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news you can trust I ** friDAY 20 march 2020 I vol. 19, no 524

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Nigeria confirms 4 new coronavirus cases as index case tests negative ... 2 of new cases came in via Turkish, Lufthansa Airlines … Katsina suspected case tests negative as result of UK returnee in Ibadan out today JOSHUA BASSEY, ANTHONIA OBOKOH (Lagos) & REMI FEYISIPO (Ibadan)

igeria on Thursday confirmed four new cases of coronavirus, bringing the number of people who have been infected with the deadly disease in the country to 12. Akin Abayomi, Lagos State commissioner for health, announced that 19 people were tested for coronavir us on Wednesday in Lagos and four out of them tested positive to the virus and had been isolated for treatment at the Infectious Disease Hospital (IDH), Yaba area of Lagos, Southwest Nigeria. The state government is currently following up over 1,300 contact cases, he said. Abayomi said the first of the four new cases who tested positive to the disease was a woman who had contact with the woman who came from the UK some days ago who also tested Continues on page 34

See fuller coverage on pae 35

Inside

Things to do if you want to self-isolate for coronavirus P. 35

L-R: Binos Yaroe Dauda, vice chairman, Senate Committee on Capital Markets; Mary Uduk, Ag. director-general, Securities and Exchange Commission (SEC); Ibikunle Amosun, chairman, Senate Committee on Capital Markets, and Bola Onadele. Koko, CEO, FMDQ Group, during the Senate committee’s visit to FMDQ Group.

Why FG is worried about hefty borrowing from CBN LOLADE AKINMURELE

igeria’s Federal Government acknowledged its unhealthy reliance on central bank (CBN) loans by announcing plans to securitise the existing loans and take them off the CBN’s stretched balance sheet.

The CBN’s net financing to the Federal Government stood at N4.4 trillion as at August 2019 from less than N400 billion in December 2018, according to most recent CBN data, the highest bailout since 1999. For context, N4.4 trillion is equivalent to the entire FG’s 2014 budget and over a third of the 2020 budget. The figure is

also 15 percent more than the FG’s total revenue in 2018. This massive expansion of the CBN’s balance sheet is not the only problem such excessive lending causes. Pumping so much liquidity into the market has negative implications for the exchange rate as it boosts naira supply and could see the CBN dig even

deeper into already thinning external reserves to defend the naira against all odds. It also crowds out the private sector, which in turn starves the economy of new investment and jobs. Added to the negative economic consequences, lending so much to the Federal GovernContinues on page 34

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news COVID-19: MSMEs face mounting pressure as Chinese supply chains vanish Faminu Gbemi

ercyOwolabi, a 28-year-old entrepreneur, woke up to news of a SARS-like disease in Wuhan, China, in January. Less than a week after, she was having difficulty restocking her products because her suppliers in China had shut down operations. “When the pandemic started, my suppliers were initially responding but I can’t reach them anymore,” Owolabi tells BusinessDay. “I am running out of stock and there is no opportunity for me to restock because I cannot travel and logistics have suspended operations as well.”

In the coming weeks, Owolabi would add actuate demand shortage to her list of worries as Nigeria implements stricter social-distancing measures to curb the disease that has so far affected 12 people in the country. She tells BusinessDay her operating costs are still high because she has to keep her generators running, pay for electricity and other similar bills. “But I am not making sales like before and I could as well just sit at home till this whole crisis goes away,” she says. Owolabi is one of many micro, small and medium scale business owners in Nigeria who are being hit hard by the impact of the coronavirus on economies around

the world. In Nigeria, Micro, Small and Medium Scale Enterprises (MSMEs) account for 90 percent of all businesses in the country and contribute to 50 percent of GDP. But these businesses, which run with capital as little as N50,000 to N1 million, face the risk of suspending and possibly shutting down their operations following the outbreak of the coronavirus. The pandemic outbreak started from China, a major manufacturing hub and one of the world’s largest trading partners (Nigeria inclusive), especially for import and export activities both of which account for a major part of the country’s business activities. Data from the National Bu-

reau of Statistics (NBS) show that as of the third quarter of 2019, imports from China stood at N1.22 trillion while capital importation from China stood at $26.95 million. A national survey of MSMEs conducted by the NBS in 2017 shows that the country has 41.5 million MSMEs scattered across various sectors. The data also affirm that about 73 percent of these MSMEs fully engage in wholesale and retail trade activities with China as a principal partner. In addition to the supply struggle of goods, the COVID-19 outbreak also instigated a pendulum-like movement on oil prices which currently stands at $26.27 per barrel for Brent crude.

Jim Ovia (5th l), chairman, Prudential Zenith Life, flanked by Onyinye Ikenna-Emeka (l), general manager, enterprise marketing, MTN Nigeria; Ajibola Olabisi Bankole (2nd l), deputy director, inspectorate, NAICOM; Mazen Mroue (3rd l), chief operating officer, MTN Nigeria; Lynda Saint-Nwafor (4th l), chief enterprise business officer, MTN Nigeria; Mohammed C. Babajika (5th r), director, licensing and authorisation, NCC; Oyewusi Ibidapo-Obe (4th r), former vice chancellor, University of Lagos; Kehinde Borisade (3rd r), CEO, Zenith General Insurance; Chuks Igumbor (2nd r), MD, Prudential Zenith Life Insurance, and Olubayo Adekanmbi, chief transformation officer, MTN Nigeria, at the launch of the Prudential Zenith Life Mobile Payment Service in Lagos.

CBN’s N150bn OMO offer records no sales ... Low demand settles dollar at N376 after FG restricts travel Hope Moses-Ashike

he Open Market Operation (OMO) auction on Thursday recorded no sales as the Central Bank of Nigeria (CBN) failed to meet investors’ demand for higher rates. The CBN offered a total of N150 billion to investors on three tenors comprising N130 billion for 362-day and N10 billion each for 180-day and 98-day tenors. While there was no interest in the short-term OMO bill, investors subscribed to the medium and long-term bills to the tune of N2 billion and N16 billion, respectively. The bid was at a range of 17-18.25 percent for the longterm bill and 16 percent for the medium-term bill but the OMO auction result obtained by Busi-

nessDay showed no sales. Ayodele Akinwunmi, relationship manager, corporate banking, FSDH Merchant Bank Limited, said the bid rates the market participants wanted to buy the OMO were high. “And I suspect the CBN thought there was no justification for such high rates. Therefore, there was no sale. Remember that it is the CBN that pays for the cost of managing the liquidity using the OMO as an instrument. In the last few days, the rate at the secondary market has increased,” he said. Akintunde Olusegun, financial market analyst at Polaris Bank Limited, said the level of subscription on the mid and long tenor was abysmally low while the range of bid was also very high. The CBN might have been uncomfortable with www.businessday.ng

both parameters, he said. Total subscription on the 182-day bill was N2bn against N10bn that was offered while the total subscription on the 362-day bill was N16bn against N130bn that was offered. There was no subscription on the shorter tenor. The low level of subscription is as a result of lack of interest on the part of the FPIs, analysts said. The current economic realities and secondary market rates were priced into the range of bids submitted by the few investors that bid. The sudden increase in rate at the secondary market was due to sell-off by FPIs who are running to safety on the back of the continued fall in oil price and the impact of coronavirus on global economy. The foreign exchange market closed on Thursday with dollar appreciating by 67 kobo

to an average rate of N376 from N376.67k per dollar traded in the morning at the black market. The market was gripped with low activities as demand was gradually declining occasioned by travel restrictions by the Federal Government. Investigation shows that dollar strengthened by N2 at Eko Hotel in Lagos to close at N376 from N378 in the morning. However, it traded the same at N375 and N377 at the black market in Festac and Apapa axis of Lagos State. NT-bills market ended the trading session on a positive note on Thursday, with average yields declining by 16 bps to 3.66 percent; the average OMO yields declined by 7 bps to 16.61 percent, according to a report by FSDH research.

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PPPRA chiefs meet amidst calls for full deregulation of sector

he full board of the Petroleum Products Pricing and Regulatory Agency (PPPRA) will meet in Abuja today amidst calls for the full deregulation of the downstream petroleum sector following Wednesday’s decision by President Muhammadu Buhari to cut the pump price of petrol to N125 per litre. The Nigerian National Petroleum Corporation (NNPC) is represented on the board, and so are the oil marketers association whose members have been strident in their demand for cost-reflective margins for their business and that of thousands of their dealers scattered around the country. The PPPRA is the sole authority charged with responsibility for petrol price modulation and concern was expressed on Wednesday because NNPC had unilaterally announced pump price at its own stations without waiting for a pricing template from the PPPRA. It is expected that today’s meeting will centre on a new pricing template that takes its cue from the directives of the president that petrol pricing be indexed henceforth on the international price of crude. Oil marketers attending today’s meeting are also expected to push their agelong demand for improved margins to prop up a crucial

sector going comatose daily as a result of a gripping government over-regulation and sinking debt owed by players. Oil marketers get an average of N6 per litre now but they are pushing for that to be doubled, while dealers who get an average of N2.36 per litre today want that moved up to between N6-7. There is also the question of what to do with the heavily abused bridging purse managed by the Petroleum Equalisation Fund. The marketers are also hoping that today’s meeting will offer some clarity as to real intention of the government when it cut the price of petrol two days ago. While some see the price cut as signposting deregulation, others are not so sure. Over the years, international firms have pulled out of Nigeria’s downstream sector as government control crimps margins and takes away the shine from a once buoyant industry. It costs about N200 million to build a new petrol station, but the margins are no longer enough to sustain the sector with many dealers going burst or facing massive debt pile. The entire 60 million litres of petrol supplied daily in Nigeria is imported by NNPC’s products division via a much-maligned swap arrangement with overseas refiners.

Oil soars most in 12 years after Trump vows intervention in price war DIPO OLADEHINDE

il surged Thursday, recording the most daily gain since 2008 as Middle East producers began to show signs of strain and helped by US president saying he would get involved in the oil price standoff at the “appropriate time”. Global benchmark Brent crude added $3.34 to close at $28.22 a barrel in London. In New York, the US crude grade WTI rose as much as 24 percent to $24.99. Oil-dependent economies like Nigeria have seen their annual budgets torn to shreds by the falling prices while threatening devaluation of local currencies. Despite Thursday’s rally, prices are still down almost 60 percent this year, with the slide accelerating following a failed OPEC+ meeting in early March, after which major producers pledged to pump more in a battle for market share just as the coronavirus crisis crushes demand. President Donald Trump @Businessdayng

saidhewassearchingfor“medium ground” in the oil price war. “It’s very devastating to Russia, because the whole economy is based on that, and they have the lowest prices in decades,” Trump said. “I would say it’s very bad for Saudi Arabia. But they’re in a fight, they’re in a fight on price, they’re in a fight on output. At the appropriate time I’ll get involved.” Walter Zimmermann, chief technical strategist at ICAP Technical Analysis, said Trump getting involved was bound to happen with the existential threat to the US oil industry. “This rebound maynothave a future though unless Saudi and Russia stop digging their heels in,” Zimmermann said. Earlier, the US said it would kick off its commitment to fill the Strategic Petroleum Reserve by buying 30 million barrels of American oil. Signs of stress are also being revealed in other parts of the world, with Canadian oil at a record low and some North Sea fields becoming uneconomic.

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Gas explosion: Property owners’ fate uncertain on building permit, approval issues CHUKA UROKO & JOSHAU BASSEY

hat becomes of the owners of the over 100 houses that were burnt by the gas explosion that rocked Abule-Ado, a Lagos suburb, recently remains uncertain as regulatory and approval issues may, when the chips are down, deny them ownership of what used to be their property. BusinessDay findings reveal that the fate of these property ‘owners’ hangs in the air because many of those burnt houses do not have building permits and plan approvals. The explosion which, by the last count, had caused over 20 deaths, injury to hundreds of others, and burning of over 100 houses, rendering thousands homeless, has raised concerns over lax regulations as several of the affected houses, it was learnt, were built in contravention of the state government’s physical and urban planning regulations. Sources within the state government and the Federal Housing Authority (FHA) informed that after the dust raised by the explosion might have settled, many of the affected property would be denied redevelopment approval. A source in FHA who did not want to be named told BusinessDay that many of those houses

were built on gas pipeline because there were no regulations or building approvals, recalling that the housing authority had been in legal battle with those ‘land grabbers’ for some years now. “Recall that the housing authority has been in long drawn legal battle with these people who have been building and living illegally on government land. The main subject of contention is the area referred to as Festac Extension. The affected area in Abule Ado is part of this subject matter,” the source said. According to the sources, the explosion might have provided the opportunity for the government at the federal and state levels to step in and sanitise uncontrolled development around gas pipeline. Another source within Lagos State government circles disclosed that the investigative committee set up by Governor Babajide Sanwo-Olu and chaired by his deputy, Obafemi Hamzat, might go beyond the remote and immediate cause(s) of the explosion to examine whether or not the massive developments within that neighbourhood conformed to Lagos state’s laws and regulations. The implication is that owners of those burnt houses that don’t have building permit and plan approvals risk losing their land to the government with a wider implication of remaining home-

less for a long time. The source told BusinessDay that the state government had before now had a fierce battle with developers around Abule Ado and Festac Extension. “This could be a payback time,” he said. Our source recalled that in 2017, the Lagos State Building Control Agency (LASBCA) in partnership with FHA had cause to stop some illegal developments in Abule Ado and Festac Extension, where haphazard developments had become a norm. But analysts have some knocks for the physical planning and building control agencies of government at both state and federal levels. They contend that if these agencies were serious with enforcing extant laws on building regulations, these houses would not have been built in the first place. There are several reasons for which government regulates housing developments. One is to check irregular buildings that could lead to slum development. Another is to ensure safety of life and property. “But today, modern governments see regulation as a source of revenue which is why they look the other way when people embark of uncontrolled developments in so far as they have paid money on demand,” Yemi Madamidola, an estate manager, said.

ABCON assures of dollar sale at official price BALA AUGIE

… cautions BDCs against sharp practices

ssociation of Bureaux De Change Operators of Nigeria (ABCON) has assured members of the public of continued dollar sale at the official price. The Association stated this in a statement urging members of the public to patronise CBN licensed BDCs to purchase dollars at the official price, so as to avoid falling victim of currency hoarders and speculators, who are creating impression of dollar scarcity in the economy. The Association stated that given the sharp drop in demand for dollars, caused by the impact of the coronavirus on global trade and travels as well as continued dollar injection by the CBN, there was no pressure in the foreign exchange market to warrant increase in the exchange rate above the official rate. The Association stated: “In recent times, governments across the world, in a bid to stop the spread of the deadly Covid-19 virus, have imposed travel restrictions which has led to sharp decline in the

volume of global passenger travel. “Trade is also at its lowest level globally due to widespread shutting down of businesses in most countries especially China which accounts for about 25 percent of Nigeria’s import. “One of the consequences of these developments is general decline in demand for trade and travel related services including foreign exchange. “In recent times ABCON has observed a steady decline in demand for dollars across the various categories of forex end users. Based on this observation and information from BDC members of ABCON, we can categorically state that demand for dollars is at one of its lowest point in the market. “Furthermore the CBN has sustained its weekly dollar sale to BDCs at the same level, hence keeping dollar supply constant and eliminating any apprehension of scarcity or rationing of forex. “In view of the above, we believe there is no need for anybody to buy dollars from anyone at ex-

change rate above the official rate. “The CBN sells dollars to BDCs at N357 per dollar while the BDCs are mandated to sell to the public at N360 per dollar for eligible transactions namely: BTA, PTA, medicals, mortgage, and school fees. “In view of the above, ABCON hereby appeals to members of the public that there is enough dollar supplytomeetdemandforanyofthe aboveeligibletransactionsattheCBN approved rate of N360 per dollar. “Members of the public should be free to approach any of the CBN licensed BDCs who are also ABCON members, to buy dollars at the official exchange rate to meet any of the eligible transactions stated above. “ABCON also enjoins all BDCs to ensure compliance to CBN regulations in all transactions with members of the public. “Any BDC found selling dollars above the official exchange rate of N360 or violating any regulatory requirements or will be severely sanctioned, and also risk the revocation of its operating licensce.”

ISO 9001 Standard: XL Security Services gets certified SEYI JOHN SALAU

wholly owned indigenous company, XL Security and Protection Services Limited, certified by TRACE International and registered by the Nigerian Security and Civil Defence Corps to perform multiple security functions across the 36 states of Nigeria and the FCT, has secured the ISO 9001 certification for Quality Management Systems. Olumide Ajibawo, the country representative for the International Standard Organisation, who presented the certificate at the XL Africa Group Limited headquarters in Lagos, said the milestone was achieved after undergoing a thorough two-stage audit process

successfully and being able to demonstrate conformance to the requirements of ISO 9001:2015 standard. Sylvester Williams, managing director of XL Security & Protection Services Limited, affirmed that with the certification, the company’s modus operandi would experience immediate improvement across board. He noted that with the impact of this certification, the organisation was positioned for a new and greatly improved era of service delivery with the expected increase in market share. He solicited the continued support of the Board, Management and staff to improve the service delivery to internal and external customers and greater reward www.businessday.ng

in profitability and dividends to shareholders, while sustaining management’soperatingstandards which the certification represents. In his remarks, chairman of XL Africa Group Limited, Charles Nwodo Jnr, commended the management of XL Security as well as other officers of the Group for the hard work, dedication and relentless pursuit of excellence which has been rewarded through the ISO 9001 certification. “The ISO 9001 Quality Management System Standard Certification of XL S&P is a step in the Group’s well thought-out reorganisation plan, which aims to transition XL Africa Group and all her subsidiaries into Nigeria’s foremost diversified services Group.” https://www.facebook.com/businessdayng

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Should our traditional institutions be privatised? THE NEW WEALTH OF NATIONS

Obadiah Mailafia

he furore over the removal of the Emir of Kano Muhammadu Sanusi II from the throne of his forebears is unlikely to die down any time soon. It’s a storm in a tea cup, if you asked me – a tale of smoking guns and mirrors. Shakespeare’s obiter on the tragedy of Macbeth seems apt for this very Nigerian drama: “This life, which had been the tomb of his virtue and of his honour, is but a walking shadow; a poor player, that struts and frets his hour upon the stage, and then is heard no more: it is a tale told by an idiot, full of sound and fury, signifying nothing”. There are many who believe it is one giant leap by the feudal North to reposition themselves politically: the dawn raid by police to get him out of the palace, which he had expected and prepared for anyway; the long drive to the little provincial town of Loko in Nasarawa State. And oh no, Loko it was not to be. They detoured to the ancient salt-mining town of Awe. Being no place for a king, he fled; disappointing the local population. He takes his family and flies to Lagos, a free man. With a glint in his eyes, he reveals to journalists, “That’s where all my friends are.” Since Jokolo of Gwandu, the medieval practice of royal banishment is advisedly unconstitutional. According to one social media critic: “From the dethronement to the banishment, to the court order and the release from detention, everything was stage-managed and totally qualifies as hilarious nonsense and ingredients.” The deposed Emir had always described himself as a “Lagos boy”. He grew up there while his father was a civil servant and diplomat. He attended the posh Kings College, where, we are told, he turned the school upside down within one week of his arrival. He had to be given detention by his House Cap-

tain, Atedo Peterside, who was a busy HSC boy with no time for little rascals. They became the best of friends. Sanusi pitched himself as a reformer at CBN. But there are several aspects of his performance that raise questions. One of them is Inter-Continental Bank. Is it true that his old Kings College mate and friend Bukola Saraki allegedly owed billions to the bank and that his assets were allegedly about to be taken over by the bank for failure to pay back his loans? Is it true that after Erastus Akingbola was hounded out, one of Saraki’s boys was allegedly foisted on the bank as CEO? And was it also true that at the very first meeting of the board, they took a decision to allegedly write-off all of his debts? Several of these and related questions cast a shadow over an otherwise illustrious career. I shall not raise the case of Gideon Akaluka which continues to rankle the rank and file of Ndigbo. Sanusi’s allegations about the missing $20 billion turned out to be a hoax. He never assumed a neutral political position as was expected of a central banker. There is a reckless streak in the man. He does not seem to enjoy clean breaks. He needs to raise some dust when he feels the need for a career move. He allegedly made some unseemly statements about how Sharia was not more comprehensively being implemented in the North; forcing him to leave his job as GM at UBA. He tormented Goodluck Jonathan beyond the level of forbearance before being forced out of CBN. Some would say that he actually usurped the throne, with the help of his powerful business and political networks. There had been assassination attempts on his granduncle and fatherin-law Emir Ado Bayero, a retired diplomat of intellectual culture, wisdom and royal decorum. After Bayero’s death, the kingmakers had announced one of his sons as successor. But the political stalwarts had invaded Kano to upturn the applecart. The ensuing riots were gruesomely suppressed. One of the stories making the rounds is the so-called “Curse of Agaba Idu”. In the 1950s, his grandfather Mohammed Sanusi I had allegedly plotted to dethrone the Attah of Igala, Agaba Idu Ameh Oboni. During a meeting of Northern royal fathers, he had pub-

licly scolded the Igala monarch for not removing his crown and prostrating before Sultan Abubakar III. He was given the choice of obeying or being dethroned. A man of wisdom, Agaba Idu knew that dethronement would forever deny his progeny from ever ascending the throne of his forefathers. He obliged. Legend has it that as soon as he kowtowed and removed his crown, honeybees descended upon the assembly. The meeting ended abruptly. The Attah Igala then went up to Sanusi and prophesied to him that he and his seed will always suffer the disgrace of dethronement. In 1963 Mohammed Sanusi I was dethroned and banished to Azare in Bauchi State. When I broached the subject of the Curse of Agaba Idu, some of my friends from the Caliphate were upset. A professor friend told me, “if you believe this thing, you will believe anything”. It was the Roman statesmen Pliny the Elder who famously exclaimed, “Ex Africa semper aliquid novi” – out of Africa there is always something new. I have no doubt that some people in Africa can invoke wild honeybees. My grandfather Baba Gambo Galadima Sarkin Tukura was a legend and a warrior during his time. Among his powers, he could invoke poisonous bees. I know that for a fact. People who dismiss this story on intellectual-scientific grounds perhaps do not remember the story of Bode Thomas and the Alaafin of Oyo. In the sixties, Olabode Akanbi Thomas, popularly known as Bode Thomas, was number 2 after Obafemi Awolowo in the hierarchy of the Action Group party. He was a brilliant and charismatic lawyer who, together with Remi Fani-Kayode and Rotimi Williams, had formed the first indigenous law firm in Lagos. On November 22, 1953, he had assembled a meeting of the Oyo Divisional Council of which he was Chairman. All the councillors had stood up except the elderly Alaafin Adeyemi II. Bode Thomas was alleged to have asked the monarch, “why were you sitting when I walked in? Why can’t you show me respect?” To which the old king replied, “shey emi on gbo mo baun? emi ni ongbo bi aja mo baun” (is it me you are barking at like a dog like that? Keep barking). The story goes that upon

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You cannot be sitting on a throne that sucks in 10 percent of all local government funds on a monthly basis and be lamenting the fate of the Almajiris

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)

The global oil crisis catches Nigeria in an offside position again

igeria is the largest producer of oil in Sub-Saharan Africa with crude production of about 2.18 million barrels per day. Oil has been the mainstay of the Nigerian economy since the 1970s with about 90 percent of Nigeria’s export revenue and foreign exchange earnings coming from it. The dependence on oil has left Nigeria vulnerable to external shocks resulting from crisis in the global oil market over the years and many have called for the economy to be diversified to avoid this unnecessary exposure. The government, both past and present, have been aware of this overdependence and have continuously spoken about the need to diversify, yet each oil crisis seems to meet the country at a worse state than the previous one. It is difficult to understand why the country will identify the need to diversify and not do enough to accomplish this. The United Arab Emirates (UAE) has a population of about 9.68 million compared to Nigeria’s population of about 195 million (World Bank). UAE produces more oil than Nigeria and has continued to make deliberate efforts to diversify her economy by investing heavily in tourism, Infrastructure,

Manufacturing and Commercial aviation among many others in order to absorb any shock that the global oil market might bring. Nigeria on the other hand has identified sectors such as Agriculture and Manufacturing as critical to diversifying the economy, but these sectors still do not receive sufficient attention neither do they generate substantial export revenue or foreign exchange to cushion the effect of any oil crisis. The recent oil crisis is as a result of the glut in the global oil market caused by the declining demand due to the Coronavirus (COVID-19) disease. It is difficult to estimate how long the low demand for oil will last for as the World Health Organization (WHO) has recently upgraded the disease to a pandemic to indicate the rapid spread of the disease around the World. Oil prices have plummeted by about 30 percent to just over $30 per barrel. While the rapid decline in the price could have been avoided, the OPEC+ Countries have failed to agree on output cut as Saudi Arabia and Russia, the powerhouses in oil production, are currently engaged in a price war. The African proverb which says “When two elephants fight, it is the

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grass that suffers” is very much applicable in this case as Saudi Arabia and Russia are capable of producing oil at a very low price which means they will still make considerable profit even at the current price but countries like Nigeria cannot afford the same luxury. About 40 percent of Nigeria’s crude oil production happens at offshore fields which are very expensive while the rest of the production happens onshore where the terrain is both difficult and uncertain due to the strained relationship between the oil companies and the local communities, militancy, theft and the general insecurity of these areas. The Nigerian National Petroleum Company (NNPC) has stated her desire to reduce the cost of crude oil production in the country but it is unclear how quickly this will happen to ensure that Nigeria does not fall victim of another oil crisis in future. Data from the Debt Management Office (DMO) indicates that Nigeria has a total external debt of $26.9 billion as at September 2019. The Nigerian Senate also recently approved the borrowing of the sum of $22.7 billion (N8.1 Trillion) by the government. This continuous borrowing in foreign currency will have a negative impact

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returning home to Yaba that evening, Bode Thomas started barking like a dog. His death on 23 November 1953 shook the whole of Yoruba land. Dethronement of traditional rulers did not start yesterday. Oba Adeyemi II was dethroned by the Government of Western Nigeria. Others that have met a similar fate include: King Jaja of Opobo; Oba Ovonramwen Nogbaisi of Benin; Olowo of Owo Sir Olateru-Olagbegi; Mohammed Sanusi I; Sultan Ibrahim Dasuki; Emir of Gwandu Mustapha Jokolo; and the Emir of Muri Umar Abba Karim. In my opinion, the turban did not sit too well on the head of Muhammadu Sanusi II. He is what the late Zaria Marxist scholar Ntiem Kungwai would have dismissed as a “feudal radical”. You cannot be sitting on a throne that sucks in 10 percent of all local government funds on a monthly basis and be lamenting the fate of the Almajiris. Traditional monarchies are the custodians of immemorial tradition. They are respected by the people. In times of upheaval, they can be more effective than government in calming down troublemakers. But they are also known for practices that the British would condemn as being “repugnant to natural justice, equity and good conscience”. As far as I am concerned, the real debate is yet to emerge on the economic and financial costs of maintaining such highly expensive feudal monarchies throughout our country. During the Indian constitutional debates, Gandhi and Nehru ensured that the constitution was silent on the position of traditional rulers. They were, ipso facto, consigned to the status of private institutions. As our country faces a worsening crisis of fiscal governance while battling the challenge of balancing the budget, we need to debate a more sustainable financing model for traditional institutions to ensure that they are not such a drain on the public treasury. Constitutional government in a free republic demands nothing less.

Philip Oguntoye on the Nigerian economy as oil is the major source of foreign exchange revenue for the country. Revenues from oil will also contribute the most to the repayment of the debt but the Oil market is currently hit by the crisis in the global economy and has over the past years been unstable due to different factors. Moreover, past borrowings have not exactly been used to build infrastructure or develop critical sectors of the economy which could bring about economic growth in the short run and economic development in the long run. These debts would still have to be serviced and the earlier Nigeria develops and significantly increases her non-oil foreign currency revenue, the more likely that she will be able to cope with repayment.

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Ekwegh is a private legal practitioner with over 15 years

Friday 20 March 2020

BUSINESS DAY

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Remembering Dr Nurudeen Olowopopo HumanAngle

Femi olugbile

n Sunday, 15th of March 2020, a crowd of people gathered in the hall of Eko Club, in Surulere, to celebrate the life and times of Dr Nurudeen Olowopopo. At one table in front sat Oba Saheed Ademola Elegushi, looking dapper as is his usual. Near him was the Elepe of Epe. Sitting close to the Head of Service of the Lagos State Civil Service, your friend “HMO”, and the current Chief Medical Director of LASUTH, Professor Adetokunbo Fabamwo, you listened as various Lagos notables poured encomiums on Dr Olowopopo. It all brought up a rush of mixed emotions in you. Ten years! Sunday, March 14th, 2010. How time flew! The swimming pool accident during a solitary night-time swim. The shock that devastated not just the family but a large swathe of the medical community in Lagos, as in Chicago. The grief, the angst. Most of the population of Lagos nowadays only know of Nurudeen Olowopopo from the major road in Alausa named after him. The naming of the street has a story to it. The government of Babatunde Raji Fashola had arranged a ceremony to name

the street after Fashola’s predecessor – Bola Ahmed Tinubu. At the ceremony Tinubu, still raw with grief, broke down in tears and declined the honour, requesting that it be named after his bosom friend. Nurudeen Olowopopo was a proud Lagosian and the doyen of the Nigerian community in Chicago. He was a founding member of Eko Club International, an organizer of periodic Medical Missions to Lagos, a founding member of the Association of Nigerian Physicians in America (ANPA), and personal friend of the heavyweights of the Windy City, including a certain Barack Obama. When the conversation turned convivial, in your house or his, he would occasionally say, without affectation or false modesty: “Baba ni mi ni Chicago” (“I was a kingpin in Chicago”) He was affable and down to earth. What you saw was what you got. He was vastly experienced and connected, locally and internationally. He wrapped himself around the issues, and he had no difficulty in jumping ahead and seeking solutions for problems that were still around the corner. A massive push to build accommodation for House Officers and Resident doctors. Recreational facilities for staff. An urgent need to embark on Quality Improvement. The LASUTH Project was a toddler barely out of nappies, punching above its weight. It had brought itself into national prominence of sorts with a large number of successful open- heart surgeries, the largest then in the country, courtesy of Joe Nwiloh, an Old Boy of St Finbarrs College Akoka. The real story was that with each round of surgery, the number Nwiloh’s team from Atlanta grew smaller as the capabilities

were domesticated. There was also growing respect for the hospital’s evolving capabilities in Critical Care. The Project would need funds, lands, goodwill and connections to scale up its human materials and optimise its protocols and processes. Olowopopo was ready to go. He was a careful dresser who always wore a trademark baseball cap. Straight off, he was calling on his connections in Chicago to commence an exchange partnership between LASUTH and the University of Chicago. He took a firm grip of the affairs of the Board and ran its meetings in the crisp professional manner of a Fortune-500 company. He broke through barriers and interfaced with Consultants and all interest groups at a time when labour relations were turning tetchy. Everybody stood to benefit, he told stakeholders, but things had to be done right. At his insistence, the hospital leased three units of housing in a quiet, stately compound in Ikeja GRA. He moved into one, and you moved in next door. The third was reserved for the Provost of the Medical School. You got to meet his wife – Cilla, a quiet, lovely lady with a winsome smile. You got to meet his friends. Professor Shafi Amuwo, who taught Public Health at the University of Illinois in Chicago. Don Umoren, Lagos boy turned Chicago émigré, a man you had known when he ran an upmarket gynaecology practice in Victoria Island. Don would come into the house after visiting with the Olowopopos and begin to banter with your son, “Mr K”. You saw them standing next to each other like age-mates. They were comparing heights. Don promised the eight-year old boy that he would give him a hun-

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Straight off, he was calling on his connections in Chicago to commence an exchange partnership between LASUTH and the University of Chicago. He took a firm grip of the affairs of the Board and ran its meetings in the crisp professional manner of a Fortune-500 company

dred dollars the day he surpassed his height. Several times afterwards, you caught the boy surreptitiously measuring himself against the wall, obviously with an eye on the prize! Don revealed that the whole Chicago crowd recognised “Deen” as their leader and the hub of their cultural and professional lives. They would all go out on family holidays in the Caribbeans together, playing golf and living it up. He helped young Nigerians to grow. As you began to sip your drink at the memorial gathering, the microphone was thrust in your hands. What could you say about Nurudeen Olowopopo, you thought, as you stood and surveyed the eager crowd? Close by you sighted Fausat, Olowopopo’s daughter. After the bereavement, you had joined several Lagos notables to celebrate Fausat’s marriage in Chicago, an event Olowopopo himself had been looking forward to. He was one of the most powerful influences you had ever experienced up close, you told them. In your head you recalled sitting with Don Umoren in the stadium at the London Olympics, watching Hussein Bolt bring home the field in the two hundred meters. Through the silence, you heard Don’s voice. “I remember ‘Deen’ and the good times…” His voice drifted off, lost in the roar of the crowd as the sprinter broke the tape. Don himself would pass on a few short years later, sadly, without paying his $100 debt to his young friend Mr. K, who has since shot up like a sprout. “He was a good man” you rounded up your speech. “May he continue to rest in Aljana Fridous.” Olugbile is a writer and psychiatrist. synthesiz@gmail.com

The audacity of dreams

uestion your limitations; it weakens them. So, let me start by asking you, “what are the things you’d love to do if you had no boundaries, especially financial limitations stopping you”? Make a list of them. And then try an exercise after this article. So, after this article, make a list of your aspiration and go on a test drive on it. For example, Google that dream you have. Visit that expensive car lot, that land/property you want to buy but can’t raise the capital. Check out that grad school’s website, that bridal store to check out that engagement ring or gown, or that apartment you can’t afford yet. This week, tell the housing agent to take you on an inspection. He won’t say no, would he? The truth is that to dream and dare is to lose one’s footing momentarily. But to not dream or dare is to lose oneself. There seems to be a mental boundary we have set for ourselves because of where we are and what we don’t have. Whereas that limitation is just a mental mirage for its not what you don’t have that stops you. It’s the little we have but don’t know how to use. And even for what you don’t have, imagine you have it, then attempt to do them. To buttress this, let me tell us a story. There was a business executive who was deep in debt and could see no way out plus he had loads of things he would have loved to do. Creditors were closing in on him. Suppliers were demanding payment. He sat on the park bench, head in hands, wondering if anything could save his company from bankruptcy. Suddenly an old man appeared before him. “I can see that something is troubling you,” he said. After listening to the executive’s woes, the old man said, “I believe I can help

you.” He asked the man his name, wrote out a cheque, and pushed it into his hand saying, “Take this money. Meet me here exactly one year from today, and you can pay me back at that time.” Then he turned and disappeared as quickly as he had come. The business executive saw in his hand a cheque for $500,000, signed by John D. Rockefeller, then one of the richest men in the world! “I can erase my money worries in an instant!” he realized. But instead, the executive decided to put the uncashed cheque in his safe. Just knowing it was there might give him the strength to work out a way to save his business, he thought. With renewed optimism, he negotiated better deals and extended terms of payment. He closed several big sales. Within a few months, he was out of debt and making money once again. Exactly one year later, he returned to the park with the uncashed cheque. At the agreed-upon time, the old man appeared. But just as the executive was about to hand back the cheque and share his success story, a nurse came running up and grabbed the old man. “I’m so glad I caught him!” she cried. “I hope he hasn’t been bothering you. He’s always escaping from the rest home and telling people he’s John D. Rockefeller.” And she led the old man away by the arm. The astonished executive just stood there, stunned. All year long he’d been wheeling and dealing, buying and selling, convinced he had half a million dollars behind him. Suddenly, he realized that it wasn’t the money, real or imagined, that had turned his life around. It was his newfound self-confi-

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dence of doing no financial limit that gave him the power to achieve anything he went after. There was something that believing he had no limitation had done to him. It had made him chase opportunities and even leverage on it to go up. Your limitations are just imaginary, same as the concept of the value of currency money too. My dear, you must have heard me say, that “Everything in life, whether projects or success is created twice, first mentally, then physically”. Nothing changes permanently except you change your dispositions, your thought process and perhaps something you used to do every day. That break in thought pattern, confidence level and habit change your life and mind’s neural pathway it is used to. To have something, you have to first practically rewrite the visuals of what you see. Rewriting the genetic codes of your life always starts with a thought and a follow through of that thought till it breaks the chain of action, till it brings forth the breakthrough. When you dream, share them and get yourself some cheerleaders. Personally, I am very intentional about telling a lot of people (family, friends, and colleagues) the big things I plan to do and what I was doing and where I was headed. This resulted in no more than a few days going by without someone asking me how it’s going and what I was working on, their interest not only encouraged and motivated me, it also served as a means of accountability for me, pushing me to lean in to my goals even more. Day dream, imagine, and reflect. It’s the source of infinite creativity. It’s valid, it’s from mere dreams we can have a vision and the energy and will to act. But then, a vision without action is called a daydream; but then again, action without a

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EIZU UWAOMA vision is called a nightmare. Be closer to your aspirations. Be ambitious. Create a bigger vision and attempt to step into that imagination even if you can’t afford it now. In the words of Christopher Reeves, “so many of our dreams at first seem impossible, then they seem improbable, and then, when we summon the will, they soon become inevitable”. If you always put limits on everything you do, physically or anything else. It will spread into your work and into your life. There are no limits. There are only plateaus and you must go beyond them. Don’t cut your coat according to your size, else you’ll soon find yourself cutting your size according to your coat. Feel free to dream. It’s free. Always remember that One man’s daydreaming is another man’s day. Trust me, having started early and unafraid to take bold steps, from experience, we know that you never can tell how far you can go, till you begin the first steps. So, colour outside the lines, let yourself daydream, agree with your imagination and laugh at the rules. In the words of Johann Wolfgang von Goethe, “Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it.” Uwaoma is a start-up, corporate restructuring and strategy consultant. contacteizu@gmail.com

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Friday 20 March 2020

BUSINESS DAY

Editorial Frank Aigbogun

Lagos explosion: The price of weak regulation

editor Patrick Atuanya

Regulations, not a revenue generating but protection tool against perils

Publisher/Editor-in-chief

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

Bashir Ibrahim Hassan

GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu

lmost always, when an individual, a group or society as a whole fail to do the right thing or to put checks and balances in place to guide the way things are done, that society has a price to pay, one way or another. The unfortunate incident that rocked Abule Ado, a Lagos suburb, in the morning of Sunday, February 15, 2020 was one such failure. This time, it was the failure of state to do that which is expected of it as government. Growth and development are the ultimate aims of human activities. Every society or state desires development. But this development has to be regulated in order to check abuses or uncontrolled tendencies which define man in his free state. Though Nigeria’s quest to replace dirty fuels with Liquefied Petroleum Gas (LPG) may be a success story having grown over a thousand percent within the last 10 years, the inability of the country to properly regulate the retail aspect poses a grave danger. An aspect of that danger is the Abule Ado tragedy.

An unconfirmed report has it that the recent explosion was triggered when a truck hit some gas bottles stacked up in a gas processing plant near a pipeline in Abule-Ado area. Abule Ado has a large concentration of human settlements and many of the residential buildings in this neighbourhood were erected with little or no consideration to their nearness to a gas pipeline. We are of the view, therefore, that allowing the setting up of a gas processing plant near a gas pipeline and the building of residences also near a gas pipeline smack of negligence and weak regulation by the approving authorities. Painfully, the society as a whole has had to pay the price. By the last count, the explosion has claimed over 17 persons, caused injury to hundreds of others, burnt over 100 houses and rendered thousands homeless. This, to us, is too much a price for a society to pay in one fell swoop. The recent explosion is a product of lax regulation that has seen hundreds of LPG retail shops spring up on street corners against extant rules. The many lives that were lost and the several houses that were burnt are enormous price innocent people

have paid for somebody’s failure to act where he should. It becomes all the more painful knowing that, in Nigeria, regulation is generally misconstrued by those who benefit from its weakness. Rather than being seen as a safety measure to avert incidents like Abule Ado, it is seen by approving authorities as a source of revenue. For instance, all the residents whose houses were burnt by the explosion are victims and beneficiaries of weak regulation who built their houses without building permit or plan approval. They must have given gratifications to government agencies and were thereafter “permitted to continue work.” This can only happen in Nigeria where virtually everything is possible. This practice is bad; it is risky and goes against global best practice; we condemn it in its entirety and want it stopped forthwith. In September 2019, Muinat BelloZagi, controller of operations at DPR warned illegal cooking gas skid operators in Ogun State to either regularise their operations or risk being shut down and prosecuted during a meeting with the Cooking Gas Skid Proprietors Association of Nigeria,

Ogun State chapter. From that time till now, we are yet to see or hear of anybody who has been arrested and prosecuted, yet the clan of illegal cooking gas skid operators continues grow on daily basis, citing their operations anywhere including slum areas like Abule Ado. We condemn this practice which leads to avoidable disasters. Governments at federal and state levels along with their approving authorities should raise their game and insist that laid downs rules are adhered to. Government has to find a way to stop the thinking by some operators that buying two plots of land to set up an average LPG capacity of 20 metric tonnes which could cost over N60 million in many parts of Lagos for a land would triple their business cost in addition to carrying our environmental study that could cost above N2 million. If that is the rule and the best way to go to avert further loss of lives and property, let the law take its course. This is our stand and we insist that the law must punish any impunity that could repeat the bitter pill Abule Ado experience has forced down our throats.

HEAD, HUMAN RESOURCES Adeola Obisesan

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Friday 20 March 2020

BUSINESS DAY

comment Before you say yes – the masculine edition

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Tales from the main road

Eugenia Abu

o last week we looked at some of those qualities a man could possibly possess that should make you think again before you say yes. Today we take a look at our ladies. Indeed, every man like every woman deserves a good life partner. So, the men are doing the asking will you marry me, we know, but before you give the nod to ask that question, before you say yes, she is the one, here are some thoughts to guide you in the journey. These days, it would seem that what family a girl comes from should not matter. In fact, this applies to both the girl and the boy. But you are wrong if this is not important to you. The socialisation of your partner is so critical. How is your potential mother in law addressed in her community? That kind, good woman or that quarrelsome neighbour who is selfish and very abusive? Socialisation matters. Your love and emotion and I cannot do without her attitude matters but what about those qualities she has picked up from her mother. Is she kind? Does she have resilience? What are the other things you are dealing with? Does she talk to you anyhow in front of your friends? Is she quarrelsome?

Does she give you your due? Let us look at another aspect? Is she materialistic? I mean, a girl must wear good shoes and good jewellery and great clothes but is that all she lives for? Is she indebted by hundreds and thousands to those selling lace? Are they banging on her twice a week when you visit to demand their money? It is time to run. Trust me. You will jointly be indebted for lace, wig, wrapper, gold and diamonds. No one should be in debt even for small things. As a woman, you must be ready to walk away from things you cannot afford. If she cannot walk away, Mr man, are you ready? Can she cook? I mean feed you and feed your friends when they occasionally visit? If you have a small ten persons get together in your home for Christmas or Sallah, does she hire event planners and fifteen caterers or cook? Is she willing to get in the saddle and learn to cook? I mean we all feel tired sometimes and want to kick off our shoes and let someone else cook for us, even our husbands, but generally, I mean, can she feed the family or y’all will have to rely on restaurant home delivered food for 365 days a year. Even if you have a cook and its great if you can afford it, can she make you specials? So, let’s leave cooking a bit and check out empathy. A woman who has no empathy is no good at all. Cannot walk in your shoes, does not understand your pain. If she cannot, then why are you thinking of saying yes. A woman should also be able to say sorry, thank you and please. A rude, disrespectful woman does not make a good wife. A lot of times, wives stand in the gap for their husbands. If there is a quarrel

in the family or even between him and his friends, wives should be the oil not the pepper. I agree that these days’ some women are battling men who are loafers and are lazy but a good woman is the one who guides her husband gently in his businesses or in his work. A bad woman is the insatiable one who requests that you sell your father’s land to pay for your wedding, encourages you to cook the books so she can buy jewellery and makes you believe her love is for sale. Run… Hurry! For men as it is for women also, a partner who lies and deceives you throughout your relationship is not good for you. She lies about who her father is, whether she has had relationships before or has had a child in the past and lies about her favourite food is not worthy of a nod. She says she does not eat swallow and you run into her at a restaurant, swallowing pounded yam like her life depended on it…Hmm... What are the other things she is lying about? Again, this is for women as it is for men. What diseases are within the family that you know nothing about? She has not told you. Meanwhile you have told her everything. She did not tell you anything about her family. Watch out, you are dealing with a very secretive girl or she has not trusted you enough. Either way, be careful. Allow this to happen at least twice before you confront her. What about the “jaye- jaye” mistress? The one who is at everyone’s party and changing five different Aso-ebis throughout the day. This is the social butterfly extra, wants to be seen at everyone’s party and is literally a party animal. In fact, if you say you are not coming, she

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A woman who has no empathy is no good at all. Cannot walk in your shoes, does not understand your pain. If she cannot, then why are you thinking of saying yes. A woman should also be able to say sorry, thank you and please

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

Driving sustainable growth in Nigeria’s agricultural sector

igeria’s over-dependence on oil and its ability to stoke it into a fullyfledged industry over the past halfcentury clearly stemmed from its abundance. The potential of the agricultural industry is no longer in question – it contributes about 21 percent to Gross Domestic Product (GDP) yearly. Yet, as we strive to make agriculture “the new oil” – and perhaps, a better oil – the question of its viability goes far beyond abundance to one that asks: are we enabling the sustainability of our nation’s agriculture sector? Unfortunately, today, the answer to that is: not sufficiently. The global population has rapidly quadrupled from 1.5 billion people to 6.1 billion over the past 70 years – one of the greatest effects of this expansion is the proportionate increase in the demand for food. It has been no different in Nigeria, where the current population of 200 million people is expected to surpass 300 million by 2036. However, food production barriers and challenges in the country have significantly stifled the performance of the agricultural sector: the high cost of farm inputs, poor access to credit, inefficient fertiliser procurement and distribution, inadequate storage facilities and poor access to markets have all combined to keep agricultural productivity low. As a result, food production has not kept pace with population growth, resulting in rising food imports and declining levels of national food self-sufficiency, as well as the stunted growth of the smallholder farmer. In Nigeria, of the enormous percentage of individuals and groups engaged in agriculture, more than 80 percent are smallholder farmers – they usually own small plots of land of less

than a hectare, on which they grow one or two crops at micro and small levels; and 72 percent of them live on less than $2 per day. Yet, the nation’s agricultural sector contributes about 20.85 percent to the GDP yearly, while the majority of its contributors live in abject poverty. Smallholder farmers are not just at the mercy of the elements, they are also limited by limited financial and business literacy. I’ve seen countless times how the well-being of the smallholder farmer is affected by a bad harvest and by the inability to understand how to make a profit from their own toil. When my company, Thrive Agric, first went to Kebbi, we met a corn farmer named Shehu. Despite being a farmer for over a decade, Shehu struggled to cater for his growing family or improve his economic situation. He would plant and wait for harvest; he would sometimes source for traditional forms of fertiliser, but could not always afford this, or the pesticides required to keep his crops safe. Oftentimes, while he waited, he had to take odd jobs to make ends meet. When the harvest time came, much of his harvest would have fallen victim to pests, leaving him with very little to sell. He’d put a little aside for his family, and thus began the relay race. He had an agent who would help him transport the corn to end users across different markets, but sometimes, the lengthy period would see the quality of the produce drop, as well as Shehu’s potential income. While the distributors would cash in on the gains, Shehu was paid the bare minimum, especially as his desperation did not afford him the luxury of negotiation. He made just enough to feed his family for a few weeks, nowhere near enough to see them through to the next harvest. Shehu is, sadly, one of hundreds of thouwww.businessday.ng

sands of people with similar challenges – individuals who drive the output of the agricultural sector, barely equipped with a sufficient amount of resources – from knowledge to finances to tools to agricultural input – to improve their output, and are excluded from investing in the necessary skills and tools and input, to create solid returns. Over the years, the Nigerian government, having recognised this, as well as the limitations faced by these farmers, began to take deliberate steps to enable them to scale. In 2015, the Central Bank of Nigeria (CBN) established the Anchor Borrowers’ Programme (ABP) in line with its developmental mandate. This programme targeted smallholder farmers who produced key agricultural commodities such as cereals, cotton, root and tubers and legumes. They were provided with farm inputs in kind and cash (for farm labour) to boost the production of their commodities, create economic linkages between smallholder farmers and reputable large-scale processors, stabilise inputs supply to agro-processors and address the country’s negative balance of payments on food. However, these efforts have been unable to yield the expected results, as there were many reports of non-performing loans, reinforcing the perceived high-risk profile of funding smallholder farmers. At first glance, it would be easy to chalk the ineffectiveness of the approach solely to the extenuating factors that restrict the farmers from producing a substantial enough yield to enable them to pay back; but, if one were to look even deeper, it is also evident that there is a dearth of knowledge, with most of these farmers improvising to make up for the lack of expertise. This brings to mind the question of

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will go solo to five parties over the weekend arriving in the wee hours of the morning each time. Let us look at the other qualities you must consider. Is she a woman of faith? A praying woman avails much, she keeps her family protected from pestilence and encourages her family to be deeply spiritual. Is she kind to people around her, her own siblings, her parents, and then let’s look at how she treats your family? Does she think your mum is too outspoken and your Dad too strict or too quiet? Does she detest your family and complains at every little challenge? Does she like children or she thinks her sister’s baby’s puke ruined her jeans? Does she hate the presence of children and shushes them every time they try to talk to her? Is she fashion forward in a decent way, does not do cleavage and does not wear pant high slits? Is she respectful and selfless? Does she respect your parents or she thinks they are her classmates? Are you always fighting over money? Does she give you a hand at home, a bit of guidance to the cleaner, some cooking? Is she in love with you or she is in love with love? Is she tender, understanding or she is difficult and overbearing? Is she humble or she is haughty? Are you always quarrelling with your parents or siblings because of her? Does she love your relations and is tolerant of even the difficult ones among them? Is she pretending? Is she brilliant or she is just a bimbo? Your choice is critical. Look well, before you say yes! Good luck!

Uka Eje

the role of the loan provider – and where it ends. What is a loan without the knowledge of how to make the best of it? What is a skill without the ability to enhance it consistently? This is a question I asked myself repeatedly when I met Danladi and his wife. They had been growing millet for nearly two decades, but changing climates and decreasing demand left them without a sufficient income. They sought out a microloan and were able to successfully acquire one. However, most of that money was spent on storing produce that no one would buy after a significant amount of time had gone by. I asked them why they didn’t try to grow another crop, and branch out; Danladi responded: “It’s millet we know how to grow, and since my father’s father owned this farm, it’s what we do. We see all these people growing new things that many people buy, and we want to make more money, but either it’s too expensive to get the things we need to try new crops, or we don’t know where to begin. What if we put so much money in and it doesn’t work? It’s too risky. Even the millet that we grow, sometimes it works, sometimes it doesn’t.” With a four-child family and a house that needed new roofing, their ability to invest in or expand their business, while simultaneously improving their welfare, seemed an impossible feat.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Eje is co-founder and CEO, Thrive Agric

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Friday 20 March 2020

BUSINESS DAY

cityfile Banker charged with stealing deceased customers’ N3.6m

National Youth Service Corps (NYSC) members coming out of the NYSC Permanent Orientation Camp after the suspension of the on-going orientation course due to Corona-Virus (COVID-19), at Kubwa in Abuja on Wednesday.

Navy seizes Cameroonbound 204 drums of diesel … arrests 4 suspects MIKE ABANG, Calabar

he Nigerian Navy Ship (NNS) Victory in Calabar, Cross River, has intercepted 204 drums of illegally refined diesel being smuggled to Cameroon. The team also arrested four suspects in connection with the seizure. The suspects include Okon AsuquoOkon, Unwana Nkereuwem, Ndundu Entom and Victor Effiok. The commander of NNS Victory, Vincent Okeke handed over the petroleum product and suspects to the Nigeria Security and Civil

Defence Corps (NSCDC) in Calabar. Okeke, who was represented by Navy Captain Ibrahim Gwaska, said they were arrested on March 13 at the Calabar River entrance enroute Cameroon He said the product laden in a wooden boat was suspected to be illegally refined Automative Gas Oil (AGO). “On Friday, March 13, 2020, NNS Victory patrol team on routine patrol intercepted and arrested a wooden boat laden with substances suspected to be AGO at Calabar river entrance enroute Republic of Cameroon. “Investigation revealed

that the suspected illegally refined AGO was loaded from Ijaw Creek around Bonny Island in Rivers State and was heading to Wovia in Cameroon,” he said. He added that on the same date and location, another boat laden with 105 drums of AGO was arrested, but the suspects absconded on sighting the Navy Base gunboats. “Prior to this very arrest, on March 4 2020, the base patrol team arrested three suspects and 54 drums of illegally refined Premium Motor Spirit (PMS) in a wooden boat at Agbana West Point by Tom Shot Island Breakwaters.

He said the PMS were handed over to the State Commandant of the NSCDC on March 6. “Similarly, on March 7, 2020, a wooden boat laden with 42 bags of rice were intercepted without suspects. The total market value of the items is N22 million,” he added. He warned criminals in the state to desist from illegal acts and engage in legitimate businesses or be ready to face the wrath of the law. The state commandant of NSCDC, Danjuma Elisha, received the petroleum products and the suspects and promised to diligently prosecute the matter.

36-year-old banker, Joseph Promise, who allegedly stole N3.6 million from the accounts of two deceased bank customers, has been charged before an Igbosere Magistrate Court, Lagos. Promise is standing trial on a three-count charge of conspiracy, stealing and fraud. The prosecutor, Ejime Okete, told the court that the defendant committed the offences between February 2012 and January 20, at United Bank of Africa (UBA), House 57, Marina, Lagos. Okete said that the defendant conspired with others still at large, and stole N3.6 million from the accounts of two deceased

customers of UBA. He said: “The defendant, being an employee of UBA, did unlawfully link the bank verification numbers of different accounts of two deceased bank customers and fraudulently withdrew the sum of N3.6 million without the consent of the deceased family.” The prosecutor said that the offences contravened sections 20 (3), 287 and 411 of the Criminal Law of Lagos State, 2015. The defendant pleaded not guilty to the charges against him. The magistrate, H. O. Omisore, granted Promise bail in the sum of N400, 000 with two sureties in like sum. Omisore then adjourned the case until April 27, for further mention.

EFCC arrest 13 internet fraud suspects in Ilorin

he Economic and Financial Crimes Commission (EFCC), Ilorin zonal office, has arrested 13 persons over their alleged involvement in offences bordering on Internet fraud and other fraud related offences. Spokesperson of the commission, Tony Orilade who disclosed this in Ilorin, Wednesday, gave the names of the suspects as Babatunde Omiyale, Salau Olumide, Akinsanya Ridwan Olamide, Akinola Eniola, Bashir Abdulbasit, Jide Owolabi, Kolade Balogun and Salawu Oluwadamilare. Others are Akinola

Opeyemi, Adewumi Johnson, Abiola Adedeji, Oyeyemi Caleb and Salawu Victor. According to him, the suspects were arrested at strategic locations within Ilorin metropolis based on intelligence reports gathered by the commission. He said the suspects were involved in offences bordering on internet fraud and have confessed to the crime. “Several incriminating documents were printed from their mobile phones and laptop computers recovered from them. They will soon be charged to court,” Orilade said.

Council promises low-cost housing in Abo

uthorities of Agbado Oke-Odo local council development area (LCDA) on Wednesday assured residents of Aboru of a new low-cost housing estate and a modern market. Augustine Arogundade, chairman of the LCDA, gave the assurance while inspecting the approved site earmarked for lowcost housing estate at Aboru, a community within the LCDA. Arogundade said that his visit to the site became necessary to avert confu-

sion arising from a conflict of interest between the LCDA and the state government over the use of the site. According to him, the LCDA approved the site to build Rasaki Bamgbopa Modern Market, while unknown to it, the Lagos State government had earmarked the site for construction of low-cost housing estate. “The visit became necessary to avert crisis that could occur as state government contractors are about to commence work on the proposed low-cost www.businessday.ng

housing estate awarded during the tenure of former Governor Akinwunmi Ambode. “Meanwhile, the LCDA has already given approval for the construction of a community market beside Bola Ahmed Tinubu Bridge that links Aboru with Abesan Estate, Mosan-Okunola Community. “The LCDA approved the site for a community market after consistent requests and proposals from Aboru community, especially the Baale,’’ he said. The council boss said

that his management team’s unscheduled visit to the site was to see how the two projects could be integrated to benefit the people. “Interestingly without housing, people cannot live a meaningful life, while without market, people cannot trade or buy consumables. “The two projects are very important for human existence. “So, I am here to ensure that the housing and market projects are executed with mutual understanding between the govern-

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ment and the head of the community without crisis,’’ Arogundade stated. Also, Borokini Oludare, the Managing Director of the construction company handling the project, assured stakeholders involved that the housing estate would definitely flow with the market project. “Fortunately, this land is 49 hectares and can accommodate the two laudable projects which will begin by the middle of the year,’’ he said. Oludare said people that would eventually occupy the estate after com@Businessdayng

pletion would surely need a market that was not far away from them. “The chairman actually showed that he is capable of piloting the affairs of this LCDA diligently by bringing all stakeholders to a roundtable where contentious issues can be resolved. “I want to assure you that the two projects have come to stay. “My engineers will go back to the drawing board to redesign the project to incorporate the market into our construction plan,’’ Oludare said.

Friday 20 March 2020

BUSINESS DAY

COMPANIES & MARKETS

COMPANY NEWS ANALYSIS INSIGHT

BANKING

Coronation Merchant Bank opens series 5 & 6 Commercial Paper OLUFIKAYO OWOEYE

oronation Merchant Bank has announced the commencement of series V and VI C o m m e r c i a l Pa p e r I s suances under its 100 billion Commercial Paper Programme. The two s e r i e s h av e a t e n o r o f 182days and 270 days respectively. Yields are at 6.0041percent and 7.3000-7.5000percent The size of the new offer is N15billion, while proceeds would be used to provide short term working capital for the company. The offer which opened on 17 March would close on 20 March 2020. The bank concluded series N10 billion 3 & 4 Commercial paper in August last year. Series 3 has

a tenor of 180 days with 14percent yield rate and discount rate at 13.10per-

cent. Series 4 has a tenor of 268 days with an effective yield of 14.50per-

cent and discount rate of 13.11percent. Commercial Paper

(CP) is an unsecured, short-term debt instrument issued by a corpo-

L-R: Chinasa Ken-Ugwuh, sustainability consultant, PwC; John Obidi, founder, Headstart Africa; Linda Ochugbua, head digital subscription, BusinessDay Media Limited; Sucex Bright, convener, AYLES (moderator); Mobola Akinkugbe, partner, Auctus Legal, and Chukwuma Nwanze, executive director, CreditDirect, at the SME Clinic, themed Business Finance & Personal Development in Lagos.

ration, typically for the financing of accounts payable, inventories and m e e t i n g s h o r t- t e r m l i abilities. The bank joins the growing list of corporates taking advantage of the low-interest rate to raise cheaper short term debt. Coronation MB is a Private Limited Liability Company duly licensed by the Central Bank of Ni g e r i a a s a Me rc h a n t Bank in Nigeria, providing services in treasury services, investment banking and corporate banking to corporate, institutional investors and high-networth individuals. The bank has an asset base and shareholders’ funds at N253.35 billion a n d N 3 4 . 5 7 b i l l i o n re spectively, as at 31st December 2019, with an A+ Agusto rating and A- from Global Credit Rating.

AUTOMOBILE

INSURANCE

Allianz Nigeria keeps promise, settle JET Motor unveils world-class customers claims in 60 minutes minibusses designed for African roads MODESTUS ANAESORONYE

nderwriting firm, Allianz Nigeria has made good its promise to settle motor claims within 60 minutes, one month after the launch of the quality service campaign. The nationwide campaign to settle motor claims within 60 minutes launched on the 17th of February 2020 has seen a total of 53 claims to the tune of N 2, 784, 225 settled in less than an hour. At Allianz Nigeria, there is a complete understanding that complete customer satisfaction is not only about giving competitive rates or swift delivery of policy documents but also how quickly claims are resolved to get customers back on the road and on track to achieving set goals and objectives In a society as fast-paced as ours, where every other aspect of life maybe grappling for attention, Allianz Nigeria has surely begun revolutionizing the Nigerian Insurance Industry According to the company, the necessary requirements for prompt claims settlement are: Filled claims form, Estimate of repairs, Picture of

affected parts showing a full view of the vehicle, and Police report (In cases of theft, vandalism or multiple accidents. Allianz Nigeria in a statement Wednesday expresses its gratitude to the numerous customers that have benefited from the 60 minutes campaign, promising to continue to provide excellent service delivery of the highest standards. The Allianz Group, headquartered in Munich, Germany - is one of the world’s leading insurers and asset managers. Allianz customers benefit from a broad range of Personal and Corporate insurance services, ranging from Property, Life and Health insurance to Assistance services to Credit insurance and Global business insurance. The Allianz Group is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers, while their asset managers – Allianz Global Investors and PIMCO – manage an additional 1.4 trillion euros of thirdparty assets. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group. www.businessday.ng

JUMOKE AKIYODE-LAWANSON

igerian automaker, JET Motor Company has introduced the JET EV, Africa’s first all-electric vehicle, and the JET Mover, a luxury, durable, yet affordable minibus built specifically for African roads. JET Motor Company (also known as JET Systems), a Nigerian auto manufacturer, has figured out the optimum specifications for the ultimate vehicle within the Nigerian and African environment. The company is introducing the JET Mover , an all-terrain van built out of Africa for the world. “The JET Mover is a combination of the best design and technology practices from Europe and Asia, tropicalised for Africa. The shock absorbers are stronger than average, ground clearance is higher, tire sizes are bigger. Generally, our testing has led us to see what is best for the Nigerian and African market and that is what we have built with JET Mover, ” said Rupani Sanjay, JET Motor Company director of sales and marketing. After over three years of thorough automobile research, testing, and iterative development, the JET Mover was produced and recently

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launched into the market. According to Sanjay, ”We wanted to create a global product that is built to last. We were obsessed with getting it right because, if our vehicles can work well on Nigerian and African roads, they can succeed anywhere in the world.” Beyond durability, the JET Mover is also built for luxury and versatility. The premium passenger version of the JET Mover is a 13-seater with leather seats and personalised entertainment system for each passenger. The JET Mover can also be customised for various other uses like cargo, medical emergencies, as a school bus or for military use. Already in use by the Edo, Delta and Lagos state governments, a long line of other government bodies, major road transport companies, and NGOs are said to be waiting in line for delivery of their pre-orders. “There is such a long waiting list that we can barely keep up with the current demand,” Sanjay said. He attributes the overflow of demand to the focus on versatility, durability and adaptability, all of which have propelled the JET brand and its flagship vehicle ahead of longstanding rivals with global names behind them. Having obtained the relevant @Businessdayng

licenses, JET is already expanding into an over 2-acre assembly plant in Lagos, Nigeria to meet demand. By the second quarter of 2020, the assembly plant is expected to attain a capacity of 5000 vehicles annually. In all these, the company has been able to maintain a competitive price point. Commenting on this, Oluwemimo Joseph, strategy and projects head and chief financial officer of JET Motor Company said: “For now, we are not as focused on profitability as we are on becoming the first truly Nigerian brand delivering on quality and affordability. The JET Mover currently offers more value for money than the closest competition.” Recently, JET closed a private round of financing from the Canadian-based Africa Development Capital, Greatmand Legend, and a number of Asian investors. The cash injection, which is solely for research and development, will enable the company to introduce other lines of vehicles including, pickups, SUVs sedans and, most importantly, its ambitious JET EV project. The JET EV is JET’s electricpowered bus project. Already well into the research and development phase, current JET EV prototypes can be driven for over 300 kilometres on a single charge.

Friday 20 March 2020

BUSINESS DAY

COMPANIES&MARKETS

Business Event

BANKING

FCMB to reward thousands of customers in ‘’millionaire promo season 7’’ MICHAEL ANI

ustomers o f Fi r s t C i t y Monument Bank (FCMB) across Nigeria are set to enjoy ano t h e r p h a s e o f re w a rd and financial empowerment as the lender rolls out season 7 of its bumper promotion package tagged, ‘’FCMB Millionaire Promo’’. This follows the huge success recorded and the positive impact of previous editions of the promo since it commenced in 2013. The ‘’FCMB Milliona i re P ro m o S e a s o n 7 ’’, which will run from March to October 2020, will produce another set of 16 lucky customers of the Bank as millionaires through winnings of cash ranging from N1million to N2million. In addition, 152 LED t e l e v i s i o n s, 1 5 2 p ow e r generating sets, 912 smart phones and 760 decoders, are to be won. The winners will emerge through e l e c t ro n i c s e l e c t i o n o f all qualified customers at bi-monthly zonal and

regional draws to be held in May, July, September and November this year. The ‘’FCMB Millionaire Promo Season 7’’ is designed to provide extra e m p o w e r m e n t , re w a rd and value for customers of the Bank, while encouraging financial inclusion and savings culture. The promo is targeted at all segments of the society, especially existing and potential savings account customers of the Bank. This, however, excludes salary and domiciliary account holders. To participate in the promo, existing or new c u s t o m e r s o f t h e Ba n k are to increase their respective balances by N10,000 in any of the e l i g i b l e F C M B s av i n g s accounts and maintain it for 30 days to qualify for the bi-monthly zonal and regional electronic selection of winners, where the star prize of N1million and other fantastic prizes will be won. Mu l t i p l e s a v i n g s o f N10,000 will increase the probability of winning. To qualify for the grand finale draws in November 2020, where four customers will win N2million

each, existing and new customers are to increase their balances with at least N50,000 and maintain it for 30 days. Multiple savings of N50,000 will also increase the chances of winning. Speaking on the ‘’Millionaire Promo Season 7’’, the E xecutive Director, Re t a i l Ba n ki ng, FC M B , Olu Akanmu, said, “the FCMB Millionaire promo i s u n i q u e. Th e p ro m o tion is decentralised to the nineteen zones of the Bank nationwide, increasi ng t h e sp re a d o f w i n s across several states in Nigeria. We reward the aspiration of our customers to save and fulfil their dreams’’. First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respect i v e s e g m e n t s. Hav i n g successfully transformed to a retail banking and wealth management led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.

L-R: Solape Hammond, special adviser to the Lagos State governor, office of sustainable development goals and investment; Taiwo Adejoro, head teacher, St. Mary’s Convent School; Dayanand Sriram, general manager, RB West Africa, and students of St Mary’s convent school. during the Dettol Clean Naija School Hygiene Program at St. Mary’s Convent School in Lagos.

L-R: Kenneth Nwauzoma, head, sales, carrier residential air-conditioner’s, Mandilas Group Ltd; Everistus Aniaku, head emergency operations centre, Nigeria Centre For Disease Control (NCDC); Funmi Akpan, corporate affairs manager, Mandilas Group Ltd, and Olajumoke Babatunde, deputy director, Central Public Health Laboratory, Yaba, Lagos during the presentation of sets of Air-Conditioner units to NCDC to support the fight against the Coronavirus diseases.

International Women’s Day: International Breweries seeks gender equality JOSEPHINE OKOJIE

nternational Breweries Plc, a member of AB InBev, has called for more opportunities to be given to women for an inclusive society. Hugo Dias Rocha, managing director, International Breweries said this at 2020 International Women’s Day (IWD) celebration, held recently in Lagos. Rochas, represented by Wilfried Fameni, procurement director, IB Plc, said the contribution of women to the growth of the society cannot be overlooked and for there to be diversity, all gender must walk the talk. He said the future of Africa is through the education of the female gender. Also speaking, Bolanle Austen-Peters, managing director of Terra Culture, who was a special guest at

the event, said for there to be gender equality, people should not judge based on their bias but on the situation of things. Austen-Peters said for the womenfolk and the man, to achieve balance in everything is not possible as something must give way to others. She urges women to prioritise their tasks so as to achieve a semblance of balance. The event was organised by the Women in Beer, a group of women working in the second largest brewery in the country. Marilyn Maduka, people director, IB Plc, said the event was organised so as to seize the opportunity to get behind the issues that still face women in the workplace; this cry, this urgent need for equality and how they can use the opportunity to move forward in that regard and not www.businessday.ng

just mark the day as a tick box exercise. She said what makes this year different was that the women were asked to tell their stories and even the men to talk openly or anonymously about some of the real issues that they face. “Ever y day you wake up and go through things, often, not known by anyone. But now, we want to open up the conversation that actually asks if you are aware that even in our workplace this is happening” she said. “I think this is one powerful thing we are doing, which is giving a voice to people who sometimes would be voiceless. Through that culture of secrecy and silence, you allow things to happen underneath the surface that you are not aware of. So that’s one of the things we are doing’, she asserted.

L-R: Commodore Edem Duke; Raymond Murphy, chief executive officer, Mouka; Sola Sobowale, face of Mouka wellbeing mattresses/nollywood super star, and Kingsley Lar, commandant, Nigeria Armed Forces Resettlement Centre, during a courtesy visit to Mouka at the company’s corporate headquarters in Lagos.

L-R: Ridwan Sorunke, P&G Nigeria government relations manager; Jumoke Oduwole, senior special assistant to the president on the ease of doing business in Nigeria; Ihinosen Ebinum, P&G director of purchases; Adeniyi Adebayo, honorable minister of industry, trade and investment, and Jude Oboh, international trade compliance mangers, at the presentation of the PEBEC Award on sustained implementation support to P&G Nigeria.

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Friday 20 March 2020

BUSINESS DAY

MoneyInsight

As Bitcoin struggle continues, operators see silver lining FRANK ELEANYA

perators of global exchanges say the continued drop in the price of Bitcoin and other cryptocurrencies is a sign the market is coming of age. In a note to BusinessDay, global cryptocurrency exchange, Luno said Bitcoin’s recent price drop has been significant but needs to be viewed alongside the changes in the other markets. The largest cryptocurrency, Bitcoin slumped to $4,463 early Monday morning despite news that the US Federal Reserve has cut interest rates to zero. The cryptocurrency has declined by 57 percent from the $10,500 high it posted on 13 February. In the same time period, the DAX has dropped to a sevenyear low, the FTSE 100 to an eight-year low, and BTC is only at a 12-month low, still up 26% year to date. Since the Covid-19 pandemic was declared last Wednesday, stocks have officially entered a bear market, falling more than 20 percent from their peak in February, causing almost every single asset class to lose significant value. “Bitcoin was formed in 2008, at the time of the last financial downturn and from then until now has always been seen as uncorrelated to the main mar-

kets. However, last week the unprecedented situation created by the coronavirus led to the highest ever level of correlation with the S&P500, as investors trading BTC alongside other assets looked for market value. This was not unexpected with Bitcoin behaving it the same way as Gold and other assets, but over the next weeks and months we expect cryptocurrencies to move back to their uncorrelated position which will offer a very bullish performance in the medium to long

term,” Marcus Swanepoel, cofounder, and CEO of Luno said. A weekly summary of the cryptocurrency market by Luno describes the past one week as a historical one that saw nearly all altcoins affected negatively. While the market share of Bitcoin remained relatively stable at 63.38 percent, most cryptos dropped down more than 50 percent between March 12 and March 13, but have recovered some of the losses since then. Ethereum’s market capitalisation dropped -1.37 percent and

Bitcoin Cash lost 0.12 percent. In terms of price, both Ethereum and Bitcoin Cash lost 20 percent and 10.37 percent. XRP, the largest cryptocurrency also lost about 11.79 while Litecoin declined by 17 percent. “The Fear & Greed Index dropped like a rock last week and is now down to 9,” said Marcus Swanepoel, CEO Luno. “This situation also shows that all indicators have their weaknesses. This index was down to a level of 5 in August 2019. As this index is built on very specif-

ic data (volumes, volatility, social media, surveys, dominance and google trends), it doesn’t necessarily get the real market sentiment. We can all agree that the market is more fearful now than in August 2019.” Fear and Greed Index (FGI) measures investors’ emotions of fear and greed on a daily, weekly, monthly, and yearly basis. CNN looks at seven different factors to score investor sentiment on a scale of zero to 100—extreme fear to extreme greed respectively In a note to investors on Monday, Adam Vettese, an analyst on eToro also explained that the double-digit drop in the cryptocurrency market was a result of investors dumping risk assets “without prejudice”. Interestingly, Luno said there has been an uptake in the number of Bitcoins exchanging hands over the last week. Daily trading volumes, the company said, have risen to levels last seen in 2019. Last Thursday, 12 March, $4.2 billion changed hands. The 7-day average real trading volume spiked last Friday, touching $1.5 billion – more than double the volume that was seen at the beginning of the week. Despite the spike in trading volume, volatility rate in the market is at record levels. The 30-day volatility jumped up to above 8 percent - levels last seen since 2014 says Luno.

CRC Credit earns accolades for easing access to finance STEPHEN ONYEKWELU

RC Credit Bureau Limited has earned two recognitions thanks to its contributions in driving access to finance for individuals and Micro, Small and Medium Enterprises which are the largest employers of labour in the Nigerian economy. The credit reporting firm was recognised for its ‘Outstanding Facilitation of Access to Finance’ in Nigeria by the Policy Development Facility Phase II (PDFII) at the ‘Non-Oil Export Conference & Awards’ (NECA) on March 5. This follows its award as the Best Credit Bureau Nigeria 2020 in January, by Capital Finance International (CFI. co) a print journal and online resource reporting on business, economics and finance with headquarters in London, United Kingdom. The award event had as theme ‘Growing Non-Oil Export Business in Nigeria: The Strategic Imperatives’ and covered three plenary dis-

cussions, the non-oil export awards and exhibitions from Made in Nigeria, Small and Medium Enterprises. It convened a cross section of private sector organisations, relevant government agencies, trade associations, development partners, members of the House of Assembly, along with other representatives in the non-oil export value chain as part of the dialogue at the event. At the event, The Network of Practicing Non-Oil Exporters of Nigeria (NPNEN) was born. It is a body that will continue to champion advocacy and capacity development in the non-oil export space after PDF II closes. Tunde Popoola, managing director/CEO, CRC Credit Bureau said ‘CRC will continue to use its robust database of credit information and superior technology to champion the cause of access to finance for MSMEs which will help end our dependency on oil. “At CRC, we believe that MSMEs are the engine of growth for any economy and www.businessday.ng

they can only thrive with access to finance, which is made easier with access to credit information for both the lender and borrower,” Popoola said. He was represented by Peggy Chukwuma-Nwosu, head of Business Development at CRC Credit Bureau Limited. Policy Development Facil-

ity Phase II (PDFII) funded by UK Aid from, an agency of the UK government is a flexible, rapid-response facility set up to support champions of change in implementing economic and social policies that lead to poverty reduction in Nigeria. CRC is the largest credit

reporting agency in Nigeria, responsible for over 95 percent of the nation’s recorded credit data from commercial banks, on-bank institutions, utility companies and retailers thus improving the ability of credit providers and borrowers to make informed lending and borrowing decisions.

L-R: Hakeem Sanusi, marketing officer, Massilia Motors; Funso Oni, spare parts manager, Massilia Motors; Thomas Pelletier, Managing Director, Massilia Motors/Country Delegate CFAO Group Nigeria; Mike Edwards, brand ambassador, Mitsubishi Motors; Funmi Abiola, head, Marketing and Communications CFAO Nigeria, and Adekunle Jaiyesimi, DMD, CFAO Motors, at the Role Swap Day at Mitsubishi Motors Nigeria.

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Friday 20 March 2020

BUSINESS DAY

Friday 20 March 2020

BUSINESS DAY

INterview

Nigeria is almost running late in attempts at gas monetisation – Joe-Ezigbo Audrey Joe-Ezigbo, president, Nigerian Gas Association (NGA), is walking the road least travelled by women in Nigeria’s male-dominated oil and gas industry. In this interview with Stephen Onyekwelu, she talks about gas pricing, gas infrastructure, gas-enabled industries and what Nigeria needs to do with gas to quicken its industrialisation drive. Excerpts:

ow has Nigeria advanced on the 2020 deadline for zero-flare policy and what can be done so that associated gas is put into more profitable uses, rather than flare it? Given that we are right in 2020, we are certainly not at zero-flare level. I, however, always prefer to start with an acknowledgement of the fact that Nigeria has come a long way when we speak about gas flaring. It used to be just 20 years back that Nigeria was flaring between 50 and 60 percent of all its associated gas. Of course, this was largely because gas was looked at as a nuisance by-product of oil exploration and production activities. However, from the early 90s with the Associated Gas Re-injection Act, the Liquefied Natural Gas (LNG) Act and other pieces of legislation, what has steadily evolved is a situation where today Nigeria is flaring less than 10 percent of its associated gas. As at 2019, for instance, about 425.9 billion standard cubic feet (scf ) of gas was flared. Specifically, I refer to the Nigerian National Gas Flare Commercialisation Programme (NGFCP) which is underpinned by the National Flare Gas (Waste & Pollution Prevention) Regulations 2018. The NGFCP is slowly being rolled out and we remain optimistic that the programme will begin to yield results over the next few years. I have said consistently that the core benefit of this programme, if successfully implemented, goes beyond the current flares, but indeed further presents clear strategies and frameworks to ensure that new gas development projects will have clear zero-flare technologies and strategies embedded in them from conceptualisation stage. In terms of profitability, this is always a toss between penalisation and incentivisation, with neither the penalties nor incentives of the past being sufficient to engender the desired results. Historically, it had been that it was cheaper to flare the gas and pay the attendant penalties, if at all, than to invest in gas utilisation technologies to address the flare sites. With the new regulation, this is no longer the case as the penalties have been significantly increased and related to the quantum of operations. It, therefore, makes more sense that people are rethinking about flaring gas in advance in order to avoid the huge penalties. However, it is our view as Nige-

rian Gas Association that beyond a penalisation regime, there needs to be in place a plethora of incentives that make it more attractive for any producer to incorporate flare reduction mechanisms in advance, either directly or through collaboration with indigenous companies with midstream capacity. Many say the domestic gas market is not attractive due to highly regulated prices and uncertain off-takers. How can this be fixed? Yes, ours is not the most attractive of domestic gas markets and certainly challenges as you’ve outlined in the question include the uncertainty of off-takers and regulated prices which I also made reference to earlier. Gas projects are unique in themselves, first in the sense that they are highly capital intensive and secondly, to the degree that they need large volumes to be contracted to underpin the investment. Now, from the supply point of view, the primary constraint is the infrastructure deficit and the need to commit huge sums of capital into either new field development projects or expansions of existing capacities in order to meet a demand at the other end. Now, these kinds of investments are typically contracted in dollars, therefore the vagaries in the exchange rate, the differentials between the Central Bank of Nigeria and parallel rates and the impact of this on project cost profiles becomes a huge challenge. On the other hand, speaking to the domestic gas market’s demand profile, the challenge that exists is primarily the fact that the largest off-taker currently is the power sector. The power sector as we know is seriously broken and this is manifesting in a gross illiquidity situation that has persisted for a few years. Credible off-take of molecules in the quantum that would make any gas development project profitable is then a huge challenge in our domestic environment. We need to see more large volume users of natural gas, from gas-based industries, petrochemicals, methanol plants, and suchlike which can then justify gas supply investments. At the same time, it is our view that the government must necessarily then also back away from regulated pricing of the power sector and allow that sector to develop independently. This is because the power sector will provide the backbone energy that will allow for the development of several other economic sectors. In the 2017 National Gas Policy, www.businessday.ng

the government took a bold step to disaggregate the gas value chain into distinct upstream, midstream and downstream sectors. This midstream sector is very grossly under-developed. The midstream is largely an infrastructure play whether in terms of gas transportation pipelines, central processing facilities, pipe mills, storage facilities, et cetera and we desperately need investors in this area. Of course, there are other variables that will need to be addressed, and we cannot get away from the urgent need for gas legislation and the Petroleum Industry Bill. Why has Nigeria been failing its West African peers who signed on to the West African Gas Pipelines project by not feeding the pipeline with gas? The West African Gas Pipeline project remains a laudable one even though it has been plagued with several issues right from inception. From a proposed start date of 2006 to a delay into an actual start date of 2011, to the fact that it then cost almost 50 percent more than it was budgeted to cost. As at 2008, the pipeline had been completed but on the Nigeria end, there were some compressors and receiving stations that were not operational. It is unfortunate that gas supplies from Nigeria have not been that consistent and that we have struggled to comply with the terms of the contract but remember we had those years where militancy was an issue and indeed, till today, we still have some incidents of vandalism that impact on gas supplies. At one point, gas supply shortages caused Nigeria to channel the gas to our domestic power plants instead, a breach of contract and not justifiable in any way. There have been piracy issues, issues about non-payment from Ghana, though those debts have since started to be addressed, and so on. I am sure there are a whole lot of other technical or contractual counter-party issues that are playing out even as we speak. Ultimately, our reality is that Nigeria’s commitments on the WAGP projects would be better assured and consistently so if we are able to open up the landscape to investors and investments in new exploration and production. We continue to dance around associated gas when we speak about Nigeria’s gas resources, but we must also then necessarily and intentionally create an investment framework that supports those who want to go and prospect directly for nonassociated gas. In my view, there is no better

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‘

The first lesson for Nigeria is that you cannot rest the future of your economy on a failing resource, especially one that you have mismanaged and abused consistently over decades @Businessdayng

time than now since we have recently approved the National Gas Transportation Network Code, made advancements in the funding of the Ajaokuta-KadunaKano pipeline projects, and so on. What are the top three challenges that once fixed will make the sector more efficient and attractive to investors – local and foreign? I really wish it would be as simple as the top three things. If you allow me, I would speak to the top four or five things, and even at that, qualify it to say that these are things that need to be done in concert; and that they need to be supported by several other efforts, underpinned by a consistency and tenacity in carrying them through, seeing them into fruition. Among the key things that need to be addressed are enabling a firm legislative and fiscal framework for gas investments. In this regard, we come back to the PIB conversation and the imperative to give investors a clear line of sight. Policy is not legislation so much as we have set out a National Gas Policy, we need this codified

into law. In addition to needing the PIB, we must deal with the tariff issue. We must allow the markets to determine pricing and not using regulation to drive pricing. It is time we allow for willing buyer-willing seller transactions. We must ask ourselves why we are holding on to concepts we adopted ten to fifteen years ago which have clearly not attained the objectives for which we thought they were required. The gas industries locally, regionally and globally have changed; investors’ appetites and sensitivities have shifted; economic fundamentals do not resemble what existed at those times. Something must necessarily shift if we are to see traction with new investments and the issue of regulated tariffs and end-pricing must be dealt with. Thirdly, and this is related to the last point, we have talked for too long about the currency of investment and revenue mismatch. It does not make sense that we expect investors to happily model 18 percent value erosion into their projects, and at the same time be readily accepting

of constraining prices on their end products or services. We do not manufacture the bulk of the components required for projects in the industry. Gas projects and project inputs are typically contracted in dollars and need to be repaid in dollars at an equivalent rate. What is happening now does not make sense and is not sustainable in any way. Until we address this, we will continue to see capital flight away from the industry. We must also necessarily address this issue of the illiquidity in the power sector. It is impacting very negatively on gas projects since gas is the fuel source of about 80 percent of our power generation. What is happening now is completely unsustainable and I am not sure how long producers can continue to operate as is. Lastly, as NGA we will continue to emphasise the need for sanctity of contracts. Gas investments are typically long term in nature and therefore agreements that govern these relationships tend to be long term as well. It is important that the provisions of these agreements are deemed inviolable, regardless of the changing of representatives of the parties to the contracts over time. We started on the right track with the 7 Big Wins which speak also to the need for greater transparency and accountability in the industry. Despite the change of baton, this must continue to be held as a prime area of focus for Nigeria’s gas industry. Bottom line is that there are too many changing dynamics locally and globally for us to continue business as usual. Globally, National Oil Companies are in the line of fire stemming from the crash in oil prices, not just from the coronavirus but with the recent happenings between Russia and the Organisation of Petroleum Exporting Countries (OPEC). We must intentionally and aggressively look for new ways to partner with both international and local oil and gas companies to push the agenda of gas-based industrialisation, enhanced gas-to-power, LPG penetration and the like. We need the global investment community to again begin to ascribe seriousness and willingness to participate in investments in Nigeria. Qatar pulled out of the OPEC to concentrate on gas development, what can Nigeria learn from this? I personally think it was an impressive and bold move that Qatar made, deciding to leave the OPEC after a 60-year membership and www.businessday.ng

after making such clear strides in the global gas industry. From a major economic downturn in the early into the late 80’s, it is amazing how Qatar has established itself to date as one of the world’s largest suppliers of LNG and it is my understanding that they have plans to increase capacity by as much as 64 percent by 2027. Qatar is working to grow its gas industry quite aggressively and primarily through international partnerships such as the one it has entered into with Exxon Mobil. They have created a clear landscape of incentives to draw the private sector investors in. They have clearly articulated their gas goals, coupled with realistic timelines and a stable political climate. Their decision was about a focused diversification and they have not wavered from that. The first lesson for Nigeria is that you cannot rest the future of your economy on a failing resource, especially one that you have mismanaged and abused consistently over decades. We are blessed with gas, a secondary resource which we have more of in abundance and one which comes with more economic, social and environmental benefits to the country. What are some of the bigticket gas development projects in Nigeria and how will they change the landscape? I am sure many Nigerians are by now familiar with the seven critical gas development projects which are targeted at bridging the gas supply gap in the country and providing feeder gas for up to 15GW additional power generation capacity. The projects include the 2.2TCF SPDC JV gas supply to Brass Fertiliser plant; the 5TCF cluster development from OML 13 geared towards the expansion of Seven Energy’s Uquo Gas Plant ; the 10TCF Okpokunou/Tuomo west cluster development. There is also the 600mscf/d Assa North/Ohaji South project, amongst others. We are behind on the timelines, but I am confident many of these projects will ultimately come to the fore. The NLNG Train 7 project is another big win for the country. Of course, we continue to remain hopeful that the OB3 (Obiafu-Obrikom-Oben Gas Pipeline) will finally see completion before the end of 2020, and same goes for the ELPS II looping pipeline that has been stalled for a couple of years. There is also the proposed Ajaokuta-Kaduna-Kano (AKK) pipeline project which is an important piece of infrastructure designed to move Gas into the

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northern regions of Nigeria. There are also several other projects being undertaken along the value chain such as investments in LPG storage facilities, in LPG-to-power technologies, virtual delivery technologies in LPG and CNG, etc. What remains to be seen is a sufficient development of off-take capability to offset the supply-side developments. How will natural gas transform Nigeria’s economy and what can Nigeria do to reap these benefits? Gas is an enabler. Gas is a tool for economic growth and diversification. It is a catalyst for productive activity. Let me give an example that is somewhat granular because when most people hear ‘gas’, they immediately begin to think of very technical aspects of the oil and gas sectors. But gas is more than the equipment and processes. Gas is employment. Gas is agriculture. Gas is power. Gas is a balanced economy. Gas is foreign exchange. Gas is capacity building. Gas is social engagement and empowerment. Let me explain using the agricultural sector as an example. Imagine our food products, many of which are highly perishable in nature. The North is the primary food basket of Nigeria and food items produced there must necessarily be transported to the South. As a result of the poor state of the roads, the level of insecurity and a few other variables attributable to road transportation, there is a rather tortuous farm-to-market journey for the food items and an @Businessdayng

attendant high level of wastages. Enter gas. Gas feeds from mechanised farming using methane-powered tractors, to gas-powered greenhouses, to gas-fired processing plants, drying and packaging facilities. So, farmers harvest their produce and take them to either farm markets located in their vicinity or food processing centres, well equipped with packaging facilities, proper warehouses, storage facilities and logistics facilities, all powered by gas; either gas powering their machines as fuel, or gas providing power for their processes. Visualise the processed and packaged foods the being transported via high speed rail lines powered by LNG, to different parts of the country as well as export-ready shipments. Image the scale that can be achieved in production. Imagine the reduction in spoilage, waste, theft, the significant reduction in operational costs. Imagine how many thousands of individuals are adequately engaged, employed and empowered at every stage of this value chain. Imagine the support industries that would be generated from this one sector. This is what we mean when we speak about in-country value addition and the direct impact on economic activities that gas can potentially bring. Imagine what we can do with our mineral resources if we channelled gas into their extraction and commercialisation. Mining will take on a whole different level of importance in the country.

Friday 20 March 2020

BUSINESS DAY

Health Business&Life Nigeria needs $167m for TB control - Experts ...only 28% of 429,000 TB cases treated in 2019

Nominations open for Nigerian healthcare Excellence Awards 2020

GODSGIFT ONYEDINEFU

igeria currently needs an additional $167 million to tackle the burden of Tuberculosis (TB), the lead infectious killer in the world and meet the target of ending the epidemic by 2030, experts say. Mayowa Joel, secretary general of the Stop TB Partnership Nigeria, speaking at a press conference ahead of the 2020 World TB day explained that the country actually requires a total of $278 million for TB control, but currently has about 40 percent of the requirement (32 percent from donor agencies and eight percent domestic). Joel, said this while noting that Nigeria still ranks 6th among the 30 high TB, TB/ HIV, and MDR-TB burden countries and 1st in Africa. He explained that Nigeria accounts for 12 percent of the global gap between TB incidences and notified cases. He disclosed the major challenge of TB response in Nigeria is attributed to low case findings both in adults and children.5 7,000 children get TB annually. He regrets that of the 439,000 estimated new TB cases in Nigeria; only 102,266 were notified to the NTBLCP with 28 percent treatment coverage. He also added that of the 80,000 eligible to receive treatment, only 10,523 received the preventive treatment. “This is as a result of low TB treatment coverage and

poor knowledge about TB that influence the health seeking behaviour of people,” he said. He further informed that one-quarter of the world’s population, approximately 1.9 billion people is infected with TB and of the 10 million people that develop TB each year; 3 million miss out in care and treatment. Bethrand Odume, a representative from the KNCV foundation, speaking said despite significant progress over the last decades, TB remains the world’s deadliest infectious killer. According to him, 4,500 people lose their lives to TB every day and close to 30,000 people fall ill from preventable and curable diseases. Odume disclosed that global efforts to combat TB have saved an estimated 58 million lives since the year 2000 and reduced the TB

mortality rate by 42 percent. He, however, expressed concerns over the emergence of Drug-Resistant TB which according to him poses a major health threat and could put at risk the gains made in efforts to end TB. Every year 500,000 people develop DR-TB and only 1 in 3 is able to receive treatment. Odume, therefore, stressed that ending TB will require acceleration of efforts in Nigeria and globally. He said the World TB Day 2020 which has the theme “It’s Time to End TB in Nigeria”, puts the accent on the urgency to act on the commitment made by global leaders at the UN high-level meeting in September 2018 of which President Muhammadu Buhari was part of it. He recalled that countries including Nigeria pledged to scale up access to preven-

GE Healthcare trains 200 medical professionals to improve laboratory service delivery ANTHONIA OBOKOH

EHealthcarehastrained over200medicalprofessionals in the country to improve the quality of healthcare delivery in Nigeria. The healthcare professionals were trained on Computed Tomography (CT) and Magnetic Resonance Imaging (MRI) in stroke management, among other topics which will help practitioners optimize their work. In collaboration with ECHOLAB radiology and Laboratory services, GE healthcare a provider of medical imaging, monitoring, biomanufacturing, and cell and gene therapy technologies which enables precision health in diagnostics, therapeutics, and monitoring through intelligent devices, data analytics, applications, and services has focused the training forum themed ‘Elevating Radiology’ held in Lagos and Abuja recently. The training was designed

for hospital professionals including radiologists, radiographers, specialists, and general practitioners. “Precise diagnosis is a result of quality imaging services done by well-equipped and well-trained clinicians. This can greatly help to improve patient satisfaction and the bottom line of both public and private healthcare providers,” said Eyong Ebai, general manager - West, Central and French Sub-Saharan Africa for GE Healthcare. “We are honoured to collaborate with ECHOLAB to ensure Nigeria’s medical professionals are equipped with the right skills to continue providing better outcomes for patients,” Ebai said. He stated that the training and skill development has become an essential ingredient in ensuring the efficiency of healthcare staff. Ebai added that rapidly developing technologies and constant updates in procewww.businessday.ng

dures mean that staff needs to continually re-evaluate their training needs. He noted that GE Healthcare’s objectives with the workshops is to provide equipment’s users with opportunities to gain the knowledge and skills to optimize equipment usage, clinical practice and patient care. Also commenting, Pius Ihimekpen, sales and marketing director of ECHOLAB said the organisation mission is to provide world-class practice delivery of diagnostic services in Nigeria as the ultimate onestop shop with a full range of diagnostic services to investigate a wide range of illnesses and conditions. “The training delivered in collaboration with GE Healthcare are important in our experts keep up with technological advancements in the healthcare industry and remain relevant in providing patient-centered services,” he said.

tion and treatment, build accountability, end discrimination and ensure equitable and sustainable financing including for research. Ayodele Awe, representative of WHO, harped on the need for individuals to carry out regular testing to know their status and to go for treatment when a cough exceeds two weeks. Awe also called in the need for more awareness and advocacy for TB. TB is an infectious disease caused by germs that are released into the air by a TB patient when he coughs, sneezes or talks. The symptoms include; continuous cough lasting for two weeks or more, fever lasting for two weeks or more and sweating at night even in cold weather. Others are; weight loss, difficulty in breathing, cheat pins and bloodstained sputum.

ANTHONIA OBOKOH

he Local Organising Committee (LOC) of the Nigerian Healthc a re E x c e l l e n c e Aw a rd (NHEA) has announced the opening of nominations for NHEA 2020. In a release made available to BusinessDay, Wale Alabi, project director, NHEA, says the award is the Oscar of Nigeria’s healthcare, noting that in the last seven years the award has grown to become a point of reference in the industry. “We would continue to do our best in order not to abuse the confidence placed on us. The theme for NHEA 2020 is Inspire, Innovate, and Collaborate,” alabi said. According to him, the LOC hopes to continuously use the platform presented by this award to inspire, promote innovation and collaborations in the ecosystem. He advises various stakeholders to visit the award website, www.nigeriahealthawards.com.ng to make their nominations. Nomination will close on midnight of May 22, 2020, while the event will take place on June 26, 2020, at the Convention Centre, Eko Hotel & Suites, Victoria Island, Lagos. “Nominations can be made for corporate or individual categories by any member of the public. You can either nominate online or download the nomination form,” he added. Moses Braimah, director of marketing- communication and strategy, NHEA also spoke on the commencement of NHEA 2020 nominations. “We are expecting about

30 percent increase in the nominations for NHEA 2020 due to growing awareness and acceptance of the award by various stakeholders.” Braimah, added that the award focuses on; outstanding performances, creation of new business models, recognize those who embrace new trends, market leadership and inspirational performance amongst others. About 29 awards and recognitions will be presented at the ceremony. It is made up of four main categories; Special Awards, Healthcare Delivery Services, Biomedical Technology and Pharmaceuticals. Some of the awards up for grabs include; The Lifetime Achievements Award, Outstanding State Government Healthcare Programme of the Year, Outstanding CSR Health Project of the Year and Healthcare Media Excellence (print, online and Broadcast). Others are; Private Healthcare Provider of the Year, Laboratory Service provider of the Year, and Radiology Service Provider of the Year. Others are; Biomedical Engineering Service Company of the Year, IVF Service Provider of the Year, Dialysis Service Provider of the Year, Eyecare Service Provider of the Year, Laboratory Equipment Marketing Company of the Year, Nursing & Midwifery Excellence Award of the Year, Technology-Driven Pharmaceutical Distributor of the Year and Most Improved Pharmaceutical Retail Outlet of the Year. NHEA is organised by Global Health Project and Resources (GHPR) in collaboration with Anadach Group, USA.

How to keep social distance to avoid spread of COVID-19 ANTHONIA OBOKOH

o reduce the risk of infection or spread of COVID-19, members of the public are advised to keep social distance as efforts to control the virus , especially one as contagious as the novel coronavirus relies on knowing how it spreads. Social distancing is a public health care practice that officials recommend during disease outbreaks. The goal of social distancing is to keep people far enough away from each other to prevent the spread of infectious agents, such as viruses. Social distancing can help stop the spread of viruses, reduce the danger to people most at risk of severe symptoms, and potentially lessen the strain on the health system. The following are examples of social distancing: Encouraging people to keep 6 feet away from others Limiting the size of gatherings to no more than a fixed number of people Canceling or postponing

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public festivals, parades, sporting events, and performances Cancelingface-to-faceclasses at colleges and universities Closing schools, avoiding shaking hands and hugging, and staying at home as much as possible Although research is limited and mainly modelbased, some studies have found that social distancing does lead to a reduction in the rate of infection. However, delayed implementation and poor compliance can reduce its effectiveness. Even if social distancing is effective in stopping the spread of disease, people can still experience negative emotional and psychologi@Businessdayng

cal effects, such as increased stress, anxiety, depression, and loneliness. People can help counteract the potential side effects of social distancing by Seeking out information from credible sources and informing care providers, employers, and their personal support networks about their concerns. Using technology to stay connected with friends and loved ones, including having video calls for “faceto-face” interactions and practicing relaxation techniques, such as physical exercise, yoga, meditation, or keeping a journal Culled from Medical New Today

Friday 20 March 2020

BUSINESS DAY

Health Business&Life COVID 19: Uni-Ilorin screens four foreign Tips for women travellers students, to distributes preventive kits

Executive Travel Health

SIKIRAT SHEHU, Ilorin

he University of Ilorin Corona virus Prevention Committee on Wednesday revealed that four foreign students of the institution have been screened for COVID 19. Adurotoye Idayat, Medical Doctor and the Chairperson of the committee who disclosed this in an interview with BusinessDay correspondent in Ilorin, Kwara State, explained that three of the students are from China while the other one is from Chad. According to her, Unilorin been a public institution and now that the outbreak has been confirmed by World Health Organisation (WHO) as pandemic, Unilorin committee set up have being working day and night to make sure that all the necessary things are readily available. She says: “we have planned on how to distribute hand sanitizer and other preventive kits to Fufu campus, College of Health Sciences, Institute of Education as well as main campus and other areas that are necessary. “We are working with the state government, the state epidemiology in case if we have a suspected case, the patient will be transferred immediately to the center which is at the Zobi Specialist Hospital and they will now take the sample and send to Lagos, Eruwa or anywhere that is very close to them to confirm whether it is a case of COVID 19 or not. “From our side we are not relenting, in fact, jingle is already on, in different languages to sensitize the University community and its environs.” Idayat, who is of department of Haemethology and blood transfusion at the University of Ilorin Teaching Hospital (UITH), had while promising that when the students resume, there is going to be a rally to intimate people about the virus,

Adeniyi Bukola Q-life Family Clinic

posits that proactive measures have been taking by the federal government, “as from today – we have five cases confirmed in Nigeria and the government had declared travel ban to some hot spots countries, even though Kwara State is a not hot spot, we cannot fold our arms.” On whether the students examined were tested positive or negative, she says they are not to test but to investigate by checking their purse, temperature, any issue of cough, any issue on difficulty in breathing and then we keep eyes on them. “Today, four of them have come for the examination. Three of them are from Ghana and the other one is from Chad. No history or symptoms of virus in them. Most of the foreign students have travelled due to ASUU strike and by Monday now, we may be having influx of them.” Also speaking, Abdulrasheed Oduola, medical doctor and director of the University Health Services, also a member of the committee affirmed that adequate measures have been put in place to combat the virus, he says: “adequate resources have been provided. We have about 31 dozens of Hand wash, Face Mask, Hand Glove, Apron, and Liquid Soap Infrared Thermometer among other things”.

ontrary to popular opinion, world travel and exploration have never been the Both the medical practitioners, sole prerogative of therefore, advised students to main- men. There have been some welltain hand hygiene by washing their hands regularly with water or hand known intrepid women travelers sanitizer, saying, it is very important. who have traveled to the far corners Students are equally encouraged of the earth. How they overcame to embrace cough etiquette when the social, moral and religious they are coughing; they should use objections to their gender is left to tissue paper or handkerchief to cover the modern woman to imagine but their mouth, as they are warned some of these objections still exist against reuse of used nose mask. today at various levels in different Recalled that the University of countries. Ilorin management on Monday inWomen travelers have their structed its returning international own peculiarities due to the agestudents to go for medical examination so as to deter the spread of the old problem of physiology which virus within and outside the campus. includes menstruation, contra Felicia Olasheinde-Williams, ception, pregnancy, breastfeeddirector Centre for International ing, traveling with children and Education (CIE) of Unilorin gave ‘personal safety’ are all too present. the directive in a letter addressed Apart from all necessary basic to the international students of the steps a traveler must take before institution. travel, a woman must seek travel She says: “Note that this medical test is an important requirement advice on, menstruation, personal for maintaining your studentship hygiene, fluid retention, contracepwith the University. As such, you are tion, pregnancy, traveling with chilenjoined to adhere strictly to the di- dren, personal safety and security. If you are going to a country rective immediately on your arrival.” Covid-19 is an outbreak of re- where medical facilities are poor or spiratory disease caused by a novel not easily accessible, it is advisable coronavirus that was first detected in to have a gynecological check-up at China and has now been detected in least 6 weeks before departure. If more than 100 locations internation- you have had a previous gynecoally, including the United States. logical problem, you should have a clear understanding of the problem and carry a written note of the problem. Pregnant women and breastfeeding women are in an altered were based on begin capturing this information at age 15 or 18 state of health that requires practiand then stop at 49, irrespective cal consideration prior to travel. of the reality that violence against If possible delay your trip or plan carefully. women has no age limit. Emotional upset, exhaustion Abosede Oladeinbo Project Ofand traveling through different ficer, Women’s Voice, and Leadership (WVL) Project, earlier in her time zones can all contribute to remarks said that the project is an upset in the menstrual pata social inclusion project for the tern. Irregular menstruation is a elderly woman that aims to train very common problem affecting elderly women on volunteerism women travelers. Excessive exerand register them as trained com- cise and the stress of travel may munity social workers, increase cause infrequent periods. If this is the employability of trained el- the case, it may lead to confusion derly women volunteers in the over the timing of oral contracepstate and have a critical mass of tion and great anxiety of unplanned elderly women who are socially pregnancy. Dysmenorrhoea (Painand economically included in ful menstruation) may also be aggravated by travel. their communities and state. Ask your doctor about oral con“We call on government and traception which may be used to all stakeholders to mainstream suppress menstruation if the need elderly studies in higher institutions general studies curriculum arises. This is achieved by taking establish well-funded daycare the pill continuously without the centres where old people can usual seven day break. It is advismeet, socialize and receive infor- able to take extra packs and note that Biphasic and triphasic pills mation,” said Idoko.

NGO advocate for social inclusion, empowerment for elderly women in Nigeria Anthonia Obokoh

he issue of protecting the rights of the aged in Nigeria does not really have constitutional backing in Nigeria, the Centre for Gender Economics (CGE Africa) has said. The Non- governmental (Organisation NGO) also say that the only social policy in place for elder persons in Nigeria has to do with retirees from formal employment noting that the abuse suffered by older women is often exacerbated by poverty and lack of access to legal protection. “There are certain provisions of the 1999 Constitution of Nigeria that seem to give some rights to the aged in Nigeria within the disability and vulnerability provision, which is neither specific or adequate,” said Uchenna Idoko, executive director of the Centre. According to Idoko, as reflected in the Reformed pension scheme of 2004 to which em-

HBL Team

ployees and employers in public and private sectors contribute 7.5 percent each except for the military for which they contribute 2.5percent while the government contributes 12.5 percent to the pension fund. “older women experience all forms of violence, noting that there is a lack of data on its prevalence, primarily because surveys are not set up to capture this information in the first place.” “We also need to create awareness that preventing and reporting elder abuse is everyone’s responsibility. The public will be encouraged to provide confidentially information to law enforcement authorities, both at the federal and state levels on abuse of the elderly especially women,” she explained. In a World Health Organisation report on sexual and intimate partner violence, only 66 of its 392 estimates included women over 49. The surveys in this study

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

do not work. Personal hygiene is important. Though Tampons and Sanitary towels are becoming more common in developing countries, they are still scarce luxuries in some places. Cultural and religious attitudes exist in some countries towards menstruation. Women may be forbidden to enter places of worship and even to touch or walk near food during their periods. To avoid such situations, discreet use of and disposal of sanitary towels and tampons is advisable. During prolonged journeys on buses, trains and planes, the female bladder can be under considerable stress due to lack of or infrequency of ‘comfort stops’. In an inhospitable environment if you must squat over a hole in the floor or behind a bush, squat high to avoid bites. Women are tempted not to drink ‘too much’ which can cause problems of dehydration. Drink small amounts of fluid frequently and avoid alcohol. For remote travel like expeditions where water is rationed, lack of skin cleansing, sweating and inappropriate clothing can encourage chaffing, open sores and monilial (fungal) infections. Along with sports like water sports (e.g. water skiing) the female anatomy may be subject to risk of foreign body penetration and inrush of contaminated water resulting in ascending vaginal infections. It may be advisable to take a supply of antibiotics and treatment for fungal infections more so if you have suffered similar ailments in the past. Fluid retention arises mainly during inactivity and prolonged sitting during long journeys. Postural Oedema (swelling of the feet and legs) arises, especially in older women with poor venous circulation. The use of a simple diuretic may help. Exercise where possible. Little walkabouts or exercise while sitting e.g. rotating ankles, flexing muscles in the arms and legs etc, can reduce the risk of deep vein thrombosis (DVT) by improving circulation. Women using contraceptive patches, contraceptive vaginal rings oral or injectable depot contraceptives have an increased risk of DVT during travel involving long periods of immobility so exercise during the journey. Dress for comfort rather than fashion. Loosefitting skirts and trousers allow for waist expansion, and comfortable shoes will prevent the struggle to replace or force on tight shoes at the end of the journey. For the avoidance of disease and pregnancy, especially for those women who plan to be sexually active, please consult your Doctor for the best form of contraception for you. • To be continued next week! Consultant Family Physician and Travel Medicine Physician Q –Life Family Clinic. qlifeadvisory@outlook.com.

I David Ogar, Graphics

Friday 20 March 2020

BUSINESS DAY

LEADINGWOMAN

How the ladies stood out in their outfits at the AMVCAs 2020 Kemi Ajumobi

t was the 7th edition of the Africa Magic Viewers’ Choice Awards (AMVCAs) and it was indeed a night of glam, accolades, awards and more. It is certainly the largest of its kind in Africa and it is always an avenue to see various fashion statements by celebrities and guests. This year’s event was also spectacular and there were some outfits by the ladies that caught our attention. Some of which are showcased here. Worthy of mention were the hosts, IK Osakioduwa and the Kenyan outstanding presenter, Amina Abdi Rabar who both did an exceptional job that has got many talking till date. Watching clips from the veteran broadcaster, Peter Igho’s timeless works like The New Masquerade, Samaja, Things Fall Apart and others play as his profile was being read out, before he was finally called up stage to receive his award, brought sweet memories of watching those programs back then. This was one of my high points at the event. When he started by singing the song for another of his timeless works, Cock Crow At Dawn, I couldn’t help but sing along with him, it certainly brought a smile to my face. To all the winners, congratulations. AMVCA keeps getting better, though I have some reservations; nevertheless, it is indeed a worthy cause and amazing platform to celebrate Africans in various categories. It is my hope that next year will be a notch higher as they never cease to raise the bar.

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BUSINESS DAY

Friday 20 March 2020

MADE in aba

Industrialists urge FG to empower Geometric to provide power in Aba ...Say improved power will stimulate economic activities in the area GODFREY OFURU Aba

ndustrialists in Aba, the commercial hub of Abia State, have appealed to the Federal Government to resolve the impasse that has prevented Geometric Power Limited from exercising its rights to provide power in the commercial city and its environs. They argue that improved power supply would stimulate economic activities in the commercial city and the entire South-East/South-South regions of the country. With $530 million investment in electricity infrastructure, Geometric Power Limited, an independent power promoter, is guaranteeing 95 percent uninterrupted power supply in Aba and its environs. Geometric Power Limited in 2004 signed a memorandum of understanding with the Federal Government to build a power plant in Aba, and a year after in April, 2005 signed the Aba concession agreement also with the Federal Government, which gave it right to distribute power to Aba. The company has so far completed a power plant with a capacity to produce about 141 megawatts of electricity in its first phase, built new distribution lines, three new substations and rehabilitated

another four, previously used by the former Power Holding Company plc. However, personal interest of some politicians have prevented Geometric from providing the much needed power in Aba, a development stakeholders say must be addressed. John Udeagala, national vice president, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), obser ved that the gross domestic product (GDP) of Abia State would triple if Geometric power plant is switched on. According to him, Aba artisans, leather work makers, garment makers and steel fabricators are the best in the world. Steel doors made in Aba are of higher quality than those made in China, experts say. “Aba is so lucky; we have a 141 megawatts power plant ready for the past two years. Government should find a way to resolve the impasse. When that plant takes off, Aba will be the only town in Nigeria to enjoy 24 hour uninterrupted power and the multiplier effect would be unquantifiable,” he said. “I run four big generators in my factory and so you can imagine what that translates to at the end of every month and you have to maintain those generators every six months,

So our profit is affected by diesel purchase and there is no way any company can compete outside Aba, buying diesel.” For Azuka Alagwu, former president, South-East Chambers of Commerce, Industry, Mines and Agriculture (SECCIMA), government should empower Geometric to supply power to Aba, to enable industrialists in the area to do better. In his words, “I expect that

by this year, 2020, policies that are hindering Geometric Power should be tackled in such a way that power supply in Aba should be better than what it is today.” “It is not a bad idea that Geometric was given an opportunity to supply power in the area, because those who did it know the importance of power to Aba business environment,” he further said. He continued, “What we are saying as business people

in the South-East region is that whatever policy that the Federal Government has put in place that has probably hindered the progress of Geometric should be amended to make it possible for the company to have an opportunity to work, because if it works, industries will increase their production capacities. “It will also create employment and improve the economy. So, let us not

play politics with issues of power. It should be something Government will look at and say give it to the people, because they need it, “he stated. The $530 million Geometric Power plant in Aba, is the single largest investment in the South-East region, according to Bart Nnaji, chairman, Geometric Power Limited, promoters of the independent power facility.

Why Aba shoe, garment makers need modern industrial clusters GODFREY OFURU Aba

mplementing the cluster model in Aba, the commercial hub of Abia State, will address a myriad of challenges faced by artisans, especially, finished leather and garment makers, thereby increasing their productivity, analysts say. It will also provide an enabling environment and infrastructure to facilitate the growth and development of Abia State, they add. An industrial cluster is the geographical location of group of artisans or manufacturers producing the same product, where enough resources and competences have reached a critical threshold. A cluster has the potential to affect competition in three ways: it increases productivity of companies in the cluster, drive innovation in the field and stimulate new businesses. The present location of Aba finished leather operators at

Ariaria area of Aba could be regarded as an artificial cluster, as it has no infrastructure that supports production. The location, which was originally a residential area, lacks constant power, which is essential in production. Ta i l o r s a n d f a s h i o n designers, though large in number, are scattered all over the city with each operator providing their own power and other amenities. The need for Abia State government to speed up the realisation of the proposed finished leather and garment industrial cluster at Umukalika, in Obingwa Local Government Area of the state, cannot be too stressed. The location, which is about seven kilometers away from the Aba city centre, is sited on about 35 acres land and was projected to have been completed in the 2nd quarter of 2018. Aba, the commercial hub of Abia State, has one of the largest concentrations of www.businessday.ng

Okezie Ikpeazu, governor, Abia State micro, small and medium enterprises (MSMEs) in Nigeria and a bulk of this number are engaged in leather works, steel fabrication and garment making, which could be attributed to the popularity of the city. It is estimated that Aba hosts 110,000 shoemakers and 50,000 garment makers. The ingenuity of Aba

artisans, especially, the garment and leather clusterscomprising of shoe, belt and bag makers, attracted the United Nations Industrial Development Organisation (UNIDO) in partnership with the Federal Government, to set up a Common Facility Centre (CFC) in the city to support the clusters to further develop their skills. S h o e ma k e r s i n Ab a are appealinh to the state government to develop the proposed industrial cluster at Umukalika in Obingwa Local Government Area of the state to provide a more conducive environment for the sector to perform optimally. They argue that their present location at Ariaria lacked basic amenities and so not conducive for productive activity.. They explain that the finished leather sector (FLS) had capacity to shore up the state’s internally generated re v e n u e ( I G R ) i f b a s i c infrastructure of constant

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electricity, good roads and water are provided. Francis Chukwu of Frantonia Industries Limited, one of the leading shoe manufacturing firms in Aba, argues that for local producers to compete favourably at the international market, electricity and other infrastructure must be put right. He stresses that epileptic power supply and multiple taxation are major challenges faced by real sector operators in Nigeria and urges government to support the sector, which according to him, holds promise for the industrial development of the country. He explains that the present location of the Aba finished leather cluster is designed for residential purposes, and appeals to the state government to ensure the realisation of an industrial cluster for the FL sector. The Aba finished leather sector, said to be the biggest in @Businessdayng

West Africa, with about 50,000 people directly engaged in the manufacture of shoes, belts and bags and a production capacity of about one million pairs of shoes per week, currently produces for local and international markets, although unofficially. Aba-made shoes and other finished leather products are popular in Cameroon, Cote d’Ivoire, Ghana and other West and East African countries. Governor Okezie Ikpeazu, in approving the establishment of clusters in Aba, says, “Our story as a people is one of entrepreneurship, resourcefulness and diligence. This is our pride. We have astounded the world with our homegrown technical skills, especially during a period of pervasive adversity, and followed it up with our trade and commercial prowess elevating one of our cities, Aba, into a prominent commercial hub within the West African region.

Friday 20 March 2020

BUSINESS DAY

Hotels

Hotel guests and COVID-19

Top BusinessDay Partner Hotels

OBINNA EMELIKE

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

o doubt, the o u t b re a k o f Coronavirus ( C OV I D - 1 9 ) is impacting negatively on hospitality business across the world as governments enforce safety measures to curb the spread of the virus, especially travel restrictions, which now hold many guests back. Though the risk of guests who may be infected staying in hotels is currently very low because of the dwindling hotel occupancy across all brands in the world, some guests still find solace in hotel rooms. Considering the fact that guests still sleep in hotels, especially those trapped overseas by travel bans from their respective countries, it is important that the hotel provides guests with information about COVID-19 to prevent spread upon their arrival to the hotel and insist on strict adherence to health safety measures in place. The hotel can refuse a potential guest access to property or even check-out guest who disobeys the orders in order to curb an imminent spread of the virus from a careless guest.

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

Some of the safety measures include: Guests in self-isolation If your guests need to selfisolate in a hotel, it is important that staff take precautions. The risk to staff should be low if they wash their hands well and the guests do not have symptoms. Staff should avoid close contact with these guests, but it is safe to be in the same room (at a distance) without protective equipment when delivering food, which we recommend that guests have in their room. Cleaning guidelines Cleaning staff should avoid close contact with guests who have self-isolated. They should wear gloves while cleaning and use al-

cohol hand rub before and after wearing gloves. As an added precaution, your cleaning staff may wish to wear a surgical mask while cleaning the room. Before entering the room, cleaning staff may inquire if people are well and ask them to put on a surgical mask. Guests who become ill If a person who has selfisolated or has been in a country or area of concern in the past 14 days develops symptoms, they should urgently phone Healthline’s dedicated COVID-19 numbers, contacts and emergence helplines. It is also important to phone ahead to the hospital or doctor to get advice. If you need to get urgent

medical help for your guest; call emergency health numbers and ask for an ambulance, tell the ambulance officers that your guest may have COVID-19 infection. Staff should avoid contact with guests who become unwell and seek appropriate medical advice if this occurs. Anyone who has visited countries or areas of concern in the previous 14 days who develops symptoms of fever, cough or shortness of breath should seek medical advice by phoning healthline dedicated COVID-19 numbers and designated contact numbers. Do not compromise safety measures because you can be infected.

It’s classy at Chesney OBINNA EMELIKE

f you are a discerning guest who is looking for a boutique offering amid class and yet affordable, then Chesney Hotel on Saka Tinubu, Victoria Island, Lagos, is worth visiting. The 50-room hotel is one of the modern yet indigenous hotels in Lagos that give international brands a run for their money. As many insiders in the tourism and hospitality industry know, Lagos has some catching-up to do when it comes to offering international standard hotel rooms, which- apart from costs incurred from generating their own power -is a major reason for the high prices hotel rooms command. However, indigenous ho-

tels like Chesney are now plugging the gap. They offer world class standards competitive prices, with special Nigerian hospitality. This is why discerning business travellers and corporate guests who are used to global standards have embraced Chesney’s quality and personalised service. Chesney’s butter-coloured five-storey building is set within trees on the Akin Adesola end of Saka Tinubu. It offers a serene and tranquil setting which encourages cerebral pursuits and helps guests relax while still at the heart of the ever bustling Victoria Island. The hotel attributes reflect that of its founder, Ken Obinna, a soft-spoken entrepreneur who started his career in the banking industry. The

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hotel allows its substance and quality to speak for it. The use of technology to enhance costumers’ experience is noteworthy. From the gate, where cars are checked with an inspection mirror, through the revolving doors, to the lounge where separate buttons indicate what particular service you want from the barman, and the ultra-modern elevator, as well as, the air purifiers on every floor, this boutique hotel’s attention to detail is commendable. For example, the bright yellow board that alerts guests to the depression into the restaurant, or the sign by the staircase which says ‘Please use handrails’. Another is the prominent telephone directory just above the intercom in the room. The spacious rooms at Chesney come in nice brown shades, with the touch of deep red. The décor also draw inspiration from different African cultures. On the walls in the passages are pictures and paintings of various heroes, from Martin Luther to Barack Obama and Lionel Messi. The lampshades by the bed are both aesthetic and functional, with the light switch conveniently placed

on the board above the bed. Other pluses include a wide range of channels, seamless power switch-over, competitive pricing for drinks and super-fast room service. Apparently, Chesney places a lot of importance on quality as well as the speed of delivery of food. According to Malvin Okorafor, the hotel’s business service manager, Chesney has kept pulling in new guests with food. “Everything here is made fresh,” he insists, despite meals being delivered in no time. Despite its highbrow setting, Chesney still insists on affordability amid world class offerings and enviable quality. The management says it is a way of appreciating guests for their patronage. The a-la-carte menu options include; English or Nigerian breakfast, beef, chicken, seafood and vegetarian, burgers, sandwiches and pizza. Then, there is the special Nigerian menu which includes; Ofada rice, boli (roasted plantain), asaro (yam porridge, beans porridge, Dundu (parboiled fried yam) and the full complement of Nigerian soups (Eforiro, egusi, ogbono, afang, bitter leaf, oha and white soup).

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

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

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

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate By Games Village Second Gate Durumi2 Abuja

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

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

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

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

Friday 20 March 2020

Harvard Business Review

BUSINESS DAY

ManagementDigest

Craft a career that reflects your character Isaac H. Smith and Maryam Kouchaki

H HAPPINESS

ow often do you view your job as an avenue for becoming your best moral self? We propose that through job crafting — re-imagining, redefining and redesigning your job — your workplace can become a moral laboratory for character development. It all begins by reframing your approach to work. As originally presented by the scholars Amy Wrzesniewski and Jane Dutton, people can craft their jobs by changing the way they think about their work; the scope and type of tasks they engage in; and the nature of their relationships and interactions with others at work. Most scholars and practitioners have explored job crafting as a means to make work more meaningful and satisfying, and potentially increase individual performance. But we suggest you can do even more. First, use “cognitive crafting” to fundamentally shift the way you approach your job, recognizing that work is an avenue for character development. At the end of each day, ask your-

self if you are a better person than you were when you woke up that morning — because of what you contributed at work. Then, at the beginning of the next day, ask yourself what you can do to become an even better person by the end of that day. Who can I help or support? What can I contribute at work that will make a positive difference (to co-workers, to clients, to my organization, to society at large)?

Second, engage in “task crafting” to shape your daily activities in a way that both avoids ethical challenges and lets you be an influence for good. Build safeguards into your routines to protect yourself from temptations. Identify the tasks that make the biggest positive difference, and engage in more of them more often. Infuse kindness, self-sacrifice or other noble ends into the tasks you undertake. Develop the courage to regularly express

yourself to your team or organization, to suggest meaningful improvements or to denounce unfairness, injustice or discrimination. Third, employ “relational crafting” to build a strong network of friends, colleagues and mentors at work who are supportive of your efforts to live up to your values. Signal to your peers and supervisors that you’re committed to ethical behavior at work, and find a men-

tor who’s willing to guide you through ethical challenges. Try approaching every interaction as an opportunity to build, uplift, support or encourage. We’re all shaped by our environment, and despite the power of job crafting, the context in which we work can still hinder our moral development. Try to find a job that aligns with your personal moral values and that will allow you to craft your job in a way that helps you develop moral character. Psychology research on elevation — the moral emotion experienced upon witnessing the virtuous acts of others that leads to a desire to become a better person yourself — suggests that morality can be contagious. Crafting your job in a way that leads to exemplary behavior might just result in a moral contagion that benefits others in your organization as well. Isaac H. Smith is an assistant professor of organizational behavior and human resources at BYU Marriott School of Business. Maryam Kouchaki is an associate professor of management and organizations at Northwestern University’s Kellogg School of Management.

Will coronavirus lead to more cyberattacks? Brenda R. Sharton WORK VS. LIFE hile the world is focused on the systemic threat posed by COVID-19, cybercriminals around the world undoubtedly are poised to capitalize on the crisis. More employees are working remotely by the day, and companies may eventually have to function with little or no personnel on-site or skeleton crews in important support functions. Against this backdrop, both employers and employees need to protect themselves as well as confidential company information. Here are some things to keep in mind to minimize the risk:

FOR EMPLOYEES — BE VIGILANT: Cybercriminals love a crisis. Beware phishing emails designed to entice you to unwittingly download malware onto your device and the company’s systems. Enable multifactor authentication on whatever accounts you control, and be sure it’s in use for Office 365 email accounts. That step will thwart all but the most sophisticated actors. If you’re suspicious about the validity of an internal company email, contact the sender. — PRACTICE GOOD CYBER-

HYGIENE: Make sure your devices — including your internet router — are up to date on their anti-virus protection and that you’re using secure and known connections. Avoid the temptation of using Bluetooth in a public place: It’s an easy way for hackers to connect to your device. Follow company guidelines on internet use and use of your own device. — USE ONLY SECURE Wi-Fi: Only work on secure, passwordprotected internet connections. If you have to use public Wi-Fi, verify with the owner that the network you’re connecting to is legitimate and secured through a password. Avoid accessing any confidential or sensitive information from a public Wi-Fi network. Hackers will try to trick you by mimicking the name of a secure network, so verify that the one you’re joining is legitimate. — REPORT LOST OR STOLEN DEVICES IMMEDIATELY: Remote work increases the potential for the loss or theft of your devices. Be sure to report any lost or stolen device immediately to company information security personnel to minimize the risk of fraud. FOR EMPLOYERS — SET UP REMOTE ACCESS NOW: If you have personnel who

need remote access, get it assigned before an office closure. It is more difficult to issue multifactor authentication tokens to offsite employees who are working remotely for the first time and to install similar technology without physical access. — CONFIDENTIAL INFORMATION IS STILL CONFIDENTIAL: Remind employees to use the same care or more with confidential information as they would if they were in the office. Personal

email and laptops should not be used for any company business. If the printed document would be subject to shredding in the office environment, shred it at home. — UPDATE YOUR EMERGENCY CONTACTS: Be sure your company has an “out of band” way to contact all employees — whether a cellphone number or other way to contact the employee outside of company systems. For key personnel or senior management, set up a group on

a secure texting application such as Signal for use if the systems are down. Remote access is only as strong as its weakest link. With a strong combination of technology and employee know-how and training, it can be done safely and smartly.

Brenda R. Sharton is a litigation partner and the global chair of Goodwin’s Privacy + Cybersecurity practice.

Friday 20 March 2020

BUSINESS DAY

entertainment

‘My movie tells our story that Nigeria is not about negative things’ Since the successful screening to international audience on May 17, 2019 at Cannes Film Festival in France, later at New York African in Diaspora film festival and Pan African Film Festival, 2 Weeks In Lagos has been having good reviews. As the movie sets for its premiere in Nigeria on March 28, 2020, Kathryn Fasegha, Canada-based award-winning filmmaker and director of the movie, speaks to Obinna Emelike on the movie, its subtle campaign for Nigerian cultural heritage abroad, and other related issues. Why did you shoot the movie in Lagos? For me, Lagos is the most vibrant city in the world. I have been to at least two cities in all the continents. I can tell you that Lagos is a city you come and everything is possible in the city. Lagos has a character of its own. I wanted to set the movie and then see what happened.

and that my handwork is recognised. How many awards have you won so far? I won the African Entertainment Award in Toronto. I won Cadbury’s Best Actress in a leading role for our lead actors. I also won Global Woman of Vision presented by the Global TV, one of the biggest TV in Canada in 2012.

When is the movie expected in the market? 2 Weeks in Lagos is expected to be in the market from March 28, 2020. Everything has been put in place to actualize that.

Looking at the characters you chose in the movie, would you say they match your expectations in terms of performance? Yes, they did meet my expectations. Every single one of my actors did very well. I did not have any problem with them. We have screened Two Weeks in Lagos at the New York African in Diaspora film festival. We recently screened it at Pan African Film Festival. It means that the quality is good.

What inspired you to write the movie? I like romance films. I always like romance stories. My first movie centred on romance. What was your experience shooting in Lagos? It was really good but also challenging because it was really hard to plan. We had so many factors that were beyond our control. Traffic in Lagos was an issue; you might decide the time for production but end up waiting for the crews to come. It was different from when I shooting Canada when time was prompt. Working with the Noolywood guys was interesting, especially with the younger people. It was really in interesting working with Jide Kososko, Joke Silva among others. The younger guys and their approach to work were really interesting. I enjoyed it.

Kathryn Fasegha

You were an ambassador for Nollywood in Canada, supported Nigerian movies there and you are now home, what point do you want to prove with your movie? Yes I took my time doing this movie. I have been away for 20 years. I really took my time studying Lagos. I did this film to portray the Nigerian culture and making our children in Canada to know our culture. I used this film to tell our story that Nigeria is not about

negative things. We have great things also. Your movie is among the films selected in the Canada film festival, how do you feel about it? I was really excited. When I got to Canada, I was blown away. It was just like the experience of having any film there, seeing my movie Two Weeks in Lagos was great. It was great seeing Canadian hostesses, among others welcome me. It made me feel really good

How much did it cost to shoot the movie? Hahahaha. I do not want to discourage anybody from shooting films. It really cost me a lot to shoot the film. Of course, the calibre of the actors in the film tells a lot. We had to pay them well. We shot with the best cameras in the industry, which are very expensive. How did you get the intriguing storyline considering that you have been away for a long time? You are right. One of things that made me to come back to Nige-

ria is the lack of patriotism I see among Nigerians, especially the young people of these days. So many of our young people want to copy the American lifestyle rather than live our cultural heritage. That is the problem, and we need to find a way to get our young people to love their country’s culture again. Our young people think that life is rosy oversees, but it is not like that there. So, I hope that Two Weeks In Lagos will help people to love Nigeria again. We need to appreciate what we have. I am proud of the quality of our film in North America, which portrays the African/ Nigerian heritage. The movie is screened at the Landmark Cinema, Canada’s second largest cinema chain. They wanted to test the African film market using Two Weeks in Lagos as a litmus test. How did you come about the title Two Weeks In Lagos? It is very interesting because in the film itself, there were a lot of references from a guy who had come and said, “Oh this 2 weeks I have been in Lagos, oh this 2 weeks I have been in Lagos.’ He said it repeatedly. So, when I was looking for a title, I came with so many. There were many suggestions and my daughter came to me and said, ‘Have you ever considered two weeks in Lagos, because this guy says it a lot in the film. Her suggestion sounded quite right and I brought the idea to my PR people and we used the title.

MultiChoice offers viewers relive of 7th AMVCAs this Weekend on DStv and GOtv …With rebroadcast on Africa Magic Showcase, Urban and Family

he 7th edition of the Africa Magic Viewers’ Choice Awards (AMVCAs) held on Saturday, the 14th of March to much fanfare and critical acclaim. Celebrities, fans, socialites and many big names in the movie industry turned out in their numbers to partake in Africa’s biggest film and TV award night. The AMVCA was a star-studded celebration of not only African film and TV talent but African fashion, as well as home-grown musical talent. The show was

hosted by Nigeria’s IK Osakioduwa and Kenya’s Amina Abdi Rabar, and featured amongst many others, live performances from African music icon Innocent ‘2baba’ Idibia and talented vocalists cum Best Soundtrack nominees, Mercy Aghedo, Adeniyi Timilehin Adeola and Ighwiyisi Jacobs. In case you missed out on the live broadcast of the event, you can still catch up on all the exciting moments including the red carpet extravaganza, performances, and emotional award www.businessday.ng

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acceptance speeches on the following channels on DStv and GOtv: Africa Magic Showcase (DStv 151), AMVCA Red Carpet on March 21 at 1pm, AMVCA Live Show on March 21 at 4pm and Africa Magic Family (DStv 154 & GOtv 2) on March 21 at 2pm and 7pm. Viewers who missed out can catch up with the awards on Africa Magic Urban (DStv 153) for the AMVCA Red Carpet on March 21 at 4pm and for the AMVCA Live Show on Sunday, March 22 at 10:30am. @Businessdayng

Friday 20 March 2020

BUSINESS DAY

entertainment Living In Bondage truly breaks free at 7TH AMVCA OBINNA EMLEIKE

f you have not heard of Living in Bondage, you were either born yesterday or have been living under a very large rock. Virtually everyone who grew up in the 90s in Nigeria remembers the iconic Andy Okeke character, his thirst for the good life, and how a chance meeting with an old friend led him into chains of a sinister brotherhood who asked him to do the unthinkable; kill Merit, his wife and the one he loves the most. About 27 years later, Living in Bondage: Breaking Free, the sequel of Living In Bondage, which has now become a legendary Nollywood film, premiered. On November 2, 2019, Filmhouse Cinemas hosted an exclusive invite only event to screen the highly anticipated premiere of Living in Bondage: Breaking Free. The movie stirred nostalgia as some of the original cast members like Kenneth Okonkwo and Bob Manuel Udoku featured in the film. The fresh new storyline picked up decades later with the son of Andy Okeke, Nnamdi who has seemingly picked up his father’s taste for fast money and a high-flying lifestyle. Joining the sequel are Nollywood darlings; Munachi Abii, Enyinna Nwigwe and Ramsey Noah, who also made his directorial debut with the sequel. The movie premiere saw some

Living In Bondage, Overall Best Movie at 7th AMVCA

of Africa’s brightest stars on the red carpet. To suit the lavish, wicked taste of the plot, Demons In Diamonds was the theme for the night. It was an invitation, to walk on the dark side of glamour, excess and opulence. Think blood artwork on couture gowns. Spiked halos and jewel encrusted garments. Just like the extreme choices the characters in the movies face, guests channel their outfits to the edge of extreme. With the daringly bold theme - the Lagos premiere was the talk of the country. For Charles Okpaleke, founder, Play Network, the executive producer of the movie, the movie is his major debut in the Nollywood movie industry. Speaking

nately I couldn’t do much and we are here. However, my first love is filmmaking. I have learnt a lot within the political environment such that I can capture it in movies and narrate the stories of our country one of which is family because if you want to discuss a better society, the family unit is key and the head of the family is the husband. I just did a film titled, the Good Husband so that we can commence, this restructuring from the home front. It is a beautiful and classic film. By April the film should be out in the market.” With the thriller out and enjoying rave reviews, Iroegbu further explained what the cinema movie shot in Abuja is all about. “The movie is simply all about marriage foretold from the point of view of the man this time around because most times when you discuss marriage it is mostly from the woman’s perspective. Most people don’t even realise that men are also molested at home. I have Sam Dede, Monalisa Chinda, Francis Duru, Thelma Okoduwa, Paul Sambo, Bassey Ekpo Bassey and a few others in it. It was shot in Abuja and I think it is a beautiful film”, he explained. www.businessday.ng

Eko Hotel and Suites, Lagos. The biggest winner of the awards night was ‘Living in Bondage’, Nigerian thriller, which walked home with seven awards including; Best Overall Movie, Best Director which went to Ramsey Nouah; Nollywood legend, Best Writer, which went to Asinugo Nicole & CJ Obasi, Best Soundtrack Movie Or TV Series courtesy of Larry Gaga & Flavour – Tene, while John Demps won the Best Cinematographer. Others awards won by the Nigerian thriller at AMVCA 2020 include; Best Sound Editor Movie or TV Series which went to Cristina Aragon, and Best Movie West Africa, which went to Steve Gukas. Living in Bondage: Breaking

Organisers postpone iREP on Coronavirus

Dickson Iroegbu returns with The Good Husband fter six years hiatus within the seat of power in Abuja, Dickson Iroegbu, a multiple award-winning filmmaker, is back to filmmaking. Iroegbu hinted that he has returned to do what made him D.I. as he is fondly called. He explained that his journey into politics for the years he left was for nation building and not for what he intends to make as many do. He said: “My journey to Abuja was to avert the possibility of setting Nigeria backwards unfortu-

on the movie, he said, “This is a film that means so much to a lot of people. We hope we have made it into a better story.” Afterwards, Living In Bondage: Breaking Free premiered in cinemas across the country on November 8, 2019. Going by the quality storyline, veteran stars it featured, quality production among others, Living In Bondage: Breaking Free was well patronized and it became a commercial success at box office. However, the success story continues as the movie made an impressive outing the 7th edition of the Africa Magic Viewers’ Choice Awards (AMVCA), which held on Saturday March 14, 2020 at the Eko Convention Centre,

Free is the story of Nnamdi, Andy Okeke’s mysterious son, and his vaunting quest for the big life, one that he would do whatever it took to realize. Nnamdi’s untamed quest for the quick buck, fast car, easy living, inevitably took him on a perilous journey that is better told by the cast of stellar performers, classic and current, including Kenneth Okonkwo, Kanayo O. Kanayo, Enyinna Nwigwe, Nancy Isime, and Munachi Abii. Written by Nicole Asinugo and C.J. Obasi, Living in Bondage: Breaking Free has an original score produced by Larry Gaaga, which features top Afrobeat artistes. The movie filming started in June 2018, with locations in Lagos, Owerri, Durban, South Africa, and beyond. Excited at his directorial debut, Ramsey Tokunbo Nouah, said, “I could not have asked for a bigger platform on which to make my directorial debut. From the power of this story, the intensity of the script, the cache of the cast and the quality of my technical support, there is no story as fascinating as Living In Bondage: Breaking Free. It is truly the movie maker’s dream project – and I should know working on both sides of the camera.” Hosted by the duo of IK Osakioduwa and AMVCA newbie Amina Abdi Rabar, 7th AMVCA is organized by Africa Magic in association with MultiChoice, while Amstel Malta sponsored it.

he yearly gathering of cineastes in Lagos, focused on screening documentary films, will not happen on the usual dates this year. The opening of the iRepresent International Documentary Film Festival has been postponed and the festival pushed forward indefinitely. So, on March 17 evening, there was no ice-breaker screening of Supo Shasore’s Journey to An African Colony: THE MAKING OF NIGERIA’, formerly scheduled to welcome Festival guests at the Kongi Harvest Gallery of the Freedom Park on Broad Street, Lagos Island. There will be no Festival, as originally planned from March 19 to Sunday March 22, 2020. The organisers have “taken the hard decision to postpone” the year 2020 edition of the popular festival “indefinitely”, says Femi Odugbemi, the event’s ignition key. “Over the past weeks, the world has been facing an unprecedented challenge”, he explains. “As a responsible organization that takes safety seriously, we want to do all we can to help keep our country and our participants safe and healthy”, the executive director notes. Odugbemi: “We can’t have a

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gathering now…” “We clearly understand the preparation that may have gone into the decision to attend the festival. We commend the loyalty of our long standing partners and international collaborators, but to see that a lot of our resource persons and guests outside of Nigeria would not be able to make it to the festival is quite unfortunate, and moving the festival to a later date when we might all be able to celebrate the 10th anniversary of iREP Film Festival together, is a good course of action” “We have constantly followed global developments on COVID-19 @Businessdayng

and have been monitoring appropriate sources for accurate and up-to-date information, and we believe our decision is the responsible thing to do, more so as we are expecting guests from Europe and America. Going forward, we would continuously monitor the situation and evaluate the risk actively. A new date would be communicated to the public very soon. “We recognize that this is a challenging period globally, much as we are committed to the Arts, we are equally committed to the safety of our guests, staff and our country”, the statement noted.

Friday 20 March 2020

BUSINESS DAY

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Online lenders face higher default rates amid coronavirus crisis FRANK ELEANYA

he continued spread of the coronavirus which is driving a national economic meltdown in Nigeria and around the world is likely to push many online lending customers to default on their loans. As of Tuesday, the number of people affected by the virus globally climbed to 189,053, those who have died from the disease were at 7,511 and people who recovered from treatment were at 80,074, data from Worldometers showed. The crisis has forced the price of crude oil to drop to record levels. The price had hovered below $30 on Monday before it slightly recovered to $31 on Tuesday. It dropped below $26 on Wednesday. About 90 percent of Nigeria’s foreign exchange comes from oil revenues, hence the economy is described as an oil economy. So pervasive is the dependence on oil that the entire success of the country’s annual budget is centered around where the oil price is in a calendar year. With the country’s oil benchmark for 2020 budget at $57 and the actual price (at $25) many places below that estimate, it is no surprise the three levels of government in Nigeria are in panic mode. The recession buffers like foreign exchange and excess crude account (ECA) have been depleted to $36.46 billion and $71.8 million respectively. To make matters worse,

the six inflation figures released so far by the National Bureau of Statistics (NBS) have left nothing to cheer for. The numbers have risen for all the sixth times. The latest figures released on Monday show inflation in February at 12.20 up from 12.13 recorded in January. For online lenders in Nigeria, these are not the best of times. For one, March inflation is not likely to be any different as the government is forced to consider travel restrictions and limit public gatherings. The result could be a partial shutdown of the Nigerian economy which increases pressure on household and individual incomes. As pressure mounts, borrowers will have greater difficulty in complying with

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any financial covenants in their debt documents and, in certain instances, possibly servicing their debt as well as increased risks for their lenders and for arrangers of new debt financing. Uwem Ekanem, marketing manager at Branch International, acknowledges the uncertainties of the times. Until the coronavirus pandemic, all the online lending firms have yet to experience a global economic crisis at the current proportion. He sees two trends emerging from a consumer perspective; people will need more cash and the default rate might increase. “People are not going to work anymore, they are sitting at home and they are going to need more money

to spend. Hence they will be looking for a place where they can get more credit. Now, because they are not working and able to pay back, then that might affect the default rate. The way we handle the default rate at Branch is very different, we are very proactive at all times. If you have default rates chances are you won’t even get a new loan,” Ekanem told BusinessDay. Online lending has become the preferred channel for accessing quick loans but they are by no means cheap. What they offer in convenience, speed and cheap loans they take back in the form of high interest rates. It is a trade-off between the borrowers and the lenders for securing loans without collateral or an efficient

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central data system that could help easily trace individuals demanding loans. Traditional financial institutions that house big data from loyal customers are unwilling to share with the online lenders whom they consider as threats. Thus, while a bank’s rate is between 1 percent to 2 percent in a month, some of the online platforms charge from 4 percent to 29 percent. The lenders in fairness reduce the rates for borrowers who are faithful to repay on time. But, should the coronavirus lead to bigger defaults on existing loans, the online lenders will either stop giving out loans or increase interest rates according to Rahmon Ojukutola, founder of StartCredits, a lending aggregator. “The virus is reducing eco-

@Businessdayng

nomic activity for most sectors which would mean fewer sales and then less money to pay back any loan taken. Such as the airline industry struggling badly with very little sales,” Ojukutola said. Beyond higher interest loans, lenders considering new financing might need to perform enhanced due diligence to examine the risks of the Covid-19 outbreak on a prospective borrower’s business, including the potential risks related to any such business’ supply and/or customer contracts. Chijioke Dozie, co-founder and CEO of Carbon, former Paylater, told BusinessDay that while it is still trying to understand the real impact on its business, the company has taken steps to make sure that anyone that takes out a loan is not put under any undue strain. Among other measures, the company said it has adjusted its maximum loan amount from N1 million to N500,000. “We hope that this reduces exposure to large loans for our borrowers, and it also ensures we’ll be able to help as many people as possible in these trying times,” he said via email. Carbon is also slowing down loan increases for repeat borrowers, which means some customers may get the same or lower-than-usual increase on their next loan offer. “These changes are by no means permanent and we are keeping our eyes on the situation to make sure we can take actions as conditions evolve,” he said.

Friday 20 March 2020

BUSINESS DAY

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Achieving 30 ton/ha of tomato, lessons from Olam’s project CALEB OJEWALE Twiiter: @calebtinolu

y achieving 30 tons per hectare of tomato within its first production cycle, there could be a few lessons for other farmers interested in tomato production in how Caraway, a subsidiary of Olam Nigeria achieved this feat. The average yield of tomato in Nigeria has been put between four and seven tons per hectare, according to different sources, hardly indicating it crosses into 10 tons, and making a 30-ton feat quite significant. Agribusiness Insight had a chat with the man overseeing the agronomic aspect of this operation, Emmanuel Sangodele, a plant scientist specialising in plant breeding and genetics who has practised for 25 years. Sangodele, who holds a PhD in plant genetics and breeding from the University of Agricultural Sciences, Dharwad, India, has an ultimate target of achieving 50 metric tonnes of tomato per hectare, but in the immediate future, 40 tons would do. During a recent visit to some of the pilot farms in Jigawa and Kano states, it was revealed that 18 varieties were being evaluated, and three have emerged top performers. At the moment, their names are coded by the company as CPT-1 to 3, but, what could be determined was they are hybrid seeds, and more so, cultivated under well developed agronomic practices. Most farmers use either wrong or bad seeds, deficit in other inputs Majority of farmers in Nigeria are using Open Pollinated Varieties (OPV), so, we strongly recommend hybrid varieties, said Sangodele. As can be seen from the pilot farms, hybrid varieties produced triple the yields that the average farmer can get on their own farm, he said. Apart from the seeds, the company also gave special consideration to inputs like fertilizer as tomato actually needs a lot of potassium, this apart from the fact that the micronutrients must be optimal in the soil. A lot of potassium has to be put into it to give best results, said Sangodele. On the farms, which are also used to demonstrate and show local farmers what possibilities exist, fertiliser is used in a proportion he describes as “130 Nitrogen, 45 phosphorous

Sangodele with a basket of tomatoes on a pilot farm in Jigawa.

and 60 potassium, which we split dose across the period of vegetative growth”. He further broke down the process, by explaining there were three levels of fertiliser application; NPK, MOP (a phosphorous based fertiliser) and Urea. The three layers of fertiliser application were done based on required levels of the soil to deliver the required nutrients to the tomato plants. This was done in addition to organic manure already used during land preparation. “When you apply poultry manure, goat or cow dung, or compost as the case may be, tomato loves it so much,” Sangodele said. By applying the right fertiliser from the land preparation and through the growth stages of the crops, he describes growth “as fantastic”. He also explains that by paying special attention to the input needs of the crops, another surprise the team got was in its phenological phase that is, the flowering period, as the flower density was very impressive and the fruits are coming up in the same manner. Tray Nurseries deliver best results The eventual performance of the tomato crops start from the nursery. If they die during nursery, then the project dies before it even starts. In setting up nurseries, it was observed that performance varied depending on the method used. Sangodele explained that www.businessday.ng

two methods of nursery raising were used on this project; one method is open field where seed beds are prepared and the seeds planted in them. The second is tray nursery where by using coco pits and mixing the soil with manure the seeds are then placed inside. He observed that there were some issues with the open Nursery as some seeds were lost in the process. “Not all germinated but for the tray you can guarantee about 90 to 98 percent,” he said. Using the field could be a more tempting option, particularly when confronted with time constraints and even resources to put in a proper tray nursery system. However, as the field as a nursery is a less controlled environment, there are hazards that could seriously impede germination

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rates. As explained by Sangodele, this could manifest in the process of covering the layer of soil on top of the seed, as some may be too much and not germinate, or perhaps even insect and rat attacks may be responsible for the less germination recorded in the open field than tray. While he acknowledges open field also germinated, the rates of germination were lower compared to the tray. It gave about 70 percent germination, whereas the tray nursery gave above 90 percent germination rate. What makes a good tomato? “A good tomato must be one that has much flesh and less water content,” said Sangodele. “There is what we call Brisc, @Businessdayng

and the value for a good tomato should not be less than 5. If you have 5 brisc for a particular variety (of tomato) it is good to go for processing”. There are differences between processing tomato and fresh tomato. Fresh tomato has more water content than the real flesh, which is the solid part of the tomato that is required. For processors, a very good tomato will be the one that has less water and more flesh. Farmers can also know the difference between the processing tomato and the fresh tomato even on their Farm. First, they will know if within three days of harvest a variety of tomato goes bad, then it is not suitable for processing. If it survives this number of days and beyond without turning into water or they crush and did not see much water in it, then they know such variety is good for processing. “What makes a good tomato is the solid content,” Sangodele reiterates. After crushing the tomato, the solid part of it that is gotten after removing the water, seed and cover, is what determines if a tomato is good for processing. “You should make sure to feed your plants very well so that they are able to produce good fruits. Variety may differ by sizes, but if we feed them very well, the plants are surely going to give you the weights required,” he said. Furthermore, all tomatoes are expected to contain enough carbohydrates as well as good colour through lycopene that is present in them. Invariably, the solid content of it is actually what determines a better tomato for the processors. Improving on the current results, Sangodele expressed the belief that when the company gets its planned 500 hectare allocation, yield will be at a minimum of 40 metric tons per hectare. On fields of out grower farmers, the target is for a minimum of 30 tonnes per hectare, more than three times what many currently realise. From importing finished tomato paste into Nigeria (De Rica and Tasty Tom), to importing Tomato concentrates processed into paste, Caraway Nigeria, may soon complete its backward integration plan, and in the process, providing lessons in improving farm productivity to make commercial successes in tomato production.

Friday 20 March 2020

BUSINESS DAY

Business SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

Aviation minister insists Akanu Ibiam International Airport reopens before Easter

Abia embarks on biometric capture of pensioners to reduce ghosts

REGIS ANUKWUOJI, Enugu

…owes N1bn pensions monthly

viation minister, Hadi Sirika has assured that the Federal Government would complete the ongoing upgrade at the Akanu Ibiam International Airport, Enugu, and reopen the airport for public use before Easter this year. Sirika spoke after an inspection of work on the airport, which followed fears expressed two weeks ago by the Federal House of Representatives committee on Aviation that, the Akanu Ibiam International Airport Enugu may not meet the Easter deadline. But the Aviation minister has insisted that the deadline is sacrosanct. Sirika said he would do everything thing possible to ensure that the Airport’s runway expansion is delivered before Easter. “We will do this procurement and finish and deliver before Easter by the grace of God. And I am very insistence on before Easter. I am very sure that we will meet the target we have to deliver this procurement before the deadline. We are working day and night to ensure that everything would be delivered before Easter,” Sirika said in Enugu.

UDOKA AGWU, Umuahia

On his impression of the project, the Aviation minister said, after spending a lot of money on the project, I’m quite satisfied with the speed and quality of work. So far, I am very pleased to see the level of work and I think we are moving according to program; and I am impressed by the quality of work going on, and especially on how the work has been designed. You have the turning point to be of concrete as against asphalt, which improves operational efficiency to ensure that where

the loads are being deposited on the runway during turning is done very strong to withstand all the pressures and weight on the turning effect on the runway surface.” He said that the new design given to the Akanu Ibiam International Airport is a very unique one; saying that such could not be found elsewhere in Nigeria. According to the minister, the contractor had additional expansion joint, which showed how meticulous they have been following the work,

including making sure that when they expand, they will be greased in-between the system. “I am very impressed, to be honest, we are working according to program; everything is on course. We are happy, Sirika said. meanwhile, on the issue of perimeter fencing and rebuilding of some buildings in the Airport, the minister said, arrangements have been made to take care of those areas; but that the runway must be concluded with very high quality work for

landing. The minister also announced the ministry’s understandings with the managing director of FAAN and the Enugu State Governor, Ifeanyi Ugwuanyi to see how to improve on the supply of water in the airport as the work at the international wing is subject to budgeting. He said that by his assessment, it is about 60% completion, and that funds would be provided for those in the 2020 budget. Enugu terminal building would be the last to be delivered.

UNHCR advocates student, humanitarian visas, seasonal workers scheme, others to reduce irregular migration IDRIS UMAR MOMOH, Benin

he United Nations High Commissioner f o r Re f u g e e s (UNHCR) has called for alternative legal pathways to address irregular migration in Nigeria and other African countries. Markus Topp, senior protection officer of the agency made the call at a one-day awareness campaign programme against irregular migration in Benin-City, Edo State capital. The programme was themed: “Telling the Real Stor y (TRS) Testimony Dissemination Meeting.” Topp said alternative legal pathways like student visas, humanitarian

visas, seasonal workers scheme and family reunion should be strengthened and provided to reduce irregular migration. “We should also focus on skills or vocational trainings to boost human capital development of our youths to be able to have the right employability skills to key into the condition of any country they travel to. It may not be the solution, but it will go a long way to reduce refugees. “A country like Canada has opportunities for artisans, skilled and unskilled migrants that should be encouraged by other countries,” he said. The UNHCR officer, who said Nigeria is a coun-

try of transit, noted that 70 percent of people involved in irregular migration are from Edo State. While also noting that Nigeria is a countr y of return, he added that over 8,000 Nigerians were deported from Libya last year. He also added that 2.5 million Nigerians were currently at various Internally Displaced Persons (IDPs) camps in the country. He further described the country as a nation involved in trafficking of drugs, weapons, documents and human beings. To p p , w h o n o t e d that the agency was not against migration, added that what it was against is irregular migration. He said, if people must travel, they must do it in safety

and in dignity. “We are not advocating any restriction to people’s freedom to movement, but we are advocating that there should be more legal pathways for people to travel; and that there must be more information on those pathways if you have to cross the desert,” he said. Speaking on UNHCR Nigeria Asylum Migration Strategy, Amah AssiamaHillgartner, senior liaison officer, noted that Internally Displaced Persons (IDPs) in the country are at risk of being manipulated for irregular migration by traffickers. “Right now, we have concerns that we have to start work in our IDPs camps to prevent the real

story. For instance, to tell it to the whole population in our IDPs who are at risk to be manipulated by the traffickers because of the harsh conditions of living in the camps, and the difficult conditions they are going through. “Look at the vulnerability of the people and the need of the people who are likely to fall victims, and we need to go there and tell them the message that there are other ways of traveling safely. I think, all of us as community, we need to bring our heads together to see how we can use those alternative pathways which will allow migration to yield the desired positive results that we all are expecting,” she added.

b i a St at e ha s e m barked on a biometric capture of all pensioners in the state, in its resolve to ensure that payment of pensioners in the state was done regularly alongside other workers in the state. Aham Uko, commissioner for Finance said that as of today, pension arrears of retired civil servant in the state stood at N1 billion monthly. He however did not state the period covering the huge arrears. It would be recalled that last year August, pensioners under the aegis of Concerned Pensioners Association in Abia staged a protest in the state, in which they claimed that they were owed pensions for 32 months. Uko, who stated this in his office in Umuahia while briefing some select journalists, said, the essence of embarking on the biometric exercise is to ensure that pensioners received their money on the 25th of every month like regular workers; and also eliminate ghost pensioners by ascertaining those who are still living from those who are no longer alive. He also said the biometric capture would assist the state government to compile the list of genuine pensioners which would go a long way to reduce the bloated pensions in the state. He said the state government had recruited and trained 55 information technology (IT) personnel to carry out the exercise; adding that the exercise would be as painless as possible. “We have provided five ambulances that would carry out check-ups and administer drugs on the pensioners. We will also provide entertainment for them. We are doing this in conjunction with the National Union of Pensioners, Abia State chapter. So that they can point out where we are doing well or wrong,” Uko said. The Abia Finance commissioner revealed that the state inherited a lot of pensioners from the old Imo State, and the state has the duty to bear the burden. “Before October last year, the pension bill was N510 million, and after similar exercise with NUP, it was reduced to N380 million; but following protests and complaints from pensioners who did not register with the union, it shored up to N480 million,” he said.

Friday 20 March 2020

BUSINESS DAY

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Friday 20 March 2020

BUSINESS DAY

Sports

FIFA to name new date for Club World Cup Anthony Nlebem

ollowing the outbreak of Covid-19 which have spread to over 180 countries, FIFA president, Gianni Infantino, has proposed moving the new Club World Cup, which was scheduled to be hosted in China next year, as world football’s governing body seeks to address the competition backlog created by the virus. Infantino said the matter would be discussed by the FIFA Council meeting with the changes set to be triggered by the realigning of Uefa Euro 2020 and Copa América new date. The move, which was anticipated, came as a response to the Covid-19 outbreak and was echoed by the rescheduling of South America’s Copa América national team tournament until 2021. Infantino said FIFA is prepared to accept the requests from Uefa and the South American Football Confederation (Conmebol) to postpone their two tournaments to June/July 2021, a slot currently

reserved for the new Club World Cup. Discussing next steps, Infantino said FIFA would likely decide at a later stage, when there is more clarity on the situation, on the rescheduling of the new Club World Cup, either later in 2021, in 2022 or in 2023. He added that talks would be held with the Chinese Football Association (CFA) and the Chinese government to “minimise any negative impact” such a postponement would create. Infantino added taht the impact of these changes on the

calendar would be discussed with confederations, member associations and other stakeholders, with the objective of finding “appropriate calendar solutions”, hopefully before the end of April. In February, it was reported that FIFA had hired American financial advisory firm The Raine Group to help secure the $1bn (€910.4m) funding required to launch an expanded 24-team Club World Cup in 2021. In December, FIFA launched a process “to invite various commercial and investment proposals” for

There is more to life than football- Mikel Anthony Nlebem

ormer Nigerian international, John Obi Mikel, has parted ways with his Turkish Super Lig club Trabzonspor after he refused to play due to the coronavirus pandemic. The ex-Chelsea player contract was cancelled on following his social media post confirming he was not comfortable playing until the coronavirus outbreak was over. “The professional football player agreement between our company and John Obi Mikel has been mutually terminated. With a mutual

termination agreement, the football player gave up all his forward-looking receivables,” Trabzonspor said in a statement. Mikel posted in his Instagram page: “There is more to life than football”. “I do not feel comfortable and don’t want to play football in this situation. Everyone should be home with their families and loved ones in this critical time,” the former Nigerian national captain said. “Season should be cancelled as the world is facing such turbulent times,” he said. League games in Turkey are still going ahead without fans present at stadiums.

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the tournament and later that month Infantino said nine offers had been received. In October, FIFA confirmed that China would become the first host of an expanded Club World Cup in 2021, stating that the revamped format would have a “major impact” financially. Fifa said the tournament would be played between June and July 2021. In March 2019, FIFA voted to approve plans to launch a 24-team Club World Cup, despite opposition from Europe’s leading clubs. Proposals to change the Club World Cup have proved controversial ever since Infantino revealed that a group of investors were willing to pay $25bn for the rights to the expanded club competition, in addition to the rights to a new global Nations League. Infantino father said that due to its “solid financial situation”, FIFA is in a position to propose proactive solidarity measures specifically targeting the Covid-19 crisis. This could include a direct $10m contribution from FIFA to the World Health Organization’s Covid-19 Solidarity Response Fund.

Flykite postpones GOtv Boxing Night 21 Anthony Nlebem

lykite Productions, organisers of GOtv Boxing Night, have announced a decision to postpone the 21st edition of the event (GOtv Boxing Night 21). The show, scheduled to hold on 12 April at the Indoor Sports Hall of the National Stadium, Lagos, will now hold at a date to be announced later. The decision to postpone the event was informed by concerns related to the Corona Virus Disease (COVID-19). In a statement, CEO of

Flykite Promotions, Jenkins Alumona, said the decision to postpone the event was taken after consultation with stakeholders and event sponsors. “After close consultations with boxing stakeholders and the sponsors, we have decided to postpone GOtv Boxing Night 21 to a later date. This is in recognition of the hazard that COVID-19 poses, especially in light of boxing being a physical sport which attracts a large number of people,” Alumona explained. The event, which debuted in 2014, is an initiative of GOtv to revive the sport in Nigeria

NFF shuts down all football activities for four weeks

However, top leagues in England, Spain, Germany, Italy and France – as well as the Champions League and Europa League – have all been suspended. The coronavirus pandemic has also forced the postponement of the European Championship and Copa America while also affecting other international sports events. Meanwhile, Trabzonspor Club President Ahmet Agaoglu has opposed any cancellation or delay of the football league games. “We are the leader right now … Trabzonspor should be declared champion,” Agaoglu told journalists.

Anthony Nlebem

he Nigeria Football Federation has announced the cessation of all forms of football activities in the country for the next four weeks, as a result of the global coronavirus pandemic. According to the country’s supreme football –governing body, the shutdown affects all on-field activities the various

National Teams, the Nigeria Professional Football League, the other Leagues, youth football programmes and even street football. President of the NFF, Amaju Melvin Pinnick said the cessation will be for four weeks after which the situation will be reviewed in line with events and trends worldwide. He also advised all members of the football family to observe the various safety precautions and conduct as

advised by the Federal Ministry of Health and the Nigeria Centre for Disease Control, such as hand-washing, the use of sanitizers and social distancing. Pinnick also stated that the only football activity that will be permitted is the work of the NFF investigation committee into the death of Chineme Martins, which was inaugurated yesterday in Benin City and will submit its report within the next 10 days.

NFF inaugurates committee to investigate death of Chineme Martins

maju Melvin Pinnick, President of the Nigeria Football Federation (NFF), has inaugurated an ad-hoc committee set up by the football –governing body to investigate the death of Nasarawa United player Chineme Martins, charging the panel to come up with robust and sincere recommendations that will constitute the standard protocols for football organisation in the country going forward. “I am happy at the calibre of the people who make up the membership of this committee and I have no doubt you will come up with the right protocols that must be adhered to before any football match takes

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place anywhere in Nigeria. This is the time to make difficult decisions and I trust you to make them for us. “Your job is a very serious one. You are free to tinker with the terms of reference and avail us the steps that will safeguard the future of our players in the areas of medical, safety and security. We pray that the soul of Chineme Martins rest in peace but we are pained by his death and we must use it as a wake-up call to enforce compliance with the provisions of Club Licensing as well as the fresh medical and security protocols that this committee will draw up.” Pinnick and members of the committee, as well as NFF Executive Committee member @Businessdayng

Aisha Falode observed a oneminute silence in honour of the departed Chineme Martins, who slumped and died during a Nigeria Professional Football League match between his club Nasarawa United and Katsina United at the Lafia City Stadium on Sunday, 8th March 2020.

Friday 20 March 2020

BUSINESS DAY

news JAMB disowns false information about rescheduling of 2020 UTME KELECHI EWUZIE

he Joint Admissions and Matriculation Board (JAMB) has dissociated itself from any false information about the rescheduling of examinations being posted by persons or organisations in the name of the Board. The examination board observed with dismay that such misleading information has reportedly been sent through WhatsApp messages by individuals, with the intent to misinform candidates already preparing to sit for the 2020 Unified Tertiary Matriculation Examination, UTME. There is however news making the round on social media that All UTME Candidates whose exam were dated between Monday, 23, March Saturday, 4, April 2020 should take note that their exam has been rescheduled for tomorrow, Friday, 20 and March and Saturday, 21 March 2020. Fabian Benjamin, head

of Media and Information, JAMB while reacting to this in a telephone interview with BusinessDay explained that candidates are hereby notified that JAMB has not issued any such rescheduling of examination statement. Benjamin declared that the information did not emanate from the examination board, and called on candidates and the general public to disregard such news. He said the examination is going on as scheduled. Benjamin in an earlier statement disclosed that the over 1.9 million candidates registered for the examination, this being the highest that the board has ever recorded in the history of its examinations. According to Benjamin, a total of 669 out of the 747 centres across the country will be used for the conduct of the computer-based test (CBT). He called for the support and cooperation of stakeholders so as to collectively deliver on the public responsibility.

FG wakes ‘sleeping dog’ as NLC threatens action if fuel price readjusted upward JOSHUA BASSEY

he Federal Government may have inadvertently woken up a “sleeping dog” by its decision to cut the pump price of petrol from N145 to N125 per litre, as the Nigeria Labour Congress (NLC) has threatened to resist an upward readjustment of the slashed price. The labour threat comes as the Nigeria Employers’ Consultative Association (NECA) says it is high time the Federal Government discontinued the fuel subsidy regime and allows the international price of crude to determine the price of fuel in the local market. Warning the government to tread with caution in view of the fact that Nigeria operates a mono economy driven by oil, Timothy Olawale, director-general of NECA, said, “Subsidy often leads to increase demand for fuel due

... hands off subsidy, says NECA to over use and waste arising from reduced price of the product, creating unnecessary shortage of supply.” Ayuba Wabba, president of the NLC, in a statement on Thursday, said it was with mixed feelings that the labour movement received the news of the pump price reduction. He said “while we appreciate that the step taken by government was in the right direction, we are concerned that the price reduction did not cut across the array of other refined petroleum products. We also wish to state that the recent price reduction would never address the endemic challenges and confusion in our downstream petroleum sub sector.” Wabba said the neglect by successive governments of the public petroleum refineries was tantamount to serious economic sabotage against the people.

“Our failure as a country to add value to our crude oil and the resort to the importation of refined petroleum products exposes us as the most unserious people who are negligent of their basic duties. There is no acceptable reason or basis for the continued importation of refined petroleum products into Nigeria,” he said. Wabba further argued that the downward adjustment of the pump price did not address the inefficiencies and corruption in the downstream petroleum sub sector, stressing that the persistence of the so-called ‘subsidy’ costs, pipeline vandalism, artisanal refining and smuggling indicated fundamental flaws with the management of petroleum resources and assets in Nigeria. Calling on the government to fix the refineries to boost local production of fuel, the NLC president said given the volatility in the

international crude oil market and susceptibility to shocks of the prices of refined petroleum products, periodic adjustment either upward or downward of products price would never assuage ordinary Nigerian. “We would not be surprised if the pump price of PMS is adjusted tomorrow to N200 or more and the same reason for the current downward review is canvassed by government.” In view of this, the NLC vowed that Nigerians movement would resist any future upward readjustment of fuel price. “We call on government to demonstrate patriotic governance of our national resources by ensuring the resuscitation of our four public petroleum refineries. We warn that Nigerians will resist any future increase in the price of refined petroleum prices. A stitch in time would save nine,” said Wabba.

Exclusive front-row tickets, more! - Amstel Malta AMVCA experience

he Africa Magic Viewers’ Choice Awards (AMVCA) held recently at the Eko Convention Centre, Lagos. The award, now in its seventh edition, was headline-sponsored by Amstel Malta. As usual, the awards delivered all the pomp and glamour it is recognised for, leaving an indelible mark on the entertainment scene and audiences across Africa, and retaining its position as the most anticipated film and television awards in Africa. Leading up to the awards, headline sponsor, Amstel Malta, delivered on its promise of giving fans an exclusive, frontrow action to the AMVCAs. The brand kicked off in-store activations across major shopping outlets, surprising shoppers with the most coveted front-row tickets to the AMVCAs while the winner of the Fan Reporter online competition got exclusive front-row and back-stage access along with an incredible opportunity to interact with celebrities at the awards. There were more exciting pre-awards activities lined up, next on the list being a sponsored segment hosted by Dakore Egbuson on ‘The Spot’ - a light-hearted, bare-all interview

program - where movie fans connected to their favourite AMVCA nominated actors and actresses, Popular radio personality, Gbemi Olateru-Olagbegi (Gbemi O-O) was the host in yet another fun pre-award activation; fans who were able to guess the titles of the AMVCA-nominated movie soundtracks and scenes played on radio, won branded gifts. Fans were also able to follow in-the-moment, front-row action, live from the AMVCAs on Gbemi O-O’s twitter handle. In a non-film prize category, and as voted for by fans, Amstel Malta rewarded the best dressed of the night, both male and female. ‘Mike Edwards and ‘Mercy Eke, were voted winners and they both took home shopping vouchers worth N500,000 with a Nigerian designer of their choice. Speaking at the event Aminah Jagun, Senior Brand Manager, Amstel Malta, said; “Just as the AMVCA has, over the years, stayed true to its promise to support and celebrate outstanding achievements in Film and Television in Nollywood, Amstel Malta has also been a principal supporter for the growth of cinema and Theatre Arts.

Coronavirus: FG orders closure of Unity Schools Godsgift Onyedinefu

he Federal Government has ordered the closure of all the 104 Unity Schools in the country, from March 26, 2020, as a proactive step aimed at preventing the spread of the dreaded coronavirus. Education Minister, Adamu Adamu, on Thursday said all the Principals of the Unity Colleges should fast-track the on-going second-term examinations and close shop until further notice. In the meantime, the Min-

ister said the management of all the Unity Colleges should immediately activate the necessary emergency procedures and processes such as the provision of alcohol-based sanitizers, and handwashing facilities among others, adding that students should strictly adhere to the principles and best practices of good hygiene. Adamu directed the Principals to immediately report any suspicious case to the nearest health authorities, emphasizing that nothing should be taken for granted at this delicate time of the global pandemic. www.businessday.ng

L-R: Tony Elumelu, chairman, Heirs Holdings; Ayo Animashaun, CEO, Smooth Promotions; Kemi Pinheiro, and Gboyega Akosile, chief press secretary to the governor of Lagos State, at the 50th birthday celebration of Ayo Animashaun and launch of the celebrant’s eponymous foundation.

CPS: Edo presents N6.97m to families of deceased civil servants

do State governor, Godwin Obaseki, has presented N6.97 million to four families whose relatives died while actively serving with the Edo State government. Governor Obaseki presented the cheques to the beneficiary families at the Government House, Benin City. The governor, who was represented by the head of service, Isaac Ehiozuwa, said the presentation of the cheques to the families of the deceased civil servants was in line with the Pension Reform Act of 2014 and the Edo State Law of 2010 (as amended). He said the provision under sections 8(1) and 11(3), respectively, provided for the establishment of a Group Life Insurance policy for all employees in the scheme where the sum of three times the last annual salary of a deceased employee is paid to the beneficiaries. He noted that the state government implemented the policy to show concern to the

families of the deceased civil servants, urging the families to use the money judiciously. He said, “When somebody dies, he or she is entitled to 300 percent of the annual salary he or she earned at the time of death.” Obaseki added that the Group Life Insurance policy is different from entitlements of the pensions and gratuity the civil servants would have gotten at the point of retirement, adding that the programme is designed in a way that immediate succour is provided to the families of the deceased families in the event of death. The deceased civil servants whose families benefitted from the programme include, Ekhator Grace Ejemen; Osariemen Omoruyi; Imasuen Iyobosa, and Aikoroje Ohiosimuan. One of the beneficiaries, Esther Osariemen expressed appreciation to the state government for the gesture, noting, “I was not even expecting any money. I promise to use the money judiciously.”

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Reps to probe non-recovery of N81.502bn from defaulting firms under Anchor Borrowers, CBN, others James Kwen, Abuja

he House of Representatives Thursday mandated its committees on Agricultural Production and Services and Banking and Currency to investigative the nonrecovery of N81, 502,822,030.31 from defaulting companies under the Anchor Borrowers Programme (ABP). The committees are also authorised to investigate the role of the Bank of Agriculture (BoA), the Central Bank of Nigeria (CBN), the Nigerian Agricultural Insurance Corporation (NAIC) and other relevant bodies involved in the Anchor Borrowers’ Programme (ASP) and report back within four weeks for further legislative action. These resolutions were reached at plenary sequel to the adoption of a motion: “Need to Investigate the Usage of Funds Disbursed by the Bank of Agriculture to Anchor Companies under the Anchor Borrowers Programme (ABP),” sponsored @Businessdayng

by Sergius Ose-Ogun (PDP, Edo). Presenting the motion, Ose-Ogun said the House was aware that the CBN in line with its mandate, established the ABP, which was launched by President Muhammadu Buhari on November 17, 2015, with the intent to create a linkage between anchor companies involved in processing and the Small Holder Farmers (SHFs) of key agricultural commodities. According to Ose-Ogun, the House is also aware that the thrust of the ABP is the provision of loans to small holder farmers to boost production of key agricultural commodities like cereals (rice, maize, wheat etc.) cotton, roots and tubers (cassava, potatoes, yam, ginger etc.), tree crops (oil palm, cocoa, rubber etc.), legumes (soybean, sesame seed; cowpea etc.), tomato and livestock (fish, poultry, ruminants etc.), with the aim of stabilizing input supply to agro processors and address the country’s negative balance of payment on food.

Friday 20 March 2020

BUSINESS DAY

news Nigeria confirms 4 new coronavirus... Continued from page 1

L-R: Amah Micheal Nnachi, member, Senate Committee on Capital Market; Kashim Shettima, member, Senate Committee on Capital Market; Mary Uduk, acting director-general, Securities and Exchange Commission; Oscar Onyema, chief executive officer, The Nigerian Stock Exchange; Ibikunle Amosun, chairman, Senate Committee on Capital Market; Yaroe Binos Dauda, member, Senate Committee on Capital Market, and Yakubu Oseni, member, Senate Committee on Capital Market, during the committee’s courtesy visit to the exchange in Lagos, yesterday.

Why FG is worried about hefty borrowing... Continued from page 1

ment violates the CBN’s own rule. It is a violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5 percent of the previous year’s revenues. In this case, the CBN allowed the Federal Government access to overdrafts topping its entire revenue when it should not be lending it more than N400 billion. The N4.4 trillion net loans to Federal Government, which is the net sum of outstanding CBN overdrafts to the FG minus the government’s Treasury Single Account (TSA) deposits with the CBN, went into plugging a higher-than-expected budget deficit this year as well as some carry-over obligations from the last two years. Last July, the CBN said it was a net creditor to the FG only on two occasions in the last five years being 2016 and 2018. With the trend observed last year, the CBN was probably a net creditor to the FG in 2019 and there

were fears same could happen again this year owing to lower oil revenues. “It was a dangerous game we were playing and it comes as a relief that the Federal Government seems to be retracing its steps one at a time,” a former CBN deputy governor told BusinessDay. Analysts say while central bank’s financing may be inevitable in an environment with lower tax revenues due to recession and undeveloped financial systems, borrowing from the apex bank should be on a transitory basis. Ideally, where such borrowing is undertaken, the loans should be repaid within the same fiscal year, and gradually, the government should wean itself off central bank financing of deficits. There were expectations that the Doyin Salami-led Presidential Economic Advisory Council, when it was inaugurated last year, would have as part of its remit advice the government to finance its budget in a more sustainable manner and ditch the

excessive CBN bailouts. Since 2015, when President Muhammadu Buhari first assumed office, the total amount of money borrowed from the CBN (Ways and Means) to meet fiscal obligation has surged by more than 14-fold on the back of consistent higher-than-planned budget deficits owing to the unrealistic revenue target set by Africa’s biggest oil producer in its budget. In 2014, borrowing by the Federal Government stood at N922 billion. This later surged to N2.5 trillion in 2015, N5.21 trillion in 2016, N5.87 trillion in 2017, and a whopping N8.12 trillion in 2018. “The Federal Government has been running a huge fiscal deficit and as such, the central bank is lending to the Federal Government through Ways and Means and this has a serious multiplier effect in the economy,” said Johnson Chukwu, managing director/CEO at Lagos-based financial and investment house, Cowry Asset Management Limited. Sources familiar with the FG’s plan to securi-

tise its borrowings from the CBN commended the move. They say the securities will be sold to private investors in the form of bonds with varying tenors by the Debt Management Office (DMO). This way, the CBN gets some cash flow and is able to repair its balance sheet which has taken a hit from the increased funding of the Federal Government via ways and means in response to lower revenues. The tenors of the securities and offer rates are yet to be decided. Also, no specific timeline has been given to when this will happen but BusinessDay learnt that the president has given his approval. The impact of the move will see yields on other government securities go up as supply would have increased by the time the new securities hit the market. Demand for the securities is mostly anticipated to come from the pension funds and other non-bank local investors who have been banned from buying Open Market Operations (OMO) bills.

positive. The second new case, he said, was a female who returned from France on March 14 on a Turkish Airline TK 1830; the third case was a Nigerian male in his 50s who had not travelled anywhere, but tested positive to the disease, while the fourth new case was a Nigerian male who arrived the country on March 13, from Frankfurt to Lagos on Lufthansa Airline, flight number LH568. The commissioner said more tests were still being carried out and that it was clear that “we have combination of imported cases and local transmission”. He said the the Executive of Lagos State was meeting on the next stage on social distancing. “The best way to slow the rate is to halt movement of the virus from person to person,” he said. He appealed to people on the two flights, Turkish Airline TK 1830 and Lufthansa Airline LH568, to self-isolate themselves and to reach the government. “Currently, we are following over 1,300 people right now to find information about the state of their health and the number is increasing,” he said. Abayomi also confirmed that the Italian national who brought the deadly coronavirus to Nigeria has now tested negative to the disease. Abayomi said it was good news for Lagos and Nigeria for the index case, who had been receiving treatment at the Infectious Disease Hospital (IDH) in Yaba, Lagos, to test negative. He said, however, that the Italian would not be allowed to go yet until a confirmatory test had been carried out within 48 hours, saying if he tests negative the second time, he would be discharged.

N1trn manufacturing support fund: MAN urges CBN to ensure banks do not derail policy …Calls for soft approach or moratorium on interests of existing loans Ignatius Chukwu, Port Harcourt

he national council of the Manufacturers Association of Nigeria (MAN) rose in Port Harcourt Thursday afternoon to urge the Central Bank of Nigeria (CBN) not to allow commercials banks derail the latest intervention fund to the real sector. The council warned against possible actions by deposit money banks that may negatively affect the intentions of the Federal Gov-

ernment in the N1 trillion set aside to support manufacturing in the face of the raging COVID-19 economic crisis. MAN president, Mansur Ahmed, who briefed the press at the Hotel Presidential after the two-day meeting, applauded the decision of the CBN to set aside N1.1 trillion out of which N1 trillion would go to boost manufacturing, but expressed doubts over how the commercial banks would handle the implementation. The CBN governor, Godwin Emefiele, announcing the inwww.businessday.ng

tervention measure Wednesday, had promised to meet the commercial banks at the weekend to work out smooth implementation measures. The MAN boss, however, warned that most times, good intentions of the FG and the CBN had been thwarted by the commercial banks. He thus called upon the apex bank to follow through on the present gesture by ensuring that no agency or bank would deviate from the strict intentions of the fund which include boosting local ca-

pacity to produce goods that would help the country survive the devastating impacts of COVID-19. Ahmed made it clear that MAN and some other groups in the economic sector approached the FG when it announced a N50bn intervention fund. He said MAN is pleased that the fund has been increased to N1.1 trillion. Ahmed, a onetime director-general of the Nigerian Economic Summit Group (NESG) and member of government economic think-tank

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in years past, said the council has appealed to the pharmaceutical group in MAN to see this as a good opportunity to boost capacity to produce relevant drugs in-country in the present situation as some countries have stopped their drugs from being exported. He called on the FG to support various groups within MAN that can scale up and quickly produce the needed drugs, foods, and other essential products in the coronavirus era because it seems to be each country to its fate. @Businessdayng

Abayomi said all new cases were responding to treatment at the IDH in Yaba, Lagos. The suspected coronavirus case in Katsina, which was announced on Wednesday, March 18, also came out negative, Yakubu Danja, the state commissioner for health, said at a press briefing on Thursday. Meanwhile, the University College Hospital (UCH) Ibadan has denied reports that a patient with a positive test to coronavirus is on admission in the hospital. Abiodun Otegbayo, chief medical director, UCH, however, confirmed there is a suspected case of COVID-19 infection who is currently self-isolating and whose blood sample has been sent for test. The result, he said, is being awaited while details about the suspected case and efforts taken so far had been provided by the Oyo State commissioner for health. Otegbayo, who addressed journalists in Ibadan, the state capital, disclosed that all UCH schools which include School of Nursing, School of Health Management and all agency schools were to close indefinitely with immediate effect. He advised patients who do not have definite or valid appointments not to be present at the hospital clinics as only those with valid appointments would be allowed on the premises. Reacting to the news of suspected case in Ibadan earlier, Bashir Bello, Oyo State commissioner for health, said the state was aware that the individuals involved in the confirmed cases in Ekiti transited through Ibadan, the Oyo state capital. He, however, allayed the fears of residents, assuring that contact-tracing was ongoing. “As of today, we have a case of an individual who just returned from the UK, but the individual is observing the protocol of self-isolation. Some tests currently being carried out on samples collected from the said individual have been sent to the National Reference Laboratory, LUTH, for South West. The test results are being expected tomorrow (today),” Bello said. “At this point, all facilities in Oyo State remain on high alert and adequate resources have been deployed to all facilities in case of unforeseen circumstances,” he said.

Friday 20 March 2020

BUSINESS DAY

news NIMC shuts down all centres in 5 states Jumoke Akiyode-Lawanson

s part of measures to stop the spread of the coronavirus pandemic, the National Identity Management Commission (NIMC) has ordered the immediate shut down of all its enrolment centres in Lagos, Ekiti, Ogun, Katsina and Anambra states. In a statement signed by Kayode Adegoke, the head of corporate communications, NIMC, the commission states, “The move has become necessary to prevent our staff and applicants from getting more vulnerable to the pandemic.” Consequently, all enrolment activities, card collection and other identity related activities are hereby suspended in the aforementioned states till further notice. NIMC says the closure is not intended to create panic but to arrest the spread of the

disease, which has become a global threat. “We hereby regret any inconvenience the closure might cause as our paramount concern as a responsible and responsive Commission is the safety of all,” the statement reads. It is believed that other government agencies will follow suit in closing down or restricting business due to the rapid spread of corona virus across the country. The Federal Capital Territory Administration on Thursday ordered closure of all schools from today, March 20, 2020. Social and religious activities are to be restricted. Shopping malls and other large business premises without sanitizers and other safety measures are to be shut down immediately. There are currently 12 confirmed coronavirus cases in Nigeria, even as numbers continue to rise daily.

Things to do if you want to self-isolate for coronavirus … as FG, NCDC roll out self-isolation plan to slow spread in Nigeria ANTHONIA OBOKOH

s Nigeria responds to an outbreak of Covid-19, the Nigeria Centre for Disease Control (NCDC) offers this guidance for self-isolation. The issued new guidelines are for home care and isolation of patients with emerging coronavirus with confirmed and suspected cases. “If a person is suspected to have breached the guidelines, NCDC and the state surveillance teams will work closely with the

individuals to ensure that they understand their obligations. They will also be helped to appreciate the importance and seriousness of self-isolation under the current global Covid-19 pandemic threat,” the NCDC states. In consultation with the guideline, there are points to consider towards self- isolation, which include those who should be isolated, which are all returning travellers to Nigeria and anyone who has been in close contact with a confirmed case of Covid-19. The guidelines also

state how people will move from arrival point in Nigeria to place of self-Isolation and how to be monitored during the period. The guideline proposes how people can keep their spirit up while in self-isolation and develop symptoms to look out during the period of completing the 14 days of isolation. Explaining what selfisolation means, it’s strictly staying at home or identified accommodation, away from situations where you mix with family members or the general public, for the period of 14 days. This means any situation where

you may come in close contact with others (face to face contact closer than 2 metres i.e. 5 feet). However, the guideline states that if one has not been in contact with someone who has been infected with Covid-19, the risk of getting Covid-19 is very low. “This is a stressful period, but taking these measures will help protect you, your family, and all of Nigeria from Covid-19,” it states. In consultation on how to move from arrival point in the country to the place of self-isolation, the guide-

Aisha Buhari shuts office, daughter self-isolates ... as FCT shuts schools, urges restrictions in public gatherings Tony Ailemen, Abuja

here are indications that daughter of President Muhammadu Buhari has gone into self-isolation soon after returning from the United Kingdom, even as her mother, Aisha Buhari, has shut down her office. Aisha Buhari twitted that “Earlier today my daughter returned from the UK being among the high burden listed countries of Covid-19. “Based on the advice of the Hon. Minister of Health, Presidential Task force on Covid - 19 and that of Nigeria Centre for Disease Control, NCDC, she is on self-isolation, not because she displayed any symptoms of the Covid-19.” She therefore urged all parents to do same for their children and relations who were returning from outside the country. According to Buhari, “Please I urge all parents to do the same if possible as prevention is better than cure. “Similarly, I have shut down my office for two weeks with immediate effect while essential staff can work from home as a result of some staff who recently returned from the UK. “I commend the North

Western Governors including Niger and Kwara on preventive measures taken to curb the spread of Covid-19 at their security meeting yesterday in Kaduna. “Let’s keep following the advice of the Federal Ministry of Health and the NCDC, which encourages maintaining social distancing, high hygiene culture through regular washing of hands with soaps and sanitizers. “Let’s adopt preventive measures and ensure the safety of our families and that of General public. We will overcome the Covid-19 pandemic if we all take the necessary precautions at the same time!” In a related development, the Federal Capital Territory Administration (FCTA) has directed that all schools within the FCT be shut with effect from Friday, March 20, 2020. The FCTA also directed all large business premises without sanitizers and other safety measures to be shut with immediate effect. The administration also directed that all social gatherings and religious activities be restricted as the number of cases increase in Nigeria arising from those coming into the country from high risk nations. www.businessday.ng

L-R: Olumide Akpata, immediate past chairman, Nigerian Bar Association-Section on Business Law (NBA-SBL)/senior partner, Templars; Ademola Seriki, chairman, Corporate Affairs Commission (CAC); Seni Adio, chairman, NBA-SBL; Garba Abubakar, registrar-general, CAC, and Ayuli Jemide, vice president, NBA-SBL, at a one-day stakeholders’ forum organised by NBA-SBL in collaboration with CAC in Lagos, yesterday. Pic by Olawale Amoo

Global property market in limbo as coronavirus fears spread … events centre operators in Nigeria record huge revenue loss CHUKA UROKO

esides oil, property is one other commodity market that has been hard hit by the coronavirus pandemic, leaving the market in limbo. Both buyers and sellers worry about risk of infection which, in the UK market, for instance, has led to drying up of viewings. The virus has affected all segments of real estate in Europe and America. In London, according to reports, income loss runs into billions of pounds. The rental market here is the worst hit as transactions have ‘died’ completely. In Nigeria, the story is not different. The country is currently gripped by fear of the virus, prompting the government to take far-reaching policy decisions including the

banning of public and social gatherings. Again, the government has placed travel ban on some countries known to have been badly affected by the coronavirus. There has been an immediate impact of the ban on public gathering on the market. Social events including corporate conferences already scheduled for this month and the next have been cancelled or rescheduled to later dates, leading to heavy loss of revenues to operators of event centres. “The coronavirus is already affecting our operations; all the conferences slated for our centre (Landmark Event Centre) have been cancelled and that means loss of revenue for us. We are looking at about N8 million loss in the next one month,” Paul Onwuanibe,

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CEO, Landmark Lagos, confirmed to BusinessDay. According to him, the market may be losing over N800 million revenue monthly, assuming there are 100 event centres in Nigeria. This, he noted, is a significant revenue loss for the economy. The Landmark Lagos, also known as Landmark Village, is a one-stop shop for living, working and leisure. Its leisure facilities are world class with the Landmark Event Centre being a leading destination for corporate events in Lagos. Onwuanibe said that the coronavirus was affecting everything real estate including hospitality, where occupancy rate has dropped, and retail, where footfall has also dropped at malls as people fear contact with other people. Demand for both residential @Businessdayng

and commercial property has come down too. Gbenga Olaniyan, CEO of Estate Links, agrees, pointing out that though the impact of the virus was not yet on property prices, it was already deep on transactions, especially on non-essential real estate. He projected that if the virus did not go away in the next one month, there was every possibility of it affecting property price and that would mean revenue loss for investors and estate agents alike. “Clients no longer go for inspection because they fear physical contact with other people,” he said, citing instance of a client who wanted to take a space in Trinity Towers, an iconic office building in Lagos, but had to put it off till further notice, because he did not want to go for inspection now.

Friday 20 March 2020

BUSINESS DAY

news

Barge operators seek written authorisation to formalise reversal of ban on operation AMAKA ANAGOR-EWUZIE

arge operators under the aegis of the Barge Operators Association of Nigeria (BOAN) has called on the management of the Nigeria Customs Service (NCS) to issue a circular that would officially authorise the reverse on the earlier ban on barge operation in Nigeria. Speaking with newsmen in Lagos on Thursday, Edeme Kelikume, managing director of Connect Maritime Services, confirmed that members had started skeletal operations of evacuating cargoes from the port using barges. According to Kelikume, few of the Customs’ commands have reverse to the latest policy of allowing operators to do their business while other commands have insisted that they can only allow cargo evacuation by barge if a formal circular to that effect is given to them by Customs management. “It was on March 12 that we received a very strange circular from Customs putting a ban on our operations but after due consultation, the Comptroller General heard the cry of our operators and reserved the policy. Though, we are still waiting for a formal circular to formalise the reversal even though Customs

management has assured us of the implementation of policy,” he said. Stating that Nigeria is presently in a critical situation at a time economies are being ravaged by coronavirus outbreak, crashing oil price and possible devaluation of naira, he pointed out the need to ensure that the Nigerian seaports functioned effectively. He called on Customs and other government agencies to always reach out to stakeholders before making critical decision and policies, and assured Customs of members’ readiness to help the service achieve its objective by complying to the rule of engagement. “We will also support and work with officials of Customs. We would not hesitate to report any member found to be engaging in any illegalities. We have enforcement team set up to work with NIWA, NPA and Customs to ensure compliance with the rules,” he assured. Tony Iju Nwabunike, national president of Association of Nigeria Licensed Customs Agents (ANLCA), who noted that Customs had every right to make decision on cargo movement from the port, said the activities of barge operators contribute towards the revenue generated by Customs into the Federation Account.

BudgIT raises concerns on N100bn constituency projects in 2020 budget ... says 988 projects are not under right agencies Hope Moses-Ashike

racka, a transparency platform owned by BudgIT, which allows c i t i z e n s t o c o l l a b o rat e, track and give feedback on public projects in their communities, has observed that a higher percentage of the N100 billion allocated for zonal intervention projects in 2020 approved budget were allocated for e m p o w e r m e n t p ro j e c t s in lieu of infrastructural projects. A statement from the organisation states, considering the challenge of service deliver y in the countr y, Tracka ensures that allocated public funds for projects nominated by members of the National Assembly are effectively disbursed for the good of the people in local communities. Lack of transparenc y and citizen inclusion in the nomination of the capital projects have led to an increasing number of aband o n e d p ro j e c t s i n va r i ous communities across Nigeria, and despite the

huge funds allocated for capital expenditure over the years, some projects are either left uncompleted, mismanaged or worse still, abandoned. Tracka’s analysis also reveals that over 50% of nominated projects in the last five years were “empowerment programmes.” These programmes include the disbursement of items like sewing machines, bicycles, tricycles, grinding machines amid other things to constituency members. “While we advocate for genuine citizen empowerment, the current mode of disbursement is, to say the least, questionable,” says Ilevbaoje Uadamen, head of Tracka. “In 2019 and 2020 alone, a total of N58 billion and N63 billion were allocated respectively for empowerment provisions. How do politicians come to determine the empowerment needs of their constituents without needs assessment nor inclusion i n t h e d e c i s i o n - ma k i ng process and how are the beneficiaries decided?” he queried further.

Expert seeks best practices in electrical installation to avert threat to lives Kelechi Ewuzie

he adoption of global best practices in installation of electrical appliances in both residential and commercial properties would help to guard against dangers of fire outbreaks and electrocution among Nigerians, Festus Meduoye, a facility expert, says. Meduoye, who is concerned about the increasing rate of deaths and fire outbreaks caused by faulty electrical installations, says Nigerians need to pay attention to the electrical installation in order to guarantee the correct use of home appliances and to avoid negative implication. According to Meduoye, it has become very fundamental to pay maximum attention to wiring and using proper electrical cables at home to prevent danger to lives and property. He says the proper electrification of house as well as the correct installation of water heaters is also key to safety. “Homeowners have always paid less attention to wiring and electrification of their properties, preferring to give more attention to furniture and aesthetics whereas any electrical problem from wiring and electrification could lead to some unfortunate events,” he states.

Citing the use of good water heaters as an example, he explains that experience has shown that good water heaters usually come with feature that ensures maximum safety and offers quality that is of European standard brand. “The importance of water heaters cannot be overemphasised most especially during the raining and harmattan seasons to not only enjoy comfort but also to take care of one’s health. Choosing a good and quality water heater is important in achieving safety of lives,” he states. Good brands of water heaters come with energy-saving features that help users to save a great deal on electricity cost, he says. “Water heater, like every other electrical appliance, is considered generally safe for domestic use especially if you buy trusted brands, ensure proper installation and service regularly for optimum performance,” he advises. He, however, advised customers to always refer to brand for support on installation and update on best practices in handling the appliances. “In this digital era, the good brands should have an online presence via social media platform or websites from where they can easily be reached,” he notes.

Range Developments offers best route to USA via E-2 Visa

ith the current travel ban, wealthy Nigerians have been introduced to another route to the USA. How is this possible? As the sun rises over the picturesque site of La Sagesse in Grenada, construction has started on Range Development’s third project in the Caribbean. The Six Senses resort in La Sagesse is highly awaited and coveted, and judging by Range Developments’ other two projects (Park Hyatt St Kitts and Kempinski Dominica) in the Caribbean, which have captivated all those who have visited, the Six Senses La Sagesse, Grenada will be just as spectacular. Range Developments is the leading company in its field of building ultra-luxury resorts in countries with well-established citizenship by investment programs. The program enables high net-worth individuals and their families that are seeking citizenship solutions to invest in their project of choice, and obtain the citizenship of the respective jurisdiction. This investment yields monetary and no barriers travel benefits. Range’s latest project in Grenada boasts the mostsought-after citizenship program, which includes the opportunity to obtain a US E2 visa, through investment in the USA. Given the regulatory challenges facing the EB5 (Green Card) program, Grenada – E2, has become the fastest and most effective route to reside in the United States. Idowu Olumide, who represents Range Developments

in Nigeria, can be reached via 07039721594 or www.rangedevelopments.com. The Grenada Citizenship program has been met with interest by those who wish to widen their global scope, as well as settle in the United States. At an investment cost of $220,000 along with applicable fees, an investor into the hotel can apply for the Grenadian citizenship and enjoy many benefits. Investors can take on dual citizenship and reap the benefits of both. They can enjoy visa-free travel to more than 140 countries worldwide (including UK, Schengen, China and Russia) and this is extended to their immediate families, who can also gain citizenship. This includes spouses, children, parents and unmarried siblings. The application process is swift and efficient (citizenship can be obtained within 3 months) and there is no requirement to visit Grenada or have residency in the country. Furthermore, Grenadian citizenship, due to its unique E-2 treaty with the United States, gives its citizens a chance to obtain the US E2 visa. The US E2 visa allows citizens to invest and set up a business in the US and consequently, reside there with their families. This comes with education benefits and if an individual does not spend more than 122 days in the United States, the individual is not subject to worldwide taxation. Range’s flagship project, Park Hyatt in St Kitts, opened its doors in November 2017 to rave media and public reviews.

L-R: Segun Olalandu, head, strategic marketing and communications department, AIICO Insurance plc; Frank Aigbogun, publisher, BusinessDay Media Limited, and Babatunde Fajemirokun, MD/CEO, AIICO Insurance plc, during a courtesy visit of BusinessDay management team to AIICO Insurance head office in Lagos, yesterday. Pic by Olawale Amoo Mark Mayah

cademic Staff Union of Universities (ASUU) has pleaded with the Federal Government to grants the union 18 months to develop their payment applications, the University Transparency and Accountability System (UTAS), as their preferred mode of payment. ASUU had rejected the government introduced Integrated Payroll and Personnel Information System (IPPIS), and even embarked on a two-week warning strike over the refusal of government to pay those that did not enrol in the payment platform. BusinessDay reliably gathered that at the reconciliatory meeting between the Federal Government and ASUU, at the Conference Hall

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IPPIS: ASUU begs FG for 18 months grace

… as lecturers prefer UTAS to IPPIS of the Ministry of Labour and Employment, the union was asked to present its own template having rejected the IPPIS. A source at the meeting told our correspondent on telephone that the union at that juncture pleaded with the government to give them 18 month grace to go and develop the UTAS. According to the source, “ASUU pleaded that it should be given 18 months to develop the UTAS. The union explained that developing the payment application software would take six months, the alpha testing of the equipment will take three months, what it calls Beta will take six months and rounding off the system to take three months. “But the Federal Government

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team led by the Minister of Labour and Employment, Senator Chris Ngige, asked the union what will happen in the interim. He told them that as the government waits for the 18 months for the development of the UTAS, they should in the interim enrol in the IPPIS starting from the middle of March, while special arrangements will be made to pay February salaries of those who have not registered with IPPIS “ According to the source, the Tuesday’s meeting which lasted till late night was inconclusive Recalled that the two parties had last week rescheduled the meeting to Tuesday, March 17, for them to agree on how the contentious IPPIS, which the federal government recently introduced @Businessdayng

for all workers within its payroll will be implemented. ASUU had rejected the IPPIS which the government has made compulsory for workers on its employment and the union declared a two-week warning strike over the government refusal to pay them because they did not join in the new payment platform. The government said that the IPPIS was introduced to curb corruption and also to eliminate leakages within the system. However, the Federal Government through the Minister of Labour and Employment, Chris Ngige, at the resumed meeting on Tuesday said that it has made proposals to the ASUU on how to amicably resolve the issues in dispute.

Friday 20 March 2020

BUSINESS DAY

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Friday 20 March 2020

BUSINESS DAY

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Nigerian teacher among top 50 finalists for 2020 $1m Global Teacher Prize KELECHI EWUZIE

n recognition of his outstanding contribution to the teaching profession, Opeifa Olasunkanmi, an English teacher from Government Day Secondary School, Karu, Abuja, Nigeria, has been named among the top 50 shortlists for the $1 million Varkey Foundation Global Teacher Prize in partnership with UNESCO in 2020. The Global Teacher Prize, now in its sixth year, was set up to recognise one exceptional teacher who has made an outstanding contribution to the profession as well as to shine a spotlight on the important role teachers play in society. By unearthing thousands of stories of heroes that have transformed young people’s lives, the prize hopes to bring to life the exceptional work of millions of teachers all over the world. With 10 years to go to meet UN Sustainable Development Goal 4 - providing a quality education for every child - the Global Teacher Prize has partnered UNESCO to ensure teachers are right at the top of governments’ agendas. Olasunkanmi made the shortlist from over 12,000 nominations and applications from over 140 countries around the world. Olasunkanmi, winner of the 2018 Maltina Teacher of the Year Award as the best teacher in Nigeria, has a reputation for

innovation and going out of his way to ensure his students receive the best possible tuition, often consulted by other staff on the latest 21st Century learning skills, as he uses the flipped classroom model for teaching essay writing, Google Forms or Microsoft Forms for assessment, online videos and e-past questions. To stimulate his students he has been known to use edutainment/fun-based learning for teaching English language concepts, for example, linking essay writing with popular dance steps and, to demonstrate phonology and grammar, he has even taken to rapping and hip-hop songs. Sunny Varkey, founder of the Varkey Foundation and the Global Teacher Prize, while congratulating Olasunkanmi, for reaching the final 50, said he hoped Olasunkanmi’s story inspires those looking to enter the teaching profession and highlights the incredible work teachers do all over the world every day. According to Varkey, “Our recent Global Teacher Status Index finally gives academic proof to something that we’ve always instinctively known: the link between the status of teachers in society and the performance of children in school. Now we can say beyond doubt that respecting teachers isn’t only an important moral duty – it’s essential for a country’s educational outcomes.

Oil marketers reluctant to change petrol price to N125 per litre OLUSOLA BELLO, Lagos, HARRISON EDEH, Abuja, IDRIS UMAR MOMOH & CHURCHILL OKORO, Benin

il marketers say they need some clarifications before they can begin to effect changes in the pump price of petrol. They say they are still waiting for the Petroleum Products Pricing and Regulatory Agency (PPPRA) to give them direction on how things would play out as against just reacting to a press release from Nigerian National Petroleum Corporation (NNPC). According to them, they are still expecting a template for petrol that will spell out details of landing cost and margins for marketers from PPPRA. A top official of a major oil marketing company who spoke with BusinessDay yesterday said there was need to resolve the issue of losses that were being incurred by those that have huge volume of petrol in their tanks before the government took the

… as NNPC retail outlets lead in enforcement in Abuja decision of slashing the price to N125 per litre from N145. Some of the marketers have over 40 million litres in their storage tanks when the government made the announcement on price change. BussinessDay learnt that some of the marketers were met with the group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, Thursday afternoon to discuss how their losses could be mitigated. Also, it was learnt that another group met with Kyari shortly before the announcement of the change of price Wednesday. Out of about 10 filling stations visited by BusinessDay Thursday morning, only one, Petrotec, located along Demurin Road at Alapere, Lagos, sold petrol at N125 per litre. President Muhammadu Buhari on Wednesday approved the reduction of the pump price of

petrol to N125 from N145. The other filling stations claimed they had not got instructions to change their pump prices. The filling stations visited by BusinessDay are Total, Eterna, Oando, MRS and Hyden, along the Expressway leading to Third Mainland Bridge. In Benin City, the Edo State capital, the situation was the same as most filling stations still sold at N145 per litre, as major oil and independent marketers were yet to comply with the directive. A visit by BusinessDay to some filling stations in Benin City indicated that 24 hours after the president’s pronouncement the marketers were yet to comply. Some of the filling stations monitored were Oando plc and Total plc on Akpakpava Road, NNPC Mega station, Sapele Road, Valid Petroleum and Danco Petroleum in Ekenwan Road. Fuel attendants who spoke

on condition of anonymity said they were yet to adjust the pump price to the new price because of the old stock of PMS product available. At Valid Petroleum on Ekenwan Road, one of the fuel attendants said she cannot give reasons why the new pump price had not been adjusted. She however was hopeful that the management would adjust to the new price as soon as the old stock was exhausted. At Oando and Total Nigeria, all on Akpakpava Road, the fuel attendants, who pleaded anonymity, however, assured that within the next two days, the management would begin selling at the new pump price. “We heard of it yesterday but we have not been directed to sell at the new price because there are still old products available. Maybe we will start selling at the rate of N125/litre in two days’ time,” they said.

Security, shipping development top industry expectations as new NIMASA DG seeks support AMAKA ANAGOR-EWUZIE

aritime security, shipping development and disbursement of Cabotage Vessel Financing Fund (CVFF) have been listed among the top industry expectations from the newly appointed executive team of the Nigerian Maritime Administration and Safety Agency (NIMASA) led by Bashir Jamoh. Speaking in Lagos on Wednesday night at a reception held in his honour, Bashir Jamoh, the new director-general of NIMASA, solicited for the collaboration and support of stakeholders to enable his administration reposition the industry for growth. “We have our own mandate. We need your assistance and support to be able to actualise this mandate. Your support, understanding and guidance are always going to be our own watchword. I cannot do it alone. Join me and support me to get these things right to reposition the agency for the betterment of us all. I assure you, we will do everything possible not to fail you,” he assured. Earlier, Emmanuel Iheanacho, chairman of Integrated Oil and Gas, who described Jamoh as a veteran that has spent over 25 years in the maritime industry, expressed his team would be successful in NIMASA. Iheanacho, who pointed out that NIMASA was saddled with the responsibility of ensuring that Nigerian shipping

business and maritime environment operate in line with international best practices, said the agency had not really done well in these regards. According to Iheanacho, the agency had in the past deviated from its core mandate even as he promised that stakeholders would ensure that such would not happen again in the current administration. While warning the new leadership to deviate from becoming Inland Revenue Service that takes money from ship owners and remit to government, he assured them that ship owners would not allow such to happen because there were reasons for setting up such funds. “We want you to try not to militarise NIMASA because there is nothing embarrassing as when people carry guns to threaten operators over infraction in agency’s rules. We have never seen where maritime administration is enforced by armed men,” he stated. He however pointed out the need to allow Nigerianowned tankers to carry Nigerian oil, adding that there is need to ensure the disbursement of CVFF by ensuring that the guideline is fair and equitable. Also speaking, Aminu Umar, immediate past president of the Nigeria Shipowners Association (NISA), told the new NIMASA team to focus on fight against piracy, which not only affects Nigerian ship owners but global shipping business. www.businessday.ng

L-R: Francis Jakpor, marketing communications manager, Armese Consulting; Ernest Edgar, lead PMO, Port Harcourt Electricity Distribution Company (PHEDC); Henry Ajagbawa, MD/CEO, PHEDC; Linus Nkah, commissioner for finance, Akwa Ibom State; Matthew Edevbie, managing director, 4Power Consortium; Etido Inyang, chairman, Ibom Power; Chima Omeike, project advisor, and Meyen Etukudo, MD/CEO, Ibom Power, at a stakeholder workshop on the Akwa Ibom State ‘Power for All’ project held in Lagos, yesterday.

Covid-19: Pharmaceutical industry donates disinfectant to support Lagos ANTHONIA OBOKOH

s health and safety measures to help prevent the spread of the coronavirus in countries increase, Neimeth International Pharmaceutical plc has donated NCP Liquid antiseptic to the Lagos State government. Matthew Azoji, managing director/CEO, Neimeth International, said considering Covid-19 prevalence and ease of spread from human to human contact and according to the Nigeria Centre for Disease Cntrol (NCDC), there was no cure or vaccine for now that can take care of the infection. According to Azoji, I wish to commend the Lagos State government for the professionalism and expertise displayed by the ministry. “It is this display of professionalism expertise and dedication to duty and the cause of humanity, which have been so inspiring, that

has motivated us to once more donate NCP, our brand of antiseptic/disinfectant to assist the Lagos State Ministry of Health in their selfless fight against the coronavirus pandemic,” Azoji said. For now, prevention remains the only viable option, he said, noting that with regular antiseptic use, the disease spread can be curtailed or prevented even at periods when water may not be available. “Considering the overcrowded nature of the different areas of our society as potential venues for spread of disease and infection, appropriate steps and care must be taken to forestall this possibility of such disease or infection spreading. “Antiseptics are more or less used to promote personal and environmental hygiene. NCP will help to promote NCDC’s recommendation as an effective way to prevent contracting diseases including coronavirus,” he said.

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Kellogg’s to award 10m through superstars scholarship 2.0

ellogg’s has officially announced the closing of all entries for the second edition of its flagship children scholarship scheme “Kellogg’s Superstars contest” by the end of March 2020, while winners emerge in April. Kellogg’s Superstars contest is a school-based essay writing competition designed for primary school pupils to sharpen their writing skills while also bringing out the creative uniqueness in them. Students who perform excellently in essay competition will be awarded prize money in pursuance of their education. The essay contest, introduced in March 2019, reached out to more than 1.8 million pupils at approximately 12,000 schools across Rivers, Lagos and Oyo states after which 50 outstanding pupils emerged and cumulatively received N5 million worth of scholarship. However, this edition is taking a more interesting dimension by touching children in the North Central region of Nigeria (Abuja), while increasing the number of beneficiaries from 50 to 100 pupils, pushing up the scholarship value to N10 million. Darlington Igabali, marketing manager, Kellogg’s, in a state@Businessdayng

ment said Kellogg’s Superstars Scholarship contest 2.0 would be covering three regions; Lagos, Ibadan and Abuja. In January 2020, entries were declared open to all primary schools within these regions with the task to write a short and concise essay of not more than 100 words on the topic “Why my Mum is a Super Mum,” which will see a hundred outstanding pupils emerge as winners to receive a N100,00 worth of scholarship each. “This edition topic was carefully crafted because the Kellogg’s brand recognises the value and the contribution of mothers towards the growth of the society which can never be overemphasised, while on the other hand, the contest coincidentally falls within that period when Mothers are globally celebrated (International Mother’s Day),” he said. Also speaking on the project was Omotayo Abiodun, public relations manager, Tolaram Group, who said this initiative was borne out of the brand’s passion to contribute to the growing educational status of the nation, with the belief that by encouraging these pupils at a very tender age through the scholarship offer, smoother way was literally being paved for a brighter tomorrow.

Friday 20 March 2020

BUSINESS DAY

FINANCIAL TIMES

World Business Newspaper

US oil companies race to restructure debt Advisers report surge in activity as price war threatens bankruptcies across shale patch James Fontanella-Khan, Gregory Meyer and Derek Brower

ndependent US energy producers are restructuring billions of dollars of debt or discussing new ways to stay afloat as collapsing oil prices and soaring bond yields threaten bankruptcies across the beleaguered shale sector. Whiting Petroleum, an oil driller in North Dakota and Colorado, and Antero Resources, a gas-focused producer in the Appalachian region, are among companies that have begun exploring restructuring options and sounding out potential advisers, according to sector experts and bankers. Meanwhile, California Resources, the largest oil and gas producer in the Golden State, and Ohio- and Oklahoma-focused Gulfport Energy have already both hired Perella Weinberg, a financial services group, to help restructure their debt, according to two people briefed on the matter. Chesapeake Energy, once a shale gas pioneer, has hired law firm Kirkland & Ellis and financial advisers Rothschild & Co to help manage its $9bn debt pile. The company’s troubles are evident in debt markets, where its $2.2bn bond maturing in 2025 suffered a dramatic fall in recent weeks, from over 80 cents on the dollar on February 20 to just 18 cents on Wednesday, as investors priced in the risk of default. Occidental Petroleum, the largest oil producer in the US, last week cut its dividend by 90 per cent and slashed capital expenditure to try to shore up investor support. Vicki Hollub, chief executive, said those actions would help it generate cash in a world with oil prices in the low $30s per barrel. Since then oil has fallen to the low $20s.

An oil pump jack in Texas. The oil price has plummeted after Saudi Arabia threatened production rises © FT montage; Reuters

Occidental’s move was not enough to stop rating agency Moody’s downgrading the company on Wednesday, withdrawing its investment grade rating and cutting its $37bn of debt to junk. “At the moment most companies are on life support with the exception of Exxon [Mobil] and Chevron,” said an oil and gas banker helping several companies to navigate the crisis. Coronavirus business update How is coronavirus taking its toll on markets, business, and our everyday lives and workplaces? Stay briefed with our coronavirus newsletter. Sign up here The US’s shale industry was already struggling to generate cash and retain investor support in 2019, when West Texas Intermediate crude oil averaged $57 a barrel. Last year 42 oil companies with $26bn in debts filed for US bankruptcy protection, according

to the law firm Haynes & Boone, up from 28 companies with $13bn of debt in 2018. But the 67 per cent plunge in crude prices since January has devastated the outlook for producers, which are now curtailing drilling plans as the industry comes to terms with an unprecedented collapse in oil demand due to the coronavirus pandemic and a price war between Saudi Arabia and Russia. Whiting on Tuesday slashed its investment budget by 30 per cent to preserve liquidity as it considers how to deal with $2.9bn of debt. It has a $770m bond maturing next year that now trades at 24 cents on the dollar from almost 100 cents in mid-January. Antero’s bonds maturing next year and the year after have held up better but a $750m bond maturing in 2023 has dropped to 32 cents on the dollar, from over 70 cents. The company, which has a

debt pile of $6.6bn, has reported net losses in each of the past two years. California Resources on Tuesday terminated a complex exchange with note holders that would have relieved it of $895m in debt and interest obligations, citing “recent developments in the commodity and financial markets”. One of its bonds maturing in 2022 was trading on Wednesday at 4 cents on the dollar. Whiting, Antero, California Resources and Gulfport did not respond to requests for comment. Chesapeake declined to comment, as did Occidental. Break-even costs for production in the US are about $50 a barrel, according to Energy Aspects, a consultancy. Even the bulk of already drilled wells that companies have not yet brought into production required a price of $25, said Rystad Energy, another consultancy.

WTI, the US crude benchmark, fell 24 per cent on Wednesday to settle at an 18-year low of $20.37 a barrel. “We’re sitting on a precipice of a lot of E&P [exploration and production industry] restructuring right now. Bankruptcy is increasingly on the table,” said Ryan Bouley, partner in the restructuring group at Opportune, a consultancy in Houston. Restructuring advisers to the shale industry, who also include Evercore, Lazard, Houlihan Lokey, and Moelis and Company, have seen a sharp uptick in activity, according to several people familiar with the matter. One banker said their company was “slammed”. With dozens of groups reducing their capital spending, their production volumes are set to taper off, crimping revenue opportunities even if oil prices rebound. Companies that have hedged selling prices will be somewhat insulated until the hedging contracts expire. “Everyone’s at risk in this price environment, unless you got an airtight hedge programme or top-quality acreage,” Mr Bouley said. The North American exploration and production industry has $86bn of debt coming due between this year and 2024, with more than half held by speculative-grade companies, according to Moody’s. Among the speculative names, California Resources, Antero and Continental Resources — whose executive chairman, Harold Hamm, has called for a federal investigation into illegal dumping of foreign crude oil — face the biggest maturities over that period, Moody’s said. As junk bonds have sold off in the market rout, yields have increased, meaning that replacement debt will be more costly.

Fed expands dollar swap lines with central banks

US acts to ease pressure as coronavirus drives demand for world’s reserve currency

James Politi, Katie Martin and Colby Smith

he US Federal Reserve is broadening the swap lines it has set up to boost US dollar funding markets to additional countries including large emerging markets such as Brazil and Mexico as well as European nations including Denmark and Sweden. The Fed had already set up similar swap lines with the ECB, the Bank of Japan and the Bank of England. On Thursday, it widened the scope as financial stress due to the coronavirus outbreak has sent the US dollar sharply higher, with global financial institutions scrambling to buy the world’s reserve currency.

“These facilities, like those already established between the Federal Reserve and other central banks, are designed to help lessen strains in global US dollar funding markets, thereby mitigating the effects of these strains on the supply of credit to households and businesses, both domestically and abroad,” the Fed said in a statement. The US central bank said the new swap lines — lasting at least six months — would provide $60bn each in dollar liquidity for the central banks of Australia, Brazil, South Korea, Mexico, Singapore and Sweden, as well as $30bn each for the central banks of Denmark, Norway and New Zealand. The announcement comes www.businessday.ng

after a fresh push higher in the dollar overnight, fuelled by a hunt for safety among investors and a critical need for dollars among companies whose revenues have been hit by shutdowns that have been ordered to control the pandemic. The cost of borrowing dollars for other currencies in foreignexchange swap markets, has hit levels not seen since the global financial crisis. Acute strength in the US dollar shoved the Australian dollar to an 18-year low on Thursday to US$0.57 — with the currency falling 2.5 cents in the space of just one hour. Philip Lowe, governor of Australia’s central bank, told reporters on Thursday the bank was

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prepared to intervene to stabilise FX markets but had not judged the liquidity problem severe enough to warrant doing so now. Market strategists backed the move by the Fed. “This was necessary,” said Marc Chandler, chief market strategist at Bannockburn Global Forex. “They have to do these things so they can help to isolate the real problem. The problem is, people want cash dollars. “There is an unwinding,” he added. “The Fed recognises that this is a global problem”, said Win Thin, global head of currency strategy at Brown Brothers Harriman. However, the Fed action “addresses the symptoms and not the root cause,” he warned. “Central banks seem to do all that they can, @Businessdayng

but it doesn’t seem to be enough.” The Fed’s move to expand the number of countries benefiting from dollar liquidity is the latest in a string of actions it has taken to shore up financial markets, which have been plunged into distress by the pandemic. The US central bank has just this week revived a series of facilities it used during the 2008 financial crisis to boost liquidity in the short-term debt markets. Late on Wednesday it set up a facility to supply banks with loans backed by assets from money market mutual funds, and on Tuesday it established similar tools to make loans to financial institutions collateralised with commercial paper, highly rated corporate debt, municipal bonds and even equities.

Friday 20 March 2020

BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Global stocks fall despite new central bank interventions

Hedge fund Millennium shuts several ‘trading pods’ over virus turmoil

Bonds rally after late-night ECB move but dollar gains and European markets

Lay-offs expected as market swings wreak havoc on fixed-income and relative-value strategies

Philip Georgiadis and Adam Samson, Hudson Lockett and Leo Lewis

Ortenca Aliaj, Robin Wigglesworth and Henny Sender

lobal stocks slid and the dollar ripped higher on Thursday, as late-night interventions from the European Central Bank and US Federal Reserve failed to have a lasting impact on markets rattled by the coronavirus pandemic. Wall Street opened 2.7 per cent lower, while in Europe the composite Stoxx 600 index fell 0.6 per cent in afternoon trading, having opened higher. In London, the FTSE 100 index fell 1.6 per cent. The moves came after new measures from central banks to try to calm the economic and financial turmoil stemming from the virus outbreak, which is shutting down activity in large parts of the Western world. The ECB announced plans late on Wednesday to buy an additional €750bn in bonds after holding an emergency call of its ratesetting committee, while the Fed said that it would offer emergency aid to money market mutual funds. The Fed followed this action on Thursday by broadening dollar swap lines with central banks to support the dollar funding market. Italian and Spanish debt soared in price following the ECB’s move, sending yields sharply lower. The rally in Italy’s debt was particularly vigorous, sending the 10-year BTP yield tumbling 0.51 percentage points to 1.8 per cent. That leaves the debt on track for its biggest daily rally in nine years. Yields fall when prices rise. Marco Wagner, economist at Commerzbank, said the ECB had unpacked a “new bazooka” in its fight to

prop up the euro area. “This will help the bonds of highly indebted countries,” he said. A big rush into the US dollar also continued to ripple across markets on Thursday, piling new pressure on the pound, which has fallen to its lowest levels since the 1980s. Sterling slid in European trading, hovering around $1.16 and threatening Wednesday’s lows when it tumbled 4 per cent amid a broader scramble for dollars and questions over the health of the UK economy. The pound has lost more than 12 per cent of its value against the dollar in less than a month as concerns over the virus have upended financial markets. The dollar index, which measures the world’s reserve currency against a basket of peers, jumped as much as 1.5 per cent and was trading at its highest levels in three years as global investors rushed to obtain dollar funding to help them ride out the pandemic. Zach Pandl, currency analyst at Goldman Sachs, said the dollar’s rise “reflects the unique role the currency plays in the global economy and financial system, rather than a view among investors that the US economy is better placed to weather the coronavirus shock”.

Japan’s yen fell 1.5 per cent to ¥109.70 per dollar, while Norway’s central bank said it was considering intervening to prop up the krone as its currency has shed a fifth of its value against the euro in just a fortnight. Concerns are growing over a dollar squeeze as the pandemic piles pressure on corporate balance sheets. The banks are struggling to find dollars in the wholesale market Mansoor Mohi-uddin, NatWest Mansoor Mohi-uddin, a currency analyst at NatWest Markets, said the economic stress from a “dollar squeeze” was spreading. The virus had exposed the risks created by a more than doubling in dollar-denominated corporate debt to $12tn since the 2008 global financial crisis, he added. “That is a huge amount of dollar debt that companies need to fund. The banks are also struggling to find dollars in the wholesale market,” said Mr Mohi-uddin. Oil prices bounced after sinking to their lowest level in at least 17 years. West Texas Intermediate, the US marker, rallied 11 per cent, to $22.74 a barrel. Brent, the global benchmark, gained 4.5 per cent to $26 a barrel. Prices remain down by

roughly half since the beginning of the month, with demand expected to fall at the fastest pace on record due to flight restrictions and lockdowns. But there was no respite for the copper price, which fell for a fourth straight session and came close to testing its 2009 low of $4,318 a tonne before recovering to $4,659 a tonne. As a dollardenominated asset, copper has been caught up in the scramble for cash. The metal dropped as much 8 per cent on Wednesday and is now down 25 per cent since the start of the year. Gold, a supposed haven asset in times of stress, was also under pressure, falling to a three-and-half-month low of $1,477 a troy ounce as investors continued to liquidate positions. South Korea’s finance ministry on Thursday announced it would create funds to stabilise bond and stock markets after the Kospi index plunged more than 8 per cent, triggering a temporary trading halt. Hong Kong’s Hang Seng fell 2.6 per cent and Australia’s S&P/ASX 200 closed 3.4 per cent lower. In Japan, the Topix index closed 1 per cent higher on reports that the government was preparing a stimulus package worth ¥30tn.

S hedge fund Millennium Management has closed several of its “pods” run by teams of traders in response to losses related to violent market swings caused by growing fears over the economic impact of coronavirus. Closures of the so-called “trading pods” at the $40bn multi-strategy firm — which has about 150 to 200 of them — have reached double digits, according to two sources familiar with the situation. Millennium gained 0.75 per cent in the first two months of the year before declining 2.67 per cent this month through to March 12, people briefed on the numbers said. But there has been a wide disparity in performance between different hedge fund strategies at Millennium. The large moves in markets have wreaked havoc on strategies such as relative value — eking out profits from small price differences in similar securities — fixed income, and quantitative trading. Millennium had close to 40 per cent of its strategy allocation in relative-value fundamental equity, 19 per cent in quant and arbitrage, and 22 per cent in fixed income as of mid-2019, according to an investor document seen by the Financial Times. Millennium was founded more than 30 years ago by Izzy Englander. It is known as one of the industry’s bestperforming hedge funds and has only had one down year, when it lost 3 per cent in 2008, according to an investor presentation. Over the past three weeks the S&P 500 has tumbled into a bear market — defined as a 20 per cent drop from its recent peak. The US stock market sold off

again on Wednesday, and is now 30 per cent below its peak. Bond markets have also been hurt by the turmoil unleashed by the virus outbreak. Even the US Treasury market, usually seen as a safe haven for investors, has become less liquid than normal. Widening gaps between nearly identical government bonds, as well as Treasury bonds and Treasury futures, have hit “relative-value” hedge funds that use leverage to arbitrage and try to profit from the price differences. Millennium’s problems have extended to Asia as well, where relative-value trades have also been wrongfooted, and lay-offs are expected imminently. “That is the disadvantage of being in transparent markets,” said one person familiar with the group in Asia. “Public market securities are the first to suffer. In the private market there is no transparency and nobody knows what the right mark is. Liquidity has vaporised.” New York-based Millennium is structured as a sprawling empire of trading teams and strategies. It has expanded aggressively in recent years, hiring portfolio managers as banks retreated from proprietary trading and a trend of investors favouring large hedge fund groups. Each of its teams manages money independently with strict risk parameters. Mr Englander is renowned for an “eat-whatyou-kill” approach to managing his army of portfolio managers, traders and analysts. Successful traders can profit handsomely at Millennium, but those who lose money quickly have their risk levels cut, or are fired. Millennium suffered a blow when Michael Gelband, its head of fixed income and heir-apparent to Mr Englander, abruptly departed in 2017 to set up his own firm, ExodusPoint.

Meet Odey, a disruptor in the Network Marketing industry

n the early hours of Friday, March 13th 2020, Romeo Odey added yet another feather to his cap of achievements in the Network marketing Industry. Through focus & hardwork, he has emerged as the First Yellow Diamond ranked Independent Business Owner with Norland Industrial group(Africa Norland No.1), barely few months after

achieving his previous rank, as the first Red Diamond in Africa The Yellow Diamond rank is his 7th upward movement to the top within just 2 years of signing up for the business. Romeo didn’t toy with this business opportunity, his story is one of determination, consistency and hunger for success. Romeo has relentlessly www.businessday.ng

worked hard with his team members, and has raised over 150 individuals as SUV awardees, over 200 international trippers, Weekly Millionaires & Over 30 people who have built houses to completion! Quoting Jim Rohn, Romeo encouraged Nigerians to “Find a way to serve the many for service to many leads to greatness.”

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Romeo Odey’s life reflects the above quote, & has officially given him access to a lifestyle of his dreams, launching him to weekly eight figures, venturing into real estate & just added Camaro sports to his fleet of many other luxury cars he has been awarded with, within these two years He is a philanthropist. Found@Businessdayng

ed the Romeo Odey cares foundation in 2019, and have since reached out to over 10,000 people with finances and other aids. Behold these Cross River’s state born marketer, who believes this feat is just the beginning for his business, as he promises to keep pushing to the very pinnacle of the business. In his words, Impossibility is Nothing.

Friday 20 March 2020

BUSINESS DAY

ANALYSIS

US set to be inundated with jobless claims

States report a surge in people who have been laid off in recent days Brendan Greeley and Demetri Sevastopulo

he US faces a tsunami of jobless claims as states from Ohio to Pennsylvania see a surge in the number of people who have been laid off in recent days, overwhelming state labour agencies as cities shut down to halt the spread of the coronavirus. A report by the US labour department on Thursday showed a steep rise in claims for unemployment insurance: 281,000 for the week that ended March 14, up from 211,000 the previous week. More recent numbers, confirmed by individual states, are even more dramatic. In the first three days of this week, just under 78,000 people in Ohio filed unemployment insurance claims, compared with 5,400 people for the entire previous week, according to Ohio’s labour department. The situation was just as stark in Pennsylvania, where 121,000 people filed claims from Monday to Wednesday, more than 10 times the number who had filed in the whole of last week, according to the state’s labour officials. “In the 12 years I’ve been an elected official, I’ve never been more inundated than the last three days,” said Brendan Boyle, a Democratic congressman from Philadelphia. “It’s people from all walks of life too.” Mr Boyle said Philadelphia’s stagehands labour union had gone from 100 per cent employment two weeks ago to 2 per cent. There’s no world where all 50 states will be able to handle the

People line up outside an unemployment office in Las Vegas. US states have reduced staff that handle jobless filings, suggesting they will be unable to handle the influx © AP

influx Peter Ganong, economist at the University of Chicago The perilous rise in numbers of claimants in the rust-belt states came one day after Steven Mnuchin, Treasury secretary, told Congress that the US jobless rate could soar to 20 per cent. President Donald Trump on Wednesday played down the warning. “I don’t agree with that [figure of 20 per cent], he said at a White House press briefing. “That is an absolute total worst-case scenario.” As the number of people who have lost their jobs spirals upwards, unemployment insurance claims have overwhelmed the state agencies that administer the programmes, due to reductions in staffing levels over the past few years.

The numbers that have emerged from some states are far more dramatic than even the claims made at the height of the global financial crisis, when national unemployment rose to 10 per cent. No week during the 2008-09 recession came even close to producing comparable numbers. Pennsylvania’s previous worst full week came in the postholiday lull of January 2010, when there were 61,000 claims. “There’s no world where all 50 states will be able to handle the influx,” said Peter Ganong, a labour economist at the University of Chicago. “One way to think about the question is: Are there states that are able to handle the influx?” Strains at state employment offices are already clear, underlining how difficult it will be for any local or

national government to get cheques to citizens as quickly as they will need the cash. For many states, employment offices are already closed to the public to maintain social distancing, sending all applicants online. According to a spokesperson in Ohio, claims sites crashed in Kentucky, Oregon and New York. Once the sites are fixed, however, applications will still need to be approved by a human who will need to apply revised criteria to assess the applicants following Congress’s appropriations bill approved on Wednesday. Mr Ganong, who was an economic adviser at the White House during the recession, pointed out that all states require that anyone getting an unemployment cheque be out looking for work. This require-

ment had traditionally been met through, perhaps, a weekly phone call. But many states have been demanding extensive documentation of job searches, a requirement that has saved money by pushing people off unemployment rolls. States have also been able to save money by reducing the number of weeks that someone can collect unemployment, particularly after the 2010 election put Republicans in state houses around the country. And some states have tightened the definition of what kind of job loss might trigger an unemployment claim. However, the appropriations bill, which includes $1bn for administrative costs to process unemployment claims, requires states to ease eligibility, waive job search requirements and get rid of the one-week waiting period before sending the first cheque. Over the past decade, as states cut their recipiency rates, a measure of how many people who lose their jobs actually qualify for benefits, they also cut staff in their unemployment offices, said Michele Evermore, a researcher at the National Employment Law project. And until about a week ago, US unemployment was at historic lows, which meant that claims staff were already at a minimum. This means that even as Ohio’s Department of Job and Family services shifts employees from other agencies to handle the volume, no state is anywhere near staffed for what will probably be at least a 10fold, one-week increase. “The system isn’t really designed for an onslaught like this,” said Ms Evermore.

The shocking coronavirus study that rocked the UK and US Five charts highlight why Imperial College’s research radically changed government policy Chelsea Bruce-Lockhart, John Burn-Murdoch and Alex Barker

n Imperial College coronavirus model has had a profound impact on public policy since its results were shared with British and American officials last week. No study has so exhaustively detailed the transmission of the virus through the UK and US population, the overwhelming pressure it has placed on health systems, or the limited effectiveness of individual measures to check its progress. Like any simulation, it rests on uncertain assumptions. Many factors remain unknown to the research team led by Professor Neil Ferguson, who this week fell ill with coronavirus symptoms. But even with this caveat the conclusions are brutally stark: democratic politicians face only terrible choices in the battle to save lives. The starting point for analysis

is an unchecked epidemic. This would infect eight out of 10 people, according to the researchers, with 510,000 deaths in the UK and 2.2m in the US. While the estimate draws on hospitalisation rates in Italy, it assumes every patient receives adequate care. In practice the researchers find available beds for critical patients would actually be exceeded by the second week of April. At peak, for every 30 patients requiring critical care, just one could be treated adequately. The mortality peak would occur after about three months. Because of its geographic size and younger population, the US lags the UK in how rapidly the virus spreads and the rate of death it causes. While a vaccine is developed — a process that can take up to 18 months — or antiviral drugs identified, US and UK governments are left with two extraordinary choices. The first is a “mitigation strategy” to reduce the peak of infecwww.businessday.ng

tion while the population builds immunity; the second a more drastic “suppression” approach to quell the epidemic, whatever the cost to the economy, or trauma for social life. Britain and America started with mitigation measures. But the limits of what can be achieved — even with a combination of stringent measures — are laid bare by the data. The most effective mix tested involves asking people to stay home for a week if they show symptoms, quarantining their household, and urging over-70s to keep a distance from others. This would reduce demand for critical beds by two-thirds and halve the number of deaths during the three month period when the measures are applied. Parts of the population would build immunity, eventually driving transmission rates down. But, crucially, demand for critical beds would still outstrip capacity eight times over in both the US and the UK. The Imperial researchers describe it as

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“perhaps our most significant conclusion”. Governments are racing to expand critical care. Yet even assuming all patients could be treated, the Imperial researchers conclude mitigation strategies alone would leave about 250,000 dead in the UK and around 1.2m in America. Boris Johnson, the UK prime minister, recognised that the ultimate toll would be too much for the country to bear. More drastic curbs on society can make a big difference. Short of a complete lockdown on movement, the most effective scenario modelled involves isolating people with symptoms, reducing everyone’s social contact by 75 per cent, quarantining households and closing schools and universities for five months. If sustained, the measures can choke the epidemic to bring patient numbers to something hospitals could potentially cope with. The study does not, however, quantify related costs: the devastating blow to the economy, @Businessdayng

consequences for general wellbeing, or mortality rates for other diseases. This raises the important question of whether — and at what cost — such a curfew could be maintained by any government in the western world. Without a vaccine, as soon as the toughest restrictions are relaxed, a second wave of infections would be expected to follow. Contact tracing and intensive testing — as deployed in South Korea — can help extend the effectiveness of measures to stifle infectious spread, as can technology if concerns about civil rights are set aside. But given available resources in America and Britain, the timescales for vaccines, and the pace of transmission, the researchers conclude suppression is “the only viable strategy” at the moment, while being in no doubt about the profound challenges. “No public health intervention with such disruptive effects on society has been previously attempted,” the paper concludes.

Friday 20 March 2020

BUSINESS DAY

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Friday 20 March 2020

BUSINESS DAY

Live @ The STOCK Exchanges Prices for Securities Traded as of Thursday 19 March 2020 Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) 4 135,100 MORTGAGE CARRIERS, BROKERS AND SERVICES BANKING ABBEY MORTGAGE BANK PLC 6,784.62 1.05 - 0 0 ACCESS BANK PLC. 202,607.79 5.70 -5.79 262 9,048,295 ASO SAVINGS AND LOANS PLC 7,370.87 0.50 - 0 0 UNITED BANK FOR AFRICA PLC 170,997.11 5.00 -6.54 378 30,754,353 5,671.82 1.36 - 0 0 INFINITY TRUST MORTGAGE BANK PLC ZENITH BANK PLC 381,467.40 12.15 -10.00 1,360 118,447,125 RESORT SAVINGS & LOANS PLC 2,265.95 0.20 - 0 0 2,000 158,249,773 2,949.22 3.02 - 0 0 UNION HOMES SAVINGS AND LOANS PLC. OTHER FINANCIAL INSTITUTIONS 0 0 FBN HOLDINGS PLC 143,581.17 4.00 1.25 389 35,181,175 OTHER FINANCIAL INSTITUTIONS 389 35,181,175 AFRICA PRUDENTIAL PLC 7,100.00 3.55 9.91 84 2,238,125 2,389 193,430,948 CUSTODIAN INVESTMENT PLC 30,585.69 5.20 - 0 0 TELECOMMUNICATIONS SERVICES 495.00 0.33 - 4 3,000 DEAP CAPITAL MANAGEMENT & TRUST PLC MTN NIGERIA COMMUNICATIONS PLC 2,025,274.05 99.50 -4.78 104 705,552 FCMB GROUP PLC. 30,694.20 1.55 0.65 81 21,470,668 104 705,552 ROYAL EXCHANGE PLC. 1,131.98 0.22 - 1 20,000 104 705,552 296,765.33 28.25 - 37 335,691 STANBIC IBTC HOLDINGS PLC BUILDING MATERIALS UNITED CAPITAL PLC 14,040.00 2.34 -10.00 63 2,512,933 DANGOTE CEMENT PLC 2,198,225.46 129.00 -3.30 163 1,099,928 270 26,580,417 LAFARGE AFRICA PLC. 162,688.73 10.10 -6.48 96 1,147,831 1,680 279,829,271 259 2,247,759 HEALTHCARE PROVIDERS 259 2,247,759 EKOCORP PLC. 2,991.61 6.00 - 2 217,863 EXPLORATION AND PRODUCTION UNION DIAGNOSTIC & CLINICAL SERVICES PLC 710.63 0.20 - 0 0 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 320,408.06 544.50 - 4 33 2 217,863 4 33 MEDICAL SUPPLIES 4 33 MORISON INDUSTRIES PLC. 494.58 0.50 - 0 0 2,756 196,384,292 0 0 REAL ESTATE INVESTMENT TRUSTS (REITS) PHARMACEUTICALS SFS REAL ESTATE INVESTMENT TRUST 1,386.00 69.30 - 0 0 EVANS MEDICAL PLC. 366.17 0.50 - 0 0 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,175.81 40.70 - 0 0 FIDSON HEALTHCARE PLC 4,610.86 2.21 -9.80 3 173,032 UPDC REAL ESTATE INVESTMENT TRUST 8,538.46 3.20 - 1 3,000 GLAXO SMITHKLINE CONSUMER NIG. PLC. 4,125.77 3.45 - 11 59,535 1 3,000 & BAKER NIGERIA PLC. 3,415.97 1.98 -7.91 5 150,000 MAY 1 3,000 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 759.66 0.40 - 7 95,006 OTHER FINANCIAL INSTITUTIONS 556.71 3.62 - 0 0 NIGERIA-GERMAN CHEMICALS PLC. NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 1 90 PHARMA-DEKO PLC. 325.23 1.50 - 0 0 VALUEALLIANCE VALUE FUND 3,312.39 103.20 - 0 0 26 477,573 1 90 28 695,436 1 90 2 3,090 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 745.92 0.21 - 5 233,258 CROP PRODUCTION 5 233,258 FTN COCOA PROCESSORS PLC 440.00 0.20 - 0 0 COMPUTERS AND PERIPHERALS OKOMU OIL PALM PLC. 52,512.75 55.05 - 13 11,973 OMATEK VENTURES PLC 1,000.21 0.34 - 0 0 PRESCO PLC 40,450.00 40.45 - 5 1,369 0 0 18 13,342 IT SERVICES FISHING/HUNTING/TRAPPING CWG PLC 6,413.06 2.54 - 0 0 ELLAH LAKES PLC. 8,500.00 4.25 - 0 0 NCR (NIGERIA) PLC. 237.60 2.20 - 0 0 0 0 287.07 0.58 - 0 0 TRIPPLE GEE AND COMPANY PLC. LIVESTOCK/ANIMAL SPECIALTIES 0 0 LIVESTOCK FEEDS PLC. 1,800.00 0.60 9.09 5 4,088,100 PROCESSING SYSTEMS 5 4,088,100 CHAMS PLC 939.21 0.20 - 10 6,511,800 23 4,101,442 E-TRANZACT INTERNATIONAL PLC 10,962.00 2.61 - 0 0 DIVERSIFIED INDUSTRIES 10 6,511,800 JOHN HOLT PLC. 217.92 0.56 - 0 0 TELECOMMUNICATIONS SERVICES 1,903.99 2.93 - 0 0 S C O A NIG. PLC. AIRTEL AFRICA PLC 1,123,311.48 298.90 - 6 31 TRANSNATIONAL CORPORATION OF NIGERIA PLC 25,201.75 0.62 -8.82 93 12,852,457 6 31 U A C N PLC. 20,745.34 7.20 -2.78 62 2,448,616 21 6,745,089 155 15,301,073 BUILDING MATERIALS 155 15,301,073 BERGER PAINTS PLC 1,767.92 6.10 - 6 3,750 BUILDING CONSTRUCTION BUA CEMENT PLC 1,195,411.70 35.30 - 4 54,437 ARBICO PLC. 423.23 2.85 -9.81 1 105,200 CAP PLC 12,600.00 18.00 - 17 105,662 1 105,200 MEYER PLC. 244.37 0.46 - 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION 1,769.32 2.23 - 0 0 PORTLAND PAINTS & PRODUCTS NIGERIA PLC JULIUS BERGER NIG. PLC. 29,436.00 22.30 - 63 669,445 PREMIER PAINTS PLC. 1,156.20 9.40 - 0 0 165.00 6.60 - 0 0 ROADS NIG PLC. 27 163,849 63 669,445 ELECTRONIC AND ELECTRICAL PRODUCTS REAL ESTATE DEVELOPMENT AUSTIN LAZ & COMPANY PLC 2,192.12 2.03 - 0 0 UACN PROPERTY DEVELOPMENT COMPANY PLC 2,390.52 0.92 -3.16 10 422,696 2,043.13 1.16 - 7 143,000 CUTIX PLC. 10 422,696 7 143,000 74 1,197,341 PACKAGING/CONTAINERS AUTOMOBILES/AUTO PARTS BETA GLASS PLC. 34,998.04 70.00 - 0 0 DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 GREIF NIGERIA PLC 388.02 9.10 - 0 0 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS AGRO-ALLIED & CHEMICALS CHAMPION BREW. PLC. 5,558.94 0.71 - 9 101,100 NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 GOLDEN GUINEA BREW. PLC. 220.45 0.81 - 0 0 0 0 GUINNESS NIG PLC 55,197.65 25.20 - 20 40,135 34 306,849 INTERNATIONAL BREWERIES PLC. 147,741.38 5.50 4.76 33 1,164,781 CHEMICALS NIGERIAN BREW. PLC. 239,907.06 30.00 -3.33 72 822,515 B.O.C. GASES PLC. 1,685.79 4.05 - 0 0 134 2,128,531 0 0 FOOD PRODUCTS METALS DANGOTE SUGAR REFINERY PLC 120,000.00 10.00 1.52 43 836,517 ALUMINIUM EXTRUSION IND. PLC. 1,781.64 8.10 - 0 0 FLOUR MILLS NIG. PLC. 87,748.12 21.40 -9.81 67 3,793,242 0 0 HONEYWELL FLOUR MILL PLC 6,582.06 0.83 - 12 200,600 MINING SERVICES MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 0 0 0 0 NASCON ALLIED INDUSTRIES PLC 22,652.70 8.55 - 4 6,200 PAPER/FOREST PRODUCTS UNION DICON SALT PLC. 2,993.06 10.95 - 0 0 THOMAS WYATT NIG. PLC. 77.00 0.35 - 0 0 126 4,836,559 0 0 FOOD PRODUCTS--DIVERSIFIED 0 0 CADBURY NIGERIA PLC. 11,738.76 6.25 - 27 151,611 NESTLE NIGERIA PLC. 673,757.81 850.00 -3.41 111 601,673 ENERGY EQUIPMENT AND SERVICES 138 753,284 JAPAUL OIL & MARITIME SERVICES PLC 1,252.54 0.20 - 1 100 HOUSEHOLD DURABLES 1 100 NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 INTEGRATED OIL AND GAS SERVICES VITAFOAM NIG PLC. 4,940.83 3.95 - 13 85,965 OANDO PLC 27,473.42 2.21 8.14 88 3,123,199 13 85,965 88 3,123,199 PERSONAL/HOUSEHOLD PRODUCTS PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS P Z CUSSONS NIGERIA PLC. 17,668.62 4.45 - 35 315,199 11 PLC 52,827.21 146.50 - 17 28,068 UNILEVER NIGERIA PLC. 66,929.31 11.65 - 21 65,338 ARDOVA PLC 17,974.24 13.80 - 11 31,956 56 380,537 CONOIL PLC 10,131.70 14.60 - 24 87,469 467 8,184,876 ETERNA PLC. 2,895.20 2.22 - 11 154,990 BANKING MRS OIL NIGERIA PLC. 4,206.05 13.80 - 0 0 ECOBANK TRANSNATIONAL INCORPORATED 89,912.80 4.90 -1.01 32 637,905 TOTAL NIGERIA PLC. 36,328.84 107.00 - 5 2,266 FIDELITY BANK PLC 49,257.15 1.70 -4.49 166 25,472,766 68 304,749 GUARANTY TRUST BANK PLC. 538,590.58 18.30 -0.54 909 100,708,788 157 3,428,048 JAIZ BANK PLC 13,258.91 0.45 9.76 23 1,723,290 ADVERTISING STERLING BANK PLC. 31,093.65 1.08 9.09 60 3,823,433 AFROMEDIA PLC 1,509.28 0.34 - 0 0 UNION BANK NIG.PLC. 209,669.42 7.20 - 42 964,767 0 0 UNITY BANK PLC 5,377.10 0.46 -8.70 18 2,931,217 AIRLINES WEMA BANK PLC. 18,515.74 0.48 -2.04 40 5,091,495 MEDVIEW AIRLINE PLC 15,796.05 1.62 - 0 0 1,290 141,353,661 0 0 INSURANCE CARRIERS, BROKERS AND SERVICES AUTOMOBILE/AUTO PART RETAILERS AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 0 0 R T BRISCOE PLC. 235.27 0.20 - 0 0 AIICO INSURANCE PLC. 8,837.56 0.78 -1.27 14 3,702,170 0 0 AXAMANSARD INSURANCE PLC 18,375.00 1.75 2.94 12 435,319 COURIER/FREIGHT/DELIVERY CONSOLIDATED HALLMARK INSURANCE PLC 2,439.00 0.30 - 0 0 RED STAR EXPRESS PLC 2,779.06 3.00 - 0 0 CORNERSTONE INSURANCE PLC 8,543.11 0.58 9.43 5 368,640 TRANS-NATIONWIDE EXPRESS PLC. 421.96 0.90 - 1 18 909.99 0.20 - 0 0 GOLDLINK INSURANCE PLC 1 18 GUINEA INSURANCE PLC. 1,228.00 0.20 - 1 200 HOSPITALITY INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 TANTALIZERS PLC 642.33 0.20 - 0 0 LASACO ASSURANCE PLC. 1,537.92 0.21 -4.55 10 889,400 0 0 LAW UNION AND ROCK INS. PLC. 4,296.33 1.00 4.17 17 1,656,129 HOTELS/LODGING LINKAGE ASSURANCE PLC 3,440.00 0.43 - 1 50,050 CAPITAL HOTEL PLC 4,259.15 2.75 - 0 0 MUTUAL BENEFITS ASSURANCE PLC. 2,234.55 0.20 - 2 1,324,530 IKEJA HOTEL PLC 2,058.01 0.99 - 0 0 NEM INSURANCE PLC 8,396.00 1.59 0.63 6 302,000 TOURIST COMPANY OF NIGERIA PLC. 7,076.28 3.15 - 0 0 NIGER INSURANCE PLC 1,547.90 0.20 - 1 373,019 TRANSCORP HOTELS PLC 30,401.62 4.00 - 3 10,200 PRESTIGE ASSURANCE PLC 2,691.28 0.50 -9.09 1 100,000 3 10,200 REGENCY ASSURANCE PLC 1,333.75 0.20 - 1 115,000 MEDIA/ENTERTAINMENT SOVEREIGN TRUST INSURANCE PLC 2,272.89 0.20 - 0 0 DAAR COMMUNICATIONS PLC 3,960.00 0.33 - 1 100 4,483.72 0.48 - 0 0 STACO INSURANCE PLC 1 100 STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 0 0 PRINTING/PUBLISHING SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 0 0 ACADEMY PRESS PLC. 223.78 0.37 - 1 2,702 LEARN AFRICA PLC 771.45 1.00 - 1 909 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 STUDIO PRESS (NIG) PLC. 1,183.82 1.99 - 0 0 UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 0 0 UNIVERSITY PRESS PLC. 427.10 0.99 - 1 1,000 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 2 300 3 4,611 WAPIC INSURANCE PLC 5,038.25 0.21 -4.55 43 102,443,336 ROAD TRANSPORTATION 116 111,760,093 ASSOCIATED BUS COMPANY PLC 547.04 0.33 6.45 2 303,927 MICRO-FINANCE BANKS 2 303,927 NPF MICROFINANCE BANK PLC 2,400.97 1.05 3.96 4 135,100

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Women in Business

BUSINESS DAY Friday 20 March 2020 www.businessday.ng

By Kemi Ajumobi

Oluwakemi Okusanya

Chinwe Esimai

Vice President, Visa West Africa

Managing Director, Chief Anti-Bribery & Corruption Officer at CitiGroup

isa is a global payments technology company working to enable consumers, businesses, banks and governments to use digital currency. “We will remain focused on ensuring that Visa is a diverse and inclusive environment where different perspectives are valued, and all our employees feel comfortable coming to work every day to do their best.” Alfred F. Kelly, Jr., CEO says. Sitting as Vice President for the West African region at Visa is Oluwakemi Okusanya. Under her leadership, Kemi has recorded key milestones including the launch of Visa on mobile in Ghana and its expansion in Nigeria to more partners and thousands of new merchants across the country. Since she joined Visa in September 2017, Kemi has facilitated and expanded access to new strategic fintech partnerships including Flutterwave, Konga and Paystack and has been instrumental in the growth and adoption of Visa Direct by driving her team towards adoption of new use cases. Kemi’s career has been about bringing the benefits of financial services to more people and places in Africa. She not only has a huge amount of operating experience in emerging markets and payment systems, but she also demonstrates strong relationships with financial institutions, fintechs associations, regulators and government agencies in West Africa. As Head of Anglophone Africa at Moneygram International, she was responsible for the health and welfare of the company’s brand, people, agents and consumers. She was general manager for a 23-country region, 23,000 brick and mortar locations & ATMs, overseeing management of diverse partner relationships and continuous performance of the team. As Regional Director, she was responsible for the overall business across Anglo West Africa. Ensuring effective coordination of the multi-functions to achieve set goals. She was also responsible for the design and actualisation of the business strategy and was principal contact for

government/ regulatory interactions in the region. As Regional Manager, she was accountable for the overall development and implementation of the business, operations and marketing strategy of the region. This she achieved through effective partnerships with the local and regional teams. Her responsibilities also involved spearheading profitable transaction volumes and ensuring market penetration opportunities are maximized. She saw to the achievement of these tasks amid an efficient management of the region’s P&L and maintaining a healthy line management of the team. Kemi worked in Mobil for 1 year 11 months and at Zenith bank for 10 years. At Zenith bank, she was head, Customer Service group, where she led, managed and motivated the customer service team to deliver excellent and exceptional customer service and grow the customer base. She also ensured top-notch customer service was delivered at all times at the front desk by constantly reviewing the workflow patterns and proposing new and improved options where necessary. As Business/Sales Group Lead, she led a business team consisting of sales, operations and support units which was responsible for delivery of growth and revenue targets, efficient branch operations and key customer relationships. She ensured brand dominance, loyalty and customer retention within the immediate marketing environment. However, presently at Visa, Kemi says “we constantly strive to reduce reliance on cash, and encourage the development of a digital payment ecosystem for both individuals and businesses.” Kemi is a tested business manager skilled in the area of business strategy, key account management, business leadership/team management and project supervision. She is a natural team player with unique leadership, communication and interpersonal qualities. She holds about 18 years work experience across various roles.

hinwe is a Thought leader, trailblazing corporate executive, inspiring immigrant women leaders to greatness. She is the first person to hold the title of Chief Anti-Bribery Officer at Citigroup and she is the Chair of the board of Harambee USA, a non-profit foundation dedicated to supporting education and sustainable development in SubSaharan Africa. She is a Law professor at the University of St. Thomas School of Law where she taught Securities Regulation, Law & Finance in Emerging Markets, and Business Associations. At Goldman Sachs, she served in various risk management roles, including anti-bribery and regulatory audits and inquiries. As Managing Director at Citi within three years, she oversees anti-bribery risk management in over 160 countries. She is a Harvard Law School alumnus, Juris Doctor. On her role at Citi, she says “I run our anti-bribery program, which is ensuring that we comply with all of the laws and regulations around bribery and corruption. So making sure that when we do business (because we do business in over 160 countries), that we’re not offering anything that could be considered a bribe. And because we have very high-risk jurisdictions for bribery, it’s a very interesting job, I think.” On the challenges of work and motherhood, she says “I think one of the biggest things, especially if you’re a working mom and have kids, there are expectations around what you do at home, whether it’s cooking for the family, taking care of the kids, helping with homework, and none of that goes away.” She further admits “Being an executive is a full-time job, being a mom is also a full-time job, and then being a wife is at the minimum a part-time job. So it’s a lot of jobs, and the expectations don’t go away. So I think being able to accept that whatever situation you have, it is probably

for a season, and you just have to navigate that as best as you can”. Her view on role models is quite intriguing. I say so because she admits that for a long time, she felt like she was on her own because she thought she needed to be someone else. More so, a lot of the women she had worked with, for whatever reason, just had different personalities that she couldn’t identify with. She therefore found it really difficult to find someone to look up to. It became paramount for her to figure out what she was really interested in and passionate about. Worthy of mention is that, Esimai believes that the utmost responsibility lies with African countries to take the lead in ensuring the integrity of their own markets. “They will have to do this if they want to assume their place as architects of their own destinies and leaders in the global economy. In the longer term, Africa would benefit from choosing a path of growth through integrity.” Chinwe predicts that we can expect the trend of U.S. authorities investigating and prosecuting bribery allegations involving Chinese companies doing business around the world. Linking this with Nigeria, she says “beginning in 2017, U.S. authorities initiated a probe into whether CPCC paid Nigerian officials more than $100 million in bribes in connection with a business dispute”. On defining the future of doing business in Africa, Chinwe believes that combating corruption represents a defining leadership question for Africa because, African countries cannot rely on the U.S., the U.K., or China to fight Africa’s anticorruption battles. “Will Africa rise to the challenge? How will Africa choose to engage in the global economy? Over the next few years, the unfolding saga of this historic alliance will either replicate old bribery patterns or create new, unparalleled examples of integrity and excellence. It is up to Africans to decide” she said.

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