BusinessDay 20 Oct 2020 by BusinessDay

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news you can trust ** tuesday 20 october 2020 I vol. 19, no 675

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420.09

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589.09

*NTB - Nigerian Treasury Bills; *CP - Commercial Paper

#EndSARS: Protest cripples businesses as air passengers miss flights Temitayo Ayetoto, Iniobong Iwok, Ifeoma Okeke, Lagos; Idris Umar Momoh & Churchill Okoro, Benin; Tony Ailemen, Abuja

usinesses were shut in major cities across Nigeria on Monday as sustained demonstration by protesters against police brutality intensified. A number of air passengers in Lagos missed their flights as the protest paralysed activities and disrupted traffic along the Ikeja, Oshodi and Airport Road routes. Physical bank transactions were also hampered in Lagos, Abuja and Benin City as some banks shut their branches, while schools hurriedly ended their classes and sent pupils

Schools, banks shut branches Protests could get violent as Edo experiences prison breaks

and students home. The protest, which began with a humble gathering of Nigerians over a week ago, campaigning against the excesses of the Special AntiRobbery Squad (SARS) of the Police Force in Lagos, has steadily evolved in scope with the focus now shifted to demand for better governance, youth development and education

reforms, reduction in cost of governance as well as constitutional, public office, health and institutional reforms. In Lagos, the commercial base of Africa’s largest economy, activities were grounded to a halt by young Nigerians, with road blocks on roads leading into local and international Continues on page 31

Laptop prices surge as Nigerians work from home, study online … devaluation impact felt too

BUNMI BAILEY

rices of various laptop brands in Lagos and Abuja have skyrocketed as firms allow their employees work from home,

as Nigerians take to online studies due to Covid-19 concerns. According to a BusinessDay survey of some laptop brands sold across Computer Village, Ikeja, Continues on page 30

Tuesday 20 October 2020

BUSINESS DAY

news 8 things we learnt from NNPC’s audited 2019 financial accounts DIPO OLADEHINDE

he Nigerian National Petroleum Corporation (NNPC) has released its audited financial statements, the second time in about 40 years. Audited by multinational professional services firm, PricewaterhouseCoopers (PwC), the financial statements reveal an annual loss contracted to just a few million dollars last year as costs shrank across its operations. Here are some major takeaways from the report: Reduced expenses Although, selling and distribution expenses increased to N46 billion in 2019 from N9.8 billion in 2018, however, general and administrative expenses reduced by 22 percent to N695.5 billion while net impairment loss from financial assets reduced by 41 percent to N273.6 billion. NAPIMS is shining star Income from its National Petroleum Investment Management Services unit - the most profitable division jumped 75 percent to N2.83 trillion while earnings at Nigerian Petroleum Development

Company Limited (NPDC) more than doubled to N479 billion and so did the Integrated Data Services division with an N23 billion profit in 2019 compared to N154 million in 2018. Also, the Petroleum Products Marketing Company (PPMC) recorded N14.2 billion profit in 2019 compared to N9.3 billion in 2018. Bleeding refineries Its four decrepit refineries continue to bleed cash roughly at the same level of 2018, losing N154 billion in 2019 amid shutdown for repairs, but the state oil firm said those losses “will reduce significantly in 2020 due to cost optimisation drive.” Net cash outflow on investment activities Net cash flow on investment activities, which indicates how much cash has been generated or spent from various investment-related activities in a specific period, increased to N976 billion in 2019 compared to N332 billion in 2018. This was mainly boosted by proceeds from property, plant and equip-

What withdrawal of Task Team from Apapa means for businesses, residents CHUKA UROKO

or businesses, residents, motorists and other stakeholders, the Federal Government’s withdrawal of the Presidential Task Team (PTT) on Apapa Gridlock comes with implications, especially on traffic situation and driving experience in the port city. Though views are mixed on the government’s action, motorists particularly, are apprehensive that traffic situation may get worse with the attendant stress and quality man-hour wasted on the road.

Given the level of corruption allegation against some members of the PTT, where Apapa bridges are said to have become marketplaces while checkpoints on the roads have been turned into tollgates, the exit of the task team is seen as a huge plus for Apapa. “Any new task force on Apapa means increase in the level of bribery and corruption. The PTT was not any different. So, if new traffic managers that may be taking over do not toe that line, the withdrawal of PTT will be an icing on the cake for all stakeholders,” a clearing agent who does not want to be named,

states. At a recent meeting with relevant stakeholders, the Federal Government decided on withdrawing PTT, which had Vice President Yemi Osinbajo and Kayode Opeifa as the chairman and executive vice chairman, respectively, from managing and controlling Apapa traffic. Opeifa, who confirmed this decision to BusinessDay, however, said the decision, which was not yet public, would be communicated appropriately by the Presidency and Lagos State government. “It is true that there was a meeting where a report of the

activities of the PTT and the sustainability of its gains and successes was discussed. The report was presented by the chairman of the task team and its prayers approved as presented. But to the best of my knowledge, no official announcement or communication to that effect has been made,” Opeifa said. The meeting, which had representatives of the Vice President, Nigeria Ports Authority, the Federal Road Safety Corps, and other federal agencies in attendance, decided to hand over traffic

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Local meter manufacturers to access 70% production cost from CBN HOPE MOSES-ASHIKE

entral Bank of Nigeria (CBN) says local meter manufacturers can access 70 percent of total cost of the applicable expenses related to meter manufacturing/ assembly. Fo r t h e e l e c t r i c i t y Distribution Company (DisCo), the CBN says the amount to be accessed is to be determined based on the volume and type of meters to be procured by each DisCo as well as the prices at which meters are bought during the bulk procurement. This was stated in a framework for financing of National Mass Metering Programme (NMMP) released by the apex bank on Monday. This Framework outlines the operational modalities of the CBN financing support to the DisCos (downstream) and local meter manufacturers (upstream). The introduction of the service-based tariff (SBT) in the Nigeria Electricity Supply Industry (NESI) effective from September 1, 2020, has put increased emphasis on the need to close the metering gap in the NESI. The closing

of this gap will enhance efficiency of revenue collection by the DisCos and thereby facilitate meeting their obligations to other upstream market participants. According to analysis provided by Nigeria Electricity Regulator y Commission (NERC ), the current metering gap in the NESI – based on recent customer enumeration data – is over 10 million, this comprises of unmetered customers as well as customers with obsolete meters that need to be replaced. To d e a l w i t h t h i s , President Muhammadu Buhari approved the NMMP implementation. The NMMP CBN facility is restricted to the procurement and deployment of meters and the associated infrastructure (software and hardware) to support the metering network. The framework states that procurement of fully assembled meters from overseas is prohibited except meters imported by Meter Asset Providers (MAP) already in the country as at September 30, 2020, and verified by NERC; and importation Continues on page 30 www.businessday.ng

L-R: Amadi Vivian, director of information, Budget and National Planning; Clem Agba, minister of state, budget and national planning; Anne Nzegwu, representing permanent secretary, budget and national planning; Lanre Adekanye, director of admin, Federal Ministry of Finance Budget And National Planning, and Eziashi Odiachi, coordinating chief operations officer, Imperial Phoenix Consulting Limited, during the inauguration and Sensitisation Workshop of Standard Operating Procedure for National Planning Arm in Abuja, yesterday. NAN

Listed insurers see half-year profit surges on investment income Bala Augie

rofits of the largest listed insurers on the Nigerian Stock Exchange (NSE) have surged even amid the wrought caused by the coronavirus pandemic (Covid-19), thanks to yields on investable funds that compensated for unfavourable underwriting conditions. For the first six months through June 2020, companies’ combined net income spiked by 84.06 percent to N15.58 billion from N8.46 billion the previous year, the highest in four years. Analysis by BusinessDay shows a lot of firms would have had the bottomline beaten down if they had not invested in short-term government securities when yields were attractive. The investment income realised by insurers in the last four years stood at N59.49

billion, according to data compiled by BusinessDay. A breakdown of the figures shows investment income increased by 18.85 percent to N19.16 billion as at June 2020 from N16.07 billion the previous year. Analysts have warned that deterioration in yields on government instruments and the Covid-19 crisis could undermine future profitability as investment return could be pressured. Nigerian Treasury Bills (NTB) yield crashed abruptly following the central bank’s directive in October 2019 to all banks to exclude individuals and local corporates from investing in Open Market Operations (OMO). With rising combined ratios on the back of spiralling claims and operating expenses, shareholders will be at the receiving end as their returns could dwindle.

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AXA Mansard’s net income surged by 154.24 percent to N3.60 billion as at June 2020, as it realised N2.57 billion in investment income. AIICO Insurance recorded an underwriting loss of N10.58 billion on the back of change in annuity and life fund, but investment income and foreign exchange gains of N19.07 billion led to net income of N2.75 billion. Cornerstone Insurance plc net income spiked by 99.41 percent to N1 billion as at June 2020, while investment income increased by 447.17 percent to N810.55 billion in the same period. Mutual Benefit Assurance’s net income was up 9.69 percent as at June 2020, while it realised N1.13 billion in the period under review. Regency Assurance’s net income was up 783.49 percent to N550.46 billion in the period under review as it realised @Businessdayng

N260.15 million in investment income. The Covid-19 pandemic and the attendant lockdown imposed by the government to contain the spread of the virus disrupted business activities across Nigeria, and the insurance industry was not spared the pang of the unexpected headwinds. “Lower demand and investment returns, a significant deterioration in the credit quality of fixed income securities and increased mortality rates from the virus could pressure earnings in the life segment,” said analysts at Afrinvest Securities Limited. Analysts at Afrinvest Securities added that rise in Covid-19 related claims and premium rebates and lower interest rates could affect non-life. According to the second gross domestic report by the

Continues on page 30

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#EndSARS: Prevent second wave of COVID-19, NMA tells protesters REMI FEYISIPO

igerian Medical Association (NMA), Oyo State branch, has urged the #EndSARS protesters to adhere to Covid-19 safety protocols to avoid a second wave of the pandemic. The state chairman of the association, Ayotunde Fasunla, made the call in Ibadan on Monday, on the sideline of a news conference to mark the 2020 Physician Week. Fasunla said that the association, which had always wanted the country to progress and develop in all areas, would not want a resurgence of the coronavirus pandemic. He, therefore, urged the #EndSARS protesters to conduct themselves in a way that

would not jeopardise their health, especially the spread of the Covid-19 in the country. He added that “NMA embraces and supports good governance that will provide security for all citizens. Every Nigerian has the right to life. “While NMA understands that every citizen has a right to gathering and protesting, it is important that safety protocols against Covid-19, such as wearing of face mask, face shields, use of hand sanitizers and so on, should be employed and adhered to.” Fasunla noted that some countries had started experiencing a second wave of the pandemic, while some had already commenced a second lockdown. “There is no evidence that Nigeria or Oyo State is im-

mune to this. We should not be oblivious of the fact that close contact has been proven to be a factor that can escalate the spread of Covid-19, and rallies are potential avenues for this. “Necessary measures are, therefore, to be taken to prevent the second wave of infections, which could be more devastating. NMA implores people that feel sick or unwell to stay away from protest grounds.” The chairman also added that “at this juncture, NMA calls on well-meaning Nigerians to use everything possible within their power to bring the youths and the government to the negotiation table, so that this protest will not be unduly prolonged; the consequence of which may be more than imagined.”

How event professionals can survive now and in future ODINAKA ANUDU

his may not be the best of times for everyone in the country, judging by the effect of Covid-19 pandemic on the nation’s economy. If there is one critical piece of information sought after by event players at this time, it is the knowledge of how to survive and navigate the storm. Interestingly, that knowledge came the way of event practitioners, who recently benefitted from the knowledge-sharing training and strategy session which focused on ‘Innovation: The future of the Events.’ The session tagged, ‘Esmeralda Masterclass 2.0’ was put together by the Association of Event Vendors (ASSEV) Nigeria. In his submission, Tunde Adewale, ace entertainer and event host, said one way to keep being relevant was to keep inno-

vating and building capacity. He noted that event professionals must have integrity and leverage relationship, both of which were assets in business. “Your relationship determines the opportunities that come in your direction. As event practitioners, we must think of diversifying beyond our industry and be open to other income opportunities if we must remain in business.” In her own perspective, Maria Pamella Nwonu, CEO, Nwandos Signature Events, emphasised that event designers and decorators must be fresh and original. “If you would copy, you should copy responsibly and always add your own touch to whatever you copied and then design the future,” Nwonu said. In her own opinion, EnoAbasi Odiagah of Selcah Events, said to survive, professionals must understand what customers wanted now and adapt to them, stressing that customers’ wants were always

dynamic. She encouraged participants to invest in rental income generating business. Taking it further, another experienced stakeholder, Morenike Okupe, chief executive of Malas Foods, told the attendees that the future of event belonged to those with structured event brand. Okupe said the reason her brand of over two decades had remained relevant was because she employed dynamic and innovative tactics for continuous improvement. She harped on the need for selfdevelopment through training and re-training as well as keeping up with global trends. In his session, Davies Okeowo, tax expert and CEO of Enterprise Hill, advised the eventpreneurs to be up to date with payment of necessary taxes to avoid incurring the wrath of the law. He listed company, withholding, direct assessment, consumption taxes as some of the compulsory ones small and medium business owners must pay.

Job creation: FG seeks increased private sector participation

he Federal Government is seeking solutions to the problem stifling the growth of the private sector and its ability to actively create more jobs for the unemployed. Minister of labour and employment, Chris Ngige, stated this at the opening of the fourth national employment council holding in Abuja October 19 to 20, 2020 with the theme “stimulating and sustaining private sector growth.” Represented by the permanent secretary in the ministry, Yerima Peter Tarfa, the minister noted that the private sector plays a critical role in the economy through job creation, and emphasised government’s concern in addressing the growth challenges in the sector and its inability to create jobs optimally. He noted that government alone could not provide jobs for all the unemployed, point-

ing out that government’s major responsibility is “providing the enabling environment for private sector initiatives to create jobs for the unemployed.” Ngige therefore urged participants at the council meeting “to holistically deliberate on the challenges mitigating against the growth of the private sector and come up ith useful suggestions that will promote the job absorption capacity of the sector.” The minister disclosed that the meeting would also take a decision on the appropriate Government Agency that could take over the functions of the defunct Manpower Board. Speaking earlier, the permanent secretary, represented by the director employment and wages, labour and employment, John Nyamali, stated that as the body responsible for coordinating job creation effort across all www.businessday.ng

sectors of Nigerian economy, the council was duty-bound to significantly contribute towards achieving “President Muhammadu Buhari’s agenda of lifting ten million people out if poverty through productive and freely chosen employment.” He noted that considering the critical role of small and medium enterprises in economic growth and massive job creation, the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) and the National Association of Small and Medium Enterprise (NASME) would also present memoranda at the meeting. Yerima described entrepreneurs as the backbone and driving force of contemporary economic growth, “who create continuous streams of wealth and jobs through innovative investment in several sectors of the economy.” https://www.facebook.com/businessdayng

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Lawan seeks Indian support for Nigeria’s poverty alleviation programme

Odu’a Investment appoints directors REMI FEYISIPO, Ibadan

KAMARUDEEN OGUNDELE, Abuja

s part of strengthening its corporate governance, repositioning the company to achieve its vision of being a world-class conglomerate and ambitious five-year strategic plan, the Board of Odu’a Investment Company Limited has approved the appointment of two independent directors and group executive directors to the board which now has 11 members. The independent directors are Adebola Osibogun and Folusho Olaniyan. The independent non-executive directors are to support the board by providing unbiased and independent views to strategic thinking and decision making while ensuring that all shareholders’ interests are protected and that full compliance with statutory rules and regulations are maintained. Osibogun currently serves on the board of FBN Holding Plc. She has over three decades financial services experience covering real estate financing, trusteeship, retail savings and loans at various reputable institutions. She is a fellow and former president of the Chartered Institute of Bankers of Nigeria (CIBN), fellow, Chartered Institute of Taxation of Nigeria, fellow, Nigeria Institute of Management and Institute of Directors. She earned a Master of Science degree in banking and finance and a Bachelor of Education degree in economics both from the University of Ibadan. Olaniyan is the current chairman Psaltry International Company Ltd, an agroallied company in Oyo State with giant strides in the production of various cassava based industrial products (i.e. starch, flour, sorbitol and glucose). A former managing director of UTC Nigeria Plc, Olaniyan is the founder of Contact Consulting Nigeria, a market research business advisory services organisation that is facilitating agribusiness investment promotion and bridging gaps between investment hypothesis and impactful results. She is a fellow of the Chartered Institute of Marketing U.K. and a fellow of the Institute of Directors. She holds a Master’s degree in public administration from the University of Lagos and a professional postgraduate diploma in marketing from the Chartered Institute of Marketing, Cookham, United Kingdom. The group executive directors are Adekemi Ajayi (Group CFO) and Olugbolahan Mark-George (Group Chief Investment & Bus Dev Officer). The duo are veritable addition to the management team of the company to deliver the audacious five-year

P Olugbolahan Mark-George

Adekemi Olanike Ajayi

resident of the Nigerian Senate, Ahmad Lawan has solicited support of the Indian government towards the Federal Government’s quest to take 100 million Nigerians out of poverty in 10 years. Lawan made the request when he hosted the Indian High Commissioner to Nigeria, Abhau Thakur, who visited him on Monday in Abuja. The senate leader said, “presently this administration is working towards taking 100 million Nigerians out of poverty in the next 10 years. “We have this challenge. We believe India has done well in the area of poverty alleviation and we won’t mind getting some of the tips on how we can enhance our approaches to poverty alleviation and make the efforts of government more efficient.

“The government is doing quite a lot in so many areas to address the needs of Nigerians, but of course it will be a long haul. “If you have to take out 100 million people out of poverty it means you have to have strategic and sustained institutions and efforts to address the needs of the people, and we are determined to do that.” Lawan commended the Indian government for training the Nigerian security agencies in fighting insurgency and terrorism. “This is what we share in common. You also have your challenges in Kashmir region. Your experiences will definitely help us in the fight against insecurity, particularly the insurgency in the Northeast,” he said. Lawan also applauded the setting up of the joint working group between India and Nigeria and urged the two countries to ensure that the initiative worked for their

mutual benefit. He advocated collaboration between the parliaments of India and Nigeria. “The two parliaments Parliament of India and Parliament of Nigeria - maybe different, there are a lot of things to learn from each other. “I believe that we should have a joint parliamentary friendship group, that we are able to establish relationship instead of a one-off visit,” Lawan said. Lawan noted the long existing relationship between Nigeria and India and called for more sustained effort to strengthen the relationship particularly in the area of trade for the mutual benefits of the two countries. On International Parliamentary Union (IPU), the Senate President said besides the forthcoming election in early November, reforming the body should also be considered utmost important.

He said, “We believe that IPU should be reformed to perform better and more efficient. Every chapter of IPU across the world needs to benefit in such a way that the individual chapters are able to enjoy the kind of support the headquarters of IPU will extend in terms of supporting not only parliamentarians but also the supporting staff.” Earlier, Thakur said the two countries shared a lot of social, economic and political similarities, and terrorism challenges which made it imperative for Nigeria and India to sustain and improve the long standing relationship that predated their independence. Nigeria, he said, had remained one of the largest trading partner of India. The high commissioner also noted the support of each other by the two countries at several multilateral fora, such as United Nations and Commonwealth of Nations.

Folusho Olaniyan OON

Adebola Osibogun growth plan 2021-2025. Adekemi Ajayi is a finance executive with over 17 years in senior leadership roles across her 30 years of experience in finance, strategy consulting and telecommunications. She has experience working with regulators, auditors and tax authorities and her areas of expertise are in corporate finance, strategic management, financial markets, and project management. A graduate of Imperial College, London, a UK qualified Chartered Management Accountant (ACMA) as well as a Global Certified Management Accountant (GCMA). O l u g b o l a h a n M a r kGeorge is a seasoned strategy and business development guru with over 25 years multisector experience in microfinance, private equity, venture capital, international finance, insurance and investment management. Mark-George’s experience encompasses multiple industries and programs/ projects within the development sectors (WB Group, USAID, DFID, GIZ, UN) and corporate sector, advising on organisational investment strategies and implementing successful business plans. www.businessday.ng

L-R: Sade Morgan, corporate affairs director, Nigerian Breweries plc; Chukwuemeka Nwajiuba, minister of state for education; Anani Olúwabunmi, winner, Maltina Teacher of the Year 2020; Folashade Adefisayo, commissioner for education, Lagos State, and Jordi Borrut Bel, managing director, Nigerian Breweries plc, during the grand finale of the Maltina Teacher of the Year 2020 in Lagos.

Udom receives FG’s gazette on liberty oil and gas free zone A/Ibom ANIEFIOK UDONQUAK, Uyo

kwa Ibom governor, Udom Emmanuel has received the official gazette of the Federal Government on the establishment of the liberty oil and gas free zone in the state. Managing director/CEO, Oil and Gas Free Zone Authority (OGFZA), Umana Okon Umana, who led a team comprising top management of the agency, presented the document to the governor in his office in Uyo, the state capital. Receiving the document, Udom expressed optimism that the multi-faceted coconut refinery under construction in

the free zone would provide alternative to the country’s mono crude oil economy. Governor Emmanuel expressed appreciation to President Muhammadu Buhari for the approval given for establishment of the Liberty Oil and Gas Free Zone in the state. He said that the proposed free trade zone which is expected to be the largest in the country, on completion, would boost the state’s coconut refinery project, thereby enhancing economic diversification. He explained that the stateowned coconut refinery to be driven by a combination of technologies, would serve as a major export hub of coconut

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virgin oil in Africa, adding that the refinery would be multi-faceted and digitised with capacity to process other economic products like palm kernel. “As at today we were thinking that we would have started installations of the only digitised and probably the largest export hub for virgin coconut oil in the whole of Africa, within this oil and gas free zones we are installing the largest coconut refinery that will do extraction of coconut oil in Africa. “That same refinery without changing a pan can process palm kernel oil, so it is going to be multifaceted, multi-purpose and a digitised refinery,” he stated. Speaking further, Udom @Businessdayng

said that the Covid-19 pandemic hampered the commencement of operations in the coconut refinery and assured Akwa Ibom people of commencement of operations once the dreaded pandemic blows over. He urged the OGFZA management team to secure an office accommodation in the 21 storey smart building, explaining that the state government has had elaborate consultations and sensitisation of relevant communities through the traditional and other grassroots institutions and assured on the acceptability of the project and cooperation of locals for enhanced security.

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EndSARS to EndSWAT, a historic protest risks losing meaning CALEB OJEWALE

he generation X and Z on twitter finally showed it could do more than bark. It is deviating from the norm, going beyond bantering and joking about the ills of Nigeria and finally using the platform to serve as a catalyst for physical protests. More than anything else, I am finally happy and have some hope, that trending on twitter will no longer end as what many have described as virtual noise. One minute you are fuming with anger over revelations coming from a Twitter trend, the next minute, you’re giggling uncontrollably because as usual, members of your generation are hitting the ‘I cannot kill myself button’, by making memes and all manner of jokes from the situation. No matter the seriousness of an issue, there would always be a comical twist to it on social media, especially on twitter. The memes about inhumanities and grave injustices committed by some personnel of the Special Anti-Robbery Squad (SARS), a notoriously rogue police unit that inspires fear whenever it is encountered, finally transformed into action. As one typically stereotyped as being a troublemaker (whatever that means), my joy knew no bounds seeing hundreds of

people across different locations to deliver one message; Enough is Enough. Spending seven hours in traffic to navigate from Onipanu through to Ikeja on Ikorodu road was worth it, at least as at Monday. In an uncharacteristic twist to the unfolding drama, the authorities appeared to listen and announced pretty much their agreement to the protesters’ demands. Top on this list, SARS was ‘disbanded’, and following was the promise of police reforms in hopes that the public can finally trust in those supposed to keep it safe. If you ask me, I think the protesters, already hyped up and mentally ready for a protracted confrontation surprised even themselves by getting such quick response from government. They were taken aback and could hardly contain the situation. Why do I say this? The reactions to announcement of SWAT as its replacement. To some already upset protesters, this was SARS being repackaged in a new wrapper. And oh boy, the resulting memes did not fail to deliver the message; dissatisfaction expressed with humour. I believe many of us watch American Films, especially those action movies with crimes and plenty of shooting. When the situation has gone beyond the batons and capacity of regular police officers, do you remember those guys that show up in extra gear as if they attached multiple shoulder pads on their vests? With night vision goggles at times, and very assorted ‘machine guns’, well, not saying Nigerian SWAT would have all that but I’m sure we get the picture. SWAT is a tactical unit that is tasked with responding to violent crimes; where armed robbery and kidnapping rightly fall. They have basically one

job; drop in when the situation is hot, get it under control, apprehend hostiles and disappear. Heck, they do not even have to conduct investigations and prosecutions as regular police officers continue with that role. They most certainly have no business conducting stop and search, much fewer mounting roadblocks. In fact, the Nigeria Police Force has made clear through its twitter handle, that No Personnel of the defunct SARS will be selected to be part of the new Tactical Team. Also, they are barred from patrols, road blocks, stop and search, invading privacy by going through phones etc. Very important for me; Operatives of the new tactical team must be free of any pending disciplinary matter especially those touching on misuse of firearms and abuse of human rights, according to a statement by the police. However, I suspect some of those leading the momentum on social media are callously leaving their followers hyped up so that their opportunity to ‘create activity’ does not dry up, at least not so fast. Unless there is an unspoken request that there should be no police unit tasked with dealing with armed robbery, kidnapping and other violent crimes. Or perhaps, the Police cannot be trusted to set up another unit that won’t abuse human rights, in which case, they should probably blurt out clearly; Scrap the Police Force! Yes, we do not trust the police, but reforms do not happen overnight. Now that it has become #EndSWAT, I ask myself; are they out to express pent-up anger or for the thrill of banter. It is at this point important to avoid threading the thin line of infantile tantrums. Nigerians are angry, and rightly so, but it should not

‘

Nigerians are angry, and rightly so, but it should not cloud our reasoning. This protest cannot and should not become convoluted to address everything wrong with Nigeria both real and imagined. There is a time, place and certainly opportunities for everything

cloud our reasoning. This protest cannot and should not become convoluted to address everything wrong with Nigeria both real and imagined. There is a time, place and certainly opportunities for everything. Ti a ba n sukun, o ye ki a ma riran, a Yoruba saying that translates into; even when we are crying, it should not obstruct us from seeing. There is a risk if not properly handled, this could degenerate into a tantrum scenario, where as a child requests for something, he/she is given, only to fling it away and continue crying. It will be a matter of time before sympathisers; including its mother/father are fed up. I hear there is a protest version for mothers tomorrow, and if it were still #EndSARS, I would gladly compel my brothers to join me in accompanying our mother to the nearest protest venue. But as it is now, I need to be sure online savagery and banter have not been brought to the streets, whereas logical reasoning and solution seeking is what is required. Negotiations also require this anyway, and protests are a form of negotiation. Some think I have a dislike for the police and their co-travellers, and the little I have published on them (whenever I can) as a journalist probably say that much. This little sermon is hoping some common sense is allowed to prevail. #DropsMic

Obiano: Abandoned Okohia/Umuezeawala-Ihiala road, a deathtrap

t has become unavoidable to call the attention of the governor of Anambra State, Willie Obiano to the abandoned project; Okohia/Umuezeawala road in Ihiala Local Government Area which his administration awarded since his first administration but later abandoned. It is sad to note that this is the only road in Ihiala that the state government has ever attempted to do since the return of democracy in 1999. It is therefore logical to give a credit to Governor Obiano for putting Ihiala in his schedules for road projects, but unfortunately, the road was abandoned over about two years ago over insignificant issues.

No doubt, the larger part of the road had been done remaining just a small part. However, the danger is that the abandoned part of the road is now hazardous that it has become a no-go area for school children, residents including farmers and old people. As a matter of fact, in many occasions, old persons and little children have fell into the deep flood but luckily rescued by nearby persons which would have led to fatal incidents had there been no good and strong persons around at the time of the incidents. Inarguably, such mishaps are avoidable had the road been completed as other part of the road. This is therefore to call on the state gov-

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ernment to move the contractor to site for the completion of the road irrespective of whatever reasons that led to the stoppage of the project on public interest. The suspension of the road for whatever reasons is unacceptable as it has nearly caused deaths, and also always causing unbearable hardship to the people particularly at nights. It may be shocking to state that motorists in the affected Umuezewala village have been forced to become trekkers abandoning cars on account of the bad road which has no alternative good road. In fact, residents moving around in the kindreds or visiting extended families have

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CARL UMEGBORO become a great task to avoid falling into the deep floods. In the light of this, Governor Obiano is hereby called upon to revisit the contract without any delay with the aim of completing the projects knowing that nothing can be greater than human lives being endangered by the abandoned road.

Carl Umegboro, a public affairs analyst wrote this piece from Ihiala.

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Tuesday 20 October 2020

BUSINESS DAY

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Shifting global demographics: An African opportunity? (5)

RAFIQ RAJI

frica still has time to benefit from the age of labour (2) Akileswaran & Hutchinson (2019) suggest African governments face the binary choice of embracing automation or managing automation during the 15- to 30-year time window that probably remains to do so. The choice is probably not mutually exclusive. Instead, Africa must manage and embrace automation in parallel. In doing so, global firms looking to extract more value from their expectedly increasingly redundant equipment stock could do so on the continent. Those looking to invest in the continent’s future by building its digital infrastructure and preparing the population for the high technology era via EdTech, HealthTech, and so on, could also do so in parallel. Chinese firms already do both via the BRI and investments in the building blocks for the realisation of the

continent’s consumption potential (Kolodko, 2020). Africa’s 4IR prospects do not lead to a dead end. Many see advanced technology as the path on which the continent can fully realise its demographic dividend. Ndung’u & Signe (2020) see a transformative potential for 4IR in Africa. Applications of 4IR can generate economic growth while driving structural transformation in African economies. Such restructuring can lead to poverty alleviation via easier access to information for the poor, financial inclusion via digital financial services, modernising agriculture and agroallied industries, improving healthcare and reinventing labour, skills and production processes. Thus, adoption of 4IR-based solutions in Africa may represent an opportunity and an imperative for global businesses and investors. An economy fits into one of the four quadrants of the “Labour-technology tradeoff matrix” (graphic in original article). Shared prosperity (Quadrant C) is an ideal outcome. In this state, an economy has about as many jobs in labour-light advanced services sectors as in labour-intensive primary agricultural and secondary industrial sectors. Ideally, an economy should evolve from a highly unequal and poor (Quadrant A) to a “shared prosperity”

state (Quadrant C), en route passing through “shared misery” (Quadrant B). However, as is increasingly the case for advanced countries in the West, the journey may end in a highly unequal but nevertheless rich state (Quadrant D), owing to demographic and technological forces in the political economy. Technological disruption, deindustrialisation, and technological displacement might divert states not already industrialized through labour-intensive manufacturing (Quadrant A) to evolve to a highly unequal but rich society (Quadrant D) instead of one of shared prosperity (Quadrant C). Some advanced economies such as the US, the UK, and others are increasingly unequal and en route to Quadrant D. Over time, as advanced technologies diffuse, there may not be enough agriculture, mining and manufacturing jobs to go around. Most available jobs would require increasingly higher levels of learning and skillsets. In any case, the working population shortfall in advanced economies would lead to an organic decline of labour-intensive business models in favour of labourlight high-technology models. Africa’s potentially favourable demographics, combined with the forced global circumstance of increasing automation, may enable it

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Africa’s potentially favourable demographics, combined with the forced global circumstance of increasing automation, may enable it to skip the “shared misery” state of plentiful low-skilled and low-paying jobs (Quadrant B), from which the Asian success stories emerged

to skip the “shared misery” state of plentiful low-skilled and low-paying jobs (Quadrant B), from which the Asian success stories emerged. Instead, Africa may be able to leapfrog directly to a shared prosperity (Quadrant C) state. In such a shared prosperity state, currently unequal and poor African countries would have as many low-skilled jobs as needed for their respective populations. Most of these jobs would be in primary sectors such as agriculture and mining. Many would be in medium-paying and mediumskilled secondary industrial sectors, with an increasing number in the rapidly evolving high paying and advanced-skilled high technology sectors. Edited & published by the NTUSBF Centre for African Studies at Nanyang Business School, Singapore. References, figures, tables, etc. in original article viz. https://nbs. ntu.edu.sg/Research/ResearchCentres/CAS/Publications/Documents/ N T U -S B F % 2 0 C A S % 2 0 A C I % 2 0 Vol.%202020-32. “Dr Raji is chief economist at Macroafricaintel. He was previously an Africa Economist at Standard Chartered Bank, London, UK. (Twitter: @ DrRafiqRaji)”

Accountability, regulation and justice

hen the Union Jack was being lowered on October 1, 1960 there were very high expectations for the then new nation of Nigeria. We had abundant human and natural resources. Our Judges were being exported to other African nations as well as the International Court of Justice at the Hague. Justice Udoma Udo Udoma was the Chief Justice of Uganda, Justice Akinola Aguda was the Chief Justice of Botswana, Justice Charles Daddy Onyema, the father of the current Minister for Foreign Affairs, Geoffrey Onyema was at the Hague as well as Teslim Olawale Elias who was the nation’s pioneer Attorney-General. It was Dr. Nnamdi Azikiwe who inspired Osagyefo Kwame Nkrumah to study in the United States while the former edited the widely read African Morning Post in the then Gold Coast now known as Ghana. We had vast natural resources as well. Malaysia sent a delegation to Nigeria to borrow some of our oil palm seedlings with which they used back in their country. Crude Oil had been discovered four years before independence and its global demand was set to greatly benefit the country. The curse of leadership was the greatest anti-climax. Both the civilian and military regimes had our second eleven at the helm of affairs which ensured that the majority of the citizens were boxed into a tight corner with hunger, deprivation etc as their permanent allies. This tragic reality which was encapsulated by the late afrobeat maestro, Fela Anikulapo-Kuti in his anti-government songs have made Nigerians turn to protests to hit back at the uncaring government that has consistently shortchanged them. Protests are raging nationwide. Nigerian youths are taking a stand against the “powers that be” to let them know that they are restless for change. They are restless and eager to realise the promise of the 21st Century world where they can realise their full potential. The internet has decentralized and diffused information faster than the speed of light and it is getting more ac-

cessible to the youths by the day. They have seen from the comfort of their bedrooms how governments take good care of the citizens of developed and some developing nations without having to physically travel there. It is no amazement that they are demanding a better deal. Welcome to the generational shift in Nigerian political and social activism. Welcome to 21stcentury activism; spontaneous, decentralised and leaderless, but not without aim. Nigerian youths, empowered by digital tools and technologies, are coordinating actions and building networks to propagate #EndSARS. How can they sustain the movement to create real change? Nigerian historians will recall that protests have always been hijacked by the government so as to thwart the aims. During the colonial times, the railway protest spearheaded by the legendary Labour leader, Michael Imoudu and backed sturdily by Dr. Nnamdi Azikiwe through his West African Pilot newspaper was thwarted by the colonialists with Azikiwe having to flee Lagos to an undisclosed location as his life was in danger. Today, with the advent of the new and social media, such hijackings cannot happen. The success of the Arab Spring was as a result of the social media which the dictatorial leaders couldn’t shut down. The strength of a decentralised protest movement is also a weakness. Therefore, the new generation of activist must draw learnings from past efforts, such as, “Occupy Nigeria” and “Bring Back Our Girls”. We need to draw on experiences of successful movements, such as the Black Lives Matter and the American Civil Rights Movements, and seek to organise, collaborate, educate and mobilise every level of society to in order reach our goal. It is commendable that the #End SARS protest was able to take advantage of the endless possibilities of the micro blogging site: Twitter to press home its demand. The twitter protests amplified the protests from just Nigeria to the UK, US, Canada and other parts of the world with global

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celebrities like Jack Dorsey, the CEO of Twitter, Popular British actor, John Boyega, Tammy Abraham of Chelsea Football Club etc endorsing it. Grassroots and civil society movements today must have the following variables working together in tandem to achieve reform: a skilled and diversified pool of human capital, a manifesto, organisation & leadership, and the relentless will to win at all costs. Judging from roadblocks in cities across Nigeria and the hashtags on social media, the will power and resilience is in abundance. There is a need to focus efforts are on the other areas. Human capital Demonstrations, protests, rallies, sit- ins and street marches are just one form of social activism and social movements intervention. Nigerians from all walks of life have a role to play in promoting, impeding, directing and intervening in the social, cultural, political and economic reform. Everyone’s role is different and each must play to his or her strengths: youth journalists, political Scientists, lawyers, sociologist, historians, musicians, artist, doctors, et cetera. Nigeria is blessed with an abundance of human capital as elucidated above but these professionals should do more to ensure that these protests work and not give into complacency. During the military era, some professionals spearheaded by Professor Pat Utomi formed the Concerned Professionals which worked in tandem with other civil society groups to demand an end to military rule. They seemed to have gone to sleep when civil rule returned as they hardly held the government to account since 1999. Professionals should coalesce into a formidable group to demand a better deal from the government. Youth journalist, orators and communication professionals must build mandates within the local and grassroots communities by writing blogs, letter to newspapers, creating vlogs to document the movement, communicate key messages and encourage others to join.

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TONY ADEMILUYI

Youth political scientists must petition and lobby elected officials to ensure enabling policies are included in political mandates, and create political youth forums to discuss and share their concerns and ideas, and ensure politicians and lawmakers deliberate on them. Artists must create artistic imagery that inspires, energises and galvanises change. Lawyers must bring to bear their expertise in laws and statutes governing society and engage with senior lawyers and advocates to champion their cause. We recognize the efforts of the likes of Femi Falana SAN, Mike Ozekhome SAN amongst many lawyers who are doing their bit to ensure a saner society. Sociologists and historians should be actively documenting the current movement, and researching the strategic knowledge of past movements and revolutions to support the current movement. Everyone has a role to play in creating civil society organisations that harnesses diverse sets of specialisation and expertise to build and sustain the movement. Manifesto Moving on from street protests and demonstration, there is need to support the banners and placards with a manifesto that declares the intensions, motives or views that informs the ongoing collective action, and lays out action plans for address them. These manifestoes must critically address the challenges faced by the populace and succintly outline the solutions to them and practical ways of achieving it so that the people are not left hanging. Continued online

Tuesday 20 October 2020

BUSINESS DAY

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First, #ENDSARS; then, #ENDSWAT...what next? Reform of the police is imperative STRATEGY & POLICY

MA JOHNSON

ost of our youths took to the streets without permission from their parents to exercise their fundamental human rights. They are not fighting the police. They are not fighting the government, they claimed. It was a peaceful protest in most parts of the country. What was the problem? It was the brutality and oppression of the people by the Special Anti-Robbery Squad (SARS) team. The youths took decision without any formal meeting to take their destiny in their own hands. The swagger of Nigerian youths alone sent shivers down the spine of most observers including those in authority. Most observers remembered the Arab Spring protest in the Middle East, the protests in Thailand, Hong Kong and other parts of the world. Our youthsmen and women- were prepared to let those in authority know that “the power of the people is stronger than the power of those in authority.” Fear God, fear Nigerian youths. The youths want public officers accountable. And to let those in the government know that they were elected by the people to serve them, not the other way around. The youths want justice for those killed and maimed unjustly; they want police brutality to end. SARS is one of the police units established in 1992. It was set up to stem the surging wave of crime in Lagos State. It was under the Force Criminal Investigation and Intelligence Department of the Nigeria Police Force. The fear of SARS was the beginning of wisdom for criminals. At the mention of the name-SARS, every criminal must bow. The name sends shivers down the spine of criminals who saw the unit not just as an an-

tidote to their atrocious acts but a countermeasure capable of sending them to their grave within the twinkle of an eye. After a while, SARS operatives changed tactics. They were not only after criminals but innocent citizens perceived to have the look of a “criminal” without investigation. In fact, any youth carrying a dreadlock, and in possession of a mobile phone or a laptop was seen as a criminal and an enemy of the state by members of the defunct SARS. If you ask me, the problem with SARS is just a reflection of the larger challenge the country is facing, our contempt and disrespect for human life and dignity. When citizens were complaining about the alleged atrocities committed by the policemen in SARS, most of us did not pay particular attention to the brutality displayed by these gun-wielding and power-drunk policemen. In fact, it is unimaginable that some SARS operatives go off course their statutory duties as alleged, by using a Point-Of-Sale (POS) machine to extort money from criminals and innocent citizens in the country. Yet, the “police is your friend.” Since SARS was established, is there a decline in armed robbery cases in the country? May be! Or maybe not. But in the last one decade or so, one thing is certain; that criminals who would have been armed robbers have diversified their portfolio into other “lucrative” crimes that are in some way socially acceptable such as internet fraud (yahoo-yahoo), kidnapping, product counterfeiting, terrorism, drug dealing, politics, prostitution and pimping, hooliganism and political thuggery among others. Since other forms of crime apart from armed robbery pays more, less risky and easy to get away with, it makes observers interrogate the societal problems that SARS solved as against the ones it created. A governor from one of the states in the South-South region of the country noted that: “SARS have become criminal allies and daylight perpetrators of crime themselves. Its membership has grown beyond the control of their principals at the Force HQ. They are even feared by their colleagues in the police stations. Non-SARS police and senior colleagues dread them.” “They have outgrown the institution. They see themselves as strongmen and

that is the point most analysts and observers of our society have made over time.” According to some analysts, Africa has one of the strongest most prolific and intelligent men who produce unintelligent results when in a group or institutions. You don’t need to agree with those who peddle this view. All you need do is to have a deeper look at most societies in Africa, then you will notice that it is almost the same decay- police brutality. Perhaps that is why President Obama of the USA while on a presidential visit to Ghana in 2009 reminded us that “Africa does not need strong men. It needs strong institutions.” While some of those in authority at various levels in the Nigeria Police Force (NPF) pretended that everything was cool and calm, most SARS members were on the streets in most parts of the country hustling for their own crumbs of the “apple pie” instead of protecting lives and properties of innocent citizens. The NPF to an observer appeared happy with SARS members until the ENDSARS brutality protests commenced. So far, the FG has accepted the demand of the protesters by disbanding SARS and ordered all operatives of the de-established unit to undergo psychological and medical examinations. In addition, they need reorientation and training for policing duties in a democracy. The Police high Command has announced the setting up of the Special Weapons and Tactics Team (SWAT) which will replace the disbanded SARS. It was affirmed that the former operatives of the defunct SARS will not be recruited into SWAT as the new outfit is to be strictly intelligence-driven and not embark on routine patrols. Our youths do not want SWAT. Can anyone blame them? All they want in a loud baritone voice is, “ENDSARS! ENDSWAT! Reform Police!” The military, through the Coordinator Defence Media Operations was alleged to have issued another strong warning that the Armed Forces of Nigeria and other security agencies will not condone unfolding event of thugs and miscreants against peaceful protesters. Accordingly, all thugs and miscreants were warned to desist from engaging in violent activities against peace loving Nigerians. Or face appropriate measures. Good, but I sincerely urge the mili-

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The commonsense of today, may not solve the challenges of tomorrow. This is the time to discard the traditional way of thinking. Those saddled with the responsibility of reforming the police should endeavour to do things right if unity and peace must

tary to calm down on this matter. The military’s involvement in whatever form during the ENDSARS and end police brutality peaceful protests will escalate existing tension in the polity. Is the military prepared to face more than 100 million youths? It is very doubtful unless the military is ready for massacre which will be regarded as a crime against humanity. This is the time for dialogue, not the use of military force. My humble submission. There is the geopolitical dimension to the protests. Some northern governors under the aegis of the Northern Governors Forum have expressed opposition to the scrapping of the SARS on the grounds that the unit had played a critical role in stemming insecurity in the North. While there was protests against SARS brutality in the South and parts of North Central for a few days, the Chairman of the Forum argued for a reformation of the unit. Like most Nigerians are saying, the ENDSARS protest provides a great opportunity to reform the police. In fact, I make bold to say that the police must be thoroughly reformed for the survival of democracy in Nigeria. The point I am making is that regardless of whatever is being done, the philosophy of policing needs to change with special focus on citizens’ protection rather than apprehension. As I write this article, news received shows that the Police Service Commission has recommended the dismissal of 37 SARS operatives from the NPF. While the Vice President, Yemi Osinbajo has apologised for silence on police brutality. All said, to manage the crisis, the ENDSARS and/or ENDSWAT threats must be seen as an opportunity to reform the NPF. I align myself with those who suggested dialogue, constructive engagement and compromises as the acceptable and sustainable approaches to building a lasting peace in the country. The common-sense of today, may not solve the challenges of tomorrow. This is the time to discard the traditional way of thinking. Those saddled with the responsibility of reforming the police should endeavour to do things right if unity and peace must reign in the country. Our youths want action. Thank you. Johnson is an author and a retired naval engineer who has passion for African development and good governance

Onitsha River Port: Consistent propaganda widening trust gap

n the run-up to the 1983 presidential election, the incumbent President Shehu Shagari, had a commissioning ceremony for the Onitsha River port ostensibly to curry votes from the South East. The port never really functioned after that ceremony. Twenty-nine years later, in August 2012, there was another commissioning, of the same Onitsha River Port Complex, by President Goodluck Ebele Jonathan. Then on 7 October, 2020, there were reports that the Onitsha River Port had been commissioned yet again by the Buhari Administration and was already being patronised. A couple of pictures from obscure Twitter accounts posted pictures and equally obscure partisan Twitter mouthpieces went to town with talk of how the achievement was being overlooked because of Igbo bias. Clearly baiting an entire ethnic group, and asking for their gratitude to President Buhari. Sadly, despite so many false starts, it appears that Nigerian government types do not still understand that consistent propaganda eventually leads to a trust deficit. This means that a people who have seen two commissioning ceremonies of

the same project over the course of three decades would be definitely unimpressed by the news of yet another commissioning of the same project. At this point, the people are weary of propaganda and absolutely have to see a sustained stream of shipping activity. There were reports linking globally renowned shipping firm Maersk with the project but the organisation was quick to state that their ships do not berth at Onitsha, instead that they now have a service that takes cargo discharged at Onne, in Rivers State, to the Clarion Depot in Onitsha. What this means is that at this time there is very little clarity on the exact nature of what is available at the Onitsha River Port in terms of draft details, maximum vessel quantity limits, delivery schedules, and most importantly perhaps, what is allowed into the depot. Rather than the relevant parties to properly handle the release of information to the public, this matter was used for propaganda purposes, in a manner that is both tiring and disrespectful to an entire ethnic group, my ethnic group. For starters, it is in bad taste for communication on transportation policy to be primar-

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ily hinged on debating politics. There was no high-level announcement with attendant clarity coming from the relevant ministries, nor was there any official communication from relevant departments or agencies such as the Nigerian Ports Authority, the Nigerian Inland Waterways Administration, or the Association of Clearing Agents who are the major direct clients of the Port Agencies. The people are spent. At this point, they just need to see proof of work, and the best proof is seeing businesses constantly using the facilities. The Onitsha River Port was commissioned by the Shehu Shagari administration in 1983 but it was never really completed. Now the Onne Seaport in Rivers State is running and apparently it is possible that this might lead to the sustained development of the associated river ports. But let us be real here. In an earlier op-ed in this newspaper (1 October 2019), I talked about the Eastern Economic Corridor and the reason it was abandoned. Both the Onitsha River Port and the Onne Port are on that corridor. As are potential jetties in Oguta (Imo), Idah or Agenebode (Kogi or Edo), Lokoja

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CHETA NWANZE (Kogi), Makurdi (Benue) and Jimeta (Adamawa). The port at Baro (Niger) is on the LAKAJI corridor, but could benefit from Onne as well, and the revitalisation of Onne is not happening as a favour to the Igbo people. It is happening because of the necessity caused by the mess that is Apapa. Onne, and thus Onitsha and the others are necessary so that Lagos can breathe. Some industry players have suggested that the project is far from complete with dredging not being fully sorted out yet. If ports in Onitsha or anywhere else are functional, the relevant professional communities will use them and the word will spread. It is better to have the government focus on efficient delivery of projects and release of relevant balanced information to the relevant professional communities and Nigerians than to focus on propaganda that just wins points for a couple of hours until more information comes to light.

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Tuesday 20 October 2020

BUSINESS DAY

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Frank Aigbogun EDITOR Patrick Atuanya

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

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For economic recovery consumption and investment must take-the-wheel

Govt’s share of economy small, must take the back seat

n order not to waste the COVID-19 crisis, an economic plan to stimulate the Nigerian economy and quickly exit the slump it is in must go beyond more governmentled expenditure. To attain a V-shaped recovery that shortens the length of the recession, Nigeria needs an economic plan that gives private consumption and capital investment more space. Both accounted for 73.48 percent and 26.20 percent of GDP respectively in 2019. Both are fundamental to economic growth in Nigeria. In contrast, since 2014, average government expenditure as a percentage of total output has been 11.85 percent. A deeper look at available data further revealed that after reaching an all-time high of 81.5 percent of GDP in 2016, private consumption as a percentage of GDP has declined consistently, falling to its lowest level in 5 years in 2019. Although the share of capital investment peaked in the last two years, foreign direct investment has remained very low at 0.4 percent of GDP as of December 2019. It increased in Q1 ‘20,

but may slow due to COVID-19 pandemic. In a country where the owner’s corner is a serious matter, the government should take the back seat and let the private consumption and capital investment drive the economy. If the aim is to turn the current economic challenges into an opportunity for Nigerians, especially the “common man”, this is a fact the Economic Sustainable Committee, headed by Vice President Yemi Osinbajo, can’t afford to ignore. It is important in shaping a sustainable plan which President Buhari has asked for. B e yon d th e h ealth crisis the COVID-19 pandemic has brought upon countries across the world, it has also caused disruption in supply chains, depressing global and domestic demand for commodities. Nigeria has not been spared. Crude oil prices have plummeted, oil production cut and it costs more to produce a barrel of oil than to sell it. It has unleashed a fiscal crisis. However, among the more devastating effects of the pandemic is the economic hardship brought upon businesses and households. The survival

of busin e ss e s e sp e c ially in the informal sector is severely threatened while those in the formal sector have been forced to cut costs resulting in many employees losing their jobs, while some others have seen salaries cut between 30 to 50 percent ; further lowering households’ disposable income and purchasing power. To this end, the Nigerian federal government will be making a grave mistake if its plan for spurring economic growth and development across 2023 is focused on federal government expenditure. Basic macroeconomics explains a countr y’s GDP expenditure decomposition to include private consumption (C), investment (I), government expenditure (G), net export (X-M). The outlook for 2020 is bleak. The decline in household consumption is expected to slow economic growth. The question therefore should be how do we put money in the hands of consumers and how do we stimulate foreign direct investment. This should form the crux of the economy sustainability committee’s plan for growth. Policies, reforms and ac-

tions that induce job creation across sectors, boost productivity, improve competition an d attra ct p atient foreig n capital are strategies to attain the desired sustainability goal. Shifting focus from these fundamentals will yield a plan dead on arrival like previous plans we have had over the years which have stifled rather than stimulated economic growth. Mo r e i m p o r ta n t l y , t h e r e must be political will to act. A plan remains a mere plan except effectively executed. Over the years we have had plans and intended reforms in different forms which remained a mirage or worse still made it look like rocket science because of the absence of political will to act. This is a call to the federal government not to waste the current crisis by focusing res ourc es and energ y on less important things. One way to ensure this is by consulting far and wide and beyond government officials – the private sector has a stake in the economy too. A plan, take Vision 2010, is as good as the quality of experiences and ideas that contribute to it.

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Tuesday 20 October 2020

BUSINESS DAY

Media business Clients worsen media agencies frustrations, prolong contract payment Daniel Obi

ithin 18 months, two PR agencies have re signed from a media account of an FMCG company over prolonged payment of over six months for jobs executed. Another top PR agency based in Lagos had also left the services of another multinational company recently over the same challenge. These are some of known cases. Simply put, the protracted and mode of payment by some companies for reputation and brand management services is frustrating media agencies who borrow money at high

interest rate to execute the jobs.

“Owing agencies for up 120 days to six months is

Preparing for next pandemic: The role and place of IT governance Mike Umogun

n a recent press briefing by Bode Ayeku, President and Chairman of Council Institute of Chartered Secretaries and Administrators of Nigeria said the companies that would survive in the next decade are the ones that are taking IT Governance and its centrality serious in modern business and in their planning of their strategy today. This position is also shared by Suleyman A. Ndanusa, respected governance professional and public administrator. According to them companies that survived and emerged intact from the pandemic are the ones that had in place a robust IT response and support system. Today Zoom, Conference Call, Skyping and Virtual meetings have become part of our regular language because forward thinking corporate envisioned a possible scenario as what we having now and they put in place mechanism for an appropriate response. Today IT Governance has gained new prominence and poll position in corporate survival planning. According to Paul Calatayud, chief technology officer at security management provider FireMon, essentially, IT governance provides a structure for aligning IT strategy with business strategy. By following a formal framework, organizations can produce measurable results toward achieving their strategies and goals. A formal

program also takes stakeholders’ interests into account, as well as the needs of staff and the processes they follow. In the big picture, IT governance is therefore an integral part of overall enterprise governance need for corporate relevance. The Pandemic has shown that a business could be totally crippled while some others that have thought of the worst-case scenario around the lock down and have in place mitigating strategies have continued business either in person or remotely. Many may not make profit but they would survive and what is needed by businesses today is survival, while re-positioning themselves for competitive relevance in the near future Alim Abubakre of Coventry University in the United Kingdom is of the view that companies must be strategic in the short term, businesses must focus on survival, but they should remember to be strategic for achieving the long-term goal. More specifically, reflect their conceptual credentials on the present realities and adopt policies that reflect a cut in revenue for the next 12 months, for instance, due to customers that go bust and, for example, the second wave of COVID-19. Consider how they can mitigate the future effects of reduced revenues & lowered forecasts in the short term. Possible measures to help this would be redeploying their teams, and optimising IT facilities to enable home working arrangements www.businessday.ng

for staff to avoid further losses. He said they should remember that it is a marathon and not a sprint, hence, they need to position their organisation for the future, adapting to the changes, looking for opportunities in a post-COVID-19 world and innovating for success while looking forward to the future with high optimism. In other words, if you want to remain relevant today realign your operations, put in place good IT structure and always think out of the box. Finally, Rejigging Risk Management Credentials and Business Resilience cannot be ignored Amidst the COVID 19 Pandemic, one thing has come out clearly. Many businesses are fragile and unable to manage risk effectively. This is certainly a wakeup call for investment in business resilience and IT system places a key role here. The focus of businesses should be not only on people but also on sound processes and ICT structures. Unlike ever before, re-building businesses resilience now is very vital. First, the business environment is changing fast. Second, the same operating environment is becoming unpredictable. Therefore, building a business that can absorb stress and thrive even in a challenging ecosystem is very vital to future survival and indeed business success. Umogun works with Institute of Chartered Secretaries and Administrators of Nigeria

immoral, unjustifiable and unacceptable”, a PR prac-

titioner told BusinessDay. He said this is more so when the fund for the job was borrowed. “We are literally funding clients’ businesses with the cost on us. When the clients finally pay for the contract job, it goes in bank interest charges”. A source close to multinational companies said some of them have a rule of 120 days of payment period after the invoice had been submitted. The frustration by agencies over payment mode by clients is heightened at a period when Covid-19 pandemic has laid prostrate a number of businesses. While some sectors and institutions got palliatives in the form of debt forgiveness or tax reliefs to cushion the effect, the PR industry is

yet to be considered for any palliative. However, the industry is asking for business patronage by federal and state governments in place of palliatives. Speaking to BusinessDay, Chairman of Lagos State chapter of Nigerian Institute of Public Relations, Segun McMedal therefore appealed to the Federal and state governments to support the local public relations industry which is equally affected by the pandemic with businesses to cushion the Covid-19 effects. “Now that the world is smarting from the impact of the COVID-19 pandemic, this is one of the best times to drum support for local content to grow the economy”, he said.

How Sahara Group is leading environmental sustainability through Egbin Power Daniel Obi

n recent years, there have been growing interest and awareness on environmental sustainability among individuals and companies as many of them now act in ways that ensure future generations have the natural resources for existence. These actions and awareness towards preserving the environmental resources and sustaining them for the future generations become significant as increased industrialisation and lack of responsiveness among some other companies still threaten the environment. Threats to the environment come in different forms and activities including, air and water pollution, gas emissions, soil degradation, oil spillage, erosion, deforestation, species’ extinction and natural resources drain. Committed therefore to environmental sustainability to ensure quality life and existence of future generations, Egbin Power, a member of the Sahara Power Group recently introduced electric busses and bicycles for use within its facility spanning about 600 hectares, where it has school, estate, gym and the power plant. The project

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involves promoting “going electric” and “clean energy” in Egbin to avoid emissions and depletion of natural resources. The idea behind the introduction of the electric buses and bicycles to serve its workforce within the facility is, in addition to enhancing movement, it is to promote clean energy, reduce carbon emission and enhance quality of life by making the environment safer for the entire workforce An electric bus is a bus that is powered by electricity. The buses can store the electricity in their battery for continuous usage. Ordinarily, electric buses are highly efficient and have lower operating costs than diesel buses. Typically, to have healthy society requires clean air, natural resources and nontoxic environment. The Egbin initiative is valued when it is considered that a typical passenger vehicle emits about 4.6 metric tons of carbon dioxide per year and this is equivalent to an average of 0.0126 metric tons of carbon dioxide per day. The initiative also means every walk-to-work and bike-to-work activity as well as riding on the electric buses within the facility prevents emission of 3.78 met@Businessdayng

ric tons per day of carbon dioxide from about 150 cars within Egbin and 1379.7 metric tons every year. The launch of the buggies and bicycles is perhaps one of the first of its kind by the foremost and largest privately run private power business in Africa. Speaking on the sustainability campaign, the chairman of the board of trustees, Temitope Shonubi said the company is bringing energy to life. “It is not only talking about it but walking the walk”. “Egbin has been picked as the first place to commence not just the drive of sustainability, energy conservation, good living, but the drive of ensuring that everybody stays alive and their quality of life is priceless. We in Sahara Group live in the present but we will ensure that the environment is ready for the future”. The inclusion of students from various schools in the project event is an indication that the clean energy campaign is one that involves all constituents of the Egbin Ecosystem – it’s also generational. The project also reinforces Sahara Power and Egbin’s commitment as global SDG promoter, with impressive Environment Employee Social and Governance (EESG) records.

Tuesday 20 October 2020

BUSINESS DAY

Marketing & Pr With high Internet speed, firms can drive business performance at affordable price – CEO, ipNX Kene Eneh is the divisional CEO of ipNX Retail, a company with two decades of experience in the Nigerian ICT market. The company recently launched high speed fiber broadband internet service into the Nigerian market in line with its corporate vision of being Africa’s preferred communications and IT enabler. In this interview, Eneh speaks more on ICT market in Nigeria and the company’s FOS Xtreme flagship. Excerpts

Could you tell more about ipNX? pNX is a pioneering and leading information, communications and technology (ICT) company with two decades of experience in the Nigerian ICT market, with fixedwireless and fixed-wired service operations in Lagos, Abuja, Port Harcourt, Kano and Ibadan. We are a wholly owned indigenous Nigerian Company that has from inception been in the forefront of delivering efficient and reliable telecommunication services to her customers

Kene Eneh

Xtreme series is positioned as our premium series and it is bundled with a complementary telephone line as well as a static IP address for reliable business communications and hosting needs.

Available statistics shows that Nigeria ranks among countries where download speed is very slow, as a result of the low bandwidth in the country. What change is your new product likely to bring in terms of download speed? While this is true, the FOS Xtreme promise is to deliver the fastest speeds for residential and small business customers obtainable in Nigeria at any given time. We have demonstrated this with the launch of Nigeria’s first three-digit speed in the country. This will go a long way in improving the National fixed broadband average and will put Nigeria on par with top-ranked developed countries in the world today.

COVID-19 outbreak has forced many organisations to increase online activities by asking workers to work from home. What impact will your solution bring to organisations whose staff operates from home? FOS Xtreme is primed for the new home-office user. Work productivity of staff using Xtreme will increase tremendously as a result of being able to access relevant work information easily through faster download/upload speed and to collaborate seamlessly through Video-Conferencing applications. Staff working from home can also reduce (and in some cases, even eliminate) cellular usage charges by making free on-net calls with the complementary FOS Voice line.

What is unique about the solution, and how will it meet the needs of small businesses and start-ups? FOS Xtreme brings much needed power to SMES. With Internet Speeds of 100Mbps and 200Mbps, small businesses now have the power to drive business performance at an affordable price. The

The launch of your FOS Xtreme series depends largely on fiber optic cables, which must get approval on Right of Way (RoW) for the laying of cables to homes and offices. How will you address RoW issues with governments of the various states where ipNX operates? What we have seen is that (thanks www.businessday.ng

to the efforts of the Nigerian Communications Commission (NCC) and the Federal Ministry of Communications and Digital Economy), the Executive Governors of several States have offered concessions and in some instances complete waiver of Right of Way charges to foster telecoms infrastructure rollout which has been identified as one of the pillars for the development of the digital economy. ipNX is very well positioned to take advantage of the opportunities offered by the State Governments where we operate in.

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The Xtreme series however, is our premium series and it is targeted at the Power User at Home, SMES, Religious and Academic Institutions as well as the Hospitality sector

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The company recently launched its high speed fiber broadband internet service. How fast is the speed in relation to today’s digital era, where speed drives business automation? FOS Xtreme is ipNX’s flagship series for premium broadband services to homes and SMEs. We recently launched Xtreme100 and Xtreme200 from the FOS Xtreme series, which offers speeds of 100Mbps and 200Mbps respectively. Xtreme200 for example is currently twelve times faster than the reported average speed for fixed broadband in Nigeria (for August) and eight times faster than the broadband speed projections for urban areas, as contained in the National Broadband Plan for 2019-2025.

What is the concept of the FOS Xtreme solution? What are the benefits and economic impact to Nigerians? More Internet Speed and reliable connectivity means more productivity and better economic competitiveness. When businesses thrive, this can only be good for the economy as value and prosperity will be created for all.

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You launched fast internet solution at a time when Nigeria and other African countries are developing technology skills that will help leapfrog into the global digital transformation agenda. How can Nigeria leverage your solution to attain digital transformation? FOS Xtreme series will help drive the digital transformation agenda of Nigeria, lending support to several pillars of the National Digital Economy Policy and Strategy developed by the Honorable Minister, Federal Ministry of Communications and Digital Economy, Dr. Isa Ali Ibrahim (Pantami). This series will ultimately turn Nigeria into a leading hub and destination for startups due to the robust fibre infrastructure and unprecedented speed. We also anticipate a corresponding growth for digital jobs across all sectors of the Nigerian Economy. How affordable are your solutions and what class or group of Nigerians are the solutions designed to target? We have a range of plans available for selection and these plans are targeted to cater for all income classes and use cases. The Xtreme series however, is our premium series and it is targeted at the Power User at Home, SMES, Religious and Academic Institutions as well as the Hospitality sector. What are your expansion plans to cover more cities and communities and what is your current coverage area? We have our coverage footprint within strategic locations and communities in Lagos, Abuja and Port-Harcourt as well as some parts of Ibadan. How can existing customers migrate to the new solutions? All our current residential and SME plans remain active. We expect that customers who desire more power, performance and ease will migrate to our flagship FOS Xtreme Series, (Xtreme100 and Xtreme200) @Businessdayng

ipNX has been in the business of delivering internet services to homes and business premises for the past two decades. What new experience will the new product launch bring to customers? Now more than ever, our customers will be able to work, learn and play without any inhibitions. What this means is: Multiple simultaneous video sessions and online meetings can take place without hitches; Large Downloads, Uploads and File Transfers can now be done in Seconds; It also means seamless streaming of Ultra HD (4K) Movies and TV Shows on multiple HDTVs and Entertainment Devices; as well as Low-Latency and Lag-Free Performance for Gamers. What is the impact of Covid-19 on your kind of business and how were you able to manage your customers during the lockdown? Covid-19 came with lockdown restrictions and this meant that we had to shut our offices at some point and work from home while still providing our customers with reliable Internet connectivity. We genuinely appreciate our residential and business customers for their resilience during the pandemic, and even more so for staying with us through the entire period. One thing we have realized during this lockdown however, is how important our fibre optics service is to our esteemed customers. We recognized the difficult situation caused by the pandemic as many families had to work and school from home thereby escalating their data usage. We have supported them through this difficult time by suspending our fair usage policy, waiving off of Installation fees (for the first three months) amongst other initiatives which are still running till date. How will you describe customers’ reception to change in technology, especially with global technology evolution? Nigerians are very receptive of technology however the underlying infrastructure required to drive the use of certain technologies has been lacking. ipNX has taken the leadership position in the deployment of Fibre Optics Services to homes through our robust Fibre Infrastructure. Fibre Optics has been well received by our customers as a far superior technology which cannot be compared to all the mobile wireless solutions on offer today; It is also future proof and boundless in its possibilities.

Tuesday 20 October 2020

BUSINESS DAY

BDTECH

In association with

E-mail: jumoke.akiyode@businessdayonline.com

IIM Africa begins national digital transformation awareness campaign JUMOKE AKIYODE LAWANSON

s part of the drive towards promoting excellent standards, competence and certification in data and information management in the society, the Institute of information management recently ran a national digital transformation awareness campaign which was conducted at different government ministries, departments, and agencies in Nigeria. According to Oyedokun Oyewole, the president/chairman-GC, Institute of Information Management (IIM) Africa, the initiative was a follow-up to the directive issued by the head of service of the federation in June, 2020 directing MDAs to begin automation of files and records. Oyewole said that the main goal of the workshop was to provide a deep understanding

of the concept of digitisation, digitalisation and digital transformation, specifying its core elements/components in business (people, process and technology). “The awareness campaign as conceived by the Institute of Information Management,

was intended to provide technical support in ensuring the successful implementation of files and document digitisation across MDAs in the country. “Furthermore, the awareness workshop also provided attendees insight into how to develop a comprehensive cor-

porate information governance program, plans and processes. Input on comprehensive information management guidelines, standards, and tools for facilitating workable processes for seamless digitisation/automation of files and records were also featured”, the IIM Africa’s president said. The workshop also highlighted coherent framework to describe and validate imaging performance and quality, based on existing international best practices and standards. It further provided taxonomic structure, operational metrics and criteria for evaluating digital image characteristics. Other key areas of focus included accessibility, privacy, confidentiality, policy, records quality, security, capacity building and records lifecycle management. Some of the MDAs in participation include Independent Corrupt Practices Commission (ICPC), Bureau of

Public Service Reforms (BPSR), National Information Technology Development Agency (NITDA), Federal Ministry of Communications and Digital Economy, Galaxy Backbone, National Identity Management Commission, Securities & Exchange Commission (SEC), Federal Ministry of Labour and Employment, Federal Ministry of Transportation and others. “As a follow-up to the awareness campaign, the institute is working on a white paper aimed at providing professional guidelines and standards for files & records automation processes across MDAs”, Oyewole said. The white paper is expected to facilitate seamless integration of processes and technologies across government agencies, which will equally engender seamless exchange of data and information in a secured and protected environment”, he said.

ICIT Solutions partners 9mobile for cloud based e-commmerce business platform JUMOKE AKIYODE LAWANSON

nternet, communications and IT (ICIT) Solutions Nigeria, a business technology solutions provider and tier-one Microsoft partner, has recently partnered with 9Mobile telecommunications services provider to launch 9Business Cloud, a top-notch e-commerce platform where all cloud based software packages can be purchased for businesses. The cloud market place is designed to enhance enterprise productivity in the fastgrowing Nigerian market. The information technology solutions provider says the new partnership is in line with its commitment to efficiently empower businesses to achieve

more with less, using automation. The company provides both SMEs and Enterprise level businesses with affordable and trusted managed IT services and business process automation solutions to ensure that they operate efficiently which will in turn, help the businesses to optimise their productivity, increase their profit and guarantee peace of mind. Kamar Oyenuga, managing director, ICIT Solutions Limited said; “We are excited to announce our partnership with 9Mobile Nigeria to launch this first-in-class cloud solutions e-commerce platform for organisations of all sizes. Whether you are an organisation with 1 or 10,000 employees, we have something for you to enable you manage and run your

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business from anywhere.” Kamar in his statement mentioned that, “the 9business platform https:// cloudbusiness.9mobile.com. ng/, caters to any mobile network subscriber looking to purchase cloud-based products and solutions. The 9Business Cloud market place has affordable software products like Microsoft 365 which helps you to run your business from everywhere in a cost-effective manner. Microsoft teams for improved productivity and employee collaboration, One Note, One Drive for data and file storage online with up to 1TB worth space. Also available are SharePoint, Dynamics 365 for customer engagement and personalised service on any channel, recruitment, employee develop-

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ment, financial management, improved customer experiences, and improved marketing, and many more.” He said that, “this is an innovative way for modern businesses to cut-away unnecessary cost while also achieving optimal results for a more sustainable business operation. It’s simple, quick, secure, stress-free and affordable. Having identified that the core need of any organisation is to ensure that every stakeholder has peace of mind which emanates from the profitability of the company.” According to Kamar, ICIT Solutions has positioned its offerings to support such businesses that aim to attain profitability that will in turn, increase their value. For over a decade, ICIT Solution says it has been creating

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sustainable and highly secured automated business solutions for companies, by engaging the businesses to understand their processes and help them break processes to measurable workflows that are automatable with the necessary support. Its services include delivering end to end intelligent managed IT services, fully-fledged business automation process support like software license sales and renewals, design and customisation of process flows that will efficiently empower businesses to achieve more, data migration and protection, staff training and support and much more. It is also said to be bringing great value to the cloud solution offerings of 9mobile telecommunication in Nigeria.

Tuesday 20 October 2020

BUSINESS DAY

OFF-GRID ENERGY BUSINESS

in association with

Ifeoma Malo has just one goal: Ending energy poverty On leaving government to join the international donor sector, Ifeoma Malo focused her work on technically assisting the government and private sector to address bottlenecks in the energy sector and advance energy access in Nigeria. Currently, as the CEO of Clean Tech Hub and the Energy Innovation Center in Abuja, she is proactively addressing the need for research, development, demonstration, and incubation of clean technologies to increase energy access and improve climate resilience.

ell us about projects that have left you feeling incredibly proud Two projects completely stand out. Firstly, the Enterprise Development Programme that launched on the back of our Technology Meets Renewable initiative. This project focuses on helping to incubate early-stage companies in the clean renewable energy space that will be driving products and services across the country. We had 100 applications for our hackathon where we selected the first three teams. For the 2nd cohort, which was a pitch contest, we had almost 150 applicants and have narrowed it down to 18 teams. Only eight teams will make the final cut and will be funded by our partners, All On. Another programme that I’m excited about is the BudGIT for gender and MSME programmes – where women-owned and led MSMEs and women agriculture smallholder farmers become critical stakeholders in the quick adoption of clean energy technologies to drive and grow their businesses. This project builds off our local solutions lab projects where we engaged in design thinking to work with identified communities to create more cost-effective energy solutions and increase the rate of adoption of clean technology. The result will see thousands becoming adopters of clean technology to grow their businesses. The uptake of clean technology is driving the energy revolution. How do you foresee this changing the energy landscape? Through my engagements, it is evident that people and communities realise that they don’t have to wait for electricity from the grid and that renewable energy is a viable option to meet their energy needs. We see how ideas and initiatives on big and small solar technologies – and projects around wind, biomass, and mini-hydro – are gaining traction as pathways to electrification. To achieve the goal of universal energy access in a sustainable way (SDG7), coupled with the need to reduce carbon emissions, many countries around the world are adopting larger renewable energy technologies. Some of the achievements and

Ifeoma Malo

efforts include the 310MW Lake Turkana wind power project launched by the Kenyan government in March 2019; the Grand Inga project on the Congo River with a projected capacity for 40GW of hydro generating capacity (the largest hydro project worldwide); the Great Millennium Renaissance Dam currently under construction with the capability of adding a further 6GW to the Ethiopian national grid; the Nigerian target of 13GW of off-grid solar power-driven largely through the Rural Electrification Agency’s mini-grid revolution; Ghana leading in the adoption of solar dryers to improve its agricultural produce at Silwood Farm. These achievements and efforts show the optimism that the adoption of renewable energy on a large scale, is capable of changing the energy landscape in the future. The energy landscape is bound to witness a more diverse energy mix and larger adoption of clean energy sources. With the population increasing across regions and communities needing electricity to drive productivity, nations are prioritising energy access to boost local economies and foster national development. The recent synergy between key sector players – national governments, sub-national governments, private developers, impact investors, advocacy groups, energy think-tanks, and communities – has yielded innovative

ways to advance energy access and efficiency. The current inadequacies of existing grids have also created an avenue for efficient decentralised alternatives. The Nigerian Government, through its 30:30:30 Agenda, has the vision to achieve 30,000MW by the year 2030, with at least 30% from renewable energy sources. This strategy has resulted in privatepublic partnerships (PPPs), deploying various sustainable energy solutions across the country. Nigeria has also witnessed a growth in the number of renewable energy enterprises that are operating profitable business models, with many of them reaching last-mile communities. As the DRE sector continues to grow, clean energy solutions will prove to be viable for the energy market: lighting communities, growing business, and creating jobs around the globe. What is on your wish list for the electricity supply industry in this new decade? I have a ‘small’ wish list, so here goes… • In the new decade, there should be an increase in the power generation capacity of the industry across the board. Africa needs to be industrialised, and we can only achieve this if the generation output meets the needs of production. • That there will be more renewables in the energy mix to reduce the

current global energy mix dominated by fossil fuel by 80%. I believe this can be done through several renewable energy options. The increasing adoption of solar and mini-grids across the world, especially in sub-Saharan Africa, points to a growing awareness of the place of renewables in bridging energy access gaps and mitigating climate change emissions. • That there be an elimination of VAT and import duty exemptions on solar and other renewable energy products to crash prices and make them more affordable to end-users. • There should be an increase in energy access distribution into the last-mile communities through solar and mini-grid projects. • There should be deliberate longterm investments into the power sector, and governments should make the sector more attractive to investors by de-risking the sector and providing bold incentives. • There should be more participation of the private sector and civil society organisations in energy policy formulations. There is a need to improve on the existing power infrastructures, particularly in the transmission and distribution sub-sectors in Nigeria. Some of the issues around metering, collections, and distribution are issues that should not be beyond resolution for us as a country and as an industry in this new decade. What is your message for young women who are starting out on their careers in the power and energy industry? They must be ready to work twice as hard and twice as long. This is still relatively a male-dominated sector even though it is changing in the renewable energy field. However, there is still a long way to go to reach gender parity in terms of size, opportunities, or even pay scale. So young women must be deliberate with the choices they make when they enter the sector. They must be innovative, proactive, and resilient and must leverage on any opportunity to grow that comes their way. The energy sector is a place where young female leaders can thrive and even become change agents. Lastly, as they go along their career path, they need to leave egos at the door and put in hard work as nothing will be handed to them easily just because they are women. After all, with hard

work comes the recognition. Congratulation on your Power Industry Leader of the Year award! What does this mean for you and where to from here? First of all, being nominated alongside amazing people in the same category, who are frankly doing incredible work, was already a huge win for me. To then hear that I was selected as the winner in that category was a major surprise. I felt honoured, humbled, and happy to have been selected. I am glad that it mirrors the decades of hard work I have put into my profession. It’s an encouragement to keep striving and to stay disciplined in trying to make an impact and to end the energy poverty I see all across the continent. There is a saying that goes “the reward for good is more work” so I do not intend to quit or relax the reins anytime soon. There is a lot more work to be done to achieve universal energy access and rural electrification across Africa. Final words to stakeholders on the role they must play to facilitate progress in the industry? Power sector planning decisions are complex. They cannot be solved by a single government agency, institution, or interest group. Even if they could be, failing to involve all affected parties in project planning will undoubtedly lead to a less successful project. Almost any power sector project will benefit from greater communication, collaboration, and knowledge sharing. The success of the industry depends on active stakeholder engagement and the flow of information between stakeholders and decisionmakers. Significant involvement of stakeholders in power sector planning activities across the value chain will drive the best possible outcome. From government to investors, to developers, and civil society: that it is time we all understood that our communities would thrive if they were electrified. Our businesses and bottom lines would look better and the overall growth and development of Africa, of Nigeria, rests on designing and collectively defining an industry where everyone is playing a part to move things forward. …Culled from ESI Africa

Editor: Isaac Anyaogu / Analysts Stephen Onyekwelu, Dipo Oladehinde / Feedback: 07037817378, / email: isaac.anyaogu@businessday.ng,

Tuesday 20 October 2020

BUSINESS DAY

property&lifestyle

3 benefits for real estate as Nigerians push for police reform, good governance Endurance Okafor

hilethe#EndSARS protest has gradually evolved from just demanding the reform of the Nigerian police force to request for better governance, the movement which is predominantly chaired by Nigerian youths is said to hold benefits for the property market, according to real estate players. Even though housing anywhere in the world is a basic necessity, which in the order of human needs, ranks third after food and clothing, Nigeria, Africa’s most populous nation has a housing deficit of more than 20 million units, a gap that holds investment opportunity for many developers but due to insecurity challenges, some parts of the country, though viablearenogoareasforinvestors. “We know that Nigeria is a very appealing country for investors, and just knowing that they can be safe and not affected by the issues of insecurity to a large extent would go a long way in sending signals that our country is open to investing in,” John Oamen, Co-Founder of LiveVend.com, a real estate price discovery platform said. After years of insecurity and police brutality especially by the Special Anti-Robbery Squad (SARS) unit which has been alleged to be engaged in human right abuses, illegal stop and search, illegal arrest and detention, extrajudicial killings, and sexual harassment of women, Nigerians across several states in the country took to the streets on October 8, 2020, to push for a reform of the police force. A call to put an end to the situation of

citizens being killed by those expected to protect them. “Some of the discouraging factors in the real estate sector has been bad governance and the system, policy but as the system is beginning to fix itself, you will see a new Nigeria rising,” Stephen Akintayo, CEO of Gtext Homes said. Described by economists as one of the sectors with the highest potential for Nigeria’s economic growth and development, the real estate sector is projected by industry players to enjoy the following benefits as the protests for police reform and better governance persist. Investors’ confidence While the protest is unsettling and nobody likes it, property analysts in Nigeria are optimistic that the campaign for police reform is going to play a huge role in generally improving the real estate industry and beyond as peace and safety breed trust and trust leads to more investments.

“Sometimes, people think that protest like this leads to the bleeding of businesses, temporarily it does but in the long term it, it leads to confidence. Foreign investors and Nigerians in the diaspora will be able to come in and invest because they know we now have a government that is accountable to the people,” Akintayo said. Citing an example of an area in Nigeria where insecurity has led to a slowdown in real estate activities, Oamen pointed at Niger Delta, the oil-rich area of Nigeria where there has been unrest for many years. “So you have properties in Niger Delta that have been in the market for 2 years because no one is looking there. The sharp exit of both expatriates and local individuals from such regions has seriously impacted the real estate economies of such regions,” Oamen said. According to him, the fight “to end police brutality, reform the security apparatus

of Nigeria and have a more accountable government would improve the value of real estate in the region.” Higher ROI With expected investment inflow into the property industry amid hope of a more secured Nigeria and a government that will be more accountable to its citizens, analysts see a higher return on real estate investments. An increase in investors’ appetite for Nigerian real estate would mean, a surge in property transactions and thus, the higher the value of the property will become, a real estate advisory firm said. “More people are buying properties from us then they did before EndSARS protest,” a Lagos-based real estate developer said. Generally considered a great investment option because of its predictable cash flow, less volatile nature which has many advantages over

stocks, bonds or mutual funds and more especially as it appreciates, a resistant to inflation, real estate in a country like Nigeria which requires an estimated N170 trillion to N200trillion to bridge its housing gap is considered one of the top investment options even as attractive investment instrument has become scarce due to the low yield environment. “There are a couple of factors that real estate investors look at when considering a property for investment or when considering investing in any real estate industry. One of which is stability and security because that would determine people’s appetite for patronizing that property,” Oamen said. Policy restructure While the protest for police reform is gradually shifting beyond ending police brutality to better governance and other policy reforms, analysts expect the restructuring to also benefit the real estate sector where a policy like the Land Use Act has made it difficult for Nigerians and real estate investors to acquire affordable land amid titling barriers. “One of the wicked draconian in the real estate industry is the Land Use Act, but this protest is going to push for justice, for transparency for fairness and the need for us to now have a better system,” Akintayo said. Nigeria’s Land Use Act of 1978 which places all land in Nigeria in “trust” of the Government and specifies that future transfers or sale of land must be confirmed by a government official, in writing, irrespective of the value of the transaction is one of the reasons for the country’s lack of a functioning mortgage system.

FMBN, FHF combination seen providing route to affordable housing for low, mid-income earners CHUKA UROKO

combination of the Federal Mortgage Bank of Nigeria (FMBN) and the Family Homes Fund (FHF) is capable of providing a major route for affordable housing for most low- and middle-income earners, a Center for Affordable Housing Finance (CAHF) in Africa report has said. Delivery of affordable housing is a major problem in Nigeria. With a projected population of 263 million by 2030, low levels of mortgage penetration and inadequate access to affordable housing finance call for an emergency response. This explains why the 2019 CAHF report says housing affordability in Nigeria for most of the populace is almost

impossible without deliberate government involvement. The report’s conclusions have been validated by the Mass Housing Strategy that was recently approved by the Federal Executive Council (FEC). The scheme plans to create 1.8 million jobs starting with the construction of 300,000 homes in the next 12 months. Noteworthy are the strategic roles that the FMBN and FHF are to play in the execution of this project. While FHF is to drive the social housing part, FMBN is involved in the delivery of 10,840 houses to low, medium, and highincome units across the six geopolitical zones. The bank is to also participate in the construction financing for up to 2,667 housing units per year through a Cooperative Housing Development Loan Scheme and a www.businessday.ng

National Affordable Workers’ Housing Scheme. The recognition of FMBN in the execution of the federal government-led housing programme is noteworthy. It serves as a testimonial for the remarkable turnaround that the FMBN has witnessed in the past three years under the leadership of Ahmed Dangiwa. Long perceived as a byword for sub-optimal performance, the country’s apex mortgage institution is building an impressive track record of high performance. At the heart of it all is leadership. The Dangiwa-led management of the bank has championed and sustained implementation of a reform roadmap that is delivering remarkable results. A good example is the adoption of a Risk Management Framework and Cost Containment Framework that

is designed to win back the confidence of National Housing Fund (NHF) subscribers and relevant stakeholders in the industry. Three years ago, when they assumed office, FMBN had a five-year backlog of outstanding unaudited accounts. Today, significant progress has been made to clear it: 2013, 2014 and 2015 accounts have all been done and approved by the Central Bank of Nigeria (CBN). Those for 2016 and 2017 have been completed and submitted to CBN for approval while the audit fieldwork is completed for the year 2018 and work has already started on the 2019 accounts. Next is the remarkable improvement in the service delivery process turnaround time. As a result of the streamlining of business processes, the bank has reduced turna-

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round time for service delivery by as much as 40-60 percent. For instance, the time it used to take a retired contributor to NHF to get a refund of his contributions has dropped from an average of 6-12 months to under 90 days. Another important area of change is the increase in housing loan disbursements. Recent statistics from the bank show that it disbursed loans totaling over N100 billion within the past three years. This implies that, on average, FMBN successfully processed and disbursed loans worth N33 billion per year. These results, amongst several others, show that FMBN has the right team; is tackling systemic, institutional challenges and is ready and primed to deliver results as a key player in the execution of federal government’s housing project. @Businessdayng

Juls Homes’ N2000 land payment plan opens opportunity for lowincome earners Endurance Okafor

uls Homes, a new real estate and contractors company, is making it easy for Nigeria’s young professionals and low-income earners to buy into real estate through N2000 daily payment plan. With the slogan, ‘let’s show you home’ the young real estate company said it is not providing luxury real estate properties, instead, it is working towards creating real estate products for those at the bottom of the pyramid. According to Juliet Mgbeahuru, the CEO of Juls Homes, as long as a person is earning an income, especially the younger population, they can be assured that Juls Homes can secure property for them through its flexible payment plans. “We have N2000 daily payment plan which enables land buyers to acquire a plot in the space of 20 months,” Mgbeahuru said during the official launch of the real estate company. According to the young CEO who has been working in Nigeria’s real estate industry for over four years, “Juls Homes is not looking at providing luxury products but is aimed at providing accommodation for every Nigerian, especially those at the bottom of the pyramid.” With more than eleven years experience in the investment banking space, Juls Homes is joined by Damilola Odunaike as the company’s Managing Partner. “I have been able to see that thereissomealphaintherealestate space. There are a lot of potentials that yet to be unlocked and as you would see in many of our flyers and our website, ourproductsaremostlytargeted at the low-income Nigerians,” Odunaike said, adding that the company “wants to help these people to be able to acquire real estate properties.” According to Juls Homes, some of the properties in the offering are located in areas like Ombre Gardens at Ilamija Ibeju Lekki (5 Million per plot), 1960 WaterViewEstateatIkpesuAjah (2 Million per plot), 1960 Water Front at Ikpesu Ajah (5 Million per plot), Chuvie Gardens at Ilamija Ibeju Lekki (1 Million perplot)HavenHomesatOriba, Ibeju Lekki (1 Million per plot) Lagoon Park Estate at Abijo GRA (10 million per plot), Juls Court at Sangotedo (15 million a plot),1980 Estate at Bogije (17 million a plot) amongst others. “I am excited to be working in partnership with Juls Homes. For me, real estate is a good investment that is secured and the fact that Juls is targeting young and lowincome earners in Nigeria is worth celebrating,” Anda Damisa (Lazywrita), the recently unveiled brand ambassador of Juls Homes said.

Tuesday 20 October 2020

BUSINESS DAY

property&lifestyle Here’s what estate surveyors told Lagos House Committee to do for housing CHUKA UROKO

state surveyors and valuers were at the Lagos State House of Assembly recently where they met with the House Committee on Housing and made recommendations on how the housing deficit in the state could be tackled. The estate surveyors, who visited the House under the aegis of Nigerian Institution of Estate Surveyors and Valuers (NIESV),Lagos Branch, told their host that setting up a land bank in partnership with the private sector, constitution of the Land Use and Allocation Committee and making adequate budgetary provision for housing are key ways to closing the housing demandsupply gap in the state. The NIESV delegation, led by the branch chairman, Adedotun Bamigbola, was received by chairman of the committee, Bisi Yusuf, in company of a House lawyer, Tunwashe Kehinde and other secretariat staff. Bamigbola explained that, as core housing services providers, the estate surveyors and valuers visited the lawmakers to see how the branch could partner with the state

Obileye is a UK-trained lawyer and CEO, Great Heights Property and Facilities Management Limited Email: Tundeobileye@greatheightslimited.com

Increased opportunities in FM due to Covid-19

A The estate surveyors during the visit

government, using the legislative channels, to proffer solution to the housing challenge of state. “One area we have identified through which we want to proffer solution is the establishment of a land bank in partnership with the private sector. This can be driven on Public Private Partnership to boost housing provision, based on cluster housing development, benefiting from community infrastructure provided by government. “Lagos state has a land bank and we may not know it;

but a lot of acquisitions based on the Land Use Act 1978 are all over Lagos which can form a land bank, that is, if government takes the decision to partner with the private sector. The private sector can develop housing with infrastructure provided by the government. You will be surprised that over a period of 5 years, the housing deficit we are talking about will become a thing of the past,” he assured. According to him, the issues are technical and the government would need to draw a road map and put it

into the state legislation to make it work. “Adequate budgetary provision for this type of development in the next budget and over the next five budgetary cycles can achieve a reversal of the current three million housing deficit in the state,” Bamigbola noted. He stressed that setting up of the Land Use and Allocations Committee as required under the Land Use Act would also promote the key issue of provision of land to address the challenges of housing in the state.

Sanwo-Olu assures of commitment to housing as Thinkmint honours real estate stakeholders

agos State governor, Babajide Sanwo-Olu, has assured Lagos residents and real estate investors in the state of his government’s commitment to ensuring that the housing deficit in the state is a thing of the past. Lagos has an estimated three million housing units deficit. Sanwo-Olu spoke at a Real Estate Discussions & Awards (REDA) 2020 event hosted by Thinkmint Nigeria, a member of the TM Goup where he was represented by Toke BensonAwoyinka, Special Adviser on Housing. He also assured of his resolve to double the push for the amendment of laws guiding the real estate sector to be all-encompassing. Organisers of the event gave the governor Lifetime Achievement Awards for his drive to raise the state’s real estate market to greater heights. The REDA event with the theme, ‘The Real Estate Market: An Overview of Current Global Changes’ had in attendance other dignitaries including Gbenga Ashafa, CEO, Federal Housing Authority (FHA), who was also given Lifetime Achievement Award for his decades-long commitment to improve transparency, efficiency and trust in the housing sector.

Infrastructure Maintenance With Tunde Obileye

Imelda Usoro-Olaoye, Managing Partner of Thinkmint Nigeria, the host, explained in her welcome address that REDA was inspired by the need to identify those limitations handicapping players in Nigeria’s real estate market from achieving global competitiveness and improved performance of the sector as a whole. The event had in attendance over 30 eminent local and international speakers from the private and public sectors. They shared insights on trends in the sector with more than 1,000 registered attendees. Participating organizations included FHA, Lagos State Real Estate Regulatory Authority, Palton Morgan Group, Periwinkle Residences, Cedarview Communications, Homework Development, Attarhi Nigeria and LiveVend. Ashafa, in his remarks, expressed satisfaction with the high quality of panelists and relevance of the theme. “As stakeholders in the real estate industry, the theme of this programme not only requires us to outline the changes that are taking place in our industry but also requires us to rethink our strategy and retool in order to meet the daily evolving needs of the www.businessday.ng

consumers in line with global realities,” he said. He noted that the real estate sector was grappling with a number of tough issues such as uncertainty in the global economy, rapid technological advancements, a growing appetite for home ownership by a retiring generation of baby boomers, lifestyle changes among a maturing generation of millennials, and the impact of the COVID-19 pandemic. He identified 3 areas that require the attention of practitioners and policy-makers. These are building standards and design, financing, and title documentation. Other awardees at the event included Uzo Oshogwe, MD/CEO, Afriland Properties, who was recognized as the Real Estate Woman of the Year; Tunde Reis, chairman, First World Communities, who received the award for the Real Estate Man of the Year. Others are Bolaji Edu, MD/CEO, Broll Nigeria, who received a Special Recognition Award for contributions to the Nigerian Real Estate Industry, and Tayo Odunsi, CEO, Northcourt Real Estate, who received the award for the Young Real Estate Person of the Year.

In the projects and institutions group, Pacific Lagos by Global Property Partners, a member of the Cavalli Business Group and The Oceanna by Palton Morgan Group received the awards for the Standout Projects of The Year. Other winners were Urban Shelter Nigeria which took home the award for the Property Development Company of the Year (Residential Category), while Purple clinched the award for the Property Development Company of the Year (Commercial category). The list of firms that won awards continued with Northcourt Real Estate, which received two awards for Real Estate Services Company of the Year and Real Estate Advisory Company of the Year. Alpha Mead Group received the award of Facility Management Company of the Year, while Spleet Africa received the award of Proptech Company of the Year. Outstanding developments that won recognitions were the Oxygen Apartments by Periwinkle Residences which collected the award for Luxury Project of the Year, and Chois Estates by First World Communities which was applauded as the Residential Project of the year.

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round the world, we are adjusting to a new reality in every part of our lives as a result of the coronavirus (COVID-19). As this unprecedented event continues to evolve, facilities management practitioners will have to start looking at how to rethink their relevance as organizations consider new ways of doing business. The ‘new normal’ is fast becoming a cliché to describe our adjusted expectations after a disruption to the way we live or work. It has emerged gradually as we take small steps from the old ways into the unknown. However, before COVID-19 hit us, the facility management profession had been moving towards a ‘new normal’ for years in what can be termed evolutionary progress. For facility management practitioners, the pandemic has raised a new set of issues to deal with as well as fresh opportunities to provide value-based solutions to their organizations. As we find our paths to the next ‘new normal’, one fact is clear though—the pandemic has not altered the underlying impetus for transformation –the need for facility management practitioners to keep up with the evolving requirements and expectations of the people they serve. The major impact of Covid-19 on global economy presents opportunities for facilities management practitioners to scale above the existing realities. Increased opportunities will emerge in areas such as: 1) Data - interpreting and leveraging data to optimize the utilization of facilities. Facility managers in collaboration with senior management will have to determine what roles and work functions should return first. 2) Cleaning - from routine to high frequency. This will include sanitization of all touch areas and disinfecting of the facilities. 3) Space Utilization – this will include redefining what is office space and designing smart workplaces with consideration for physical distancing. 4) Healthcare -the safety @Businessdayng

of the employees will be the primary goal in order to give confidence to the employees that their wellness and well-being are of utmost importance. Workplace standards and expectations for employees returning to work should be published. Additional signage will alsobe required. 5) Compliance -new government guidelines/regulations with legal implications are likely to be issued and compliance will be required where necessary. A look at how human resources (HR) policies support the business and employees is advisable. 6) Technology - leverage technology to monitor air quality, control access, shift/schedule management, occupancy rate, predictive maintenance etc. Now is the time for valuebased delivery of FM services. This means facility management practitioners must do the following to take advantage of new opportunities: Identify Value: identify what are the critical services to the organization, this will require knowledge ofthe organization’s business and operations then have in place essential activities needed. Sustain Value: facilities services need to be maintained to ensure that they operate at their optimum performance and compliance with legal requirements. Prepare for emergencies and be equipped for disaster. Contribute value: contribution of value should be intentional through continual improvement, increasing productivity, implementing innovation and improving quality. With everyone following guidance from government health officials, t h e Ni g e r i a C e n t e r f o r Disease Control and Prevention (NCDC) and the World Health Organization (WHO), facility management practitioners will have to prioritize challenges and focus on what they have control over bearing in mind the initial capital expenditure that may be required against the possible economic realities of organization’s lost revenue.

Tuesday 20 October 2020

BUSINESS DAY

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Tuesday 20 October 2020

BUSINESS DAY

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Tuesday 20 October 2020

BUSINESS DAY

EDUCATION Weekly insight on current and future trends in education

Primary/Secondary

Higher

Human Capital

We are aligned with the “New Normal” via online platform- TESCOM boss MARK MAYAH

he Chairman, Lagos State Te a c h i n g S e rvice Commission (TESCOM), Elizabeth Olabisi Ariyo has emphasized that TESCOM has become a force to reckon with in tackling unforeseen circumstances and surmounting challenges that could face the Organization and the Government, especially as it affects the Lagos state Teaching Service. This, she said, was demonstrated during the Covid19 lockdown that brought about disruptions in the academic calendar as the Commission was able to migrate the Teaching workforce to align with the “new normal” via online platforms. In her words, “I make bold to say that TESCOM has in

the past few months demonstrated it’s readiness and optimum capacity and capability to handle any situation with desired results. She made this assertion during the 1- Day Refresher Programme organised for Commission Members and TES COM Management, adding that the establishment has been able to train the large number of Officers in the State, Online, for improved service delivery. While appreciating the unflinching support of Mr. Governor Babajide Olusola Sanwo-Olu and his forward looking Cabinet, she could not but shower encomiums on the Commission’s immediate Permanent Secretary, Mrs. Toyin Idowu Awoseyi and the entire TESCOM workforce for the success recorded so far. “I must confess that all the achievements could

not have been possible, but for your well-intentioned commitment , diligence and hardwork. In her opening remarks at the epoch making event, the erstwhile Permanent Secretary,TESCOM, Toyin Awoseyi, called on participants to be committed in moving TESCOM forward to better the lots of Teachers in the State. “Make up your mind to be a bridge, to finish well, be impactful, have a champions mentality, be a plus and not a minus, become indispensable, never allow complacency to get hold of you, stretch yourself always to beat your hitherto hailed accomplishments.”, she enthused. Speakig further, Awoseyi affir me d that TE S COM needed people who are ready to go beyond the call of duty to handle the critical, rather than the convenient .

Sanwo-Olu, Lagos Governor

In her welcome address, Roseline Adesioye, representing the Permanent Secretary at the event, noted that the Refresher Programme could not have come at a better time when the year is winding up and Organisations are taking stock, evaluating performances in preparation for another year, adding that it was another opportunity to learn, re-learn, unlearn, unwind, relax and refresh ourselves, assess and evaluate our activities and achievements and rub minds with the purpose of charting way forward. The Programme which was held at the Lagos Chamber of Commerce and Industry (LCCI), CBD, Alausa, Ikeja, had seasoned facilitators from the Public Service who took participants through various topics in professional and administration.

Stakeholders brainstorm on Almajiri school system in Sokoto

Why we shifted common entrance exams to 24th October - Commissioner

To adapt the Indonesian Pondok system into the Almajiri

MARK MAYAH

okoto State Arabic Board met with relevant stakeholders in the state to brainstorm on how to formulate a system to help improving the Almajiri’s system of education in the state. The three days workshop which was declared open by Governor Aminu Tambuwal, represented by the Commissioner for Higher Education, Muhammad Bello Guiwa, while the Sultan of Sokoto, Sa’ad Abubakar, was represented by the Wazirin Sokoto, Sambo Junaidu. It also attracted stakeholders from the ministries, non-governmental agencies, MDAs. Other participants include Balarabe Shehu Musa Kakale, representing Dange - Shuni and Tureta Federal Constituency, representative of UNICEF, ministry of women and children Affairs, state agency for Mass Education, TAJ Bank, Zenith Bank, Sokoto State Chamber of Commerce and Industry among others. In the communique issued after the three days’ workshop for 38 Non - Begging Almajiri school in the state theme : “Turning the problems of Almajiri into opportunities paradigm for partnership and

collaboration.” The stakeholders urged for more researches and collaboration development. They all agreed to domesticate the Indonesian Pondok system into the Almajiri VTEAC model which comprises Quran /Religious Studies, Literacy /Numeracy, Morality and Patriotism inculcation and economic activities for self - reliance. In his remarks, the Chairman of Maikoli Foundation who is also the Chairman Sokoto State Scholarship Board, Altine Kajiji, gave the assurance that his founda-

tion is ever ready to give all the necessary support in the area of Public awareness, financial assistance and moral support to all the Almajiri schools, especially those Non-Begging Almajiri schools. He also stressed that his foundation will continue to collaborate with the agency (Sokoto State Arabic and Islamic Board) in this direction. On their parts, the participating Proprietors agreed to step down the idea of Non-Begging in the Almajiri system of education across the country.

Aminu Tambuwal, Sokoto state Governor www.businessday.ng

SIKIRAT SHEHU, Ilorin atimah Bisola Ahmed, Kwara state Commissioner for Education and Human Capital Development had announced that the state common entrance examination earlier schedule to hold on 17th October has been shifted to Saturday, 24th October, 2020. The Commissioner an-

nounced the new date during an interactive session with newsmen in her office at the weekend. She says : “The common entrance examination that was earlier slated for 17th October, 2020 will now take place on 24th October, 2020 across the state. Ahmed enjoined parents and guardians to prepare their wards for the forthcoming examination as she informed parents

and guardians that the ongoing Basic Education Certificate Examination (BECE) that was suspended due to workers strike will continue on Monday 19th October, 2020. The Commissioner laid emphasis on the need for stakeholders in the education sector to abide by the COVID - 19 safety guidelines in schools and wished pupils and students hitch - free examinations.

Group calls for teachers’ empowerment, retooling for better post-COVID-19 school management SEYI JOHN SALAU

s schools are reopening following the seven months forced lockdown by the Coronavirus (COVID-19), the Human Development Intiative (HDI) has called for teachers’ empowerment and retooling to upskill their pupil-teacher ratio and the over all school management system post Covid-19. The group at a sensitisation programme held during the week at Ireti Owoseni Primary School, Badia School Complex, Ojora, Lagos for stakeholders in the basic education subsector, said it was important teachers’ get retrained to keep touch with modern realities of teaching. Appealing to government to increase its workforce and look into the welfare of teach-

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ers to boost learning, the group stressed that it was counter productive to match teachers with many pupils than they can handle. “We want to encourage the government to support and empower more teachers, give them palletives, training and retraining,” said Johnson Ibidapo, the project coordinator, HDI. According to Ibidapo, HDI is appealing to the Lagos State government to employ more teachers to reduce the current level of pupil-teachers ratio in the state, eapecially at the basic education level. “...for teachers to be caring for 120 students everyday, that teacher might not know when a student is not in school. Fine, the teacher is paid to teach but that does not mean they should have more students than they @Businessdayng

can handle. “Recently I went to a school and discovered that non-academic staff are teaching, I’m not condemning it but things have to be done properly, if the qualified teachers are enough we don’t need non-academic staff to be teaching,” said Ibidapo. HDI noted that while government plays its part in ensuring condusive learning environment and teachers’ welfare, parents should ensure enrollment of their children or wards in school. It also called on community based groups, religious leaders, community leaders, parents and individuals to partner with government in reporting shady deals and ensure that awarded school projects are properly carried out.

Tuesday 20 October 2020

BUSINESS DAY

EDUCATION

20 Greensprings students bag $1.2M Conrad challenge scholarship KELECHI EWUZIE

fter working on various innovative STEM projects, twenty students from Greensprings S c h o o l , L e k k i ca mpu s have been presented with $60,000 each totaling 1.2 million dollars for emerging finalists in the 2020 Conrad Challenge. Conrad Challenge is a yearly competition that brings together a dynamic community of innovators and entrepreneurs who work together to develop extraordinary and viable solutions that benefit our world in the areas of Aerospace and Aviation, Cyber-

Technology and Security, Energy and Environment, Health and Nutrition, and Smoke-Free World. This challenge is an initiative of the Conrad Foundation, USA, and this is the second consecutive year that students of the school made it to the final and received the scholarship award attached to the challenge. Afolabi Amusan, Assistant Principal (Enhancem e nt ) f o r t h e s c h o o l , shared his thoughts on the fact that the students of the school have won the scholarship back-to-back. He said, “The school focuses on investing in its students and creating an enabling environment for them to succeed. Therefore, I am

glad that our students continue to excel academically and perform outstandingly, both in local and international competitions. “Last year, it was five of our students that won t h e C o n ra d C ha l l e ng e scholarship, but this year, we have twenty students winning it. That’s a backto-back success story for the Greensprings School community, and we are extremely happy!” Talking about the project he worked on, Uwadiae Guobadia, one of the scholars, said, “The Conrad Challenge was a very enlightening experience for me. My team came up with the idea of a device named Electro-Decarbonator, which we designed

Adamu Adamu, education minister

to capture carbon dioxide from the fumes of generators. With this device, we wanted to tackle the problems of air pollution and global warming by capturing carbon dioxide from generators and preventing it from escaping into the atmosphere. “I enjoyed the good relationship I had with my team members and participants from other schools across Nigeria. My sincere appreciation goes to all my teachers in Greensprings School for helping to develop my confidence and public speaking skills. Without them, presenting our project idea in front of the judges wouldn’t have been easy for me,” Guobadia said.

OYSG appreciates NGO for renovating school buildings

LASU students, graduates undergo Emerald Zone training to boost employability skills

…As OYOSUBEB distributes Motorcycles, Office tools to Quality Assurance Officers

KELECHI EWUZIE

REMI FEYISIPO,Ibadan

No n - P r o f i t O rganisation, Junior Chambers International renovated two Blocks of classrooms in Seventh Day Adventist Primary School, Ibadan, under the Oyo State Adopta-school project. Sanmi Abiodun, the President of JCI Ibadan Elite, made this known during the commissioning of the project, adding that the Organisation also intends to build and equip a library for the school. Sanmi at the inauguration of the projects, said the organisation also renovated the school’s dilapidated walls to enhance security. Speaking at the event held, the Executive Chairman, Oyo State Universal Basic Education Board, Dr. Nureni Adeniran lauded the NGO for the initiative, which he said would go a long way to enhance the assimilation of the pupils. According to the Executive Chairman, the efforts of the Organisation is commendable and should be emulated by all well-meaning Nigerians, as government alone cannot solve the accumulated problem in the

Education sector. He said JCI’s kind gesture came at a time the State Government is encouraging public private partnership, calling on individuals to invest in education needs in the State. “The government of Seyi Makinde is doing a lot to redeem the education sector of the State. We have been doing more in construction and renovation of school buildings. However, kind hearted Organisations, as yours may support Government, for the sake of our children’s future”. There is no support that is too small”, he said. In another development, the Oyo State Universal Basic Education Board has promised to provide the Basic Education Quality Assurance Offices, (QAOs)

Nureni Adeniran www.businessday.ng

under the State Universal Basic Education Board with necessary supports that would further make quality education accessible to every child. Nureni Adeniran said this at the headquarters of the Board in Ibadan, while handing over new motorcycles and some office tools including laptops and printers to Quality Assurance Officers across the 33 Local Government Universal Basic Education Authorities. The gesture, according to him, was in line with the State Government’s determination towards ensuring that Oyo State pupils receive quality education. Adeniran advised the QAOs to make good use of the tools, adding that the pieces of equipment were provided to ease their duties of primary schools monitoring, while also enhancing the delivery of quality education in the State. The Executive Secretary, OyoSUBEB, Olusanjo Adeniyi while urging the QAOs to make good use of the tools handed over to them, also acknowledged the roles played by the State Government and all other relevant agencies in making Quality Assurance monitoring a priority in the State.

etermined to ease the process of graduates transiting from school to the workplace, Emerald Zone, an organisation involved in training, designed a monthly training programme for Lagos State University students and g ra d u a t e s t o p re p a re them for employment. The organisation identified the gap in the expectation of the employer in a talent and the level of preparedness of the fresh job seeker, to this effect has developed the Graduate Development Programme for the students. Igot Ofem, coordinator, Career Development Centre, Lagos State University (LASU) while speaking about the engagement of L ASU students said “Emerald Zone has been consistent in their efforts to contribute to the development of the youths, their track record speaks for itself. Therefore we are very comfortable to partner with them so that they can upskill our soon

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to be graduates and their immediate predecessors” The Graduate Development Programme provides soft skill training that is very essential to fit in the workplace. Modules such as Personal Effectiveness, Business Eco-Systems, Communication, Ethics etc. are just a few among the areas covered. Oladapo Akinloye, chief operating office, Emerald Zone is excited to have the L ASU students on board ‘this is a confirmation of the value we consistently deliver; our resolve to consciously expand the base of employable youths is coming to fruition’. Akinloye further stated that the 4 weeks training programme has expert practitioners as faculty that give relatable examples hence helping the participants learn clearly and understand faster. It is a platform we have developed for organisations to reach out and seek well groomed talents that can be hired for their aptitude and attitude. At the moment the Graduate Development @Businessdayng

Programmes is Virtual and runs once a week for four weeks. Classes are intensive as it encompasses a lot of assignments and discussions. Individuals or groups are invited to reach out to @ ezonelagos on facebook & Instagram to register for the next cohort which is for November 2020 if not they can register for other months. How ever, follow ing the COVID-19 outbreak, classes now hold online, Very soon we will have a combination of virtual and physical sessions. Lagos is the starting point with plans to progressively have physical sessions in key commercial cities like Abuja, Port Harcourt etc. “Our Graduate Development Programme is a learning platform initiated to bridge the gap, areas such as Self-discovery, Personal effectiveness communication etc. With this, we look forward to collaborating with organisations or institutions that take pride in people development which is where LASU CDC sits,” Akinloye said.

Tuesday 20 October 2020

BUSINESS DAY

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Tuesday 20 October 2020

Tuesday 20 October 2020 DAY BUSINESS

BUSINESS DAY

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Tuesday 20 October 2020

BUSINESS DAY

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Tuesday 20 October 2020

BUSINESS DAY

Live @ The STOCK Exchanges Prices for Securities Traded as of Monday 19 October, 2020

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 282,584.54 7.95 -0.63 240 17,908,413 UNITED BANK FOR AFRICA PLC 242,815.89 7.10 -1.39 392 41,760,575 ZENITH BANK PLC 659,326.37 21.00 -2.55 565 43,004,482 1,197 102,673,470 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 226,140.34 6.30 -1.56 323 32,759,733 323 32,759,733 1,520 135,433,203 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,849,631.83 140.00 - 156 1,900,465 156 1,900,465 156 1,900,465 BUILDING MATERIALS DANGOTE CEMENT PLC 2,556,076.11 150.00 - 92 377,290 LAFARGE AFRICA PLC. 297,994.22 18.50 -1.86 205 4,626,219 297 5,003,509 297 5,003,509 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 247,146.72 420.00 - 8 667 8 667 8 667 1,981 142,337,844 REAL ESTATE INVESTMENT TRUSTS (REITS) SFS REAL ESTATE INVESTMENT TRUST 1,386.00 69.30 - 3 655 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,163.30 40.65 - 0 0 UPDC REAL ESTATE INVESTMENT TRUST 10,139.42 3.80 - 1 10 4 665 4 665 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 2 4 VALUEALLIANCE VALUE FUND 3,692.74 115.05 - 0 0 2 4 2 4 6 669 CROP PRODUCTION FTN COCOA PROCESSORS PLC 572.00 0.26 - 0 0 OKOMU OIL PALM PLC. 76,312.80 80.00 - 13 65,493 PRESCO PLC 65,900.00 65.90 - 55 195,386 68 260,879 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 8,500.00 4.25 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,920.00 0.64 1.59 25 679,719 25 679,719 93 940,598 DIVERSIFIED INDUSTRIES JOHN HOLT PLC. 217.92 0.56 - 0 0 S C O A NIG. PLC. 1,903.99 2.93 - 0 0 TRANSNATIONAL CORPORATION OF NIGERIA PLC 24,795.27 0.61 1.64 94 15,385,322 U A C N PLC. 19,304.69 6.70 -2.90 48 10,285,738 142 25,671,060 142 25,671,060 BUILDING CONSTRUCTION ARBICO PLC. 152.96 1.03 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 26,769.60 16.90 -0.59 69 691,623 ROADS NIG PLC. 165.00 6.60 - 0 0 69 691,623 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 14,847.98 0.80 1.25 14 1,069,721 14 1,069,721 83 1,761,344 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 6,968.25 0.89 - 3 12,050 GOLDEN GUINEA BREW. PLC. 829.98 0.81 - 3 4,030 GUINNESS NIG PLC 38,660.26 17.65 4.75 246 3,409,319 INTERNATIONAL BREWERIES PLC. 157,411.72 5.86 9.94 118 1,595,859 NIGERIAN BREW. PLC. 393,447.58 49.20 - 60 162,904 430 5,184,162 FOOD PRODUCTS DANGOTE SUGAR REFINERY PLC 167,019.58 13.75 -0.36 113 2,438,094 FLOUR MILLS NIG. PLC. 90,208.35 22.00 1.62 82 2,769,311 HONEYWELL FLOUR MILL PLC 7,612.99 0.96 -1.03 33 1,684,306 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 828.63 4.65 - 1 66 NASCON ALLIED INDUSTRIES PLC 34,442.70 13.00 - 24 33,658 UNION DICON SALT PLC. 2,993.06 10.95 - 0 0 253 6,925,435 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 14,649.98 7.80 -3.11 54 559,576 NESTLE NIGERIA PLC. 931,371.10 1,175.00 - 21 66,582 75 626,158 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 VITAFOAM NIG PLC. 7,692.69 6.15 0.82 28 412,648 28 412,648 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 17,073.05 4.30 - 42 230,551 UNILEVER NIGERIA PLC. 77,557.57 13.50 - 90 1,351,901 132 1,582,452 918 14,730,855 BANKING ECOBANK TRANSNATIONAL INCORPORATED 84,407.94 4.60 1.10 88 2,561,792 FIDELITY BANK PLC 59,688.08 2.06 -0.96 135 14,052,142 GUARANTY TRUST BANK PLC. 906,480.32 30.80 1.48 331 26,885,755 JAIZ BANK PLC 17,089.26 0.58 1.72 22 3,610,044 STERLING BANK PLC. 38,867.06 1.35 -2.17 67 4,098,059 UNION BANK NIG.PLC. 144,147.73 4.95 -1.01 82 2,132,589 UNITY BANK PLC 6,662.92 0.57 - 5 19,885 WEMA BANK PLC. 22,373.19 0.58 -1.69 43 1,190,847 773 54,551,113 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 1 50 AIICO INSURANCE PLC. 12,100.66 0.89 5.95 38 2,370,227 AXAMANSARD INSURANCE PLC 19,215.00 1.83 - 19 422,000 CONSOLIDATED HALLMARK INSURANCE PLC 3,639.53 0.34 -8.82 6 217,169 CORNERSTONE INSURANCE PLC 11,444.83 0.63 - 14 386,642 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 1 500 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 2,050.56 0.28 -3.57 11 748,876 LAW UNION AND ROCK INS. PLC. 4,725.96 1.10 - 0 0 LINKAGE ASSURANCE PLC 4,400.00 0.44 - 2 105,000 MUTUAL BENEFITS ASSURANCE PLC. 2,346.27 0.21 -4.76 9 2,381,545 NEM INSURANCE PLC 10,877.84 2.06 3.00 7 178,562 NIGER INSURANCE PLC 1,547.90 0.20 - 0 0 PRESTIGE ASSURANCE PLC 3,816.72 0.60 - 0 0 REGENCY ASSURANCE PLC 1,600.50 0.24 - 3 45,700 SOVEREIGN TRUST INSURANCE PLC 2,272.89 0.20 - 1 981,000 STACO INSURANCE PLC 4,483.72 0.48 - 0 0 STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 0 0 SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 0 0 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 0 0 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 1 7,000 WAPIC INSURANCE PLC 9,356.76 0.39 - 18 337,691 131 8,181,962 MICRO-FINANCE BANKS NPF MICROFINANCE BANK PLC 3,201.29 1.40 - 16 656,604 16 656,604

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MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 6,784.62 1.05 - 0 0 ASO SAVINGS AND LOANS PLC 7,370.87 0.50 - 0 0 INFINITY TRUST MORTGAGE BANK PLC 5,671.82 1.36 - 0 0 RESORT SAVINGS & LOANS PLC 2,265.95 0.20 - 0 0 UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 0 0 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 10,920.00 5.46 -1.44 56 1,399,767 CUSTODIAN INVESTMENT PLC 29,409.32 5.00 - 9 18,586 DEAP CAPITAL MANAGEMENT & TRUST PLC 405.00 0.27 - 0 0 FCMB GROUP PLC. 45,744.26 2.31 -1.70 64 7,032,835 ROYAL EXCHANGE PLC. 1,286.34 0.25 -8.00 10 880,604 STANBIC IBTC HOLDINGS PLC 477,557.90 43.00 - 20 79,316 UNITED CAPITAL PLC 21,300.00 3.55 -2.20 102 10,004,649 261 19,415,757 1,181 82,805,436 HEALTHCARE PROVIDERS EKOCORP PLC. 2,991.61 6.00 - 5 23,597 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 923.82 0.26 - 7 359,000 12 382,597 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 593.50 0.60 - 1 8,000 1 8,000 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 7,719.53 3.70 5.71 18 296,098 GLAXO SMITHKLINE CONSUMER NIG. PLC. 6,876.29 5.75 2.68 43 978,180 MAY & BAKER NIGERIA PLC. 5,175.70 3.00 -7.69 36 561,112 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 3,513.44 1.85 - 7 11,016 NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 325.23 1.50 - 0 0 104 1,846,406 117 2,237,003 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 710.40 0.20 - 2 4,745 2 4,745 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 764.87 0.26 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 0 0 NCR (NIGERIA) PLC. 216.00 2.00 - 2 600 TRIPPLE GEE AND COMPANY PLC. 178.18 0.36 - 2 1,386 4 1,986 PROCESSING SYSTEMS CHAMS PLC 986.17 0.21 5.00 26 2,051,442 E-TRANZACT INTERNATIONAL PLC 7,266.00 1.73 - 4 27,750 30 2,079,192 TELECOMMUNICATIONS SERVICES AIRTEL AFRICA PLC 1,541,593.75 410.20 - 10 513 10 513 46 2,086,436 BUILDING MATERIALS BERGER PAINTS PLC 1,941.82 6.70 - 2 909 BUA CEMENT PLC 1,385,052.08 40.90 - 19 48,716 CAP PLC 13,090.00 18.70 - 28 1,289,677 MEYER PLC. 265.62 0.50 - 0 0 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,586.83 2.00 - 2 11,485 PREMIER PAINTS PLC. 1,156.20 9.40 - 0 0 51 1,350,787 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,192.12 2.03 - 0 0 CUTIX PLC. 3,135.15 1.78 9.88 27 676,898 27 676,898 PACKAGING/CONTAINERS BETA GLASS PLC. 27,698.45 55.40 - 9 6,477 GREIF NIGERIA PLC 388.02 9.10 - 0 0 9 6,477 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 0 0 87 2,034,162 CHEMICALS B.O.C. GASES PLC. 1,769.04 4.25 - 1 230 1 230 METALS ALUMINIUM EXTRUSION IND. PLC. 1,781.64 8.10 - 0 0 0 0 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 0 0 0 0 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 77.00 0.35 - 0 0 0 0 1 230 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,315.17 0.21 5.00 14 2,826,508 14 2,826,508 INTEGRATED OIL AND GAS SERVICES OANDO PLC 28,592.25 2.30 -1.74 83 3,171,166 83 3,171,166 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 67,395.25 186.90 - 42 41,837 ARDOVA PLC 16,541.51 12.70 5.83 64 1,371,939 CONOIL PLC 10,964.44 15.80 9.72 23 124,739 ETERNA PLC. 5,816.49 4.46 -8.98 76 1,995,053 MRS OIL NIGERIA PLC. 3,794.59 12.45 - 13 41,105 TOTAL NIGERIA PLC. 38,094.35 112.20 - 42 52,272 260 3,626,945 357 9,624,619 ADVERTISING AFROMEDIA PLC 887.81 0.20 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 15,796.05 1.62 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 235.27 0.20 - 0 0 0 0 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 3,038.43 3.28 0.92 22 397,594 TRANS-NATIONWIDE EXPRESS PLC. 431.34 0.92 - 2 727 24 398,321 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 1 1,000 1 1,000 HOTELS/LODGING CAPITAL HOTEL PLC 3,748.05 2.42 - 0 0 IKEJA HOTEL PLC 2,307.46 1.11 9.90 3 230,213 TOURIST COMPANY OF NIGERIA PLC. 7,076.28 3.15 - 0 0 TRANSCORP HOTELS PLC 30,401.62 4.00 - 2 800 5 231,013 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 3,600.00 0.30 - 1 1,000 1 1,000 PRINTING/PUBLISHING ACADEMY PRESS PLC. 163.30 0.27 -6.90 5 154,574 LEARN AFRICA PLC 848.60 1.10 - 4 11,962 STUDIO PRESS (NIG) PLC. 1,064.85 1.79 - 0 0 UNIVERSITY PRESS PLC. 534.95 1.24 - 4 12,113 13 178,649 ROAD TRANSPORTATION ASSOCIATED BUS COMPANY PLC 497.31 0.30 - 9 16,931 9 16,931 SPECIALTY INTERLINKED TECHNOLOGIES PLC 688.80 2.91 - 0 0 SECURE ELECTRONIC TECHNOLOGY PLC 1,126.31 0.20 - 1 909

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@Businessdayng

28 BUSINESS DAY

Tuesday 20 October 2020

NEWS

Anxiety as crude producers’ coalition meets over supply cut OLUSOLA BELLO

learing of the backlog of compensatory supply cuts that nations like Nigeria and Iraq owe in return for flouting the generally agreed production cut by OPEC+ is now a source of anxiety among stakeholders who are opposed to any move by the cartel to relax the quotas imposed on individual countries at the peak of the Covid-19 pandemic. This is on the heels of a video conference at Vienna to assess the state of the market on Monday. However, no supply decisions were expected until December 1, 2020 but leading members, Saudi Arabia and Russia are already stepping up diplomacy. Saudi Arabia and Russia have urged fellow members to respect their output commitments as oil prices come under renewed pressure. With oil stuck at around $40, and more supply coming online from Libya, the cartel is now under pressure to revise its plan to ease those output cuts. It has already relaxed them by about 2 million barrels a day, and is due to add another 1.9 million in January. In f l u e n t i a l v o i c e s i n the market according to Bloomberg are already tell-

ing OPEC+ to be wary about the planned increase. President Vladimir Putin and Saudi Arabia Crown P r i n c e Mo h a m m e d Bi n Salman have spoken twice by phone in a week - the first time the countries’ leaders have done that since the depths of the oil crisis in April, when they were hashing out a deal to cut supply and bring the price war to an end. While members are publicly sticking with that plan for now, OPEC secretarygeneral Mohammad Barkindo acknowledged on Thursday that demand is “anemic” and the cartel will act to prevent a market “relapse.” Its own internal reports points to the risk of a new surplus. And in private, delegates admit they’re open to delaying the increase when a formal decision is taken in six weeks. Trading houses like Mercuria Energy Group, banks including JPMorgan Chase & Co. and institutions such as the International Energy Agency are counseling that markets remain too fragile to easily absorb the additional barrels. “Adding oil to the market at such a time is not an advisable gambit,” said Natasha Kaneva, an analyst at JPMorgan in New York.

NCRIB seeks deeper penetration of insurance in Nigeria MODESTUS ANAESORONYE

he Nigerian Council of Registered Insurance Brokers (NCRIB) has restated its commitment to increasing insurance awareness and senstitisation exercise, in a bid to deepen penetration in the country. Bola Onigbogi, president of the NCRIB received the new executive of the National Association of Insurance and Pension Correspondents emphasised the need to increase insurance acceptance as well as its contribution to the nation’s Gross Domestic Product (GDP). Onigbogi said a lot of Nigerians are still ignorant of what values insurance can bring to their respective lives, while some still habour the misconception that insurance companies don’t pay claims, hence, the need to drive awareness and education from the media perspective to change this narrative. She believes that the growth of insurance industry requires collective efforts, saying, the media is critical and an important stakeholder in the journey to develop the insurance segment of the nation’s economy. While appreciating the efforts of NAIPCO members

in their drive to educate Nigerians through their informed write-ups and news reporting, she urged them to be positive in reporting as the death of the industry will also negatively reflect on the reporters covering the sector. She applauded the current executives for embarking on series of projects aimed at complementing the efforts of Insurance companies and brokers to deepen Insurance penetration and acceptance, promising that, the council will, just as it has done in the past, continue to support the association in its plans to grow and develop the sector. Similarly, Tunde Oguntade, the vice president, NCRIB said, the relationship between the council and the media, especially, insurance correspondents, has always been positive, promising to extend such gesture to the current executives of NAIPCO, so that, together, they can grow the industry. “We have had a cordial relationship with your predecessors and the current executives at NCRIB are ever ready to support you to succeed in all your plans. We need to positively project the industry and we, the brokers, are already doing that through our several initiatives,” he pointed out.

L-R: Hassan Bello, executive secretary/chief executive officer, Nigeria Shippers’ Council; Ibraheem Olugbade, executive director, SIFAX Off Dock; John Jenkins, managing director, Ports and Cargo Handling Services Limited, a subsidiary of SIFAX Group, and Abdullahi Ganduje, governor, Kano State, during an assessment tour of Ports & Cargo Handling Services Limited at the Tin Can Island Port, Apapa, Lagos.

#EndSARS: Hope for justice as Sanwo-Olu, Obaseki inaugurate panels on police brutality JOSHUA BASSEY & IDRIS UMAR MOMOH

…protest spreads amid rising tempers

s the #EndSARS protest spreads amid rising tempers in major Nigerian cities, some glimmers of hope seem to be emerging in Lagos where the state governor, Babajide Sanwo-Olu has inaugurated a judicial panel of inquiry and restitution on brutality and violation of citizens’ rights by the disbanded Special AntiRobbery Squad (SARS) unit of the Nigeria Police. Asides intended to pacify millions of the youths who are still protesting in the streets, the inauguration of the panel also aimed at identifying victims of the disbanded SARS in Lagos, get them to give account of their ordeal, as well as identify and bring their predators to justice. In Edo State, a 12-man panel has also been set up by Governor Godwin Obaseki, to look into circumstances surrounding the #EndSARS protest in the state. According to Osarodion Ogie, secretary to Edo State government, the panel was in “response to the yearnings of Nigerian youths, as articulated in the demands of the #Endsars

protesters.” Members of the seven-man Lagos panel were sworn-in on Monday Governor Sanwo-Olu, charged with investigating cases of brutality and human rights violations committed by operatives of SARS, in Lagos. The Lagos panel headed by a retired judge, Doris Okuwobi, will sit for six months and is mandated to thoroughly dig into all verifiable claims of abuses and fatalities arising from SARS engagement in the state, with the objective to bring erring officers to justice and get compensation for the victims. Sanwo-Olu, while swearing in the members of the panel said in the last two weeks, the state had witnessed justified protests of youths against police brutality, saying that the pain of the young ones had been felt in various parts of the state and country as well as in the diaspora. “They have spoken in one voice against the unbridled violation of their rights and lives by the disbanded SARS. Through the #EndSARS protest, Nigerians from all walks of life have spoken loud and clear

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on the need for government at all levels to take immediate and concrete actions to secure the lives of innocent Nigerians, especially the youth – many of whom have suffered gross violation of their fundamental human rights. “Some have even lost their lives under questionable circumstances. In one of my engagements with the protesters, they gave me a list of five immediate demands, which I personally presented to President Muhammadu Buhari in Abuja last Tuesday. “I must, however, state that even before my visit to the president, I had taken action on some of their demands, which included the immediate release of all those detained on account of their participation in the #EndSARS protest and the establishment of a N200 million fund for compensation to families and individuals who were victimised by officers of the disbanded SARS,” he said. According to Sanwo-Olu, in response to one of the demands of the youths and in line with the resolution of the National Economic Council on October 15, 2020, under the

chairmanship of Vice President Yemi Osinbajo, the Lagos State government had constituted a judicial panel of inquiry and restitution under the chairmanship of Doris Okuwobi. He said the government fully understood the enormity of the task at hand and the need to ensure that it upholds the tenets of due process and fair hearing, which was why government had selected a seasoned and unblemished judge to head this judicial panel of inquiry. “The panel will sit for six months with the following terms of reference: receive and investigate complaints of police brutality or related extra judicial killings in Lagos State and ensure that victims and their families are able to publicly air their grievances; evaluate evidence and draw conclusions on the validity of the complaints; determine and recommend compensation and other remedial measures where appropriate, and issue cheques in favour of victims or their dependents; determine the officers responsible for the abuse of victims and recommend their prosecution.

NMA advocates 15% budget allocation to health SIKIRAT SHEHU, Ilorin

he Nigerian Medical Association (NMA) has urged the Federal Government to increase budget allocation to the health sector from 4.16 percent to 15 percent for adequate facilities and quality healthcare delivery. Baba Issah, a professor of medicine and chairman of NMA, Kwara State chapter, stated this, Monday, while addressing journalists on the association’s 2020 ‘Physician Week’ with the theme “strategy for health system

recovery during Covid-19 in Nigeria” Issah, who observed that this year’s celebration calls for sober reflection considering the effects of the coronavirus, including deaths of health workers, stressed the need for adequate investment in the healthcare system. According to him, “Covid-19 is a threat to the survival of the country. He explained that for meaningful development to take place in a given society where disease and deaths are ravaging the citizens there must be strategic and focused actions on health

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care. The association noted that “Nigeria’s allocation to health in 2019 was a meagre 4.16 percent of the budget and it was unpredictable how much of the fund would be released to care for Nigerians. “For Nigeria to achieve improved health care there must be a healthy workforce and information system, improved access to essential medicines and paying more attention to health financing among other things. “The right to health includes ensuring availability, accessibility and quality @Businessdayng

health care, facilities and services. The present moment offers opportunity to strengthen our health system through greater access to life-saving technologies, improvements in critical subsystem, longterm investment in institutions, including capacity building and leadership development. “It is our firm belief that with the right support from the government, our efforts to provide excellent service to Nigerians will continue to contribute to national development for social and economic growth,” he submitted.

Tuesday 20 October 2020

BUSINESS DAY

Feature Access Bank’s rejuvenation of Oniru-Lekki axis boosts economic activities BALA AUGIE

ov e m e n t w i t h i n cities and across cities is essential for economic growth, job creation, and poverty reduction. Beyond simply facilitating cheaper and more efficient movements of goods, people, and ideas within cities, transport affects the distribution of economic activity across cities. To make movement fluid, road widening is normally carried out when the road is inadequate for the traffic using it, or when extra lanes are needed. Road widening can improve traffic safety and capacity. The widening of roads is one of the useful methods employed by Access Bank Plc to deal with the long-standing traffic problems on the Oniru-Lekki stretch in a problemsolving development, known as Victoria Island-Lekki Traffic Circulation Project-Oniru Axis. The project was conceived to help keep traffic congestion lower, which in turn reduces air pollution from idling vehicles, and helps riders avoid the stress that comes from daily driving in highly congested areas. The Victoria Island and Lekki axis are two very busy commercial areas in Lagos State with huge exchange of economic activities daily, according to the bank. These areas easily provide employment opportunities for a large number of the people, with close to 40% of total employment opportunities within the formal sector. The Access Bank intervention, known as Victoria Island-Lekki Traffic Circulation Project-Oniru Axis, was a step by step approach that had the unprecedented backing of the Lagos State government. It incorporated effective road expansion, including reconstruction of junctions and roundabouts, to improve traffic flow. The Victoria Island - Lekki Circulation Solution was conceptualised by Planet Projects Limited (PPL) at the instance of Access Bank Plc., and its target was to eliminate noise and chaotic motor vehicle traffic that backup for kilometres, fueling man-hour loss to those caught in it, particularly business people and residents. Access Bank considered the chaotic situation offensive to their statue as a first-rate financial institution and its Managing Director, Chief Executive Officer, Mr. Herbert Wigwe thought it necessary to make it go away. The project executor identified the challenges and proffered solution to each of them, setting goals like reduced traffic congestion; improved accessibility options for ingress and egress between Victoria Island and Lekki; improved traffic flow between both places; improved environment and living standard; and enhanced security and safety. The rejuvenation was undertaken after a careful and comprehensive study of the Victoria Island-Lekki area, including location of hubs that attract high traffic like hotels, estates, malls and banks, among others. Interestingly, Access Bank has its Head Office on the Oniru axis and experienced the horrendous traffic first hand and this motivated them, as a problem-solving institution, to provide freedom in a hitherto chaotic environment.

Herbert Wigwe Lagos State continues to experience exponential growth in different areas, most notably its population. “The population of Lagos offers the state a competitive advantage economically, however, on the down side it creates challenges in terms of traffic congestions. Traffic congestion in cities typically occurs as more and more people travel to reach their desired destinations. This chaotic situation is seen as unbefitting of a first-rate financial institution like Access Bank that has its headquarters in that axis. So, its Managing Director, Chief Executive Officer, Mr. Herbert Wigwe set about impacting their host community, positively. They specifically identified the challenges and proffered solution to each of them, with gains evolving in the form of reduced traffic congestion; improved accessibility options for ingress and egress between Victoria Island and Lekki; improved traffic flow between both places; improved environment and living standard; and enhanced security and safety. The bank’s management decided on its corporate social responsibility mindful of the fact that Lagos State continues to experience exponential growth in different areas, most notably its population. “The population of Lagos offers the state a competitive advantage economically, however, on the down side it creates challenges in terms of traffic congestions. Traffic congestion in cities typically occurs as more and more people travel to reach their desired destinations. “Hence, there is a lot of people moving in and out of these areas in www.businessday.ng

the mornings and evenings respectively. This generates a lot of traffic especially going across the critical zone that straddles these two areas, and thus leads to a lot of traffic congestion. “The congestion is so severe, that vehicles sometimes spend close to one hour to navigate through this axis that is just about 2 km. This is mainly caused by the current travel pattern around this axis.” The Victoria Island and Lekki axis are two of the most commercial areas in Lagos State with huge exchange of economic activities daily, according to the bank. These areas easily provide employment opportunities for a large number of the people, explaining that this axis has close to 40% of total employment opportunities within the formal sector. The Victoria Island - Lekki Circulation Solution was conceptualised by Planet Projects Limited (PPL) at the instance of Access Bank Plc. This project improved the traffic linkage and travel time between this highly economic and commercial axis of Lagos by reducing traffic congestion, experienced around this axis with huge productive man-hour loss. Giving specific accounts of the challenges and solutions, the bank officials said at the areas identified as J1 –Sandfill Junction and J2 – Abila Abiodun, Oniru Junction, the existing issues were “traffic congestion at Sandfill and Abila Abiodun Oniru junctions caused by disruption in flow of traffic due to left turn into Lekki– Epe Expressway and Abila Abiodun Oniru Street; poor pavement conditions and silted drains leading to flooded roads. Solutions proffered were junction improvement works; restricting of left turns into Lekki – Epe Expressway and Abila Abiodun Oniru; roads and drain rehabilitation. They also turned Abila Abiodun Oniru into a one-way street and Yesufu Abiodun Oniru (up to Four Points by Sheraton Hotel). There is an option of U-turn before the Toll Gate on Lekki – Epe Expressway. At J3 – Four Point Sheraton Junction, the existing issues were traffic congestion at Four Point Sheraton junction, caused by six conflict move-

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ments at the junction; poor pavement conditions and silted drains leading to flooded roads. To solve this problem, they did junction improvement works, and implemented one-way street along Chief Yesufu Abiodun Way and Prince Alaba Oniru Road to nullify conflict movement at this junction. There is also restriction of left turns into Lekki – Epe Expressway and Abila Abiodun Oniru.14 The existing issues at J4 – Akinbolagbe Junction (Chicken Republic), were traffic Congestion at Four Point Sheraton junctions caused by faulty traffic signal, and poor pavement conditions and silted drains leading to flooded roads. They performed junction improvement works to resolve this, in addition to installation of new traffic signals, adding that the expansion of Akinbolagbe Street will improve the efficiency of this junction. The J5 – Muri Okunola Roundabout has existing issues such as traffic congestion and delay at the roundabout due to reduced road width, which is worsened by commercial activities and on-street parking. Road capacity is also constrained as there is only one-lane in both directions from the roundabout to Aboyade Cole Street. To resolve this, they removed roundabout and replaced with signalised junction; improved turning radius of the junction. The J6 – Ligali Ayorinde/Akinbolagbe/Okene Road Junction has existing issues at the junction due to proximity of Akinbolagbe, Ajose Adeogun and Abdulrahman Okene junctions. There is also traffic congestion from Muri Okunola Roundabout, and the capacity of the junction is constrained due to 90 degrees corners, pavement failure and flooding. They proffered solutions which included improvement of the Ligali Ayorinde /Akinbolagbe Junction to increase capacity. They made effort to prevent left turns from Abdulrahman Okene Close; installed traffic signals at the junction; dualized Ligali Ayorinde Street from Ajose Adeogun to Muri Okunola junctions. Existing issues at J7 -Ajose Adeo@Businessdayng

gun Junction include traffic congestion and delay at this junction, caused by dysfunctional traffic signals. There is also traffic congestion from Ligali/ Akinbolagbe junction. They resolved this through installation of new traffic signal; and right turn flare lane to improve turning radius. Another crucial area attended to was R2 – New Road Extension (Maroko), where the issues were the existing path is used for various activities rainging from market to mechanic workshop To resolve this, they constructed a new road from Muri Okunola Roundabout to Yesufu Abiodun Oniru Road, to increase capacity and provide another alternative. At R3 – Akinbolagbe Street, the existing issues were major bottleneck between Oniru and Victoria Island due to insufficient road width (less than two lanes per direction) and high vehicular volumes – over 1,500 vehicles/hour) and 1,200 vehicles/ hour, in the morning and afternoon peak periods. Also, pavement failure is widespread with silted drains all along the length of the road. They solved this challenge by expanded Akinbolagbe Street to ensure there are two lanes per direction. They constructed drains along Akinbolagbe Street; installed traffic signals at both ends of the road. To help traffic circulation, there proposed one-way streets such as Chief Yesufu Abiodun Way and other roads; Abila Abiodun Oniru Road; Yesufu Abiodun Oniru (up to Four Points); Elegba Festival Road and implementation of a one-way system on Prince Alaba Oniru Road. During the ribbon-cutting event to inaugurate the project recently, the Chief Executive Officer of Access Bank Plc., Mr. Wigwe said the bank’s desire is to offer more to its customers and host communities. “Our track record speaks for itself,” he said, referring to past projects like that in Oyin Jolayemi and Danmole Streets in Victoria Island. “Indeed, community and social impact have become enshrined parts of our DNA as a Bank.” Wigwe specifically lauded the Lagos State Governor Sanwo-Olu “for the incredible support received during the execution of this project. Our commitment to facilitating a greater Lagos will not end here and I am truly excited about the infrastructural, technological and social advancements that our partnership will foster.” The governor, who cut the ribbon, said the roads network and improvement works provided by Access Bank would impact the lives of workers and commuters in the area, positively, stating “We achieved more than just creating a world-class road network. We have improved the drainage system of the community, reduced traffic and this has shown our drive to make the life of Lagosians easier. “I am absolutely delighted with Access Bank as they have continued to support Lagos State Government and working with us on numerous projects across the State. “Herbert Wigwe and his team have worked really hard to bring this project to life and have supported us on other projects like this. We appreciate the Bank for its contribution to public infrastructure improvement.”

Tuesday 20 October 2020

BUSINESS DAY

news Laptop prices surge as Nigerians work from... Continued from page 1

Lagos, and many shops in Abuja, prices of new laptops rose from 30 percent to up to 138 percent between the time Covid-19 cases were reported in March and October. While devaluation of the naira had some impact on the prices, laptop sellers were also driven by demand. Naira exchanged for dollar at N360/$ before the pandemic, but this has risen up to N470/$ at the parallel market due to crude oil market lows, representing 30.5 percent point increase. However, laptop prices have risen higher than 30.5 percent due to a combination of depreciation and higher demand fuelled by work-from-home strategy of firms and online studies, experts say. The market survey shows that the price of a HP250G7 Intel Celeron laptop increased by 40 percent to N105,000 on October 8, from N75,000 as of March ending. Similarly, the price of a laptop known as Intel Core I3,8GB increased by 10.4 percent to N530,000 from N480,000 within the same time. Also, the price of a HP Notebook - 15- (Intel Pentium Gold 4417U) increased by 47 percent to N133,000 from N90,000, while the price of a normal HP Standard laptop rose by 18.2 percent to N65,000 from N55,000. More so, the price of a laptop brand known as Lenovo Idealpal rose by 113.3 percent from N75,000 to N160,000. The prices were also the same in Abuja. “Because of the lockdown and the fact that people had to work from home, companies that didn’t provide staff with laptops before the pandemic had to make arrangements. This drove up demand for laptops,” Omobola Adu, research analyst, Growth and Development Asset Management Limited, told BusinessDay. “Also, gadget providers could not bring in new products, and there was demand for laptops. This led to price increase,” Adu said. He does not expect the price of laptops to go south soon because, for him, they do not adjust downwards quickly. BusinessDay found the average increase of laptop brands surveyed at 138.8 percent. Laptops are preferred over desktops due to their mobility and flexibility. When the pandemic first hit, offices and schools around the world were closed, forcing millions of people to work from home and complete classes online, and Nigeria was no exception. uLesson, an edtech startup, launched in February, got nearly 250,000 downloads in its first three months as a result of huge demand occasioned by lockdowns. “I undertook a class during this period and I had to get a new laptop with modern features,” Odubola Adelana, who completed a three-month course in July, said. Anita Edoma, a sales executive at Digital Solutions

Network, saw close to over a 55-percent increase in sales for new laptops. “The new ones were selling more because offices were buying them for their staff to work from home, while the fairly used ones were bought by individuals for their own personal businesses. And also, schools were buying for their teachers to conduct online classes,” she said. ButElijahBello,atechexpert, noted that devaluation of the naira played a major part in the price increase, saying, “There was high demand for laptops because of the need to work from home and nobody was sure when the pandemic was going to be over so the prices of goods in stock were increased because no laptops were being shipped into the country.” Damilola Adewale, a Lagos-based economic analyst, supported the position, saying this was bound to happen as long as electronic products and accessories were not being produced in Nigeria. “They are actually imported and, as such, exchange rate volatility or movement will surely affect the cost of these pieces of equipment. “So, logically once your exchange rate depreciates, it tells you that the cost of importing any product will automatically increase. “And going forward, the price could still increase because there is still uncertainty about FX stability and the current exchange rate is not trading at its fair value,” Adewale further said. Computer makers were caught off guard by the huge surge in demand for laptops, with many retailers and distributors struggling to keep up during the early period of the pandemic. Coronavirus also affected laptops imports from the world’s manufacturing country, China. As part of measures to unify the nation’s multiple exchange rates and ensure stability, the Central Bank of Nigeria, twice this year, devalued the naira. In July, it adjusted the value of the naira to exchange to the dollar at N381. In March, the bank adjusted the rate to N360/$ from N307/$ and abolished the N325 and N330 concessionary rates. But it trades at N460/$-N470$ at the parallel market. For fairly used laptops, Bilamin Tunde of Mikky World Integrated System said there was about a 20-percent increase in sales for him. According to a report by Euromonitor International, laptops saw a relatively healthy performance in 2020 as the portability of laptops appealed to an increasing number of consumers, particularly given the increased number of people working from home as a result of the pandemic. Globally, computer sales shot up by 11 percent to 72.3 million units in the second quarter compared with the same quarter last year, according to preliminary estimates from IDC, a global market research company. www.businessday.ng

AbdulRahman AbdulRazaq (l), governor, Kwara State, commiserating with one of the protesters that was attacked during the #EndSARS protest in Ilorin.

8 things we learnt from NNPC’s audited... Continued from page 2

ment worth about N39.5 billion. Net cash outflow on operating activities After movements in working capital, Net Cash flows from operating activities, which is a section of a company’s cash flow statement that explains the sources and uses of cash from ongoing regular business activities, increased to N989 billion from N791 billion recorded in 2018. Liabilities outweigh assets

The company’s liabilities of N9.68 trillion exceeded its assets by N4.4 trillion, raising “material uncertainty” about its operations, the auditors wrote in a note. Tax NNPC’s tax position in 2019 was a credit of N91 billion, compared to a tax expense of N88.2 billion for the same period last year. Reasons for loss NNPC’s net loss narrowed to N1.7 billion last year from N803 billion in 2018, the Abuja-based company said, citing the impact of contract renego-

What withdrawal of Task Team from... Continued from page 2

management to the Lagos State Traffic Management Authority (LASTMA). But that handover is yet to happen. “We are waiting for the Lagos State government to be properly briefed and officially handed over to as the state governor was not able to join the meeting from Ondo State where he was for the governorship election,” Opeifa explained further to BusinessDay. The PTT was set up as Federal Government’s response to the chaotic traffic situation in Apapa. At the outset, the task team had an impressive performance with its

well-crafted traffic management strategy that was well executed. Opeifa, in one of his several statements, noted that the team had been able to clear the gridlock and also succeeded in instilling discipline and improving the traffic situation in Apapa. He added that the team had been able to ensure easy access to Apapa for the residents, business owners, and other stakeholders. But this is no longer the case as the task team, according to some stakeholders, has become an unwelcome guest. In their opinion, the team has failed as Apapa has returned to square-one which

tiations, cost cuts and greater efficiency across its divisions. Revenue slipped to N4.63 trillion from N4.74 trillion. Cash and cash equivalent Cash and cash equivalents, which refers to the line item on the balance sheet that reports the value of a company’s assets that are cash or can be converted into cash immediately, settled at N1.7 trillion in 2019 from N1.8 trillion the previous year. Drive for more transparency NNPC operates joint ventures with oil majors, which together pump almost all

of Nigeria’s crude. It is also responsible for supplying refined fuel to the nation’s 200 million people. Earlier this year, the NNPC published its 2018 audited financials, as part of a drive for transparency at the company. The current solution comes after 20 years of political infighting regarding the role and future of the NNPC. The main reasons for this aggressive change of stance seem to be the success of the Aramco IPO, Saudi Arabia, which has the potential to bring in $200 billion, and the potential to value its national oil company at $2 trillion.

the task team, at any given opportunity, blamed on the unwholesome activities of faceless elements working at cross purposes with them. “The PTT overseeing traffic control in Apapa has overstayed their usefulness; it is unfortunate that the only solution that government has is to set up committees that members would come and see the problem as an opportunity to enrich themselves,” Remi Ogungbemi, chairman, Association of Maritime Truck Owners (AMATO), notes. Despite this obvious failure of the task team, concerns are mounting, especially among residents and business owners over the ability of LASTMA to effectively manage Apapa

traffic. “I have my fears that Apapa may get worse when the task team leaves. This is a problem that the military couldn’t solve. Taking this decision now that businesses are gradually returning to the port city in the hope things will get better may not help anybody,” Ben Olikeze, a business owner, says. “Unless LASTMA increases its capacity in terms of logistics and equipment, I don’t see them managing traffic here so well that there will be sanity on the roads and bridges. And judging from their activities on other Lagos roads, one can only say time will tell the fate that awaits motorists on this route,”Olikeze states.

Listed insurers see half-year profit surges... Local meter manufacturers to access... Continued from page 2

National Bureau of Statistics (NBS), the insurance sector contracted by 28.15 percent in the second quarter of the year. The industry contributes less than 1 percent to the economy as operators still struggle with lack of trust, especially with regards to claim settlement, socio-cultural and religious beliefs of Nigerians, weak enforcement of compulsory insurance policies, slow pace of innovation among industry participants and high poverty rate. Analysts at PriceWatercoopers (PWC) have said there is

a possibility of regulator asking for an extraordinary solvency test to ensure insurers can withstand the immediate knock-on impact of the pandemic. “There will be pressure on sales on reduced business activities,” said analysts at PWC. “There will also be a surge in health, travel and business interruption, and supply chain,” said the analysts. The regulator had hiked the minimum capital requirement for insurers so that they are liquid enough to undertake big ticket transactions necessary to bolster earnings.

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Continued from page 2

of related metering infrastructure that are currently being produced in the country is also prohibited. On interest rate, the facility is to be administered at an “all-in” interest rate of not more than 9 percent per annum or any other rate as may be specified by CBN. As part of the bank’s Covid-19 relief package, the interest rate to be charged up to February 28, 2021, shall not exceed 5 percent per @Businessdayng

annum. As regards collateral requirement, NERC’s approval of a DisCos loan request as a regulated debt obligation to be charged against all energy collections for the Nigeria Electricity Supply Industry (NESI) as the next line charge in the payment waterfalls of each DisCo below the existing payment to the Nigeria Electricity Market Stabilisation Facility (NEMSF), will serve as a collateral for the lending.

Tuesday 20 October 2020

BUSINESS DAY

News #EndSARS: Protest cripples businesses... Continued from page 1

airports. A visit by BusinessDay to the Murtala Muhammed Airport, Lagos, showed passengers stuck in traffic, while some who were already around Ikeja carried their luggage on their heads and on motorcycles to avoid missing their flights. “I left Festac (in Lagos)

personnel who spoke with BusinessDay at different bank branches around Jakande Gate, Isolo and Okota, in Lagos said their management ordered the branches closed for safety purposes. “Oga, we no open today because of the protest in front of our office. You fit do your transactions online. Na so management talk,” said

#ENDSARS protesters display cards at the Ikeja under bridge in Lagos. Pic by Olawale Amoo

There was a tense situation along Abuja Airport Road (Juke Airport Junction) when soldiers from Brigade of Guards barricaded the area. There was palpable fear that the protest could turn bloody.

named presenter on the #EndSARS ‘Soro Soke’ radio station, a new radio frequency founded by the protesters, called for the sustenance of the protests country-wide, saying the current injustice in Nigeria

Few hours after the invasion of Benin Correctional Centre by the suspected hoodlums, the Oko Medium Correctional Centre was also attacked. It was gathered that inmates were freed, while several vehicles and a ‘provision store’ were set ablaze. BusinessDay also gathered that about four police stations were burnt by hoodlums including: Ugbekun, Idogbo Police Post, Textile Mills, and Oba Market Police Stations. The Edo State office of DAAR Communications, opera-

micro, small and medium businesses, according to NBS and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). According to Adelaja Adeoye, ADP national publicity secretary, the protest is a clear message to the political class that Nigerian youths are gradually waking up. “As you can also see, they have been pushed to the wall by the notorious SARS officers across Nigeria,” Adeoye said.

#ENDSARS protesters block the Muritala Muhammed Airport Access Plaza. Pic by Olawale Amoo

by 9am in the morning but was surprised to discover that all the roads leading to the airport were blocked by protesters. I tried to get to the airport but it was futile. I couldn’t even find a commercial motorcycle. I still missed my flight,” a passenger identified as Chibuzor said. Disruptions to traffic crippled movement at Lagos routes including IkejaOshodi; Allen RoundaboutAwolowo Road, Ikeja; Alausa, Ikeja; Isheri Olowora, Magodo; Agbara, LagosBadagary Expressway; Lekki Toll Gate; Ikotun Roundabout; Arepo, Lagos-Ibadan Expressway, Mushin Bus Stop; Apapa Oshodi-Expressway; Ojuelegba; Su-

a guard at a bank branch at Jakande Gate in Alimosho area of Lagos. At an old generation bank branch at Okota-Ago Palace Way roundabout, where #EndSARS protesters turned into a carnival ground, a guard said the bank had to be shut to forestall possible attack by hoodlums who might have infiltrated the #EndSARS protest. School premises in most parts of Lagos and Edo State were also shut and students sent back home. In Lagos and Abuja, many students who got to their school earlier in the day were seen on the roads trekking home. “Our head teacher asked us to go home today be-

#EndSARS protesters at the Lekki Tollgate, Lagos. Pic by Pius Okeosisi

#ENDSARS protesters cooking rice on the Benin-Lagos Expressway by University of Benin (UNIBEN) main gate. Pics by Idris Umar Momoh & Churchill Okoro, Benin City.

Protesters also blocked Jabi Upstairs (opposite Apostolic Church) as youths played football on the road. A violent fallout of the protest in Benin City led to break-in on the Benin Correctional Centre, Sapele Road, where it was alleged about 100 inmates escaped,

must be resisted by all wellmeaning Nigerians. The presenter debunked claims that the group had an Instagram account, urging funders to give money to a feminist coalition that had been judicious in the management of funds so far. “We hear the protest has

#EndSars Protesters at the CBN wearing rain coats in heavy down pour in Abuja. Pic by Tunde Adeniyi

rulere; Ikorodu Roundabout, and Mile 12-Ketu, among others. Physical bank transactions were abruptly halted with some banks’ management ordering closure of branches as the continued protests began to breed a tense atmosphere. Plain-clothed security

cause some of our teachers did not come to school. Nobody to teach the class,” said one of the students at Okota. In the Federal Capital Territory, Abuja, routes leading to the Central Bank of Nigeria’s headquarters were barricaded several minutes before the intervention of the police. www.businessday.ng

tor of Africa Independent Television and Raypower, was also attacked and vandalised. Pundits say a threat to Lagos-Ibadan Expressway, Abeokuta-Benin Expressway and Abuja Expressway, the busiest highways in Nigeria, implies Nigeria and its economy could be on its knees, at the mercy of this protest. Lagos and Ogun states have the largest industries in Nigeria and as such, stifling these states puts the Nation in peril. Lagos’ GDP was estimated at $136 billion in 2017 by the National Bureau of Statistics

“Many Nigerians such as Deji Adeyanju, Segun Awosanya and myself have led various protests in this regard, but what makes this one bigger is the fact that people can no longer take it, and they kept trooping to the streets to defend their lives. “No person, political party or government can stand in the way of this organic protest. I led a protest against police brutality at Fela’s Kalakuta in Ikeja when Johnson Kolade was gruesomely killed by trigger-happy police, so I know what is going on now. “There are many atroci-

#EndSars protesters at Airport Road, Abuja #ENDSARS protesters block Egbe Bridge in Ikutun, Lagos. Pic by Pius Okeosisi

and another attempt on Oko Medium Correctional Centre by some suspected hoodlums, attracting the imposition of a 24-hour curfew across the state by Governor Godwin Obaseki. As at 11:30am, an un-

begun in Kano and Uyo, and we are waiting to hear from you what is happening there. Be careful and stay with a group. This is a peaceful protest. We want an end to bad governance,” the presenter said.

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(NBS), which means at least $372.60 million could be lost in just one day. Lagos GDP has, however, been smaller since then due to recession, devaluation and economic slump. Economists say the state is still worth over $100 billion. It has 12-13 million @Businessdayng

ties being perpetrated by many of the SARS officers such as the notorious one called James Nwafor, who has been sacked by Anambra State governor, Willie Obiano. People are demanding for his immediate arrest and prosecution,” he further said.

Insight

BUSINESS DAY Tuesday 20 October 2020 www.businessday.ng

The New Normal - Lessons from a crisis Mazen Mroue

t has been more than six months since the unprecedented global crisis precipitated by COVID-19 broke, impacting almost every single sphere of our lives from our lifestyles, to our work, our family and our relationship with government. As a global collective, we have had to come to terms with these changing dynamics. In January, we didn’t have to think twice before we reached out to shake hands or hug one another; now, we keep our distance to safeguard ourselves and those around us. 2020 has been synonymous with change. In many ways, it has shown us how unsustainable our lives were prior to this pandemic, and it is hugely important that we look back, assess the situation and ensure that lessons are learnt and applied accordingly. During the period between the spread of the coronavirus disease across the country and the imminent shutdown of the economy, transitioning and adapting to new realities seemed like an incredibly daunting and perhaps insurmountable task. It is exceedingly rare that we are kicked out of the complacency of day to day life into a crisis of global proportions, and many organisations were unprepared. For many scenarios that hit the corporate world, there are existing manuals and strategies that outline how organisations can quickly respond and adapt, but dealing with the sudden outbreak of a pandemic was not one. We had bits and pieces of the puzzle, but in only a few weeks, many organisations had to make decisions and implement changes that would have previously seemed very difficult and impractical. This is as true for MTN as it is for anyone else. In some ways, it was even more challenging, as ensuring that our business was not disrupted was critical to ensuring that many others were able to continue operating. Network connectivity has always been important, but it gained a new level of relevance, almost overnight.

Successfully leading an organisation through a period of crisis like this is dependent on the ability to provide a single lens through which multiple complex and often competing priorities can be viewed. What has worked for us at MTN is the adoption of a stakeholder-first approach. Our coping mechanism and mitigation strategies were built around creating a balance for all our stakeholder groups, with a critical focus on employee satisfaction, customer experience, shareholder satisfaction and family life. First and foremost, this meant ensuring that our employees were equipped to continue to do their jobs, and could manage in a new environment. It was vital for us to ensure that wherever they

were working from, they were protected, safe, and equipped with the right tools to help them deliver as efficiently as necessary, from the highest levels of senior management to the most junior staff member. Once you know that your people are safe, and can continue to deliver services, then you have to turn your attention to the people that rely on you for connectivity, your customers. How has the crisis affected their wellbeing, and how can the business provide support? As the pandemic effects deepened, our focus was ensuring that customers could stay connected to friends and family and ensuring they got the best experience despite the disruption going on all around them.

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This crisis has taught me and MTN, as an organisation, that when things are done properly, carrying critical stakeholders along, the results are often better than imagined. Despite the fact that most of our workforce is required to work from home, I have seen productivity and loyalty levels increase

We invested in network capacity to ensure uptime, we provided free SMS to our most vulnerable customers and allowed all our customers to access critical healthcare and education websites free of charge on the MTN Network. We equipped our customer service agents with the work tools they needed to ensure that they are able to deliver remotely and quickly attend to customer queries. I’m very proud of the pace at which we were able to put these things in place, and of the level of support that we were able to provide. Next, are the shareholders. In a crisis situation, the business is not going to run as usual, and revenues and margins are likely to be affected. Keeping a very close eye on performance, optimising costs and ensuring investment is focused where it is most needed are all essential parts of this process. In 2020 we have seen our traditional revenue mix change significantly from quarter to quarter and then return to a semblance of normality, so flexibility is critical. Finally, I want to focus on the importance of family. One of the happy consequences of COVID for me has been the stark reality check it has given us on what is important, and how it has brought many of us closer together as colleagues and friends. It has helped us see that family goes beyond the traditional nuclear structure and has forced organisations to understand their people on a more personal level. This is important as it creates a sense of community as people deal with the effects of a crisis, especially where they might think that their jobs are no longer secure. It also creates a bond that improves trust levels between the employer and employees. This crisis has taught me and MTN, as an organisation, that when things are done properly, carrying critical stakeholders along, the results are often better than imagined. Despite the fact that most of our workforce is required to work from home, I have seen productivity and loyalty levels increase. During this period, our leadership team has risen to the day-to-day challenges by

evolving from traditional executives leading by authority, into social chiefs leading through influence. Depending on our instincts, some of us naturally became Chief Empathy Officers, while others took on the roles of Chief Motivation Officers and Chief Inspiring officers etc. COVID-19 has shown us that if we put our minds to something, there is no telling what we would achieve. We have delivered within time frames previously deemed impossible and kicked out the last vestiges of old-world thinking. Take, for example, our ongoing plans to internally transition to digital. What we thought was a cumbersome task, was delivered over a matter of days. Now going back to a more manual and analogue structure seems like an unnecessary burden to bear. Even though the rate of infection within the country has dropped significantly, the immediate future is still uncertain. As organisations and individuals, we must stay alert and understand that we cannot immediately return to a new normal. In some cases, we may never do so, as the crisis has helped us to discover better and more efficient ways of doing things. For me, and I would recommend for you too, the major lesson taken from the past months is to continue optimising and improving existing structures. Apply all lessons learnt accordingly, to ensure that we are not caught unawares again and dedicate time to ensuring the workforce is fully unified, motivated and inspired.

Mazen Mroue Chief Operating Officer, MTN

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