment in bellwether stocks “The CBN’s dollar demand management strategy will continue to keep foreign investors in the side lines pending when we can see an improved flexibility in FX market and stronger macro condition,” Gbolahan Ologunro, senior research analyst at Cordros Capital said.

Foreign outflows increased to N26.1 billion ($67.8 million) in September compared with N21.3 billion ($55.3 million) in August. Foreign inflows decreased to N14.0 billon ($36.4 million) in September from N17.7 billion ($46.0 million) in August resulting in a net outflow of N12.1 billion ($31.4 million) in September compared with a net outflow of N3.7 billion ($9.6 million) in August.

On the domestic front, transactions were dominated by institutional investors who traded N59.2 billion ($153.8 million) while retail investors executed transactions worth N35.7 billion ($92.7m). Volume of transactions among retail and institutional investors grew 34.1 percent and 105.2 percent respectively.

Allianz Africa backs German Foundation on sustainable development in Africa Modestus Anaesoronye

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or the 5th time, Allianz Africa is supporting the German Africa Foundation to recognize outstanding African personalities who have contributed in a remarkable way to foster sustainable development on the continent.

The operational hub of Allianz took part in the German Africa Award Ceremony.

The mission of the Foundation aligns with the ambition of Allianz Africa as Coenraad Vrolijk, regional CEO of Allianz Africa stated: “At Allianz Africa, we have the strong desire to contribute to the continent’s development. We have been working hard to secure people’s lives and to give courage to our customers for what is ahead”.

This year’s Ceremony honored Ilwad Elman, the 30-year-old leading voice in the Somali peace process, International expert in conflict resolution and CEO of the Elman Peace Center, chosen from a shortlist of 30 candidates.

Raised as a refugee in Canada, she returned to the crisis-ridden country in the Horn of Africa at the age of 19 and has since developed into an international expert in conflict resolution. Her work focuses on both peace and security as well as economic development and contributes significantly to positive change within the Somali society.

Ilwad Elman founded Sister Somalia in 2010, the country‘s first rape crisis center, supporting survivors of sexual and gender-based abuse. Cur-

rently, there are nine centers of this type in different regions of the country.

At the Elman Peace Center, founded by her mother, Ilwad has revived her father‘s “Drop the gun, pick up the pen” initiative, which has already disarmed, rehabilitated and reintegrated thousands of former child soldiers. The success of the program has led to expansions to Mali, Cameroon and Nigeria.

“We strongly believe that the transformation of Africa will be achieved by bold individuals and corporations, willing to make a difference in their communities, environment and businesses“, said Coenraad Vrolijk. He continued: “We need committed people such as Ilwad to help organize appropriate responses and support their communities to overcome

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local difficulties”.

Since 2018, Ilwad has also been the youngest advisor to the UN Peace Building Trust.

On account of her courageous commitment, she was one of the 100 most influential African Voices in the World in 2019 and was nominated for the Nobel Peace Prize the same year.

It is extremely impressive how Ilwad Elman, despite her difficult starting conditions, has developed into a globally sought-after leader, and has continuously contributed to a sustainable solution to the conflict in her country.

“Ilwad’s determination and perseverance are inspirational and challenging for each one of us to think on how we can contribute more for freedom and equal opportunities”, concluded Coenraad Vrolijk.

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Airtel to pay shareholders $1.5c as interim dividend MICHAEL ANI

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irtel Africa plc, a leading pan-African provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, has announced that the Board has confirmed an interim dividend of $1.5c per ordinary share which will be paid on or around 11 December 2020.

In a notification to the Nigerian Stock Exchange (NSE), signed by its group company secretary, Simon O’Hara, Airtel said the Interim dividend will be paid in the U.S. Dollars, although it offers shareholders the opportunity to elect to receive their dividend payments in Pounds Sterling or Naira via Currency Elections.

The company fixed 12th November 2020 as Ex-dividend date, 13th Novem-

ber as record date while the payment date will be on or around 11th December 2020.

Airtel Africa said that details regarding the default currency and options on currency election for the dividend, and the currency exchange rates that will be applicable in determination of the Half Year 2020-21 interim dividend payment to any shareholders that qualify for and have elected to receive the Half Year 2020-21 interim dividend payment in Pounds Sterling or Naira will be issued in due course.

The firm also in a separate notice to the exchange yesterday, said in accordance to Listing Rule 9.6.14, that Andy Green, a Senior NonExecutive Director of the Company, will join the Board of Gentrack Group Limited as Chair of its Board of Directors, with effect from October 28, 2020.

#EndSARS#: AIICO Insurance assures customers prompt settlement of claims Modestus Anaesoronye

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IICO Insurance Plc, a leading insurance company in Nigeria has stated its readiness to meet its obligations to customers who have policy covers for incidents that occurred during the recent riots.

Babatunde Fajemirokun, managing director/CEO, stated that the riots have had tremendous effect on individuals and businesses, both small and large.

“The losses incurred in terms of human lives and assets are enormous. Our thoughts and prayers are with those who have been affected in one way or another.

I assure you that as a Company, we are doing all that is necessary to see our customers through this phase.

We are asking our customers with covered cases to contact us for immediate assistance with claims”.

He added, “The year 2020

and all we have experienced as a nation are tailwinds, propelling us forward and helping us to evolve. Indeed, the injection of new imagination, energy and innovative thinking into our national discourse will take us there.”

The Company’s claims profile over the years provides insights into its unwavering commitment to claims settlement and benefits payment. In 2019, over N30 billion was paid out to its customers. This followed N29.1 billion paid in 2018 and N23.3 billion in 2017.

AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance and investment management services as a means to create and protect wealth for individuals, families and corporate customers.

Sahara Energy Geneva unfolds expansion drive, announces Guillebon’s resignation

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ahara Energy Resources International Pte Limited (Geneva Branch), a member of energy conglomerate, Sahara Group, Wednesday, announced the resignation of Valery Guillebon, who until now served as the Chief Executive Officer.

The firm noted that in the interim, Sahara Group’s Ex@Businessdayng

ecutive Director and supervising Director of the Geneva office, Wale Ajibade will coordinate the company’s Geneva trading operations as Sahara Energy continues its Group-wide expansion strategy for sustainable positioning in global markets and promotion of access to clean energy.

Friday 30 October 2020

COMPANIES&MARKETS

BUSINESS DAY

15

Business Event

#EndSARS: Nigerian banks intensify rebuilding efforts after counting losses to vandals MICHAEL ANI & Favour Olarewaju

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igerian banks are intensifying building efforts to return to full operations, after suffering major loss from increased tension and restiveness across the country.

The country’s financial lenders, were among businesses that were most hit, in terms of destruction of properties after hoodlums hijacked the #EndSARS peaceful protest, and resorted into looting and destroying both private and public properties, forcing the government across the country to enact a temporary shut down of economic activities.

However, as economic and business activities gradually returned to normal, Monday, following the relaxation of the curfew by various state governments, business across counted various property damage with many of them filing for huge insurance claims.

Nigerian lenders including GTB, First Bank, UBA, Fidelity, FCMB, Wema Bank, Sterling

L-R: Babangida Mukaddas, senior manager sales and distribution, 9mobile; Ekene Azubuike, 1million naira, and Abdullahi Ibrahim, Experience Center Manager, 9mobile, at the ongoing 9mobile Mega Millions Promo prize presentation in Kano.

and Union Bank, were some of the lenders affected by the uprising, according to a report from local media house, Arise TV, which monitored the situation across the country.

Tier 1 lender, First Bank, had 10 of its branches across various parts of the country, affected by the #EndSARS violence. Union Bank also had 10 of its branches affected, GT Bank (9), Access Bank (8), Fidelity (7), FCMB (6), Wema Bank (3), Sterling Bank (3), Zenith Bank (2) and UBA (2).

According to Arise TV, while it was difficult to as-

certain in monetary terms, the number of damages the banks suffered from the violence, until their insurance companies put a cost to it, most banks particularly those in Lekki, a suburb area in Lagos, had to stop operations to repair their damaged property from the incident.

Irrespective, the banking index gained 1.01 percent to close 348.35 points at the close of the trading session, Monday, as investors sentiments heightened from improved 9 months performance scorecards of banks.

LivingTrust Mortgage Bank achieves another milestone, migrates to NSE’s Growth Board IFEOMA OKEKE

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he Nigerian Stock Exchange has admitted leading mortgage lender, Omoluabi Mortgage Bank Plc, which recently changed its name to LivingTrust Mortgage Bank Plc, to the standard segment of the growth board of the Exchange.

The development followed the approval of the bank’s request to migrate from the Alternative Securities Market (ASeM) Board to the Standard Segment of the Growth Board by the National Council of the Exchange.

In a letter dated October

23, 2020 and addressed to the managing director of LivingTrust Mortgage Bank, the NSE said the approval was granted after due consideration of the bank’s application.

The letter, which was signed by Mojisola Adeola, secretary to the council of NSE, reads in part, “we refer to your letter dated 28 July 2020 with respect to the above application which Omoluabi Mortgage Bank Plc (Omoluabi ) filed with The Nigerian Stock Exchange (The Exchange).

“We are pleased to inform you that after due consideration of your application, The National Council of The Exchange had, on Thursday, 17 September 2020, approved

the migration of Omoluabi from the Alternative Securities Market (ASeM) Board to the Standard Segment of the Growth Board of The Exchange.”

LivingTrust in a statement

by Adekunle Adewole, its managing director, said the bank is delighted at the migration, which is a reflection of the bank’s consistent growth year on year.

He added that “the ultimate goal is to migrate to the main board of the NSE by 1Q 2021 and also take advantage of the FMDQ OTC Securities Exchange to tap the enormous opportunities in the Debt and Equity Capital market”.

L-R: Wilson Ideva, MD/CEO; Austine Opara, director; Patrick Asadu, vice chairman; Kashim Ibrahim-Imam, chairman; Ghali Na-Aba, director; George Ozodinobi, director; and Funmi Oluwo, company Secretary/ legal adviser, all of First Guarantee Pension Ltd at its 5th Annual General Meeting held at Transcop, Abuja.

L-R: Adeolu Balogun, zonal business manager, Ogun, Airtel Nigeria; Ijeoma Chiobi, Airtel Touching Lives Season 5 Beneficiary, and her children; and Chioma Okolie, head CSR, Airtel Nigeria, during the presentation of a fully furnished two-bedroom apartment for 2 years, a fully-stocked provision store and N3million naira cash as educational scholarship for her 6 children under the company’s Airtel Touching Lives initiative in Ogun State.

CDC makes additional $40ml investment in Liquid Telecom MICHAEL ANI

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DC Group, the UK’s development finance institution, has invested an additional $40 million in Liquid Telecom, Africa’s largest independent fibre, data centre and cloud technology provider.

This marks CDC’s second equity investment in the company, following a $180 million equity investment in 2018.

CDC’s additional investment is made as part of Liquid Telecom’s wider fundraise where the company attracted $307 million through a rights issue to shareholders.

This investment will support Liquid Telecom’s plan to further expand its pan-African data centre operation business, Africa Data Centres, and consolidate its position as the leading data centre operator on the continent.

Africa Data Centres is well positioned to service increasing demands for data storage and cloud-based applications across the continent.

Currently, it is estimated that less than 20 percent of potential telecommunications enterprise demand is being served in Africa, with London having three times more cloud computing powwww.businessday.ng

er available than the entire continent. Liquid Telecom’s development of data centres will boost economic activity by reducing IT related costs for companies.

Increased local capacity will also spur innovation by offering affordable data storage and Software-as-aService (Saas) applications to SMEs. Additionally, the company’s cloud-based services will also help accelerate the growth of Africa’s tech startup ecosystems whilst also supporting the needs of established enterprises across the continent.

L- R: Funmi Adeniji, head HR, Egbin Power Plc; Seqina Akinwunmi, head finance, Egbin Power Plc; Paul Harriman, chief executive officer, Egbin Power Plc; Pearle Uzokwe, director, Sahara Sustainability; Tope Shonubi, chairman board of director, Egbin Power Plc, and Ade Odunsi, director, Egbin and Ikeja Disco, at the official launch of Egbin Electric Buggies and Bicycles in Lagos.

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Thursday 29 October 2020

BUSINESS DAY

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Friday 30 October 2020

BUSINESS DAY

17

Markets + Finance

‘Providing proprietary research, commentary, analysis and financial news coverage unmatched in today’s market. Published weekly, Markets & Finance provides all the key intelligence you need.’

Diversified product base spurs Flour Mills to growth as profit hits record high BALA AUGIE

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ith consistent earnings growth even amid an economic downturn, it is not impossible for the share price of Flour Mills of Nigeria (FMN) Plc to go vertical.

Of course, the sustained improvement in market sentiments and stock market rally in the past few weeks buoyed by aggressive policy rate cuts by the central bank left investors swooping on shares of dividend paying stocks.

In the past three years, Flour Mills have been recording double digit growth at the top line (revenue) and bottom line (profit), surmounting the coronavirus pandemic induced headwinds and tough operating environment.

Interestingly, the company’s earnings beat analysts’ expectation, as it deserves the Buy recommendations placed on its stocks by investment houses across the

country.

For the half year-ended September 2020, FMN’s net income surged by 68.30 percent to N9.93 billion from N5.90 billion, the highest in three years.

Revenue, which has been growing consistently in the last six years, spiked by 31.14 percent to N355.10 billion from N270.76 billion the previous year.

The largest miller by market capitalization in Africa’s largest economy has generated enough profit from its shareholders’ investment.

Return on average equity (ROAE) increased to 12.20 percent in September 2020 from 7.40 percent as at September 2019.

Return on average equity also followed the same growth trajectory as it increased to 8.60 percent in the period under review from 2.80 percent the previous year.

The company said the upsurge in profit and improved margins were largely driven by contribution from its agro-allied business.

It explained that the agro-allied

segment saw very strong improvement in the edible oils and fats, protein and fertilizer businesses following the investments over the last few years.

While other consumer goods firms are grappling with deteriorating margins caused by spiraling cost of production and a weak consumer purchasing power, Flour Mills’ has been spending less on input cost to produce each unit of product.

Cost of sales fell to 85.40 percent in September 2020 from 88.28 percent as at September 2019.

It is successful in producing profit over its cost as gross profit margin increased to 14.16 percent in the period under review from 11.74 percent the previous year.

The company is able to translate more of its sales into profit at the end of the period as net income margin increased to 2.80 percent in the period under review from 2.18 percent the previous year.

Flour Mills has generated more money from its core operation as earnings before interest taxation depreciation and amortization (EBITDA) margin increased to 10.10 percent in the period under review from 9.90 percent the previous year.

“With this result, our business has once again shown its resilience, by following the path of sustainable growth despite the prevailing challenges in both the local and global economy,” said Paul Gbededo, Group Managing Director /CEO, FMN Plc. “In line with our vision to continue to grow value for our investors, management will for the remaining part of the financial year continue to concentrate on improving operational effectiveness through accelerated strategies for group-wide cost optimisation, which will ensure sustainability in the current market climate, while we continue to invest in growing the business further.”

The company’s free cash flow increased by 65.60 percent to N29.88 billion from N18.04 billion the previous year; this means the miller has the financial strength to meet its obligations, pay dividend, and finance future expansion plans.

Flour Mills is utilizing its property plants and equipment to generate higher sales and profit as fixed asset turnover (FAT) increased to 1.65 times in the period under review from 1.24 times the previous year.

BD MARKETS + FINANCE Analyst: BALA AUGIE www.businessday.ng

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Friday 30 October 2020

BUSINESS DAY

MoneyInsight

How to make massive savings on car fuel using gas STEPHEN ONYEKWELU

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igeria has set out to completely deregulate the downstream oil and gas sector. This means removing government subsidy on petrol with the attendant consequence of an increase in the retail price of petrol to reflect the market forces of demand and supply.

However, natural gas offers new options that lead to energy savings, although high conversion costs and few refuelling stations pose obstacles.

Retrofitted natural gas vehicles (NGVs), that is, vehicles that initially ran on either diesel or petrol but have been converted to also use either compressed natural gas (CNG), liquefied petroleum gas (LPG) or liquefied natural gas (LNG) bring significant savings.

Tunji Adeniji, former president, Independent Petroleum Marketers Association of Nigeria (IPMAN) recently converted his Toyota Hilux truck to use CNG (two cylinders) at the NIPCO gas station at Ibafo, which also houses a conversion workshop.

Tunji says the two cylinders take him as far as Lokoja from Lagos where there is a CNG refuelling station. It cost N7, 000 to fuel at Ibafo and another N7, 000 at Lokoja for refuel to get to Abuja. This is a trip that costs N25, 000 on petrol in the same

vehicle to Lokoja and another N25, 000 from there to Abuja.

“The savings are massive,” he said.

A two-cylinder conversion kit costs N400, 000 to install and a single-cylinder kit costs N250, 000.

Depending on the weight of the vehicle, a single c ylinder of 14 stand ard cubic metres (SCM) takes a commercial bus from Ibafo, Ogun State to Ibadan. But the drivers buy petrol on their way back because there are no refuelling stations along the way.

Additionally, it costs an average of N2500 for petrol to travel to Warri and back from Benin City, a journey of 193 kilometres. On compressed natural gas, the same journey costs on average N1300, according to Emmanuel Uzoefune, an operator of commercial buses in Benin City. A litre of petrol costs on aver-

age N160, while a standard cubic metre (SCM) of compressed natural gas (CNG) costs N90.

However, without CNG refuelling stations and high conversion costs, the Federal Government’s drive to deepen gas utilisation for transportation through its autogas programme is likely to suffer significant setbacks and retard the benefits in savings for Nigerians.

Early last month, the Department of Petroleum Resources (DPR) ordered 9, 000 petrol stations across the country to immediately start the upgrade of their facilities to allow them to dispense gas to vehicles for transportation.

These petrol filling stations were listed in Category 1 (there are Categories 2 and 3), and had been identified as suitable for immediate integration of Add-On facilities based on robust safety

assessment and technical considerations by DPR. Nevertheless, some teething problems persist. People with deep knowledge of the sector have said conversion kits require standardisation, like the cylinders used for LPG, so that they do not take up too much space in private cars. Gas pricing has to be addressed too, they say, to make it economical for users and more refuelling stations are in demand. An enabling environment would attract investments and the kits would be made in Nigeria. In the interim, makers and importers of conversion kits require subsidies.

NIPCO Plc, a major player in Nigeria’s natural gas vehicles (NGVs) space is currently constructing a pipeline from Ibafo-Sagamu-Ibadan to provide CNG services for vehicles.

The savings after the conversion are significant.

Geely plans $54m investment in development of ‘healthy cars’ CALEB OJEWALE

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eely Auto has announced it is making an investment of $54 million towards development of what it describes as “healthy, intelligent vehicles”. The move not only adds a new dimension to Geely’s understanding of “passenger safety,” it also represents a new development direction for automobiles.

The development of a “healthier car”, according to a statement, differs from specialized medical vehicles in that Geely’s products are made for ordinary consumers. Cars with comprehensive virus protection not only require the capability to isolate harmful substances in the air, it also needs to quickly and effectively purify cabin air for occupants.

Geely Auto’s global R&D and design networks based in Europe, USA and China will jointly move to develop and research new environmentally sustainable materials with anti-bacterial and antiviral properties which can be used within airconditioner systems and on frequently touched surfaces such as buttons and handles.

Geely Auto will make full use of its global R&D system and resources as well as cooperate with professional medical and scientific research institutions to set up special project teams to work on the new research.

A n C o n g h u i , C E O, Geely Auto Group said “Epidemic prevention is a job that requires the

long-term effort of wider society. As the most common mode of transportation, consumers spend a considerable amount time in their cars, akin to a “second home”.

Only by making healthier products can we meet consumer demand for better quality of life. Based on the automotive industr y’s development direction built around electrified, connectivity, intelligence, and shared mobility, auto companies should commit to developing products that help protect the health of drivers and passengers. This will become one of Geely Auto key long-term development objectives,” he said.

Earlier on January 28, G eely Holding Group partnered the Li Shufu Foundation to set up a special $30 million fund in support of the new coronavirus prevention and control, with a focus on the mass purchasing of much needed medical supplies for China in the short term.

Geely’s track record will be taken to a new level with the development of an all-round “healthier car.” Geely’s move sets a new precedent in the development of safety technologies that goes beyond developing leading crash test results and moves into new dimensions of passenger safety.

As exclusive partner of Geely Automotive in Nigeria, Mikano in a statement said such as investment in producing ‘healthy cars’ will be a significant contribution in the fight against outbreaks such as the Coronavirus.

Bitcoin savers to earn 4% interest on new Luno savings wallet FRANK ELEANYA

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sers who save their bitcoin on a savings wallet from Luno will earn a 4 percent interest rate, the company said on Monday.

The global cryptocurrency exchange is launching its savings wallet at a time when global interest in bitcoin and the entire cryptocurrency market is starting to gain momentum driven by an everweakening global economy and poor performances of the different local currencies.

A recent report conducted by Luno found that 40 percent of people globally do not have confidence in their local cur-

rency. Also, more than half of respondents (54%) are not currently earning interest on their money through their current or savings bank account.

In Nigeria, traditional banks offer less than 2 percent interest rates on a savings account. www.businessday.ng

Bitcoin’s attraction also comes from the growing clamour for a single, global currency. The cryptocurrency is considered as having the right properties for a world currency. About 50 percent of people worldwide want to see

a single, global currency and bitcoin so have outperformed other stock exchanges and gold in 2020.

With the new bitcoin wallet, Luno users can make immediate payments in bitcoin to any account worldwide while they pay as little as a fraction of a cent using the new platform.

“In a time of economic uncertainty, the Bitcoin Savings Wallet is a safe alternative for anyone looking to make meaningful savings on their money,” Marcus Swanepoel, CEO, and co-founder of Luno said. “Almost 95 percent of our customers have said they want to earn interest on their

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bitcoin and because of the nature of bitcoin, we are able to offer a much higher interest rate than traditional savings accounts.”

The 4 percent interest comes with no fixed terms, no admin fees, and users can move their funds into a normal wallet whenever they need to. Another feature of the wallet is that the interest gets paid out on the first of the month. In essence, users can decide to leave their earnings in their savings wallet to compound and grow exponentially, or they can withdraw them straight away.

“Introducing interest with a bitcoin savings account @Businessdayng

comes at a time when traditional investments have shown vulnerability at a time of crisis,” Swanepoel said.

“There has never been a better time to utilise a currency that does not rely on a healthy economy to determine its value.”

The new Luno saving wallet will enable customers who have a BTC balance to earn passive income on their idle balance with little effort and no penalties. Saving 1 BTC at a simple interest rate of 1.5 percent per annum would generate the customer 0.015 BTC per annum (around £124.00 GBP/ $160.00 USD at the time of writing).

Friday 30 October 2020

News

BUSINESS DAY

Products Review

Technology Review

Personality Review

Company Review

19

FINTECH

Flutterwave commits N5m, partners Lagos State to help businesses rebuild after looting FRANK ELEANYA

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ayment system provider, Flutterwave has committed N5 million to a fund for businesses that were affected by the ugly aftermath of the #EndSARS protest across Lagos State.

The company said it is collaborating with the Lagos State Employment Trust Fund (LSETF), and companies led

by Endeavor Entrepreneurs to create the fund.

The new fund called Small Business Fund is part of the #KeepTheLightsOn for businesses campaign which it launched during the pandemic.

“We understand what it means to build; the difficulty, the emotional effort and the financial strain. We also cannot imagine how these people feel, seeing their hard work looted and/or burnt down.

We want to tell you that we are always with you and will always stand by you. If you’d like to support these businesses, you can click this link

to donate from anywhere in the world,” the company said in a blog post.

The N5 million pledge comprises of a discounted processing fee and securing a space on Flutterwave store for

every beneficiary.

The company said building the Flutterwave store during the knockdowns was a show of support to the many small businesses who could no longer sell in person.

“Now, we are offering each of the affected businesses, the opportunity to create a Flutterwave Store so they can sell seamlessly online while rebuilding,” the fintech firm said.

As whales push bitcoin price above $13,000 investors catch whiff of 2017 FRANK ELEANYA

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he price of bitcoin surged above $13,000 on Monday where it remained on Tuesday and is likely to stay - or go higher - throughout the week according to investors who are watching the market keenly.

The big price movement marks a fresh 16-month high for the cryptocurrency, which is now 25 percent for the month and 87 percent on a year-to-date basis, according to a Coindesk analysis.

The price increase may have been affected by the activities of a group of investors referred to as whales. A bitcoin whale is a cryptocurrency term that refers to individuals or entities that hold large amounts of bitcoin. Whales hold enough cryptocurrency that they have the potential to manipulate the currency valuations.

On Monday, an on-chain data reported a Bitcoin (BTC) wallet holder moved more than 88,857 BTC - worth roughly $1.15 billion - for a

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fee of only 0.00027847 BTC, or $3.58. The coins were confirmed in block 654,364 on Oct. 26.

The price of BTC is trading at $13,401.09 at the time of writing with a 24-hour trading volume of $33,777,341,019.

Bitcoin is up 1.66 percent in the last 24 hours.

“You have to be smoking crack at this point to believe that Bitcoin is going to be less valuable in 10 years than it is today,” said Anthony Pompliano, co-founder Morgan Creek Digital, a hedge fund

which specialises in blockchain technology.

The price of bitcoin surged by 5 percent above $13,000 last week on the news that PayPal, the world’s largest payment company, was launching its own cryptocurrency service, allowing users to buy, hold and sell digital currency on its site and applications.

“Our global reach, digital payments expertise, twosided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange,” Schulman said in a statement.

Investors say there is no going back for an anticipated all time high run reminiscent of the milestone surge recorded in 2017.

“After PayPal‘s news, every major bank is having a meeting about how to support bitcoin. It’s no longer optional,” said chamath Palihapitiya, chairman Virgin Galactic.

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Beneficiaries are also entitled to a discounted processing fee for the next three months. With processing fee out of the way, businesses that were affected will only need the funds to create or

purchase their products.

Tech-enabled businesses or startups will get $5,000 worth of cloud hosting capacity.

Flutterwave had contributed to the #EndSARS at its early beginning, by becoming the payment channel in which protest organisers secured financial sponsorships from within and outside the country to keep the movement going. The Central Bank of Nigeria (CBN) later clamped down on the platform forcing protest organisers to resort to other channels such as cryptocurrencies.

“We support numerous tech enabled startups. For most of them, we are like an embedded team. We know their story and they know ours. But unfortunately, some have been caught in the middle of the recent unrest. We are here to support you; to build back better. Cloud hosting and storage is a major source of cost for startups and we are offering to take that burden off their shoulders. Register here to stand a chance to benefit,” Flutterwave said.

Bitcoin investors await big price moves as active users participation rise FRANK ELEANYA

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he number of active users in the bitcoin network has surged to levels last seen since December 2017, according to new data from Glassnode. This has led to high expectations of investors for a big price move in the coming weeks.

According to Glassnode, the number of active entities, or clusters of addresses controlled by a single network participant, rose to 388,697 on Thursday which is the most since December 9, 2017. The price of bitcoin climbed above $13,000 for the first time since July 2019 and hovers at $12,929 as of press time.

Since hitting $13,100 the price of bitcoin has fluctuated between $12,800 and $12,900, maintaining low volatility at the range. According to researchers at Luno and Arcane Research, volatility almost touched the historically low levels again last weekend but some action on Monday changed that movement. Generally, October has seen volatility at a flat level.

Volume has not moved as expected despite the spike witnessed last week. Analysts say @Businessdayng

that the announcement by PayPal that it will support bitcoin training within its application may have been responsible for the increased activity on the network.

In Nigeria volume of transactions has been trending up in the last twelve days as Nigerians hedging against a protest against police brutality that turned very violent, increased their stakes in bitcoin, and other cryptocurrencies.

The BTC futures market also saw a spike as the number of contracts held to expiry has increased 14 percent in October, to 406 BTC, a sign of the increased demand from institutional investors this year.

Luno researchers say the record-delivery aligns with the trading activity on Bakkt over the past few months, where the daily average volume has been ranging around $70-$80 million.

Bakkt is a digital asset payment platform and derivatives exchange, tailored for institutional investors mainly in the US. “Compared to the first half of 2020 where the daily average was below $20 million, we clearly see that Bakkt has gained increased traction lately,” the researchers say.

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Friday 30 October 2020

BUSINESS DAY

LEADINGWOMAN Oyeyimika Adeboye, a pacesetter and evidence of how a woman can shatter the ‘glass ceiling’ Oyeyimika Adeboye is the Managing Director of Cadbury Nigeria Plc. and also the Cluster Director West Africa at Mondalez International. She joined the Board of Cadbury Nigeria Plc as Finance and Strategy Director in November 2008. She was appointed as Managing Director of Cadbury Nigeria Plc on 1 April 2019 and Cluster Director of Mondelez International West Africa on 1 July 2019.

Oyeyimika is also a director on the Board of Cadbury Ghana Limited. Prior to joining the Mondelez International group, she was the Chief Financial Officer and Director of Finance at Nigerian Bottling Company Plc (NBC).

Adeboye worked for the Nigeria Accounting Practice of the erstwhile accounting firm of Arthur Andersen & Co, and the United Kingdom Practice of Midgley Snelling & Co., Chartered Accountants, where she also trained as an articled clerk after graduating with a Bachelor’s Degree in Economics and Social Studies from University College Cardiff, Wales.

Oyeyimika is a Fellow of the Institute of Chartered Accountants in England and Wales and a Member of the Institute of Chartered Accountants in Nigeria. Adeboye is a member of the Board of Odutola Holdings Limited, a family-owned group of companies.

She is also a member of the Board of Trustees of the Timothy Adeola Odutola Foundation, a family-owned philanthropic foundation set up for the purpose of providing educational, industrial and technological development of Nigerian youths who may be unable to gain access to higher education.

As part of her philanthropic work, Adeboye is a member of the Board of Trustees of YEO Foundation which provides various initiatives to empower less-privileged women. She also contributes her time to partner with Handmaidens WiLS, a Christian NGO, which seeks to mentor and empower professional women along an ethical career path.

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Early years was brought up in a large family by a father who loved and provided well for his family but was also a disciplinarian and an educationist. His standard was high in all he did. My late father, Chief Timothy Adeola Odutola, was an industrialist who established several manufacturing companies in Nigeria. He was one of the founders of the Manufacturers Association of Nigeria (MAN) as well as its first President. He was very passionate about education and established Adeola Odutola College and Adeola Odutola Elementary School in Ijebu-Ode, Ogun State. My mother, who is 80, is an entrepreneur and still runs her own business.

Breaking the corporate glass ceiling as the first female MD of Cadbury Nigeria Plc Today women are being given the visibility and exposure that was probably not a priority in the past.

While there is still a huge gap in the recognition and appointment of highly performing women into CEO roles (I measure this by what I see particularly in Fortune 500 Companies), the trend is improving as organisations are consciously taking steps to ensure that women are getting the opportunity to take on very senior roles.

I have been fortunate to be in the C-suite of two multinational companies for more than 20 years.

At Mondelez International, which is the parent company of Cadbury Nigeria, we have a deliberate policy of ensuring that women who are competent are given the opportunity and support required to excel. I was Finance Director for Cadbury West Africa for 11 years, before my appointment as Managing Director. With a career goal

to be country lead it is important to have a deep understanding of our business, our markets, our consumers and other stakeholders. Being agile and working closely with cross-functional teams is also important. However, the unwavering support of our global leadership team was quite critical as no multinational will appoint a country lead (irrespective of gender) if they are not confident that the individual in question can do the job.

What is the greatest obstacle to women rising to the top in the Nigerian private sector and how can this be addressed?

Gender stereotyping is one of the biggest challenges that Nigerian women face in the workplace today. Many organisations still make little effort in supporting female employees to grow in their career. We also have laws in our country that create growth barriers. I found out for example, that the law does not permit women to work night shifts in factories. Such supposedly protective laws present the woman as unable to handle a role in the same manner as a man. So how will she grow in her field and gain the respect of teams that she should be leading?

The statistics is out there of the successful companies, countries and organisations run by women. It is very important that competent women are given the opportunity of occupying leadership positions in organisations.

Women are by nature experts at multi-tasking. This is not only peculiar to the private sector, but it is also an issue in the public sector.

We need more female leaders in government.

Being at the helm of affairs as MD of Cadbury Nigeria www.businessday.ng

for over 18 months. How has the journey been like so far?

We have a great team and have worked together to ensure that we deliver on our commitments. Our performance in 2019 reflects how well the company is doing and although the pandemic created its own challenges, I feel very blessed to work with an agile team that is determined to keep our business going against all odds. The level of creativity and selflessness is amazing and I am looking forward to what we can do as a team with this level of energy and creativity.

Who are your role models in business and how have they inspired you in your career?

My parents have always been my role models in business. That coupled with my faith as a Christian has helped to shape some of the values that are key to who I am.

How would you describe your management style?

I will summarise by quoting Bill George: “The role of leaders is not to get other people to follow them but to empower others to lead”

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Inspiring words to younger women who are still in the process of shaping their careers One question I get asked a lot is how I manage to strike a balance between work and family. My answer is simply that one must set one’s priorities right. For me, I put God first, my husband second, my children third, and my job fourth.

My job will never come before my faith, my husband, or my children.

Women often make the mistake of putting their job before everything else. While the excuse is probably that a lot more is expected out of a working woman, this should not be the case. We choose our priorities, they are not forced on us. In any case my faith has shaped how I handle my relationship with my husband and my children. It has also shaped how I do my work.

With examples like Bournvita, how important is it to promote our local production and how has Cadbury been sustaining this?

Cadbury Bournvita, our flagship brand turned 60 years in Nigeria this year, and has evolved to become the first food drink endorsed by the Nutrition Society of Nigeria. @Businessdayng

Of course, by embarking on local production, a company adds value to the economy, primarily through direct and indirect job creation and paying of taxes to the government. It has been a mixed bag over the years, as the operating environment has been quite difficult for manufacturers. Like most manufacturers in Nigeria, we have to generate our own electricity and our own water. Sourcing of key raw and packaging materials locally and abroad is a challenge.

Operating in a developing market also means we are faced with high inflation, currency devaluation, FX scarcity and a myriad of other challenges that make it difficult to compete favourably outside of Nigeria. It is only by creating an enabling environment for local manufacturers that we can thrive and provide more jobs for Nigerians, create good avenue for export and generate additional revenue for the government.

Please visit http://www. businessday.ng for the concluding part of the interview as Oyeyimika Adeboye graces the cover of Women’s Hub Magazine for this week

BUSINESS DAY

Friday 30 October 2020

21

Health Business&Life Leveraging COVID-19 tools to fund Nigeria’s epidemic preparedness ANTHONIA OBOKOH

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he ongoing experience from the COVID-19 pandemic should provide a solid ground for the Nigerian government to change its attitude to the funding of epidemic preparedness in the country. The government and indeed the citizens have felt the devastation that COVID-19 visited on the economy and the response to it presents an opportunity for the country to improve on the funding of its healthcare and epidemic preparedness.

The government and some financiers are investing substantial amounts of money in new molecular centers and delivery methods, spurring private-sector engagement and innovation. However, Nigeria must take these chances to leverage current investments beyond COVID-19.

Following these experiences, it is quite clear now that funding should not just be used to combat COVID-19, but also to prepare the health system for future epidemics.

Before now, the Nigerian government deemed it fit to budget an insignificant eight naira (2.1 cents) for prevention, diagnosis and management of communicable diseases of each citizen in 2020. Data show that only N1, 673, 486, 127 was allocated to the Nigeria Centre for Disease Control (NCDC), the country’s national public health institute, responsible for epidemic preparedness, detection, and response to infectious disease outbreaks and public health emergencies for over 200 million Nigerians.

This implies that the Nigerian government will spend eight naira per person a year, which amounts to 66 kobo per month. Meanwhile, NCDC’s counterpart in the United States, the Centre for Disease Control (CDC) will spend $6.594 billion on epidemic preparedness this year, which is about N2.34 trillion, an amount that exceeds Nigeria’s entire Federal Ministry of Health allocation for five years.

This means that if the CDC’s budget is spread across the population, the centre will spend at least 20 dollars (N7, 200) on the epidemic preparedness for every American resident, while Nige-

ria, will spend eight naira on the same disease prevention and management in a full year per citizen.

“In 2018 NCDC worked with different partners to produce a document which is called the National Action Plan for Health Security (NAPHS), based on the plan, what it will cost to prevent a pandemic from happening in Nigeria every year is about 40 cent per- capital for a person.” said Ifeanyi Nsofor , chief executive officer CEO of EpiAFRIC and Director of Policy and Advocacy at Nigeria Health Watch.

According to Nsofor, with Nigeria’s estimated populations of about 200million, that comes to about $80 million dollars every year and with the introduced exchange rate that is probably about #35 billion every year for epidemic preparedness, detection of diseases and responses through epidemics. “looking at the NCDC’s budget, it is definitely not enough. We need to look at three different things to get the real picture, the NCDC budget, budget that state and local government has allocated for epidemics preparedness in doing this funds can be made available,” he said.

Meanwhile, Nigeria’s health budget for 2018 stood at N340.46bn, which was 3.96 percent of its N8.6tn proposed national spending. A breakdown of the health budget shows that Nigeria then estimated to have a population of 186 million, allocated approximately N1, 832.62 for each citizen.

Of the total N9.45tn budgeted for 2020 by the Federal Government, N427.3bn (4.5 percent) was allocated to health.

The budget for 2021 proposes N547 billion for healthcare, about seven percent of the budget’s total of N13.08 trillion.

The amount comprises N380.21

billion for recurrent expenditure and N132 billion for capital projects. There is also N35.03 billion Basic Health Provision Fund, which includes funds for managing emergencies and infectious diseases such as the COVID-19.

On average, the amount translates to about N2, 735 per Nigerian, given the country’s population of about 200 million people.

Now that we have experienced COVID-19, this should change. The country should appreciate the importance of epidemic preparedness because the lack of it can actually cripple the country. It should be taken just as seriously as the government has taken national security and human capital development, or the way the government is pumping money into the fight against Boko Haram insurgency.

For instance, the 2020 budget for the Ministry of Defence was put at N878.4 billion, with N121 billion earmarked for capital projects. This is the same way we should budget for National health security in order to enhance and provide this healthcare to prevent Nigerians from contracting or dying from the host of epidemics.

“UK spends over 200 billion dollars on health for its 60 million populations yearly and this has reflected in the quality of lives and health of the people.

Going forward, especially as seen with the present pandemic, Nigeria must improve its healthcare spending. There should be compulsory taxation for health, as this will improve funding,” said Ola Brown, the Founder of Flying Doctors Nigeria.

“It is hard to say that you are 100 percent prepared for the challenges an outbreak like this would bring; however, being able to make plans while things were relatively calm and prepare

as much as possible for the inevitable outbreak helped them keep operating and supporting states,” Brown added.

Nigeria has continued to battle with diseases that threaten public health security. These include diseases such as cholera, meningitis, and hemorrhagic fevers, especially Lassa fever for which Nigeria reports considerable morbidity and mortality annually.

Nigeria has responded to and contained these outbreaks, but further steps must be taken to detect them earlier to prevent illness and death.

Preparedness for epidemics and health emergencies has a high return on investment, estimated at $2 -7 for every $1 committed.

According to Doyin Odubanjo, former chairman, Association of Public Health Physicians of Nigeria, Lagos Chapter, the only certain thing is that when this epidemic is brought under control, another will eventually take its place.

“Epidemic threats are inevitable. To better prepare for the next crisis, and future epidemics, Nigeria will need to devote considerable political capital and economic resources to reducing the domestic and global vulnerabilities that jeopardize individual, national, and global health security,” he said.

For Odubanjo, epidemic preparedness is funding, especially funding to help the health sector prepare before any outbreaks occur. The important thing that funding epidemic preparedness helps countries do is that with proper research and analysis of trends, it can help them predict, prepare for, and even prevent the next epidemic.

“This is more lesson learned for the country intended to ensure that in future of any epidemic or when the next epidemic threat occurs, Nigeria would be better prepared to avoid at least some of the missteps that have cost humanity so dearly.”

“If the COVID-19 pandemic has revealed anything, it is that there is a need for a political will in disease preparedness,” he said.

However, Nigeria’s health experts say epidemic preparedness is one area of healthcare which represents the process of doing things in advance, preventing, preparing for, detecting, responding, and controlling epidemics in order that the health and economic

impacts are minimised. They add that it is an all-embracing term that describes all that needs to be done before, during, and after epidemics, and that it is the core of health security of a nation and its people.

World health experts also advised that, heads of government must commit to preparedness by implementing the International Health Regulations, and increasing investment in preparedness as an integral part of national and international security and the G-7, G-20, G-77 member countries and regional intergovernmental organisations should follow through on their funding and political commitments for preparedness and monitor progress at annual meetings.

They added that all countries should build strong preparedness systems, with heads of government appointing a high-level coordinator to lead efforts across all government departments and sectors, to prioritise community involvement and to routinely conduct multi-sectoral simulation exercises.

“It is a big factor when you are thinking about the response to an epidemic, where the national response is necessary for Nigerians for correlation. There are a lot of lessons that we can learn about how little, tiny microscopic organisms can cause a global pandemic and bring nations to an economic halt,” said Chikwe Ihekweazu, chief executive officer, Nigeria Centre for Disease Control, while speaking recently at the Omnia Health live Africa.

According to Ihekweazu, the Nigerian government’s poor financial allocation for the health of its citizens is not limited to the budget for epidemic preparedness alone. The entire health sector is also battling with poor government funding, a decision that has played out in the health indices of the country.

The Heads of State of African Union member countries in April 2001 met in Nigeria and pledged to set a target of allocating at least 15 percent of their annual budget to improve the health sector. The resolution is known as the Abuja Declaration.

However, since then, the country’s budgets for health have been falling below 10 percent, to the chagrin of stakeholders in the sector.

Saving the Nigerian Healthcare System: A call for a strong government urgent plan Adaku Efuribe

Efuribe, a Clinical Pharmacist, UN SDGs Advocate & Healthcare Media contributor,

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ustainable development could be defined as development that meets the needs of the present without compromising the ability of future generations to meet their own needs. An article published in the journal of Pharmacy and BioAllied sciences (J Pharm BioAllied Sci. 2011 Oct-Dec; 3(4): 470–478.), concluded that ‘The Nigerian health care system is poorly developed. No adequate and functional surveillance systems are developed. To achieve success in health care in this modern era, a system well-grounded in routine surveillance and medical intelligence as the backbone of the health sector is necessary, besides adequate management coupled with strong leadership principles’ (Welcome, M.O 2011).

What is the state of healthcare provision in Nigeria?

From my experience, the healthcare system in Nigeria is declining. In

the 80’s I was privileged to use the University Medical centre at UNN for my primary healthcare needs. We had an organised primary healthcare system, where we did not have to pay at the point of care. My parents were a staff of the University, which meant I was entitled to free primary healthcare at the point of need. My experience with the University Medical Centre as a child growing up in Nigeria could be compared to my experience using the GP surgery in the UK. We had our favourite family doctor who knew every member of the family. There was a functional emergency service, although we had one ambulance, it served the purpose of ‘fetching’ the on-call doctor in good time and transporting sick patients from point A to B in times of emergency.

There was a pharmacy attached to the medical centre and even as a child I could notice that the pharmacy did not stock all essential drugs for malaria treatment. We had to buy our injection ampoules, syringes, etc. from a private pharmacy nearby. I’m not sure why we could not stock the pharmacy attached to the medical centre, even if we had to pay for our pharmaceutical needs. Walking down www.businessday.ng

to the private pharmacy was a timewasting venture and I think stocking the pharmacy attached to the medical centre with essential medicines could have been a source of income generation for the medical centre.

I had a few overnight admissions in the private ward, malaria treatment often goes with ‘drip’ infusion which could last for up to 12 hours, so I had a few ‘sleep overs’ in the ward, of course I got the private ward and I received excellent nursing care from the nurses on duty.

There was always a doctor on call as well.

Last year I went to a private healthcare facility in Nigeria, and I was shocked to realise the care I received was worse than what I got in a public healthcare centre over 30 years ago.

Recently, I read an article where a gentleman narrated how he lost his wife because there was no ambulance in a Nigerian teaching hospital to transport her from point A to B; the patient who had breathing difficulties gave up the ghost on the way to another hospital via public transport.

So, are we improving our healthcare system or are we going from bad to worse?

A pensioner residing in Nigeria narhttps://www.facebook.com/businessdayng

rated her experience with an overseas trained Ophthalmologist in Nigeria and I was shocked to learn that, in 2020 some medical practitioners hide the name of the medicine they recommend for their patients.

I wonder why some clinicians refuse to discuss disease prognosis with their patients for reasons best known to them. The pensioner with glaucoma visited a private eye clinic in Nigeria and the ophthalmologist completed all the eye tests without communicating or discussing his/ her findings; the patient was not told to continue or stop her eye drop; the patient was not told if her glaucoma was getting worse or better. Why are we always quick to charge thousands of naira for consultation fee but we are very slow in engaging with patients to improve medication compliance and concordance?

Nigerian healthcare professionals should up their game towards providing excellent patient centred care. If you have set up a private practice in Nigeria, you need to offer the same service you offered your patients in the UK and USA. Be the change you want to see. You also have a duty of care to improve the healthcare system @Businessdayng

in Nigeria and this should start from how you treat your own patients behind closed doors.

On the COVID-19 pandemic issue in Nigeria, it amazes me how some ‘religious leaders’ who thrive in peddling misinformation and conspiracy theories have brain washed their gullible followers. Some people have openly declared that ‘COVID-19 is a scam’. These are people with access to the internet and information. They listen to the news; they see the frequent updates from the NCDC and yet they still believe COVID-19 is a scam.

This is the time for us to begin to look inwards, we are recording an increasing number of deaths due to COVID-19 on a daily basis; more and more people are also testing positive. We have to take preventive measures seriously and we have to develop strategies to improve our healthcare system.

We need to hold our leaders accountable and demand for a practical strategy that would afford us a functional healthcare system through the provision of Universal Health coverage post COVID-19 pandemic.

Refernce: https://www.ncbi. nlm.nih.gov/pmc/articles/ PMC3249694/

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Friday 30 October 2020

BUSINESS DAY

Hotels

Getting down to business: A hospitality sector recovery action plan Stories by OBINNA EMELIKE

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s the world moves through the COVID-19 pandemic, hoteliers are logically turning their attention to the business travel market to help reignite the hospitality industry and tourism in general, particularly in Africa, observes Mark Havercroft, regional director for Minor Hotels Africa.

According to him, for hotels, a sector that plays a significant role in regional economies, business travel may well turn out to be the saving grace. It follows then that players in the market must embrace new and effective strategies that allow them to effectively capitalise on the potential that business travel presents.

In sub-Saharan Africa alone, one in 30 jobs is in the travel and tourism sector, according to a World Bank report. Yet long periods of lockdown, accompanied by new social distancing norms and constant bio-surveillance, have fundamentally changed the landscape. Going forward, Havercroft notes that it will be top priority for hoteliers to ensure guest safety, combined with the usual highest quality service and the best guest experience possible, if they are to see business travellers, and the companies they represent, continue to choose them.

To this end, it will also

be the job of hotels, especially those that rely on outof-country guests for their livelihoods, to remarket themselves in respect of what they offer these business clients.

This includes a renewed focus online and other touchless services for all types of interactions, as well as, the physical transformation of their public spaces.

Local travellers, and most especially local business travellers, can no longer be viewed as “the back-up plan” either. It is clear that it will be some time before even the international business travel market gets back to pre COVID-19 levels. “So, if they are to have a future, hotels must tailor offerings that speak to the local market in respect of their customs, tastes and the nature of the experiences that will definitely prove attractive”, Havercroft says.

Take for example the “workation”, a concept that is now garnering plenty of attention from local business travellers keen to see their employers allow them to mix business with some pleasure. It is no surprise that such an opportunity to break out of the by now over-familiar workfrom- home environment and instead work from a hotel during the day, would be most appealing.

Along with workrooms featuring suitable sociallydistanced workstations, often in rooms previously utilised for conferencing and meetings, another attractive option is equally acceptable socially-distant excursions with colleagues. These can be facilitated by hotel teams to forge closer engagement between workmates who may no longer see one another every day. These options serve

as a reminder of the office environment pre-pandemic, while boosting critical reintegration with colleagues previously viewed by many as their daytime family.

In the longer term, there will, of course, be life beyond our immediate borders as entry restrictions are further eased. And Africa certainly has an advantage here, considering how well the continent has weathered the COVID-19 storm - a fact that is likely to see global economies turn their attention back to Africa, and prepare for more local business dealings.

Awareness of how to effectively harness the new market will be key going forward and hoteliers will have to be up to speed about what countries are reopening for business where, and especially their African neighbours. South Africa reopened its international borders on October 1, 2020 as the country moved to lockdown Level 1, followed

by Zambia, Namibia, Lesotho, Zimbabwe, Mozambique, Eswatini, Tanzania, Rwanda, Nigeria, Ghana, Ethiopia and Kenya - albeit with differing regulations around COVID-19 testing prior to arrival, and quarantine requirements.

Africa has indeed begun to reopen. Now it is critical for the country to demonstrate that it is ready and able to welcome back travellers, and get back to the business it performs so well.

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

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

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

Tel: 01 277 3560

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

Tel: +234 9 4603900, +234 805 7522500

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

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate

By Games Village Second Gate Durumi2 Abuja

Radisson Hotel Group launches new brand, records 10 new signings across EMEA in Q3 2020

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adisson Hotel Group has announced the launch of its new brand called Radisson Individuals. The new brand is a conversion brand that offers independent hotels and local, regional chains the opportunity to be part of the global Radisson Hotel Group platform, benefit from the Group’s international awareness and experience, with the freedom to maintain their own uniqueness and identity.

Radisson Individuals hotels are selected for their own characteristics and personalities, offering guests an opportunity to discover new locations around the world, while always delivering Radisson Hotel Group’s high standards of quality and “Yes I Can!” service hospitality, combined with the local flavors and personality of the member hotels.

Federico J. González, CEO, Radisson Hotel Group said: “The launch of Radisson Individuals marks another milestone in our ambitious five-year transformation plan to be recognized as one of the top three hotel brands in the world and the brand of choice for owners, guests, and talent. We created Radisson Individuals in response to the evolving demands of the modern market for both hotel

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owners and guests. Joining Radisson Individuals is an ideal first step for individual hotels with strong service scores who wish to remain independent or may be considering transitioning to one of our successful core brands, as well as, a strong proposition for local, regional hotel brands seeking to explore additional distribution channels and/or co-branding options.”

Moreover, Radisson In-

dividuals represents an exceptional opportunity for hotels to enhance their visibility, nurture customer confidence, and access a wider audience through multiple distribution channels and a global sales structure. As well, the hotels will benefit from the contracting power and economies of scale that come from a brand that is trusted by millions of guests across the globe, well integrated IT, revenue platforms, and comprehensive operational systems to deliver high GOP margins.

However, hotels wishing to join Radisson Individuals will undertake a compliance assessment focusing on four key parameters, SGS health and safety compliance, online index evaluated through their GRI, compliance with fire & life safety and ability to connect to the Group’s main operating systems.

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

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

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

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

Friday 30 October 2020

BUSINESS DAY

23

entertainment

Seun Kuti and his Theory of goat and yam Obinna Emelike

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ill his death on August 2, 1997, Fela Anikulapo Kuti used his music as a tool for political activism, campaign for change, fight for justice, among other worthy causes.

The uniqueness of Fela, a multi-instrumentalist and pioneer of the Afrobeat genre, is his sustained campaigns against bad leadership, bad government policies, corruption, excesses of security personnel and even standing up against the military and religious leaders with his satirical lyrics and stage performances.

Sadly, all that Fela campaigned against while alive still abound, and even out of hand today, especially corruption, bad leadership and injustice.

Though Fela died over two decades ago, his music and principles he stood for still resonate today. Of course, the Afrobeat legend is still alive through his music, which is his legacy to his fans, the Nigerian people, and the world.

However, his children are making good efforts at keeping their late father’s legacy alive.

Seun, one of his chil-

Seun Kuti on stage

dren, has taken after him in style of music, mannerism and activism.

Seun, who follows his father’s Afrobeat genre, a blend of traditional Yoruba, Afro-Cuban music with funk and jazz, is also following his political activism style.

Like his father, Seun, the youngest son of the late Afrobeat pioneer, once again added his voice in tackling the socio-political malady in Nigeria with the release of his new single titled, ‘Theory of goat and yam’.

The new song picks its title from the parable told by

Goodluck Ebele Jonathan, former Nigerian president, during a presidential media chat on February 11, 2015.

During the media chat, Jonathan addressed the question of criticism against corruption in his administration, stating that, “The issue of corruption in Nigeria is like a case of Goat and Yam”.

The parable basically saw the Nigerian people as the ‘yam’ and corrupt politicians as the ‘goat’, which stubbornly refuses to stop being corrupt and continues to steal the com-

Bebuzee to consolidate partnerships with Nigerian movie companies

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ebuzee, a United Kingdom - based streaming outfit, has revealed its plans to release a first-of-its-kind freeto-watch streaming video service for African countries in December.

The gesture, according to the outfit, is based on its relationships with over 50 Nigerian film studios.

Starting from December 2020, full-length movies, series, talk shows, documentaries, among others, will be available on Bebuzee.com at no cost to the viewers, and requiring no subscriptions.

According to a statement released recently by Bebuzee, the streaming outfit will

select its releases from a catalogue of over 20,000 movies as of the release date, with up to 50 movies made available each week from which Bebuzee will select the best for its viewers.

“The Nigerian movie industry ranks third in the world in output, after only the United States of America and India. By serving content from over 50 production companies in Nigeria, Bebuzee will have access to the best of the best in content from this important resource and with Bebuzee Originals, which include movies, series, documentaries and talk shows”, Bebuzee said in the statement.

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Moreover, unlike other platforms such as Netflix and Amazon, Bebuzee’s content will be tailored to the African viewer marketplace.

The outfit estimated that the total available viewership in Nigeria alone is over 70 million, out of an estimated 126 million internet users.

So far, Bebuzee has garnered over 16 million users in Africa and is expanding to more African countries in its effort to become a worldwide force in video content, challenging Netflix and Amazon.

Meanwhile, Bebuzee has filed for an initial public offering (IPO) of its shares in the United States of America, expecting its launch as a public company in 2021.

The company was founded in Cambridgeshire, United Kingdom in May 2012 by Joe Onyero, an entrepreneur.

Driven by his Nigerian roots, he is now turning his focus to Nigeria in creating a premier platform for entertainment for the African continent.

monwealth of the nation.

In his creative analysis of the reasons the Nigerian people have continued to suffer in the midst of plenty, Seun asked, “If the goat is eating yam, what then are the owners of the goat eating”?

Explaining the theory, Seun says, “The theory explains the erroneous concept of ‘chopping life’, which is a common mentality with Nigerians who believe in the idea of ‘chopping life’ to the point that corrupt politicians, public and private sector leaders do not mind eating Nige-

rians as a way to justify their corrupt opportunity to ‘chop life”.

For many afrobeat lovers, Seun’s new single, which tackles Nigeria’s socio-political malady, is timely, especially with the killings, bad leadership, corruption and protests.

Ayo Moses Ogedengbe, Seun’s manager, is excited that the afrobeat artiste is sustaining his father’s legacy and giving hope to the fight against all enemies of the masses, injustice, bad governance and excesses of security operatives, corruption among other vices in the society.

Apart from the new release, Seun has in the past, released singles and albums that are rich in satire amid stage performances against vices in the society, especially by the political class and security operatives in the country.

In February 2018, Seun Anikulapo Kuti and The Egypt 80 Band literally performed a story at Jazz a la Villette that held the audience glued to the stage in a mix of rapt attention and entertainment. According to many, who attended the enthralling show, it was an inspiration for a better Africa due to the strong wordings and call for action by the afrobeat crooner.

As an Afrobeat artiste, Seun Kuti has spent most of his life preserving and extending his father’s political activism and musical legacy as the leader of the Egypt 80 Band, Africa’s longest surviving band.

Born in early 1983, Seun showed interest in his father’s music from the age of five, and at nine, he began to open Fela’s shows, singing a select group of songs with Egypt 80 before his father took the stage. As a developing saxophonist and percussionist, he entered the formal ranks of the band before he was 12.

Fela passed on in 1997, and in fulfillment of his father’s wishes, Seun assumed the mantle as head of Egypt 80 Band, and has since taken the band across different continents of the world.

In 2018, as evidence of his great work ethic, the afrobeat artiste, who has been working for almost 26 years now, came out with his ‘Black Times’ album, which earned him a nomination in the World Music category at the 61st Grammy Awards.

Meanwhile, the music video of the new single was recently released and now available on Seun Kuti’s official YouTube channel.

Tems releases debut EP, For Broken Ears

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ems, Nigerian alternative R&B singer, songwriter and producer, has released her six-tracked EP (extended play) titled ‘For Broken Ears’.

This comes shortly after she released the audio of the lead single from the EP ‘Damages’ and after premiering the video.

Tems, whose real name is Temilade Openiyi, serves six beautiful tracks on the EP, producing four of them. The young talent also worked with Nigerian producer, Oddio and alternative music producer, Spax on two songs that make up the highly anticipated E.P. Each of the tracks speaks about being free from life challenges; a core reflection of both internal and external fears and frustrations people face on the journey to being a true version of themselves.

With the EP, Tems bares her soul and shows her vulnerability and imperfections as a person first, before finetuning it all into a musical journey, aligning her among the fresh young artistes to look out for in the future, which is fast becoming a fusion of

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sounds from different music genres.

‘DAMAGES’, the first video of the EP released in September, sees a sassy Tems letting it all out in the midst of the engaging talking drums, the chaos and the activity around her. She is oblivious to it all as she oozes a confidence and growth that comes after investing a lot in unsure relationships and finally taking a stand.

Easy on the eye and in true nifty fashion, Tems sways lithely to the sound of her own vocals surrounded by her very @Businessdayng

own army of young women.

It is indeed a celebration of liberty and an affirmation of ‘no more damages’.

According to the multiinstrumentalist, ‘’The world is currently in a very difficult time and I understand the role music plays in it. I made For Broken Ears for the purpose of healing. A lot of minds have been broken due to what people have heard over time, but I hope this EP offers an avenue for true cleansing”.

The EP of ‘For Broken Ears’ is available for download on all digital platforms.

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Friday 30 October 2020

BUSINESS DAY

Sports

2021 FIBA Afrobasket qualification is non-negotiable - NBBF Stories by Anthony Nlebem

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he leadership of the Nigeria Basketball Federation has affirmed that qualification for the 2021 FIBA Afrobasket Men’s tournament is nonnegotiable.

This was stated on Tuesday as countries get set for the next window of the 2021 FIBA Afrobasket qualifiers to be hosted in Rwanda and Egypt after the conclusion of the first window in February.

With the gradual return of international basketball following the disruption of the global calendar due to the Covid-19 pandemic, the NBBF has set its sight on a successful AFROBASKET qualifiers campaign.

NBBF President, Engr Musa Kida said preparations have started in earnest to ensure that the 2020 Olympics bound D’Tigers qualify for its 28th Afrobasket tournament.

“We are not unaware of the huge task before us to ensure another seamless qualification for Afrobasket. We know that millions of Nigerians are

Premier League says PPV to remain until international break

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expecting us to qualify without drama and that is exactly what we are working towards.”

Currently ranked 26th globally and 1st in Africa, Nigeria is grouped alongside host- Rwanda, Mali and Algeria in Group D Kida hammered on the need for early training camp and preparations to adequately get the team ready.

“No more minnows in African basketball. All the teams

NFF plans two friendlies for Super Falcons

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he Nigeria Football Federation (NFF) has disclosed that it is working to organise two international friendlies for the Super Falcons.

Amaju Pinnick, NFF President disclosed this during a working visit to the new secretariat of the Nigeria Women Football League (NWFL) at the old NFF’s Glass House in Abuja. Pinnick said the federation was in talks with the unnamed countries for the matches, while the NFF also intends to utilise every FIFA window to organise matches for the national female team.

He also added that the Glass House was in touch with some Nigerian-born players who have written and offered to shift international allegiance to the Super Falcons.

Pinnick lauded the Chair-

person of the Women’s League, Aisha Falode, as a priceless asset with a lot of focus, creativity, ingenuity in rebuilding and redirecting the women’s game in Nigeria.

In her, Falode said that the women’ football in Africa was pioneered in Nigeria, describing the female league as paramount to the growth of football in the country and development of the national team.

“We are extremely and thoroughly grateful to the NFF President and General Secretary for bequeathing to us this edifice to make this our home. That is why I invited them to come and give us their blessings so that this place will continue to be the house of gold for women football and that the great achievements we have ahead of us will be catalyzed from this building,” Falode said.

She appealed to the NFF to support and enable Nigeria participate in the maiden edition CAF Champions League for women in 2021 and encourage teams in the NWFL to prepare for the event by playing a full season. www.businessday.ng

in our group deserve to be there and they deserve our respect. We need to prepare early and adequately to live up to pre-tournament ratings by pundits.

“We cannot afford to let our fans down. They are already looking beyond the qualification series between 27th-29th, November and 19th-21st, February, 2021.”

Nigeria will start her race for qualification when they

meet Algeria on Friday, 27th of November before taking on the host on Saturday.

D’Tigers will conclude its first round of qualification campaign against West African opposition, Mali on Sunday.

The top 3 teams in each group will qualify for the 2021 FIBA Afrobasket tournament taking place in Kigali, Rwanda between 24th of August to 5th of September.

he Premier League will keep the current pay-per-view pricing structure in place until next month’s international break.

A new £14.95 charge for some top-flight matches was introduced earlier this month for games that were outside the scheduled TV broadcast selections.

Prior to that, games had been available free-to-air since the Premier League returned without fans in June and clubs said the PPV measure was an “interim solution” to allow supporters to watch their teams live.

It was met with a hostile reaction, however, and fans from teams across the Premier League have been boycotting matches and instead donating to charity.

Premier League clubs duly discussed the matter at a shareholders meeting on

Tuesday and it was agreed the current pricing would remain in place ahead of November’s international break.

Sides are due to face each other from November 6 to 8 before players will go away to play for their countries.

A further review will take place after that to see what will happen following the international break, with the price expected to be one of the main items up for discussion.

Newcastle United owner Mike Ashley has been strongly against the current price and has called for it to be to less than £5.

“Supporters have overwhelmingly rejected this offer.

Why not make it much more accessible at £4.95 per match until Christmas?” he said.

“Charging £14.95 for single televised matches in the current climate is not acceptable to any football fan.”

Barcelona set to join $6bn European Super League

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utgoing Barcelona President, Josep Maria Bartomeu, says that the club has accepted invitations to join a much talked about new European Super League.

In a press conference on Tuesday, Bartomeu announced he -- along with the entire Barcelona board of directors -- was to step down with immediate effect, whilst also declaring that the Spanish club has agreed to join the proposed European Super League in an attempt to guarantee the club’s future financial sustainability.

“I can announce some news that will in an extraordinary way change the club’s revenue prospects for the coming years,” Bartomeu said towards the end of his press conference.

“Monday, October 27, the Board of Directors approved the acceptance of the requirements to participate in a future European Super League, a project promoted by the big clubs in Europe.

“The details of the proposal will be at the disposal of the next Board of Directors and the decision on participation in the competition will have to be ratified by the General Assembly.

We (Board of Directors) also agreed on the new format of the new Club World Cup.” The Club World Cup is a FIFA organized event, but a revamped, 24-team edition due to launch in June 2021 has been put on hold due to the global pandemic. According to recent reports, the European Super League -- purportedly backed by world governing body FIFA -- would involve the biggest teams from across Europe, and that around $6 billion has been set aside for the project, with the help of bank JP Morgan, to help with the creation of the league.

JP Morgan declined to comment, and FIFA said it was not aware of any agreement.

“The topic of a so-called ‘European Super League’ comes up every now and then and FIFA has no wish to comment further on this since there are already well established football institutional structures

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to deal with it,” said football’s world governing body in a statement sent to CNN. “Generally speaking, and as stated again last week by the FIFA President, the focus for FIFA is on global football development and the new Club World Cup, and not any European super league.”

The idea of relegation and promotion is widely reportedly not included in the plans for the mooted European Super League. A UEFA spokesperson told CNN that it “strongly opposes a Super League.” Such a league -- if it ever got off the ground -- would be a direct competitor to the European governing body’s lucrative Champions League competition.

“The principles of solidarity, of promotion, relegation and open leagues are non-negotiable,” said UEFA in a statement sent to CNN. “It is what makes European football work and the Champions League the best sports competition in the world. UEFA and the clubs are committed to build on such strength not to destroy it to create a super league of 10, 12, even 24 clubs, which would inevitably become boring.”

In July, UEFA announced @Businessdayng

that the combined gross commercial revenue of its major club competitions -- the Champions League, the Europa League and the Super League -was estimated at around $3.815 billion (€3.25 billion).

Of that, nearly $3 billion was to be distributed to clubs competing in those three competitions, with the rest covering administrative costs and set aside for solidarity payments.

LaLiga President, Javier Tebas, called Bartomeu’s announcement “unfortunate.”

“Unfortunate, Bartomeu statement on his last day about Barcelona joining a weak and imaginary competition which would be their ruin. It confirms his ignorance about the football industry. Sad end for a president with successes and lately many mistakes,” said Tebas in a tweet.

Following a string of poor results, a worsening financial situation and a very public spat with club legend Lionel Messi, Bartomeu had been the subject of increased scrutiny in recent months. The 57-year-old was facing a vote of no confidence next month after fans and club members had called for him to leave.

Thursday 29 October 2020

BUSINESS DAY

25

news

Fund managers stuck with 0.98% T-bills rates How Nat’l Assembly new funding plan for rural electrification may lift millions out of poverty …real return on T-bills dips -12.73% …as investors post N667bn unsuccessful bids Endurance Okafor

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ith a shortage in attractive investment opportunities in Nigeria amid the low yield environment, mutual fund and pension fund managers are now stuck with T-bills even though the return on investment has plunged to below 1 percent, a survey by BusinessDay shows.

Faced with the double challenge of limited attractive investment instruments and the investment compliance regulation by the Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom), both pension and mutual fund managers are almost handicapped in delivering good returns to their contributors.

While a fund manager’s skill is a contributing factor in producing a good return on investment as it has the responsibility of implementing a fund’s investing strategy and managing its portfolio, a fund’s performance has a lot to do with market forces and in this case, it is not looking good in Nigeria.

“Even though we are trying our best, there is little that we can do. T-bills have always been our best option but with the current rates some managers are even dumping it,” a pension fund manager who pleaded anonymity said, adding that “contributors are going to get less return.”

While interest rates have always been high in Nigeria due to the monetary system in vogue since 2009 which sought to use FGN bonds/T-bills and OMO bills as a means of attracting dollar to stabilise the naira, the recent OMO policy by the central bank which prevents domestic investors from participating in the auction, has sent yields to its worst record.

Yields on both T-bills and bonds instruments have hit a bottom record from a double interest rate enjoyed some four years ago.

“There is limited investment alternative that is PenCom and another regulation complaint,” Ayodeji Ebo, senior economist/head, research & strategy, Greenwich Merchant Bank said, adding that many of the fund managers “are stuck with T-bills.”

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Analysis of the result of the Nigerian Treasury Bills (T-Bills) auction conducted Wednesday by the Central Bank of Nigeria (CBN) on behalf of the Federal Government of Nigeria, shows that more than N667 billion worth of unsuccessful transactions were recorded following the excess liquidity in the market bidding for limited bills.

While investors bid at rates as low as 0.18 percent, 0.4 percent and 2.3 percent on the 91-day, 182-day and 364-day bills respectively, the central bank settled it stop rates at 0.34 percent, 0.5 percent and 0.98 percent for the 91-day, 182-day, and 364-day maturities, respectively. A further drop from the previous stop rates auction of 1percent each recorded for the 91-day and 183-day and the 2 percent for the 182-day in the previous auction.

With a 30 month-high inflation rate at 13.71 percent in September, real return on investment for T-bills plunged to -13.37 percent for the 92day instrument, -13.21percent for both the 182-day maturity while the longer 364-day instrument has a real return of -12.73 percent.

HARRISON EDEH, Abuja

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here is a huge prospect for lifting over 80 million Nigerians from energy poverty as the National Assembly moves to provide a sustainable funding window for rural electrification through a review of the electricity power sector reform act of 2005.

By this development, many Nigerians who are not connected to the national grid in rural areas will witness improve access to power. This is expected to widen their economic opportunities.

Sanusi Ohiare, the executive director of Rural Electrification Fund who confirmed the planned review to BusinessDay, said the National Assembly gave the assurance after they were briefed of lack of sustainable funding option for rural electrification despite a financing window which was never adhered to by the Nigerian Electricity Regulatory Commission (NERC).

“The house committee on power has assured us that they will look into reviewing the Electricity Power sector Reform Act to strengthen our sources of funding, being the poorest fund in Nigeria.

Also, engagements with the

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presidency, NERC and labour is ongoing in that regard,” Ohiare said.

He further noted that the initiative apart from having a direct economic bearing on rural economy, would also accelerate electricity access to over 80 million Nigerians, powering not just households but businesses as well, which would have ripple effect on jobs, income, productivity, thereby enhancing rural economic growth and development.

The Electricity Power Sector Reform Act empowers the rural electrification agency to implement the Nigerian Electrification Project (NEP), Engineering Economic Initiative, Engineering Education Programme, Rural Electrification fund, Energy database and capital projects.

But there are fears that these projects may not be successfully implemented unless there are sustainable funding options for rural electrification.

At the moment, most of the projects being undertaken for the rural electrification are either supported by the World Bank or African Development Bank, which industry analysts say lack sustainability.

Magaji Dawu, chairman House of Representatives com-

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mittee on power, told BusinessDay that sustainable funding for rural electrification is a key component of President Muhammadu Buhari’s plan of lifting 100 million Nigerians out of poverty.

“Energy access has a direct economic impact on lifitng people out of poverty. This is why we must follow up on the request of the Rural Electrification Agency (REA) in ensuring that the NERC pays them the profits after their audited account, as “we look further to other ways of strengthening their sustainable funding options to deliver on their mandate.”

Segun Adaju, chief energy officer at Consistent Energy and the President of Renewable Energy Association of Nigeria (REAN), told BusinessDay that sustainable funding option for the rural electrification agency is key in moving millions of Nigerian people out of poverty as the government has canvassed.

Apart from the sustainable funding options for the rural electrification agency, there are still concerns on how Customs duty and levies are impacting negatively in driving the renewable energy sector, emphasising that there is need for the government to intervene.

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Friday 30 October 2020

BUSINESS DAY

business south-south COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

Enugu trade fair complex to receive FG’s attention, as FMITI visits site REGIS ANUKWUOJI, Enugu

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he Enugu International Trade Fair complex may have finally received the attention of the Federal Government, as the permanent secretary of the Federal Ministry of Industry, Trade and Investment (FMITI) has undertaken a tour of the vast complex which has hosted the trade fairs for more than 30 years.

After the tour, the permanent secretary held a meeting with the leadership of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) organisers of the annual Enugu international trade fair.

The FMITI permanent secretary was represented by a director in the ministry on the working visit, which had never happened for several years, despite repeated cries by the entire business community of the south east. Their calls had been that the Federal Government should, in the spirit of equity, construct a standard international trade fair complex for Enugu (which oversees the whole of the south-east geopolitical zone) just like Lagos (for the southwest) and Kaduna (for the north).

The delegates from Abuja, after inspecting the vast land of

Enugu University of Education ground-breaking by Ugwuanyi

the Enugu international trade fair complex, confirmed that the area is highly underdeveloped, with the only noticeable infrastructure being the perimeter fence, and a number of lock-up stores in front

of the complex.

They also used the opportunity to visit many other industries in Enugu State, among which are: Copen Group and Juhel Nigeria Limited whose owners, Ugo Chime

and Ifeanyi Okoye were former presidents of ECCIMA at various times. They expressed concern that the Chamber of commerce has had series of promises in the past on the development of the

complex without any result.

Chime and Okoye implored the permanent secretary to do well to keep to his promises on the development of the Enugu trade fair complex.

Okoye however, thanked the FMITI for a recent waiver given to his company to start importing a particular raw material that Indorama Eleme Petrochemicals was importing and reselling to them.

The Chamber also appealed to the Federal Government to support their companies and other manufacturers in the South East with waivers on import/ custom duties on relevant raw materials and machinery. They noted that importers that cut corners to import finished goods are now selling at cheaper rates, thereby undercutting genuine local manufacturers.

They stated that high cost of clearing and handling of imported raw materials remains one of the major challenges of manufacturing in Nigeria. Some other industrialists at the meeting were: Eric Chime who is the chief executive officer of Rico Groups, and also C.O. Ubah, the general manager, Innoson Technical company.

The FMITI delegates visited a number of factories in Enugu metropolis, and were impressed with the levels of industrial activities going on in the companies.

Covid-19: over 60% of SME workers in Enugu disengaged – findings REGIS ANUJWUOJI, Enugu

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indings have shown that about 60 percent of workers engaged by small scale industries in Enugu State have been disengaged between March to October 2020.

This is as a result of harsh economic situation experienced by the industries as a result of Covid-19 pandemic, which has forced many companies out of business, thereby being unable to meet workers’ salaries commitments.

Speaking in an interview with BusinessDay on post covid-19 and its effect on small scale business operators in the state, the chairman of Enugu East Sachet Water Producers Association of Nigeria (SWAPAN), Tony Edike, said it was an experience one would not like to remember.

He said that the Federal Government has done nothing practically to encourage small scale

business operators in the state, despite all the noise made on pages of newspapers and the electronic media over palliative or financial support to encourage companies.

The SWAPAN chairman explained that over 70 percent of workers engaged by the small scale industries in the state are as of today roaming the streets of Enugu looking for what to do, because their employers could no longer pay for their services.

“The situation we found ourselves since Covid-19 started has not been favourable to SME operators, particularly the manufactures, because of the high cost of materials that has doubled their prices,” Edike said.

He said those in the sachet water production in Enugu have seen prices of materials gone up by over 200 percent. He said they source most things, including water, from 9th Mile of the city.

“Much of Enugu city is covered www.businessday.ng

by coal deposits, so we have to source for our water. Other materials like waterproof rolls, packing bags have had their prices gone

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up astronomically, to the extent that the cost of producing a bag of water is very high. Our challenge is that water is very essential to

@Businessdayng

life, so if you increase the price many people would not buy and would prefer drinking from unclean sources, which could lead to contracting one sickness or the other,” he said.

According to Edike, the sachet water producers association in Enugu has been crying out for assistance from government to support them within the period, but nothing has come their way so far, in the name of palliative. “Even after a series of applications to the authority concerned, we didn’t see any response,” he added.

He lamented that all the Federal Government intervention funds to cushion the effect of Covid-19 are not seen by his members. “My members who applied were not considered fit to get the support,” he said.

He appealed to Federal Government to target the small-scale industries to grow the nation’s economy.

Friday 30 October 2020

BUSINESS DAY

27

interview Telecom sector: ‘An opportunity for landlords to contribute to the economy in a global pandemic’ Okim-Alobi Oyama is the brand manager of Pan African Towers, an indigenous telecom infrastructure company that started business operations in 2018. In this interview, Okim highlights the role of landlords in contributing to the global economy, especially during this pandemic. He says there is a need for the sensitisation of landlords to think about telecommunication when developing properties as this could help them make adequate provisions that could foster bridging the telecom infrastructure gap in Africa, especially as the demand for data and digital services surges. Excerpt:

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he impact of coronavirus on the global economy The year 2020 is a year that will never be forgotten in the minds of generations all over the world as the coronavirus (COVID-19) has disrupted economic and social activities globally. According to the Cable News Network (CNN) over 11.5 Million people globally have been infected by the coronavirus with more than 537,000 people losing their lives to this virus as at July 5th, 2020. The highly devastating virus has disrupted economic activities, throwing the world in a global recession as more than 30 million people lost their jobs in the United States and the price of crude oil crashed to less than $20 per barrel during the lockdown. According to Statista, over $810 Billion have been lost from business travels and the stock market has also suffered a tremendous fall as the Dow Jones recorded its highest single day low, losing about 3,000 points on March 16, 2020. In an April 7, 2020 article, the BBC reported that over 81% of the global workforce of about 3.3 Billion people have had their workplace fully or partly shutdown as a result of the restrictions imposed by governments of various nations across the globe. According to the International Labour Organisation, about 1.6 Billion people in the informal economy could see their livelihoods destroyed as a result of the lockdowns globally. This is to say that not only are people in the formal sector losing their jobs due to the impact of the virus on the economy, but those who depend on the informal economy, who work day-in, day-out on the streets for their livelihood, will also be affected by the impact of COVID-19.

In an April 16, 2020 CNN special report on “With people out of work, food banks are stepping up”, people were seen to be queuing in drive through open food vendors looking for food to eat. A lot of people can no longer feed at home and now rely on open food charities, situated on the streets to feed in order to survive.

In fact, the CNN in its May 8, 2020 article titled “Record 20.5 million American jobs lost in April. Unemployment soars by 14.7%”, reported that over 20.5 million people have lost their jobs according to the Bureau of Labour Statistics.

How will the telecommunication industry fare?

Several sectors like Agriculture, Aviation, Manufacturing, Textile, Tourism, Energy, Mining, Automobile, Transportation, Finance, Construction, have all been affected by the coronavirus pandemic as people in these sectors have lost their jobs with a lot of companies and businesses in these sectors filing for bankruptcy. At a time where the global economy has been seriously hit by a devastating recession, one sector could stand the test of time and help the world connect with one another. According to a report on

nual payments depending on the location and the terms of contract.

Some landlords may sell the spaces required by the towercos and get a one-off payment for such outright purchase. Towercos pay these landlords in order to erect their towers at the acquired locations. This means that towercos need the landlords for them to build their infrastructure and provide services to mobile network operators and internet service providers.

“COVID-19: What it means for the telecommunication industry: Pwc” by the Price Waterhouse Coopers (PWC), the company stated that the telecommunication industry could benefit from the ongoing shift to remote work as this will drive demand for networking infrastructure and connectivity.

As businesses are shutting down office operations, with social distancing being recommended by the World Health Organisation as an effective strategy to reduce the spread of the COVID-19 virus, businesses have resulted to working remotely and people have turned to the internet as a way to connect with their colleagues, friends, families and coworkers. This new shift in the modus operandi of business organisations and social activities, has triggered a tremendous increase in the demand for data and voice calls in order to connect with partners, friends and family members in different parts of the world. The telecommunication sector has experienced a tremendous boost economically as telecom companies globally have recorded growth and development during this coronavirus outbreak. In Nigeria, the industry accounted for 14.3% to Nigeria’s GDP as at Q2 2020. In spite of this contribution, towercos were faced with the challenge of supply chain disruptions which delayed the roll-out of new sites. Also, even though telecommunication was captured under essential services that was allowed to move during the lockdown, it was very difficult for site Engineers and other workers to move freely to the sites which posed a lot of challenges for towercos in Nigeria. These challenges coupled with forex volatility, increase in CAPEX and OPEX significantly impacted revenue generation for towercos.

The telecommunication industry is a very dynamic market where technology keeps evolving, metamorphosing the dynamics of how mobile networks and data services www.businessday.ng

are provided to private individuals, government and organisations. In today’s global world, telecommunication drives all spheres of the economy from finance, ICT, media, agriculture, real estate, health, maritime, just to mention but a few. It is practically impossible for any sector to operate without being synced to the telecommunication industry. The industry is so integral because it helps to create the ambience whether virtual or reality for businesses to thrive. It fosters communication between individuals, organisations, groups, and the likes, from diverse parts of the world. The importance of telecommunication in the polity and scheme of things cannot be overemphasised as today’s world is practically run by the players of the telecommunication industry as they determine how information is transmitted and conveyed between parties.

The importance of landlords in driving telecommunication services For telecommunication services to continue to improve; tower companies (Towercos), mobile network operators (MNOs) and internet service providers (ISPs) must continue to research for new opportunities, explore innovations and must invest heavily for the future.

The services of mobile operators and internet service providers are tied to the tower companies which must build the infrastructure they need. This therefore means that tower companies must continue to erect formidable infrastructures for other telcos to do business. If tower companies must erect these infrastructures, they need sites in form of spaces that will provide telcos with the infrastructure they need to provide networks and data services to the populace.

The spaces they need to build their sites are owned by landlords who prefer to lease these spaces out to towercos in exchange for an-

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The need to sensitise landlords and property developers to incorporate telecommunication when developing properties As a result of the importance of the landlords to the towercos, it has become integral to sensitise landlords on why they must have telecommunication in mind when erecting buildings. For example, in highbrow urban centres, most developers choose to construct three to ten-storey buildings and even sky-scrapers. It is recommended that such property developers plan the structure to include spaces on the rooftops which could be used by towercos. Rather than build a greenfield site in such locations, it will be easier and cost effective to erect a miniature tower on the rooftop. This is because there are certain guidelines and safety nets or principles towercos must adhere to, to erect a site.

Some landlords have entertained certain myths and make-beliefs that tower sites are dangerous to the human health. As a matter of fact, some landlords believe that tower sites emit radiation that could cause cancer and brain damage and so most of them do not even see the need to consider having tower sites on their property as a result of this mythology. In fact, some of them think that they could have body fatigue, sleep/memory disorders, joint pains, hearing problems and even cardiovascular complaints, as a result of siting towers on their properties.

In reaction to these myths and fears, the American Cancer Society, has categorically stated that there is no correlation between cancer and cell towers. In fact, the radiofrequency waves (RF) cannot damage your brain or expose you to a high risk of diseases including cancer. Studies have shown that while RF waves are linked to increased tumor activity in rats, it will require extremely high exposure over a long period of time for rats to develop tumors. Mobile phones, cell towers and other sources of these waves do not emit that level of radiation that is tumorous like gamma rays, x-rays and UV rays. Just as the American Cancer Society have made these findings, the Cellular Operators Association of India and the Indian Department of Telecommunications have also confirmed the lack of inconclusive evidence to fully demonstrate health issues being triggered by mobile towers. They report that since antennas are mounted at a higher altitude @Businessdayng

atop the mobile towers, the health hazards posed by the cell towers is trivial at the ground level. And since waves are transmitted intermittently from these towers, the danger is not ubiquitous. Landlords need to know that it is safe to site towers at their residences.

With this, it is safe to have towers built around residences without the landlords having to worry about safety issues and health implications and other biohazards. As a matter of fact, one is more likely to face high levels of RF waves from their own cell phones and leaking microwaves rather than the cell tower sites. There has been no substantial evidence that establishes a valid link between RF waves and cancer, brain damage or other diseases. These myths or make-beliefs need to be meticulously debunked and landlords must be sensitised to know that it is safe to have towers built on their properties.

Asides from the fear of radiation from RF waves, exposure to carbon emissions from using dirty fossil fuels like diesel to power cell sites, is another precipitating factor why landlords are scared of letting towercos erect cell towers on their properties. It is conspicuously veracious that exposure to carbon emissions is hazardous to the human health and environment. However, towercos are beginning to become innovative in seeking alternative green sources to power their cell sites. These days, towercos are exploring alternative clean green energy. They are now using solar panels to convert sunlight into electrical energy in order to power cell sites. Pan African Towers is already exploring this alternative energy sources as the company entered into a $20 Million deal with First Watt Renewables, a Canadian firm to generate clean green energy to power its sites using solar panels.

These panels do not emit carbon or any greenhouse gas that will have a negative effect on the environment.

Also, these are silent and do not make noise which means landlords can still enjoy the benefit of leasing out their properties to towercos and not get exposed to noise pollution or air pollution since these alternative green energy sources are clean, seamless and environmentally friendly. Landlords have absolutely nothing to worry about when towercos approach them for a lease.

In fact, landlords have to become proactive when developing their properties and erecting buildings.

They should always think ahead by making provisions for towercos to set up their cell sites, so they make it easy for the engineers to conform with the safety standards and erect cell structures. If landlords are sensitised enough about how safe it is to erect tower infrastructures on their properties, they will begin to plan ahead in erecting future buildings to accommodate the installations of tower sites either on rooftops or on the ground. If they do this, it makes it easy for the Engineers to install these towers without facing much encumbrances which could impede high quality service delivery.

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Friday 30 October 2020

BUSINESS DAY

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Friday 30 October 2020

BUSINESS DAY

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News

Nigeria’s CcHUB acquires another Kenyan start-up, eLimu FRANK ELEANYA

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arely one year after it took control of Kenya’s foremost incubator and accelerator iHub, Nigerian-based CoCreation Hub (CcHUB) has again moved on to another tech company in the East African country, eLimu.

The acquisition of eLimu, a digital educational content provider in the East Africa region, interestingly, was perfected by iHub on behalf of CcHUB. A statement by CcHUB says the goal is to transform eLimu into the digital education platform arm of the company. The move may also be part of a growing trend by Nigerian tech founders to grow their frontiers beyond Africa’s largest economy notoriously plagued by insecurity, high foreign exchange volatility, and a business policy environment that is seen as stifling small businesses.

Kenya, with its 51 million population, is seen as one of the few relatively stable economies on the continent that is actively encouraging tech businesses. eLimu, according to the statement, will continue to focus on leveraging cutting edge technology to create interactive and engaging learning content customised to the African context, which will be initiated using the existing apps. The acquisition will enable eLimu scale the apps beyond Kenya.

CcHUB has actively supported EdTech businesses and has also floated a digital education company known as Re:learn, a platform that helps students and schools use technology in smart ways

to enhance learning.

“Education is the bedrock of healthy societies,” ‘Bosun Tijani, co-founder/ CEO, CcHUB, said, noting, “As we continue to contribute to shaping the innovation ecosystem in Africa, accelerating the application of innovation and technology in improving education outcomes will be crucial to driving our overall agenda.” eLimu has an existing audience of approximately 500,000 teachers and learners. With Covid-19 pushing up interest in eLearning, eLimu says it has seen unprecedented growth rates in recent times.

Some of the services include revision and literacy platforms that make learning fun and engaging for curious children both at school and at home. The combination of engaging content with proven methods and practice of teaching has ensured that learning outcomes on eLimu improve dramatically for over 500,000 learners. eLimu also has literacy apps for 6 and 7 year-olds that include dozens of stories written by Kenyan teachers, illustrated by artists across East Africa, and read by voice actors and celebrities, such as Caroline Mutoko, famously known for hosting a morning breakfast show on Kiss 100 FM. The stories cover different aspects of learning including letter tracing, spelling, and sentence making exercises. The eLimuplatformalsohasdifferent translationssuchasEnglish,Swahili, Somali, and Lugbarati. The companynotedanindependent study in Dadaab refugee camp, whichindicatedprogressinreadingfluencythreetimesfasterthan the control group.

N75bn youth investment fund: CBN to fund NIRSAL MFB with N12.5bn seed capital Hope Moses-Ashike

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IRSAL Microfinance Bank (MFB) has been chosen as the sole eligible participating financial institution for the disbursement of the N75 billion Nigeria Youth Investment Fund (NYIF), according to the Central Bank of Nigeria (CBN) in a framework released Wednesday.

Consequently, the CBN said the NIRSAL MFB window shall be funded with an initial take-off seed capital of N12.5 billion. The NYIF aims to financially empower Nigerian youth to generate at least 500,000 jobs between 2020 and 2023.

The Federal Executive Council on July 22, 2020, approved N75 billion for the establishment of the NYIF for the period of 2020 – 2023 dedicated to investing in the innovative ideas, skills and talents of Nigerian youth, and

to institutionally provide the youth with a special window for accessing much needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.

Objectives of the scheme include improve access to finance for youth and youthowned enterprises for national development; generate much-needed employment opportunities to curb youth restiveness.

It is also expected to boost the managerial capacity of the youth and develop their potentials to become the future large corporate organisations.

Eligibility criteria for accessing the fund include, a youth that is within the age bracket of 18 to 35 years, a youth that has business/ enterprises domiciled and operational in Nigeria, has not been convicted of any

Continues on page 30 www.businessday.ng

T-bills rates plunge below 1% as investors post record N667bn unsuccessful bids … real return dips further to -12.73%

Endurance Okafor

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ore than N667 billion worth of unsuccessful transactions were recorded at the Nigerian Treasury Bills (T-Bills) auction conducted Wednesday by the Central Bank of Nigeria (CBN) on behalf of the Federal Government of Nigeria (FGN), as excess liquidity drags for limited investment instruments.

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

“There is strong liquidity in the market but not enough investment vehicles,” Ayorinde Akinloye, a research analyst at

CSL Stockbrokers, said.

Investors bid at rates as low as 0.18 percent, 0.4 percent and 2.3 percent on the 91-day, 182-day and 364-day bills, respectively.

Subsequently, the apex bank settled it stop rates at 0.34 percent, 0.5 percent for the 91-day, and 182-day maturities, and 0.98 percent for the longer 364-day instrument, a further drop from the previous stop rates auction of 1 percent each recorded for

the 91-day and 182-day and the 2 percent for the 364-day in the previous auction.

With a 30-month high inflation rate at 13.71 percent in September, real return on investment for T-bills plunged to -13.37 percent for the 92-day instrument, -13.21 percent for boththe182-daymaturity,while the longer 364-day instrument hadrealreturnof-12.73percent.

The stop rate reported

Continues on page 30 L-R: Chinyaka Ohaa, permanent secretary, Federal Ministry of Power; Sale Mamman, minister of power, and Joe Adewumi, director of finance and account, Federal Ministry of Power, during their budget defence before House of Representatives Committee on Power at the National Assembly Complex in Abuja. NAN

Nigeria faces more economic pain as oil prices hit four-month low DIPO OLADEHINDE

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anic is beginning to spread through the oil market as the price of Brent, the benchmark for Nigeria’s crude oil, fell to a four-month low on Thursday, as markets continue to struggle with oversupply due to growing lockdown restriction across Europe.

On Thursday, Brent dropped 3.5 percent to $37.75 a barrel in London, the lowest since May 2020, while US crude dropped by 3.6 percent, to $36.

The market bearish signs areprimarilyduetoarapidrise in global coronavirus infections as two of Europe’s biggest economies (France and Germany) reinstated some form of national lockdown.

There are already signs that road use in Europe is slumping, weighing on oil consumption as more than 5 million new Covid-19 cases were reported worldwide in the last 14 days, setting a new record since the pandemic started early this year.

Countries such as Switzerland, Italy, Bulgaria and Greece have closed or otherwise clamped down again on nightspots and imposed

other restrictions such as curfews and mandatory mask-wearing. Madrid and other parts of Spain banned all but essential travel in and out of their regions.

“The increase in oil production led to an unexpected build of crude oil, and given the additional lockdowns we are seeing in Europe, that is just further heaping bad news on the oil market,” noted Andy Lipow, president of consultancy firm, Lipow Oil Associates.

Apart from second Covid-19 wave threatening oil demand, other market bearish signs include rising US inventories and increased oil supply from Libya.

This development will not only threaten the financial stability of Nigeria’s 36 states who are heavily reliant on federal allocations to pay their bills, but also significantly hamper the implementation of the federal budget, putting an already battered economy in worse shape.

“Nigeria’s current account deficit and the exchange rate will remain under pressure longer than expected and have a negative effect to different upstream

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projects across the country,” Charles Akinbobola, analyst at Lagos-based Sofidam Capital, said.

Data compiled from the breakdown and highlights of 2020 budget performance presented by the minister of finance, budget and national planning, Zainab Ahmed, showed that in the first seven months of 2020, Nigeria recorded N2.5 trillion in revenue and spent about N6.25 trillion creating a record budget deficit of N3.7 trillion.

This triggered the first wave of devaluation in March 2020, as the Central Bank of Nigeria (CBN) devalued the naira by to N381 per dollar following the crash in oil receipts, Nigeria’s major foreign exchange earner, after initially devaluing from N306/$, where it had been for over two years, to N360/$.

The Covid-19 pandemic also affected the income of Nigerians living abroad and looking to send money to loved ones back home, as Q2 2020 data showed Nigeria recorded the lowest remittances from abroad since 2008.

According to the data @Businessdayng

from the CBN, remittances fell to $3.3 billion in the second quarter of the year way lower than the average of $5.8 billion per quarter remitted to the country.

Also, investment inflows into Nigeria fell to a threeyear low in the second quarter of the year, plunging to $1.29 billion, as the fall out of the global pandemic and a huge drop in oil price and production, heightened economic uncertainties in Africa’s most populous country.

Nigeria has also waited agonisingly for the now elusive $1.5 billion World Bank facility, which it had hoped will help shore up its external reserves.

Already, poverty has more than doubled in the last five years, placing Nigeria ahead of India as the poverty capital of the world, despite having less than a third of India’s population, according to a Brookings Institution report.

The Nigerian economy contracted by 6.1 percent in Q2 2020, from a growth of 1.87 percent in the preceding quarter, to record its worst quarterly performance on record, the National Bureau of Statistics noted.

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Friday 30 October 2020

BUSINESS DAY

news Distribution of 900,000 free electricity ... A week after Lekki shooting, wounded...

Continued from page 1

ing outfit.

The government is set to roll out 6 million meters for all connection points on grid without meters over the next 18-24 months. It is estimated that this will impact 30 million power consumers.

There are scheduled simultaneous launch of the event across the country, and would have in attendance representatives from the Kaduna, Kano and Lagos governments, the Senate Committee and House chair on Power will attend some of the events with Organised Labour and Civil Society Organisations.

BusinessDay understands that the Nigerian Electricity Regulatory Commission (NERC) will in days issue an order on tariff on the basis of the agreement between the Federal Government led by the secretary to the government and the minister of labour on one hand and labour leaders on the other.

NERC has already had meetings with senior government officials, owners of the DisCos and the Central Bank of Nigeria to pave the way for the implementation of the agreement on self-reflective tariff for the power sector.

Sources with knowledge of the meeting told BusinessDay that the agreement between the Federal Government and the labour unions on tariff would now come into effect from November 1, along with the distribution of prepaid meters to customers.

According to the terms of the agreement with labour, electricity customers across Bands A-C, who saw a tariff increase, will enjoy different levels of discount ranging from 10-30% on the value of the increase. Bands D and E customers will have their tariff frozen.

BusinessDay now understands that this agreement will be implemented as from November 1, and not January next year, as was previously reported.

Following a threat of strike by labour unions in September, NERC issued an order suspending the implementation of the Service Reflective Tariff (SRT) for 14 days. That initial delay may have cost the government about N25 billion as subsidies within that period.

Few days before the expi-

ration of the suspension order, the Federal Government said it had acceded to the demands by labour unions to provide some form of relief for Nigerians facing difficulties on account of Covid-19, by providing N5 billion monthly subsidy till December.

In the deal seen by BusinessDay, the Federal Government agreed to a two-phased approach to solving the impasse - a short- and mediumterm solution.

The immediate solution will see the Federal Government pay N5 billion monthly as subsidy till December 2020, while the short-term approach involved reviewing the basis upon which the SRT was increased, auditing the revenue of DisCos and evaluating gas pricing.

The Presidential Metering Initiative will be handled in three phases. In the first phase, there will direct financing of all meters ready for quick deployment, including meters at the ports, those in-country available stock, committed orders

by MAPs between September 2020 and April 2021.

In the second phase, the CBN financing and procurement targeted exclusively at local manufacturers and assemblers will be concluded in the fourth quarter of 2021.

The last phase would be the World Bank International procurement, which gives a 20-percent buffer allowance to local manufacturers to order to improve their competitiveness and encourage joint ventures with local companies by December 2022.

The project is expected to cost about $405 million and the World Bank is providing $200 million while the CBN will provide the balance of $205 million.

The World Bank will spend the $200 million bulk procurement of meters under the proposed Nigeria Distribution Sector Recovery Programme.

Under the World Bank proposal, Chinese meter manufacturing companies would be contracted and allowed to import between 3 million and 6 million meters to close the metering gap.

The World Bank bulk meter procurement would be a loan to the Federal Government to be paid back by electricity customers and the Federal Government.

N75bn youth investment fund: CBN to...

Continued from page 29

financial crime in the last 10 years, has a valid Bank Verification Number (BVN), and possesses local government indigene certificate.

The framework stated that applicants currently enjoying NIRSAL MFB loans, including the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are not eligible to apply.

Beneficiaries of other gov-

ernment loan schemes that remain unpaid are also not eligible to participate.

A huge percentage of youth are engaged in the informal sector. Accordingly, the NYIF will facilitate the transition of informal enterprises owned by youth into the formal mainstream economy where they can be supported comprehensively, build a bankable track record, and be accurately captured as active participants in economic development. www.businessday.ng

Continued from page 1

foreigner in his system and that requires a cardiothoracic surgery, which the trauma centre lacks the specialty to perform.

The young man now nurses the thought of living with the bullet since he can’t raise the fund for a surgery in the short or medium term.

Ukala, a trader in electronics and phone accessories

Grandville Trauma Centre

Okupwe, a Lagos commercial bus driver, was among hundreds of protesters unfazed at the sight of solders at about 6:45pm on Tuesday, October 20, 2020.

Patrick Ukala, another victim with a bullet still stuck in his right arm, told BusinessDay during a visit to the hospital that the protesters had surged forward with Nigeria’s national flag, believing it could save them from terror.

Okupwe was the first to collapse, Ukala recalled. But Ukala continued to wave the flag, now in fury and bitterness.

In the twinkling of an eye, that same hand raising the flag was pelted by bullets rained in the dark.

“I was there for 12 days before the shooting. It was the 13th day of the protest, around 6:45pm, that the soldiers started shooting from

within Ajah, is a 25-year-old father of a four-month-old daughter. To him, joining the protests was his way of lending his to deliver a Nigerian society free of police brutality in the least.

Surprisingly, he remains undaunted after being shot at.

“I still believe in Nigeria and I know that Nigeria will be greater now than before.

The struggle has just begun.

So many people will die, but we must make sure the country will be okay. I don’t mind losing my life. That is why we are fighting for it,” he told BusinessDay. He is among those rescued

by Ideh Chukwuma initially and moved to Reddington Hospital, and later to Grandville.

Of about 13 victims taken to Grandville, Nicholas Okupwe, Patrick Ukala, John Harrison, Samuel Ashola were

Patrick Ukala

Sandfill Bus Stop. Suddenly, Nicholas lost his foothold, and many others collapsed,” Ukala reminisced.

“When the bullet hit me, I felt my arm has scattered. I still can’t feel my hand. It is as if it is not part of me,” he said.

yet to recover.

Anonymous help Nigerians who feel connected to the spirit of the protest have been visiting the hospital to offer help to the victims.

While some brought food, drinks and cash, others prom-

T-bills rates plunge below 1% as...

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in the auction results from the Nigerian treasury bills primary market for the week, October 28, 2020, is the least BusinessDay has reported since it started tracking the data in August 2016.

“I think the question now is that will investors still bid at 0.01%? You can see the aggressiveness in the range of bids. It is ridiculous,” Ayodeji

Ebo, senior economist/head, research and strategy, Greenwich Merchant Bank, said.

Investors jostled for the N154.37 billion the CBN sought to raise at the auction with N821.49 billion, meaning investors oversubscribed by a whopping N667.12 billion, the highest unsuccessful bids BusinessDay has tracked so far.

Further analysis of the auction result reveals that the 92-day medium-term

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ised to foot their health bills.

In a visit that coincided with BusinessDay’s, a group of four including Chioma Lina, Dabiraoluwa David, Omotayo, who were part of the agitation from inception, offered to help the victims further their recovery.

They secured Grandville’s referral of the victims to the Lagos University Teaching Hospital (LUTH) and Lagos State University Teaching Hospital (LASUTH). These are two hospitals with the specialty to complete their recovery.

But they were disappointed at LUTH where they first went. Since arriving at the hospital at about 4pm, on Tuesday, October 27, the hospital had failed to admit them on account of lack of bed space. They resorted to trying First Cardiology, a private hospital in Ikoyi.

For Okupwe, the rejection by a government hospital was a further reinforcement of his

admitted the death of two protesters and promised that the state would take responsibility for victims’ recovery, these victims are yet to receive any government aid.

With the inconsistency of facts playing out at the federal and state levels, Okupwe was especially afraid for his life in LUTH. After gathering some strength by evening, he insisted on being discharged to get treatment through traditional medicine.

“Na government hospital be this o. If nobody deh here with us, they fit just inject us and we will die. This place no secure for me,” he lamented in pidgin English.

“I’m a hard-working driver.

I don’t want anybody to tear me up for a surgery. I don’t have helper. I have told them that I don’t need doctors to remove the bullet. They can call it through a traditional method. They will command it to come out even if it is 10

A doctor making arrangment on moving the victims to LUTH and LASUTH with Sylvester Omotayo, one of the charitable Nigerians who visited to offer help.

fight for a better country.

Also, the heightened distrust for government terrified him such that he felt being admitted in a government hospital at a time when the government had been switching between denials of what transpired at the Lekki Tollgate incidence was dangerous.

Babajide Sanwo-Olu, the governor of Lagos State, had initially denied the state’s involvement in the shooting, claiming it was the ‘forces beyond his direct control.’

The Nigerian Army also denied being involved in the shooting of protesters until Wednesday when it disclosed that it was invited by the Lagos State government to intervene in the protest.

The army has only admitted presence but has not backed down on the denial of shooting at protesters despite a flurry of evidence from victims.

Even after the governor

bullets. Hospital wey security no dey. Make dem go drop me for Zanga make I die.”

Undaunted For Dabiraoluwa David, a human rights activist, striving for better governance has not been quashed. It has only been paused to grieve about the dead and lift up injured protesters. She insists that the government must be held accountable.

“We are still out there protesting. So, they should expect us. We know what our government has been doing is to kill our confidence and we the youths of today are saying our confidence is as stable as never before. We know what we are standing for, talking about and we are not keeping quiet,” David said.

“But we can’t ignore the fact that some of us are injured and down and we need to help them stabilise so that we can move forward on the cause.”

paper was oversubscribed by almost 11 times as N77.39 billion bids were reported to be unsuccessful. The central bank raised N7.5 billion in the 182-day instrument but investors were willing to subscribe with N84.89 billion.

While investors were willing to subscribe to the 182day instrument with N41.64 billion, the CBN only allotted N6 billion, meaning N35.62 billion was recorded as unsuccessful bids.

Also, the apex bank only

sold N140.87 billion worth of bills for the 364-day paper, five times less than the amount investors were willing to invest for the instrument.

Investors jostled with a subscription worth N694.96 billion and thus N554.09 bounced back as unsuccessful bids.

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

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news

WTO: Obaseki pledges support for Okonjo-Iweala

…insists she’s best for the top job IDRIS UMAR MOMOH

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do State governor, Godwin Obaseki, has reaffirmed his support for Nigeria’s former finance minister, Ngozi Okonjo-Iweala to clinch the position of the directorgeneral of World Trade Organisation (WTO).

Obaseki noted that Okonjo-Iweala’s competence and experience as a renowned economist and international development expert make her eminently suited for the WTO top job.

In a statement, the governor described the former minister as a global icon with proven leadership skills that the WTO requires to chart a new course for global trade, amid the coronavirus (Covid-19) pandemic.

Obaseki urged the United States to align with Nigeria and other nations of the world to support the candidacy of the renowned economist, as she has shown over time to possess the requisite temperament, skill-set and experience needed to lead the global trade body.

According to him, “as a twotime minister in Nigeria, Ngozi Okonjo-Iweala, with proven leadership skills, left indelible marks as an astute manager of the nation’s economy and resources.

“She has in time past spearheaded several World Bank initiatives as a former managing director (operations) and possesses the bundle of skills and experience required for the new role.

“In the light of the coronavirus pandemic, she would bring her experience as the board chair of GAVI, the Vaccine Alliance, in negotiating the right deals to deliver vaccines, build stronger alliances to promote multilateral trade and instil the needed discipline to advance development of developing economies so as to address trade imbalance.”

The governor added: “Having garnered the overwhelming support of the WTO’s 164 members, Okonjo-Iweala has moved a step closer to becoming the first woman and the first African to be DG of the global trade watchdog in its 25-year history.”

Stakeholders task FG on incentives to boost investment in gas-powered vehicle initiative HARRISON EDEH, Abuja

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takeholders have urged the Federal G ov e r n m e n t t o come up with incentives that will boost private sector investment in converting fuel stations to support gas-fired vehicles across the country.

This, they believed, would lure investors to build Compressed Natural Gas (CNG) pipeline networks. Some analysts are of the opinion that this could be done by ensuring adequate margins, tax holiday, and duty waivers.

“When you convert a car from using both gasoline and CNG, there is a cost involved. Government can help the growth or expan-

sion of such by helping to absorb the cost,” Adetunji Oyebanji, president of Major Oil Marketers Association of Nigeria, (MOMAN), told BusinessDay. The MOMAN president said “this can be done by government paying or refunding the company doing the conversion. This can be a cash payment, credit, tax relief, reduction in price of gas to create a margin to cover the cost of conversion. So these are different methods to ensure the cost is recovered.”

BusinessDay findings showed that despite applauding government’s initiative by private car and commercial bus owners who have converted their engines to use both petrol and natural

gas, the refuelling stations and cost of conversion of such vehicles have remained major hurdles not adequately filled.

The Federal Government had earlier declared the year 2020, however, the sector is yet to attract the massive investment that is required for the optimal advancement of the sector.

Senior government officials have described autogas as cheap, available, affordable and accessing, adding that it was less expensive than petrol or diesel in many countries.

Technical assistant to the minister of state for petroleum resources on gas business and policy, Justice Derefaka told BusinessDay that autogas used as an engine

fuel was the most accepted alternative fuel in the world today.

It was gathered that global consumption of liquefied petroleum gas as engine fuel, primarily autogas, has been rising in recent years, reaching 26.7 million tons in 2016.

Speaking on cost implication of converting vehicles to start using autogas Derefaka said: “The cost was between N190,000 and N250 000 depending on the vehicle. However, rickety vehicle cannot partake in this.

“When the PMS seems at N161, you will have auto gas at a range of N75 to N80.

And monthly savings for 100km daily shuttle is around N46,000. Monthly savings for 50km daily shuttle is about N23,000.

#EndSARS: Police arrest 18 ‘arsonists’ in Abia GODFREY OFURUM, Aba

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he police in Abia have arrested 18 suspects in connection with attack and destruction of properties during the hijacked #EndSARS protest in the state.

The Commissioner of Police (CP) in Abia, Janet Agbede, at a press conference in Umuahia, explained that the command also recovered one riffle with 12 rounds of live ammunition and other weapons.

She listed the places attacked and looted, by the hoodlums in Aba, to include five commercial banks, two court buildings, Aba town hall, Aba South chairman’s office, vehicle licensing office and Aba fire service. She warned other intended looters and arsonists still hiding in the state, to desist from the act or face the full wrath of the law.

According to her, despite the ban on the protest, it spread like a wildfire, across the country. In Abia, it initially appeared to be peaceful, which necessitated giving them police protection.

“However, on Tuesday, October 20, 2020, hoodlums masquerading as #EndSARS protesters, murdered two police officers, beheaded and burnt one of them to aches.

They also robbed them of their riffles.

“The hoodlums looted and burnt a building housing a unit of the police at Old Zone 6 annex in Aba. They also attempted to attack police stations simultaneously and Correctional Service Centre in Umuahia with intention to set them ablaze”.

She also debunked rumours that Fulanis in the state were plotting an attack on the people of Abia State.

Lagos approves reopening of schools from Monday

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he Lagos State Government has approved the re-opening of all classes in public and private schools across the state from Monday, November 2, 2020.

The government in a statement issued by the commissioner for education, Folasade Adefisayo, directed all boarders in public schools to resume on Sunday, November 1.

Schools in the state were shut on October 19, 2020 following safety concerns after hoodlums hijacked the

#ENDSARS violence.

Adefisayo lamented that “this has been an unprecedented year with the recent happenings that have regrettably led to frequent closure of schools with attendant learning disruptions faced by all children.”

“We pray and hope that there will be no more disruptions in the academic calendar. However, the State Government will always regard the safety of pupils/ students, parents and all staff as a matter of priority. www.businessday.ng

L-R: Tunji Olusinde, executive director, legal services/company secretary; Iheanacho Ebubeogu, project coordinator/consultant to SIFAX Container Terminal; Auwal Suleiman, director, maritime services, Federal Ministry of Transportation, and Ibraheem Olugbade, during the Federal Ministry of Transportation’s ministerial implementation committee’s visit to SIFAX Group’s new container terminal located at Ijora Causeway, Lagos.

CBN removes restrictions on refinancing of LCCI postpones Lagos Trade Fair to December total of 10 days at TBS. non-member mortgage lenders by MRC Odinaka Anudu Muda Yusuf, director-genHope Moses-Ashike

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he Central Bank of Nigeria (CBN) has removed the restriction on refinancing of mortgages of non-member mortgage lenders by the Mortgage Refinancing Companies (MRCs) with immediate effect.

This was stated in a circular to all banks and other financial institutions, dated October 21, 2020, and signed by Ibrahim Tukur, for director, financial policy and regulation department.

Consequently, MRCs are permitted to refinance the qualifying mortgages of mortgage lenders that do not hold their equity subject to compliance with all other relevant provisions specified in the framework.

The extant regulatory and supervisory framework for the operation of a mortgage refinance company provides in section 7.3.1 5 that a mortgage

refinance company (MRC) shall not, without prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than twenty times the value of the borrower’s shares with the MRC or 25 percent of its shareholders’ funds unimpaired by losses.

The CBN said this provision negatively impacts the mortgages sub-sector as it constraints the MRCs from refinancing the mortgages of non-shareholder banks.

Accordingly, “the provision of section 7.3.1 5 is hereby revised as follows: “the MRC shall not, without prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than 25 percent of its shareholders’ funds unimpaired by losses,” the circular reads.

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he Lagos Chamber of Commerce and Industry (LCCI) has postponed the Lagos International Trade Fair to December 4-13 from November 6-15 earlier scheduled.

In a statement sent to BusinessDay on Thursday, the chamber said the fair, which will feature both physical (in-person) and virtual (online) platforms, has been postponed owing to the economic disruptions brought about by COVID-19 pandemic and the recent EndSARS protests across the nation.

It said that the opening ceremony will now take place at 10am on Friday, December 4, at the Tafawa Balewa Square (TBS) Onikan, Lagos. On the other hand, the closing ceremony is slated for Sunday, December 13, at the same venue by 3pm. The trade fair, as usual, will run for a @Businessdayng

eral of the LCCI, said the chamber’s resolve to hold the 2020 edition of the fair is in line with the need for quick restoration of normalcy in the economic and commercial activities in Lagos State and support for the ongoing ‘Protect Lagos’ campaign, which is geared towards rebuilding the state.

“In addition to the general interest fair, the annual international business expo will also feature special days for corporate organisations to showcase their inventions, innovations, and sustainability initiatives simultaneously with the fair. The focus, this year, is to facilitate trade and chart a way forward for the economy to exit the impending recession.”

Yusuf noted that the exhibition will facilitate networking among the players and visitors.

“The Fair is expected to attract a huge traffic of visitors

BUSINESS DAY Friday 30 October 2020

By Kemi Ajumobi

Kemi@businessdayonline.com

www.businessday.ng

Women in Business Funmi Roberts

Taba Peterside

F

W

Founder/Principal Partner at Funmi Roberts & Co

unmi Roberts is the Founder and Principal Partner of Funmi Roberts & Co. a leading female-owned law firm with expertise in diverse areas of legal practice and offering quality legal services with the mission to, at all times, exceed their clients’ expectations.

She is an astute leader with outstanding track record in mobilising for corporate and public sector reform, with excellent communication and interpersonal skills. Funmi, once a lecturer at the faculty of Law, University of Ibadan, is recognised and respected both within and outside the legal profession for her legal, administrative and organisational skills, has the profound ability to utilise her excellent analytical skills to achieve defined impactful objectives and develop novel strategically designed solutions to challenges.

Having graduated top of her class both for her first and masters law degrees, and also at the Nigeria Law School, and gained profound and in-depth experience as a corporate commercial law Lawyer, Funmi has utilised her considerable leadership, strategic and organisational skills to grow Funmi Roberts & Co. from a single room Chambers in Ibadan into an internationally recognised law firm with impressive Chambers in Ibadan and Lagos, with focal point in the Federal Capital Territory, Abuja, as well as several international collaborating law firms.

Funmi Roberts, a dispute resolution expert of no mean repute, is a member of the Nigerian Bar Association and has served as a member of the highest decision-making body of that umbrella organisation for lawyers in Nigeria (NECNational Executive Council). This is apart from serving as a member of Council for the Section on Business Law. Funmi is a member of the International Bar Association, Arbitral Women, Maritime Arbitrators Association of Nigeria, Society for Corporate Governance, Nigeria, Kigali International Arbitration Centre Panel of International Arbitrators (KIAC), International Association of Restructuring, Insolvency & Bankruptcy Professionals,

CEO at Waveline Growth Partners

Business Recovery and Insolvency Practitioners of Nigeria (BRIPAN) Institute of Directors, International Chamber of Commerce Commission on Arbitration & ADR and so on.

She is a Fellow and tutor of the Chartered Institute of Arbitrators, U.K, a trainer, Accredited Mediator and member of the Global Mediators of the U.K-based Centre For Effective Dispute Resolution (CEDR).

Funmi adds value to the several corporate boards she sits on as director and she is a member of the Governing Board of the Oyo State Multidoor Courthouse, Lagos Court of Arbitration amongst others. She is also the Chairman of the National Committee on the repeal and re-enactment of the arbitration governing law in Nigeria, that is, the Arbitration and Conciliation Act CAP A18 LFN.

aveline Growth Partners is a micro lender that is focused on supporting small businesses to promote financial inclusion and economic empowerment.

In addition to providing loans, the company aims to add value through extensive use of technology, and promoting financial literacy through a suite of innovative products. Its lending products are provided under the name “Credit Flex”.

Taba has extensive international senior management experience in financial markets, DFI technical assistance programmes and financial sector regulation.

She has a wide peer recognition as an authority on the Nigerian capital markets.

She is proficient in French and has exceptional analytical, communication and interpersonal skills, evidenced by an outstanding and consistent record of delivery.

With varied experience on boards and governing councils, including crisis management and intervention in troubled institutions, she constantly seeks to deploy this experience to NED positions, particularly in companies with a regional or global footprint.

As former General Manager, Listings Sales & Retention at the The Nigerian Stock Exchange (NSE), she was responsible for bringing new companies to list and increasing the value added to existing listed companies, for instance, through the provision of a range of value added services in areas such as governance, independent equity research and investor relations.

Her achievements while there included listing of the first pure play upstream oil and gas company in the first simultaneous IPO with the London Stock Exchange; publication of The Exhange’s first comprehensive guide to listing.

For Taba, microfinance is sadly saddled with a reputational deficit in Nigeria for a variety of reasons. As an example, she says too many people have been burnt by schemes where itinerant scammers posing as loan officers wander around markets collecting the “upfront” payments that are a feature of the sector,

promising disbursement in a number of days, only to disappear into thin air.

“In our early days, we had market women coming to our offices, after meeting us for the first time in a market, just to verify that we actually exist before parting with any cash. A humbling experience – nothing like that to put you in your place” She said.

It is Taba’s view that financial literacy cannot be ignored. She admits that it is more complex than it may appear and as such, a big part of her mission is to engage with the communities where they do business, and impact them positively and also promoting financial inclusion through encouraging the opening of bank accounts is one aspect of this.

Taba has a Bachelor’s Degree in Economics from The University of Kent and a Master’s Degree in Development Economics from Dalhousie University

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