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news you can trust I **friDAY 21 AUGUST 2020 I vol. 19, no 633

Medical care eludes disabled Nigerians on fear of infection Temitayo Ayetoto

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igerians with disabilities are struggling to secure routine medical treatment owing to the continued spread of coronavirus (COVID-19).

Femi Gbadebo, founder of Benola Cerebral Palsy Initiative, has had to suspend the services of his son’s physiotherapist since the Covid-19 became the subject of domestic concern, for fear of the virus complicating the child’s condition.

Olaoluwa Gbadebo, 24, was confirmed to be suffering from cerebral palsy following a diagnosis that revealed developmental delays at birth. He is a completely dependent young man who relies on the support of family and carers.

But what the Covid-19 has done is to yank off his routine physiotherapy procedure needed at least three times in a week, restrain his access to special drugs, increase his crisis level by 70 percent and render him more delicate to care for as he feeds through a tube, his father says, relaying his ordeal on the DocContinues on page 31

Inside

NDPHC boss promises improved power supply, as he gets second term P. 2

₦ 5,618,135.00 -1.91

Crude Oil $44.77

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60m NGUS jul 30 2025 576.68

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Timely protests save Lagos from losing position as creative hub OBINNA EMELIKE

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reative content producers in Lagos State now sigh in relief as the Lagos State Film and Video Censors Board (LSFVCB) reconsiders

As LSFVCB reviews 5% tax on creative content, withdraws 30-day ultimatum

the 5 percent tax on creative contents produced and marketed within the state, as well as, withdraws the 30 days ultimatum it gave content producers to

register with its agents.

The Lagos State Ministry of Tourism, Arts and Culture, which supervises the censor’s board, has quietly initiated the review

with letter to Performing Musicians Employers Association of Nigeria (PMAN), while disasContinues on page 31

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NDPHC boss promises improved power supply, as he gets second term Obinna Nwachukwu, Abuja

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anaging director/CEO of Niger Delta Power Holding Company (NDPHC), Joseph Chiedu Ugbo, has pledged the commitment of his administration to collaborate with other stakeholders in the power sector to improve electricity supply in Nigeria.

He spoke yesterday while playing host to BusinessDay Editorial team in his Abuja office. The visit coincided with his reappointment by President Muhammadu Buhari for a second term of four years.

Ugbo was first appointed in August 2016.

His reappointment was contained in a statement issued by Laolu Akande, senior special assistant to the President on Media and Publicity,

Office of the Vice President, on Thursday. The statement also announced the reappointment of Babayo Shehu and Ifeoluwa Oyedele as executive directors, adding that three additional directors would soon be appointed.

“President Muhammadu Buhari has approved the renewal of the appointment of Mr Joseph Chiedu Ugbo as the Managing Director of Niger Delta Power Holding Company and Messrs Babayo Shehu and Ifeoluwa Oyedele as Executive Directors, respectively. This renewal will take effect from August 25, 2020 for a period of four years.

“The appointment of three additional directors has also been approved for more effective and efficient coverage of the company’s areas of

Continues on page 31

6,000bpd Edo Refinery for commissioning September on DPR’s final approval Isaac Anyaogu

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he 6,000 barrel per day (bpd) capacity Edo Refinery and Petrochemicals, a private modular refinery project that enjoys the support of the Federal and State government, is billed for commissioning next month pending approval by the regulator.

During a tour of the project Thursday at Ologbo, Ikpoba Okha Local Government Area of Edo State by BusinessDay, the company said the project had reached 95 percent mechanical completion and pre-commissioning activities were expected to commence by the end of August.

“This indeed is a remarkable feat for us and Nigeria, it will be the quickest modular refinery delivered in less than one year construction started,” notes Michael Osime, chairman of the company, in a speech read by a representative.

The Edo Refinery and Petrochemical Company is owned by AIPCC Energy Limited, a joint venture between AFCOM and Peiyang Chemical Equipment Company of China (PCC) and was built at the cost of $10.2 million. It produces diesel, Naptha and fuel oil (LPFO).

The Federal Government supported the project by granting duty waivers on refinery equipment and components, while the state government provided N700 million in debt financing repayable when production commences. PCC is the engineering, procurement and construction (EPC) partner.

“This was the catalyst to the project to ensure quick takeoff and it is a beneficiary of the Edo State government in-

centive programme to attract manufacturing companies to locate in the state. This led to the Nigerian Chinese Joint Venture Company AIPCC Energy Limited,” Osime states.

According to Osime, following the experience gained in the first phase of the refinery, AIPCC had commenced plans to build a 30,000bpd refinery as an expansion at the cost of over $64 million.

PCC has agreed to finance 40 percent of the project cost.

Tim Tian, business director at PCC, says the refinery is a way Nigeria and China can strengthen business relationships and even lead to skill transfer, as the company is helping students at Auchi Polytechnic improve their technical skills.

Edobor Iyamu, senior special assistant to the president on Niger Delta Affairs, in the office of the Vice President, notes he was pleased at the execution, and calls for the success of the Federal Government initiative to replace artisanal crude oil refining with modular refineries, saying similar success has been recorded in other places leading to three modular refineries now almost ready to start producing.

AIPCC has now applied to the NNPC to supply it crude for refining and has commenced crude supply discussions with marginal field owners, as the refinery is designed to use various grades of crude, Osime says.

When completed, the Edo Refinery and Petrochemicals aims to supply 20 percent of Nigeria’s diesel need, save over $350 million in foreign exchange yearly, earn over $125 million from export of Naptha and meet Nigeria’s 100 percent LPFO demand. www.businessday.ng

Chiedu Ugbo (m), MD/CEO, Niger Delta Power Holding Company (NDPHC); John Osadolor (2nd l), director, Northern operations, BusinessDay; Yakubu Lawal (l), general manager, communication and public relations, NDPHC; Blessing Daniel Musa (2nd r), subscription executive, and Obinna Nwachuku, assistant editor, during BusinessDay team courtesy visit to NDPHC on Thursday on the occasion of the reappointment of Ugbo as CEO of NDPHC in Abuja.

Cement makers surmount Covid-19 headwinds as profit spikes BALA AUGIE

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ement makers in Nigeria have ridden out of the economic tenterhooks brought on by the coronavirus (Covid-19) pandemic that forced workers and engineers to jettison construction sites as their second quarter earnings spike.

Before the virus that emanated from Wuhan City in China disrupted economics across the globe and distorted demand and supply chain, analysts had betted that the country’s huge infrastructure deficit and burgeoning population that crave for consumption would spur the industry to growth.

For companies in the cement industry, the pains of a slowing economy have been devastating. The steep currency devaluation recorded between 2014 and 2017 led to an increase in costs, given the exposure of energy costs and debt to foreign currency risk.

On top of that, the weak purchasing power of consumers that damps real estate business is antithetical to acceleration in the turnover of cement volumes. The combination of rainy season and a budget impasse since Muhammadu Buhari became president in 2015 are enough drawbacks to a sector that is proxy for growth.

Between 2000 and 2014, the cement sector expanded

at a robust CAGR of 13.70 percent. However, growth has averaged -1.0 percent between 2015 and 2018, with only a marginal recovery in growth to 4.5 percent in 2018.

As a result of the social distancing and lockdown policy imposed by government to curb the spread of the virus, the industrial sector slowed to 2.26 percent year-on-year (yoy) from 2.75 percent yoy in the fourth quarter of (Q42018), but stronger than 0.42 percent yoy in the first quarter (Q1-2019).

Despite the myriad of challenges hobnobbing growth of companies across the sector of the economy, the three dominant cement makers - Dangote Cement, BUA Ce-

ment and Lafarge Africa, saw combined net income increased by 16 percent to N184.29 billion from N158.86 billion the previous year.

A breakdown of the figure shows Lafarge Africa was the major driver of industry growth, as the bottom line as net income surged by 158.95 percent to N23.32 billion, thanks to the sale of a beleaguered subsidiary a few years ago that led to a reduction in interest expenses or leverage.

BUA Cement has been delivering value to shareholders since it merged two subsidiaries - OBU Cement and Cement Company of Northern Nigeria - into a single entity

Continues on page 31

How Nigeria can deepen its capital market, achieve post-COVID-19 recovery Endurance Okafor & Oluwafadekemi Areo

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urnt by the 2018/2019 economic and financial crisis, the Nigerian capital market, ranked the third best global performer in 2017, has taken a hit from the double challenge of Covid-19 pandemic and lower oil price.

While the Nigerian Stock Exchange (NSE) reported a year-to-date return of -6.22 percent in the first week of August, the growth of the fixed income and debt market is constrained by investors inability to access dollar, a challenge that poses risk to Nigeria’s economic recovery.

According to Bola Onadele. Koko, CEO, FMDQ Group, without a liquid FX market, other markets won’t work whether it is equities, derivative or even the repo market.

“If it is not easy for investors to bring their money in and take it out, Nigeria’s investors’ base will keep shrinking and the country will be deteriorating as its people will become poorer,” Koko says.

For Africa’s largest economy to take its capital market to not just its days of glory but greater heights, it would have to adopt policy inclusiveness, leverage technology for the development of digital products and create investment awareness while also encouraging local investments, according to stakeholders in the capital market industry.

“Equity performance and investment in the capital market has been really low. There are less than 400 Collective Investment Scheme accounts for a country with over 200 million people. We need more campaigns to enlighten people on the importance of the capital market,” Lamido Yu-

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guda, director-general, Securities and Exchange Commission (SEC), said in a webinar on Wednesday.

Explaining how badly the Nigerian economy has been hit by the outbreak of Covid-19, Koko said, “the economy of Africa’s top crude producer is in intensive care unit (ICU) and cannot recover if it does not fix some fundamentals.

“FMDQ’s strategies for capital market recovery are grouped under three headings, namely: economic renaissance, market access and market transformation. A broader issuer base to include private capital and emphasis on the provisions of incentives for corporate bonds issuance.”

During the webinar on ‘Strategies for the Recovery of the Capital Market (Post COVID-19)’ hosted by Susman and Associates, Oscar Onyema, CEO, Nigerian Stock @Businessdayng

Exchange (NSE), said there was need for policy inclusiveness at all government levels as well as adaptive innovation at the market level.

“Policy inclusiveness is to be worn on the back of a unified foreign exchange window converging at the I&E window as well as the creation of an enabling regulatory environment, and also the expansion of the framework for publicprivate partnerships geared towards infrastructural development,” Onyema said, while commending the effort of the CBN towards the exchange rate unification.

In a bid to encourage and accelerate the fourth industrial revolution, the NSE recommends that there should be a development of digital product alternatives and technology should become a major part of a company’s workforce as well as the development of digital skills.

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Friday 21 August 2020

comment Nollywood bed sheets. Really?

Tales from the main road

Eugenia Abu

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was there when Nollywood started. My friend Chris Obi Rapu (Skipper) was there and so many other people who went on to grab the limelight in an industry which today has quadrupled. As a screenplay writer and a TV producer of documentaries, talk shows, children’s programmes, a casting director and a Television producer in my own right, I want to believe I have more than cursory knowledge about what makes a good production. Nollywood pretty much started where NTA television series, soaps and serials left off or expanded as the case maybe. I was there when the Nigerian film industry aka Nollywood grew and blossomed and I remain there as it has become this gargantuan industry where some of the leading lights have also remained in my family and community.

It would be tragic and unfair if I cannot give an industry I care very much about some constructive criticism. I have a lot to say about the industry and I am proud of where they have taken us to. All over the world, I am stopped and asked about some of our stars especially on the African continent and also

in Europe and America where the black population have keyed in and use it as entertainment and comic relief. But I will not shy away from my observations.

I believe this is a way of helping producers, directors and location managers improve their craft. This may be tongue in cheek to make it lighter, but honestly, it should be taken seriously.

I love bedsheets and at some point, in my life, I made bedsheets and sold them. As in, I was a bedsheet entrepreneur. So, I linked up with the fabric traders in Aba who bring in bales and bales of imported bedsheet fabric and got a truly brilliant tailor to carry out my dreams. I designed the bedsheets, bought and deployed the trimmings, be it lace or chiffon and delivered truly beautiful finished products even if I say so myself. I also enjoyed matching colours and creating texture. So, I could have a flowery bedsheet and then have a plain coloured bedsheet as the flat and then deploy the flowery one as the duvet and pillowcases. I also enjoyed colour coding, a gift from God. I knew what colours worked with what and studied my clients to see what moods they brought to the table so I can serve them better. I created texture with pure cotton and mixed cotton. It was a joy.

In addition, I learnt packaging and labelling and my bedsheets looked like they came straight out of a fancy store.

Guess what? It was also cathartic. But in the end, I was not really yet a proper entrepreneur and I kept on giving without collecting my money on time.

So, we closed the business many years ago but I am still pretty much nostalgic.

That tells you that I know more than

just passing information on bedsheets.

Please join me in taking a look at Nollywood bedsheets. What is the matter?

Why are we watching two full grown adults cast as husband and wife sleeping on bedsheets meant for children?

Why is Barney, that goofy character in an international children’s programme, the character on the bedsheet of Mr and Mrs X? Why for example do we have an essentially wealthy family living in a larger than life house sleeping on bedsheets that are cheap and meant for a local backstreet shack? Luxury or wealth projection is about quality, less noise and upscale looks. I am at my wits end when the bedsheet in a lot of Nollywood movies look like they were bought in an open market for N2,500 when the entire surround and the size of the house, furniture inclusive oozes luxury.

Quality bedsheets can be inculcated if your script says the couple are stinking rich. Their bedsheet will be mostly plain and if they need to have motif, it will be simple, mature motifs that are not childlike or pan-like, big huge drawings that would make sleeping impossible. Large flowers that assault the eye are often not the kind of bedsheet a rich guy will have in his house.

Some of these bedsheets have toy trains on them and they simply get my goat.

Continuity is also important and a few times, I have caught similar bedsheets in two movies where it will seem the production manager did not remember that his by-line was on another movie and I can spot that the crew were the same so they did not bother to shop for another set of bedsheets.

BUSINESS DAY

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While I understand that the cost of location can be daunting, let us be careful when we use hotels because the bedsheets totally give them away as a hotel. We can reconfigure them to look like a home either by changing them or setting the bed better.

Ditto hospital sheets

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in the accompanying sentence structures.

7) The teachers ‘emphasised’ the importance of an excellent education.

8) Some politicians ‘leverage’ their offices to amass ill-gotten gains.

9) Moving forward, can Gbenga and Sheriff ‘consolidate’ the achievements of their predecessors?

10) Mr. Smith ‘stressed’ the need for synergy among the various Nigerian security agencies.

11) The warring parties did not hesitate to ‘voice’ their grouses.

12) The Komolafe family ‘lamented’ the death of their matriarch.

13) I have admonished you several times to refrain from ‘discussing’ sensitive issues like politics and religion.

14) He would have turned out better if he had ‘heeded’ his father’s constructive advice.

Upon perusing these expressions with meticulous attention to detail, you will observe that, after the verbs in quotation marks, there were conscious omissions of the preposition, on, in sentence structures seven, eight, nine and ten. Furthermore, there was an exclusion of ‘out’ in sentence eleven, an erasure of ‘about’ in statements twelve and thirteen, as well as an omission of ‘to’ in example sentence fourteen.

What is more, you can emphasise the importance of felicitating (not ‘felicitate with’) people who have leveraged opportunities within their reach to become great.

Intriguingly enough, it deserves mention that some of these words can attract prepositions when they are deployed as nouns. In this regard, ‘request’, ‘order’, ‘demand’, ‘advocate’, ‘emphasis’ and ‘clap’ will suffice. To illustrate, therefore, the following sentences score a bullseye.

15) I am requesting for my tuition fees from my father (incorrect).

I am requesting (a verb) my tuition fees from my father (correct).

I am making a request (a noun) for my tuition www.businessday.ng

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fees from my father (correct).

In equal measure, these are obtainable: 16) John is an advocate (a noun) for conflict resolution.

17) No fewer than two thousand people placed orders (a noun) for Doctor Bamgbose’s book, Grammar in Discourse Form.

18) His demand (a noun) for £100 000 is utterly outrageous.

19) The spectators gave a big clap (a noun) for/to the victorious team.

20) His emphasis (a noun) on consuming a balanced diet is non-negotiable.

At this juncture, it is supremely important to note that there are some verbs that could function transitively or intransitively. Commonplace instances are ‘deliberate’, ‘crave’, ‘seek’ and ‘solicit’. As in: 21) We shall ‘deliberate on’ whether to postpone the meeting until next week (correct).

22) There is hardly a child that does not ‘crave’ attention (correct).

There is hardly a child that does not ‘crave for’ attention (correct).

23) They are frantically ‘seeking for’ where to defecate (correct).

The LASTMA officials advised drivers to ‘seek’ alternative routes (correct).

24) The citizenry ‘solicited for’ the impeachment and subsequent dismissal of the corrupt parliamentarian (correct).

Nigeria ‘solicited’ intervention funds from the European Union (correct).

Nigeria ‘solicited for’ intervention funds from the European Union (incorrect).

With recourse to context twenty four, bear in mind that while it is permissible to ‘SOLICIT FOR something’, you are supposed to ‘SOLICIT SOMETHING FROM somebody/something’.

In furtherance of that, when ‘enter’ means to physically walk into a place like a building or a country, it does not attract the preposition ‘into’.

In marked contrast, when it means to have a for-

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Let us even assume that it is the same contractor making the bed sheet or the wife of the location manager or the wife of the producer, please instruct them to keep the bedsheets in tandem with the movie script. The bedsheets of a big boy in a movie is as important as his character and that of his wife. The bedsheet of a single girl in a movie is as important as that of her grandmother.

Please let us audit these things for as we all know; the props also make a difference and enhance the story as well as being part of the story.

Let me make a final point. While I understand that the cost of location can be daunting, let us be careful when we use hotels because the bedsheets totally give them away as a hotel. We can reconfigure them to look like a home either by changing them or setting the bed better. Ditto hospital sheets. It’s a tragedy when a very rich man takes ill and is brought to a hospital which in real life he will never go to. The bedsheets in a hospital and the general outlook of the hospital also make a difference.

Producers and directors can demand for better in this regard. As a critical viewer, I am concerned that if our props are not together the movies may not travel. A buyer in San Francisco is watching it with the kind of critical eye that I have deployed as is a buyer in Sierra Leonne.

It can be better.

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

Email: abu_eugenia@yahoo.com Phone number: 08033109820

Action words and their components n every language, certain words are usually found together in specific grammatical contexts; such words are called collocates.

Verbs, which are partly action words, are sometimes pieced with other words like prepositions, to generate phrasal verbs. With that being said, this article will cast the spotlight on predominantly misrepresented transitive and intransitive verbs. On the one hand, transitive verbs admit direct objects. Thus, for the most part, they should not be followed by prepositions. Intransitive verbs, on the other hand, do not attract direct objects. In virtue of that, they can comfortably collocate with prepositions.

Coming from the aforementioned standpoint, it is absolutely essential to note that one verb that does not collocate with a preposition is ‘contest’. In that connection, ‘Atiku Abubakar contested (not “contested for”) the presidency in 2019’. On these lines, other typical verbs that function independent of the preposition, for, are ‘request’, ‘order’, ‘demand’, ‘clap’ (especially in British English), ‘advocate’ (especially in British English) and ‘source’. Having outlined the foregoing, these example sentences will serve the general reader in good stead: 1) We clapped (not ‘clapped for’) the students after their astonishing performance.

2) After I had devoured a plate of jollof rice, I requested (not ‘requested for’) a second helping.

3) Stella sourced (not ‘sourced for’) gold in the north western part of Nigeria.

4) Julius advocates (not ‘advocates for’) the outright ban of hard drugs.

5) How could you demand (not ‘demand for’) such an obscene sum of money?

6) I was given to understand that Alex ordered (not ‘ordered for’) seven items of furniture.

Still on transitive verbs that are not directly succeeded by prepositions, other typical examples like ‘leverage’, ‘discuss’, ‘emphasise’, ‘stress’, ‘voice’, ‘consolidate’, ‘lament’ and ‘heed’ are noteworthy. Their usages are emphatically evidenced

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Ganiu Bamgbose

mal arrangement or agreement with someone, then, the preposition, into, becomes a necessity.

Thus, you do not need to ‘enter’ a building before you can ‘enter into’ an agreement with someone or an organisation.

To round off this week’s treatise, the substantial readership should note that, in some circumstances, some verbs are decidedly intransitive and consequently attract prepositions. For instance, I could affirm that, ‘My sister replied to my message the moment she arrived in Lagos’. In that connection, the verbs, ‘reply’ and ‘arrive’, essentially attracted ‘to’ and ‘in’, respectively. Also, two words whose usages should not be mistaken for one another are ‘comprise’ and ‘consist’. In the active voice, the former does not attract the preposition, of, but the latter does. Hence, we can say that the committee ‘comprises’ 10 members or ‘consists of’ 10 members. On a final note, be reliably informed that the verb ‘comprise’ can also attract ‘of’, when used in the passive sense.

As such: 25) Nigeria comprises 36 states (active voice).

Nigeria is comprised of 36 states (passive voice).

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

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The NNDC and the tragedy of a nation – an addendum Marius Mac Durugbo

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he recent article by Obadiah Mailafia with the above title on the back page of Nigerian Tribune makes interesting reading. Aside doing what amounts to a postmortem on the “embodiment of criminality and injustice” which the Niger Delta Development Commission (NDDC) has become, the piece sought, though inconclusively, to show that the long years of neglect and apparent deprivation which the people of the Niger Delta have suffered were brought on them largely by their own people. I wish to expatiate on that.

Before I do so, however, let me quickly point out that although the Niger Delta region comprises of Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers States, whenever it is mentioned, most Nigerians think of Rivers, Bayelsa and Delta States, to a large extent and the other states to a lesser extent. This may be due to the fact that agitations against apparent neglect and environmental degradation were spearheaded principally by youths from those states. So, the gains of those years of agitation, which turned violent at some point, could also be credited to the people of those states.

Having made that point, let me return to the main focus of this piece; and I think the place to start is from the late Kenule Beeson “Ken” Saro-Wewa.

A Nigerian writer, television producer and environmental activist, the late Ken was, aside other responsibilities, an arrowhead of the struggle by the

Ogoni People, an ethnic minority whose entire land has been targeted for oil extraction by the Nigerian Government since the 1950s and who have, as a result, suffered extreme environmental damage from decades of indiscriminate petroleum waste dumping.

In the face of brazen military dictatorship, Ken showed exemplary courage in striving non-violently for civil, economic and environmental rights for the people of Ogoniland and, by extension, the Niger Delta region. He was initially spokesperson and then President of the Movement for the Survival of the Ogoni People (MOSOP), which played a very significant role in internationalising the campaign against environmental degradation of the land and waters of Ogoniland by the operations of the multinational petroleum industry, especially the Royal Dutch Shell Company. He was also noted for his criticism of the Nigerian government, which he viewed as reluctant to enforce environmental regulations on the foreign petroleum companies operating in the area.

Ken Saro-Wewa was hanged in 1995 along with eight other activists (The Ogoni Nine) by the military dictatorship of General Sani Abacha which accused him of masterminding the gruesome murder of Ogoni chiefs at a pro-government meeting. Apparently betrayed by his own people, all through the kangaroo trial by a Special Military Tribunal, Ken maintained that he was framed because of his opposition to the military regime of Gen. Sani Abacha and to the oil industry.

And several facts emerged later to confirm that.

Evidence One: facts that emerged during the trials revealed that many witnesses who testified that he was involved in the murders of the Ogoni elders later recanted, stating that they had been bribed with money and

offers of jobs with Shell to give false testimony.

Evidence Two: The lawsuit brought against Shell by the families of the Ogoni Nine which alleged that Shell conspired with the military to arrest and execute the men was settled out of court before it came to trial so were never tested in a court of law.

Evidence Three; there are records of rampant use of the military by the Federal Government to harass and intimidate citizens of the region at the instigation of Shell who was accused of supplying arms and ammunition to soldiers detailed to suppress any opposition to oil extraction in the area. But as heinous as that execution appeared to the international community, back home, however, the focus was shifted to the “Elders” for whose deaths Ken suffered capital punishment. They were tagged Ogoni Four and the Abacha Junta tried, albeit unsuccessfully, to make them heroes.

Except the established fact that they were “Ogoni Chiefs”, there is very scarce information concerning their background. As for what led to their death, reports have it that they were holding “a pro-government meeting”; which may be interpreted to mean working in opposition to the aspirations of MOSOP and the people of Ogoniland. And there were, and still are as a matter of fact, many of such “Ogoni Chiefs”, who, over the years, have worked against the aspirations of Ogoniland for selfish interests; black legs in the cause for justice and fair play.

I had a glimpse of them in the mid-1990s when I was Energy Correspondent for one of the leading national dailies then. They played into the hands of the multinationals that used them expertly to divide and rule the numerous “kingdoms, chiefdoms and selfdoms” that constituted the region. They were “settled” and made comfortable by the oil companies so

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So the truth of the matter is that the tragedy that has befallen the Niger Delta Region is largely aided by the indigenes themselves. If you doubt this please tell me, where are the agitators of yesterday?

they were always scared of acts that could tilt the apple cart.

They live in golden palaces, often far away from their environmentally polluted and degraded communities.

They claim to represent the people, but they only feather their nests along the line, using the youths, when necessary, to twist the arms of the multinationals for their own good. I will give an example. We were in Warri, Delta State at the invitation of Shell to inspect some of their CSR projects in their host communities. We lodged at the Petroleum Training Institute, Efurun. One evening their PRO drove us to the Shell Club along a less than three kilometre very dilapidated road.

We questioned as to why Shell could not rehabilitate the road. The PRO told us that several attempts by the company to do that ended in a near bloody clash. On one occasion, the company had just mobilised to site and were about to commence work when youths of the community attacked the workers and burnt some of their equipment.

When Shell met with the “Chiefs”, they said they were not consulted and that if the road must be reconstructed, Shell should give them the money to execute it. They were accordingly asked to submit cost implications.

They did and Shell paid them. That was over five years before our visit. That was just one of many such incidences all over the region.

So the truth of the matter is that the tragedy that has befallen the Niger Delta Region is largely aided by the indigenes themselves. If you doubt this please tell me, where are the agitators of yesterday? They are billionaires of today, with major investments scattered in foreign lands while the cause they fought for is still far from being realised.

Mac Durugbo, an Abuja-based public affairs analyst.

When the cookie crumbles: Phasing out third-party cookies …This will have impacts on data analytics and digital marketing as brands will have less of a need to rely on cookies to track potential customers. n January 2020, Google announced that it would phase out third-party cookies on its chrome internet browser over the next two years, joining other internet platforms like (Safari by Apple, and Firefox by Mozilla) in this direction since 2013. This development comes amidst the growing agitation for stronger user privacy and security on the internet. As quoted

by Justin Schuh, Director of Chrome Engineering at Google, in a post, “Users are demanding greater privacy-including transparency, choice and control over how their data is used-and it’s clear the web ecosystem needs to evolve to meet these increasing demands.”

It is important to note that Google’s browser app - Chrome, constitutes 60%+ of the total users of internet browsers as of Q2-2020 (source StatCounter), making this the most impactful in the Digital Advertising space by any web browser. Marketers and advertisers alike have become weary as to what the future of targeted advertising holds for them given the domino effect this will have on their business.

“Cookies” were first introduced in 1994 by Lou Montulli, a founding Engineer at Netscape Communications. They are small pieces of data stored on the web user’s computer/device and enable the domain/webpage to store information and preferences about that user in order to facilitate smoother user interactions. Simply put - it helps the domain to remember the key information like your password, and what scope

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of attributes your interests are to keep the interaction up and relevant to you.

You might wonder why cookies? - Think of it this way; without cookies, the interaction between web users and web domains would be very inefficient, and every detail has to be repeated over and again for each page interaction. It simply means for example, that for every subpage within Facebook or Jumia that a user clicks after the initial log-in, you still have to re-enter your log-in credential to interact with the domain. - (this underlines the major inefficiency that exists without cookies), because there would be no identification information stored with which to interact with you. That being said, other useful information tailored to the user, like the kind of resources he visits, his preferred language settings, or his sectoral interest are also stored on the user’s system.

It is vital at this point, to note that there are two kinds of cookies - (the first-party cookies, and the third-party cookies). Although they are similar in terms of technicality - what they essentially do, they differ in terms of the deployment and usage. The first-party cookies are created by the domain/website to store user information for better interaction. It can only be used by that specific domain page based on the unique identification it has on the cookie.

The third-party cookies on the other hand, are created by advertisers for the capability to learn about a user’s overall online behaviour, with the goal to advertise and re-target more to a more precise audience across multiple sites. This means it is capable of multi-domain utilisation of users information, hence giving rise to ques-

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tions around user privacy and data security.

Google claims that this big decision to phase out third-party cookies from its Chrome is driven by the increasing user demand to strengthen privacy protection, hence the need for the web ecosystem to also adapt to the market needs.

In today’s Ads ecosystem, marketers are inclined to depend on third-party cookies in order to design and execute marketing strategies for Ads-retargeting, Pop-up Advertising, and laser-focused user campaigns to enhance efficient marketing resource utilisation of the advertisers.

We are led to wonder at this point how marketers who depend heavily on third-party cookies for Ads retargeting to drive their topline would cope with the new development. This phase out is extremely significant in the digital advertising industry for all stakeholders especially because Google remains the overwhelming market leader in the web browser segment, hence, everyone from the advertisers who depend on the marketer’s ability to track and execute user-tailored Ads, to the publisher who enjoys the monetisation of their platform, and the marketer who derive their major revenue sources will all have to adjust to the new reality.

Google has made it known that their alternative to the third-party cookies will be “Privacy Sandbox” - which it claims would enhance user privacy and actually be a fine balance between user privacy and tracking. The major element in the privacy sandbox is Google’s plan to migrate the user’s data into Google chrome where it will be stored and processed. - In essence, marketers and advertisers will inevitably become more de-

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Elo Umeh pendent on Google for advertising, or find ways to better leverage the first-party cookies instead.

Right now the key stakeholders in the digital advertising ecosystem will have to stay close to the coming updates with regards to this development as it unfolds. It portends a market that will be controlled by leading global technology platforms, such as Facebook, Google, Apple, Microsoft and a few others.

This is also a wake-up call, for marketers and advertisers locally, more specifically in Africa to be open to other innovative ways in knowing who their customer is, engaging with them, executing advertising initiatives, which make them less-dependent on third party cookies.

There is now an urgent need to build internal capabilities to make them more agile/better responsive to the risk of regulatory/monopolistic policies that might radically affect their businesses like this in the future.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Umeh, Founder/CEO ofTerragon. Terragon is Africa’s fastest-growing enterprise marketing technology company

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Friday 21 August 2020

BUSINESS DAY

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Patrice Lumumba’s teeth HumanAngle

Femi olugbile

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n the 17th of January 1961, shortly before midnight, Patrice Lumumba, Prime Minister of the Republic of Congo, was taken to an isolated spot in a forest, lined up against a tree and shot dead. So were two of his Ministers, one after another.

The next day, worried that the execution might have been observed by some locals, the executioners exhumed the three bodies and took them to a more secluded spot near the border with Rhodesia.

On the 21st of January 1961, the bodies were dug up yet again. Lumumba’s body was cut up with a hacksaw and dissolved in concentrated sulphuric acid.

The bones were ground up and scattered over a wide expanse of land to prevent any possibility of future identification.

Two tiny items did not dissolve in the acid. When Belgian Police Commissioner Gerard Soete moved up close, he discovered that they were two of Lumumba’s teeth. He picked them up, washed them in water, wrapped them in a piece of cloth, and put the tiny bundle in his pocket, to be kept as a souvenir.

Fast forward to 2000.

In a documentary screened on a German television channel, Police Commissioner Soete, now in comfortable retirement in his home country, described how he had disposed of the

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bodies of Lumumba and the other two Africans, but had kept two of the Prime Minister’s teeth. He brought out the teeth and displayed them before the camera.

On June 30, 2020, on the sixtieth anniversary of the independence of the Democratic Republic of Congo from Belgian colonial authority, Patrice Lumumba’s daughter, Juliana Amato Lumumba wrote a letter to Belgium’s monarch, King Philippe, demanding the return of her father’s teeth. “…We, Lumumba’s children, call for the just return of the relics of Patrice Emery Lumumba to the land of his ancestors…The remains of Patrice Emery Lumumba are being used on the one hand as trophies by some of your fellow citizens, and on the other as funereal possession sequestered by your kingdom’s judiciary.” Her father, she said, was a “hero without a grave”. She condemned, “vile statements made in Belgium about holding some of his remains”. This was clearly in reference to an earlier incident when Soete’s daughter proudly showed off a tooth which she said belonged to the Congolese leader during a newspaper interview.

The Belgian nation, in the era of “Black Lives Matter”, was beginning to utter vague words of conciliation, without frontally admitting guilt or responsibility for its racism and rapacity on the African continent, especially in the “Belgian Congo”.

On the same date as Juliana’s letter, King Philippe released a statement, expressing, “deep regrets” for the “suffering and humiliation” the Congolese had been subjected to under Belgian rule. Indeed, millions of Congolese had been killed or mutilated under the most savage conditions of slavery on rubber plantations belonging to Philippe’s ancestor, the brutal King Leopold II. The Lumumba incident was one

of the earliest drama pieces that highlighted the contradictions and hypocrisies of the Western world concerning colonialism, the independence of African nations, and the dangers the West perceived in allowing Africans to run their own affairs.

Patrice Lumumba was born in July 1925 to a farmer’s family in the Kasai province of “Belgian Congo”. After early education in Mission schools, he underwent one-year training at a government post office training school.

He took an interest in Philosophy and Literature and wrote Poetry with an anti-imperialist theme. He founded the Mouvement National Congolais (MNC).

National elections came up. His party won.

Lumumba’s government was formally inaugurated on 24th June 1960, with Lumumba as Prime Minister.

Independence Day was celebrated on 30th June 1960 at a ceremony attended by the world press and many international leaders, including King Baudouin of Belgium.

Things quickly went awry from there.

King Baudouin offended the African audience by lavishly praising the ‘genius’ of his great-uncle – Leopold II and glossing over his atrocities.

Lumumba immediately rose to deliver an impromptu rebuttal. “…this Independence…it was by fighting that it has been won…a fight… for which we gave our strength and our blood…to put an end to the humiliating slavery which was imposed upon us by force…”

Europeans were shocked. Time magazine described Lumumba’s speech as a “venomous attack”.

Within a few days, disaster unfolded.

Soldiers mutinied in different parts of the country.

Trying to jump ahead of the chaos, Lumumba renamed the Army as the

‘

The Lumumba incident was one of the earliest drama pieces that highlighted the contradictions and hypocrisies of the Western world concerning colonialism, the independence of African nations, and the dangers the West perceived in allowing Africans to run their own affairs

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everyone complimented him. After the meeting or what I call the birthday party, he has grown an inch taller and puffed up. He appreciated me for the kind words and for recognising his hard work.

The result of this experiment was no surprise to me; instead, it reinforced my conviction that people always crave praise and recognition more than they seek money in the hierarchy of human needs. This is the ultimate truth, and as leaders, we cannot shy away from this reality as they confront us. It is expedient if you’re going to be an effective leader.

Globally, we are in a corporate war to engage and retain the very best talent. Leaders and organisations seek to attract and retain their best hands while growing the organisation and increasing productivity. Their approach has been from offering bonuses and incentives to designing remote and flexible workspaces, as it is every company’s efforts to optimise the workplace are as strong as ever. However, in the search for new innovative ideas and growth, most organisations often overlook the most cost-effective strategy: employee recognition.

According to Gallup’s analysis, it’s not uncommon for employees to feel that their best efforts are routinely ignored. Sadly, employees who do not feel adequately recognised are twice as likely to say they’ll quit next year. This engagement and performance component might be one of the most significant missed opportunities for leaders and managers.

Every leader who wants to inspire and connect with employees must start prioritising recognition. You need to praise your people if you want your team to achieve your desired outcomes, and what gets recognised gets rehashed.

When people look to a leader, they not only seek

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for direction and daily bread but also recognition. Leaders often focus on what’s considered their primary responsibility, which is helping their team figure out what to do next.

Notwithstanding, encouraging pride and recognising success for a job well done is similarly significant. Employees crave recognition from leaders. Often when leaders and employers think of praise and recognition, their brain promptly goes to money related recognition.

While money is helpful, that’s far from the only way to recognise employees.

At the point when a leader’s vision, objectives, and corporate targets are vigorously weighted towards accomplishments to the detriment of employee prosperity, it can exact a negative toll on their engagement and productivity. Edward Hallowell, says achievements and connection are the two most remarkable experiences in life. However, if we only focus on achieving, we will not do well at connecting with our people. He says the connection is a mindset and an energy exchange between people who pay attention to one another.

He posed a question, who will impact you more and inspire you toward your best? Is it the brilliant and well-published professor who has no time to relate and connect, or the distinguished however less known professor who connects with you as a person? No doubt, it will be the latter. A team’s success lies within the pattern of connection a leader has with his people, and the way and manner the leader enables them to extend that example to their immediate reports. In an organisation that is woefully lacking in employee commitment, leaders who aren’t actively connecting with people are themselves a liability.

Further, Gallup’s data reveal that the most

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“Armee Nationale Congolese” (ANC) and replaced the Belgian head with an indigenous officer.

The State of Katanga under its ambitious leader Moise Tshombe declared independence, in open rebellion.

Belgium intervened, sending in troops ostensibly to protect its citizens.

Frantic, Lumumba appealed to the UN Security Council, who passed Resolution 143, calling for immediate withdrawal of Belgian forces and dispatch of UN Operation in the Congo (UNOC) troops to the Congo.

The Prime Minister made a desperate foreign trip to New York and Washington. He wanted arms for his “ANC” troops to counter the Katanga rebellion and widespread insurrection.

He got none.

In Accra, on his way back home, he signed a secret “Union of African States” pact with Nkrumah.

It was an inexorable downhill journey for Lumumba. He had threatened to appeal to the Soviet Union for assistance if he did not get help from the West.

Europe and America, long suspicious, decided he was a “communist” and a danger to their interests. President Eisenhower authorised the CIA to “take him out”. The UK government apparently gave similar instructions to MI6. Belgium, of course, always had it in for him.

The rest of the story is well known.

Mobutu’s abetted coup. Lumumba was arrested, beaten up, and flown to the rebellious Katanga Province, where he was assassinated, and his body dissolved in acid.

Now if only the Belgians could be prevailed upon to release Lumumba’s teeth, his people could bury them in a coffin in a grave with the satisfaction that his spirit is finally home to rest.

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

Employee recognition: A powerful leadership strategy

eaders struggle with publicly recognising their lieutenants or teams. Some just practically avoid giving any praise to their employees. Such leaders believe that when you give a little too much praise, the employees will cross the line and take them for granted. That is a grave mistake. Not just in terms of motivating the team but boosting the bottom line and raising employee engagement.

Some years ago, I was appointed to lead an organisation. I regularly would genuinely recognise and praise team members and employees to motivate them. One day, the outgoing President and Finance Manager told me to stop.

They said to me, “You are always praising these guys for nothing. They don’t need any public recognition for doing what they are paid to do.

That is why we pay them monthly salaries. Praising them will make them ineffective”. Then I ran these views by a senior leader who, to my surprise, shares a similar opinion. He said, “praise is for wimps, and if you continue this way, your people will take you for granted.”

However, this was contrary to the lessons I received from my Father. As a child, I regularly visited his office, and I saw how he demonstrated leadership for people at his office. A few weeks later, it was the Finance Manager’s birthday, and I saw an opportunity to run an experiment on him. I requested we move the leadership meeting to Monday, which was his birthday instead of the regular Friday. At the meeting, I gave him a personal gift, made him cut a cake with everyone singing for him, and praising him.

During my speech, I told him he was doing a great job, and that I appreciate the work that he was doing. You can imagine his reaction; he was ecstatic. He beamed with a huge smile as

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The leadership factory with

Toye Sobande effective recognition is honest, authentic, and individualised to how each employee wants to be perceived and recognised. The secret is to realise what makes it meaningful and memorable for the employee, and who is doing the recognising. The most memorable recognition for any employee is one from a top-level leader or CEO. Most employees will remember personal feedback from a top leader, and even a modest quantity of time the CEO takes to show appreciation can yield a positive impression on an employee. The affirmation and recognition from a CEO could become a career highlight and a permanent feature.

When some employees were asked what types of recognition are the most memorable, they outlined six methods specifically, and money isn’t the only or topmost form of recognition: - public recognition through an award, certificate of commendation letter - private recognition from the most senior leader, immediate boss or clients

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Sobande is a Lawyer and Leadership Consultant. He is a Doctoral Candidate at Regent University, Virginia Beach, USA, for a Ph.D. in Strategic Leadership. He can be contacted by Email: contactme@toyesobande.com

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Friday 21 August 2020

BUSINESS DAY

Editorial Publisher/Editor-in-chief

Frank Aigbogun editor Patrick Atuanya

Improving Nigeria’s business environment Large population size does not always mean a large market

DEPUTY EDITORS John Osadolor, Abuja Tayo Fagbule NEWS EDITOR Osa Victor Obayagbona NEWS EDITOR (Online) Chuks Oluigbo MANAGING DIRECTOR Dr. Ogho Okiti EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, STRATEGY, INNOVATION & PARTNERSHIPS Oghenevwoke Ighure 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)

Bashir Ibrahim Hassan

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igeria has often been lashed for its unfavourable business environment which is made worse by regulations that suffocate and stifle economic activities.

The recent announcement by Shoprite of its exit from Nigeria reinforces this discourse, giving urgency and fillip to the need for Nigeria to fix some fundamental factors affecting businesses in the country.

President Muhammadu Buhari, in a twitter post in October 2019, commended the efforts of the Presidential Enabling Business Environment Council (PEBEC) for being instrumental to the improvement in Nigeria’s World Bank Ease of Doing Business ranking, having moved 15 steps to rank 131.

However, while the ease of doing business may have improved, the actual process of running a business has been stifled.

This doesn’t dispute the fact

that despite the harsh climate in which some businesses in Nigeria operate, there are still others that have structured models making them profitable and remaining going concern.

Flour Mill, for example, delivered an extraordinary performance with a 184-percent growth in net income to N11.3 billion. Similarly, revenue increased by approximately 9 percent to N573.7 billion for the year ended March 31, 2020. Dufil Prima Foods is another example of a successful business under an unfavourable climate.

This portrays the good, the bad and the ugly of doing business in Nigeria. The exit of Shoprite after fifteen years of business in Nigeria should raise concern bearing in mind that the company has helped formalise the Retail-Consumer Staples industry in Nigeria.

The relevance of Shoprite’s Nigerian market is slightly exaggerated. While sales in Nigeria contracted by 5.9 percent and 6.7 percent in the first and second half of the year respectively, sales in

South Africa grew by 9.8 percent and 7.5 percent in the first and second half of the year.

One important lesson here for Nigeria’s policy makers is that a large population size does not always mean a large market. It is only a potential market at best. Unlocking such potential will depend on improving demand by creating jobs to improve households’ income levels, boosting purchasing power by lessening inflationary pressures and strengthening macro fundamentals.

In August 2019, Shoprite stated that a decline in local currencies against the dollar and rising inflation in Nigeria and other African countries impacted its full-year financial results.

Earlier in February of the same year, the company said currency devaluation in such markets as Angola, its biggest operation outside South Africa, and Nigeria, have made it difficult for it to operate profitably elsewhere on the continent.

While we anticipate the uni-

fication of Nigeria’s exchange rates by the CBN which will ultimately mean further devaluation, Nigeria must opt for economic diversification to strengthen the value of the naira. It is pertinent to stress here that, for so long as crude oil – which is denominated in dollars – accounts for about 90 percent of Nigeria’s export, any negative shock in oil prices will see devaluation pressure mount on the local currency. This will always threaten the profitability of Foreign Direct Investments (FDIs) like Shoprite in Nigeria.

Nigeria must, therefore, create demand for its currency and that can be achieved by improving other sectors of its economy and boosting the share of nairadenominated exports.

While some businesses cease to be going concern in Nigeria and others manage to stay afloat, fixing the country’s fundamental issues impeding growth, will not only save businesses but also improve profitability of existing ones while attracting more FDIs.

GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu HEAD, HUMAN RESOURCES Adeola Obisesan

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

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Mission Statement To be a diversified provider of superior business, financial and management intelligence across platforms accessible to our customers anywhere in the world.

BusinessDay avidly thrives on the mainstay of our core values of being The Fourth Estate, Credible, Independent, Entrepreneurial and Purpose-Driven.

• The Fourth Estate: We take pride in being guarantors of liberal economic thought • Credible: We believe in the principle of being objective, fair and fact-based • Independent: Our quest for liberal economic thought means that we are independent of private and public interests.

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Friday 21 August 2020

BUSINESS DAY

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COMPANIES&MARKETS Sigma Pensions, NANPF signs MoU to provide pension scheme for Professional Footballers MODESTUS ANAESORONYE

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igma Pensions and the National Association of Nigeria Professional Footballers (NANPF) have signed a Memorandum of Understanding (MoU) to offer local and international professional footballers a safety net in their retirement.

The customised Scheme is expected to commence from the 2020/2021 Football season and was signed by the President and the General Secretary of NANPF on behalf of the Union with the Management of Sigma Pensions in Abuja recently.

In a statement, Sigma Pensions expressed that this partnership was borne out of the need to enhance pen-

sion coverage across the working population, stating that football has become a major source of employment for youths that have over the years not been catered for.

On what prompted the partnership, the statement said: “Amongst Sigma Pensions mandate as a Pension Fund Administrator is to assist employed workers plan for their retirement so that they can have financial security in their post service years. In line with that, Sigma Pensions felt the need to collaborate with this important sector that employs a large portion of our youth to provide them a retirement plan, so that they can also benefit from this laudable government programme of Financial security just like

employees in other sectors of the economy.”

The MoU is slated to cover local professional footballers playing in the domestic leagues as well as international footballers abroad in foreign leagues.

“This plan is for all professional footballers, be they local or foreign-based.

As you may be aware, the Cross-Border Arrangement Guideline of the National Pension Commission has made provision for people living outside Nigeria to have retirement plans at home.”

On benefits it would have on participants: “Nigerian professional footballers have never enjoyed any type of social security structure for their post service

years such that after their football careers, some fall into penury and cannot afford basics of life let alone healthcare insurance at old age. This arrangement is an opportunity for them to have a retirement plan such that after their active years, they would have a steady source of income that will guarantee them financial security in their old age”, the statement added.

Sigma Pensions also added that the initiative was inclusive of both male and female footballers and would cover all players in the Nigeria Professional Football League (NPFL), Nigeria National League (NNL), and Nigeria Women Football League (NWPFL) as well as international players.

L-R: Yinka Omirin director, Agric Training Institute; Abisola Olusanya , acting commissioner for agriculture, Lagos State, and Olayiwole Onasanya, permanent secretary, ministry of agriculture, during sensitization, capacity building and empowerment of Rice Farmers in Epe Lagos .

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oyal Exchange General Insurance Company (REGIC), a general and special risks protection underwriter has declared a Gross Written Premium of N10.58 billion for the financial year ended December 31, 2019. This was disclosed by the Chairman of the company, Rabiu Muhammed Gwarzo, at the company’s 12th Annual General Meeting held in compliance with Covid-19 directives.

A further review of the results show that from the Gross Premium Income of N10.86 billion, a Total Net Claims of N1.11billion was paid out, while underwriting profit was N1.14 billion for the period under review.

Total Assets for the company for the year under review was N21.94 billion with Shareholders Funds standing at N9.61Billion, Profit before Tax

ISAAC ESOWE

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he Nigerian ecommerce sector was estimated to be worth US$13 billion in 2018. However, economic stagnation in the country has been slowing down internet retail, according to the insight gained from Euromonitor International report.

The online retailing channel relies heavily on consumption from consumers with higher income, and many people still prefer to have a face-to-face transaction rather than shop online.

Since the break of the novel coronavirus pandemic and the social distancing measures instigated by Nigeria government and other countries alike, the occurrence has pushed more customers into online and e-eommerce solution, more customers have downloaded Apps from varied services which ranged from banking to food or grocery delivery services.

And one of such websites is the Gala9ja e-commerce portal, tagged ‘Market 4 all’ which was officially launched in Lagos on July 7th 2020.

“Gala9ja (Market 4 all) is an online webpage where individuals/marketers can buy and sell their products at affordable prices. It offers free advertisement of particular products such as; all home appliances, automobiles, real estate, lands and property, fashion lifestyle and many more,” Sp e a k i ng d u r i ng t h e event, the founder, Atuorah Vincent Chigozie, a tech entrepreneur highlighted that the portal seeks to foster effective product deliveries and customers satisfaction in ‘just a click away’. In addition, the platform is tailored to give Nigerians true value for their money, time spent when they use our platforms.

Flour Mills mulls bond program within two months announces new chief operating officer

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Royal Exchange General posts N10.58bn gross written premium MODESTUS ANAESORONYE

Gala9ja marks entry into Nigeria’s e-commerce space with website launch

amounted to N974.6 million and a Profit after Tax of N654.7 million was reported for the 2019 financial year.

Benjamin Agili, managing director/CE said that despite the very harsh operating environment, the company was able to grow its top line figures and maintain its leadership in key corporate accounts, participating in large-ticket insurance transactions, its renewed focus on the retail markets – which shall be a growth driver in the future – and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.

According to Agili, “We are expanding our strategic focus to these 3 main areas: – Digital Insurance, The Retail Insurance Market and; Agriculture Insurance – as farming is a key economic activity in Nigeria”.

Speaking further on the firm’s recapitalization plans, in line with NAICOM’s direcwww.businessday.ng

tive for Phase 1 of the revised recapitalization guidelines, Agili said that Royal Exchange General, with its approved 2019 financials is poised to surpass the NAICOM directive and plans are in top gear to ensure that REGIC is well capitalized and able to take advantages of the opportunities that will present itself in the insurance market in Nigeria.

Agili added further that “REGIC will continue to reinvent itself to be more responsive to the needs of the customer, offering them the products and services they need, in ways that they want.

We are adopting a customercentric approach to all our businesses to ensure we are competitive in the market.

On agriculture insurance, Agili said that Agriculture Insurance is a key focus area for the company in the years to come and it is vital that knowledge, penetration and under-

standing about the values and usefulness of insurance in Agriculture is promoted”.

He said “recall that Royal Exchange General Insurance Company (REGIC) was among the first 3 insurance companies to obtain NAICOM approval for Weather Index Insurance (WII) and we have also recently obtained approval for livestock, poultry and fish farming insurance which is already being taken up by livestock farmers in the country”.

Also, the company just organized a series of webinars, stating that “these agriculture insurance webinars we just concluded is the company’s way of expanding the frontiers of agriculture insurance adoption in Nigeria, making it easier to be understood and accepted by farmers, agroprocessors, agropreneurs, farming cooperatives, offtakers and other stakeholders nationwide”

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lour Mills of Nigeria has announced plans to approach the bond market within the next two months as part of the company’s N70 billion ($184 million) program aimed at refinancing existing debt. Anders Kristiansson, group chief finance officer, stated this during an analyst call.

According to Kristiansson, the company is taking advantage of the current rate in the money market, adding that Flour Mills had taken proactive measures to conserve cash in response to the coronavirus pandemic.

The Flour and pasta maker sold N30 billion in commercial paper in April, as part of measures to reduce the possible impact of the coronavirus on its business.

“We have a N70 billion bond program. We are looking to tap into the market again given the low interest rate environment,” Kristiansson told an analyst call.

“We anticipate coming to the market to refinance some of our existing debt by bring a bond to the market. We anticipate doing that in the next two months.”

Yields on short-term bills and bonds have fallen under 6percent from double digits due to excess liquidity on money markets as foreign @Businessdayng

investors dump assets to repatriate funds. The government is also providing stimulus to help businesses cushion the impact of the pandemic.

Nigeria’s biggest miller by market share said it has seen steady growth in its food business and agro-business and that first-quarter revenue grew 15% to 154.6 billion naira. The company has around 75.8 billion naira in net debt as at the first quarter.

The company said it was pursuing an organic growth strategy and planned to expand its edible oil refinery and grow the reach of its animal feed products.

Flour Mills shares, which are down 6percent so far from their January peak, traded at N18.50 on Tuesday.

The group recently announced the appointment of Omoboyede Oyebolanle Olusanya as group chief operating officer with effect from July 29, 2020. Before joining Flour Mill, Olusanya had as the chief business transformation officer at Dangote Group, where he spearheaded the transformation of the group, between July 2017 and October 2018. He was the Managing Director/ Chief Executive of Emerging Market Telecommunications Service (9Mobile). He is also on the board of Axxela, Starsight and OVH Energy.

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Friday 21 August 2020

BUSINESS DAY

COMPANIES&MARKETS In Nigeria’s downstream sector, the gloom persists in the first half of 2020 MERCY AYODELE

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our months after the Federal Government announce d w idereaching policy measures to deregulate the downstream sector of the petroleum industry, keeping businesses afloat in the sector is still extremely tough.

BusinessDay analysis of five of the major companies operating in the downstream sector namely Ardova (formerly Forte Oil), MRS oil plc, 11 Plc (formerly Mobil), Conoil plc, Eternal Plc, and Total plc revealed the performance of key profitability margins in the first half of 2020.

Ardova’s growing trade and receivable Result of annual Half-year financial result showed that Ardova plc’s profit after tax plunged to N1.01 billion in

second quarter of 2020 from N5.45 billion in the previous year while profit before tax fell sharply from N6.3 billion in 2019 to N1.17 billion in the first half of 2020.

The company’s revenue rose from N82.7 billion in 2019 to N87.3 billion in the first half of 2020 while the cost of sales also rose from N77.2 billion in 2019 to N82 billion. The company’s trade and receivables increased from N16.7 billion in December 2019 to N19.5 billion in the first half of 2020.

Trade receivables are the total amounts owing to a company for goods or services it has sold, which are reflected in invoices that the company has issued to its clients, but has not yet received payments for.

Revenue from lubricants decreased to N7.8 billion from N8.4 billion in the first

half of 2019 while revenue from solar system also declined from N27.3 million to N7.3 million in the first half of 2020.

Another bleak year for MRS Oil despite increasing kerosine business Major petroleum marketer, MRS Oil Plc, may be in for another bleak financial year, for the third time in a row.

Results from the mid-year financial report of June 2020 showed that revenue fell from N29.7 billion in 2019 to N23.6 billion in 2020. The firm made a loss of N329 million in June 2020, a reduction in the N990 million recorded in 2019.

Proceeds from petroleum products, which accounted for about 74 percent of the oil firm’s total top-line, plummeted 21 percent to N17.5 billion, from N22.2 billion recorded a year before, while revenue from Aviation Tur-

bine kerosene (ATK) declined to N1.57 billion from N2.96 billion recorded in the previous year.

Revenue from Automotive Gas Oil (AGO) increased to N2.5 billion in June 2020 compared to N2.4 billion in June 2019, while revenue from Lubricant declined to N1.95 billion, compared to N2.01 billion recorded in the previous year.

Rare capital expenditure for 11plc 11 Plc (formerly known as Mobil Oil Nigeria) saw its revenue decline by 13 percent to N80.5 billion from N92.8 billion recorded in the first half of 2019.

Profit before tax also declined by 39 percent to N3.7 billion from N6.1 billion in June 2019 while profit for the year declined by 40 percent to N2.5 billion from N4.1 billion recorded in the same period.

L-R: Fidelis Omachonu, managing director, Integrated Cash Management Services Limited (ICMS); Doris Ibekwe, head of corporate services; Charles Nwodo Jnr, board chairman, and Emmanuel Onyebadi,head of security, after a media briefing in the company’s head office in Lagos…

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&I Leasing has announced plans to approach the debt market for a N10billion bond program, as it seeks to fund new acquisition and business expansion plans. Andrew Otike-Odibi, managing director C&I leasing plc stated this during a virtual meeting on the company’s H1 result & outlook for H2 2020.

In recent times there has been renewed interest by corporates to raise capital through the debt market on the back of falling interest rates. Yields on shrot term bills and bonds have tanked, fallen under 6percent from double digits due to excess liquidity on money markets as foreign investors dump

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XA Mansard Insurance plc, a member of the AXA Group and global leader in insurance and asset management at its 28th annual general meeting (AGM), restated the company’s strategy to focus on the growth and profitability of its insurance business for the ultimate benefit of its shareholders and other stakeholders.

The AGM, which was held by proxy on Wednesday, July 29, 2020, at Lagos Oriental Hotel, Victoria Island, Lagos, had only 20 people physically present in accordance with the Covid-19 guidelines and was live-streamed to other shareholders, regulators and stakeholders. Present at the meeting was the company’s chairman Olusola Adeeyo, the CEO, Kunle Ahmed, and the company secretary, Omowunmi Adewusi.

AXA Mansard in the financial year ended December 31, 2019, recorded a profit after tax growth of 17% while the shareholders’ funds for the group grew by 21%.

Responding to the shareholders at the meeting, Kunle Ahmed, the CEO, AXA Mansard Insurance, stated, “We have been proactive in putting key initiatives in place focused on identifying new growth areas in our markets, strengthening our partnerships and refining our distribution strategy. This has paid off as we grew revenues by 29% despite the challenging operating environment. Our long-term commitment to serving our numerous customers is also evident by the fact that we have already met the first phase of the new capital requirement, one year ahead of the December 2020 deadline fixed by NAICOM.” Chairman of the company, Olusola Adeeyo transacted the ordinary business which included the election of Directors, approval of the remuneration of Directors, and election of members of the statutory audit committee.

AXA Mansard is registered as a composite company with the National Insurance Commission of Nigeria (NAICOM).

FMN starts year strong with 17% growth in PAT at N4.9bn in Q1 ENDURANCE OKAFOR

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C&I Leasing mulls N10bn bond programme OLUFIKAYO OWOEYE

AXA Mansard holds virtual AGM, meets capital requirement one year in advance

asset to repartriate funds.

Otike-Odibe said the impact of covid-19 saw the group’s gross earnings decline 5.9percent to N15.3billion in half year for the period ended 30th June from N16.3billion in same period 2019. Lease rental income of N9.4 billion, down by 17.8percent year-on-year compared to N11.5 billion in same period the previous year, noting that modalities for the final conversion of Aureous Africa’s $10million loan to equity would soon be concluded.

While answering question on the loss recorded by its Ghana subsidiary Leasafric Ghana, Otike-Odibe said the loss of N280million recorded in full year 2019 was as a result of misstatement in the financials of Leasafric

Ghana Limited. He however assured that the subsidiary would return to the path of profitability ahead in second half of the year.

Further analysis of the half year result show that personnel outsourcing income increased by 26.7percent to N5.0 billion year-on-year as against N4.0 billion in half year 2019; lease rental expense down by 22.8percent to N4.2 billion year-on-year compared to N5.5 billion in half year 2019; net operating income of N3.8 billion, down by 18.5percent year-on-year as against N4.6 billion in 2019; Profit after tax of N268.0 million, down by 69.1% yearon-year (H1 2019: N866.9 million).

According to the Equipment and Leasing Association of Nigeria, for the tenth

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time in a row, the Nigerian leasing industry buoyed its growth and continued to remain a major contributor to national economic development, while demonstrating its innovation and flexibility in the face of economic turbulence.

The leasing industry recorded a remarkable growth of 13.5 percent in 2019, with outstanding lease volume at N1.91trillion as against N1.68trillion in 2018. The oil and gas sector maintained its lead with outstanding lease of N577 billion (26%), followed

by Transportation sector with N469billion (22%), Manufacturing N269billion (11%), Others (including Healthcare and Education accounted for N171billion (21%), while Agriculture, Telecommunications, and Government re-

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lour Mills of Nigeria (FMN) Plc, owners of the popular Golden Penny Food brand started the year on a solid note as the company reported a Profit After Tax (PAT) increase of 17 percent in the first quarter of 2020.

Primarily behind strong growth in its Agro-allied division and local value-added products plus effective cost control, FMN in the first quarter of this year recorded a Profit Before Tax (PBT) of N2.1 billion, compared to a loss of N0.2 billion in the previous year.

In line with FMN’s strategy, the company said its business remained resilient and continued to deliver value for shareholders while focusing on organic growth across all segments with continuous attention on its Agro-allied division and local value add with consumer-centric programs.

According to Paul Gbededo, even though the first quarter of the financial year is perhaps one of the most complex periods facing businesses in Nigeria and across the globe, FMN is happy that its business has continued to explore newer opportunities to create value and wealth for its shareholders.

“The year 2020/21 is unique in many respects, as the terrible outbreak of COVID-19 @Businessdayng

continues to affect the world in unprecedented ways. Recognising how important our business model is to the food value chain in Nigeria, we are honoured to have been able to take an active role in the fight against this virus, by ensuring our operations remained unhindered to produce food for Nigerians at such a trying time,” Gbededo said.

Breakdown of the Q1 financial results of FMN, one of Nigeria’s leading integrated Food business and Agro-allied Group shows that its PAT expanded to N4.9 billion as against N4.2 billion in the comparable quarter of the previous year.

With a broad basket of food products and robust pan-Nigerian production, distribution, and supply chain network, FMN reported a 15 percent increase in its earnings from N134.7 billion in Q1 2019 to N154. 6 billion in 2020.

Analysis of the Q1 financial report released on Monday by FMN shows that the Group’s operating ratio was down to 4.5 percent in the review quarter from 5.0 percent reported the year before. Lower operating ratio compared to the last previous two years.

Having an Agro-allied business that recorded solid improvements following past investments and increased focus on local inputs through both in-grower and out-grow-

Friday 21 August 2020

News

BUSINESS DAY

Products Review

Technology Review

Personality Review

Company Review

15

FINTECH

CashBox sees 40% rise in digital savings as it plans life in wealth management FRANK ELEANYA

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ashBox, a Nigerian-based digital savings platform, has seen an impressive lockdown response from its over 100,000 users who tucked away more money than the company had anticipated.

The company saw a 40 percent growth month-onmonth between March and July with over N1 billion saved so far by users on the platform.

The response has apparently galvanised Cashbox as it said it plans to expand into digital financial asset management.

Prior to the pandemic savers on the CashBox platform lodged between N30 million and N50 million on a monthly basis. Since the lockdown, that number has grown to about N200 million.

“We cannot say exactly what led to the leap, but we did intensify our campaign; making them more targetted at a specific segment of users,” said Sydney Aigbogun, founder and CEO of Cashbox.

“We tried to convince users they could save their transportation since they would not be going to work anymore or other spending they will usually do while physically

at work.”

Founded a year ago, CashBox has been dogged in its strategy, accomplishing in its first month twice the volume of savings of its much older and well-funded competition did in their first month. Cashbox has never been funded, although it is hoping to change that in the nearest future.

Aigbogun said the decision to not seek funding and bootstrap in its first year was so investors would see CashBox was more than an idea.

“We wanted to show our results, we wanted to show that our idea is working,” he said.

The company is hoping to raise between $600,000 to $1 million.

In June 2020, CashBox revamped its mobile application adding features like the pidgin language which is popular among young people in Nigeria. It is therefore not surprising that much of the demography of its users are young and mostly come from Lagos and Abuja.

The mobile app also has a

remittance feature that makes it easier for Nigerians living abroad to send money to their loved ones without the stress of the usual bank channels.

Also, the usual multiple fees are eliminated. A user living in London, for instance, can send money in pounds to the app which is eventually converted and withdrawn in naira.

The mobile app also presents users with options for savings such as the clique, regular, vault, and Swift savings. Clique allows users to save with their friends. In other words, a group of friends can set a savings target and monitor each while they meet the target. It is similar to the traditional Esusu model.

Regular enables users to load money in their savings wallets automatically. Withdrawal is easily done once and also on free withdrawal days which is once in a quarter. Regular users can earn 10 percent per annum using transfer. The vault plan is a personalised fixed deposit account that earns 10-15 percent per annum depending on a chosen tenor. Vault savers can lock funds for a period of 90 days or more, and earn interest upfront immediately.

Aigbogun believes the next

frontier for CashBox is in helping its growing users manage and grow their savings. Hence it is already discussing with investment experts on potential assets that would guarantee a return on investment.

“We don’t just want to invest in anything like everyone is doing,” he said. The company is already planning a new life in agriculture investment and would consider real estate as time goes on.

Digital asset management has been on the rise driven by inexpensive, highly functional digital still and video cameras (even as part of mobile devices); increased network bandwidth; decreased storage costs; low-cost, high-performance processors; highcapacity, solid-state memory; affordable cloud services; and the requisite digital media infrastructure. The trillion-dollar worth market is still very nascent in Nigeria, and it is primarily dominated by banks that mostly serve High Networth individuals (HNWIs).

Currently, there are less than 20 fintech companies trying to challenge banks’ dominance. CashBox says it is coming with a strategy that would also include individuals that are not in the HNWI category.

Funding in Nigerian fintech firms rise 197% in 3 years as payment dominates FRANK ELEANYA

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ompanies in financial technology (Fintech) services have secured $560 million representing a 197 percent growth between 2017 and 2020, according to a report by Enhancing Financial Innovation and Access (EFInA).

The fintech segment which currently hosts over 200 com-

panies has been a major attraction to investors most of whom are foreigners. The majority of the funding activities are around payment firms which accounted for 39 percent of the investment. Lending and savings took 28 percent and 11 percent respectively.

Despite the growth, the fintech landscape is still performing about 1 percent of its potential. To start with most of the

fintech activities are focused in Lagos and Abuja where an overwhelming majority of the companies are located. And the solutions mostly target banked customers and high net worth individuals. The rural communities remain grossly underserved.

“Despite the increased activity in the fintech sector in Nigeria and the positive multiplier effect, the economic

impact to date is low, with FinTech activity accounting for only ~1.25 percent of retail banking revenues in 2019,” authors of the report noted. “A concerted effort by all stakeholders to address structural challenges is required to capture a greater share of Nigeria’s $50 billion digital financial services opportunity, and mitigate emerging risks as the sector evolves.”

There are also consumer www.businessday.ng

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issues that need to be addressed. These include limited access to financial services and products. EFInA says the pricing of products is the biggest obstacle to fintech adoption.

Consumers also have access to a few products that are tailored to their actual needs.

Another issue is the exorbitant rates charged by lending and insurance firms. In recent times, banks have capitalised on this to release various quick @Businessdayng

loan services. Top on the list of complaints for some customers is the underwhelming user experience on various fintech platforms.

Accessibility to funding in the sector is also biased to fintech firms with foreign affiliation. About 84 percent of funds were invested in foreign or foreign affiliated fintech excluding Visa into Interswitch.

Diaspora founders often leverage their networks to deliver funding pitches based on the requirements of international investors.

“Foreign accelerators like YC Combinator and 500 Startups have helped few FinTech to bridge the preparation and access gap,” the report noted.

China which has invested more money than other countries - although in fewer startups - has focused exclusively on fintech firms with Chinese links. The $210 million investment it brought in 2019 went to Chinese founded businesses.

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Friday 21 August 2020

BUSINESS DAY

feature ‘Using services of cash management companies will help banks achieve cost optimisation’ Currency operations typically constitute 25-40 percent of cost of operations for most Nigerian banks. To achieve sustainable cost optimisation for banks, the CBN licensed Cash-In-Transit (CIT) and Cash Processing Companies (CPC) as operators in the cash value chain, including Integrated Cash Management Services (ICMS) Limited. Charles Nwodo Jr., founder and chairman of Board, ICMS, in this interview with Hope Moses-Ashike, speaks more on the operations and challenges of the cash management subsector. Excerpt:

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ould you take us through what services your company, Integrated Cash Management Services (ICMS), renders?

The cash industry in Nigeria is relatively new and therefore just evolving and the central bank (CBN) deserves credit for this development which aligns Nigeria with global best practice in currency operations. What we call the cash industry was part of what used to be called Branch and Currency Operations until it was excised and made a full Department of Currency Operations as part of the strategic and continuous efforts of the CBN to modernise the Nigerian financial industry. This move was both in recognition of the importance of cash and also to give vent and expression to the need to attract investments into the nascent cash industry.

Before ICMS and other industry operators were licensed to operate, the CBN was the main operator and in that situation was subsidising the banking industry by providing most of the currency distribution and processing for Nigerian banks at highly reduced costs. By licensing new operators in the cash value chain, the CBN was adapting the Nigerian cash industry to global best practices because in other parts of the world, the distribution, processing, securing and even packing of cash is done by private entities while central banks typically concern themselves with issuance of new notes and destruction of unfit notes as well as setting the standards for private operators in the value chain and monitoring compliance with the standards. So, for example, the central bank would set and enforce cash processing standards that would enable easy and objective identification of counterfeits and unfit notes as well as notes that are fit for recirculation. So, to enable the CBN deploy resources and focus regulatory attention on these important roles was the main reason that ICMS and other operators were licensed to provide the services I listed earlier.

The cash industry ecosystem is made up of cash-in-transit (CIT) companies, of which there are nine licensed companies and two cash processing companies of which ICMS is one. The CIT companies essentially distribute cash from point to point, city to city, branch to branch, branch to CBN and retailers to banks, etc. Before the CBN licensing, Nigerian banks used to distribute cash themselves, using their own vehicles, mostly regular pick-up trucks that exposed the passengers and the cargo to armed rob-

The cashless policy was necessary because the volume of cash in circulation and the attraction for cash transactions was growing at an alarming rate and threatening national security in some ways.

bery attacks that were rampant.

Similarly, most banks processed their own cash and in doing so the banks operated according to no standards in terms of CIT and cash processing operations and were answerable to no authority since they were licensed to provide banking services and not cash handling services. So, you could say that there was total chaos and disorder before and this must have informed the CBN action to give effect to the creation of a regulated cash management subsector under a Currency Operations Department of the CBN. By licensing ICMS and the other operators the CBN has a responsibility to engender a conducive operating environment for the licensees to avoid the past trends where operators in this sector folded up due to poor operating environment and hostile regulatory disposition. For example, the CBN has rolled out policies and operating guidelines that expressly disallow banks from distributing and processing their own cash or apply to be licensed as such if they wish to operate these services. But, the CBN has not been able or willing to enforce this policy as we still have several banks distributing cash with poorly equipped vehicles and processing their own cash. This is one of the challenges we are contending with as an industry.

The cash industry value chain is made up of the following players: the retailers that generate a lot of cash, such as Shoprite, petrol stations, Spar, markets, gambling casinos, churches and mosques. www.businessday.ng

And, of course, you have the CIT companies and cash processing companies, banks and then the CBN. Today, part of the challenge we face is persuading the CBN to enforce its own guidelines.

What that has done is that it has created a situation where certain practices that are against official policies and guidelines and even our country’s laws are continuing unchecked. Some of these practices are the spraying of money at events, as well as hawking of new naira notes openly. Nigeria is the only country where such happens.

Now, there is a CBN policy that prohibits banks from issuing notes that have not been processed. The reason is that if they are not processed, the state of the notes cannot be determined. If they are not processed, you don’t even know whether they are counterfeits.

If they are not processed, they continue to be recycled with the implication of rapidly polluting the rest of the notes that are fit for circulation. Presently, we are under pressure by the CBN to expand our capacity to be able to meet the expectations of this industry.

People must understand that cash is going nowhere. Indeed, for now and for the rest of our lifetime, cash remains the most important and largest store of value. I can tell you authoritatively that the volume of cash in circulation worldwide and in Nigeria is not decreasing as many people seem to believe. The reason why CBN initiated the cashless policy was not necessarily so that overnight all the cash in circulation would disappear.

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What does your company actually save the banks if they don’t have to render this service you render?

The central element of our value proposition is the inherent principle in shared services. This means that if I use the same resources or platform to service multiple clients efficiently, each of the clients spends less and I grow in scale and improve in efficiency continuously. This model is simple and trusted and validated by the success of several companies and industries in many parts of the world. However, we have had some poor records in Nigeria in this respect. Nigerian banks had in the past set up institutions that didn’t succeed in the end.

You probably have heard about collaboration between Nigerian banks that resulted in a company called the Pioneer Sorting Company Limited. It was set up in the 80s and 90s by some banks. They floated it then under the guidance of the CBN, but it failed. You know Nigerian banks famously don’t cooperate with each other. They also set up another one called ATM Consortium. The purpose of the ATM Consortium was to create a shared platform to process industry-wide ATM fit notes and perhaps even manage the rollout and maintenance of ATMs on behalf of Nigerian banks. This again failed. So, there is a recognition that a shared services platform is typically the right model for most industries. Typically, currency operations constitute 25-40 percent of the cost of operations for most Nigerian banks depending upon the respective efficiency levels and geographic dispersion. So, if you have Bank A with a branch in Victoria Island and its cash operation hub is at Ikeja and the branch at Victoria Island requires cash, what they would typically do is to call the head of cash management, who would contact the Ikeja cash hub and they would arrange for a bullion van to take the cash from the cash hub at Ikeja to Victoria Island. There is a cost for this operation. And this cost applies also in the case of other branches of the same bank located in other parts of Lagos outside the Ikeja hub as well as across Nigeria. Multiply this cost across all the banks in Nigeria and their various branches across the commercial cities in Nigeria. How do we come in to save the banks costs and improve efficiency and safety? Now, let’s say there is Bank B at Ikeja that needs @Businessdayng

cash and maybe the cash hub of Bank B is at Victoria Island, they would typically go through same process Bank A did. So, what you have is Bank A and Bank B spending money respectively by going in opposite but the same directions.

Multiplied state-wide this movement also exposes the industry to too many vehicles loaded with cash being on the road at the same time and increasing the risk of armed robbery attacks significantly. Now, how do ICMS and other CIT companies operate? Our bullion vans are stationed and operate around clusters like Victoria Island and Ikeja, for example. And because we use these same bullion vans to service multiple banks, we are able to service both Bank A in Ikeja that needs to evacuate excess cash and Bank B in Ikeja that needs cash quickly and efficiently using technology and advanced operational techniques. What does that do? It reduces the cost to Bank A and Bank B, respectively.

And because we are using same vehicle to do this, we are able to render this service cheaper than either of them can do and hopefully, these savings can be passed on to bank customers in the form of reduced interest rate. We also operate 24/7 cycles because that is our core business. This model replicates itself in the case of our cash processing offerings. We use same cash processing infrastructure, operating in a factory-like situation with about three shifts.

So, in terms of efficiency and costs, we save the banks tremendous values because by the time the bank branches open in the morning, the night shift in our facility has finished processing, the CIT team has delivered the cash and the bank branch just operates as if nothing happened. In terms of cost optimisation, because same cash we are processing for Bank A we are processing for Bank B and others, using same platform, same personnel and technology, it is easy and cheaper for each of them in the short, medium and long term. What each of them pays is only a fraction of what it would cost them to buy those same machines, set them up in their hubs and operate at highly expensive operating costs which unfortunately the banks pass on to hapless customers in the form of high borrowing rates, high transaction charges and some inexplicable bank charges. So, our intervention as a sub-sector of the industry was designed by the CBN to achieve sustainable cost optimisation for banks as well as efficiency improvement, all of which the banks are able to pass on to the customers in the form of reduced costs of borrowing and transaction charges.

Friday 21 August 2020

BUSINESS DAY

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Friday 21 August 2020

BUSINESS DAY

Sports CAF names resumption date for AFCON 2021, Qatar 2022 qualifiers Stories by Anthony Nlebem

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he Confederation of African Football (CAF) has approved the resumption date

for qualifiers of the Total Africa Cup of Nations (AFCON) Cameroon 2021 and the group stage of the FIFA World Cup Qatar 2022.

A busy schedule awaits the participating teams with double-headers from November 2020 through to No-

vember 2021 in the battle for spots to the final tournament of the two competitions.

The schedules for the two competitions have had to be revised in light of the COVID-19 outbreak which halted many sporting activities across the continent and

beyond for some time.

For Cameroon 2021, the qualifiers resume on 9-17 November 2020 with the Day 3 & 4 matches whilst the penultimate and ultimate matches take place on 22-30 March 2021.

The 40 teams in contention for the five slots for Qatar 2022 will commence the journey between 31 May and 15 June 2021 with the Day 1 & 2 matches. From 30 August till 7 September, the Day 3 & 4 matches are expected to take place with Day 5 & 6 matches fixed for 4-12 October 2021.

The Playoff matches have been scheduled for 8-16 November 2021.

Meanwhile, CAF is monitoring the situation closely and working with the relevant authorities with regards to hosting of the matches, and will make pronouncements accordingly in the event of developments that will affect playing a match at the designated venue.

Koeman to steer Barcelona back to winning ways

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arcelona have hailed the “return of a legend” as the Spanish giants officially named Ronald Koeman as their new coach until 2022.

Koeman will be the man in charge as he seeks to steer Barcelona back to winning ways.

He knows what it takes to win at the club, having lifted several titles - including the 1992 European Cup, where he scored the winning goal in the final - when he played for the Blaugrana between 1989 and 1995.

“FC Barcelona and Ronald Koeman have reached an agreement for the Dutchman to take over as first team coach until 30 June 2022,” the club said in a statement.

Former Barca star Koeman, who has been in charge of the Netherlands since 2018, will replace Quique Setien, who was sacked after the Catalans were humiliated 8-2 by Bayern Munich in the Champions League quarterfinals on Friday.

The 57-year-old, who becomes the fifth Dutchman to coach Barcelona after Rinus Michels, Johan Cruyff, Louis Van Gaal and Frank Rijkaard.

“More than 30 years after his arrival as a player, Koeman arrives once again as coach at the club that he helped win their very first European Cup back in 1992,” Barcelona said in a statement headlined “Return of a Barca legend”.

“Koeman, the hero of Wembley, is back,” the club added, a day after president Josep Maria Bartomeu revealed the Dutchman would take over.

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That night back in 1992, Koeman secured his place in Barca history, scoring the winning goal to claim the Catalan club’s first ever success in Europe’s top club competition.

As a player, Koeman arrived in Barcelona in 1989, at the time the second most expensive signing in the club’s history behind Diego Maradona.

In his six seasons as a Bar-

celona player Koeman made 264 official appearances, scoring 88 goals as he shone in Cruyff ’s ‘Dream Team’, winning four consecutive La Liga titles between 1991-94.

Before hiring Koeman, Barcelona considered Mauricio Pochettino and also the prospect of promoting Francisco Javier Garcia Pimienta from the B team, but ultimately the Catalan club have opted for the Dutchman.

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Man United working to resolve Sancho transfer issues

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anchester U n i t e d h av e still not made a breakthrough in discussions over Jadon Sancho’s wage demands and agent’s fees.

There is still no resolution on the 20-year-old Sancho’s salary expectations in discussions with his agent Emeka Obasi and the intermediary fee demanded by Marco Lichtsteiner, acting on behalf of Borussia Dortmund.

It is understood United have not even broached the issue of the proposed transfer fee and how it would be structured, with Sancho valued at £108million by Dortmund.

Even though Obasi represents Sancho he is believed to be communicating Dortmund’s own demands, which has surprised United.

United’s preference is to negotiate a deal comprising add-ons, which has become standard practice since they signed Romelu Lukaku from Everton for an up-front fee of £75m rising to £90m in 2017.

Daniel James, Aaron Wan-Bissaa, and Bruno Fernandes joined United for fees that could rise and Harry Maguire is the only recent exception in that Leicester demanded a straight fee of £80m. Fred and Diogo Dalot had release clauses.

Sources have described it as ‘unusual’ for Dortmund to have hired an intermediary to act on their behalf and described Sancho’s wage de@Businessdayng

mands and agents fees as an ‘obstacle’. United are determined not to repeat mistakes of the past in overpaying the agent or player, since Mino Raiola pocketed £41m from the Paul Pogba deal in 2016 and Alexis Sanchez’s status as highest earner caused resentment among some players. United sources have described Sancho’s wage expectations as a ‘real situation’.

Dortmund sporting director Michael Zorc last week claimed the club had extended Sancho’s contract to 2023 and the decision on him staying was ‘final’. Sancho is currently training with Dortmund at their pre-season camp in Bad Ragaz, Switzerland ahead of the start of the Bundesliga season next month. The summer transfer window closes on October 5.

If a move for Sancho fails to materialise, United are prepared to look to alternatives amid interest in Schalke winger Rabbi Matondo, Bayern Munich forward Kingsley Coman and Bournemouth’s David Brooks. United view the right wing as a priority position to strengthen and only signed Daniel James last year after they failed with a move for Sancho.

Sancho had confided in friends at former club Manchester City he would relish returning to Manchester to play for United. United tried to sign him from City in 2017 but their rivals blocked a move and Sancho joined Dortmund for £8m.

Friday 21 August 2020

BUSINESS DAY

19

MoneyInsight

How growing unemployment widens digital inequality in Nigeria FRANK ELEANYA

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igeria’s rising unemployment is not so great news for the country’s efforts to reduce digital inequality which has widened in recent times due to the COVID-19 pandemic.

While the prices of mobile devices have fallen steadily over recent years, nearly 2.5 billion people live in countries where the cost of the cheapest available smartphone is a quarter or more of the average monthly income, says an August report by Alliance for Affordable Internet and World Economic Forum (WEF).

The report found that in Sierra Leone, the average person needs to save six months’ salary to buy the cheapest available smartphone. In India, where almost 18 percent of the global population now lives, the price of the cheapest smartphone from leading operator Jio was 206 percent of average monthly income.

Nigeria was not among the 70 countries covered in the research.

“In Nigeria, we found that no major operator sold smartphones or listed prices on their website,” Calum Cameron, a spokesperson for WEF told BusinessDay. “In future iterations of the research, we would hope to extend our data gathering to allow us to include more countries. Nigeria is obviously a really important country to consider.”

While Nigeria is absent the data shows a correlation with the country. For instance, In Sierra Leone, the average person needs to save six months’ salary to buy the cheapest available smartphone. In India, where almost 18 percent of the global population now lives, the price of the cheapest smartphone from leading operator Jio was 206 percent of average monthly income. The GDP per capita of Sierra Leone was last recorded in 2019 at $488.50 while that of India is at $2169.10.

Although Nigeria’s GDP per capita was last recorded at $5135 in 2019, the World Bank noted that before the crisis, approximately 4 in 10 Nigerians were

living below the national poverty line, and millions more were living just above the poverty line, making them vulnerable to falling back into poverty when shocks occur. That number is likely to increase with the lockdown and the impact the virus has had on businesses and the national economy.

This is reflected massively in the unemployment data released in August by the National Bureau of Statistics (NBS).

The data showed a 27.1 percent increase in the number of Nigerians not working. The figure rose from 20.93 million people recorded in the third quarter of 2018 to 21.77 million in the second quarter of 2020. In essence, one in every two Nigerians is either unemployed or underemployed.

“Unemployment reduces purchasing power and that means that connectivity will be less of a priority for someone that has to

put survival first,” Gbenga Sesan, Executive Director of Paradigm Shift told BusinessDay. “It’s a catch-22 situation because deprioritising access means being disconnected from the opportunities that would have provided access to employment opportunities.”

He sees digital inequality representing all forms of gaps (social, economic and more) that exist or are worsened because of the lack of access to digital tools and opportunities. It builds on the digital divide such that the connected gain more opportunities while the unconnected (and disconnected) lose the few they have, and cannot gain access to more.

Nigeria measures digital connectivity with mobile phones and mobile access but these may not always be accurate because of the ownership of multiple devices by many citizens. It is also common

for individuals to own multiple SIM cards switching between them in order to take advantage of a particular network’s deals or to maintain service when one network goes down. At the same time, if an individual does not own a phone, they may have access to someone else’s.

The International Technology Union (ITU) also makes the point that the digital divide is more pronounced in access to personal computers and internet use (owing to higher costs) than it is in access to telephones, which are a prerequisite for access to the internet. High-income countries have 22 times as many telephone lines per 102 inhabitants as low-income countries, but 96 times as many computers and 102 times as many internet users. As of 2018, only 23 percent of Nigerians were using a laptop.

With the cost of devices going up

and incomes not growing at the same rate, it is likely the 2020 data would not change much.

“Even at the 47 percent that have Internet access based on these faulty calculations, it means more than half of Nigeria is not connected. When you drill down, you see that those who live in rural areas and women are the groups that are least connected,” Sesan said.

In terms of access to connectivity, it’s also obvious that the quality of access decreases as you drive away from Lagos, Port Harcourt, Abuja, Kano, etc.

Much of the country’s Internet bandwidth is consumed by corporations, not individuals or educational and research institutions. High unemployment rate means more individuals would fall under the bracket of the millions of people without access to the internet.

ITMB gets N2.7bn from Development Bank of Nigeria to facilitate mortgages CALEB OJEWALE

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he recent onboarding of Infinity Trust Mortgage Bank PLC (ITMB) as a participating financial institution by the Development Bank of Nigeria (DBN) to access up to N2.7 billion for lending to its customers, is according to the company, an opportunity for individuals and MSMEs to secure properties needed for their businesses to grow.

Olabanjo Obaleye, MD/ CEO, ITMB in a statement, described the new partnership with DBN as one of the strategic drives of the Bank to expand its product offerings to MSMEs particularly as they constitute over 90 percent of enterprises in the country. “It will help us reach many more customers that are self-employed and those in the MSME space that want to purchase commercial properties like shop and offices. This will also improve fiwww.businessday.ng

nancial inclusion for mortgage products,” he said.

Obalaye described it as an opportunity for those in the MSME sector and small corporates interested in accessing mortgage loans to build and purchase residential or commercial properties, noting they could initiate this by visiting any of its office locations for guidance and necessary approval.

“Shelter is one of the basic human needs, this is why we

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are passionate about providing needed mortgage loan to deserving Nigerians particularly those in the MSMEs sector to purchase properties,” he said.

“This will further broaden the mortgage penetration depth in the Nigerian market. He also explained that the Bank’s processes have been simplified such that a mortgage loan can be disbursed within three days to an individual, as long as the applicant meets all mandatory requirements. @Businessdayng

He also stated that the bank’s processes have been streamlined and incorporate the use of technology, which has made the disbursement of loan to individuals fast, and making it the leading primary mortgage bank in Nigeria as reflected in its financial results.

The bank in the statement, said it has consistently maintained profitability over the years and operating resilience through strong regulatory entity and service ratings.

20

Friday 21 August 2020

BUSINESS DAY

LEADINGWOMAN Pearl Uzokwe, spearheading sustainability WOMEN’S HUB and governance for Sahara Group worldwide MAGAZINE TODAY

IN

See the link https://businessday.ng/download/446924/

or visit www.businessday.ng to download today’s edition of the Magazine

In celebration of Nigeria’s 60th independence, BusinessDay’s Women’s Hub presents WOMEN CHAMPIONS. You get to nominate your women champions. Regular women doing phenomenal things.

From the 36 states of Nigeria including Abuja, there are various women giving their bit to the society, doing outstanding things. Their desire is to make Nigeria a better place and with little or no support, they are undaunted yet driven by their desire to be a caring shoulder to others.

To this end, BusinessDay’s Women’s Hub will publish 60 of these women who will be selected from all the entries received all over Nigeria. 60 because it is the 60th Independence of our great country, Nigeria.

Are you the one we are looking for? Do you know someone in this category? Please nominate yourself or someone you know, ensuring you attach all the necessary information that will qualify you to be among the Women Champions and send to WC@businessday.ng Applications are open and will close on the 10th of September, 2020 For sponsorship or partnership, please reach out to WC@businessday.ng or call 0907 323 7917

www.businessday.ng

Kemi Ajumobi

Associate Editor, BusinessDay

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ur Leading Woman and Wo m e n ’s Hub Cover personality for this week is Pearl Uzokwe. She is the Director for Governance and Sustainability at Sahara Group Limited.

She is a qualified solicitor and member of the Law Society of England & Wales. She graduated with a LLB (Hons.) from the University of Bristol and is also a Chartered Secretary (ICSA). She has since experienced a remarkable professional growth in the last fifteen years whilst building her legal career within UK and Nigerian corporate structures.

In 2002, she began working at the Crown Agents UK who provide specialist and multidisciplinary services in institutional development, international trade & procurement and finance. Her role in the legal department of the organisation, saw her provide legal advice and support to the UK Department for International Development (DFID) in the development and administration of a number of notable funds including the Private Infrastructure Development Group – set up to facilitate private investment in the infrastructure needed to help alleviate poverty in developing countries and the International Finance Facility for Immunisation (IFFIM), a $4 billion investment facility designed to accelerate the availability of funds to be used for health and immunisation programs in 70 of the world’s poorest countries.

She built a strong working relationship with the donors which included country donors like the UK, French and South African governments and private NGOs like the Bill & Melinda Gates Foundation. These two funds in addition to her work on the Emerging African Infrastructure Fund (EAIF) influenced her decision to seek employment primarily with organisations who combined their corporate pursuits with a clear and effective social purpose.

After a period with City of London firms Denton Wilde, Sapte LLP and Ste-

phenson Harwood LLP working within their corporate departments, she relocated to Lagos, Nigeria in 2009 and joined the Legal team at Sahara Group as the third member of the then budding department. She threw herself enthusiastically into the team work that was necessary to grow and nurture the unit’s human capital and widen the remit of its function to the international energy group as it spread inexorably across the energy value chain in Africa, Asia, Europe and the Middle East.

Pearl’s vast professional experience within the upstream, downstream and

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midstream sectors of the oil and gas industry, corporate law and international development culminated in her appointment as the Group’s Director for Governance and Sustainability, a role which her professional pursuits and private passions seemed to have been leading up to in the period before hand.

Her current role sees her spearheading sustainability and governance for Sahara Group worldwide and representing Sahara Group’s interests to a growing network of stakeholders. She is married with a daughter.

In her inter view as our cover personality for @Businessdayng

Women’s Hub for this week, she shares on early years, experience working in the UK, joining Sahara Group, feats achieved by Sahara that puts them ahead in what they do, weathering the storm in the COVID-19 pandemic, the importance of corporate governance in any organisation, women on boards, day never to be forgotten and so much more.

Download magazine https://businessday.ng/download/446924/ or visit our website www. businessday.ng to get this edition.

BUSINESS DAY

Friday 21 August 2020

21

Health Business&Life How Ajayi’s mentoring programme plans to retain Nigerian doctors Now that we are back in the skies: Anthonia Obokoh

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support system for physicians in their formative years where experienced doctors share knowledge and experience by giving back to society has set out to help stem high rates of brain drain in Nigeria’s health sector.

Named after the chief executive officer (CEO) of Nordica Fertility Centre the Abayomi Ajayi Physicians Mentoring Programme tackles the big picture of massive brain drain in the health sector, which constitutes a huge loss for Nigeria given that Africa’s most populous country is indirectly subsidising the cost of training medical doctors for the countries where Nigerian physicians eventually immigrate to.

“Nigeria has been losing professionally trained health workers who have been the core of the country’s health system for many years. Faced with an increased burden of disease and coupled by a massive exodus of the health workforce, the health system of Nigeria is risking paralysis,”Ajayi says.

There is no gainsaying the fact that Africa’s largest economy is rapidly bleeding doctors.

It has continued to train and educate medical professionals who have inadvertently found their way outside the shores of our country. They help build and sustain medical services in many countries across the globe, with the United State of America and the United Kingdom as leading destinations.

Recently, the outflow of doctors has seen Nigerians move to South Africa, Saudi Arabia, the UAE, Canada and Australia. A recent NOI polls survey conducted revealed that well over 20,000

Nigerian doctors were currently working outside the country.

The survey also revealed that 80 percent of our doctors working in the country were seriously considering leaving.

Statistics have shown Nigeria’s poor doctor-population ratio of 1:6000 as compared with the World Health Organisation standards of 1:1000 and this situation has found many doctors operating like machines thereby not giving adequate time for patient interaction.

Graduates’ leaving any country in droves is a bad sign.

In Nigeria, the reasons majorly adduced for this massive brain drain is due to poor infrastructural support for the medical services in the country. Many doctors decry the poor state of facilities in the various hospitals across the country and in a lot of instances, the obsolete nature of many of the machines they work with oftentimes negatively affects success in managing critical cases.

Poor remuneration is another critical factor adduced for the brain drain. Doctors believe they are poorly paid, considering their work as front lines in the face of hazardous work they do on a daily basis.

Closely linked to their poor remuneration includes no life insurance to cover eventuali-

ties associated with the hazard of the job.

All fingers seem to be pointing to the government for not making significant investment in the health sector. The deplorable state of things has created opportunities for medical tourism in favour of foreign medical services.

It is estimated that Nigeria loses over $1 billion annually on medical tourism. This figure could have been invested in our local healthcare sector, which was the pride of Africa from the 1960s to 1970s with Nigeria as the hub for training doctors from across the continent, and patients receiving treatment in our hospitals, including patients from Saudi Arabia, a paradise today, where Nigerians now throng to for treatment.

In order to manage the outflow of medical personnel and young physicians from Nigeria, the Ajayi physician mentoring programme has been developed to enhance the career growth of young physicians and improve transformative leadership in the medical profession and the programme tends to facilitate, not restrict, the participation of mentors and mentees enabling them to explore the great opportunities created when two personalities are paired.

“We want to have a balanced profession, sometimes these young ones need someone who can give those words of wisdom that will help them to develop and discover who they are. We need Nigerian young professionals to know that there is a still future in the country,” he said.

Ajayi further said in Nigeria you can decide what you want to be because the opportunities are more and the country is thereby supplying cheap doctors to the advanced economies, keeping their health systems working.

Ajayi explained Mentoring is a mutually beneficial relationship which involves a more experienced person helping a less experienced person to identify and achieve their goals. Ajayi is of the opinion that Nigerian doctors have the professional abilities but may lack entrepreneurial skills required to take advantage of the country’s medicare ecosystem by creating innovative solutions that will be more rewarding for them.

“Nigerian doctors need a fundamental mind shift, which will create the turnaround for the country as well as the doctors themselves. I am inspired to help Nigerian doctors working in the country unveil their potential and return Nigeria to the path of glory in the community of nations,” he says.

He said the Physician Mentoring Programme has assembled successful Nigerians from diverse calling to mentor 12 selected doctors, tapping into the wealth of each mentor to bring out the best in the mentees.

Ajayi said that this distinguished team is the resource base that through personal interactions with the mentees will drive a new thinking, fuelled by professional and entrepreneurial capacity building to grow a new age Nigerian medical doctor.

COVID-19: NIPRD applies for 5,000 hectares of land to grow medicinal plants, leaves SIKIRAT SHEHU, Ilorin

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he National Institute for Pharmaceutical Research and Development has applied for 5,000 hectares of land to grow medicinal plants, roots and leaves that are local to the environment of Kwara.

Ibrahim Yahya Oloriegbe, senate committee chairman on health, disclosed this to newsmen during a training conference for phytomedicine practitioners, tagged,

‘Developing Nigeria’s phytomedicine for Healthy Population and Assured Economic Prosperity’.

He says it was aimed at helping the country in its research and quest to develop phytomedicines and vaccines to fight against diseases and COVID-19.

According to him, the benefit of such a move will not only be useful to Kwara State but to other NIPRD state offices in a bid to develop qualitative and economic phytomedicines in the country to fight against

diseases.

Oloriegbe who is representing Kwara Central in the Senate explained that the objective of the phytomedicine training conference in Kwara State was to ensure the safety and healthiness of Nigerians who patronize locally produced medicines.

He says: “It’s our duty as policy makers to ensure that the medicines are of quality, see how we can empower our local medicine practitioners and ensure they use what are of quality to produce their

medicines”.

Oloriegbe declared that producing medicines locally would help to save the country’s foreign exchange. “You can see that when the COVID-19 rages on we were moved to import drugs from Madagascar. What they used for the drug is anthemisia and Nigeria has better anthemisia”, he said.

He posits that if the country encourages and develops its local medicine it would not only empower phytomedicine practitioners but boost the nation’s resources.

COVID-19 changing how expectant mothers get reproductive care Churchill Okoro

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udith Eghosa a 35-year old pregnant woman stopped attending antenatal care at the hospital she registered, owing to the rising cases of Coronavirus disease (COVID-19) and fear of exposing herself and her fetus to the virus.

“This is my third child but we are in difficult times, and I can’t risk going to the hospital to complete my antenatal care because COVID-19 is real and can easily be contracted.

“Although I understand the relevance of antenatal care to survival of the baby, I will stay

put till there is a drop in the number of cases”, she said.

As COVID-19 precautionary measures get tough to practice, expectant mothers no longer contact the hospital for Antenatal Care (ANC) due to fear of contracting the virus.

In response to control the spread of COVID-19, residents were advised to comply with the precautionary measures such as maintaining at least 2 metres distance from one another, use of facemasks, hand washing, good hygiene practices, among others.

Expectant mothers are now confronted with the challenge of complying with the COVID-19 precautionary measure, www.businessday.ng

particularly observing physical distancing, thereby making it impossible for them to complete their care.

Prior to COVID-19 pandemic, women found it difficult to access quality and affordable reproductive healthcare but the pandemic has further widened the gap between the people and healthcare provision.

Antenatal Care is the care expectant mothers receive from trained healthcare personnel when they visit healthcare facilities. Its key role in preventing early complications, maternal health problems in pregnancy, and preparing for safe childbirth can’t be

overemphasized.

At the initial time, people were afraid to go to the hospital but after some time they started visiting again. I think the expectant mothers have pushed that fear behind them and they are attending clinics normally, says Catherine Eseine, Edo State chairman , National Association of Nigeria Nurses and Midwives (NANNM).

Catherine, who said attending the clinic has created an opportunity for pregnant women to get more information in controlling the spread of COVID-19, urged them to keep visiting the hospital and maintain good hygiene.

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Here are safe travel health tips Executive Travel Health

Adeniyi Bukola Consultant Family Physician and Travel Medicine Physician Q-life Family Clinic qlifeadvisory@outlook.com.

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here is no doubt that the coronavirus pandemic has held the entire world by the jugular in the last few months. Over 200 countries have reported cases of the disease with Europe, Asia and the US taking the worst hit. The coronavirus was spreading at an alarming speed, forcing countries to put travel restrictions in place. Measures which did not favour the economic policies but became essential to curtail the spread of the disease.

Travels for education, tourism, pilgrimages, businesses were all disrupted. These have had huge effects on the economy as travels for different reasons are important sources of revenue. There have been job losses, business collapse, disrupted school calendars, separation of families and, or outright economic recessions in many developing countries with the tourism and hospitality businesses taking the worst hit of all.

Should the travel restrictions be extended, the pandemic might leave a more lasting scar from which many countries might not be able to recover any time soon.

The governments of different countries are therefore easing the travel restrictions while putting safety measures in place to ensure that livelihoods are restored and sustained while ensuring safety. There are still no widely acceptable vaccines or treatments for COVID- 19; hence individuals are still responsible for their safety as they embark on international travels.

The following pieces of advice will help in minimising the risk of COVID 19 infection as you embark on your trip Schedule a visit to the travel clinic/ primary care physician before your travel: Presence of other poorly managed comorbid conditions like hypertension, diabetes mellitus, asthma etc makes you more vulnerable to other diseases like COVID 19. Hence, you must visit your physician to ensure you are in a good state of health before you travel.

Know your COVID 19 status: Some countries and airlines now require COVID 19 test results before you can be allowed into the country.

COVID 19 test is also advised to ensure you do not fall ill at your travel destination. It is therefore advised you get tested before you travel.

Obtain your Fit to Fly @Businessdayng

Certification: Find out if your destination country and airline require a Fit to Fly Certification. If yes, visit a travel clinic to obtain one shortly before your journey.

Ensure that all your travel vaccines are up to date: There are other diseases aside COVID 19 at your destinations. Make sure you are well protected from them.

You can make enquiries from your travel physician as to what vaccines are important for your safety.

Avoid all non-essential travels: COVID 19 pandemic is still spreading despite the re-opening of international borders. Do not throw caution to the wind!

Void non-essential travels and make use of technology for your business meetings where possible. The less you mingle, the less your chance of contracting the disease.

Keep a travel health kit handy: Gone were the days when we travelled without laying much emphasis on our health. It is important to have a first aid bag containing basic medications like acetaminophen (paracetamol) and others. You do not want to unnecessarily visit the overwhelmed health care facility at your destination in the face of COVID 19 pandemic!

Avoid crowded areas: Airports lounges are usually crowded with passengers. You can arrive at the airport early enough to get checked in before the counters get crowded.

Crowded tourist attraction sites are still dangerous. If you must travel, opt for less crowded sites. Make use of less crowded means of transportation like cabs instead of buses while on your trip.

Other precautions are ensuring you wear your face masks all the time and minimise touching surfaces, Avoid touching or holding rails at the airports, train/bus stations and reduce contacts with door handles.

Use hand sanitizers as frequent as possible especially where soap and water are not readily available, wash hands regular and maintain social distance. Ensure you stay at least 1 metre away from other people at public places.

Do not travel if sick, ensure you stay away from anyone who appears to be ill or has respiratory symptoms.

Familiarize yourself with the airline travel regulations including regulations about children and other special conditions. Familiarize yourself with travel restrictions at your destinations and ensure you have adequate travel health insurance.

Lastly, remember the worldwide emergency number. It is 112. It is free of charge and it works.

There are possibilities of new and daunting regulations at the airports, inside the aeroplanes and at different destination countries. Be mentally prepared for the new-normal ways of travels as the world strives to overcome the huge challenge that COVID 19 has brought.

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Friday 21 August 2020

BUSINESS DAY

Hotels

‘We need intervention fund with single digit interest Top BusinessDay Partner Hotels rate to sustain hospitality industry recovery’ Despite a spate of changes of its management in recent times, Ibom Hotel & Golf Resort still stands out as a choice destination for leisure seekers, business travellers, premium sports enthusiasts and MICE. In this interview, Brian Efa, general manager of the aptly best resort in the South South zone, speaks with Obinna Emelike on improvements on service delivery, facilities, impact of the pandemic, among other issues. Excerpt: Congratulations once again on your new appointment. How has it been since you took over the management of the resort in terms of patronage, facility upgrade, menu and service? ncidentally, I became general manager on February 12, 2020, and shortly, the lockdown started. So, it has been like that and the hotel has been closed with only skeletal services. However, prior to February, I worked as the director of finance since 2018. The hotel saw a boast in patronage around half year 2018 when guest confidence was restored and has been on a steady increase till the lockdown period. Hotel average room rate (ARR), revenue per available room (REVPAR) and gross operating profit (GOP) were on steady increase before the lockdown.

There has also been some improvement on the physical infrastructure. The cooling system was improved with the purchase of four new chiller plants, a new 1500KVA generator was installed, and there were improvements on the landscaping, among other critical areas of the hotel’s operation.

Bearing in mind that the resort was once managed by Le Meridien, how have you been able to maintain and improve on standards?

When Marriott, which managed the hotel under the Le Meridien brand left, they did not leave with the staff. Only two people left. Some of these staff have been with the hotel for over one decade.

So, they still understand what quality services are. As management, it was our strategy to adopt s o m e g o o d s t a n d a rd s operated by the former management, as well as, improving on a lot. We have brought in a lot of improvements in service standard since Marriott left.

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Brian Efa, general manager, Ibom Hotel & Golf Resort

What are the innovations you brought since you took over the management of the resort?

The advent of Covid-19 has brought about various changes in the way we deliver our services, not just for Ibom Hotel but also for the entire industry. Consequently, we deployed the use of technology to communicate guest complains and request to various departments and this can be tracked by management.

Of course, golf is your major offering, how is it doing, are there innovations and new appeals?

For the golf course at Ibom Hotel, we are unarguably the best in West Africa, no wonder we won the Best Sports Hotel in West Africa. We have also lined up tournaments all-round the year although these were truncated by the pandemic and subsequent lockdown.

Has the emergence of Ibom Air impacted on patronage in any way?

Sure! Ibom Air is a major boast for hotel business in Akwa Ibom State. Since emergence of the airline, our occupancy rate increased by 18.5 percent month-on-month. www.businessday.ng

How are you managing staff to ensure constant quality delivery?

At Ibom Hotel, we operate a full department for training with a training manager. The training manager accesses the training needs and organizes necessary trainings to fill the gaps.

Therefore, we are constantly ensuring that we keep our quality afloat, so we continue to maintain our service standards.

What are your official and personal targets for the resort?

Our desire is to make Ibom Hotel and Golf Resort a destination not just a hotel. We are planning to upgrade our facilities to include a standard training pitch for football clubs.

This will provide a camping ground for national and international camping for football clubs. We are also looking at a children playground with complete set of items to provide adequate facilities for family outing and vacation.

How has the covid-19 impacted the resort and the Nigerian hospitality industry at large?

This is common knowl-

edge. The industry has been greatly affected. Remember that if there are no travels, hotel cannot make business. Since April this year, local and international travel has been restricted and people locked in their homes for close to three months. The hotel business went down completely with zero revenue posted.

At the moment, and with the economy gradually opening, we cannot boast of 10 percent occupancy.

Do you think the second half of 2020 will be better for the industry than the first half and why?

Not too sure because there are still fears. We are a conference hotel, and technology took the centerstage during the lockdown, and so people are not travelling that much for business meeting and conferences again. Also, people do not trust that the hotels are safe. As well, hotels have to spend a lot more to put in place safety measures in order to guarantee and assure the guest of their safety. In summary, it is not going to be a bumper season for the hotel business.

Do you see recovery soon and what measures should governments and hoteliers put in place to boost the industry recovery?

Recovery will not be that soon. At the moment, people are afraid to travel outside their homes. Only essential trips are taken.

To sustain the industry, we will need intervention funding from government with single digit interest rate and two years moratorium.

Why should guests visit the resort now and what incentives are you offering them?

As international airspace is closed, Ibom Hotel offers alternative. We have the ambience, space, expertise and quality. We have improved on the hygiene of the facility and observed all WHO/NCDC protocol for Covid-19.

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

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

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

Tel: 01 277 3560

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

Tel: +234 9 4603900, +234 805 7522500

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

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate

By Games Village Second Gate Durumi2 Abuja

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

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

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

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

Friday 21 August 2020

BUSINESS DAY

23

entertainment

Why new 5% tax on audio, video content in Lagos may not stand Stories by Obinna Emelike

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n recent times, the Nigerian creative industry has been in the news for the wrong reasons. The industry, which comprises of many sub-sectors including; entertainment, music, movies, cinema, theatre, comedy, literary art, among others, has been facing battles in all fronts this year.

Amid the ravaging impact of Covid-19, the sector is still expecting palliatives from government, which may not come with the look of things.

Aside that major setback by the pandemic, the sector is being challenged by the new code released earlier in the year and enforced now by the National Broadcasting Commission (NBC), which denies content owners exclusive rights and mandate them to sub-license their content rights to other broadcasters, who did not create or finance the content production.

Of course, there have been protests against the enforcement of the new NBC code. Yet, the industry is gearing up for a major protest as the Lagos State Film and Video Censors Board (LSFVCB) last week introduced a 5 percent tax on all audio and film contents produced and marketed within the state.

The LSFVCB went further to urge practitioners involved in production, sale, distribution of audio and

A movie production scene

visual products to register their products through the board’s authorised agent within 30 days.

For many of the stakeholders, the new tax is laughable in this hard-time when content producers are struggling for survival without the promised palliatives from government.

Others think the tax is multiple taxation and fraud as the industry practitioners pay income tax, value added tax, company tax among other levies, even at the local government and community levels for access to locations and security.

They argued that the 30day ultimatum would not work as cinemas, theatres, clubs and event centres are still closed and even when they open the low purchas-

ing power, courtesy of the pandemic, would discourage recovery and patronage.

Pretty Okafor, president, Performing Musicians Employers Association of Nigeria (PMAN), disassociated his association from the LSFVCB action, and described the new tax as fraud.

In the same vein, the National Working Committee (NWC) of PMAN found it extremely disturbing that the censorship board, a governmental organisation would associate itself with such illegality.

“PMAN will not support any scheme that seeks to illegally exploit and defraud musicians and content owners from their royalties”, the PMAN president insisted.

In his views, Micheal Odiong, general manager,

Playnetwork Africa, Gaaga Music signs collaboration deal with Premier Records

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laynetwork Africa, producers of “Living In Bondage, The Sequel”, the highest earning movie for 2019, has signed a collaboration deal with Premier Records Limited, one of West Africa’s oldest and biggest repertoire of music owner. The agreement was officially announced on the Playnetwork social media handle recently.

According to Charles Okpaleke, CEO, Playnetwork Africa, “The need to protect and bring back nostalgic music has been of importance to us. We have decided to help recreate and bring back good old memories with a touch of modernity in today’s world.

We are working with one of Nigeria’s finest producers

Larry Gaaga to produce all the works from Premier Records stable. We are excited to embark on this project knowing that we would have succeeded in bridging the gap between the old and the new vibes. “A” list artistes will be on board to bring spice and life into old works”.

Michael Odiong, general manager, Premier Records Limitted.

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Speaking on the collaboration, Michael Odiong, general manager, Premier Records, posited that projects like this would help preserve Nigeria’s vintage catalogs and open a lot of opportunities for young artistes to sample old beats and sounds. He sighted America as a good example of a society and creative people that have always re-invented old songs that do better than the original versions. “Ours should not be different because we have what it takes both in creativity and knowledge to go into the archives and bring good sound that will compete with any song in the world”, Odiong said.

The remixes are expected to start rolling out before the end of the year.

Premier Records Limited, Nigeria’s foremost recoding company, thinks that the new tax may not work as major stakeholders in the industry were not carried along.

He observed many loopholes in the process, hence queried the source of the legal framework and how it would be implemented given the vastness of the industry in Lagos.

“We need to be careful not to stifle an industry built with individual sweat and commitment”, he warned.

But most of the industry stakeholders think that Lagos State government is perfecting plans on profiting from giving them the promised palliatives to cushion the impact of the pandemic.

“We are yet to receive the palliatives and now a new tax

that will return the money back to government is in place. Government should fulfill its promises on palliatives and not adding to our financial constraints. How much do we make, 5% tax on our little profit is huge”, Maxwell Ikpeme, a movie producer, said.

Reacting to the development, Ikem Ogbalu, a copyright lawyer, noted that the LSFVCB is stepping out of its legal mandate with the new tax, as its statutory obligation as a government agency is regulation, rating and not revenue drive.

“Under the Act setting up the Nigerian Film and Video Censors Board (NFVCB), revenue drive is not part of the board’s obligation. So, why will a state chapter that is still under the federal government Act differ by forcing tax on struggling people, is Lagos not under the Nigerian laws”, the lawyer stated.

In line with Ogbalu, the PMAN president noted further that the Lagos board cannot operate in conflict with the mandate of NFVCB, the parent organisation, set up under the Act of the National Assembly.

Moreover, Demola Ogunyombo, another lawyer, insisted that LSFVCB lacks the authority to impose tax and levy on an industry it did not create.

Explaining the Lagos board’s mandate, Ogunyombo noted that even at the national level, the film and video censors board’s powers and functions are limited

to censoring and rating films and cinemas produced and exhibited within the state and country.

“Since the turn of this democracy, Lagos State has always differed from others in many things. It did same with consumption tax for hotels and others are copying the illegality”, Ogunyombo said.

However, a source at the NFVCB Abuja, who pleaded for anonymity, frowned at the development, noting that the national body cannot dare such tax bearing in mind the many challenges content producers face without support.

Beyond protests, the source said that content producers in Lagos can challenge LSFVCB’s action in the court.

In defense of its action, the Lagos State government is insisting that the new tax is for the good of the industry and development of the state.

According to Bamidele Balogun, executive secretary, LSFVCB, the new tax will assist the Lagos State government in policy formulation, with regard to planning and funding for the sector.

But many, especially those at a recent event where the executive secretary unveiled a platform by PMAN and Lafrique Promedia that would track and generate revenue for entertainers, do not see sense in taxing a sector that is held under the heavy weights of lack of funding, multiple taxation, and sill battling with the impact of the pandemic.

TNT television redefines entertainment for youths, other viewers

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NT, Nigeria’s leading entertainment television station and first youth driven choice, has repositioned its entertainment channel among other offerings. The repositioning by the TV station, popularly known as Tiwa ‘N’ Tiwa, is aimed at attracting more viewers and Nigerian youths who have talents in music and entertainment to harness the opportunity and benefits in the industry for self-reliance and achievement.

Moreover, the management of the TV channel, which serves all social classes in Nigeria, has discovered that a lot of youths are talented in music and entertainment, and therefore need help to actualise their dreams and create jobs in the society.

Revealing the objectives of the rebranded TV station in a media chart recently,

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Damilola Adefemi, group managing director, TNT TV, said that it is aimed at making the station more social and trendy. “It is the trending TV station now across 26 states and 50 cities in Nigeria. We have redefined entertainment for the Nigerian viewers, because we discovered that over time people are made to view or exposed to what they are not keen on viewing. Most of the TV stations create programmes that are not relevant or what viewers do not want to watch. We have studied and understood the nature of our Nigerian TV viewers and come up with a devout TV channel of entertainment, music, lifestyle, movies and sports”.

According to her, TNT is out for promoting typical Nigerian culture, which we call the ‘Nigerian project’ comprising; music, movie, entertainment, life style, tra@Businessdayng

dition and news. “We are taking Nigeria to the world.

We are projecting Nigeria to Nigerians, Africans in Africa and in diaspora”.

Damilola said further that apart from showcasing the Nigerian project, TNT has Mathematics made-easy programme, which teaches students how to solve maths because it is a major challenge for many Nigerian students and youths. The programme simplifies mathematics to their understanding, as well, as other upcoming programmes in science and technology.

“TNT is presently accessible on Gotv Channel 111, which is the most popular pay cable platform and we are also available on StarTimes, Channel 171 for now. We are expanding towards free to air satellite where more Nigerians would have access to our TV channel.

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Friday 21 August 2020

BUSINESS DAY

Harvard Business Review

ManagementDigest

Case Study: Stick with a bad new job or cut your losses? work soon. He may have forgotten our discussion because things are so hectic right now.” He asked her to be patient and promised to talk with Michael. “We’re lucky you’re here, Mia. Let’s see if we can turn things around.”

Marcello Russo

A M

MANAGER WEIGHS WHETHER TO STAY FOR THE PAY OR EXPLORE OTHER OPTIONS. ia Ricci’s first day was off to a bad start. She’d been excited about her new role as a program manager at Rescue, the oldest and largest aid organization fighting global poverty. She’d risen early; walked her dogs; eaten breakfast with her boyfriend, Mateo; packed a lunch; and still managed to get to the office before 9:00. She’d thought arriving early would make a good impression.

When Mia walked into the lobby, she saw a few familiar faces from her previous visit, but the receptionist was the only one to greet her. His name was Anthony, and although she thought they’d bonded last time, he looked up at her quizzically. “Can I help you?” he asked.

“It’s great to see you again,” Mia said. “I’m Mia, the new program manager.”

“Oh, right,” Anthony said, unsmiling. “Take a seat, and I’ll give you some paperwork to fill out while I grab your manager. It’s Michael, right?”

Mia had been in the building for less than five minutes and already she felt discouraged. Things didn’t improve from there. Anthony couldn’t find Michael, so he escorted her back to a dim room full of cubicles. The one person already there, a support team coordinator named Jessie Carbone, introduced herself quickly, explained that IT hadn’t set up Mia’s desk yet, suggested that she sit at a vacant workstation, and went back to typing.

At 10:30 Michael finally stopped by to hand Mia a stack of reading material and explain that his day was packed but he hoped to catch up with her later that afternoon. He never did.

Mia spent five hours coordinating with HR and IT via her cellphone and personal email account. She ate lunch at the borrowed desk. A few other employees came in and out during the day, and she smiled warmly and waved, but no one seemed to know who she was. Finally a technician arrived with a laptop and a monitor, which he installed at the desk farthest from the window.

Mia found herself thinking wistfully about her previous workplace, Azzurro, a startup that used smart container sensors to help retail businesses better manage waste. She’d joined it just after graduating from the University of Bologna with a degree in international management and had been promoted to business analyst in less than four years. She liked the work and the people.

But then she met Saul Rizzo, a senior HR director at Rescue, at a networking event. He mentioned

a role at the organization’s new outpost in Bologna — one of its 92 offices worldwide — and Mia was immediately intrigued. The job would include setting up data and reporting systems and working with a seasoned Rescue manager to outline critical business processes and identify key performance indicators.

At an interview a few weeks later, Saul had offered her a salary nearly double what Azzurro was paying her and promised that she would not only have a personal growth plan but also be able to work on the ground once a month helping populations in crisis. It had seemed like a no-brainer to make the move. Mateo agreed.

Now, considering whether she should book a meeting with Michael for the next day — basically forcing him to onboard her properly — Mia wondered if she’d made the right decision.

Just then she got a text from Mateo: “How was it???”

She replied with a thumbsdown emoji and “I need a drink.

Let’s meet at the usual spot.”

VENTING “It was a disaster,” Mia said after recounting her workday. Mateo nodded empathetically.

“Do you think I made a mistake? I mean, I really liked Azzurro, but the humanitarian work sold me on Rescue.”

“Don’t forget the pay!” Mateo said jokingly. Mia sighed. As the primary breadwinner in their household (Mateo was a struggling artist), she was already feeling the pressure.

“Seriously, though,” he went on. “It’s too early to know. It’s such a different culture, and Rescue is a huge organization. How many employees did Azzurro have?”

“A hundred,” she said. “Rescue has thousands.”

“Right. And they’re just setting up this branch. It may be a particularly chaotic time.”

“It’s just so weird to have no official welcome, no onboarding, not even any real assignment. I’ve spoken with Michael only twice — on the phone during the interview process and very briefly this www.businessday.ng

morning. You’d think he’d want to at least have a conversation with me on my first day.”

“I’m sure it was an anomaly,” Mateo said. “Tomorrow will be better. Rescue is reputable, and on paper this is a good career move.”

“I know, I know. You’re right.”

Mia gulped her wine. She just couldn’t shake the feeling that something was off.

AN ANNOYING ASSIGNMENT The following afternoon Mia finally met with Michael. “Mia, welcome,” he said brusquely. “Sorry I couldn’t get to you earlier — I’ve been tied up in strategy meetings.

As you can see, we’re still getting our systems in order. Let’s talk about your first project.”

He said he wanted her to audit the processes of three departments — warehouse, supply chain and delivery — that were essential to Rescue’s missions. Each unit combined employees transferred from other Rescue offices and recent hires brought in to help experiment with new strategies.

Mia’s job was to see whether those strategies were more efficient than Rescue’s current ones.

The assignment was not what she had expected, but she nodded and smiled.

“Anything else?” Michael asked, turning back to his laptop.

“Actually,” Mia said, “when I was recruited, Saul mentioned that I’d have a chance to participate in some field projects.”

Michael looked surprised — and a little annoyed. “Hmm. I don’t mean to disappoint you, Mia, but that’s not what I had in mind for this position. We’re just building this operation, and we need internal staff members to stay focused on their responsibilities here.”

He shook his head. “I’m sorry, but I don’t see that happening anytime soon.”

“OK,” Mia said, trying to hide her dismay.

MORE FRUSTRATION Mia spent the next three weeks toiling away at the auditing project, but it wasn’t easy. Michael had forgotten to introduce her to a few department heads, so although

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some were friendly and forthcoming, others ignored her repeated emails or only reluctantly shared information. She’d asked Michael for advice several times, but he’d basically blown her off. And when her work was finished, it took her five days to get half an hour with him to present her findings. He’d been complimentary but then asked her to track some new metrics. She asked about broadening the scope of her duties, but his phone rang, and he waved her away. “Sorry, I have to take this.

Let’s discuss next time we meet.”

Desperate to confide in someone besides Mateo, Mia asked Jessie if she’d ever had any problems getting Michael’s attention.

“It’s not his fault,” Jessie said.

“It’s this organization. It’s just such a bureaucracy. He has to run every new idea up the food chain.

We’re always short-staffed because they’re always opening new offices. And they move people around so much that everyone’s constantly in learning mode, trying to get up to speed on a new geography. Don’t get me wrong — we do amazing work out in the field. We do help people. But inside, it’s a slog.”

“Do you ever get involved in that outside work?” Mia asked.

“Oh, no. We’re the back office.

Our job is to help the people who are experts at fieldwork do theirs.”

Her heart sank. Mia decided she’d email Saul and request a video call. To her surprise, he replied within the hour and said he had 30 minutes free at 5:00.

Mia was determined to be upfront about her disappointment.

She outlined how unnecessarily difficult her initial assignment had been and how rarely she interacted with Michael, even though she thought part of her job was to partner with him on performance indicators. “Plus he doesn’t seem open to my doing any direct humanitarian work, even though that was a big pull for me,” she said.

Saul looked concerned. “I know, and I mentioned that to him. My sense is that the audits are just the first step and that you’ll get into the more interesting @Businessdayng

AN AMBIGUOUS MESSAGE That evening Mia was doing the dishes after dinner when her phone signaled a new email. It was from Michael. She called Mateo into the kitchen to hear the message: “Dear Mia, I’m writing to let you know that I spoke with Saul this evening. We discussed your role and the misalignments that resulted in a negative experience for you. Given the demands of my role, it’s difficult for me to meet regularly with all the members of my team, but I’m happy to set up a weekly check-in to support you. There are certain tasks that will greatly benefit the organization that I’d like you to stick with.

But there may be other responsibilities we can add that would be more in line with your interests.

Best regards, Michael” “Hmm,” Mateo said. “Is he sorry for being such a bad boss since you started, or is he angry at you for talking to Saul?”

“I’m not sure,” Mia replied.

“He’s saying the right things, but it’s such a cold, formal email, so I can’t help feeling that he sent it only because he got in trouble.

Maybe going over Michael’s head was a mistake.”

“Well, you’ve tried talking to Michael and didn’t get anywhere.

And it’s clear he didn’t understand what Saul promised you, so they needed to have a conversation. Even if he’s saying all this under duress, at least he’s saying it.”

“But can I trust him? Can I trust the organization? It has such a great reputation, but from the inside it seems like a mess.”

Mateo hugged her. “You’ve never been the kind of person to settle,” he said. “If it’s that bad, maybe it’s time to cut your losses.”

“And do what? I need a job.”

“Of course. We rely on your income. But what did your boss say when you left Azzurro? She said you could always come back.”

“Doesn’t everyone say that?”

“No. They loved you there.”

Mia smiled, but she was still conflicted. “I guess I could reach out to recruiters, too.”

“See — you have options.”

“I know. I need to think more about what I’m going to do.”

“Well, I’m here to talk whenever you need to. I’ll support your decision.”

Marcello Russo is the global MBA director at Bologna Business School in Italy and an associate professor of organizational behavior at the University of Bologna.

Gabriele Morandin is an associate professor of organizational behavior at the University of Bologna and an associate dean at Bologna Business School.

Friday 21 August 2020

BUSINESS DAY

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feature FMN: Treading growth path as investment in backward integration supports economic growth, job creation Endurance Okafor

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t a time when many companies in Nigeria are looking inwards to source for raw materials locally amid foreign exchange crisis resulting from falling crude oil prices, the advanced backward integration projects of Flour Mills of Nigeria (FMN) puts the company at an advantage for growth and economic support.

While there is a clear need for greater diversification of the Nigerian economy to promote quality growth, economic transformation and employment, a company like FMN, one of Nigeria’s leading food and agro-allied companies has been able to position itself at the forefront of backward integration through investments in local production.

Borrowing from international best practice the Nigerian government enacted a number of policy instruments, designed to attract new investments in various sectors of the economy.

One of which was, the fiscal and tariff incentives and a mandatory Backward Integration Programme (BIP).

With a broad basket of food products and robust pan-Nigerian production, distribution, and supply chain network, FMN has been able to facilitate higher value-added in processing and manufacturing activities in Nigeria by boosting backward linkages.

Following the volatile commodity prices arising from unpredictable changes in global supply and demand, exchange rate fluctuations and punitive tariffs and import barriers, which has made reliance on imported raw materials risky, expensive and unsustainable, FMN invested more than N150 billion over the past ten years to execute its core business strategy of local production to aid the agricultural sector.

According to FMN, its need to create value further back in the supply chain and reduce dependence on imported raw material has been identified as a strategic imperative for the company in the years ahead. It said on its website that the investment of the next N150 billion will, therefore, focus on a strategy of backward integration to maintain growth and sustained profitability.

FMN also explained that

it will continue to produce its raw materials locally wherever possible to ensure that good quality fair value products are developed through the full supply chain from growing to final consumer consumption – from farm to fork.

With a remarkable growth in all three key segments of Food, Agro-Allied and Sugar, FMN finished the year ended March 31, 2020, strong with a record N7.4 billion or 184 percent increase in Profit After Tax (PAT)). The performance recorded in 2020, the highest profit growth rate in six years was on the back of the benefits from its investment as its Agro-Allied business reached profitability.

In 2016 alone, FMN injected about 45 billion in its Sunti Golden, one of only two sugar mills in the country capable of producing crystallised sugar from locally grown sugar cane.

This was an addition to the already invested N50 billion in a state-of-the-art sugar refinery in Apapa capable of refining up 2000mt of sugar per day.

While the strategy of the business expansion model of FMN, which has over the years diversified into fast-moving consumer goods, is not only organic growth but acquisitions and partnerships, the company through its Golden Sugar Company has made the largest investment (N64bn) on a sugar BIP under the Nigeria Sugar Masterplan Plan (NSMP).

Meanwhile, FMN’s Sunti Golden Sugar Estates is the first and only Greenfield investment under the NSMP currently producing raw sugar. Sunti Sugar Estates which was commissioned by President Muhammadu Buhari in March 2018 is 17,000-hectares of irrigable farmland and a Sugar mill that process 4,500 metric tons of sugarcane per day. Sunti Golden Sugar Estates is the most state of the art operational sugar prowww.businessday.ng

duction facility in Nigeria.

In the 2017 midterm review by the National Sugar Development Council, Sunti Golden Sugar Estates was rated the best performing Sugar BIP under the NSMP with a score of 58 percent.

Sunti Golden Sugar Estates has made considerable impact benefitting 28 communities around its production area since commissioning some of its projects.

Other investments by FMN include more than N8billion investment in a state-of-the-art irrigation system that will ensure the efficient cultivation of sugar cane, with infrastructure that includes drain pumps, and pump stations.

With over 3,000 hectares already under cultivation, FMN expects to have 10,000 hectares under cultivation after the completion of Phase 1 of the Sunti Sugar Estates with plans to expand its mill by another 5,000 tonnes per day to 9,500 tonnes per day capacity.

Approaching optimal capacity, the Sunti investment is expected to provide employment for about 10,000 people yearly and provide 50,000 indirect jobs.

Also, the 398-kilometre road network around Sunti Sugar Estates and communities in Mokwa LGA is fully-funded with operational schools. This is coupled with the water aid for six communities through the provision of clean potable water. FMN also made provision for 35-kilo-

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metre dyke to protect farms and the communities from flooding while health facilities and 30-Kilometre electricity network producing 6 MW of power were also provided by the company.

Apart from its projects in sugar, FMN has oil palm plantations at Ugbogui and Iguiye near Benin City in Edo State. It has expanded to 4,000 hectares (ha) of established palm in the first phase of local palm oil production needed to support the upstream needs of the group’s oil refining operations in Ibadan.

Known for its flagship food brand, ‘Golden Penny’, wheat milling forms the financial backbone of FMN’s diversified company. The 60 years old company pioneered flour milling in Nigeria when its first mill was commissioned at Apapa in 1962 with a grinding capacity of 500 metric tonnes of wheat per day. Today, the Apapa milling complex has a rated capacity of over 8,000 metric tons per day making it one of the largest single-site mills in the world.

Apart from FMN’s initiatives and investments to transform Nigeria’s agricultural prowess, boost output and generate much needed foreign exchange, its contribution in the agriculture and manufacturing sectors is also helping the company to achieve one of the cardinal drivers of its backward integration programmes, creation of employment opportunities for millions of Nigerians. @Businessdayng

According to FMN, the company will continue to feed the nation every day through investment in the food value chain by making an impact on the grassroots level through its business activities. In doing this, the company said it will ensure customer brand loyalty is the top priority through the maintenance of the quality of its products and the introduction of new products.

While FMN is a key driving force behind some of the achievements of the Flour Milling Association of Nigeria (FMAN), Paul Gbededo, Group Managing Director, FMN, said during one of the presentations where FMAN donated 50 units of AMAR multi-crop threshers worth N70 million to wheat farmers to boost wheat production that their support for the grass-root players is a demonstration of the association’s commitment to continuously back wheat farmers and the Federal Government’s Agriculture Promotion Policy.

“There is no gainsaying that self-sufficiency in the production of wheat in Nigeria will have an unprecedented impact on the Nigerian economy through the attainment of food security, poverty reduction and of course, save much needed foreign exchange,” Gbededo said.

Through an MoU that was signed by both FMAN and Wheat Farmers Association of Nigeria in 2016 for FMN to purchase all available wheat grain produced by farmers in line with agreed quality parameters and prevailing market prices, FMAN provided about 10 million Jobs.

With an average of N2.3 trillion yearly spend on foodstuffs processed from wheat in Nigeria; FMAN is contributing its quota to Nigeria’s economy.

Meanwhile, FMAN’s annual investment on capacity building; funding training programmes for Nigerian Bakers is estimated by FMN to be around N50 million.

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Friday 21 August 2020

BUSINESS DAY

Live @ The Exchanges Market Statistics as at Thursday 20 August 2020

Top Gainers/Losers as at Thursday 20 August 2020 LOSERS

GAINERS Company CAP STANBIC

Opening

Closing

Change

N15.3

N16.15

0.85

N34

N34.5

Company

Closing

Change

STUDPRESS

N1.98

N1.79

-0.19

DEALS (Numbers)

0.5

UAC-PROP

N0.95

N0.86

-0.09

UBA

N6.7

N6.65

-0.05

VOLUME (Numbers)

N40.7

N40.65

-0.05

VALUE (N billion)

N0.47

N0.43

-0.04

N3

N3.3

0.3

GLAXOSMITH

N4.85

N5.1

0.25

UHOMREIT

FIDSON

N3.71

N3.96

0.25

ABCTRANS

INTBREW

ASI (Points)

Opening

25,204.60 3,055.00 179,549,093.00

MARKET CAP (N Trn)

2.526 13.149,

Global market indicators FTSE 100 Index 6,013.34GBP -98.64-1.61% S&P 500 Index 3,377.48USD +2.63+0.08% Generic 1st ‘DM’ Future 27,626.00USD -6.00-0.02%

Deutsche Boerse AG German Stock Index DAX 12,830.00EUR -147.33-1.14% Nikkei 225 22,880.62JPY -229.99-1.00% Shanghai Stock Exchange Composite Index 3,363.90CNY -44.23-1.30%

Nigeria’s equities market gains N19bn as investors Ellah Lakes makes inroads into raise bet on consumer goods counters oil palm processing business ...says to buy 100% shares of Delta based company

Iheanyi Nwachukwu

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T

he equities market of Africa’s largest economy continued its upward trend on Thursday August 20, thanks to investors who chose to buy consumer goods stocks.

Barring any external shocks, the market is expected to maintain its positive performance and close the week in green. Already, it has gained 0.02 percent this week, while this month it has advanced by 2.07 percent.

At the close of trading session, the Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.13 percent to 25,204.60 points, from preceding trading day low of 25,171.32 points, while the value of listed stocks on the Bourse rose by N19billion, from N13.130trillion to N13.149 trillion.

CAP Plc led other stocks on the gainers table after its share price moved from N15.3 to N16.15, up by 85kobo or 5.56percent.

Stanbic IBTC Holdings Plc followed after its share price moved from N34 to N34.5, up by 50kobo or 1.47percent.

International Brewer-

llah Lakes Plc has announced that it has entered into exclusive discussions with a counterparty regarding a potential transaction between the two parties.

The fish farming company said the potential transaction relates to the purchase of 100 percent of the shares of an oil palm processing Company with substantial assets in Delta State.

Though a binding term sheet has been agreed, the

L-R: Ibrahim Boyi, executive commissioner Corporate Services, Securities and Exchange Commission ,Dayo Obisan, executive commissioner Operations SEC and Lamido Yuguda, director general, SEC during the 2020 First Capital Market Committee Webinar Meeting in Abuja.

ies Plc increased from day open low of N3 to N3.3, adding 30kobo or 10percent.

Also, GSK Plc rallied from N4.85 to N5.1, up by 25kobo or 5.15percent, while Fidson Healthcare Plc share price moved up from N3.71 to N3.96, adding 25kobo or 6.74percent.

The stock market’s negative return year-to-date (YtD) printed lower at -6.10 percent.

In 3,055 deals, equity dealers exchanged 179,549,093 units valued at N2.526billion.

Transcorp, GTBank, Lasaco, On corporate disclosure, Ellah Lakes Plc announced that it has entered into exclusive discussions with a counterparty regarding a potential transaction between the two parties.

The potential transaction relates to the purchase of 100percent of the shares of an oil palm processing Company with substantial assets in Delta State.

“Though a binding term sheet has been agreed, the completion of the

proposed transaction is subject to regulatory approvals and execution of a definitive agreement”, Ellah Lakes said in a statement at the Nigerian Stock Exchange, adding that it will update the market appropriately and in accordance with its disclosure obligations.

“Accordingly, shareholders are advised to exercise caution when dealing in the securities of Ellah Lakes Plc until a full announcement is made”, the company noted further.

United Capital Daily insight:

Nigeria Consumer Goods Sector in H2-2020: Riding the tide of challenges

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he outbreak of the COVID-19 pandemic added a new layer of concern for most of the consumer goods players as lockdown in key revenuegenerating and industrial states (Lagos, Abuja, and Ogun States) as well as the ban on inter-state movement depressed performance in Q2-2020. Also, the disruption in global supply chains, naira adjustment, and FX market illiquidity throughout Q2-

2020, added more concerns for companies with sizable import needs.

Looking beyond Q22020, we have a moderate outlook for topline performance across the sector in H2-2020. This is as we expect economic activities to pick up from Q2-2020’s low. Also, predicated on our assumption that the government would not be implementing another round of lockdown in H22020 and with earnings of most consumers under www.businessday.ng

pressure, we estimate a moderate growth in demand for essential and non-essential items. However, we expect cost pressures to remain in H22020, mildly cushioned by the impact of low-interest rates as well as administrative charges amid the lay-offs of some non-essential workers earlier in the year.

Overall, we are more bullish on FLOURMILL and DANGOTE SUGAR due to the nature of their

product portfolios in essential items. For the brewers, we expect volumes growth to remain depressed, dragged by the continued restrictions on social gatherings and weekend parties. However, of the three major players in the brewery space, we believe Nigerian Breweries is in the best position to ride the tide, given its broader distribution channel and its wide factory footprints across the country.

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completion of the proposed transaction is subject to regulatory approvals and execution of a definitive agreement, Ellah Lakes Plc said, adding that it will update the market appropriately and in accordance with its disclosure obligations.

Accordingly, shareholders are advised to exercise caution when dealing in the securities of Ellah Lakes Plc until a full announcement is made. Its share price remains at N4.25.

IOSCO to launch 2020 World Investor Week to promote investor education

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he International Organisation of Securities Commissions (IOSCO) is preparing to launch its fourth annual World Investor Week (WIW) from 5 to 11 October 2020, as initially planned before the outbreak of COVID 19.

IOSCO has decided to proceed with the WIW during these difficult times.

More than ever, investors and financial consumers worldwide need to manage their finances and investments efficiently and strengthen their financial resilience in the face of growing economic uncertainty.

The WIW is a week-long global campaign promoted

by IOSCO to raise awareness of the importance of investor education and protection and highlight the various initiatives of securities regulators in these two critical areas. The campaign also has the support of international organizations such as the G20.

To facilitate this global initiative, the 2020 WIW will accommodate the needs of each participating jurisdiction. If they so choose, jurisdictions may launch their campaigns in a fully digital format. Given the logistical issues and other unique challenges posed by the pandemic, the 2020 WIW will allow jurisdictions to choose the

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week in October or November that works best for promoting financial and investor education and disseminating the event´s key messages.

IOSCO members on six continents will offer a range of activities, including investor-focused communications and services, contests to increase awareness of investor education initiatives, workshops and conferences and local/national educational campaigns.

Many members leverage the event to organize further investor education activities throughout the year.

In addition to the key themes of last year’s edition -- online investing, initial coin offerings and the basics of investing -- the WIW 2020 will also cover Ed-Tech issues, such as digital learning and online education, which were shown to foster important remote learning opportunities during the lockdown in various jurisdictions.

In 2019, securities regulators, stock exchanges, international organizations, investor associations and other IOSCO stakeholders from 89 jurisdictions participated in the week-long campaign. The key messages from this event reached over 108 million people through the press and various online channels and we expect a similar reach this year.

Friday 21 August 2020

BUSINESS DAY

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Friday 21 August 2020

BUSINESS DAY

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Friday 21 August 2020

BUSINESS DAY

Feature COVID-19: Nigeria need to optimize testing to flatten curve of pandemic SEGUN ADAMS

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arly January 2020, I remember hearing across the different news outlets both in Nigeria and overseas on the devastating effects of the Corona virus especially in respect to people slumping all over the street of Wuhan, China where the virus was first detected.

But just like many other people, I paid seemingly less attention to the health implications of the deadly virus. I was merely reading about the virus from a professional/medical point of view neglecting to take needed precautions or even preparing in the eventuality of it being transmitted into Nigeria or being declared a global health emergency.

I was less concerned despite the fact that this was around the Chinese New Year celebration and in over past two decades, Nigeria has seen a huge population of Chinese citizens in Nigeria, nor the fact that many Nigerians travel to China for business or to study.

For unexplainable reasons, I totally ignored the glaring signs.

On the 15th of March, I was scheduled to travel out of the country via British Airways, I had packed my bags and my husband drove me to the airport.

It was not till I got to the airport that the chaos began to register.

Flights were being cancelled; texts sent to intending travelers to reschedule flights. There were whisperings that flights could not land in the United States, while some countries were limiting travels, some were totally shutting travelers out, leaving people stranded.

The chaos was palpable. I took one glance at my husband, we shook our heads and immediately headed to the airline desk to choose another date.

Choose another date? Meaning I still had not digested the gravity of the problem. Its five months now since then and I can tell that I never prepared my mind nor wrapped my head around dealing with this pandemic for this long.

In my opinion, a few people who had COVID-19 was due to carelessness or ignorance. Tinkering through narratives from families who lost loved ones, It can be debated that Corona Virus (COVID-19) may have arrived Nigeria much earlier than we officially tracked our first case.

One may wonder, now that we are living through the sudden entrant of COVID-19, what next? Surely there is life after COVID-19. Although this has been forecasted differently from different quarters, one thing remains clear, life will never be the same as before.

One by one, we must determine for ourselves what this deviation from normal means.

Could it be total or partial deviation? Either way, life must surely move on. Now is the beginning to the end of the journey. You either choose to be optimistic or not at this end.

Anyone who wants to see the end of this journey must begin now to stitch in time bearing in mind that human race had experienced and lived through other pandemics caused by diseases such as smallpox, tuberculosis, the bubonic plague, the Spanish flu and the most recently, Human Immunodeficiency

Dr. Dorothy Jeff-Nnamani MD/CEO, NOVO Health Africa

Virus (HIV).

While these pandemics claimed its toll of deaths, human race always came out stronger despite the significant protocols adopted which may have altered our behavior, values, lives in order to stay safe from the virus and keep the spread under control.

Many people after the lockdown jumped out to go back to their places of work, worship centers and some even to meet up with friends and have drinks before they were hit with the realization that COVID-19 was not going away anytime soon but rather people have been charged with the responsibility to curtail the spread of the virus to avoid living in fear.

Keeping the spread under control is the journey towards living after the pandemic and consequentlypreventingasecond wave. Thiswasbasically what governments tried to do during lockdown. But then lockdowns were not sustainable as this plunged most countries into recession.

To keep the rate of transmission low, it is required that we follow a list of protocols according to World Health Organizations(WHO), which include; wear a face mask, keep physical distance and observe some hygienic activities like washing of hands regularly, disinfecting surfaces, sneezing on the elbow.

Another intervention to keep the spread under control is through vaccine and prescription drugs for preventative contraction and for curing of those who have the virus to save them from death and transferring it to others, respectively.

However, medical interventions like vaccine and drugs require multi-steps, strict developmental processes which take years to assure safety. Also, there will be trial phases, logistics and supply chain challenges to consider before these medicaments can get across the globe.

It was reported sometime in March 2020, to expedite developments, WHO had instituted solidarity trials across ten countries enrolling thousands of people infected with COVID-19 to assess treatment with four already existing anti-viral compounds with the most promise of efficacy.

As of August 2020, many biotech firms, drug companies and research institutions have developed potential anti-viral therapies like Favipiravir, Remdesivir, Lopinavir and the likes.

There have also been claims of unorthodox and herbal treatment for COVID-19.

Let us be reminded that in February 2020, the WHO said it did not expect a vaccine against SARS-COV2 – the causative virus for COVID-19 to become availwww.businessday.ng

able in less than 18 months, and conservative estimates of time needed to prove a safe, effective vaccine is about 12 months (early 2021).

Dr Fauci, Director of the National Institute of Allergy and Infectious Diseases, while testifying before the United States House Select Subcommittee said he does not believe the Virus would disappear because it is such a highly transmissible virus. Therefore, people need to concentrate on keeping safe and not throwing caution to the wind and waiting for the virus to go away for a life after COVID-19.

There are talks of a second wave emerging in some countries with China still in the list.

Even though the numbers are low, governments are building systems, and operations to ensure that the second wave is less devastating than the first.

How fast governments can conduct testing, isolate those infected to prevent them from infecting others will help keep the spread low. Countries need to optimize this flattened curve and get organized to prevent a second wave. On individual level, we need to implement the social preventative measures on the long term while the search for vaccine and drugs is on-going.

Holistically, it is dependent on the public to determine a life after this pandemic by keeping it under control enough for life to carry on. The pandemic like similar disruptions will only bring about changes and deviations from the norm.

When HIV was found to be transmitted through sexual intercourse, people were advised to wear protections during sexual intercourse, keep to one sexual partner and change lifestyle.

Corona Virus will not be any different. We will get used to having the virus around and adjust our lives to avoid the risk of contracting the virus.

From China and South Korea to Iran and Italy, while the novel Corona Virus continues to put a heavy strain on entire cities across the globe with flights and public events getting canceled, borders shut, global trade slowing down, and anxiety heightening, humanity will emerge victorious over this virus at the end. It will be yet another pandemic dusted.

Take for instance smallpox disease. A viral disease said to have a death risk of up to 30% on contraction of the virus, transmitted between people and through contaminated objects was globally eradicated in 1980. HIV on the other hand, in many parts of the world has become a chronic disease in which progression to Acquired Immunodeficiency Syndrome (AIDS) is increasingly rare.

Embracing this reality is crucial for people taking responsibility on protecting themselves and others from the virus. The question is how much and how fast we will take the measures necessary to minimize the damage. In time, we will have therapeutics, we will have vaccines.

However, till then, the protective measures must continue; masks, physical distancing, hygiene, and other social preventative protocols. Like other viral pandemics before COVID-19, humans will face and implement the needed changes for continuing life after the pandemic. https://www.facebook.com/businessdayng

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Friday 21 August 2020

BUSINESS DAY

ARTS & LIFE

A river that forgets its’ source will dry up Polly Alakija

“Awon oku je airi, sugbon won wa nihin” (The dead are invisible, not absent) – St Augustine hen the pandemic first began,we scrambled for insight from different experts. Typically, one would assume that in the search for knowledge we would camp at the feet of the most notable scientists to gain a deeper understanding of the virus. Instead, some of us found ourselves drifting towards historians and their interpretations and predictions of the pandemic in the context of previous global pandemics. Scientists could tell us about the virus; the way it spreads, its ability to mutate and the potential means of combating it. However, historians provided us and society at large the much-needed frame of reference to understand that our current global predicament is not new. There have been widespread pandemic outbreaks in the past from the Black Death of the fourteenth century , to the Spanish Flu between 1918-1920.

Engaging and understanding history is reaffirmed in the words of one of my favourite historical fiction writers, Hilary Mantel who said, “If you don’t understand history you are not so much doomed to repeat history but doomed to destruction.”. Amidst the raging pandemic, the quote rings true–our active dismissal of the lessons of our global human history will destroy us. As an educator however, the link does not stop there. My team and I have spent the lockdown working to ensure that children across Nigeria are able to continue learning.

I’m currently working on our final, of a series of 8, home learning kits for “My Story of Water”. The worksheets take the child through a journey that touches on health and sanitation, science, geography, economics and now, aptly, history. This sheet titled “ A River That Forgets Its’ Source Will Dry Up’’ is an appeal for us to consciously and collectively recall our history because it is the source of who we are.

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In traditional Nigerian cultures, oral storytelling has always been at the heart of preserving the history and way of life of past generations.

The role of communities has been central in doing this. Nowadays, the practice of traditional storytelling has been relegated to a distant corner. With no history in the school curriculum and the practice of oral storytelling dying out, how can we expect our young people to learn, digest, and be proud of their history? Recently, President Buhari announced that several train stations across the country will carry names of notable Nigerians of past and present history. This is important because names have a purpose, they give meaning and they become part of the stories woven into the very fabric of the places that they are named for and the communities they represent. This is reflected in so many place names around the world, in Nigeria we have names such as: Ebute Meta (three jetties)

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Kofar Ruwa (Waters Gate) Azumiri (River Bank) Idemili (Water Logged).

The generations of Nigerians, who lived in these places before Nigeria was even called Nigeria gave these places these names. Names that signify something important; water.

While it may seem inconsequential, these naming patterns have made a link between geography and history. However these links have been truncates due to the incomplete knowledge that many communities in Nigeria have of the past. The name of a place gives future generations an understanding of the history of the place. While today’s Anambra youth may not fully understand the historical and cultural context behind the name Idemili, I hope that future generations are given the opportunity to fully understand the history behind the names of the new train stations.

Telling our stories is important but who gets to tell those stories and how we tell those stories needs to be considered. To quote Hilary

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Mantel again, “The space of the past belongs to those who suffered in it”, and any retelling must reflect this suffering that comes alongside experiencing history. Art has often provided the most genuine and authentic retelling of history as it allow us to voice an opinion, to reimagine, and illustrate the key markers of the past. Public art is an opportunity to see the stories of the past through the voice of an artist. We are able to see this perspective in works such as Yinka Shonibares’ “Nelsons Ship” (2012) on the Fourth Plinth in London, which reimagines British Colonial history from the perspective of a Nigerian artist. Ben Enwonwus’ Sculpture of “Sango” (1965) outside the Electric Corporation office on Lagos Island, brings a representation of traditional religion into the heart of Lagos’s commercial centre.

Fusing the old and the new, these installations connect the community to the past in a way that lights up the imagination. Despite the obvious

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benefits of public art, there are still so few stories told of the community history and perspective in this way.

Consequently, Nigerians youth face the world unguided by the lessons of the past. Having a clear understanding of your “source” engenders an innate confidence and sense of belonging and security. Nigeria’s youths are blessed with irrepressible confidence in the here and now, transposing that confidence into understanding, articulating, and reconciling the past is vital otherwise the suffering and the ensuing impact will could lead to generational oppression and discrimination.

In order to create effective change, all young people need to know where they fit in the global narrative, which is something we imbed in work our at FCI. Through the journey which all participants in Five Cowries programmes take, references are made to the past. References are made to dress, customs, city development, architecture, trade. With a focus on how artists have represented the past in traditional modern and contemporary art forms. As schools across the world remain shut, this means that learning has effectively stopped for many children. Nevertheless, what does this mean for that actually means–particularly for children in Nigerian where up to 60% of them are not registered in formal education. Community-based approach to education could provide a solution for Nigerian children amidst the pandemic. These traditional yet new approaches will encourage children to think creatively, to exercise their imagination and to problem-solve in unique, innovative, exciting ways.

The lockdown has not only allowed the planet to breathe, it has been an opportunity for the child to breathe.

Now we can encourage intergenerational learning, get the learner out of their comfort zone, expose themselves to a greater richness of experiences and experiment without fear of failure. And we can allow the older generations to once again become the storyteller at the heart of the family. We are seeing this happen as the Five Cowries Arts Education Initiative worksheets are reaching children in Lagos, Ogun and Kaduna States. The activities are bringing together families and communities so much so that some of our coordinators are setting up intergenerational community workshops. This is an invaluable learning ground for us as educators, to see how family led and intergenerational learning in homes across the country can be supported. When creative activities are relevant, they become, in the words of Gus Casely Hayford, “an engine of societal opportunity, of change, of skills development and life-changing inspiration. SInce this is true, something so important must be universal, inclusive, and open.”

Friday 21 August 2020

BUSINESS DAY

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News Medical care eludes disabled Nigerians...

Continued from page 1

L-R: Geoffrey Onyeama, minister of foreign affairs; Babagana Monguno, national security adviser, and Garba Shehu, senior special assistant to the president on media and publicity, during extraordinary summit of the ECOWAS authority of Heads of State and Government on the socio-political situation in Mali, yesterday, at the Presidential Villa.

NAN

Timely protests save Lagos from...

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sociating the ministry from

the development.

Confirming the reversal move, Pretty Okafor, president of PMAN, discloses in an interview with BusinessDay that the LSFVCB cannot continue with the new tax.

“I have documents from the commissioner’s table; they have already disassociated themselves from that,” the PMAN president says, saying, “I also got a letter from the LSFVCB that they are reviewing what they presented, that it was not presented normally and that the presentation was not about the levy. They implored everybody to exercise patience as they go back to the drawing board. I have that release.”

Speaking further on the turnaround by the LSFVCB, the PMAN president notes that his official notice to the censor’s board on the impending protests, coupled with agitations from across the stakeholders resulted in the change.

“From the way the letter I wrote them sounded, they knew that we were going on the streets to protest be-

cause I have already mobilised boys, musicians, creative people, producers, among other stakeholders, to go on the streets and we would have shutdown Lagos.

“When they noticed our plans, a lot of people started calling and that was why LSFVCB withdrew the 30 days ultimatum,” Okafor says.

It would be recalled that the new tax was announced recently by the LSFVCB during an event organised by the Performing Musicians Employers Association of Nigeria, but it seemed dead-on-arrival as creative industry practitioners sustained protests against it.

PMAN, the chief protester against the new tax, notes that the move is illegal as LSFVCB’s statutory obligations are restricted to rating of films and regulatory services, hence it lacks constitutional powers to introduce any tax or revenue drive that would amount to double taxation as creative industry practitioners already pay personal income tax, value added tax, among other levies on the same contents.

For Ikem Ogbalu, a copyright lawyer, the LSFVCB

NDPHC boss promises improved power...

Continued from page 2

activity,” the statement read.

Ugbo is a legal practitioner and infrastructure regulations specialist with extensive experience in electricity industry reform and privatisation.

In an interview with BusinessDay team, John Osadolor (director, Northern Operations), and Obinna Nwachukwu (assistant editor/ member, Editorial Board), the NDPHC chief executive said his administration would also focus on improving revenue base of the organisation, recover outstanding debt estimated at over N160 billion and improve value to shareholders.

Other areas of focus in his new tenure include, tack-

ing issues of infrastructure vandalism, increase access to electricity supply, work more closely with distribution and transmission companies, improve gas supply, focus on renewable energy for which 20,000 households have already benefitted from and ensure end users satisfaction.

His words: “We will do all it takes to ensure we meet our mandate and bridge the gap in electricity infrastructure in Nigeria, ensure power plants run well, ensure Nigerians have electricity 24 hours and do other things that will enhance the comfort and living standards of our people. We trust God to enable us achieve these and more.”

Before his appointment in www.businessday.ng

stepped out of its legal mandate with the new tax, as its statutory obligation as a government agency is regulation, rating and not revenue drive.

“UndertheActsettingupthe Nigerian Film and Video Censors Board (NFVCB), revenue drive is not part of the board’s obligation. So, why will a state chapter that is still under the Federal Government Act differs by forcing taxes on struggling people, is Lagos not under the Nigerian law,” the lawyer states.

Moreover, Demola Ogunyombo, another lawyer, insists that LSFVCB lacks the authority to impose tax and levy on an industry it did not create.

Explaining the Lagos board’s mandate, Ogunyombo notes that even at the national level, the film and video censors board’s powers and functions are limited to censoring and rating films and cinemas produced and exhibited within the state and country.

However, the new tax could have cost Lagos its position as the creative hub of Nigeria if implemented.

Michael Odiong, general manager, Premier Records Limited, Nigeria’s foremost recoding company, fears that the tax would stifle the cre-

ative industry, which is built with individual sweat and commitment, and instead of waiting for the tax to stifle their business, a lot would relocate to other states with friendly business environment.

Tunde Amusan, a movie producer, notes that lots of businesses are moving to Ogun State because of the friendly environment, and creative industry businesses are also ready to move out of Lagos if their survival is further threatened.

“Most movies are shot outside Lagos now. Delta and Enugu states are becoming location hubs and producers are now producing for streaming companies like Netflix, which can stream from any part of the world.

Lagos should encourage than discourage the creative industry this hard post-Covid era, where producers and the industry at large are struggling for survival,” Amusan says.

Taiwo Olapade, a movie promoter, urges Lagos to wake up as producers are now taking advantage of technology and online platforms to beat their challenges, including shooting locations and distribution, which are bases for the LSFVCB’s tax.

2016, he was the senior special assistant to President in the Office of the Vice President of Nigeria from October 2015 – June 2016, advisor (Legal) to the Nigerian Bulk Electricity Trading plc (NBET) from July 2013 – October 2015, legal adviser on electric power purchase and resale contracts and partner in the law firm of Benchmac & Ince, Electric Power and Infrastructure Development Consultants from May 2003 to October 2015, where he was in charge of Energy and Infrastructure Practice.

Babayo Shehu, the executive director (Finance and Administration), has a First Class Honours Degree in Accounting from Ahmadu Bello University, Zaria. He is a Fellow of the Institute of Chartered Accountants of Nigeria

and the Chartered Institute of Taxation of Nigeria. He began his working career with Bauchi State Development Board in 1981, was in banking from 1987 to 2003 and thereafter joined the federal public service in from 2003 to 2014.

Ifeoluwa Oyedele, the executive director (Engineering), graduated with a Bachelor of Science Degree, Electrical Engineering from the University of Lagos in 1982. He is a member, Nigerian Society of Engineers and Institute of Directors.

Between 1982 and 1992, Oyedele worked in both the public and private sectors and established his own company, Messrs Matcom Limited in 1992 and was the managing director of the company until his appointment in NDPHC.

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tors on Air radio programme monitored by BusinessDay. “Having to care for him is one thing, but having the money to sustain his care is another. It has been very tasking. Everything is done for him and his use of a feeding tube makes it delicate for anyone to help him,” the senior Gbadebo notes.

Though the coronavirus outbreak has resulted in greater hardship for many physically challenged individuals, those living with developmental disabilities, especially people featuring cognitive disorders, have been of a greater burden to themselves and their caregivers.

Muhammad Salisu, a consultant paediatric neurologist at the Lagos State University Teaching Hospital (LASUTH), says their lack of personal judgment on how and when to comply with hygiene measures stipulated by the Nigeria Centre for Disease Control (NCDC) leaves them more vulnerable.

They have faced difficulties with social distancing, using face masks, and hand washing, among others.

Those without close monitoring of family could be potent routes of the community spread, which is yet to subside as confirmed cases of the virus exceeds 50,000 in Nigeria.

“The peculiarity of Covid-19 is the ease of infection to everybody. It becomes especially difficult for people with disabilities because they are already disadvantaged.

An unchallenged individual

can decide to wash their hands or deliberately distance themselves from others,” Salisu states, noting that “extra support is needed beyond what is given to everybody.”

Raising concern about the poor inclusion of persons living with disabilities in the considerations that have shaped the government’s management of the pandemic, David Anyaele, executive director, Centre for Citizens with Disabilities, says responses from awareness to preventive measures have largely failed to recognise the challenges of his members.

Anyaele notes that since the Covid-19 has introduced another dimension of hardship for all including the disabled, data gathering for response and management should adequately include the disabled.

“What about assisting devices, how do you manage it? If you are to depend on another person for your daily needs, how do you observe social distancing?” he asks.

For Femi Gbadebo, consideration should be given to medication as palliatives, instead of the general food item that might not be useful to some of disabled persons.

To address that gap, his organisation has raised support to the tune of N4 million and has reached out to over 50 families with N30,000 each.

“This is something that the government can do. It is amazing the number of people who have bank accounts,” Gbadebo further says.

Cement makers surmount Covid-19...

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to become fourth most capitalised company in Nigeria.

BUA Cement saw a 13.73 percent increase in net income to N34.81 billion as at June 2020, as cement volume dispatched followed the same growth trajectory.

To boost energy efficiency and reduce energy costs, BUA entered into strategic alliances for the supply of Liquefied Natural Gas (LNG) for the Kalambainaoperationsandmanagement of its mining operations.

DangoteCement,thelargest producerofthebuildingmaterialandthemostcapitalisedcompany in Nigeria, also recorded 5.78percenttoN126.14billionin the period under review.

The outbreak of Covid-19 and the sudden crash in oil price mean bleak outlook for the Nigerian economy and the cement industry.

Generally, the domestic economic growth in Q1 2020 slowed to 1.87 percent and the figure for the Q2 2020 is set to come in negative.

The International Monetary Fund (IMF) has announced that the Nigerian economy would witness a @Businessdayng

deeper contraction of 5.4 percent and not the 3.4 percent it projected in April 2020.

The latest official job figures put the second-quarter unemployment rate at 27.1 percent, the highest in a decade.

Inflation, meanwhile, accelerated to 12.8 percent in the year through July, from 12.6 percent the previous month, as prices of imports including food surged.

However, Gbolahan Ologunro, equity analyst at CSL Stockbrokers Limited, says there is light at end of the tunnel for operators in the industry as a favourable weather conditions, especially in the South West, and government proposed aggressive infrastructure spending could support demand for cement.

“Federal Government has obtained additional funding from the IMF to plunge the budget deficit and shrink the infrastructure gap,” states Ologunro.

Analysts at United Capital in a latest report echo Ologunro’s view as they are optimistic that the recently submitted Economic Sustainability Plan (ESP)

by Vice President-led committee on economic sustainability could invigorate the industry.

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Friday 21 August 2020

BUSINESS DAY

NEWS

Anger, concerns as FG delays action on Nigerian traders groaning in Ghana CHUKA UROKO

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nger and concerns have continued to mount as the federal government seems to watch unconcernedly as Ghanaian government authorities deal mercilessly with Nigerian traders in that West African country over what has been described as an atrocious law on business registration.

Ghanaian Trade and Commerce Act demands that foreigners wanting to set up business in the country must pay $1 million. Most, if not all, of the traders say they cannot pay this fee because they cannot afford it, leading to the closure of their shops

by Ghanaian government tax masters.

Besides locking up their shops, some of these traders were alleged to have been subjected to indecent and inhuman treatments, fueling condemnation and pleas to Nigerian government to do something urgently.

Peter Obi, former governor of Anambra State has, in a tweet on Tuesday, urged the federal government to take interest in the plight of the Nigerian traders in Ghana who are crying for help.

“The cries of Nigerians for help must never go unnoticed. The allegations by Nigerian traders that Ghanaian authorities are high handed in their dealings with them deserve the attention of our government.

In the spirit of African inte-

gration, both nations need one another,” Obi wrote on his Twitter handle.

In the same vein, Dele Momodu, the publisher of popular Ovation Magazine, in an interview in Lagos, called on the Nigerian government to intervene urgently to save the Nigerian traders in Ghana.

The visibly angry publisher who spoke extensively on the cordial bilateral relations that had existed between Nigeria and Ghana dating back to the days of Kwame Nkrumah, urged President Muhamaadu Buhari to send a strongly worded message to President Nana Akufo-Addo of Ghana, telling him that enough was enough.

Momodu described the demand for $1 million for business registration from the traders as outrageous, noting that it is never done anywhere in the world. He said that he was alarmed over the allegation some of the traders were beaten, describing that action as an affront on Nigeria.

Though he described what is happening in the country as competition and not envy, Magnus Ejiofor, a Nigerian trader in Ghana, differed. He told BusinmessDay that the Ghanaians are simply jealous of their Nigerian counterparts.

“These people are jealously of us. They are greedy.

An average Ghanaian trader likes to make a lot of profit.

Unlike his Nigerian counterpart who would sell with just N1000 profit, a Ghanaian trader would insist

L-R: Ziad Maalouf, managing director, SevenUp Bottling Company Limited (SBC); AbdulRahman Buhari, 7Up Harvard Business School MBA Scholarship (7UpHBS) 2020 winner; Yinka Olufade, head of human resources, SBC, and Norden Thurston, head of marketing, SBC, at the unveiling of the 7UpHBS 2020 recipient in Ijora, Lagos, yesterday.

Insecurity: Foreigners with sophisticated weapons intercepted in Sokoto GODSGIFT ONYEDINEFU, Abuja

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hree foreigners have been intercepted with sophisticated weapons by Nigerian troops at Dantudu in Mailailai District of Sabon Birni local government area of Sokoto State, Northwest Nigeria.

John Enenche, coordinator, Defence Media Operations (DMO), who disclosed this at a news briefing on Thursday in Abuja, said the three suspects who are Nigerien citizens specialise in massive arms supply to bandits in the region from across the international borders.

Enenche informed that the suspects who were arrested by the troops of ‘Op-

eration Sahel Sanity’ are currently in custody undergoing preliminary investigation after which they would be handed over to the prosecuting agency.

The coordinator, who recalled that some foreign bandits were also intercepted in Niger State, stated that some of the security challenges in the country have external influence.

He said the three suspects concealed 6 AK 47 rifles, 3 AK 47 rifle magazines and 2,415 rounds of 7.62mm special ammunition in various parts of their vehicle, during the time of their arrest.

He equally noted that the troops deployed at Forward Operating Base in Sabon Birni local government area of Sokoto

State on August 15, 2020 after an undercover operation, successfully smashed the notorious illegal arms smuggling syndicate of the bandits.

Enenche further informed that the troops destroyed 12 bandit camps at Yobe Baranda in Batsari local government area of Katsina State, killing three armed bandits in the process while others escaped with various degrees of gunshot wounds.

Giving further update on the activities of the armed forces, Enenche said the troops of ‘Operation Lafiya Dole’ conducted several air interdiction operations at identified Boko Haram Terrorists (BHTs) and Islamic State of West Africa Province (ISWAP) targets in the Lake

Chad and Sambisa forest areas of Borno State and destroyed their logistics facilities at Bukar Meram.

“The attack on the locations scored devastating hits on the settlement, killing not fewer than 20 terrorists and destroying their structures. Several BHT and ISWAP commanders were also killed and some of their dwellings destroyed at Boboshe, a village along the river line on the eastern part of the Sambisa forest”, he said.

In the South-south region, Enenche said the Navy Ship Pathfinder patrol team discovered and deactivated an illegal refining site at Okorosa creek site, which had a reservoir laden with an estimated 943.47 barrels of product suspected to be crude oil.

Edniesal Consulting unveils awards Shippers Council rallies private sector to protest imposition of surcharge on Nigerian-bound cargoes to celebrate innovation BUNMI BAILEY

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dniesal Consulting, an enterprise governance and business consultancy firm, has unveiled the maiden edition of its Chief Information Officer (CIO) Awards in Nigeria.

The inaugural CIO awards will recognise outstanding professionals and organisations, who have delivered business value to their organisations and the industry at large, through innovative use of technology Speaking during a recent press conference in Lagos, Abiola Laseinde, CEO of Edniesal Consulting Limited, disclosed that the CIO Awards was created to serve as a mark of individual and enterprise excellence in Nigeria.

“CIOs have overtime been responsible for delivering top-of-the-line innovation and business value within their organisations while also being at the forefront of decision making and strategic change,” Laseinde said.

On how the entries for the 2020 CIO Awards will be reviewed, Wale Laseinde, the executive director of Edniesal said that entries would be reviewed and evaluated by a team of independent judges.

The awards which will be held at the Oriental Hotel Lagos in November 26, 2020, is expected to be an annual event. It is also opened to top technology leaders within an organisation who have the overall responsibility and control of the IT vision and direction of the company.

AMAKA ANAGOR-EWUZIE

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he Nigerian Shippers Council (NSC) has solicited the support of the Organised Private Sector (OPS) groups to protest the planned imposition of new Peak Season Surcharge (PSS) on Nigerian-bound cargoes by international shipping lines.

Speaking in Lagos during a meeting with members of the OPS, Hassan Bello, executive secretary of NSC, said the council has written a protest letter to the international shipping liners, demanding the withdrawal of the proposed $1025 surcharge on 20-foot and 40-foot containers or embrace negotiation.

According to him, the council has also written to the minister of transportation and urged him to dis-

cuss this issue with both the ministries of trade and foreign affairs.

“We want Nigerian government to lead the protest.

We have also written to the Union of African Shippers Association. They were as shocked as we were and we are sure that the union has started work on it. The European Shippers Council has also been notified.

We found out that it is not only Nigeria, but China has also made protest against this unjustified charge, and if we all come together, we will be able to achieve our aim,” Bello said.

Bello, who stated that Nigeria is not adverse to changes in pricing, said that international shipping liners used to impose PSS in the tune of $150 to $200 per container.

He said that the charges were not negotiated with Nigerian government be-

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fore imposition, which is one of the principles of fair international trade.

“The new surcharge, which as much as $1,400 is a spike, and it has the ability to cripple a fragile economy like Nigeria. It is not transparent, not negotiated when Nigerian port is already one of the costliest ports in the world. This means that the economy would be hugely affected when the country is still grappling with the effects of Covid-19 pandemic,” he said.

He, however, stated that the new surcharge if allowed would have inflationary effect on the economy; and cargoes may not be cleared from the port because shippers would not be able to afford the added cost. “It will mean job losses, drop in government revenue, chaos and congestion in the port, and many companies may be out of business.” @Businessdayng

Responding, Margret Orakwusi, representative of the Nigerian Association of Chamber of Commerce Industry Mines and Agriculture (NACCIMA), pledged to support the council in its effort to protest the surcharge.

She said the NACCIMA would also write a protest letter to the ministry of finance and the Central Bank of Nigeria (CBN) because many of their members borrowed money from banks, and repayment of such loans would be affected by this additional cost.

Yusuf Muda, directorgeneral of the Lagos Chamber of Commerce and Industry (LCCI), who noted that the last thing Nigeria business climate needs is added cost, warned that it was the ordinary Nigerians that would bear the cost through skyrocketing prices of goods in the market.

Friday 21 August 2020

BUSINESS DAY

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NEWS

‘Modular refineries not immediate solution to fuel problems’ OLUSOLA BELLO

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ontrary to expectations, the coming up of modular refineries will not provide the much needed succour for Nigeria’s refining problems in respect of Premium Motor Spirit (petrol) in the immediate future. This is because the promoters of the projects may first of all target products that can give them quick returns on their investments.

Their immediate priority would be to produce products that can readily make them recoup their money, such products like Automotive Gas Oil or Diesel and Aviation fuel. These categories of products are already deregulated.

Some of the promoters that spoke with BusinessDay but do not want to be mentioned say they cannot trust

the government that petrol subsidy would not come back despite the pronouncement of the Nigerian National Petroleum Corporation (NNPC) that PMS has been deregulated.

They say if the price of crude oil goes up to about $60 per barrels and above the government may not be ready to allow the price of petrol to go according to forces of demand and supply, and this could put their investment in jeopardy.

Eddy Wikina, former managing director of Treasure Energy Resources, says the modular refineries will not give Nigeria immediate solution as regards petrol, stating that the quantity that would be produced would be very small.

“I keep on asking the promoters where they are going to get their feed stocks from, because they would have to

be subjected to international crude oil prices if they are not producing crude oil,” Wikina states.

Also speaking on the issue, Joe Nwankwu, chairman, Society of Petroleum Engineers (SPE), Nigeria council, advises that Nigeria should be careful as modular refineries would not address our PMS needs in the immediate future.

It is going to take some time for Nigerians to get the benefits of modular refineries, Nwankwu says, “Most of them would be producing some products. It is only when they scale up that they would now bring a cracker that would produce PMS. So, there is progression. They need to run and stabilise for a while.”

He however says it is a good policy because it allows for capacity building with time. The in-country capac-

ity, he notes, has declined with time because most of the people that worked in NNPC when they ran those refineries have all retired, stating that Nigeria currently lacked the critical skill sets.

He states further that if Nigeria begins to refine it would have huge economic implications on employment.

Speaking on the states of the country’s refineries generally, the SPE boss says: “Our position is that refineries are key national asset and it is in our interest that they are optimally run from commercial perspective, and we think that the private sector would be able to handle that better.”

He thinks it is important to note that it would serve no purpose that we have refineries sitting idle because you spend money to keep them idle; this is a huge drain on the economy.

Aliyu Buba (l), chief operating officer, Sahara Group, Abuja office, and Abdulrahman Bashir, chief executive officer, Rahamaniyya Oil and Gas Limited, during the Rahamaniyya CEO’s courtesy visit to Sahara’s office in Abuja where both organisations highlighted their commitment to promoting partnerships, capacity building and sustainability of Nigeria’s oil and gas, yesterday.

WAEC dispels rumour of leaked exam papers KELECHI EWUZIE

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he West Africa Examination Council (WAEC) Nigeria has described as false, rumours making the rounds about the leakage of question papers in the ongoing WASSCE for school candidates, 2020.

WAEC in a statement on Thursday described the rumours which have been published by some online media, as misleading, stressing that the integrity of the ongoing WASSCE for school candidates, 2020 has not been compromised, as none of the question papers have leaked.

According to the statement by Demianus Ojijeogu, head, public affairs, WAEC Nigeria, “the attention of the WAEC Nigeria has been drawn to publications on social and other media. Some have even gone ahead to (mis)quote the head of

National Office of WAECNigeria, Patrick Areghan, as confirming same. This is far from the truth and we take very strong exception to it.”

Ojijeogu noted that for the avoidance of doubt, and for the benefit of the general public, there has been no leakage of any paper, whatsoever.

“The council’s monitoring/investigations have revealed that some unscrupulous and unpatriotic supervisors/invigilators, and in some cases, candidates, snap the question papers (while the examination is in progress) and forward to their outside collaborators who in turn, provide solutions to the questions which they send to their subscribers via criminally-inclined websites, SMS and Whatsapp, even as this is against our regulation of: Use of cell phones in the examination hall is not allowed,” he said.

Government issues fresh protocols ahead Int’l flights resumption IFEOMA OKEKE

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head of planned resumption of international flights in Nigeria from August 29, the Presidential Task Force (PTF) on Covid-19 has issued revised quarantine protocol for passengers arriving Nigeria from abroad including returnees and stranded Nigerians. Accordingly, passengers arriving or returning to Nigeria must have tested negative for Covid-19 (preboarding PCR test in country of departure).

According to the PTF, the PCR test must be within two weeks before departure and preferably not less than five days to boarding.

“Tests done more than two weeks before departure are not valid and persons will not be allowed to board; but for the five days minimum, this is advisory and will not preclude boarding.”

Onboard passengers would be required to fill in the Health Declaration/Self Reporting Form and the Sample Collection Time Allocation Form.

Passengers would be expected to ensure that the information/contact details provided on the form are correct and verifiable and they can be reached on the phone number and at the addresses provided.

The PTF further stated that upon arrival in Nigeria, passengers shall queue in an orderly manner and disembarkation would be done systematically and in batches to avoid overcrowding, after which passengers will

proceed for health screening at the point of entry, and the Health Declaration Form assessed and collected along with the Sample Collection Form.

Passengers would be requested to keep their face masks on, perform hand hygiene, ensure respiratory/cough etiquette; cough in to tissue, sleeve/bent elbow and discard used tissue safely into a bin and always observe and maintain physical distancing measures.

Persons who have arrived in Nigeria would self-isolate for 14 days and remain in the city/state where the point of entry is located (i.e.Lagos or Abuja) throughout the duration of self-quarantine.

If not resident in Lagos or Abuja, passengers shall make arrangements for accommodation at their own cost. Passengers would be cleared through the Nigeria Immigration System’s Migrants Identification Data Analysis System (MIDAS) and their passports retained until after successful completion of the 14 days self-quarantine.

They would be given an appointment time and date to present at the Sample Collection Centre located in Lagos or Abuja for a repeat Covid-19 PCR test within 72 hours of arrival.

Passengers must provide their full and correct address and phone number before exiting the airport.

They must comply with selfisolation/quarantine guidelines and ensure that they can be reached and can be located during the period.

Lagos commits to sustainable supply of paddy to Imota rice mill Group urges FG to site gas flare and local aggregators as well trust fund in Urhoboland as other rice-growing states JOSEPHINE OKOJIE

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he Lagos State government has stated its commitment to ensuring sustainable supply of paddy to the 32 metric ton/per hour rice mill at Imota upon completion later this year.

Abisola Olusanya, Lagos acting commissioner for agriculture gave the assurance on Thursday during an inspection tour of the rice mill by members of the State House of Assembly committee on agriculture.

The rice mill is at about 85 percent completion stage and currently undergoing the installation of new lines and equipment.

Olusanya informed that rice farmers in the state were being given the needed support to boost their outputs.

According to her, a lot are being done by the government in partnership with corporate

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around paddy aggregation and for the supply of the grain when the mill commences operation later in the year.

“We have kicked-off the rice farmers’ sensitisation, training, and empowerment programme for over 800 rice farmers in Lagos State. That is just a kick-off as a back up to the Imota rice mill project.

“The reason is even if we are going to source for paddy from other localities, we should start from our own farmers, our Eko rice farmers which is why we are giving them the full support. Governor Babajide Sanwo-Olu is fully committed to ensuring that this mill runs sustainably,” she said.

She pointed out that a good operating model has been put in place to ensure that the mill is efficiently and effectively managed in order to ensure sustainability.

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IFEOMA OKEKE

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he apex body of the Urhobo Nation, the Urhobo Progress Union, (UPU), has called on the Muhammadu Buhari-led Federal Government to site the national headquarters of the Gas Flare Trust Fund in Urhoboland.

This call was made by the UPU through a letter dated August 12, 2020, signed

by Olorogun Moses Taiga, its president-general, and channeled through the office of the secretary to the government of the federation (SGF), Boss Mustapha.

In its request, the UPU noted that the Urhobos were entitled to the headquarters, as other states and ethnic nationalities have gotten what it described as “their fair share of federal government establishments.”

It observed that based on @Businessdayng

its oil and gas production and landmass impact from gas flare and operational environmental degradation, the Urhobos should be the beneficiary of the headquarters location.

The letter read in part: “Urhobo ethnic nationality has been a host to major oil and gas assets since the discovery of petroleum in Nigeria.

The Urhobos are host to some of the largest gas fields, with the Ughelli east and Utorogun gas fields being the largest gas plants in West Africa.” It added that these fields were served by oil flow stations, pumping stations and the gas plants.

“These are all sources of gas and other pollutants emissions. To be candid Sir, the Urhobo people and their environs, being upland and swamp, I venture to say had more than enough share of gas flares, than any other nationality in Nigeria,” the letter read.

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Friday 21 August 2020

BUSINESS DAY

NEWS

Stakeholders urge harmonised regulation to boost Nigeria’s N255bn e-commerce market CYNTHIA EGBOBOH, Abuja

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takeholders have called for harmonised regulation, institutional collaboration and development of national strategy to enhance the potential of Nigeria’s N255 billion e-commerce market.

Speaking at the virtual meeting organised by the European Union, German Cooperation Deutsche Zusammenarbeit in partnership with the federal ministry of industry, trade and investment, the stakeholders noted that in spite the significant progress experienced in Nigeria’s e-commerce eco-system overtime, challenges such as lack of coordinated governance and regulatory framework, enabling policies/laws and national strategy; insuf-

ficient understanding of the eco-system by regulators have hindered the full potential of the sector.

Alaba Olumuyiwa, trade policy consultant said e-commerce in Nigeria has been growing even faster, as more Nigerians are embracing ecommerce as preferred platform for buying and selling goods and services, adding that the volume of international trade in goods and services occurring through this medium has also increased exponentially.

Olamuyiwa explained that the digital economy which is driving e-commerce is impacting Nigeria and the rest of the world in different ways as it drives the creation of new products, services and business models.

“It is also disrupting the way industries do business,

changing how people live, how government makes decisions and how it interacts with society”.

“The changes provide both challenges and opportunities for the global trading system, traditional trading rules and architecture, as well as domestic policy processes.

It is therefore important that national international trade rules are structured to keep pace with the emerging developments”.

This includes finding the system that balances economic growth for both individuals and businesses, while ensuring adequate safeguards for the quickly evolving policy areas such as privacy policy, consumer protection, cyber security, customs procedure and system of taxation”.

According to him, while

the last two decades recorded exponential growth in domestic and cross-border e-commerce, there has not been any specific coordinated national and multilateral rules regulating the system, instead it has so far relied on patchwork of rules agreed by some countries in their bilateral and regional trade arrangements.

Kasim Sodangi, of the National Information Technology Development Agency, in his remarks stressed the need for an exhaustive policy to promote a stable future for e-commerce in Nigeria, adding that the government has been slow to impose regulatory policies.

“There is a need for the government to develop policies to protect data of industry players as well as make the industry more competitive”.

L-R: Olugbewesa Kofoworola, principal, Opebi Senior Grammar School; Wahab AlawiyeKing, executive chairman, Lagos State Universal Basic Education Board (LASUBEB); Steve Babaeko, chief executive officer, X3M Ideas, and Grace Akinfoyewa, director, ministry of education, representing Folashade Adefisayo, Lagos State commissioner for education, at the commissioning of a state-ofthe-art hand washing facility donated to the school by X3M Ideas, as the agency’s 2020 CSR intervention project to commemorate its 8th year anniversary in Lagos, yesterday.

Indigent children jostle for Dufil Prima’s scholarship COVID 19: Government to commence KELECHI EWUZIE

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ndigent but gifted Nigerian children are jostling for a piece of the pie in this year’s Dufil Prima Foods Plc’s annual awards tagged “Indomie Independence Day Awards” (IIDA).

The IIDA is a national event that identifies, celebrates, and rewards exemplary accomplishments of children who have shown uncommon courage and determination in precarious situations. The award encourages excellence and diligence in children.

Tope Ashiwaju, group public relations and events Manager, Dufil Prima Foods, says the 2020 edition (13th in the series) will start from August 2020 and run till third week in September,2020.

According to him, the awards over the years have impacted the lives of many Nigerian children. “In typical fashion, three winners will be rewarded with one million naira worth of scholarship each

from three award categories: physical, social, and intellectual bravery.”

The physical bravery category will acknowledge kids who saved lives or by their actions prevented extensive damage to property or others at great personal risk. The social bravery category will celebrate kids who work against social evils such as child marriage, illiteracy, and environmental concerns in a sustained manner, while the intellectual bravery category will recognise children with innate intellect who have performed remarkably well despite their physical, mental, emotional or financial limitations.

Ashiwaju noted that the initiative is the corporate social responsibility of the Indomie brand, adding that the search exercise will explore various locations in the country to gather true stories about heroic children who are 15 years and under; who have at one time or the other performed exceptional acts of bravery and heroism.

trials on registered sample drugs HARRISON EDEH, Abuja

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he Federal Government says it is set to commence trials on registered sample drugs for the Covid-19 in line with the stipulated guidelines from the World Health Organisations (WHO) having sorted out necessary approvals with the National Agency for Food and Drug Administration and Control (NAFDAC).

Sani Aliyu, the national coordinator of the Presidential Task Force (PTF), who stated this at a briefing in Abuja, on Thursday, said a research consortium was being formed by the federal ministry of health, working with the PTF to adapt available researches to WHO standards.

The consortium, he said, would be made up

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of the Nigeria Centre for Disease Control (NCDC), Tertiary Education Trust Fund (TETFUND), and Central Bank of Nigeria (CBN) have developed a national Covid-19 research agenda which is adapted from the WHO researchers programme, focusing on thematic areas.

He also directed public agencies and states to align with this agenda in responding to the pandemic.

According to Sani, the NCDC, NAFDAC, National Institute for Pharmaceutical Research, the Nigeria Institute for Medical Research and other essential institutions have been asked to be involved in pursuing research in accordance with the mandates of their research in line with the Covid-19 pandemic guide deployed by the WHO.

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Glo-sponsored African Voices compilation edition features Mr. Eazi, two change campaigners BUNMI BAILEY

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wo change activists will this week join star Nigerian musician, Mr. Eazi, on a compilation edition of African Voices, popular magazine programme of the Cable News Network (CNN). They include Orondaam Otto, an equal opportunity education campaigner, and South African beauty queen, Zozibini Tunzi, who inspires women to take up leadership spaces in the Rainbow nation.

The magazine programme runs for 30 minutes on DSTV Channel 401 on Saturday at 9pm; Sunday at 4.30am, 7.30am, 12.30pm, and 7.30pm with a repeat on the same channel on Monday at 5.30am.

Real name - Oluwatosin Ajibade, Mr. Eazi, a mechanical engineering graduate of the Kwame Nkrumah University of Science and Technology, Kumasi, Ghana, is a songwriter who plays a kind of music known as Banku, a collage of Nigerian rhythms and Ghanaian highlife.

The 29-year-old began his musical career in 2012 with his Rhythm and Blue single titled “Pipi Dance”. He has collaborated with other A-list acts including Ghanaian R&B star, Sarkodie; Lil Kesh, and Burna Boy, who are both successful Nigerian music mer-

chants. His hit singles include “Leg Over” and “Tilapia”.

Otto on his part is a 32-year-old social reformer and development enthusiast who graduated in Human Anatomy at the University of Port Harcourt in Nigeria. His passion is to see the African continent maximise its potentials and make impactful innovations which are beneficial to the black race. He is also desirous of lending his efforts to the development of a continent where every child gets the best education.

As executive director, Otto leads a team of 40 managers and hundreds of volunteers at Slum2School Africa which provides equal opportunities for disadvantaged children across the nooks and crannies of the Nigerian slums.

The third feature on the programme, current Miss Universe, Zozibini Tunzi is a model and multiple beauty pageant title holder and the pride of her local Tsolo, Eastern Cape roots.

The 26-year-old is a National Diploma holder in Public Relations Management from the Cape Peninsula University of Technology where she acquired relevant skills to teach and encourage young girls and women to assume leadership positions in order to extend their frontiers of influence in the South African national life.

Accountant-general to sanction defaulting MDAs on submission of audit report CYNTHIA EGBOBOH, Abuja

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he accountantgeneral of the federation (AGF), Ahmed Idris has threatened to sanction ministries, departments and agencies (MDAs) of government that fail to comply with the provisions of financial regulations as it relates to submission of audit reports.

The AGF, who addressed a virtual meeting of directors and heads of internal audit of MDAs, knocked most agencies for often submitting their reports late, just as he pointed to others which refuse to turn in their reports in violation of the provision of the financial regulations.

“May I inform that refusal to forward these reports by any MDA forthwith would be regarded as an attempt to undermine the authority of the office of the accountant-general of the federation and the head of internal audit of such defaulting MDA(s) will be duly sanctioned,” Idris said.

But to facilitate the au@Businessdayng

dit process, the AGF introduced the Interactive Data Extract Analysis (IDEA) software to be deployed to MDAs and expected to enhance and optimise the internal control environment. The audit modernisation is a key component of the Economic Reform and Governance Project, Idris noted.

“We are upgrading the level of audit from current practices to a level where audits are conducted in line with international best practices, using modern approach and information and communication technologies,” he stressed.

He explained that the office of the accountantgeneral of the federation, as part of the Public Financial Management Reforms, engaged a consultant- Cowater International Inc. with the objective of modernising the internal audit function in the public sector with the view to recommending measures to increase professional performance of internal auditors in accordance with internationally recognised best practices.

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Friday 21 August 2020

BUSINESS DAY

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@Businessdayng

Women in Business

Ireti Samuel-Ogbu CEO of Citibank Nigeria Limited

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reti Samuel-Ogbu has been named the new CEO for Citibank Nigeria Limited. This further demonstrates Citi’s commitment to building an inclusive and diverse work force. As the first female CEO of the bank, she joins a distinguished group of women who make up over a third of Citi’s CEOs across Europe, Middle East and Africa.

She replaces Akin Dawodu after his appointment as Citi Cluster Head for Sub Saharan Africa. According to Dawodu,

D

udu Msomi is the Founder and CEO of Busara Leadership Partners, whose expertise is to facilitate the development and effectiveness of leaders to achieve their desired goals. Msomi is a strategist, leadership coach, speaker and writer.

Msomi has expertise and experience in strategy workshops facilitation, strategy formulation and implementation, designing and implementing transformation programmes in companies and industry bodies, marketing, advertising, communications, human resources leadership and corporate governance. Dudu’s experience spans diverse industries such as retail, advertising, financial services, information, communications and technology consulting, industry body and membership services.

Dudu Msomi also writes on leadership, diversity, women in leadership, corporate governance, boards, small business and entrepreneurship amongst other topics.

She was awarded the 2013 Laureate Award by the University of Pretoria as a GIBS Alumnus to honour her outstanding contribution to the field of leadership development, strategy and governance. Msomi was selected by US Consulate in South Africa to be part of the mentoring programme with FORTUNE/US State Department Global Women Leaders from 25 April – 21 May 2010. Dudu is a Cherie Blair Mentee Fellow.

She holds board directorships on the Financial Services Board (FSB) and National Housing Finance Corporation (NHFC).

Msomi is a member of the Licensing, Litigation and Audit Committees of the FSB. On the NHFC Board, she is also a member of the Developmental Information & Strategy Committee (DISC) and Social & Ethics Committee. She is a Trustee on the Humulani Trust (Invicta Holdings).

As Managing Director, Ascentys, her

“Ireti is a stellar choice to lead Citi’s Nigeria franchise. Her skill set and experience are perfectly suited to the role and we are all very excited to have her on board. I am confident that she will lead the business on to bigger and better things” he said.

Prior to being appointed CEO, she was the Europe, Middle East and Africa (EMEA) Head, Payments and Receivables, Treasury and Trade Solutions (TTS) under Citi’s Institutional Clients Group (ICG) based in London, UK. She has also been on the Board key areas of focus were marketing, business development, brand management, project leadership and management. She contributed to breaking down barriers and fear of BEE, and increased knowledge of experienced and technically proficient black talents. She left the company because of her desire to re-invent the advisory service business model with the focus on particular decision makers. She then established Busara Leadership Partners.

As the Regional Director, Young Presidents’ Organisation (YPO), she implemented the YPO International membership strategy in Africa. She analysed the potential for YPO’s growth in the African market (excluding North Africa), identified potential markets and developed regional strategic plans. She also maintained communication and supported regional and chapter membership offices in Africa (Nigeria, Ghana, Kenya, Zimbabwe, Mauritius and South Africa).

On her achievements at YPO, she contributed towards membership growth and awareness of YPO amongst indigenous Africans. She also successfully set up one new regional chapter in Southern Africa (YPO SADC Chapter).

She left because she was on contract and part-time (3 days a week). As a business woman and entrepreneur at heart, she decided to focus her energy on working with the consulting company, Ascentys, with new generation South Africans and innovative thinkers as partners and to learn about the Information, Communications & Technology field.

Dudu was also Group Human Interest Director at Saatchi & Saatchi. There, she implemented special projects and employment equity plan. She educated staff and management on labour legislation. She trained the employment equity committee

BUSINESS DAY Friday 21 August 2020 www.businessday.ng

By Kemi Ajumobi

of Citibank Nigeria Limited for the last 5 years as a non-Executive Director.

Citi has been serving the banking needs of its local and global clients in Nigeria since 1984. Samuel-Ogbu will be responsible for leading and protecting the franchise and, with the talented and experienced team in Nigeria, continue to drive performance.

She will assist Citi’s institutional clients by harnessing the potential of their significant product, functional and geographic capabilities in Nigeria and the region.

Samuel-Ogbu’s appointment has been approved by the Central Bank of Nigeria.

Olayemi Cardoso, the Chairman of Citibank Nigeria Limited, in his statement said “I am particularly pleased with Ireti’s appointment. Her stellar career began at Citi (then Nigeria International Bank), and she has distinguished herself as a leader for over 30 years. I have enjoyed working with her as a non-Executive Director and the Board and I are truly pleased to see her emerge as the very first female CEO of Citibank Nigeria Limited.”

For the past 32 years, Samuel-Ogbu has held various roles across Citi’s businesses in the UK, Nigeria and South Africa, having worked in each of these countries twice.

Previous roles have included Relationship Management with Global Subsidiaries Group and the Public Sector Banking Team, as well as TTS Sales, Corporate Finance and leading Citi’s TTS business in two of the largest markets in Africa.

As a champion of diversity and inclusion, Samuel-Ogbu co-founded two impactful mentorship initiatives within Citi - the Sapphire Leadership Program for Middle East

and Africa (MEA) and the Momentum Program in the UK. The Sapphire Leadership Program is targeted at middle managers within Citi across MEA and the Momentum Program is targeted at undergraduates who were paired with Citi mentors. Both programs seek to provide new career tools, mentorship and networking opportunities She is currently the EMEA co-Chair for Citi Women’s Affinity group and represents EMEA on the Global Affinity Steering Committee at Citi that is co-Led by Citi’s President, Jane Fraser.

Samuel-Ogbu is a Lead Contributor and Thought-Leader in various Banking and Fintech Forums across EMEA and has won awards in the UK and South Africa, including Financial Service Leader of the year 2019 at Black British Business Awards, Innovate Finance Women in FinTech Power List, 2017 and Best Professional Executive, 2009, at the Nigeria Achievement Awards (presented in South Africa by the former President Goodluck Jonathan) She obtained a BA Hons Accounting and Finance from Middlesex University, UK and has an MBA from the University of Bradford, UK. Commenting on her appointment, Samuel-Ogbu said, “I’m delighted to be returning to Nigeria where I started my career more than three decades ago. I look forward to working with our talented team to bring the best of Citi to our clients whilst enabling growth and economic progress.”

Citi is a leading global bank with approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.

Dudu Msomi CEO, Busara Leadership Partners

and oversaw their functioning. Dudu also developed and implemented a mentorship programme and implemented a basic performance management system tailor-made for a creative environment.

Furthermore, she conducted employee surveys, developed and implemented training programmes. In addition, she was a confidant and advisor to black shareholders, she ‘Inducted’ and advised the Managing Director.

As a board and management team member, she represented the company on AAA Board, Advertising Standards Association’s Properties Committee, Black

Management Forum to mention a few. She also represented Africa on the Saatchi & Saatchi Worldwide Human Interests Committee (NY).

Dudu created a strong network with HR Directors within and outside the advertising industry which became instrumental in her recruitment strategies and helped cut their recruitment costs by ¾ and also helped accelerate their demographic changes to 60: 40 female to men ratio, with a large female management proportion, and 40:60 black to white ratio. She left because she required a new challenge to grow and to learn in a new industry.

For sponsorship and advert placement contact: kemi@businessdayonline.com Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Advert Hotline: 08033225506. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Patrick Atuanya. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.