Businessday 22 jun 2018 by BusinessDay

news you can trust I * *FRIDAY 22 JUNE 2018 I vol. 15, no 81 I N300

How 5.8m people voted Nigerian banks lag African peers as manually in 2015 elections incostsefficiency remain high

See commodities on page 4

Innocent Odoh & EMEKA UCHEAGA

â&#x20AC;ŚGTB, Zenith make top 10 list

post-election analysis of the 2015 national elections posted on the website of the Independent National Electoral Commission (INEC) has shown that 5.8 million people were able to vote despite not being accredited by the card reader. The card reader was introduced in the 2015 national elections and was supposed to be the basis for accreditation of all voters in the election. The aim of the electronic card reader was to add credibility to the elections by ensuring that only those who are duly registered on the INEC database are able to vote in the elections. But the information from INEC website shows that only 23.6 million voters were accredContinues on page 34

Emeka Ucheaga & Oghogho Edosomwan

survey of the most efficient banks among the largest banks in Africa showed that only Guaranty Trust Bank and Zenith Bank made the list of ten most efficient banks in Africa. The analysis was conducted by BusinessDay which looked at the tier 1 banks in the largest regional economies in Africa including Nigeria, South Africa, Kenya and Egypt. Five of the largest publicly listed banks were analysed in each country, bringing the total number of surveyed banks to 20. Egyptian Banks were the most efficient recording the lowest cost to income ratio (the main measure of efficiency) among the surveyed banks. Out of the five largest publicly listed banks in Egypt, four were

Inside

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Foreign investors make way back into Nigerian microfinance banks

World Cup Result Austria 1 - Denmark 1 1 - Peru 0 France Argentina 0 - Croatia 3

P. 2

South-West accounts for 34% of NUC approved varsities KELECHI EWUZIE

he Southwest region in Nigeria has the highest concentration of universities in the country, BusinessDay analysis of univer-

sities and their locations in the country has shown. This makes the region, where the countryâ&#x20AC;&#x2122;s commercial capital, Lagos is located, the heartbeat of high level manpower production in the country.

According to statistics from the NUC website, Nigeria has a total of 163 universities. This is shown in the comprehensive list of Federal, State and Private Universities approved by the commission.

BusinessDay analysis shows that 34 percent of all federal, state and private universities approved by the National Universities Commission (NUC) are located in states in the SouthWestern part of Nigeria.

The six states in the SouthWestern part of Nigeria comprising of Lagos, Oyo, Ogun, Osun, Ondo and Ekiti States, houses 46 universities, which is the highest

Continues on page 34

businessday market monitor Commodities

NSE

Brent Oil

Biggest Gainer

$73.77

NB N112.00

Cocoa

US $2,513.00

Biggest Loser

2.75pc

Everdon Bureau De Change

Bitcoin SEPLAT N685.00

38,152.60

-4.49pc

₦2,414,819.83

+0.49pc

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$-N 359.50 362.00 £-N 475.00 485.00 €-N 411.00 421.00

BUSINESS DAY

FMDQ Close Foreign Exchange Market

fgn bonds

Treasury Bills

Spot $/N

I&E FX Window 361.14 CBN Official Rate 305.80

3M -0.07 12.12

5 Years

10 Years

20 Years

-0.24 13.02

-0.00% 13.15%

0.00% 13.57%

0.01% 13.82%

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Friday 22 June 2018

Concerns as impunity, illegal devts hurt businesses on Water Corporation Road … Ambode assures on demolishing all illegal structures CHUKA UROKO & JOSHUA BASSEY

he culture of impunity which underpins the illegal and unauthorized developments on the popular Water Corporation Road in Oniru, Victoria Island Extension, Lagos, have continued to raise concerns as these actions are, in more ways than one, hurting both residents and businesses on that road. Since early March this year, an entire lane of the Road has been sealed off intent on converting same to land for private use, not minding that this is a hub for various tax-paying businesses and events centres. Apart from shutting down commercial activities, this act of impunity and disregard for constituted authority is also affecting local residents and businesses who have been constrained to endure terrific traffic gridlock, seasonal flooding and other inconveniences. Water Corporation Road provides access to many iconic developments including the Landmark Event Centre, upcoming iconic The Oceania Tower being promoted by Grenadines Homes, the massive Landmark Village, Trinity House Church, De Venue Event Centre, Aba Petroleum, Exclusive Mansions Hotel, Love of Christ Generation Church (currently undergoing construction), RCCG Peace Assembly, among others. “What we have in this corridor are world class developments and that is why we are appealing to the two major stakeholders, the Lagos State government and the native land owners to work together and ensure that both the residents and businesses here enjoy world class roads infrastructure that befit those developments”, pleaded Paul Onwuanibe, CEO, Landmark Group, in a telephone interview. Continuing, Onwuanibe said that they were not only socially responsible and tax-paying citizens, they were also friends of the government and are therefore seeking government’s help to

provide drainages and enforce parking restrictions on the road as, according to him, most of the illegal developments do not have parking lots and so park their vehicles along the road. When BusinessDay visited the Road at the weekend, it was discovered that, the challenges were still there despite the visit of the state governor, Akinwunmi Ambode, to the area on inspection. The road was not free yet as the illegal developments were still going on, raising questions as to who are behind those illegality and acts of impunity. Ambode, during the inspection, assured that all the illegal developments on the road would be demolished, but that remains to be seen or done and so, the people’s woes subsist. Some of the business and property owners alleged that the road median had been unlawfully leased out to illegal developers by persons strongly connected to the families who have control over lands within that corridor. BusinessDay gathered that land in the area are controlled by the Oniru Royal Families. “In early March this year, they came and cordoned off a section of the road intent on converting same to a private use. We cried out and made noise against it, but nothing happened. For months, everybody around this area was forced to use only one section of the road. It was not until last week that the cordoned off portion of the road was reopened. We hear that it was re-opened because the state governor was coming around for inspection. “If you drive from the Lekki end of the road towards Victoria Island, as you approach the Landmark Event Centre, you will notice that a portion of the median is fenced off. It has been like that for some time now. And you wonder how on earth the government could allow some individuals, no matter how powerful, to exhibit that level of impunity, said a property owner, who did not want to be named.

L-R: Darkey Africa, consul - general of South Africa to Nigeria; Folusho Phillips, chairman, Nigeria South Africa Chamber of Commerce; Bismarck Rewane, economist/CEO, Financial Derivatives Company, and Michael Larbie, CEO, Rand Merchant Bank Nigeria/regional head West Africa, during the Nigerian South African Chamber of Commerce Business Breakfast Session themed Enhancing SA-Nigeria Trade Opportunities: The Case for a ZAR/NGN Swap sponsored by Rand Merchant Bank Nigeria as part of their 5th anniversary celebratory activities, yesterday.

MARKETS

Foreign investors make way back into Nigerian microfinance banks HOPE MOSES-ASHIKE

he foreign investors that exited their investments in microfinance banks in 2016 are now gradually coming back with diversified financing following relative stability in the foreign exchange market. The foreign investors sold their holdings in the heat of shortage of dollars occasioned by sharp drop in the prices and production of crude oil. Some of the foreign investors are the International Finance Cooperation (IFC), which has renewed its investment in Grooming Microfinance Institution this year and FMO, a Dutch development finance institution, among others. Nigerian microfinance banks with international affiliation such as LAPO, Grooming, AB, Accion, Microcred, were affected as they could not pay their foreign loan obligations due to scarcity of foreign exchange. The CBN’s financial stability report for December 2016 showed that the total assets of microfinance banks (MFBs) decreased to

N341.68 billion at end-December 2016, from N455.96 billion at endJune 2016, reflecting a decrease of 25.06 per cent. The shareholders’ funds also decreased by 42.91 per cent from N135.09 billion to N77.12 billion at end-December 2016. With relative stability in foreign exchange as a result of increased oil production, prices and continued intervention in forex market by the Central Bank of Nigeria (CBN), the investors are making a U-turn. A European investment bank is making plans to invest in Grooming Micro finance in Nigeria in the third quarter. “We are still in the process of closing our first transaction in Nigeria in a micro finance bank and we want to be sure we can indeed lend in USSD with the customers structuring adequate hedge,” the investment bank said. Rogers Nwoke, President, National Association of Microfinance Banks (NAMB) explained that the reason the foreign investors exited was because of the problem of foreign exchange as many microfinance banks and deposit money banks that were exposed to dollar facilities could not meet their ob-

ligations due to scarcity of dollar. He said it is the stability in FX has renewed the interest of foreign investors, adding that with stability in FX in the last one year, there is confidence in the economy. “We were affected but we cleared all our foreign loans. We are getting fresh loans now,” Nwoke said. The renewed investment interest he said will enhance liquidity and there would be access to funds for onlending to micro borrowers. The CBN financial stability report for June 2017 indicated that the total assets of microfinance banks (MFBs) increased to N375.17 billion at end-June 2017, from N354.09 billion at end-December 2016, reflecting an increase of 5.95 per cent. The paid-up capital and shareholders’ funds of MFBs also increased by 0.97 per cent and 14.36 per cent to N63.50 billion from N62.89 billion at end-December 2016, and N79.78 billion to N91.24 billion at end-June 2017. The increases in paid-up capital and shareholders’ funds were largely attributed to additional capital injection and increase in retained earnings, respectively. Continues on wwwbusinessday online

Premium, Crusader, Stanbic IBTC lead pension fund performance in 2018 Oghogho Edosomwan & Emeka Ucheaga

remium Pension retirement savings account (RSA) holders have a good reason to smile this year. The Pension fund administrator (PFA) had the best performing retirement savings fund in Nigeria in the first five months of the year with a year to date return of 6.18 percent. Behind Premium Pension was

Crusader pensions (5.97%), Stanbic IBTC pension (5.86%), ARM Pension (5.64%) and Legacy Pension funds (5.24%) whose strong performance propelled the PFAs to be among the five best performing retirement savings fund in the country. The performance analysis was done using the RSA unit price returns of 12 of the largest pension funds in Nigeria between December

31st 2017 and June 1st 2018. A pension fund is a pooledcontribution from pension plans organized by employers or organizations to provide retirement benefits for their employees or members. Pension funds are the largest investment blocks in most countries and often dare key players in the stock and bond markets where they invest. These funds are managed by pension fund administrators all of

which are licenced by the national pension commission or PENCOM. There are currently 21 pension fund administrators in Nigeria. This number of registered PFAs has dropped over the years from 24 in 2011 to 21 in 2016. Others not included in this analysis due to unavailability of RSA unit price data include AXA Mansard Pension, First Guarantee Pension Ltd, Investment One pension managers, Leadway Pension,

NFP Pension Ltd, Pal Pension, Radix Pension Managers, Sigma Pension and Trust Fund Pension. Other pension managers that lagged the high flyers include; Oak Pension (4.9%), Future Unity Glanvils Pensions (4.89%), Aiico Pension (4.80%), Anchor Pension Managers (4.62%), APT Pensions (4.48%) and NLPC pension Fund (4.3%). Continues on wwwbusinessday online

Friday 22 June 2018

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BUSINESS DAY

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Friday 22 June 2018

BUSINESS DAY

6 BUSINESS DAY NEWS NNPC at OPEC reels out plans to attract private investment

AMCON collaborates with stakeholders for speedy asset disposals

HARRISON EDEH, Abuja

sset Management Corporation of Nigeria (AMCON), in a bid to rejig its asset sales strategy and facilitate speedy disposals, managing director/CEO of AMCON, Ahmed Kuru, has disclosed that Corporation has restructured its processes from within in anticipation of better outcomes in its asset resolution operations. Declaring open a tw-day Asset Sales Strategy Retreat, which just ended in Abuja today, Kuru, who was represented at the opening by Mr. Aminu Ismail, the Executive Director in charge of Operations stated that part of the strategy was to expand the scope of its sales strategy by engaging professionals from the real estate sector including legal experts and regulatory stakeholders and cross-fertilise ideas on better measures to follow to enable AMCON dispose its huge assets at good value and in good time in line with AMCON mandate. “As you may be aware, one of the key objectives of AMCON is - to obtain the best achievable financial returns for all assets acquired. Following the acquisition of Eligible Bank Assets (EBAs), AMCON is now saddled with the responsibility for recovering the bad loans either through cash repayments or asset forfeitures/foreclosures. In fact, the bulk of recoveries, which have been recorded at AMCON are in form of asset recoveries. Considering the fact that AMCON’s obligations to the Central Bank Nigeria (CBN) is in the form of cash repayment, AMCON therefore has the responsibility of converting the assets into cash in order to meet the repayment obligations,” he said. Providing further clarifications to participants, Kuru added that AMCON from inception in 2010 to December 2017, recorded total recoveries of N731billion (excluding claw backs). Out of this amount, properties accounted for approximately 35 percent.

he Nigerian National Petroleum Corporation (NNPC) has outlined plans to attract private investments, ensure sustainable development and spur growth in the nation’s oil and gas Industry. Group managing director of the corporation, Maikanti Baru, disclosed this while speaking on the theme “Investment in the Oil and Gas Industry” at the 7th International Seminar of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna, Austria on Thursday. Baru observed that investment in the oil industry had become imperative in the wake of recent turbulence experienced in oil price cycle, supply driven glut in the oil market, world economic growth, uncertainties regarding oil’s future, as well as the fiscal imbalance experienced by OPEC member nations. According to the GMD, these challenges have also created new wave of opportunities for the corporation because oil is expected to remain the dominant fuel in the energy mix, contributing between 52-53% of the global energy requirement over the next 15 years. He said in a statement issued that NNPC recognised the challenge as well as the opportunity presented by oil demand growth, particularly as an exporter experiencing a surge in local demand. “The balance of objectives requires that we undertake a paradigm shift in our business model to ensure that we attract capital and sustain flow of investment. It has also placed a burden for change towards broadening the base of investment sources outside traditional government funding,” Baru averred. The GMD said investors stand to benefit from Nigeria’s oil sector, a development made possible by the current administration of President Muhamadu Buhari which he said had tackled policy instability, environmental problems, that have hitherto discouraged investors from Nigeria.

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Friday 22 June 2018

NASS cut in NHP budget seen plunging housing deficit further into hopelessness CHUKA UROKO

he insensitivity and lack of consideration for the less privileged exhibited by the National Assembly (NASS) in cutting down allocations for critical infrastructure including the National Housing Programme (NHP) will plunge the intractable housing deficit in the country into deeper hopelessness, experts in the housing sector have said. The NHP launched early this year by the federal government is among the 4,700 projects in the 2018 budget that had their allocations reduced by the National Assembly in the process of reviewing and passing the budget which took them whole six months to work on. Other projects that suffered the same fate with the NHP included nationally and regionally strategic infrastructure projects such as counterpart funding for the Mambilla Power Plant, Second Niger

Bridge/ancillary roads, the East-West Road, Bonny-Bodo Road, Lagos-Ibadan Expressway and Itakpe-Ajaokuta Rail Project. For the NHP, through which the federal government had planned to provide affordable housing for civil servants and create jobs, a total of N35.4 billion was appropriated by the executive but was slashed by N8.7 billion by the National Assembly, leaving the programme with only N26.7 billion. The programme which has already taken off in 33 states of the federation is intended to deliver 2,736 housing units, with a target of 200 housing units in each of the states that have subscribed to it by making land available for development. Another high point of the programme is the quantum of jobs it is going to create for both skilled and unskilled labour. Babatunde Fashola, the minister of power, works and housing, disclosed at a hous-

ing conference in Abuja that apart from the artisans, 653 contractors were engaged in the pilot scheme and a total of 54,680 people were employed in the process. By this action of the parliament, all these opportunities will be delayed if not denied. This, to housing sector professionals and experts, is an unkind cut that will leave many more Nigerians without adequate housing, deepening the deficit, which successive governments have failed to address. “It’s unfortunate that this has happened, meaning that the number of housing units planned for delivery under this programme will be reduced. If NASS was concerned about ensuring more Nigerians were provided affordable housing, they should actually have allocated more money for the programme, which has been designed to deliver quality affordable housing units by the federal government in partnership with the states and

the private sector”, said MKO Balogun, MD/CEO, Global Properties and Facilities International Limited. Balogun, however, hoped that the Federal Ministry of Housing would not allow what has happened to be a setback for the housing development initiative that is intended to benefit many un-housed Nigerians. But the president who took a swipe against the legislators for their act reasoned that it would make the affected projects difficult, if not impossible to execute. The same legislators that slashed allocations to critical infrastructure had the moral courage to increase the budget of the National Assembly N14.5 billion, from N125 billion to N139.5 billion without any discussion with the executive. “One would have been encouraged if President Buhari ‘s comment on the misguided tampering with the budget by NASS was part of a wider and deeper anti-corruption strategy.

Guinness Nigeria invests N6.5bn in new pet bottle line production DANIEL OBI

uinnessNigeriahasinvested N6.5 billion in a new line of pet bottle plant for its non-alcoholic drink. The idea behindthisinvestmentinitsOgba, Lagos factory, is to satisfy Nigerian consumers and drive sales. The managing director of the company, Peter Ndegwa, describedtheinvestmentassignal of continuous confidence in the huge Nigerian market as “Guinness strategy is to continue to expand.” Already, the new plant, which the company said had generated 60 new jobs, produces Malta Guinness, Dubic Malt and Orijin Zero. “The idea of pet bottles has been in the works for some time. “Our consumers are always at the heart of what we do and we also recognise that they are always on the move and so these portable pet bottles of 33 cl will provide convenient means for consumers,” Ndegwa told BusinessDay at the launch. On the arrangements for recycling of the bottles, according

to Ndegwa, Guinness Nigeria is really aware of the dangers plastic poses to the environment, as such the company has put in place measures to ensure it protects the environment. “We will be working with local artists to recycle used pet bottles into fascinating art works. This partnership with local artists is just one of our many initiatives to reduce environmental impact as well as join the global movement to advance sustainable development,” he said. To buttress this, he said the company recently signed MoU with Wecyclers, a social enterprise that promotes environmental sustainability, socioeconomic development and community health in support of our waste management agenda. Also speaking, marketing manager,AdultPremiumNon-Alcoholic Drinks, Omotola Bamigbaiye, said all the other formats suchascansandbottleswouldstill be available, stating that in spite of the unveiling of the pet bottles, the taste and nourishing vitamins remain the same.

L-R: Datti Baba-Ahmed, founder/pro-chancellor, Baze University Abuja; Dele Ogun, author of the book ‘A Fatherless People’, Esther Ogun, wife of the author; Jamla Shuiera, director of strategy, Baze University, and Inuwa Idris, registrar, Baze University, during the public presentation of the book title “A Fatherless People: the secret story of how Nigerians missed the road to the Promised Land” in Abuja. Pic by Tunde Adeniyi

Ibadan Disco says suspension by NERC is injudicious, unwarranted OLUSOLA BELLO

badan Electricity Distribution Company (IBEDC) has reacted to the suspension slammed on it by Nigerian Electricity Regulatory Commission (NERC) as injudicious and unwarranted. It said the action was at variance with the understanding that was reached with the Bureau for Public Enterprises (BPE), as the BPE was the agency that sold the company on behalf of the Federal Government. According to the company in a statement, “The Board of the Ibadan Electricity Distribution Company, IBEDC, received with shock and disbelief the decision of the Nigerian Electricity Regulatory Commission, NERC to suspend all executive and nonexecutive directors of IBEDC

in its order of NERC/181/2018 dated 19th June 2018.” The company stated that the suspension, which was premised on alleged noncompliance with the repayment terms of investors’ commitment to the company, was not only unwarranted but also injudicious given the circumstances and realities of issues at stake. “We say so for the following reasons: Firstly, as NERC rightly observed in its Order, IBEDC complied with the payments of the fine and interest on the pre-takeover expenses as imposed by the Regulatory Authority. “Secondly, NERC and IBEDC reached an understanding in respect of the N5.7 billion outstanding due for payment by Integrated Energy Distribution & Marketing Group Limited (IEDMG),” it said.

The two parties, according a statement signed by Seye Alayande, the company secretary, reached an understanding that the repayment of the N5.7 billion plus interests would be made from the refund of the sum due from the Federal Government on the stalled Yola Electricity Distribution Company transaction. This position was to the knowledge of the BPE. The company secretary said the understanding from BPE, which was conveyed to NERC was that the refund which had been due to IEDMG as far back as 2015, could only be made after the 2018 Appropriation Bill is signed into Law. He said to demonstrate commitment and good intention, IEDMG reached an understanding with NERC to pay 150million monthly to IBEDC beginning from Janu-

ary 2018, while awaiting the refund from BPE in respect of Yola transaction. “ It i s t r u e, a s N E RC claimed, that as at 20 April 2018, the payment for January February and an additional 130million had been effected.” More importantly, however, is the fact that as at Thursday, 14th June 2018, IEDMG had made all outstanding payment up till May 2018, in respect of the monthly N150million commitment, he said. The IBDC boss said it is for this reason that the Board of IBEDC is at a loss over this seemingly hasty decision to suspend the directors who had not only demonstrated willingness and commitment to fulfilling its financial obligations to IBEDC, but have collectively shown dedication to the cause of the company.

Friday 22 June 2018

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BUSINESS DAY

NEWS

New campaign against drug abuse debuts in Lagos JOSHUA BASSEY

L-R: Seun Mathowe, commercial manager, West Africa, Perform Progressive Sports Media; Wale Ekundayo, vice president, Cereber Digital Limited; Gaurav Kharya, senior consultant, head, paediatric, hematology, oncology, immunology and bone marrow transplant, Artemis Hospital, and Ngozi Onyia, managing director, consultant paediatrician, during press conference for the World Sickle Cell Day in Lagos, yesterday. Pic by Olawale Amoo

Tourism seeks more impact on GDP with data, proper capturing of sector OBINNA EMELIKE

ollowing the subsuming of the Nigerian tourism sector under the Ministry of Information and Culture in the early part of the present administration for lack of data on its contributions to the economy, the sector is struggling to make impact, despite being adjudged as the lowest hanging fruit for economic diversification. In spite of the growing activities across the sector, particularly in the burgeoning hospitality business, data and revenue from tourism, which used to be a standalone ministry in the immediate past administration, have not been captured appropriately across the country. In the last 10 years, the hospitality sector has wooed over N10 billion investments from both indigenous and foreign direct investors across 15 international hotel brands with 25 hotels offering over 8,000 rooms. But the impact of the investments over the years has not been captured appropriately, especially revenue earnings, job creation and human capital development. Religious tourism has attracted more visitors to the country than business conferences, government events, and Diasporas homecoming,

among others. The Synagogue Church of all Nations in Ikotun, Lagos, attracts about 50,000 worshippers weekly, more than the combined number of visitors to Buckingham Palace and the Tower of London, who come from across the world to seek spiritual help. Similarly, Winners Chapel in Otta and The Redemption Camp, both in Ogun State, attract thousands of visitors on pilgrimage also. Trailing behind religious tourism, Carnival Calabar and Osun Osogbo Grove attract the most visitors with over 500,000 revellers in December and 100,000 in August, respectively. As well, there are many other entertainment shows and cultural festivals that are crowd pullers. The visits have also resulted in enormous boost for local businesses, especially hotels, car hire, tours and crafts, among others. But the Value Added Tax, Consumption Tax, tourists among others taxes government earns from the tourism sector are not properly captured due to leakages occasioned by the corruption in the system, crude method of data collection, non remittance of taxes and lack of prosecution of tax invaders, until recently. The poor data collection system is obvious with disparity of figures from related agencies and economy managers.

In 2017, the data released on the number of air passenger traffic by the Nigerian Civil Aviation Authority (NCAA) were contrary to the one released by the National Bureau of Statistics (NBS). While NBS disclosed that the total traffic for 2017 was 13,394,945, out of which 6,693,687 were international arrivals (visitors), NCAA reported 14, 440,169 with 4,056,717 international passengers same year. But on a further attempt to get the number of international visitors in the country in 2017, Nigeria Immigration Service and Nigerian Tourism Development Corporation had different figures. As well, revenue agencies such as Federal Inland Revenue Service, Ministry of Finance have not been able to harmonise earnings from tourism. The disparity in the numbers, according to Ikem Onyia, a tourism expert, is the first compromise on genuine data gathering for proper appraisal of the tourism sector and investment guide. He attributes the sad development to the lack of exchange and review of information among related agencies in Nigeria, and not just in the travel and tourism industry. “If immigration cannot disclose number of foreign visitors

it stamped into the country in a day, and NCAA hordes passenger traffic, hotels fail to remit taxes, how will Nigeria Tourism Development Corporation get number of tourist arrivals and were will NBS get its passenger and revenue data from,” Onyia says. Hotels are also mandated to submit names of their guests, especially foreigners on daily basis, but there are often arguments between the hotels and security agencies on the disparity in the number from the hotels and the ones sent from entry points and airline ticket sales. For Nike Aladenusi, a hotel manager, some security agencies often think hotels get more foreign guests but declare few because of forex from the guests, hence scrutinise guests’ list. Aladenusi thinks that tourism related agencies, especially at the airports and revenue bodies do not compare notes. “You mandate hotels to offer all details about their guests including their activities while in the country, but such information should be more accessible from Immigration if foreigners’ data are truly centralise and accessible to all parties. That simple thing will not happen because every agency at the borders and airports wants to be seen as working, hence different data,” he explains.

Energy forum reiterates need for regional integration in Africa MIKE OCHONMA

panel of speakers at the 2018 Africa Energy Forum, in Mauritius this week, agreed that Ministers of Energy in Africa and other stakeholders should focus on regional power integration, and what would work accordingly, rather than debating country-specific suitable energy resources and generation methods. The panellists comprised independent power producer Globeleq East African business development head Christian Wright; energy project devel-

oper Access Power MD Vahid Futahi; Central African Republic State-owned power utility Enerca CEO Thierry-Patient Bendima; energy power source manufacturer Wärtsilä energy solutions manager Jyrki Leino; economic development programme New Partnership for Africa’s Development regional integration, infrastructure and trade programme head Symerre Grey-Johnson, and global association International Gas Union director Rafael Lázaro. Grey-Johnson pointed out that more projects such as the Zambia–Tanzania–Kenya transmission line were needed to provide universal energy access,

especially as Africa’s population was anticipated to double by 2050. He further suggested that power pools be formed between Southern and Central African countries. Wright, meanwhile, noted that states and project developers often think of megawatts, but not necessarily how they fit together in a diversified energy mix. “Before regional integration, there is a need for increasing baseload and gas supplementing on the grid,” he said, as gas is the most effective short-term power access solution to supplement grid power.”

Futahi, however, stated that the cost of increasing baseload was mammoth, adding that $250 billion was needed to provide power for 80 percent of Africa’s population. He believed reducing transmission losses was the first step towards sustainable and longterm energy access. Lázaro said gas could contribute towards a sustainable environmental approach for energy, stating, “Switching from coal to gas is the easiest way of reducing [a country’s] carbon footprint.” He believes gas can match the increase in demand from a growing African population.

n a move aimed at reducing the incidence of drug intake, especially by the youths, the Lagos State government on Thursday launched the Lagos State Kicks Against Drug Abuse (LASKADA) campaign. The initiative seeks to create massive awareness on the implications of drug and substance abuse, as well as to get addicts off the streets. The state governor, Akinwunmi Ambode, said at the launch in Ikeja, that the initiative was a response to the dangerous dimension that drug abuse had taken. Ambode, who was represented by Tunji Bello, the secretary to the state government, said: “This campaign tagged: `Lagos State Kicks against Drug Abuse (LASKADA)’ is a clarion call and a reminder of our responsibility as individuals, organisations and society to rise and safeguard our collective future. “We must condemn in strong terms, the excessive and persistent self-administration of drugs without regard to medical prescription. “As a responsible government, we will not fold our arms and allow this unhealthy practice to create a blurry future for our tomorrow. “This is what informed the establishment of Youthfriendly Centres in all the Local Government Areas and Local Council Development Areas (LCDAs). “These are to serve as avenues for relaxation and rec-

reation as well as to further engage our youths in productive ventures so that the menace of drug abuse can be drastically reduced.’’ According to the governor, the drug dependent rehabilitation centres located in Isheri and Majidun were established to give support to the young ones addicted to drugs. “These centres are operating side by side with the privately-owned institutions which are also contributing significantly to the realisation of this overall objectives,” he said. Bolanle Ambode, the wife of the governor, said, “LASKADA campaign intends to carry out aggressive sensitisation on the misuse of drugs by young people,” and urged parents to be attentive to the needs of their children and wards. Agboola Dabiri, the commissioner for youth and social development, lamented the rate at which young people were involved in abuse of substances. “Many of them do not have any clearly defined way of making ends meet and they often get disappointed when their experiences become a far cry from expectations. “With this disappointment or frustration, most of them fall prey to pressure and influence from other youths who are already drug addicts and eventually gets lured,” Dabiri said. Emmanuel Henshaw, who claimed to be a “Cocaine Recovery Addict’’, advised youths to stay away from drugs, as “it is a Killer.”

Digital Village: Edo lauds ATC Nigeria, says facility will equip youth with on-demand skills

do State governor, Godwin Obaseki, has commended the American Tower Company (ATC) Nigeria for the initiative in supporting the state government’s skills development programme for youth with the setting up of a Digital Skills Village. Conveying the governor’s commendation, special adviser on media and communication strategy, Crusoe Osagie, said the company was keying into the new thinking of the state government in equipping youths with ondemand skills for success at the workplace and contribute to solving everyday problems with technology. According to Osagie, Digital Skills Village would boost the state government’s skills acquisition and development programmes for youth in the state. He urged other private investors in the state to support the state government’s initiative to improve human capital by focusing on skills development for youths. He assured that the Digital Skills Village Project, sited at Igbesamwan Street in Benin City, would be put to effective use, as beneficiaries would be drawn from the state. Earlier at the handing over ceremony, CEO of the con-

tracting firm that handled the project for ATC Nigeria, PEES Electrical Ltd, Peter Balogun, said the Digital Skills Village Project was designed to complement the state’s innovation hub commissioned by Vice President Yemi Osinbajo. Balogun noted that the facility would serve as a training centre for youths who are being trained by the state government, on the use of digital skills to provide solutions to daily challenges. Chief Operating Officer and Project Manager, PEES Electrical Ltd, Areola Bolurinwa, said the centre, which was built by ATC Nigeria, as part of its Corporate Social Responsibility (CSR) would assist the state government to capture more youths on its training programmes on the use of Information and Communication Technology. Bolurinwa noted that the facility would serve as ground for elementary training for youths who are beneficiaries of the state government skills acquisition programme, as beneficiaries who complete their training at the centre would proceed to the innovation hub at Institute of Continuing Education, ICE for further training. The ATC has also built similar digital skills training centres in Ekpoma and Irrua in Edo State.

8 BUSINESS DAY NEWS How investment in e-library platforms Ogun to generate 1,000mw of electricity in Q1, 2019 can grow education sector

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KELECHI EWUZIE

he inability of the Federal Government to fund libraries across the country coupled with poor reading culture among Nigerian youths today is giving educationists and industry watchers cause for concern, BusinessDay findings show. The Nigerian educational system, from basic to higher, is characterised by acute shortage of quality facilities like libraries in the right quantity. A cursory look at the university system of education shows inadequate provision of classrooms, hostels, offices, libraries, laboratories and workshops for effective teaching and learning, hence the call by stakeholders for adequate funding of this sector. Experts observe that university libraries are in deplorable conditions with few books, journals and other reading materials. In some cases, standard libraries are non-existent owning to inadequate funding by the government and the agencies saddled with such responsibilities in the face of the country’s harsh economic situation. President Muhammadu Buhari in his remarks at Federal Executive Council Special Retreat on Education last year

acknowledged that it was those who acquire the most qualitative education, equipped with requisite skills and training, and empowered with practical knowhow that were leading the rest. According to Buhari, education is Nigeria’s launch pad to a more successful, more productive and more prosperous future, and his administration is committed to revitalising the education system and making it more responsive and globally competitive. Afolabi Adeyinka, a librarian in Lagos, observes that the economic realities on ground and government’s apathy to library development in the country have hampered the competitive push of students and universities to be relevant on the global scale. “In the absence of proper government funding of e-libraries, it is not possible to encourage and maintain an educated populace of which youths are in the majority,” Adeyinka says. Adeyinka is of the opinion that in order to inculcate good habit of reading among the students, there is the need to hinge the success on the availability of quality books and consequently, a library that is equipped with modern reading materials. He affirms that the quality and standard a university can

be better judged by the content and quality of the service offered by its library. This, he however notes, was not the case with Nigeria owning to government’s apathy to education, a situation that has affected the quality of the products of institutions of higher learning. Eze Akachukwu, a research fellow, insists that without proper funding for e-libraries by the government, the country risks the chance of being isolated from the global information system. “Libraries are expected to serve as information delivery centres to enable universities to make development impacts on research, teaching, learning and public service. It must be realised that a university is as good as its library. “There is an urgent need to transform these conventional libraries into e-libraries which are cost effective and can empower their universities for effective teaching, research, learning and solving national problems and by so doing boost the reading habits of students,” he states. One of the primary roles of education is to build and sustain individual and society’s development. It renews and improves the economic, social, political and cultural aspects of any nation.

RAZAQ AYINLA, Abeokuta

s part of measures to resolve the incessant epileptic power supply affecting people’s standard of living and manufacturing activities as well as other socio-economic operations, the Ogun State government has concluded plans to generate 1,000 megawatts of electricity by first quarter (Q1) 2019. The state government plans to generate and distribute the proposed 1,000mw next year at various power plants currently ongoing across the three senatorial districts of the state in partnership with eight independent power producers. It would be recalled that the state government signed some memoranda of understanding worth $497.6 million in January this year with eight independent power producers, which are expected to generate electricity from renewable sources in order to feed major manufacturing industries, small and medium-scale enterprises as well as residential areas. Speaking at a Stakeholders Forum organised by Ogun State House of Assembly on energy epileptic power distribution for consumers under Ibadan Electricity Distribution Company (IBEDC) and Ikeja Electricity Distribution Company (IKEDC) undertakings in Abeokuta, Taiwo Fagbemi, the Consultant to the Governor on Energy said that six out eight

new independent power producers will generate and distribute the proposed 1,000mw. Fagbemi explained that the 1,000mw would be generated from different sources including solar, gas, and waste to energy, which would be distributed across the three senatorial districts of the State, noting that the present total energy given to the State was not enough to serve the people, as the State play host to largest number of major industrial companies in the country. He said, ‘’The Domestic and Industrial Players in the State received little or no power from the national grid, while the Federal government has actually provided the practical liberalization of the power sector that makes it possible for individuals, local and State governments to go into power generation on captive and embedded off grid distribution.” In his welcome address the speaker of the House of Assembly, Suraj Ishola Adekunbi explained that the forum was meant to make various stakeholders share their views and experiences about Ibadan Electricity Distribution Company, saying that the government of the day has been working hard to make life comfortable for the citizens by supporting electricity projects such as, provision of transformers and solar plants to the rural areas . He therefore charged the citizens on prompt payment of acceptable bills.

Friday 22 June 2018

Nigeria to defeat Iceland 1-0, predicts Nyra - an AI platform ABIMBOLA HASSAN

igeria will defeat Iceland by one goal in today’s World Cup match, at least if the prediction by Nyra, an artificial intelligence platform becomes a reality. AI platforms like Cortana in the last world cup had some good record in accurate predictions in football tourneys, and there have been others in the last few years. Nyra, an artificial intelligence chatbot built by KariXchangeo collatesdatausinguserexperience and installed data made available with the cloud. According to the programme’s developers, it is created to serve as a service and social chatbot. According to Edward Amanambu, chief operating officer of KariXchange, Nyra was initially conceived as a service bot for one of its future applications, and it is an intelligent bot that serves to be better than the likes of Siri and Alexa. Nyra he says, which will be incorporated into an undisclosed project,whichheclaimswillstorm Nigeria, when released in the next two months. Theaccuracyofthisbotisyetto be known but today’s match provides a good avenue for testing. It isbelievedtooperateusingartificial intelligence, which it configures in providing interactive responses to users. Operations came alive ahead of time to help users enjoy the football season while improvingNyrareceptivenessinproviding (asaccurateaspossible)responses, which are based on prediction but backed by concrete existing data.

Friday 22 June 2018

BUSINESS DAY

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Friday 22 June 2018

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Made with youth sweat SOJI APAMPA Olusoji Apampa is the CEO of The Convention on Business Integrity. Twitter: @sojapa E-mail: aviga@ cbinigeria.com

ccording to Eurostat, by end of Q12018, Nigeria was one of the top 10 countries of origin of people seeking asylum in Europe (now leading all other African countries on the list). Furthermore, Nigeria ranked 4th, after Syria, Iraq &Afghanistan as country of origin of migrants crossing the Mediterranean. Many of Nigeria’s youth are determined to seek greener pasture elsewhere. With the crippling youth unemployment in Nigeria, this problem is expected to get much worse and urgent concrete measures are needed by both home and destination governments to address the root causes. Due to these irregular migrations to Europe from Africa, “The EU Emergency Trust Fund for Africa,” EUTF, a EUR2.8billion fund, was set up as a “quick” and “flexible” EU response to different dimensions of this challenge and for amongst other things, “promoting economic and equal opportunities, security and development” in Africa. On the Nigerian side, on just one of myriad programmes, for example the Government Enterprise & Empowerment Program (GEEP),

KEHINDE AKINFENWA Kehinde Akinfenwa of the Lagos State Ministry of Information and Strategy, Alausa, Ikeja

port is a globally recognized and increasingly utilized vehicle to achieve development. It’s potential as a tool to reach personal, community, national and international development objective is today being appreciated through series of sporting activities where individuals and group of varying identities interact. Aside the passion accruing from sporting activities, the unifying force and sense of belonging offered by the system promotes global affection, the more reason why it is regarded as a universal language. To ensure sport enjoy a pride of place in Lagos, the focus of the State Sports Commission has been on the intentional use of sport as a tool in advancing inclusive and sustainable development. The current administration of Mr. Akinwunmi Ambode has in fact remodeled the anatomy of sport in the state by building network of opportunities around the industry. Early this year, the state government illuminated its path to sport development in the state with the inauguration of Boards of Lagos Sport Trust Fund whose significant role as an interface between the private and public sectors in raising funds for sports is presently expand-

some 1,000,000 traders, women cooperatives and market women; 200,000 MSMEs; 260,000 enterprising youth; 200,000 farmers and agricultural workers are targeted with loans of between N10,000 and N100,000, a potential spending of between £30m to £300m to strengthen the economy. The priorities of the EU Emergency Trust Fund for Africa and FGN programmes like GEEP are similar and include amongst other things, creation of employment opportunities, especially for young people and women in local communities, with a focus on vocational training and creation of micro and small enterprises. Assuming these programmes achieve the reach and impact for which they were designed, why are Nigerians still risking their lives braving the Sahara, potential enslavement in Libya and possible death trying to cross the treacherous Mediterranean to get to Europe? Nigeria’s youth complain that they are “not being carried along by government.” Probing deeper, it appears they lament their idleness even after attending institutions of higher learning (for those who have). The absence of jobs and incomes leaves them with the feeling that they were not factored into some grand scheme that in their minds, must exist in the country today, which only a privileged few who have connections or other means of access can benefit from. According to Trading Economics, 33.1% of Nigerian youth (out of a population of over 126 million persons) were unemployed in the third quarter of 2017. On the one hand,

What if we came up with a private sector driven addition through a “Made with Youth Sweat” campaign where it was possible to uniquely identify goods and services with at least 50% of the value coming directly from youth activity, preferably through youth-owned micro enterprises? they feel even if there are no jobs, they could be granted access to capacity building, ideas, capital and help with market linkages, so they could get on with the job of building their own livelihoods. On the other hand, even when support is made available, are there too many youth with a get-richquick outlook tainting any attempt at organic, gradual growth and biasing them towards unrealistic expectations resulting in high levels of frustration and perhaps the dream that ‘the grass could be greener on the other side’ where they could ‘make it big.’ Is there a way to change the narrative? More “show & tell” from current programmes? How can we better channel the Nigerian and EU government expenditures to increase both

reach and impact? What if we came up with a private sector driven addition through a “Made with Youth Sweat” campaign where it was possible to uniquely identify goods and services with at least 50% of the value coming directly from youth activity, preferably through youth-owned micro enterprises? What if in this campaign, we were able to persuade trade blocs suffering the impact of such irregular youth migration such as the UK and the EU member states (especially Germany, Greece, Austria, and the Netherlands), to open a special trade window creating market linkages for such youthinclusive goods and services that meet EU requirements. This will create a demand pull for youthowned micro and small enterprises, standardisation of youth made goods and services, and inducement of their incorporation into the supply chains of larger companies involved in export. For starters, this could be applied to the agriculture and ICT sectors where (production quality, and farm-gate-to-container) competencies to prepare produce for export are mostly lost because of the scrapping of marketing boards during the implementation of Structural Adjustment Programme (SAP) without any institutions to replace them or play their roles. The youth-owned agroprocessing or services enterprises could be involved in activities to get produce to EU standards such as by ensuring production quality, cleaning, sorting, grading, bagging and trading of produce; export documentation; creation of specialized IT platforms linking sellers in Nigeria with buyers participating in

the special window and so on. For this, a wide range of vocational skills will have to be provided and access to finance for them could be through existing arrangements of the EU Emergency Trust Fund and in Nigeria from the Bank of Industry, Central Bank Funds and other sources. The ability to stay in Nigeria and with their sweat, earn a decent living (perhaps even in foreign exchange) and be productively engaged in the economy would also help counter the belief (home and abroad) that the governments involved are not doing anything to address their plight. It could benefit even youth who currently sell only their sweat as labourers who could be trained to run other services in addition. Support for such a scheme will also present opportunity to enlist the youth in the fight against corruption, insecurity and economic sabotage. The youth feel if the government is providing such a scheme, it will have the legitimacy to deal with unacceptable behavior withdrawing the privilege of participation where necessary. Offenders should also be placed on a public blacklist (for a period), published for all to see. Accepting such sanctions and learning what constitutes unacceptable behavior should be part of the process of accessing the incentives from governments participating in the scheme. A behavioural approach is needed. There is more that could be done to stem the irregular migration and just throwing money at the problem may not make it go away. What do you think?

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On Lagos’ fresh sports development initiatives ing opportunities for the growth of the sector in the state. The concept which grew from the conviction that well-designed sport-based initiatives can be powerful, practical and cost effective in achieving development goals. To this end, the State Government has already commenced the development and rehabilitation of sports facilities across the State as well as promotion of sporting activities in the five administrative divisions. This is evident from the facelift given to Agege township stadium to meet the standard of Confederation of African Football where the CAF Champions league matches were staged early this year as well as furnishing of the Mobolaji Johnson Sports Complex Rowe Park Centre, Yaba with world-class facilities. Governor Akinwunmi Ambode’s persistence on the bequeathal of the historical National Stadium at Onikan to the Lagos State government acquiesce his promise to resuscitate and make all desolated monuments across the state relevant for social and economic prosperity. Interestingly, the Federal Government is on the verge of entrusting the management of the memorial edifice to the state government after years of persuasion. The iconic stadium which used

to be the citadel of African football holds overwhelming inspiration and memories of African football legends, coaches and football enthusiasts. From the enchanting atmosphere induced by the colorful spectators, to the golden moments of players’ dexterity, sprawling the warble of supporters. The sigh of expectation that holds the stadium spellbound, the delightful duration that propels the triumphant lyrics provides the stadium a distinct appeal. With the Governor’s assurance of its remodeling, Africans should start counting down to series of football rhapsody where spectacular national and international competitions will be hosted. This undoubtedly will reignite the passion and enthusiasm of football lovers in Nigeria thereby promoting aggressive investment in the state’s sport industry. Recently, the Lagos State Sports Commission has been organizing and supporting a spectrum of domestic and international sporting events geared towards expanding the horizons of the sector and providing platforms for aspiring sportsmen and women in the country to come alive with their dreams. The 2018 Lagos International Squash Classics staged at the Molade Okoya-Thomas Indoor Sports Hall of the Teslim Balogun Stadium epitomized the distance the state government has covered for the tranquility of sports in the state and

the country at large. With the return of the Championship to the Professional Squash Association (PSA) listing as a reward for the impressive staging of the last two editions by the State Government, this year’s edition witnessed classical display from international players from fifteen highly ranked squash playing countries. Players from France, Egypt, England, Germany, Switzerland, Portugal, Ireland, South Africa, U.S., Pakistan, India, Czech Republic among others thronged the state for the six-day tournament to amass points for their global ranking. One major event that has find reference in global sporting calendar is the Lagos Open Tennis Challenge. Since the tournament joined the ITTF World Tour in 2014, it has remained a model of carrier transition for tennis player, advancing the project of the sport in Africa. The event co-sponsored by the State government and the International Table Tennis Federation remains the highest prize-money tournament among the ITTF Challenge Series as the last edition set a new record of having the largest turnout of over 22 countries where 180 world class and amateur tennis players participated to amass points for their world ranking. Significant improvement has also been recorded at the Access

Bank Lagos City Marathon, the 2018 edition of the race was certified as a Bronze label marathon by Association of International Marathons and Distance Races (AIMS), with its routes officially measured. Athletes who qualified at this year’s edition were offered automatic slot to the 2018 Commonwealth Games which was held in Gold Coast, Australia in April this year. Governor Akinwunmi Ambode has assured that his government will amplify its commitment towards the event as the goal to achieve the Gold label within the next two editions is paramount. More so, the staging of the 2nd edition of Lagos State Secondary Schools Hockey Championship is a testament that the government is according significant reference to other sports by decentralizing its resources for overall sports development and extending its search for budding talents in the sport industry. The three day event which featured fourteen secondary schools offered stakeholders the avenue to identify abundant talents that can be groomed to become the sport ambassador.

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Friday 22 June 2018

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Reducing power distribution systems losses in Nigeria

EDWIN AJAGBE Engr Ajagbe, worked in the Power System Planning unit of NEPA from 1980 – 1990 and writes from Lagos

bout thirty years ago, the World Bank organized a seminar in Abidjan, Cote D’Ivoire on “Reducing Power Systems Losses in Africa.” The Late Engr. Tam Balogun and this writer represented the then National Electric Power Authority (NEPA) at the seminar. It was a unique opportunity to hear from international energy economists. Subsequently, this writer headed a team of professionals in NEPA that monitored the activities of the World Bank in the organization. The bank had earlier provided a $200 Million loan for the Lagos Power Distribution Expansion and country-wide systems rehabilitation. By the late 1980s, the World Bank in one of its meetings with us had told the then Chief Executive Officer that the electricity company was heading for the rocks. According to them, the revenues could not keep up with expenditures in spite of the Federal Government’s financial support. It had become technically insolvent. By then, total power sys-

tems losses were in the threshold of forty percent including generation and transmission losses which accounted for about a quarter of that. The rest were distribution technical and commercial losses. As at today, the losses have increased to over sixty percent. This is the cause of the present revenue shortages that is being experienced no matter what the Federal authorities do to provide financial relief. From the early seventies, power system demand had become a major challenge. The Kainji Hydro Project had been completed shortly before and other large power generating facilities, notably Jebba Hydro, Sapele Thermal, Afam and others followed. All these stations were designed, developed and commissioned based on international procedures and standards. The same applied to the associated transmission and substation infrastructure. Except in a few instances in the power distribution system were strict standards and procedures were followed. That is the reason why most 33kV, 11kV, 415V lines and substations have become unsightly. Most distribution network have to be compromised because funds were inadequate to meet the challenges of power demand. Losses in the distribution system include the following: 1. Excessively long 33kV lines with undersized cables and conductors. 2. Long 11kV lines with non

Presently, the amount of power energy that is accounted for by the Discos is far below the amount generated and transmitted to them. The majority is lost at the distribution end of the chain standard conductors. 3. Indiscriminately long 415 Volts lines with small sized cables and conductors. 4. Transformers at various sections of 33/11kV and 11/0.415kV that require upgrading and modernizing. 5. Poor termination of joints notably copper/aluminium and aluminium/aluminium. 6. No reactive power compensation of long distribution lines. 7. Improper earthing or grounding of the network. 8. Many customers are not metered and the suppliers rely on estimates which in most cases are non reflective of the correct consumption. 9. Energy theft is very common. This is the reason why the discos must take a closer look at the network. The existing business structures

are fully backed by laws. They include Nigerian Electricity Regulatory Commission (NERC), Nigerian Bulk Electricity Trading Company (NBET), Power Generating Companies (GENCOS), Transmission Company of Nigeria (TCN) wholly owned by Government at least for now and Distribution Companies (DISCOS). The issues of unbundling of the old system have been finally settled. Meanwhile the critical areas to explore are poor energy supply and delivery. Over the years, the amount of power generation was much talked about but more important than that is the percent of the power generation that gets to the users. Presently, the amount of power energy that is accounted for by the Discos is far below the amount generated and transmitted to them. The majority is lost at the distribution end of the chain. No doubt, this impacts negatively on revenues such that all stakeholders cannot have their entitlements unless the Federal Government provides relief. The question is for how long will the Government support this inefficiency? Some of the short, medium term solutions include: a) Massive investment in US Dollars for the acquisition and replacement of old and inefficient hardware. b) Redesigning, planning, construction, commissioning and modernizing operation and maintenance of the system with the aid of

computers. In addition, communication systems need to be upgraded with active support of information technologies (IT). c) System outages must be minimized and faults quickly brought to notice of officials and immediate remedies taken. d) Systems availability must be in the range of ninety five percent in the medium and long term with large commercial and industrial customers targeted while domestic customers are also properly serviced with more officials attending to customers from door to door as a matter of policy. e) The quantum of electricity supplied to customers is directly related to the revenues. Effort must therefore be geared to increasing the level of supply in order to gradually get the government out of the age long support it gives the electric utility. Also, all customers must be supplied with pre-paid meters and followed up with checks and inspections to ensure there is no foul play. With this approach, revenues are expected to jump to far more reasonable levels. The utility would break even and make a reasonable return on investment of between twelve to fifteen percent. This of course assumes that the funding is long term in nature and the merchandizing approach currently being used is phased out.

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The Trump-Kim deal and the long path to peace in the Korean Peninsula

DAN STEINBOCK Dr Dan Steinbock is the founder of Difference Group and has served as research director at the India, China and America Institute (USA) and visiting fellow at the Shanghai Institutes for International Studies (China) and the EU Center (Singapore). For more, see https://www.differencegroup.net/

ere are the facts: Following hours of closed-door talks in the Hotel Capella Singapore, President Trump and North Korean leader Kim Jong Un signed a joint four-point agreement: to establish new US-North Korean relations, a stable peace regime, a North Korean commitment to achieve the “complete denuclearization” of the Korean peninsula, and the repatriation of the remains of American prisoners of war. Unsurprisingly, the agreement does not include a firm “verifiable” and “irreversible” pledge by North Korea to abandon its nuclear weapon program. Yet, the Trump-Kim agreement is not a final deal, but a framework to pave the way to ongoing discussions. Consequently, it should be seen as a promising ‘memorandum of understanding.’ U.S. and North Korean leaders have never met before. So technically, a state of war prevails between

the two countries. For these two leaders to sit down, agree on their differences and outline a path to resolve them is a very big deal. Nevertheless, a real peace and stability requires far more than a four-point agreement - a bilateral peace agreement and U.S. withdrawal from the Korean peninsula. No stability without peace agreement In the West, North Korea is customarily portrayed as a sort of a paranoid hermit kingdom with demons as leaders. In reality, Pyongyang has long – and justifiably – seen America as an existential threat. In 1951 – after Washington had lost its nuclear monopoly to the Soviet Union - the early setbacks in the Korean War prompted General MacArthur to consider using nuclear weapons against the Chinese and North Koreans – to use radioactive fallout zones to disrupt Chinese supply chains - until, he was dismissed by President Truman. Nevertheless, between 1950 and 1953, the U.S. subjected North Korea to a devastating bombing campaign, which destroyed 85 percent of the country’s buildings and caused one million civilians to die; more than the entire civilian deaths in World War II bombing of Germany and Japan, respectively. The scorchedearth policy set the standard of what was to come in Vietnam and the rest of Southeast Asia. Ever since the 1953 Armistice Agreement, Washington has seen North Korea as a “rogue state.”

Even with the Soviet Union, Washington supported “peaceful coexistence”, but with North Korea, only a “temporary ceasefire.” That’s the material basis for fears of imminent intrusion in Pyongyang. In this status quo, Trump’s statement in the press conference that the U.S. had agreed to stop playing “war games” with Pyongyang, referring to the joint military exercises with South Korea, is important. But while Trump added he wants to “bring our soldiers back home” from South Korea, he admitted it was “not part of the equation right now.” Typically, the decision to cease the joint military exercises with South Korea was not included in the agreement. That’s vintage Trump. Only days before, he had nearly agreed to the G7 Summit communiqué, which fell apart amid the controversial aftermath. In the Trump world, deals are seldom fixed entities, but always subject to changing circumstances. Last August, former U.S. President Jimmy Carter who has negotiated with several North Korean leaders, noted that, for a long time, Pyongyang has sought a “peace treaty to replace the [1953] ceasefire.” In his experience, North Koreans wanted peaceful relations with the U.S. and regional neighbors. In view of the long record of U.S.led regime changes and the recentlyundermined Iran nuclear deal, that’s not a futile concern. No lasting peace without U.S. withdrawal from the Korean peninsula In a televised 2013 New Year’s address,

Kim Jong Un advocated “a radical turn in the building of an economic giant on the strength of science and technology by fanning the flames of the industrial revolution in the new century.” These economic efforts should “be manifested in the people’s standard of living.” It was an appeal to the White House. But instead of seizing the transition in Pyongyang to work for the peace, President Obama opted for a Pentagon-led “pivot to Asia” that virtually ensured another half a decade of nuclear escalation. After Secretary of State Hillary Clinton’s outline for a Pentagon-led “pivot to Asia,” Obama did not want reconciliation with Pyongyang. Rather, the objective was to seize the opportunity to cooperate with the then-President of South Korea, Park Geun-hye, a conservative hawk and the daughter of the controversial former President Park Chung-hee. So, instead of rapprochement, Washington pushed for a Terminal High Altitude Area Defense (THAAD) anti-ballistic missile system in South Korea. As far as Washington was concerned, THAAD would kill two birds with one stone: it would subdue Pyongyang and, if needed, it could be used to contain China. These plans, however, fell apart in early 2017, when President Park was impeached and sentenced to 24 years in prison. That paved the way to the presidency of the more moderate Moon Jae-in, who seeks reconciliation with South Korea. Nevertheless, Park’s conservatives were able to postpone the repeal

of the Operation Control agreement (OPCON), which allows the Pentagon - not Seoul - to control its military fate. The mission of the South Korea/US Combined Forces Command (CFC) is to “deter hostile acts of external aggression” South Korea by a “combined military effort.” The CFC is commanded by a U.S. General and it has operational control (OPCON) over more than 600,000 active duty military personnel both countries. President Park managed to defer the transfer to 2022. In the event of war, U.S. interests will thus override the interests of South Koreans - in their own country. The ultimate barriers As a result, a true and lasting peace in the Korean peninsula requires not just on the Trump-Kim deal and the implied talks. It is also predicated on a Trump administration that will continue to support the talks, the nullification of impeachment efforts against the White House, minimal losses for the incumbents in the U.S. mid-term elections, another Trump election triumph in 2020 – and continued support for the peace process in South Korea in the 2022 election. It’s a very, very tall order. But in Singapore, Trump and Kim took the first, historical step to the right direction. • The original version was released by China Daily on June 14, 2018.

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Frank Aigbogun EDITOR-IN-CHIEF Prof. Onwuchekwa Jemie EDITOR Anthony Osae-Brown DEPUTY EDITORS John Osadolor, Abuja Bill Okonedo NEWS EDITOR Patrick Atuanya EXECUTIVE DIRECTOR, SALES AND MARKETING Kola Garuba EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, DIGITAL SERVICES Oghenevwoke Ighure ADVERT MANAGER Adeola Ajewole MANAGER, SYSTEMS & CONTROL Emeka Ifeanyi MANAGER, CONFERENCES & EVENTS Obiora Onyeaso SUBSCRIPTIONS MANAGER Patrick Ijegbai CIRCULATION MANAGER John Okpaire GM, BUSINESS DEVELOPMENT (North)

Bashir Ibrahim Hassan

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

Friday 22 June 2018

Rapes in IDP camps

he Nigerian chapter of Amnesty International – the global human rights watchdog – last month released a report titled “They betrayed us” where they accused the men of the Nigerian Army and the Joint Task Force (JTF) of raping and killing women displaced by the Boko Haram insurgency. The organisation said it had proof that thousands of people had been starved to death in the Internally Displaced Persons camps in Borno state since 2015. “This report is the result of an extensive investigation involving more than 250 interviews and covers satellite camps established by the military in seven towns in Borno state, including Bama, Banki, Rann and Dikwa. It also includes interviews with 48 women and girls released from detention and the review of video, photographic and satellite imagery,” it said. This report corroborates the report of the Human Rights Watch, another human rights watchdog, released on October 31, 2016, detailing how government officials (camp officials, vigilante groups, policemen and soldiers) systematically raped and sexually exploited

women and girls displaced by the Boko Haram conflict and how the government offers little or no protection to these hapless group and does nothing to stop the abuse not to talk of sanctioning the abusers. The recent report by Amnesty said “as Nigeria’s military recovered territory from the armed group in 2015, it ordered people living in rural villages to the satellite camps, in some cases indiscriminately killing those who remained in their homes. Hundreds of thousands of people have fled or were forced from these areas. The military screened everyone arriving to the satellite camps, and in some locations detained most men and boys aged between 14 and 40 as well as women who travelled unaccompanied by their husbands. The detention of so many men has left women to care for their families alone. Scores of women described how soldiers and Civilian JTF members have used force and threats to rape women in satellite camps, including by taking advantage of hunger to coerce women to become their “girlfriends”, which involved being available for sex on an ongoing basis.” Equally, in 2016, news reports emerged (obviously from foreign media) that thousands of IDPs in

over 20 camps around Maiduguri were starving to death because food and relief materials allocated to the camps are either diverted or stolen by government and or camp officials. In fact, the UK Guardian of Tuesday 13 September, 2016 reported protests by angry camp residents over the stealing of food meant for the residents while they are left to starve to death. The best feeding ration any IDP camp got was once a day. The paper quoted a camp resident thus: “In the night they load up vehicles with food and take it away to their houses... But I can’t complain. [A local official] said that if I complain he will tell soldiers that I am a member of Boko Haram and they will kill me.” Meanwhile, Refugee International (RI), in its April 2016 Report titled “Nigeria’s Displaced Women & Girls: Humanitarian Community at Odds, Boko Haram’s Survivors Forsaken”, detailed the gory realities confronting the IDPs under the nose of Nigerian government officials including rape and sexual exploitation of women and girls, who in most cases, have to submit to the demands of the officials, soldiers and policemen for sex to be able to eat and possibly feed their children or family members. What has been the govern-

ment’s response to all these reports? Denial and cover ups or when the reports are too glaring, the government ignores it. Last week, it hired protesters to picket the Abuja office of Amnesty International for ostensibly exposing the many atrocities being committed by the Nigerian government and the military in the supposed fight against the Boko Haram insurgency. But the government cannot continue to deny the obvious. The living conditions in the camps are a fitting description of Nigerian state; a state that, in reality, views its citizens mainly as nuisance or even adversaries and treats them as such. The government cannot expect citizens to be patriotic when it does not treat them with respect. Citizens will be unwilling to make helpless sacrifices or even give their lives for a state they know does not care so much about them. It is time the government come to terms with its responsibilities and treat its citizens the way citizens of a civilised country should be treated. Only then can it expect patriotism, dedication and cooperation from its citizens. We demand that the government thoroughly investigate these abuses and punish those guilty appropriately.

EDITORIAL ADVISORY BOARD Dick Kramer - Chairman Imo Itsueli Mohammed Hayatudeen Albert Alos Funke Osibodu Afolabi Oladele Dayo Lawuyi Vincent Maduka Maneesh Garg Keith Richards Opeyemi Agbaje Amina Oyagbola Bolanle Onagoruwa Fola Laoye Chuka Mordi Sim Shagaya Mezuo Nwuneli Emeka Emuwa Charles Anudu Tunji Adegbesan

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Friday 22 June 2018

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BUSINESS DAY

MoneyInsight Personal Finance: Investing Retirement

Taxes

Credit Cards

Home Buying

Small Business Shopping

Financing

Blockchain use-cases to restore trust in Nigeria’s economy ABIMBOLA HASSAN

xperts have reiterated that adoption of blockchain technology in the various segments of the Nigerian economy can restore investors trust in the country. The experts who spoke at a recent breakfast meeting organised by PricewaterhouseCoopers (PwC), highlighted blockchain used cases and how they can help shape the Nigerian society. For instance, the South African Reserve Bank alongside a group of settlement banks explored the prospect of using distributed ledger technology (DLT) in place of the current Real Time Gross Settlement (RTGS) system. Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. It is an open distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The Assistant ComptrollerGeneral of Nigerian Custom Service, ICT-MOD unit, Aber Benjamin disclosed at the meeting that the agency is considering integration of blockchain as it could give a tamper-proof, nonrefutable record which makes data unchangeable but updated, stored in chain while enforcing agree rules. The Custom Service, he revealed, is considering strategies to innovate the way it is portrayed by the public.

Moving away from paper-based data has helped shaped the custom service with license registration. The licence which could take up to three years can now be issued within a month through the blockchain automated platform. The Nigerian Custom Service partnered with PwC. Deji Soetan, Managing Partner of Blockchain Asset Management stated in his speech while rhetorically asking if the technology was the right technology, stated that it’s not every use cases that is applicable to the blockchain technology rather working round problems which the blockchain can best be applied is best suited. He said the blockchain is an incorruptible digital ledger that records not only financial transaction but also records anything of value which enables it a transfer of trust in a trustless society. He further stated that it’s a shared public ledger which features the smart contract to automate transaction operating like a legal contract but with the use of an automated ledger, digital signature which is irrefutable and clear for everyone just like a normal signature. He stated the blockchain is applicable across various sector with different multiple uses cases going from digital currency, e-commerce, global payment as featuring remitta. Daniel Bloch CEO/Founder of Seso Global and organisation charged with building a blockchain mortgage platform based in Lagos, while speaking on unlock-

Daniel Bloch, founder Seso Global, Bayo Adewolu, Senior Manager Technology Consulting, PwC Nigeria, Dr Andrew S. Nevin, Chief Economist, PwC Nigeria, Aber Benjamin Assistant Comptroller-General ICT-MOD Unit, Nigeria Customs Service, Deji Soetan, Managing Partner, Blockchain Asset Management and Damola Yusuf, Associate Director, Technology Consulting PwC Nigeria, at the Blockchain Executive Breakfast Meeting organised by PwC in Lagos, recently.

ing capital in Emerging economies, stated that there are about 100 million housing shortages in Africa with over $500 billion in morgage deficiency. He explained the Seso model of blockchain technology enables banks to capture data which can be used to issue mortgages. This can also be used to register the property. Property developers

50 Nigerian private schools to compete for PSG’s N1.5m prize CALEB OJEWALE

ver fifty private schools in Nigeria will be competing for N1.5 million prize at the maiden Private School Games (PSG) competition taking place later this year. School Games Limited, the organisers of the competition is collaborating with the Association of Private Educators in Nigeria (APEN) and the Lagos State ministry of Youth, Sports and Social Development, said the schools will compete in various sporting activities such as football, basketball, volleyball, handball, table tennis, lawn tennis, swimming, boxing, fencing, and track and field events. The school with the most points in all the activities will be crowned winner of the competition and awarded N1.5 million. The second and third positions will receive N1 million and N500,000 respectively. According to the organisers of the annual event, PSG hopes to inspire millions of young sports

enthusiasts across Nigerian schools, who will participate in the sporting event. It will also forster healthy friendships and interactions amongst children from diverse ethnicities. “For us, it is an expression of hope in the coming generation and their hidden potentials beyond the conventional formal education,” Adeyemi Egbeoluwa, founder of PSG, said. “I have come to realise that sport competitions are key to the allround development and growth of our children. It is important to quantify, identify and aggregate the total contribution of private school talents to the pool of young and emerging sports men and women across the country.” He also disclosed that the games will also bring attention to the young talents in private schools which could someday represent the count in private schools. Private competitions are not many in the country, whereas, public schools are availed many opportunities often driven by government sponsorship at the national and

state level. School Games Limited believes it can bridge the gap and be the platform where private schools talents can be discovered and nurtured. “Over the years, governmentrun schools have produced some of the country’s most celebrated athletes globally. The games will extend this challenge to private school schools to get more children interested in sports and possibly, pursuing a career in same. Competitions play a significant role in motivating students to effectively channel physical, mental and emotional strength for excellence performance while reinforcing the possibility mentality in young learners,” the organisers stated in a press release. The competition kicks off from November 29 and ends 2 December, 2014. It is open to private schools across the country. The organisers said it has confirmed schools from Rivers, Abuja, Oyo and Osun which will be participating in the event slated to hold in Lagos.

upload mortgage documents already approved by banks on the Seso platform. The properties are advertised for sale with the mortgage approval. The whole transaction is captured onto a private blockchain. Blockchain pose a huge threat to major industries of the world, according to Andrew Nevin, chief economist for PwC Nigeria. He

disclosed that the Big Four face major threat with the wave of this technology. He cited a test project in South Africa known as project Khoka which saw the use of the blockchain in the tokenization of the South African Rand with the idea of creating distributed ledger between participating banks to ensure a wholesale payment system.

Young Nigerian clinches 2018 African entrepreneurship TOSIN ADESILE

hidi Nwaogu, founder of Publiseer, a start-up company, has won the 2018 African Entrepreneurship Award organised by BMCE Bank of Africa, clinching the ‘Most Need Company in Africa’ award out of over 4, 900 companies from all regions of Africa, reviewed by a team of 400 mentors. The exercise took place between the months of March and May 2018 out which emerged Publiseer as the winner in its category. The award offers $1 million to all eligible African entrepreneurs with extraordinary businesses or an idea for one. “Publiseer is a digital publisher focused on meeting the growing needs of independent African writers and musicians from low-income communities. We won’t, relent in our resolve to continue in breaking new grounds” Nwaogu said. The African entrepreneurship strives to close the huge gap in start-up funding, rewards new

technologies, new business models as well as new attempts solves existing problem needing attention in African region. Thousands of entrepreneurs from all the fifty four African countries who put in for the award were made to go through questions and answer sessions about their idea, market, scalability and sustainability, receiving free mentoring and individual scores. Nwaogu is also a finalist for full scholarship at MEST Africa’s graduate-level entrepreneurship programme and has embarked on various giant strides this year.

14 BUSINESS DAY Policy

Investments

Market

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Insight

Influencers

NEWS

Offgrid operators optimistic of solar panel tariff reversal

try of finance, because the policy is also a threat to govenment’s programme to provide power for undeserved communities,” said the source. Since January, the Nigerian Customs Service has

been compelling importers of solar panels to pay 5 percent duty and 5 % VAT on solar panels imported into the country by exploiting redefining the HS Codes to accommodate a reclassification of solar panels so to

improve their revenue collections. This action was taken without due consultation with the operators nor was the impact of the poorly conceived policy on operators considered.

PROJECTS

Two Plateau communities to benefit from N242.9m solar mini grid system

w o a g ro - b a s e d communities in Shendam local district of Nigeria’s north-central state of Plateau – Angwan Rina and Demshin, have been connected to clean electricity sourced from a solar photovoltaic (PV) mini grid. Built by the European Union (EU), Germany and indigenous renewable energy firm, Green Village Electricity (GVE) Project Limited, the solar mini grid was completed and activated at the weekend in the two communities by the Governor of Plateau, Simon

INSIGHT

Guarantees light the way for clean energy through renewable auctions

ISAAC ANYAOGU

ome operators in Nigeria’s offgrid market have expressed optimism that the recent tariff on solar panels introduced by the Nigerian Customs could soon be reversed following high level discussions with ministry of Finance. One of the operators told BusinessDay that the tariff not only hampared their own operations but presents even a threat to the aspirations of the ministry of power, works and Housing and the Rural Electrificiation Agency’s plan to ramp up renewable energy adoption in remote communities in Nigeria. “We are very optimistic that something positive will be happen and we are engaging with the minis-

Friday 22 June 2018

Lalong. They both have the collective capacity to generate 100 kilowatts (kW) of clean electricity to power the communities which had reportedly been without electricity from the national grid. With the completion and commissioning of the projects up to 2500 community folks are expected to have access to the clean sustainable energy from the mini grid. In an interaction with journalists, , Ifeanyi Orajaka, the Managing Director of GVE said that the two solar mini grids, with

50kW capacity each, were constructed at the cost of €681,000 which when calculated with the exchange rate of N356.67 to one euro from the Central Bank of Nigeria (CBN) resulted to N242, 892,270. Orajaka, also said the project was done under the Nigerian Energy Support Programme (NESP), jointly financed by the European Union and government of Germany, with 61 per cent of the cost provided by the public sector partners, and the balance of 39 per cent provided by GVE. He said both communi-

ties were predominantly engaged in agriculture and associated services, and that the electricity from the mini grid solar system would be used to process produce from their farms. Orajaka, further explained the systems were built with smart metering facilities with which the community members would pay as they use the electricity they generate. He however did not disclose how much the community members would pay per kilowatt hour but noted that the communities will now enjoy stable power from the solar plant. “We are planning to very shortly increase the capacity of the system to 100kW each because this place is well known for its agro-based prowess. We anticipate some increase in demands because this will most likely lead to urban-rural migration as against rural-urban migration. “Businesses and agricultural processing firms can now come here because there is stable electricity from this system. Community people will also enjoy power from the system to power their homes and run their businesses.”

hat is a common thread between Argentina, Maldives, and Zambia? In each of these countries, the World Bank provided guarantees to support transparent auctions for renewable energy. Through these, I have seen how the Bank’s involvement helped increase private investors’ confidence, attract world-class developers, and ultimately reduce tariffs. Drawing on 10 years of diverse experience in the power sector in both public and private organizations, my role is to help bridge the divide between public and private parties and help each side better understand the other. The World Bank is ideally positioned for this. Both sides understand the World Bank carries out a detailed due diligence and ensures the auction meets international standards. Both sides appreciate the World Bank will be an honest broker if issues arise. Because of its long term and continuous involvement in our client countries, the World Bank can help identify and solve issues early on. As such, no World Bank project-based guarantee has ever been called. Country examples In Zambia, despite financial and political risks, the World Bank Group’s Scaling Solar initiative brought in top developers at very competitive prices (6.0 and 7.8 USc/kWh in round 1). The program makes it easier for governments to procure solar power quickly and at low cost through competitive auctions. It includes pre-set financing and risk mitigation products such as World Bank guarantees. In Maldives, an International Development Association (IDA) guarantee helped conclude the country’s first private solar rooftop project. In Argentina, the RenovAr renewable auctions, supported by International Bank for Reconstruction and Development (IBRD) guarantees, are bringing back private investors at competitive prices (about 4 to 6 USc/kWh). This is lower than the average cost of generation (about 7 USc/kWh in 2015) and decreasing with each round. Even some investors who did not choose the guarantee in the above auctions (it was always optional) told me they would not have bid if the World Bank was not involved. Based on these experiences, I have found these aspects are key for governments to obtain the best outcomes from renewable auctions: Government commitment and qualified advisors are critical. Without true government commitment, nothing moves. If the government is committed, it needs qualified transaction ad-

Isaac Anyaogu, Email: isaac.anyaogu@businessdayonline.com, 07037817378, Graphics: Joel Samson

visors to help with preparation of complex technical, financial, and legal matters. Development partners can usually help fund such advisors. Competitive, predictable, and transparent processes lead to better outcomes. Unfortunately, the reality is still often that many private developers sign non-transparent agreements with relatively high prices and low chances of materialization. Governments spend an awful lot of time dealing with these unsolicited proposals. Instead, they can run one single process and ask all developers to follow it. This reduces the risk of corruption and improves outcomes. The process needs to be predictable and address the key concerns of the private sector. Contrary to some claims, a competitive process is usually much faster overall. In particular, when contracts are shared during the bid period, the scope for post-award negotiations is very limited. In Argentina, in only two-and-a-half years, the Government developed a fully new renewable auction program and awarded 4.4GW of renewable power. Reducing risks ahead of the auction lowers prices. Key risks for a private investor—such as land, environmental and social (E&S) aspects, or regulatory risks—can be significantly reduced. The more due diligence and preparation the government and its transaction advisors can do and share with all bidders, the better. For instance, in Scaling Solar, the land is usually secured and acquired by the government before the bid, along with preliminary E&S studies. Private investors don’t have to worry about this. Stapled financing and guarantees also give certainty the project is bankable. The government needs to allocate remaining risks to the party best able to handle them. There is no free lunch. Providing favorable conditions to private investors will result in more competition and better prices. It does not mean the public side should take all risks, of course. However, governments must recognize that each aspect will have an influence on the success of the auction and how much citizens will pay for their electricity. Governments should also consider what instruments would help mitigate the remaining risks, including the possibility of World Bank guarantees. When procured efficiently, renewables are cost competitive—and even provide the least cost option—in more and more markets. The rise of storage and integration solutions will further reinforce this trend.

Friday 22 June 2018

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COMPANIES & MARKETS

BUSINESS DAY

Jumia CEO links growth to interconnected ecosystem across Africa

Pg. 16

Co m pa n y n e w s a n a ly s i s a n d i n s i g h t

GE Power hits 100th power plant milestone in Sub-Saharan Africa …100 power plants across renewable, gas and steam plants generating over 46GW of power …Over 300 installed turbines providing equivalent power for up to 250 million people

E Power, at the forefront of innovation and technology in energy while collaborating with power producers across the regions has reached its 100th power plant installation in Sub-Saharan Africa. This significant milestone was achieved with power plants in Angola powered by trailer-mounted aero gas turbine technology. The company has now installed over 300 turbines in up to 22 countries in Sub-Saharan Africa. Leslie Nelson, CEO, GE’s Gas Power business, SubSaharan Africa said, “This milestone is a testimony of our commitment to providing power solutions to meet the growing energy needs in many countries in the region ahead of other OEMs. Our regional operations are led by an expert African team. Our

flexible and modular energy solutions respond to the everchanging needs of the communities where we work and live. Our ability to partner with independent power producers, EPCs, strategic investors and governments to deliver these power projects strengthens the trust and confidence that our customers place in us”. Ghana Over 70 percent of the thermal power in Ghana runs on GE technology with over 600MW added to the grid in the last 24 months, with an additional 900MW planned over the next 2 years. Leading examples include the 400MW Bridgepower project in consortium with indigenous partners, Endeavour and Sage Petroleum which will be the first LPG-fired power plant in Africa and the largest LPG fired power plant in the world. In partnership with Marinus

Energy the Atuabo Waste Gas to power project will be the first TM2500 plant to use otherwise flared Isopentane gas as a fuel source. The 200MW Amandi power plant which will come online in 2019, will run on GE’s latest 9E technology offering superior fuel flexibility. Nigeria In Nigeria today, GE technology provides over 75 percent of the gas-powered ongrid generation, with more than 3GW of heavy duty and fuel-flexible gas turbines at nine power plants including the Omotosho I & II power plants as well as GE’s innovative trailer-mounted gas turbines currently being installed at the Afam III Fast Power plant. GE is committed to Nigeria’s Vision 2020; signing a Country to Company agreement with the Nigerian government to support development of up to 10GW of

power. GE and the Angola Ministry of Energy and Water are set to achieve the country’s additional electric power generation capacity target of 2000MW. Today, about 80 percent of Angola’s gaspowered generation runs on GE technology providing energy for up to 2 million Angolan households. With over 20 trailer mounted gas turbines installed at fast power plants and the 750MW Soyo I combined cycle power plant under construction, Angola is well on its way to achieving its energy ambitions. Ivory Coast GE is a historical player and a pioneer in the power sector in Ivory Coast. The first-ever gas turbines (Vridi, 1984), the first independent power production project (Ciprel, 1994) and the first combined-cycle power plants in the country

(Azito and Ciprel, 2015) all run mainly on GE technology. In 2015, GE committed to support the country’s infrastructure development goals, which includes adding 1GW of power to the Ivorian national grid. The Azito Power plant produces more than a third of the electricity in the country and marks GE’s Power Services’ first GT13E2 MXL2 gas turbine upgrade in SSA. This upgrade will add an additional 30MW to the plant’s 450MW production capacity. In addition, GE is setting up an M&D (Monitoring and Diagnostic) center (https://goo.gl/AyJFC6) in Ivory Coast to provide the digital data and analytics service to improve performance and lower lifecycle costs of all GE equipment in the region. Kenya Kenya needs a diverse energy mix to support its growth

initiatives. The 1050MW Lamu power project will use GE’s ultra-super critical technology to deliver superior efficiency and lowest emissions. The project will guarantee that up to 30 percent of electricity produced in Kenya is reliable base load power. South Africa In South Africa, GE is deploying smarter, cleaner, steam technology at the Medupi and Kusile Power plants. Kusile is the first wet flue gas desulphurization plant in the continent and has 93 percent removal efficiency rate. Upon completion, Kusile and Medupi will provide up to 9600MW - enough power to meet the electricity needs of about 7 million households in South Africa. “As a company, we believe that one of the key drivers of development in Africa is power.

BUSINESS DAY

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Friday 22 June 2018

COMPANIES & MARKETS

Jumia CEO links growth to interconnected ecosystem across Africa

he chief executive officer of Jumia Nigeria, Juliet Anammah has said the company’s integrated and interconnected ecosystem across its 23 markets in Africa has helped to build a solid foundation for the company in Nigeria and across Africa. She made the revelation while speaking with some foreign media delegates who came to Nigeria to tour the company’s Lagos warehouse located in Ikeja. “We built one integrated, inter-connected ecosystem that captures most of the simple day to day needs that people could do on the same platform rather than multiple platforms. That really helps in scaling the business, building one brand across the continent and building the same experience for consumers across the continent. Rather than just focusing on shopping, we included the other things people would normally do: order food, book flights and hotels.” Anammah also men-

tioned that the deficiency of logistics infrastructure in the country should be seen as an opportunity, rather than a challenge. She stressed that the deficit allows for the aggregation of multiple third party logistics players in the market because there are many people who have some logistics capacity, but they have not operated in an eCommerce environment. “Infrastructure deficit is a challenge and an opportunity for the aggregation of multiple third party logistics players in the market because you do have people who have some capacity, it’s just that they have not operated in an eCommerce environment. But we’re (Jumia) also creating a marketplace for them. We’re trying to aggregate them and create a marketplace where they can have assets like tricycles, and small vans which they can use to deliver in different parts of the country. Then, we also provide the technology for them to be able to deliver the haulage we give them.”

Jumia is building tomorrow’s African e-commerce infrastructure with online and mobile world-class marketplaces, providing affordable and convenient services to consumers and helping

them fulfill their everyday needs. Jumia’s mission is to transform and improve people’s lives - thanks to technology. Through its different platforms and services namely

newly released study into prospects for manufacturing in Africa offers a relatively upbeat assessment of the industrialisation opportunities that could arise should governments move decisively to harness the disruptive trends associated with the unfolding fourth industrial revolution. Titled ‘Made in Africa: Manufacturing and the fourth industrial revolution’, the report was written by the Institute for Security Studies founder and chairperson Jakkie Cilliers, with support from the Hanns Seidel Foundation and the Swedish International

Development Cooperation Agency. It concludes that, while the contribution of manufacturing to gross domestic product has stagnated since the mid-1980s, Africa will not close its income gap with the rest of the world in the absence of greater industrialisation. The report also warns that the current rapid expansion of retail services is retarding growth. “Rather than improving productivity, Africa’s structural transformation from low-productivity agriculture to low-productivity urban-based retail services has therefore been ‘growth reducing’. This is because the share of workers employed in high-productivity sectors

such as manufacturing is declining, offsetting positive ‘within sector’ productivity growth.” The study stressed that the labour and capital-intensity of manufacturing was decreasing. Nevertheless, without moving up the productivity value chain “Africa will remain poor”. Reversing the prevailing trend of premature deindustrialisation would require a “huge effort” by governments in support of the expansion of their productive sectors of economy. Furthermore, the social and economic rewards associated with targeted interventions to support industrialisation could increase Africa’s average yearly growth rate to

fets secures ISO9001 Certification 2040 by two percentage points to 6.5 percent and reduce, by 200 million people, the number of Africans living in absolute poverty. The fourth industrial revolution offered Africa opportunities for “leapfrogging”, as well as to take advantage of the likelihood that some goods would be produced and consumed in regional rather than global markets. “African countries must begin by trading among themselves, integrating their isolated markets. Such an approach he argued will eventually make it possible to modernize African agriculture, potentially an important source of food, income and employment opportunities.”

UK trade expert appointed as HM Trade Commissioner for Africa

K Inte r nat i o na l Trade Secretar y Liam Fox MP has appointed Emma Wade-Smith OBE as HM Trade Commissioner for Africa. Wade-Smith is a senior diplomat and trade expert of 20 years, and has served in Brussels, Chile, Mexico, Washington

and more recently in Africa as DIT’s regional trade director. She was awarded an OBE for diplomatic service in 2012. More than £28 billion of goods and services were traded between the UK and African countries in 2016. The continent is also home to 4 of the top 6 fastest-growing economies

economy. Jumia is supporting the growth of African companies and expanding their horizons. More than 60, 000 local African companies and individuals do business on Jumia.

L-R: Uzoma Okoye, MD, Etu Odi Communications; Titilola Adedeji, GM, Mamba Energy Drinks ; Ayo Ojuroye, chairman, Mamba Energy Drinks Limited, and Tolulope Oluwa Adetiba, head of sales, Mamba Energy Drinks Limited, at the formal unveiling of the drink in Lagos. Pic by Pius Okeosisi

Fourth industrial revolution can be positive for African manufacturing MIKE OCHONMA

Jumia eCommerce, Jumia Travel, Jumia Food, Jumia House, Jumia Deals, Jumia Jobs, Jumia Pay, Jumia One and Jumia Services, the company is fostering the digital shift of the entire African

in the world (Libya, Ethiopia, Ghana and Cote d’Ivoire) and opportunities in infrastructure alone are worth £62 billion a year. This appointment will build on the UK’s position as a leading partner for Africa’s peace, security and prosperity – supporting trade, investment and job growth.

The appointment will be made this morning at a business forum discussing the Prosperity Fund, a UK government initiative to remove trade barriers, standardise regulations and improve the business environment in middle-income countries, creating opportunities for UK firms.

HOPE MOSES-ASHIKE

ets Limited, Nigeria’s leading mobile money transfer company, has secured the prestigious ISO (International Standards Organisations) 9001 quality certificate. The certificate is overseen in Nigeria by the Nigerian Standards Council and is issued to companies which, amongst other requirements need to demonstrate strong customer focus and a commitment to continual improvement. Commenting on the ISO9001, the first to be awarded to a Nigerian mobile money operator, fets managing director/CEO Omotade Odunowo said: “The team at fets has been working since September 2017 to secure this important certificate. It shows that we have a strong commitment to excellence in mobile money services. This

ISO9001 is an endorsement of the products and procedures we have implemented over the years.” The ISO9001 continues a string of ‘firsts’ for fets after introducing in 2017 a mobile app in five of the main languages used in Nigeria: English, Hausa, Igbo, Pidgin and Yoruba; as well as being the first mobile payment company to sponsor Lagos Fashion Week. Odunowo commented: “In receiving this certificate we are particularly proud of the fact that the fets mobile money platform was built by Nigerian IT experts. We had an unwavering belief that our programmers can build a world class product, and ISO9001 proves we were right. We are looking forward to continuous improvement in serving our customers and securing our reputation for excellence in mobile money.”

Friday 22 June 2018

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BUSINESS DAY

COMPANIES & MARKETS Legislature pushing for SON’s return to Ports, laments influx of substandard products ODINAKA ANUDU

am Egwu, Senate Committee chairman on Industry, wants the Standards Organisation of Nigeria (SON) to return to ports to curb the influx of fake and substandard products into the country. Egwu stated this during an oversight function to SON offices and laboratories in Lagos. “Their absence at the ports accounts for the influx of substandard goods into the country. The agency that has the duty to check against the influx of these goods is not allowed to operate at the ports. We feel this is an aberration. It is not right; it is also against the law and we are going to take it up. “I am sure the appropriate authority of the highest level might not be aware of this. SON is vital to safeguarding the nation from these substandard goods. Take for example, tyres today, we have so many fake tyres plying the Nigerian roads and this is one of the reasons why we have so

many accidents on our roads because these products enter our markets without proper monitoring.” He rated the agency high for the judicious use of its 2017 budgetary allocation, stating that the commendation was a call to duty for SON not to relent on its efforts in its quest to sanitise the Nigerian markets. “We have seen other laboratories in China, Kenya and Tanzania. I think what we are seeing here is something we are proud of. The state-of-theart laboratories being installed here are commendable,” he added. Jibrin Barau, member of committee, said the impact of SON would be vital for the growth of the country’s local industries. “It is really surprising to see that SON is absent at the ports in view of the functions they undertake in the laws establishing the agency. It is clear that their absence is against international best practices and no country allows it borders to be open to all sorts of goods without checking them.” Earlier, Osita Aboloma, director general, SON, had

expressed his gratitude to the committee, pointing out that SON has made steady progress over the years under the leadership of the committee. “I am also proud to tell the world that the issue of possession and co-ownership of the building where our operational office in Lekki is situated has been resolved in favour of SON due to your able leadership,” Aboloma said. The Senate Committee were taken to SON’s one-stop office in Apapa and its multibillion laboratory complex in Ogba, expected to have about 38 laboratories dedicated for testing life endangering items and food. “We are ready to take up the challenges that come with standardisation and quality assurance. We have capacity for infinite possibilities. Our laboratories are state-of-theart; our personnel are world class and competitive with other global standards bodies. We still need your continuous guidance and support for us to stand out among other regulatory agencies,” Aboloma assured.

Stanbic IBTC reinforces value proposition in new brand campaign HOPE MOSES-ASHIKE

hrough a new integrated marketing campaign, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is validating its depth and far-reaching scope in the delivery on its mission as Nigeria’s leading end-to-end financial solutions provider. The new brand campaign reinforces the brand focus that it enables ‘you to be’ and ‘be all you can be’. According to the universal financial services organisation, the campaign will run on radio, television, press, outdoor, advertising, and digital, among other channels of communication. It exposes the main business pillars on which the Stanbic IBTC brand stands - a full service financial institution with a clear focus on Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Launched on Tuesday, June 19, 2018, the brand campaign comes against the backdrop of the 6th anniversary of Stanbic IBTC’s adoption of a holding company structure in line with the Central Bank of Nigeria’s directive for separation of core commercial banking activities

from other financial activities such as stockbrokerage, asset management and pension, among others. The campaign catalogues Stanbic IBTC’s customer segment from cradle to estate management. This means, babies, youths and adults, so there is something for everyone. It also restates its commitment to supporting people of all walks of life to accomplishing their goals. It is based on insights from market research on customer expectations which has become particularly imperative as the group continues to expand its offerings across the financial services landscape. Speaking in Lagos, Chief Executive of Stanbic IBTC Holdings PLC, Yinka Sanni, said “the pivotal message here is first and foremost that of appreciation, encouragement and guarantee for our esteemed customers that we are their partner at every stage through life’s journey, to make progress real by enabling people and businesses.” He noted that enormous improvements have been made across the businesses in terms of product and service offerings, access channels and customer care, as well as innovation and technological application.

He said, “Over the last couple of years, we have expanded our footprint across the country by establishing our presence in all states of the federation and the FCT. In addition, we have established Nigeria’s first selfservice digital bank branch, a very robust mobile banking app, an innovation hub, the personal teller machine, and various hybrid products and services targeted at different market segments. All these are designed to deliver on our goal of being an institution for everyone.” Sanni added that the new brand campaign is in line with the financial services group’s ongoing strategy and efforts aimed at increasing its retail product and service offerings especially in niche financial services focus areas like personal and business banking, and wealth and investment management. “Our main goal is to continue to render best in class service to our customers who cut right across Nigeria’s socio-economic spectrum and play a leading role in supporting individuals, businesses and the Nigerian economy,” Sanni said. “At Stanbic IBTC, our deepest commitment is to offer flawless customer service,” he added.

Business Event

L-R: Obabiyi Fagade, senior brand manager ,Heineken ; Franco Maria Maggi, marketing director, Nigerian Breweries, Tokunbo Adodo , portfolio manager, international premium brands ,Nigerian Breweries, at the Heineken Onboarding session in Lagos. Pic by Pius Okeosisi

Hope Ejiba,® first big winner of Gbam lotto, poses with mc Hyenana, Gbam brand ambassador, holding up her winning ticket in Lagos.

L-R: Tobechukwu Okigbo, corporate relations executive, MTN Nigeria; Stephen Akinola, general manager financial partnering, MTN Nigeria, Adekunle Awobodu, chief financial officer, MTN Nigeria, at the This Is Naija Fan Park in Lagos to watch the opening fixture of the national team against their Croatian opposition.

L-R: Catherine Bickersteth; Kelechi Ohiri; Olubunmi Aboderin Talabi, executive council chairperson, WIMBIZ; Kehinde Nwani, founder, Meadow Hall; Adepeju Adebajo, Ogun State comissioner for agriculture and Yaw Naskor, managing director, Unilever Nigeria during the CEO/Policy Maker Interactive Series in Lagos, recently

BUSINESS DAY

FINTECH News

Products Review

Technology Review

Personality Review

Friday 22 June 2018

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Company Review

TECHNOLOGY REVIEW

30% Broadband target drag undermining mobile money progress Stories by FRANK ELEANYA

he National Broadband Plan set 2018 as the year Nigeria finally achieves 30 percent penetration, but six months into the year, the country has only achieved 22% leaving 8 percent unaccounted for. Should Nigeria fail to hit the mark before 2018 runs out, segments that depend on broadband penetration to survive and scale, such as mobile money, are likely to stall thereby putting financial inclusion targets in jeopardy. The Central Bank of Nigeria has set a target of meeting 80 percent financial inclusion by 2020. Speaking at a conference recently, Umar Danbatta, executive vice chairman (EVC) of the Nigerian Communication Commission (NCC) confirmed that penetration stood at 22 percent in March, 2018, largely driven by wireless broadband. It should be noted that penetration grew to 21 percent by the end of 2017 from 14 percent in 2016. Effectively, the country’s broadband has only

grown by 1 percent in the last six months, leaving 8 percent unachieved. The quest by government, organisations and institutions to financially include millions of Nigerians may likely be driven largely by mobile money technology. This is as a result of increasing mobile penetration. According to Jumia’s Mobile Report, Nigeria

remains Africa’s largest mobile market, with about 162 million subscribers and a penetration rate of 84 percent. Mobile money which refers to payment services operated under financial regulation and performed from a mobile device has five primary models. These include mobile wallets, card-based payments, carrier billing (premium SMS or direct

carrier billing), contactless payments, and direct transfers between payer and payee bank accounts in near real-time. With the exception of carrier billing, all the models will require customer’s internet to be fully efficient. For carrier billing, the consumer only need to provide a PIN and One-Time-Password (OTP) through SMS. It is also

known as USSD transactional payments. Presently, Nigeria has 21 mobile money operators and the CBN is already threatening to reduce that number to less than 10, if the licenced operators fail to meet a N2 billion recapitalisation target by July 1. Should that happen - and with the broadband penetration yet to reach 30 percent by the end of 2018 - efforts to get unbanked population banked using mobile money technology will achieve little results. To be sure, the CBN’s target of 80 percent depends largely on rolling out 500,000 mobile money agents under an initiative known as the Shared Agent Network Expansion Facilities (SANEF). Earlier in the year, the NCC issued two additional licences to Infrastructure Companies (InfraCos) in order to deepen broadband penetration. That brought the number of InfraCos with licences to four. The commission also mandated the companies to rollout within a year or risk losing their licence. However, the problems bedevilling the space will not be solved by issuing threats. Dur-

ing a press briefing the EVC of NCC acknowledged that delay in signing the subsidy agreement with the government is the reason licensed InfraCos are unable to rollout. Unless the government plans signing the agreement in the next three months, the InfraCos are bound to miss the NCC one year target and thereby make achieving the remaining 8 percent in the 30 percent broadband target unlikely. The NCC will also have to find a solution to the Right of Way (RoW) charges that agents of states and local governments insist on collecting. One report put the RoW charge at N600 billion that InfraCos are expected to pay to the 36 states in Nigeria. Some states charge as high as N25,000 per meter of fiber as against N145 as recommended by the National Economic Council. The existing fibre in the country comes to about 38,000 kilometres of fibre while Nigeria needs 120,000 kilometres to achieve a nationwide spread of broadband. A threat of licence withdrawal is definitely not in the country’s best interest.

“We are seeing an uptick in transformational IT projects and investment in digital transformation (DX) enabling solutions that is changing how financial institutions approach and leverage IT,” Massey said. In addition to acquiring new IT solutions, financial services are also expected to spend more money within the

period to protect themselves from risk. Hence, spending on IT risk is likely to grow from $80 billion in 2018 to $94 billion in 2021. This will be driven by technology investment to support increased requirements for fraud, security, and compliance solutions. This represents nearly 20 percent of total worldwide financial services IT spending.

TECHNOLOGY REVIEW

Financial services spend on IT to reach $500 billion

inancial s er vices companies are expected to spend nearly $500 billion on information technology (IT) by 2021, growing from $440 billion in 2018, says data from International Data Corporation (IDC). The Financial Services IT Spending Guides sees the banking sector controlling 57

percent of the spend accounting for $288 billion. Insurance sector comes behind with 22 percent control to reach $114.0 billion, while capital markets firms are expected to spend $105 billion representing 21 percent of the total spend. Most of the money from banks on IT is expected to go to software development

and acquisition. Third-party spending on hardware, software, and IT services will be approximately 70 percent of the total IT spend, while the remaining 30 percent is reserved for internal IT spend for institution-employed IT staff for internal development, maintenance, and integration. Karen Massey, research manager, IDC Financial In-

sights, further explained that three segments - including improving the customer experience; shoring up and responding to the myriad fraud, security, and compliance needs; and modernizing the legacy core systems, including payments, core processing, lending, claims, policy administration, and trading - will benefit from the investment.

Friday 22 June 2018

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BUSINESS DAY

Endometriosis can cause psychological distress in women – Experts ANTHONIA OBOKOH

xperts say lack of awareness increases the prevalence of endometriosis in Nigeriawhich can cause psychological distress ofdepression and anxiety in women and girls. Endometriosis is a condition when tissue similar to the lining of the uterus (the endometrial stroma and glands, which should only be located inside the uterus) is found elsewhere in the body. The condition is said to affect an estimated 176 million women worldwide, regardless of their ethnicity and social background. Many of such cases remain undiagnosed and are therefore not treated. According to Uzoma

Onuoha a gynaecologist at the Federal Medical Centre keffi, a lot of Nigerian women do not know about endometriosis and its effect on women especially of the reproductive group. Onuoha also said that the effect of the incidence varies, saying it is a menstrual pains that is called dysmenorrhea which is a common cause of chronic pelvic pain. He said studies have put the incidence between

8-25 per cent and lack of medical facilities affects its treatment. “The prevalence of endometriosis, a disease that was not previously common in the country has become such that 1 in 10 Nigerian women suffer from it,” says Abayomi Ajayi, fertility expert, and managing director, Nordica Fertility Centre. Experts say the three major ways endometriosis manifests are infertility, severe menstrual pain (dys-

Kasi Centre for Telehealth Lagos connects Nigerians with Al Zahra Hospital UAE asi International, a healthcare service doing more for healthcare in Nigeria by designing, organising and operating healthcare facilities and services according to international safety guidelines, has opened talks with Al Zahra Hospital for a partnership which would facilitate easy movement of Nigerians seeking medical care

“His visit and the ongoing partnership discussions with Al Zahra Hospital UAE align with the objective of The Kasi Centre for Telehealth Lagos Airport which is to ensure Nigerians seeking medical care in the UAE and other parts of the world, especially for advanced surgical procedures, have a full understanding of the procedures, hospital and doctors who would be attending to them before embarking

in the UAE. Al Zahra Hospital is a member of London Stock Exchange listed NMC group and leading JCI accredited hospital. This was made known by the Chief Media Officer of Kasi Healthcare, Peter Adeshina who hosted the Senior Development Officer of Al Zahra Hospital, Junaid Vaidyarakath, at the Kasi Centre for Telehealth which is located 15 minutes from the Lagos International Airport. “We are happy to have an executive from one of the leading hospitals in the UAE visit us in Lagos to discuss on a strategic alliance between Kasi Center for Telehealth Lagos Airport and Al Zahra Hospital in the UAE,” he said.

on the trip.” This, he explained, “would help to curtail growing cases of uninformed choices made by Nigerians who get on the plane based on the strength of what they gathered online from search engines, only to reach the country and discover that the service available isn’t what was promised”. “We have already invested in a world-class telemedicine suite, which is available at our Centre for Telehealth, 15 minutes away from the International Airport in Lagos. It is powered by a Fibre Optics Internet Broadband Service 50 times faster than the fastest internet service available in Nigeria and it allows our client speak to doctors in UAE and other countries in the world

KEMI AJUMOBI

for tele consultations and tele radiology for review of X-ray and MRI scans. Furthermore, to ease movement to the UAE, Kasi Centre for Telehealth Lagos Airport through Al Zahra hospital has developed a partnership with Emirates Airline for discounted airfare rates for our clients,” he concluded. On his part, Senior Development Officer of Al Zahra Hospital, Junaid Vaidyarakath, restated the leadership of the hospital group in the United Arab Emirates and expressed their interest in Nigeria, as well as the partnership discussions to join the Kasi International hospital network. “I took a tour of Kasi Centre for Telehealth Lagos Airport, and I was impressed with the technology available at the facility, as well as the friendliness and high professionalism of its staff. We at Zahra Hospital look forward to a positive collaboration which would help us deliver quality healthcare to Nigerians,” he said. The Director of Kasi Healthcare and former Chief Representative Officer Africa of Turkish Hospital Group Florence Nightingale Hospitals Istanbul, Dayo Osholowu expressed good cheer on the discussions and welcomed the collaboration. He also announced that the partnership will ensure speedy facilitation of medical visas for patients and training of Nigerian doctors visiting the UAE as part of the collaboration. Kasi Centre for Telehealth already boasts of an impressive client base locally and internationally.

menorrhea) and dyspareunia (pain during sex) or chronic pelvic pain. “Endometriosis is only a physical problem and there is a psychological distress it has on the women or young girls that cannot be underscored enough, because of the devastating effect on quality of life due to it is very painful, which can lead to depression and anxiety.as it is, women are known to be easily depressed and full of anxiety so they struggle with the disease,” said uzoma It is generally acknowledged that an estimated 10% of all women during their reproductive years (from the onset of menstruation to menopause) are affected by endometriosis, which has to deal with the symptoms of endometriosis during the prime years of their lives.

Larne Yusuf a medical practitioner in Lagos says the major issues with endometriosis in this part of the world is under diagnosed, it assumed that every girl that have a painful menstruation, because of the symptoms it presents, the pain often correlates to the menstrual cycle, but a woman with endometriosis may also experience pain that does not correlate to her cycle and this is what makes this disease or condition so unpredictable and frustrating. He said that untreated endometriosis may cause infertility and it is estimated that 30-40 per cent of women with endometriosis may not be able to have children by the time they realize it may have gone up for many years. “More awareness needs

to be created in Nigeria because most women are on aware and management of this disease may be a long term process” said Yusuf. Endometriosis affects women in the prime of their lives, warning signs could be pelvic pain that begins before and lasts a few days longer than your period, menstrual cramping that is worse than it used to be and increases over time and bleeding that become heavier over time. According to the South African Guideline for Treatment of Endometriosis, “adequate counselling of women diagnosed with endometriosis should be accompanied by empirical treatment with adequate analgesia, including NSAIDs and hormonal treatment”.

BUSINESS DAY

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Expert urged Nigerians to avoid unmeasured quantity of drugs

kwa Ibom government says it has taken delivery of 25 as containers of state-of-the art medical equipment as part of efforts to refurbish and equip general hospitals to boost healthcare delivery services. Already three general hospitals located in Etinan, Ikono, and Ikot Okoro in Oruk Anam local government areas of the state have been renovated and provided with modern medical equipment by the state government. Other secondary health facilities that have been upgraded and renovated include the Immanuel hospital, Eket and General hospital, Ituk Mbang in Uruan local government area. Before now, the general hospital in Anua, near Uyo had been rehabilitated to

edical experts have called on Ni g e r i a n s t o avoid the unmeasured quantity of drug use in the country as medicines are prescribed as poison when used in excess. The medical experts also said that drugs can only confer benefits to the body when used in measured quantity for stipulated period of time. Lolu Ojo, the former chairman, National Drug Distribution Committee, stated this on Tuesday during a press conference organised by the West African postgraduate College of Pharmacists Kwara/Kogi zone held in Ilorin, the Kwara State capital. O j o, w h o w a r n e d against indiscriminate use of drugs, described drugs as chemical substances which synthesize or semi-synthesizes. According to him, drugs react in a biological and systematic way and tend to change the pattern of behaviour of the system of the body. Ojo explained that when drugs are used for the purpose not intended for, and then there

is risk of psychological and physiological dependence. He observed that drug abuse has eaten deep into the fabric of the society, adding that epidemiological survey previously carried out suggest existence of such societal problems. The Pharmacist also cautioned people against excessive intake of alcohol, describing it also as drug. “The community needs to look into problems of drug abuse. The

responsibility is on everybody including the religious bodies, government, and health stakeholders,” he said. He however, advocated for multi-dimensional approach to solving issues of drug abuse in the society, adding that what children are exposed to nowadays is different from what people were exposed to in yesteryears. Ojo, therefore appealed to the Federal Government to commence implementation

of the drug distribution centres, slated for January 2019. Also speaking during the conference, Lawal Muhammad, of the Federal Medical Centre, Lokoja, lamented that about 90 per cent of hospitals in Nigeria are not in service of pharmacist. He wondered why trainees or hospital technicians should be the ones dispensing drugs in hospital and not the Pharmacist, saying it is “abnormal”.

Hygeia HMO set to have Healthcare Nigeria Conference KEMI AJUMOBI

ygeia HMO is set to have a conference and exhibition slated for the 4th and 5th of July 2018. The event is slated to take place at the Ballroom of the Oriental Hotel, Victoria Island, Lagos, with estimated participation of over 300 people. According to the organisers, the ultimate purpose of the Healthcare Nigeria Conference series is for all stakeholders to begin to play their respective roles in creating solutions to the issue of healthcare quality, affordability and accessibility in Nigeria. “The starting point for this is a platform for the stakeholders to meet to have honest conversations about the issues, and to

HBL TEAM

Akwa Ibom takes delivery of 25 containers of medical equipment for hospitals ANIEFIOK UDONQUAK, Uyo

SIKIRAT SHEHU, Ilorin

proffer workable solutions. The conference will focus on enabling hospitals to deliver better care by strengthening capacity and giving an insight into funding solutions.” Obinna Abajue, CEO, Hygeia HMO, said. The organisers have said that the conference will focus on enabling hospitals to deliver better care by strengthening capacity and giving an insight into funding solutions. The conference will also discuss options for achieving Universal Health Coverage (UHC) as well as optimising PPP initiatives to enhance reach of healthcare solutions. There will be major networking opportunities at the event, which is designed to yield significant impact in healthcare deliv-

ery by providing practical solutions and benefits to all stakeholders. There have been various conferences on healthcare where stakeholders on various platforms made public promises on how they intend to help the healthcare industry in Nigeria but sadly, many of them have not been implemented as the healthcare industry in Nigeria is still in a sad state. Responding to this, Obinna says “Every stakeholder is involved in the value chain, if you let the value chain down, it will be misused and it will be your fault. It’s okay to say you will do things to better the health sector in Nigeria but if you do not carry it out, everyone will know you are not a performer because the promises you made were just hot air.

Let your words be few but your actions be evident. This is one of the reasons this conference is put in place, to ask questions, to engage stakeholders, to find out what they are doing and their willingness to implement their promises.” He stated. The event will be attended by major players in the Nigerian healthcare space, represented by public and private sectors. Some of the expected special guests include The Honourable Minister of Health, Isaac Adewole, The Honourable Commissioner for Health, Lagos State, Olajide Idris, The Chairperson, NHIS, Enyantu Ifenne, The ED, CEO National Primary Health Care Development Agency, Faisal Shuaib and the DG, LASHMA, Peju Adebusi.

ANTHONIA OBOKOH and ANI MICHAEL / Reporters I David Ogar, Graphics

Friday 22 June 2018

serve the health needs of the people within the metropolis as there is no secondary healthcare facility in Uyo local government area. Dominic Ukpong, commissioner for health who made this known in an interview said the vision of the stat government is to make healthcare services affordable and accessible to all adding that the renovation of the hospitals was part of the vision. “What we have done in the structures is that we have looked at all the hospitals in the state and made careful selections strategically to refurbish hospitals at locations where they can be very accessible to the majority of the people in a particular area since it is not just practicable to do all in one fell swoop with the limited resources that we have. “The secondary healthcare centres, we have started reconstructing and refurbishing about eight general hospitals in the state and they are strategically located in all the senatorial districts and essentially covering all the local government areas of the state. We have

refurbished significantly and equipped Etinan general hospital, it now has an accident and emergency centre , it has an international standard operating theatre, it has very good network of roads within the premises,’’ Ukpong said. The commissioner who disclosed that the 25 containers of equipment was part of the 100 containers state government plans to import 100 containers of equipment in all said 20 medical engineers that would be responsible for the maintenance of the equipment to ensure a prolonged lifespan have also been trained. Lamenting the scarcity of health workers including nurses and doctors as well as other personnel, he said nursing intake has been improved by not only recruiting nurses but by reviewing the policy of their

retirements to ensure that their period of their training is not part of their service record. Ukpong who commended Governor Udom Emmanuel for vision in the health sector which according to him has facilitated the turnaround of the secondary healthcare services said the state government has started moves to ensure the digitalisation of services in the hospital to shorten the time patients spend before being made to see a doctor. “What we have done to compensate for lack of adequate staff is to institute medical digitalisation of services in the hospital to make the hospitals computerised so that somebody who comes in will be registered in the computer and as his details are being keyed in, those details will automatically will be in the computers of the various segments of the hospital,’’ he said. Checks have also showed that the completion of one of the largest syringe manufacturing factories by the state government would also be a big boost to healthcare services in the state.

BUSINESS DAY

Friday 22 June 2018

CityFile

51 deaths during Eid-el-Fitri, says FRSC MIKE OCHONMA

ederal Road Safety Corps (FRSC) says it recorded 51 deaths during the just concluded 2018 Eid-ElFitri special patrol which lasted between June 13 and 18. The 51 deaths, however, represented an 11% decrease in the number of people killed in road traffic crashes nationwide compared to 57 deaths during the same period, in 2017. Bisi Kazeem, the corps public education officer, revealed that there was a significant increase in the number of people rescued without injury during the 2018 Eid-el-Fitri special patrol. According to him, 406 road traffic crash victims were rescued without injuries during the last special patrol compared to 293 that were rescued in 2017 special patrol of same period which representing 39 percent increase. However, Kazeem noted that the total number of crashes were 126 compared to 102 last year during same period; which is 24 percent increase. Number of person involved in road traffic crashes this year was 839 compared to 662 in 2017, or 27% percent increase.

Saraki donates to flood victims SIKIRAT SHEHU, Ilorin

enate president, Bukola Saraki has provided temporary accommodation for the victims of Monday’s devastating flood in some parts of Ilorin, the Kwara State capital. Saraki’s intervention which commenced immediately also includes the provision of food and other relief materials to hundreds of displaced persons. Areas affected by the flooding included Oloje, Oko- Olowo, Eruda Alapata, Oja- Iya and Alagbado/Ayegbami areas of Ilorin. Moved by the plight of the victims who are his constituents, Saraki, had directed his constituency office in Ilorin to quickly meet the immediate needs of the flood victims. Musa Abdullahi, the director- general of the Mandate constituency office, Ilorin, led the senate president’s delegation on assessment tour of the affected areas on Tuesday, and behalf of Saraki donated the relief materials to the victims. He urged victims who did not have a place to sleep to report at the Mandate office where shelter would be provided for them.

Group builds hospital for less privileged persons MIKE ABANG, Calabar

non-governmental organisation, Hope of Glory Missionary Foundation is undertaking the construction of a facility that will cater majorly to the health needs of less privileged persons, in Calabar, Cross River State. The organisation formally known as Friends Family Fellowship (FFF) and founded in May, 2000, is coordinated by a medical doctor, Paul Simon Bassey. Speaking during the 18th anniversary of the group, Bassey said: “We have embarked on a series of projects to reawakened mission work, which main aim is to raise and prepare indigenous missionaries for Christian service within Nigeria and beyond. We are also building a hospital to carter for the poor and the aged in the society” According to him, the organisation currently operates in five broad divisions among which are Church and Mission, Arm of Greater Glory Covenant Church, Calabar Christian Missionary Hospital which project is currently ongoing, Vocational TrainingSt. Paul Vocational Centre.

Submerged cars at the Federal Secretariat Car Park after a heavy rain in Abuja. NAN.

Onyegbula tackles EFCC over N14bn police pension scam …says operatives forced statements from her

eronica Onyegbula, a defendant in the N14 billion police pension scam, has claimed that some of the statements she made to the Economic and Financial Crimes Commission (EFCC) were forced from her. Onyegbula closed her case in the trialwithin-trial, at the FCT High Court, Maitama, Abuja, on Wednesday, to ascertain the voluntariness of her statement to EFCC. Onyegbula is the fourth defendant in the case filed by the EFCC against seven defendants. Others are Esar Dangabar, Atiku Kigo, Ahmed Wada, Sani Zira, Uzoma Attang, and Christian Madubuike. The EFCC is accusing them of being responsible for the disappearance of N14 billion police pension fund.

Onyegbula’s counsel, Ernest Ikeji, had earlier informed the court that the EFCC forced his client to make the statements which the anti-graft agency wanted to tender and prayed for trial-within-trial. Onyegbula, cross examined by Rotimi Jacobs, the prosecuting counsel, told the court that she made 10 statements to the EFCC and that five of them were not made under duress. She further told the court that she made the statements in the recording room of EFCC in the presence of Mustapha Gandaya and Aliyu Habibu. “They were dictating what to write on the first day; they told me to write my personal information and I did; they said I should write everything about myself.” She told the court that all the five

contentious statements were dictated to her and that the EFCC had asked her to cooperate so that they would call her as a witness to testify against her directors. She added that the EFCC officers dictated to her to write that she stole N14 billion with her directors and that she refused to write it, but rather told them that she never saw such money. Onyegbula said that the EFCC had promised that if she cooperated, her name would be dropped from the allegations. She said that after she was released on bail, she made five additional statements. The judge, Hussein Baba-Yusuf, after listening to her testimony, adjourned the matter until October 9 for the adoption of written addresses.

5 Chinese, 22 other illegal miners nabbed in 5 states …as man jailed 7 years for stealing N1m worth of phones KEHINDE AKINTOLA, Abuja

igeria Security and Civil Defence Corps (NSCDC) says it has arrested 27 illegal miners in Imo, Plateau, Sokoto, Kaduna and Niger States, between January and May this year. Emmanuel O keh, spokespers ons of the corps said in Abuja that 10 of the suspects were from Imo, five from Plateau, six from Sokoto, three from Kaduna and three from Niger, adding that the persons arrested in Plateau were Chinese. He said that some of the suspected illegal miners had been charged to court and others sentenced. “The people caught in Niger had been sentenced to seven-year imprisonment,” he said.

The NSCDC spokesman noted that some illegal miners were spotted in the act in Kogi and Bwari area of Abuja, but fled the scene before the personnel of the agency could get to them. “The miners were not arrested but we impounded their equipment, such as excavator that was abandoned as they fled the scene. “We confiscated the equipment as exhibit,” Okeh said, adding that the corps would continue to work harder to ensure that illegal miner were flushed out. Meanwhile, a 33-year-old father of two, Daniel Oye has been sentenced to seven years by a magistrate sitting in Ikeja, Lagos, for stealing phones and accessories valued at N1million. The magistrate, O. Sule-Amzat, said her judgment was based on the facts

of the case, as confirmed in the report and the plea for leniency by the convict. “I hereby sentence you to seven years imprisonment, without an option of fine. The sentence will serve as a deterrent to others,’’ Sule-Amzat said. Oye, a bus conductor, was arraigned on a charge of stealing. He pleaded guilty to the charge and begged for leniency. Earlier, police prosecutor, Benson Emuerhi told the court that Oye committed the offence on June 3 at about 12.35 a.m. in Oluwaga area of Ipaja, Lagos. He alleged that the convict was apprehended with an iron rod he used to break into the shop of the complainant, Fola Douglas. “The convict stole different phones, bluetooth and memory cards valued at N1million, property of Douglas,’’ he said.

BUSINESS DAY

Friday 22 June 2018

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BUSINESS DAY

Simi, the artiste to watch Stories by OBINNA EMELIKE

s the years go by, Simi, an Afro pop princess, keeps improving on her craft with more exposures, live performances and wooing more fans to her genre of music. Born as Simisola Bolatito Ogunleye, the Mass Communications graduate of Covenant University Ota, Ogun State, who turned songbird, and sound engineer, started performing in her early teens as a member of the teenage church choir. She vividly remembers her very first tune, which she wrote at the age of 10.

From Jamb Question; her single released in February 2015, Open and Close, Outta My Head and Love Don’t Care, it has been hot streak of stellar music releases for the songstress who describes her music genre as Afro soul. Her debut album, Ogaju, produced by Samklef was released in 2008 and an EP, Restless, followed in 2014. Besides Ogaju, her debut album spawned hits such as Ara Ile, Iya Temi, to name a few. However, Simi’s music career took a much positive turn when she signed to X3M Music. Beyond honing her craft, the Lagos-based record label offers Simi platform to meet, learn and collaborate with other record label mates, especially Praiz,

Simi

Nigerian R&B sensation; Sammy, recording artiste and song writer; and D-Truce, recording and performing rap artiste. Since then, she has won the Best Promising Act at the 2015 Nigeria Entertainment Award, Most Promising Act of the Year at the 2015 City People award, had two nominations at the 2015 Headies for Best Alternative Song and Video of the Year (Jamb Question) and two at the Nigerian Music Video Award for Best Soft Rock/Alternative video (Jamb Question), and was named on YNaija.com’s New Establishment List for 2016. As well, Open and Close her single released on November 17, 2015 and Love Don’t Care, her most recent single released last quarter 2016, met with amazing critical reviews and massive airplays. On a critical assessment, a keen observer will describe Simi’s genre

of music as Afro-pop, but the songstress often dabbles into pop and soul, and hence can comfortable describe her style as Afro soul; a blend of Afro and soul. In a review of ‘Love Don’t Care’, her music video and a love ballad, the Nigerian entertainment media anonymously approved her artistic talent. One of the reviews noted that: “Again, Simi wows her fans with her artistic talents in ‘Love Don’t Care’. The love ballad speaks of a love that soars above tribal and social prejudices. Fans love it because of its compelling narrative and beautiful harmony of the traditional instrumentals”. In another review on Outta My Head, another reviewer noted that Simi used her bubbly personality to infectiously deliver and make more digestible a material that could easily become moody and haunting. “Outta My Head begins with piano strings and a mid-tempo beat, ac-

companied by Simi’s now familiar vocal styling. It is a playful yet serious meditation on infatuation and the downsides of a love gone sour. Written in a smooth, simple style that is instantly relatable, the material could easily become moody and haunting but Simi sells it and makes it more digestible, thanks to her bubbly personality and infectious delivery”. Simi is not just talented, but relentless as she is still writing and recording more songs to delight her army of followers on social media and fans of her music. The songstress is also aware of the high expectations from her burgeoning fans across the Africa and is not relenting in meeting the expectations even as she prepares to rule the airwaves once again with hot streak of stellar music releases, collaborations and live performances in 2018.

Seven And A Half Date follows the life of a young hard working lady, Bisola who is engrossed in

her passion for her career and finds herself in a seemingly unending quest for love. Her father, Mr Gomez, takes it upon himself to help his girl find love and happiness. Daddy comes to the rescue, inspired by the game of chess, sets Bisola up to ten different dates to which he hopes one of them yields a good prospect. The romantic comedy movie boasts of stellar casts like Jim Iyke, Mercy Johnson, Sola Sobowale, Toyin Abraham, Ken Erics, Frank Donga, Ali Nuhu, Bayray McNwizu among many others. The movie is written by Joy Isi Bewaji, directed by Biodun Stephens, produced by Toyin Abraham and executive produced by Samuel Olatunji.

New romantic comedy screens from August 3rd

even And A Half Date, the anticipated movie of 2018, is coming to cinemas nationwide from August 2018. The movie; a Samuel Olatunji’s Bigsam Media production, was produced by Toyin Abraham, actress and the producer of Tge Ghost And The Tout, the highest selling movie of 2018. If ‘Seven and a Half Date’ succeeds as many believe it would, Toyin Abraham will cement her name in the history books with back to back cinema success in the space of weeks. According to the producer of the movie, “After the success of my latest movie, The Ghost And The Tout, I could not wait to

show the world the project I have been working on. This movie is one of the best productions I have worked on and I am excited about Seven And A Half Date and I cannot wait for the world to see this one. It is fresh, exciting and one to watch out for”. Also speaking, Samuel Olatunji, the executive producer, said, “I am really enthusiastic about this movie, it has been a long time coming and I am glad we are finally putting this out there. This is a movie that will wow Nigerians and leave them wanting and yearning for more. I am really excited. The cast and crew, producer, director and everyone who worked on this movie brought in 100 percent talent

and professionalism. So, expect nothing but the best. I am optimistic and sure it will do great”.

BUSINESS DAY

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Friday 22 June 2018

Business Etiquette

Movie review – The Ghost and the Tout

t is obvious that 2018 have seen improvement in our Nollywood industry and producers are stepping up their game, in writing better stories than before. We saw that quantum leap in the new movie produced by Mike Ezeronye in his new movie this year titled “Divorce is not allowed”. Although I didn’t see “Alakada Reloaded” because of the negative reviews I heard, I heard this new movie was much better so I took the risk. A lot of people complained that it had similar title and storyline like “Banana Island Ghost”. They did put out a better show this year, with a due diligent check, nice storyline, better cast and paying more attention to details, but they did drag some scenes and I felt some were absolutely not necessary. I wasn’t disappointed as she impressed me a little this time; I sincerely feel this is a movement in the right direction, not there but we would get there soon. A nice simple basic story of a girl who mistakenly saw the masquerade one night and afterwards, she started relating with ghosts. They had a nice twist with the comedy and suspense, most of us couldn’t actually tell who the killer of Mike was, till the very end thumbs up to the producer; I also thought it was Mike’s Fathers friend who plotted his death, but I was wrong too. This movie was written and produced by Toyin Aimakhu and was directed by Charles Uwagbai. They did put out a better storyline this time, by paying attention to details and making the movie more realistic and compelling. Most fans enjoyed it and could kind of relate as to the possibilities of that really happening. They featured a lot of “A” list artist, comedian and actors, which made it very interesting. They had nice costumes and makeup and separate worlds of the Ghetto and wealthy areas looked real. They have recorded a whooping N30m in the first one week of release, despite competition from Avenger: Infinity War and Deadpool. The Ghost and the tout started calmly and then progressed swiftly into the action packed side of the movie. Toyin Aimakhu who was known as Isial was the lead actor who was bred and bought up the Ghetto. She was a tout who really didn’t have anything much doing except roaming about and looking for small deals, to make a living. She had a boyfriend in the Ghetto who was always around her, he also had nothing much do-

with Janet Adetu

Style flaws in men

Cast: Toyin Abraham, Femi Adebayo, Chioma Akpotha, Sambasa Nzeribe, Dele Odule, Chiwetala Agu, Kaffi, Omowunmi Dada, Mupphy Afolabi, Ronke Oshodi, Bimbo Ademoye, Bayray Mckwinzu, Lasisi Elenu Ratings: PG13 Genre: Comedy Directed by: Toyin Abraham Written by: Toyin Abraham Time: 105mins ing. To Mike who was from a very wealthy family, he had a boy he picked up and helped, his name was Dayo, he made him his personal assistant and told him about every business deal he went into. Little did he know that he best friend “called Padi” was the trouble he would face in his life, Dayo had become so jealous of Mike his friend and couldn’t control his envy to the point of almost plotting evil against his best friend. Mike was killed along the line a few weeks to his wedding to his new found sweet heart. A lot of fingers pointed to his former girlfriend who couldn’t forgive him for leaving her and to his dad’s friend who had threatened to deal with his dad over a business deal that went bad. They were all wrong as the least expected person was the culprit. So Isila who was from the Ghetto woke up one night and wanted to leave her boyfriend’s house forgetting that, the masquerades were going to be out on a rampage and no female was allowed to see them and go scot free. She saw the masquerades and that was how she started relating with ghosts. She was the only one who could see Mike and he pleaded

with her to send a message his parents and Fiancée, he wanted Isialla to also help him unveil who his killer was. She was extremely very helpful and must fans were glad to see justice severed because of her intervention. She did help Mike find the killers and they were all sentenced to prison, the movie ended on a good not, which made fans happy. To my verdict I would say this movie deserves a 5/10, it’s a huge improvement from where they started from, this time they paid better attention to detail and had a slightly improved storyline, although similar to some previous movies. They did drag some scenes and I felt some aspects of the movie were totally irrelevant. For the Nigerian comedy movie lovers, you could give this a try and don’t forget to let us know, what you think about this new movie from Toyin. Feel free to review any movie of your choice in not more than 200 words, please send us a mail to linda@businessdayonline. com and stand a chance to win a free movie ticket. Linda Ochugbua @lindaochugbua

his weekend is a special one in honor of our men, yes it is in recognition of Fathers’ Day. We celebrate all our father figures, husbands, uncles, brothers, mentors, friends even colleagues and wish you all a “Happy Fathers’ Day”. Whether you are macho, tough, disciplined, gentle or kind hearted, it is good to remember the saying – “Manner maketh the man” meaning a great leader will always combine a host of attributes not just one characteristic trait in pursuit of success. It is always inspiring to see men continue to lead by good example, aspire to motivate others and aim to leave a good legacy behind. Are you in that space right now? If so keep flying higher, if not keep aiming high you will surely get there soonest. Everything does communicate in the business world, to move to your next level being a leader means taking great steps to excel, steering your team to success. As you step out in style and right into your panache, what does your image say about you? Are you living up to expectation? Do you portray the look of credibility, integrity, authority, approachability and trustworthiness? Do you take the time to ask how you look before you step out? Are you a carefree dresser thinking it does not matter? Do you think that no one is looking? Do you take care of the fine detail when it comes to your grooming? Manners, Etiquette & Civility do maketh the Man! Your overall image speaks to your personality, character and sense of style. If your brand and perception matters to you, then every detail will make a difference. It is very easy to unconsciously sabotage your image without knowing it. What you wear influences your attitude, your behavior and your grooming style. Unless you are told, would you know when you are sabotaging your image? It takes very subtle overlooks to sabotage your image; if done on a regular basis it can rob you of business deals, credibility and trust. It is important to understand what you like and identify your dislikes too. What style portrays you best? Have a signature look that works well for you. Let me present some of the everyday simplicities that present themselves as flaws in your style and may instantly sabotage your image. When

you see them you can begin to adjust systematically. Style Flaws Poor Fit Your clothes need to fit your present body size as a matter of must not that size you aspire to have. Your aura is seen immediately one sees you as it plays out in your overall appearance. It is that famous “First Impression Syndrome”. Wearing clothes that are too small or too tight or even too big or too loose will automatically down play your look as you may just fail to command that due recognition. Poor Grooming The little details as regards your hair, your mustache, beards or extra facial hair are that extra grooming details that needs special dedicated time before you step out. It also applies specifically to your nails, facial

care, aroma, as well as wearing clothing to give that sharp and credible outward presence. Poor Color Coding Color can be a challenge for most men, coordinating colours take a little more knowledge. To avoid style flaws this is the time to quickly know your colors by having a colour analysis done by a professional image consultant. We are always on standby in our office for when style hitches quite often occur among men. Do not be ignorant of the phrase that says “anything goes” remember “every little thing counts”. Color can attract people to you or repel them away from you, that is what spells the psychology of colour and how it has differing impact on each person. Use color to your advantage in business to draw attention, approachability and style. Watch how you use colour with patterns this is an instant style flaw if presented wrongly. Poor Body Basics Second to good grooming includes having a good body smell. There is absolutely nothing worse than the room per-

ceiving of unusual body odour. Wearing a fragrance is important for complete grooming, by now it is a good thing to identity your own signature smell, which makes you feel comfortable. Be mindful however in choosing a favorite fragrance as this raises issues of sensitivity where others are concerned. Also heavy fragrances require cautious use especially in sensitive places like hospitals, be intentional in your habits. Poor Shoe Wear The shoes you wear speaks volumes about you and your style. Cheap looking foot wear is an instant image saboteur. Scruffy looking, dirty shoes will down play and a great outfit look. Your aim is to wear clean, shinning, well-kept shoes that indicate elements of quality and a little style, that is the secret to style success. Poor Packaging

What is in your pocket that makes the bulge out like that? Did you see that missing button before you stepped out? What about that little stain you could not go unnoticed with right on your shirt? Have you double checked your overall packaging today? Your tie is it the right fit or size, what about the length? Are you wearing socks with your office shoes to compliment your office suit or not? Poor Presence Finally when you step out what message are you transmitting? Do you look cheap and cheerful or rich and respectful? Can you be heard when you greet? How hard or soft is your. handshake. You will need to make a habit of doing a quick audit of yourself daily just to be double sure of your finished packaging, you do not want to be found wanting at anytime. Once again wishing you a great Fathers’ day as you step out in Style with no flaws. Always present a language of success. Good luck Janet.adetu@gmail.com

BUSINESS DAY

Friday 22 June 2018

Hotels Chef Alex Mwaura, and his exceptional culinary skills OBINNA EMELIKE

he taste of the pudding, they say, is in the eating! Until you try out ‘Chicken Atete’ among other Afro-continental delicacies borne out of extensive research, you will not realise how creative indigenous hands can be in the kitchen. Well, the ‘Chicken Atete’ is a ‘Signature Dish’ and top among the specialties and creations of Alex Mwaura, the executive chef at Southern Sun Ikoyi Hotel. A stay in the 195-room hotel will never be complete without visit to the expansive restaurant, where Chef Mwaura showcases his culinary skills. At the world-class restaurant, which also hosts the very popular Sunday Brunch (another creation of the Kenyan-born chef), every guest undertakes a gastronomic journey initiated by Chef Mwaura and his team. With over 27 years experience and as executive chef for 15 years now in over five countries, he does his job with strict attention to details, professionalism, and the right inputs that it requires. Of course, dishing out menu that appeals to every palate across different cultures is never easy. But the graduate of Kenya Utalii College, one of the oldest hospitality schools in Africa, is good at meeting and surpassing guests’ expectations. The irony is that at every meal, the unsuspecting foreign guests keep commending the expatriate hands that cooked their home-country food, not knowing that Chef Mwaura who is proudly African and his team of indigenous but competent cooks made their day.

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Thanks to the management of Southern Sun that insists on consistency on quality offerings and engaging competent hands like Chef Mwaura to execute it. The executive chef says consistency in delivering the best quality culinary offerings is chief among the reasons he was hired. “When we started Southern Sun Ikoyi Hotel in 2009, we had a straight forecast of what we want to do in Lagos. We had seen what was on offer and we had decided that we are going to offer the best that we are capable of doing because we had already evaluated what other people were offering. We went ahead with that goal, and this is what we are doing even up till date, we have one of the best culinary offers in Lagos or rather the best,” he says. One obvious consistency is the Sunday Brunch, which brings people to the hotel here every Sunday. “For four years now, we have been averaging about 280 guests every Sunday. Our strongest part of it is that we are very consistent

with our meals and what we do,” he explains. Chef Mwaura is deeply rooted in the kitchen and the art of professional culinary. For him, kitchen is not all about cooking, it involves a whole lot of planning, calculations, ingredients, and the right personnel to execute it all. His typical day starts with writing recipe, planning menu and doing kitchen management. It is not an easy one because it is part of the daily routine to make every meal, according to him, count. “But it is only the guests that will confirm how great a meal is. But we make sure they do so in our favour, by putting our best on the dining table,” he says. For him, 27 years in the kitchen is not a joke. A taste of these creatively made specialties served by those passionate about service will convince you that the 27 years he has spent so far in the kitchen is more than a number. But while Southern Sun Ikoyi Hotel restaurant is a must-visit for lunch and dinner, especially Sunday Brunch, it took a great deal of research, feedback from guests and creativity to make it diners’ choice today. “When we arrived here, we had a serious cultural shock because everything was 100 percent new out of the Nigerian food. Whatever we were seeing were completely new and we made sure we first of all understand the culture and food. The best way to do that was to do a proper research on Nigerian food,” he explains. “We ended up looking for elderly people who understand the meals from different perspectives because we realised that the younger generation we had was so much into buying ready-made food than doing the actual cooking. So, we decided to go to people who understand the

real cooking and that is why we ended up having original recipes. These recipes have helped us to be consistent and we are developing them as time goes on, and adding new traits to it,” the executive chef explains further Another success the chef recorded was changing presentation of food in the hotel. For instance, meat which before then was chunky now comes in smaller and easy-toeat chunks. All these changes have contributed in making food count in the hotel, especially the buffets becoming the most appealing from the hotel’s perspective and the basic culture of eating. Another boost to the swelling patrons of the hotel’s restaurant is a simple practice of sending chefs of the hotel to go one-on-one with the guest into the restaurants. “This has really helped us. My way of running the kitchen is making it interactive with the clients and you are able to get direct feedback from the clients. And by doing this, you are also able to introduce new dishes to the clients and to give them a trial,” the experimental chef says. Yet, Chef Mwaura and his team are never tired of experiment as long as it will positively impact the kitchen. “One of the things we are doing is that when we have a buffet, we make a few dishes out of our continental food and pass around for tasting. This has also paid dividends because people come back to say there is one dish I tasted on one Sunday and I will like to have it for a meal. This has also boosted our clientele a lot,” he says. The executive chef hopes for a few more years on the job. He earnestly awaits your visit in order to savour his ‘Chicken Atete’ or the popular Sunday Brunch.

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BUSINESS DAY

Friday 22 June 2018

AgriBusinessInsight Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Send in News content and your Commentaries to caleb.ojewale@businessdayonline.com

Analysis

SMEDAN offers assistance for agribusinesses to access CBN loans CALEB OJEWALE Twiiter: @calebtinolu

ccess to finance is a big deal for many small businesses, and particular in agribusiness. But, there may be a way to access loans of up to 10 million, and some guidelines were given recently at a sensitization programme in Lagos by the Agric and Agro-allied group of the Lagos Chamber of Commerce and Industry (LCCI), and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). The loans are to be provided through the AgriBusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS), by the Central Bank of Nigeria (CBN). Objectives of the scheme are to: Ensure access to finance for Small and Medium Enterprises (SMEs), as these enterprises are the engine of the growth of the Nigerian economy. Generate much needed employment opportunities in Nigeria Develop agricultural value

chain and ensure sustainable agricultural practices Boost the managerial capacity of Agribusiness/ SMEs as pipelines of growing enterprises that can become large corporate organisations Bunmi Kole-Dawodu, state manager for SMEDAN, Ogun state was recently in Lagos at the invitation of the Agric and Agro-allied group of LCCI to provide sensitisation for those interested in securing the loans. In a phone interview this week, Kole-Dawodu, gave

a brief breakdown of some things to be noted by those who are interested in the loans. He explained that; The scheme operates at five percent interest rate, seven years repayment plan, and 18 months moratorium. Those applying for the loan need to write their business plan which SMEDAN offers to provide assistance for free, at least according to KoleDawodu. The four stakeholders involved in the process are; CBN, Borrowers, Participating

Financial institutions, and t h e E n t re p re n e u r s h i p Development Institute. For those who do not have requisite training in managing the business, they need to get this done, and it can be provided by the EDI which then sends your business plan to CBN. The CBN in turn sends the business plan, request for equipment (and other supporting documents) to the Participating Financial Institutions for valuation. Once this is done, it goes back to the CBN, where they in turn do

their own evaluation and it goes back to the PFI, subsequent to which funds can be released to the entrepreneur. An interesting component of the loan is the five percent interest rate, which is a far better deal than the 22 – 30 percent usually offered by banks. Tunji Falade, chairman, agric and agro-allied group, LCCI, noted that looking critically around the world “you’ll discover that one of the potent strategies that countries which developed their economies adopted was deploying long term, low interest, single digit interest rates for SME’s and operators in Agribusiness to support their operations. “As Nigeria’s population is growing, so should the economy be structured for sustainable growth through the operations of Agribusiness and SMEs,” Falade told BusinessDay. He also explained that this informed the decision by the LCCI Agric. & Agro- Allied Sector in collaboration with SMEDAN, to organise the one day sensitization programme for members, on how to access the CBN Loan for Agric/SMEs

under the Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS). Furthermore, a SMEDAN participation certificate which according to him, is a requirement to access the loan will be provided for participants in the programme. Falade further reiterated that “it has been projected that Nigeria will be the third most populated country in the world by year 2050. The report didn’t say Nigeria will be the third investment destination of the world, or the third country in the world in terms of food security, or industrial infrastructure. We as a nation must aggressively increase food production, and develop diverse infrastructure to match this population increase. Therefore, you will agree with me that Nigeria SME’s and operators of Agribusiness need to be empowered to stimulate economic activities to create wealth and the much needed employment in our country.” A scheme of this nature could help agribusinesses and SMEs leapfrog to financial hurdles to scale up production to meet demands of the growing population.

Expert Views

How to get started in cassava farming OLUWAFEMI ABIOYE Co-founder/CEO, Agricmedia Twitter: @agricmedia Email: oluwafemia@ agricmedia.com

assava is one of the widely cultivated staple food crops in Nigeria. Its usefulness over the years has gradually metamorphosed into a multidimensional form; from raw usage to its processed value. Furthermore not only attracting patronage at the local market, but also in exportation in order to earn foreign exchange. Cassava flake (Garri), which is arguably the highest selling point of the crop, is popularly known as one of the most commonly consumed food items in Nigeria. However, other critical products from cassava include but not limited to starch, chips, flour, animal feeds and as a means to generate ethanol. Basic Information on Cassava 1. It is an annual crop/plant 2. It comes in different varieties 3. Improved cassava matures between 8 months to 1 year 4. Return on Investment (RoI) if sold as tuber is between 100%

to 200% depending on the farm year and cycle 5. RoI could be between 300% - 500% depending level of processing 6. It requires less supervision than other annual crops. 7. Cassava has low pest and disease attack 8. Market is usually readily available. Cassava Farming Operations i. Pre-planting Operations ii. Planting Operations iii. Post-planting Operations iv. Harvesting, storage and transportation Pre-planting Operations Select a well-drained fertile soil for your cassava farming in order to attain best yield. You may take your soil sample to any soil research laboratory in order to determine its suitability. The farmer may choose to improve the soil with inadequate soil nutrients in order to have expected high yield. Other pre-planting operations include land clearing, ploughing, harrowing and making of ridges are optional depending on the farm location in Nigeria. C o m m e rc i a l c a s s av a f a r m i n g w o u l d re q u i re application of herbicides such as systemic and preemergence herbicides

Planting Operations: Below are some of the recommended improved varieties for bountiful harvest: TME419, TMS 30572, 50372, NR 8082, NR8083, TMS 4(2) 1425, TMS 81/00110, TMS 92/0326 and Vitamin A. There are several more varieties to choose from but the main factors to be considered in selecting your varieties are: i. Starch content ii. Dry matter content iii. Resistance to pests and diseases iv. Yield per tonnage The yield can be between 20 – 44.4 tones per hectare

depending on variety, planting methods and management Cut the cassava stems (planting stock) into smaller sizes of about 25cm Plant at an angle of 45 degree or vertically at a spacing of 1m by 1m apart Cassava is best planted once the raining season starts and could be extended till October depending on your location in Nigeria. The quantity of cassava recommended for monocropping per hectare is 55 - 60 bundles of cassava stems You are expected to notice cassava germination at about

12 days after planting your stems Post-planting Operations: This starts from the use of herbicides possibly from your second spraying, and should be done effectively without touching the leaves. Fertilizer application may be required depending on the soil fertility, the following may be required: • NPK 15:15:15 • NPK 20:10:10 • NPK 12:12:17 • Animal manual if available (organic) Harvesting, storage and transportation Most cassava is harvested by hand but could be mechanically done in a large (commercial) farm. Cassava yield of over 20 t/ha or 8t/acre and above could be obtained with good farm management therefore, every farm operation must be taken seriously. It is best to be sure of your market at about 2 months into harvesting of your cassava, be sure of your storage location, and the extent to which that place is free of theft and pest infestation. Fumigate as need arises. Cassava storage or transportation desired for high processing (starch and

ethanol) is best within 6 – 8 hours. However, research has shown that you can preserve your cassava for a longer period of time if the tubers are not detached from the stem. Challenges of Cassava Farming Below are some common challenges associated with cassava farming in Nigeria: 1. Poor business plan and budget 2. Land availability 3. Poor human capital 4. Weather conditions 5. Pest and Diseases 6. Poor market information 7. Lack of irrigation facilities 8. Low communication and information sharing among farmers 9. Lack of capitals to farmers and processors 10. Unstable market cost/value 11. Security threat to crops and farmers 12. Poor storage facilities and transportation system It is important to state that government at all levels, private sector and NGOs are all committed to solving the various afore mentioned problems hence, there should be confidence to resist holding back our determination and zeal for Agribusiness.

Friday 22 June 2018

C002D5556

BUSINESS DAY

FEATURE

Will today’s OPEC meeting douse tension in global oil market? Members of the Organisation of Petroleum Exporting Countries (OPEC) will be meeting in Vienna, Austria, today to discuss the stormy issue of production increase. In this write- up, Olusola Bello, examines the various positions of the various actors some of which are for and others against, and the possible implications of whichever way the cartel’s decision goes today.

embers of Organisation of Petroleum Countries OPEC are in for a tough meeting today which may go a long way to affect the cohesion of the cartel in nearest future. The crust of the matter is whether both the cartel and it allies across the global oil production should pump more to mitigate the upward rising of the price or crude oil or not. While a country like Iraq is saying that the cartel and its allies should wait till December before there could be any change in volume of crude oil pumped into the market as stipulated by their agreement. Others like Iran and Venezuela are of the view that the decision to pump more crude was influenced by the president Donald Triumph of the United States of America. This is because the two musketeers have an axe to grind with USA over its decision to imposed economic sanction them. They said that the U .S. A President was the one responsible for the rise in the price of crude oil. The argument of Iran, Venezuela and Algeria is that a relaxation of production cuts would lead to a slump in prices. Iran said on earlier in the week said OPEC was unlikely to reach a deal, setting the stage for a clash with Saudi Arabia and Russia, which are pushing to raise production steeply from July to meet growing global demand. Really the essence of the meeting is to decide on output policy amid calls from major consumers such as the United States and China to cool down oil prices and support the global economy by producing more crude. But these countries are likely to meet their match in Saudi Arabia and Russia who are the ones leading the push for such production push globally. As at press time Saudi Arabia the de facto leader of OPEC was still struggling to convince fellow OPEC members including Gulf allies on the need to raise oil output. Traditional Saudi allies - the United Arab Emirates, Kuwait, Oman and Bahrain - believe Saudi Arabia was too quick to respond to U.S. calls for higher production, and have been rattled by Riyadh’s close coordination with non-OPEC Russia, sources said. According to Reuters, there are different views on how much to increase production and whether

such a move should be gradual or not . Russia is interested seeing that OPEC and non-OPEC raise output by 1.5 million barrels per day (bpd), a situation viewed as something that could effectively wiping out existing production cuts of 1.8 million bpd which has helped rebalance the market in the past 18 months and lifted oil to $75 per barrel. Oil was trading as low as $27 in 2016. But a decision could be taken without Iran signing it as it had done before. Iran has so far been the main barrier to a deal, with Oil Minister Bijan Zanganeh saying OPEC should not yield to pressure from U.S. President Donald Trump to raise output. Iran is usually not part of the committee, which includes Russia, Saudi Arabia, the UAE, Oman, Kuwait, Algeria and Venezuela. Iraqi Oil Minister Jabar alLuaibi said he hoped there would be agreement when OPEC meets but added: “The oil market has not reached the level of stabilisation.” Meanwhile the OPEC technical panel has forecasted that a global oil demand is set to stay strong in the second half of 2018, suggesting the market could absorb extra production from the group. OPEC’s de facto leader, Saudi Arabia, and non-member Russia have proposed gradually relaxing production cuts – in place since

the start of 2017 – while OPEC members: The organisation’s economic commission – met on Monday to review the market outlook and present it to member countries’ oil ministers later in the week. “If OPEC and its allies continue to produce at May levels then the market could be in deficit for the next six months,” one of the sources said. Another source said: “The market outlook in the second half is strong.” “Some countries including Algeria, Iran and Venezuela said at the panel meeting that they still opposed an output increase, one of the sources said. Russia and Saudi Arabia have proposed that OPEC

OPEC’s secondand third-largest producers, Iraq and Iran, have said they would oppose output increases on the grounds that such moves would breach previous agreements to maintain cuts until the year-end

and non-OPEC countries increase production by 1.5 million barrels per day (bpd), Ecuador’s oil minister Carlos Perez said on Monday. The move would effectively wipe out existing production cuts of 1.8 million bpd, which have helped rebalance the market in the past 18 months and lifted oil prices LCOc1 to nearly $80 per barrel from as low as $27 in 2016. “There are other countries that do not want to reduce the cuts … It’s going to be a difficult … a tough meeting,” Perez said upon arriving in Vienna, where the 14-member OPEC is based. OPEC’s second- and thirdlargest producers, Iraq and Iran, have said they would oppose output increases on the grounds that such moves would breach previous agreements to maintain cuts until the year-end. Both countries would struggle to increase output. Iran faces renewed U.S. sanctions that will impact its oil industry and Iraq has production constraints. Two OPEC sources told Reuters that even Saudi Arabia’s Gulf allies Kuwait and Oman were against big, immediate increases in output. One OPEC source said the Saudi proposal of a 1.5-millionbpd increase was “just a tactic” aimed at persuading fellow members to compromise on a smaller rise of around 0.5-0.7 million bpd. Saudi Arabia and its Gulf allies

have the capacity to raise output. Russia has also said that limiting supply for too long could encourage unacceptably high output growth from the U.S., which is not part of the production agreement. Russia has also said that limiting supply for too long could encourage unacceptably high output growth from the U.S., which is not part of the production agreement. On Tuesday, the head of Russia’s second-largest oil firm Lukoil (LKOH.MM), Vagit Alekperov, said global production cuts should be halved and that Lukoil could restore its oil output levels within two to three months. Commerzbank commodities analyst Carsten Fritsch said that given big differences in the positions of OPEC members, today’s meeting was likely to be tough. “Unanimity is needed for any OPEC decision. This recalls the June 2011 meeting, when OPEC was unable to agree on an increase in production to compensate for the outages … in Libya,” Fritsch said. “That meeting ended without any joint declaration. The then Saudi Oil Minister Ali al-Naimi described it as the worst OPEC meeting of all time.” Adding to the tensions, Iran and Venezuela continued to insist that OPEC on Friday debate U.S. sanctions against the two countries, but the organization’s secretariat has rejected their requests.

BUSINESS DAY

Friday 22 June 2018

INTERVIEW ‘With Branch service offerings, financial access is for everyone’

Matthew Flannery is the CEO and Co-founder of Branch, one of the fastest growing digital financial platforms, providing users with access to instant loans on their mobile devices. In this interview with Ifeoma Okeke, he speaks of how Branch is changing the narrative of financial services across the country.

Can you explain what Branch is all about? ou can think of Branch as being a bank in your pocket. Branch is a data science-powered provider of mobile financial services to emerging markets with the purpose of unlocking financial access to billions of underserved people around the world. We have created a simple app, which people can download from the Google Play store, sign up, and get a loan in just minutes.

How does the platform work? Using Branch is simple. Customers can download the app from the Google Play store. Signing up is simple. Once you sign up, you can apply for a loan. Loans can range from N3000 to N150,000. Approval happens in minutes and the money is sent directly to your bank account. This all happens in minutes, without a physical meeting, paperwork, or collateral. What’s happening on the backend is that Branch is able to assess various pieces of data from the user’s smartphone device. We are very clear about what data we look at and users provide explicit permission for us to use this data. Using machine learning models, we’re able to assess more than 2000 points of data in just minutes to determine a customized loan option for the user. It also means that we are able to provide loan options to people who have not been able to access capital from traditional lenders. Micro lending only started picking up in Nigeria. What inspired the initial focus on micro lending? The market in Nigeria and the needs of customers here has created the perfect conditions for our product. Branch has disrupted the financial services space by replacing physical branches and traditional underwriting processes with a proprietary machine learning algorithm to make lending decisions. This means we can offer more people a better way to access capital and credit. As we have mentioned, we have seen great growth in Nigeria since our launch, we’ve given more than one million loans and disbursed more than N4 billon. We think this is because of two reasons. The first is market factors. Nigeria has seen accelerating smartphone adoption; a high appetite for world-class financial services; and an acceptance and propensity to use mobile financial technologies. In total, the African market has seen accelerating rates of smartphone adoption in recent years. In fact, GMSA Intelligence recently predicted that there will be more than 400 million new smartphone connections in Sub-Saharan Africa by 2020, bringing the mobile install

Matthew Flannery

base to more than half a billion users. We believe that Nigeria will be on the forefront of that growth and are very excited to be working here. At the same time, the high cost of credit and the risk-averse nature of the traditional lending providers have locked out many Nigerians from access to basic financing. This presents Branch with a unique opportunity to build world-class products that solve this need. So market factors are definitely one reason we think we decided to launch in Nigeria. But the bigger reasons that we think customers have come to love Branch is really because of the product and the experience we are building. The company’s growth has been spurred by its unique policy of offering lower interest rates and longer repayment terms to customers who have reached higher credit limits, thereby encouraging repeat uptake. Confidence in cybersecurity has been low. How does Branch plan on combating possible cyber security risks within the platform? At Branch, we use world-class data security and encryption techniques to protect our customer’s data. As I mentioned, we use smartphone to determine loan options. That data is then encrypted and protected. We don’t share customers’ data or information with third parties unless it is for dedicated business purposes, such as reporting defaulted loans to authorized credit bureaus. What is the platform’s commitment to data security? At Branch, we think data protection and privacy is paramount for our business and something we care deeply about. We also explicitly tell our customers what data we are looking at and how we use it. If a customer decides to ever leave Branch, they can request that their data be deleted.

The lending process can be risky on both ends (lender and borrower). What is Branch’s plan in regards to tackling these risks? Well, of course, as we have mentioned, we think the key here is to ensure we’re able to offer the right personalized loan to each customer. We want to ensure they are getting the amount they want with terms that make sense. That’s dependent on our machine learning and data science algorithms and dependent on our technology being top notch. From a consumer side of things, we believe in personal responsibility and education. We make our terms and rates as clear as we can. We are explicit about what data we use, so our users can be informed on that front. And we are very informative with reminders and support for repayment. Beyond that, we also believe in adhering to the strictest of lending best practices. In fact, we are selfregulating and adhere to the strictest standards of micro finance lending. This is both because we lend out of our capital and because of the influence of some of our shareholders, such as the International Finance Corporation.

Branch has disrupted the financial services space by replacing physical branches and traditional underwriting processes with a proprietary machine learning algorithm to make lending decisions

What is unique about the platform’s algorithm? Our machine learning algorithms process thousands of data points to create personalized loan options in a matter of seconds. These data points include things like GPS data, call logs, contact lists, handset details, SMS logs, and social network data. We use cutting edge machine learning methods to build models that predict creditworthiness, prevent fraud, enable us to deliver high-quality customer service and many more applications. We’re building a system that improves over time allowing us to offer the most competitive loan terms. Machine learning is not a new field and best practices are well established but there is a constant evolution the algorithms that extract information. By staying on top of these developments and building on a system that utilizes these best practices we can offer our customers the best possible service. I would also mention that while data science is a powerful tool, we also need a deep understanding of your customers, of their needs, and of the market. We’ve invested in heavily in understanding our markets. We’re growing our team in Lagos rapidly and soon it will be our second largest office. We can offer an exceptional product by pairing strong data science and a deep understanding of our customers. How are Branch loans used by customers? Seven out of 10 users report using Branch to fund small business needs. This data has been collected during user research we perform on a regular basis. In these surveys, we ask about the usage of the loan. These small businesses are often side or informal businesses. Our customers find valuable short term investments for loans in the range of N3000. In both quantitative and qualitative research, we’ve noted strong uses for cash float such as gas for transportation drivers, fabric for clothing producers, ingredients for the production of prepared foods materials for beauty and hair services, and tools or materials for construction. These goods don’t require large investment, but can be prohibitively expensive for the working class of developing markets. There is a sometimes restrictive requirement for upfront investment to render these valuable services. Financial inclusion and access seem to be one of the core duties of Branch. Tell us more about this and the platform’s commitment to the duties. We believe that financial access should be for everyone. Access to credit is what allows people to invest in their future, whether that is buy-

ing books for school or purchasing inventory for their shop. For us, access to capital is fundamental. As we discussed, because we use data science to determine creditworthiness and create the right loan for the right people, we have essentially created a way in which we can lend to a much broader audience than traditional lending has been able to do. On top of that, we’ve been able to leverage cutting edge technology to offer a better way to access that credit -- through a fast, simple, fair and easy-to-use app. Again, with Branch, you can apply for a loan in seconds. You don’t need paperwork or in person meetings. We care very much about financial inclusion and access; but it’s also important to note that we also care about just offering a superior product and a delightful customer experience to everyone. Technology has allowed people to access this type of financing ways that never existed before. And for us, that is a pretty powerful thing. What is the repayment process and how easy is it? Repaying your Branch loan is simple and takes just seconds. You can make a repayment using your bank account or ATM card without bank charges. You can easily set up autodebit to make sure you never miss a payment. By consistently repaying loans on time, customers unlock access to even higher loan amounts, so this makes that easy. In cases of urgency and customer enquiries how fast is the responsetime and how accessible is support, considering the fact that customers have no physical access to the Branch team. I think one of the defining differentiators of Branch is our incredible customer service. Our team really thinks of ourselves as being partners to our customers’ financial success. You can reach out to our customer service representatives 24/7 through our chat feature in the app. Our team responds quickly to get our customers the information they need when they need it. Other than micro lending, Branch plans to diversify into savings and payment activities. Are there any other financial activities soon to be added to the platform? Yes, we started Branch by offering our lending product. Access to lending and capital is a strong need for Nigerians around the country. However, our intent is to create a company that offers world class financial services across the board. We intend to offer additional services to our customers, including savings and payments. We’re just starting on building out those products, but hope to offer them soon.

BUSINESS DAY

Friday 22 June 2018

Harvard Business Review

ManagementDigest

How to make sure good ideas don’t get lost in the Shuffle ELLA MIRON-SPEKTOR

n 2007 Joseph Golan, a division leader at Elop, an Israeli electro-optics company, faced a challenge. As an experienced manager, he knew that his manufacturing and operation division’s success depended on getting creative ideas from his employees. He also realized the existing system was not working as needed. Only a relatively small group of employees submitted ideas through the system, which required them to prove the economic advantage of their ideas through a lengthy and complicated process. Over time, employees had learned that developing and submitting new ideas was not worth the effort. Over the past three decades, we have researched how leaders motivate their employees to come up with creative solutions to organizational problems. We’ve studied stereotypically “creative” firms, like design, R&D, and information technology companies, but we’ve also researched stereotypically “uncreative” environments, like Golan’s manufacturing plant at Elop (which is part of Elbit ISTAR). As you might expect, our studies have revealed that encouraging creativity can backfire if employees lack the resources, support or mechanisms to develop and implement their ideas. Indeed, when managers urge employees to invest extra effort in creativity, but then reject their ideas (often because they are single-mindedly focused on productivity and efficiency), employees become frustrated and their creativity wanes. As a result, innovation can stall. As part of our quest to discover how employee creativity can be unleashed and sustained, we analyzed data collected over nine years on the management system for creativity that Golan

developed to address the problem he saw at Elop, a company where the average employee age is 48, the average employee tenure is more than 20 years and many employees are immigrants. Unlike traditional suggestion systems, the Elop system is a holistic process for managing the full life cycle of creativity, designed to ensure that ideas don’t get lost and that employee motivation to offer ideas is encouraged, not dampened. It begins with idea generation but doesn’t stop there. It also includes help with idea development; substantive, fair idea evaluation that is transparent to everyone; public recognition; and implementation of the most promising ideas. Since Golan implemented the new system, the number of ideas submitted and implemented has soared. REMOVING THE BARRIERS TO CREATIVITY Golan focused on removing organizational and psychological barriers such as fear of making mistakes, poor management attitude, lack of relevant resources and a stifling bureaucracy. Even though many employees had good ideas, they were sometimes afraid to speak up because of their status in the organization and because they believed that their ideas were not mature enough to be implemented. When they did, they often failed

to explain the potential value of those ideas to their managers. And they were understandably reluctant to invest the extra time and effort needed for developing ideas in their after-work hours. In the old suggestion system, there was also uncertainty about the processes and many employees suspected that their ideas were not seriously considered and that their managers wouldn’t make sufficient effort to find the necessary resources. Further, some employees were concerned that others would take credit for their ideas, or blame them for an idea’s failure. Golan developed an intranet platform on which employees would submit their ideas by filling out a simple form; all information on the platform would be visible to everyone in the organization. The transparency of the system enables a fair assessment of ideas, based on defined, known and shared sets of parameters. Midlevel managers, who receive all forms from their direct reports, are responsible for presenting their employees’ ideas to senior management and gaining the necessary resources for developing the accepted ones. Employees don’t have to worry about selling their ideas, yet they get credit, and the necessary support and resources, for ideas that are accepted. Just as important, managers are motivated to seri-

ously consider the ideas, working with employees to refine and improve them before presenting them upward, because managers are evaluated based on their ability to do so fairly. One of the most important aspects of the system is that employees receive feedback on every submitted idea. In most organizational suggestion systems, employees are rewarded solely based on the quality of their creative ideas. The holistic approach at Elop recognizes employees for their level of effort, not just the outcome, and thus promotes learning. Every submitted idea earns the employee “creativity points,” awarded by an expert panel. The panel grants more points for original ideas that pushed employees out of their comfort zones and ideas that can benefit many people in the organization. Everyone who submits receives small symbolic rewards such as a certificate or a pen, with a personal note from the manager. Employees say the feedback and recognition builds their confidence and motivates them. As one interviewee told us, “I was one of those people that never won anything. When I showed the certificate I received for my creative contributions to my family, my family celebrated my achievements. Seeing how my grandchildren admired me meant the world to me and gave me a boost of energy to continue to generate additional creative ideas.” Of course, not all ideas are worthy of awards and implementation. However, if managers communicate their decisions regarding ideas in a way that allows employees to see that evaluations are fair, people can stay motivated even when their ideas don’t go very far. In fact, the perceived fairness of the process is crucial for its long-term success. We found that Elops’s employees feel the process is fair when their managers do three things:

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(1) gain accurate and complete information from the employee beforemaking a decision; (2) use clear and unbiased criteria for evaluating ideas; and (3) clearly explain their decisions. When the process seems fair, employees remain engaged and use the feedback they receive to improve their ideas. IMPRESSIVE RESULTS The results at Elop are nothing short of astonishing. From 2007 to 2014, Golan’s employees generated over 5,000 ideas, with an exceptional implementation rate of more than 70%. Simple ideas were implemented at a much higher rate than complex ideas. These results are even more impressive when you consider that Golan’s division had about 430 employees, 81% of whom submitted ideas; that’s an average of more than 14 per participant. The new system doubled the number of suggested ideas and participating employees; in the old system only 37% of employees submitted ideas, with an average of fewer than six per participant. By 2015 the ideas generated through this system had saved the company millions of dollars, improved efficiency and dramatically changed the organizational culture. (Ella Miron-Spektor is an associate professor of organizational psychology at the Technion— Israel Institute of Technology, and a visiting Professor at Cass Business School, London. Dana R. Vashdi is an assistant professor at the Division of Public Administration and Policy, The University of Haifa.Teresa Amabile is a professor at Harvard Business School. Vered Holzmann is a senior lecturer at the School of Economics and Management in the Academic College of Tel Aviv Yaffo and a visiting Professor at Università Cattolica del Sacro Cuore in Milan, Italy.)

BUSINESS DAY

Friday 22 June 2018

C002D5556

BUSINESS SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

Company chiefs gather in Port Harcourt for export breakfast meeting …as Welsh, key financial advisor speaks

REGIS ANUKWUOJI, Enugu

EFEGADIRIM MADU, Port Harcourt

ompany chief executives would t o m o r ro w S a t u rday, gather for the second edition of export breakfast meeting, organized by Institute of Export Operations and Management ( I E O M ) , Ni g e r i a’s f o re m o s t export agency. The event, which holds at t h e Sw i s s Sp i r i t Ho t e l s a n d Suite Danag, Port Harcourt, w o u l d h av e Ju d s o n We l s h as keynote speaker. He is an independent expert financial consultant and strategic plann i n g a d v i s o r t o t h e A f r i ca n Union NEPAD (AU/NEPAD), Dakar Senegal; ECOWAS private sector directorate, Abuja, Nigeria ; Central Bank of Nigeria ; European Union, Accra Ghana/ Brussels and MFW4A, Dakar, Senegal. Welsh, since 2012 has been working as independent expert financial consultant, focusing on agricultural processing value-added projects

Okechukwu Enelama in West Africa. He works with many business es in var ious sectors such as Shea, Cas h e w , S oya, Cat f i s h, C o f f e e a n d Wo o d . T h e f o c u s i s t o

Niger Delta ministry faults construction company’s work …warns contractors to sit up MKE ABANG, Calabar

he Ministry of Niger Delta Affairs (MNDA) has faulted the rather low quality work done by an indigenous construction company, BeachStone Nigeria Limited, on the 1km AdimAbaribara Road in Biase Local Government Area of Cross River State. The minister, Usani Uguru Usani, disparaged BeachStone’s poor quality on the road, while on an inspection tour of projects under the Ministry, which took him to Owerri (Imo State), Abia, AkwaIbom and Cross River states. At the project site in Adim, headquarters of Biase LGA, Uguru specifically noted that though he was not a major in engineering, but from a layman’s view point, it was obvious that the contractor did not apply quality stone-base on the one kilometer road, which it claimed to have completed. He demanded that Beachstone Construction Limited must go back and do something about on the road; otherwise the ministry would act accordingly. This may range from delaying payment of the contract cost, to blacklisting the company. Either way, is injuri-

ous to the indigenous company. The Niger Delta Affairs minister had earlier inspected some projects in Odukpani Local Government Area of the state; stopped over at Ikot-Asi-Ikokperem Road, a hinterland road that creates a byepass from Baise to Nko junction in Yakurr Local Government Area. The Ikot-Asi-Ikokperem Road was constructed and asphalted, covering about 2 km. The Minister explained that the approach of effectively completing a distance, be it one, two or three kilometers was deliberate to ensure that contractors worked with the financial release at any point in time. “By so doing, there have not been any abandoned project, nor unnecessary variations and wastages,” he said. According to him, the Ministry of Niger Delta has over 47 lifetouching projects such as hinterland roads, drainages, culverts, bridges, among others. Usani said the ministry has commenced negotiations with the former contractors on the East–West Road, which he said President Muhammadu Buhari has approved some funds for take-off of work again on the allimportant road.

Don advocates for youth development programs on leadership

assist with the development of bankable business plans, strategic approaches and access to finance. He would address the com-

pany chiefs and owners on the biggest challenge facing these businesses, which is the lack of working capital to finance raw materials and cover processing costs. The challenge is being met in innovative ways including working capital as a major portion of equity. The root cause is that the discounting of receivables is not fully understood by the commercial banks or the agro-processor exporters. Welsh recognizes this failure of the banking sector to address the problem head-on is a serious negative impact on development in West Africa and Africa in general. He was responsible for the Nigerian Cashew Cluster Finance Scheme and the Banker Exporter Initiative in Nigeria (2009-2010). From 1974-1990, We l s h w a s i nv o l v e d m a n y a s p e c t s o f b a n k i n g i n We s t Africa. (trade finance correspondent banking, commercial banking, sovereign r isk f i n a n c e, m o r t g a g e / s av i n g s, and development finance).

Enugu monarch appeals for development of primary health care …1,500 treated from ailments REGIS AMUKWUOJI, Enugu

raditional Ruler of Ihe in Awgu Local Government Area of Enugu State, Goddy Ekoh, who is also the chairman of Awgu Traditional Rulers Council appealed to Awgu and Enugu state governments, to assist the people of Ihe and its environs in the development of primary health care. This, he said would assist in providing cure to many diseases being suffered by the people, particularly reducing the rate of deaths in children and women. Ekoh made the appeal through the Enugu State commissioner for Health, Fitan Ekochin, in company of his Information counterpart, Ogbuagu Anikwe and adviser to Governor Ifeanyi Ugwuanyi on diaspora, Olangwa Nzekwu, who were at Ihe to wittiness the closing ceremony of a five-day medical treatment to the community, feeding and deworming of school children in the area by an American based nongovernmental organization (NGO), Chenrec Medical Mission. The traditional ruler called for the assistance from both state and local governments for completion of about 13 rooms Chenrec Clinic under construction in Ihe, to enable the founder bring in state-of-the-art equipment to save lives within and outside the community. He said they were crying out for assistance because they have seen a lot of people turning out to receive

free treatment at the clinic, which he said has helped to solve huge health challenges; noting that the people were faced with deep financial lack. The state commissioner for Health, Fitan Ekochin expressed happiness by the humanitarian work of Chenrec Clinic; and called on well to do individuals to emulate the founder of Chenrec; saying that government alone cannot solve all health problems facing the people, particularly as it relates to primary health care. For Janet Onuonu, a medical doctor and founder of Chenrec Medical Mission, who is based in the US, she and her team were in Ihe community to help the people, and to compliment the efforts of the state and local governments in the area of primary health care. She said her NGO has been in existence for over 17 years, and has been doing a lot of programs in the US such as health fairs. She said the outfit was recognized both in the US and in Nigeria. “We are here to help the community. We have medical, dental, vision and nutrition. We screen everybody for diabetes, blood pressure readings, and teach the nutrition first,” Onuonu said. The medications are free and over 1,500 people have benefited from the medical mission in the five days treatment. Doctors from various fields of medicine were at hand in the clinic attending to patients.

xe cutive dire ctor, Afr ican Center for L eadership, Strateg y and D evelopment, Otive Igbuzor has advocate d for a deliberate and cons cious youth development programs for leadership to take Niger ia out of its challenges. This follow e d the belief by many s cholars that leadership challenges have be en the major s etback in the development of Niger ia and many other countr ies in Afr ica. Igbuzor made the call while deliver ing a ke ynote address at a le cture s er ies organis e d by the Afr ican Her itage Institution (Afr iHer itage) an international s ocio-e conomic and political analytical institution in Enugu. He notice d that despite the establishing of s ome leadership institutions the y faile d to focus on the cure leadership training that could achieve transfor mative leadership. Igbuzor, who spoke on the theme: “Building Transfor mative L eadership for Niger ia,” des cr ibe d leadership as pivotal for any countr y or organization to develop and establish strong institutions. He pointe d out that the youth development programs for leadership be came ne cessar y be caus e youths are amenable to change. “ Youth development is impor tant be caus e young pers ons are more amenable to change, the y can learn quickly and r un w ith new ideas,” he note d. He lamente d that there is no systematic way for developing leaders in Niger ia for governance, business and civil s ociety in Niger ia and therefore calle d for building of transfor mative leadership by developing traits and attr ibutes re quire d for leadership, attracting and grow ing pe ople to be leaders. O ne of the dis cussants at the s er ies and a for mer commissioner of Infor mation in Anambra State, Stella O kuma, challenge d the youths to be more focus e d in leadership trainings to enable them develop Niger ia be yond what is happing now. She how ever, warne d that tr ue leadership should not be s elfish in the discharge of their duties.

C002D5556

Friday 22 June 2018

BUSINESS DAY

Sports

World Cup: Rejuvenated Eagles eye vital win against Iceland ... as Saraki lead Nigerian delegates to cheer Eagles to victory Anthony Nlebem, reporting from St. Petersburg/Russia

igeria’s Super E a g l e s h av e arrived in the southern Russia town of Volgograd ahead of Friday’s win-orbust FIFA World Cup Group D encounter against Icleand. Eagles flew from their Essentuki base on Thursday morning and were settled in their Hampton-by-Hilton Volgograd Hotel abode a little after 1pm. Focus has been on the encounter with the Euro 2016 quarter finalists since the loss to Croatia in Kaliningrad on Saturday, as victory against the feisty Scandinavians will renew hope for a place in the knockout rounds while defeat would mean early and unflattering elimination from the quadrennial showpiece. Coach Gernot Rohr told the media in Essentuki on Wednesday that he had been

drawn to a plethora of suggestions in the media space on best formations, patterns and appropriate player-positioncum-strength postulations following the reverse against Croatia, but that he knows what is best for the team and will deploy same on Friday. “We have watched the game against Croatia again to see our mistakes so that we can correct them. It will be a tough game. We have to be at our best

and be more professional with our defending especially from set-pieces. “We have to be fully focused and not lose concentration all through the game. I believe with hard work we can get a good result. In truth, there is no need to add to the pressure we have now. More pressure on the team will not necessarily translate to better results.” Captain Mikel Obi, widely analyzed not to have func-

Trophy lager revs up support for Super Eagles … unveils ‘Raise a Trophy’ campaign

rophy, a popular lageron the stable of International Breweries Plc, a proud part of the world’s largest brewer, Anheuser-Busch InBev, (AB InBev)has launched a campaign, #RaiseATrophy, aimed at supporting Nigeria’s national team at the 2018 FIFA World Cup holding in Russia. The campaign is undergirded by the belief that when confronted by challenges, Nigerians have always risen to the occasion and achieved the impossible as evidenced by its being the first African team to win the football Olympic gold medal, among other feats. Speaking on the thrust of the campaign, Marketing Director, International Breweries Plc, Arne Rust, noted that, “the #RaiseATrophy campaign is a demonstration of the fact that Trophy lager believes in Nigeria andthe affirmation that thecountry can brave the odds to bring home the ‘Trophy’. Thiscampaign is also consistent with our brand’s position asprimus inter pares, pride of the west and widely accepted as the Honourable beer that’s deeply rooted in the region’s socio-cultural values, and loved by consumers because of its distinctive taste and quality.” As part of activities driving

the campaign, Trophy lager unveiledthe biggest world cup trophy monument at the National Stadium in Lagos on the 14th of June 2018. The monument was built with Trophy cans, it is a spectacular edifice that catches the attention of sport loving Nigerians. T h e b ra n d h a s a l s o launched other initiatives such as the Belief Anthem, a catchy and inspirational jam thatencourages the national team to ‘Bring Back the Trophy’, composedand produced

by the award-winning beat maker Cobhams Asuquo and performed by Adekunle Gold, Mayorkun, and Oduniyi Tope aka Tipo (a promising upcoming artist).The anthem, which has reignited belief in football fans,has generated a lot of buzz on social media and currently enjoying heavy rotation on radio stations across Nigeria. On his part, Marketing Manager, Trophy lager, Funso Elubeku,stated that, although there is a resurgent belief around the National Teams’chances of doing well at the FIFA World Cup. Very few Nigerians have any expectation of Nigeria going all the way, and with good reason as no African team has ever gotten to the semifinals of the competition, let alone win it.He stated further that a final victory is not beyond the National Team, and no one should consider it impossible that the team will go all the way to lift the Trophy. “The true test of patriotism is when fans stand together and believe their team will honour the occasion by rising to the challenge no matter who the opponent may be. Through the #RaiseATrophy” campaign an unprecedented wave of belief will be ignited amongst fans.”

tioned effectively in the advanced midfield role against the Croats, said he would be ready to feature in any position for the team as determined by the coach. “I am ready to play in any position the coach wants me to play. I am comfortable with either role: offensive or defensive. The most important thing is the team.” Friday’s win-or-bust situation is expected to bring the

best out of this new generation, with victory guaranteed to be a statement of strong mentality and capacity for turning around adversity, which would do career progression and equity at national team and club levels no harm. All players in camp are fully fit, meaning Coach Rohr is presented with an opportunity to pick among all 23 players, and to cobble together the combination and formation that he believes will best guarantee victory. Senate President Abubakar Bukola Saraki will lead the Nigerian delegates to cheer the Super Eagles to victory for the big match against Icelend on Friday at the Volgograd Arena. Also certain to be on ground to support the three –time African champions at the 45,000- capacity Volgograd Arena are the Ambassador of Nigeria to the Russian Federation, His Excellency Professor Steve Davies Ugbah, the Permanent Secretary in the Youth and Sports Ministry, Olusade Adesola, Nigeria’s IOC Member Habu Ahmed Gumel and

a full complement of the NFF Executive Committee led by the President, Amaju Melvin Pinnick. There will also be distinguished Senators and Members of the House of Representatives, Members of the NFF Congress, Directors in the Ministry, NFF Management and Staff, football stakeholders including former presidents and secretaries-general of the NFF, and a large number of members of the Nigeria Football Supporters Club and Nigerians resident in Russia. Volgograd, formerly known as Stalingrad and which 940 kilometres to the south of Moscow is, extends alongside the Volga River and has a population of 1 million people. The unforgettable ‘Battle of Stalingrad’ was a turning point during the Second World War, with about 2 million persons said to have been killed and German expansionist mission decisively aborted. Victory on Friday would be a turning point in Nigeria’s 2018 FIFA World Cup campaign.

Access Bank UNICEF Charity Shield Polo: Rubicon, Tila in impressive start

he much awaited 2018 Access Bank UNICEF charity shield polo tournament took to a flying start at the foremost Fifth Chukker polo and country resort with two open-ended games in the UNICEF cup series. Team Rubicon galloped off their campaign on a positive note in defeating DeeBee Farms 71/2 - 4 in the opening of the prestigious charity polo event that pits a record 15 teams this year. Parading the Badamasi and the Sirika brothers, Rubicon jumped in front right from the first chukker with two quick goals, holding back the hard fighting DeeBee farmers to a 51/2-3 lead at the half way mark of the fiercely fought encounter. Though DeeBee Farms pivot player Baba Dawule scored two field goals in the third chukker to reduce the margin, it was not enough to tie the board as Malik Badamasi converted two penalty goals in the last chukker to give Rubicon a deserving victory. Tila Farms, skippered by Rabiu Mohammed also earned full points in their opening game with a 91/2-5 win over team Ibah to share the lead with Rubicon in their quest to win the UNICEF cup

this year. Team Ibah with the likes of Khalifa Ibrahim and Yusuf Garba could not rise to the challenge from the rampant Tila side who led 5-0 in the first chukker to dictate the pace till the end of the encounter that was watched by a huge opening day crowd. The opening ceremony of the prestigious Access Bank UNICEF charity polo extravaganza was witnessed by a discerning crowd of dignitaries that included the Minister of Aviation, Senator Hadi Sirika, diplomats and thousands of polo buffs. Expectedly, the grand fiesta will pick up speed in the coming days, as the campaigns for the glittering Access Bank Cup and the

Charity Shield take center stage from Wednesday. Revered as one of the biggest charity polo tournaments in the world, the Charity Shield which has been under the exclusive sponsorship of Access Bank for more than a decade now offers three major prizes, the UNICEF Cup, Access Bank Cup and the high goal Charity Shield. The week-long annual event is a robust corporate social responsibility partnership platform set up in 2003 by Fifth Chukker Polo and Country Club. In conjunction with Access Bank Plc, it has been raising funds to support UNICEF projects for vulnerable children and the HIV/ AIDS pandemic in Kaduna and northern Nigeria.

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Statistics show 2018 World Cup hits record coverage ANTHONY NLEBEM, Reporting from St. Petersburg/ Russia

Mannschaft’s opening game against Mexico attracted 25.97 million viewers on ZDF, with 81.6% of all German TV viewers at that time watching the match. This was the highest audience recorded on German TV since UEFA EURO 2016. Source: ZD Mexico’s first match against Germany simulcast across Las Estrellas, Azteca 7 and Foro TV, attracted a combined audience of 17.56 million (14.83% rating and 60.81% market share). Source: Publicis Mexico Switzerland’s 1-1 draw with Brazil was watched by a combined audience of 2.23 million viewers across RSI, RTS and SRF. This was the highest live match audience recorded in Switzerland for a FIFA World Cup™ match since the 1998 edition. Source: EBU 1.76 million viewers watched coverage of Costa Rica v. Serbia on RTS 1, representing 67.3% of all Serbian television viewers at that time and a 25.7% TVR. This was the highest television audience of 2018 to date. Source: Zenith Serbia According to FIFA, the figures are preliminary and do not include digital streaming or outof-home viewing.

Sweden 1 - S/ Korea ith audience3 figuresBelgium Panama coming in from around

W England L-R: Nick Pearson, head of sales, business to consumer, Flour Mills of Nigeria plc (FMN); Paul Gbededo, group managing director, FMN; Delvin Hainsworth, managing director, Foods FMN, and Paul Udochi, head of sales, business to business, FMN, at the FMN 2017/2018 customer forum and awards in Lagos, yesterday. Pic by Olawale Amoo

FG’s policy initiatives in power sector attract foreign investment CHUKA UROKO

he Federal Government’s policy initiatives in the power sector continue to attract foreign direct investment (FDI) into that sector, raising hope of improved power supply for consumers. Recently, the government took a decision that power consumers in Nigeria should not be slaves to a less-than-desirable regulatory environment. Following up on this, Babatunde Fashola, minister for power, works and housing, therefore, launched some initiatives to ensure significant increase in power generation and distribution to the point of use. One of the most recent of such initiatives is the waiving of licensing requirements for power generation project of 1 megawatt or less. This is a commendable action by the minister considering a raft of self-sufficient communities and estates in major urban conurbations such as Lagos, Abuja and Port Harcourt in need of reliable power. Again, this policy initiative is encouraging and its effect is not

taking too long to see, especially with the coming of Bussbar Energy, a power company established by a team of American investors led by Bernie Conyers, into the country’s power sector. It should be noted that Bussbar Energy is not just a foreign company sitting abroad and merely looking for contract in Nigeria. The company is actually investing in the power sector in order to be a significant producer of sustainable and environmentally friendly power. Bussbar, according to Conyers, can provide bespoke solutions on site, pointing out that they are not the regular power generating or distribution companies. “We can make power generation and conservation more effective; we can generate, conserve and distribute up to one megawatt per site. So, there is no limit in theory,” Conyers, who is Bussbar’s managing director, said. He also stated that, in the next 12 months, “Bussbar has prospect for generating, conserving and supplying a minimum of 50 megawatts of electricity to different projects on offer.” The current dismal power

supply and distribution situation in the country are a confirmation that there are fundamental distortions, from the onset, in the privatisation exercise of the federal government, starting with the Olusegun Obasanjo presidency which spanned 1999 to 2007. But with the coming of Bussbar Energy, hope is in the offing, not just for homes, but also for industrial concerns and new urban communities like Gracefield Island - a new island project in Lekki, Lagos, which is being developed on land reclaimed from the Lagos Lagoon. Beyond power supply, Bussbar is also intent on empowering Nigerian youths by way of training. “Our focus is also in training young Nigerians without any pre-condition to bond them to Bussbar,” Conyers disclosed, adding that a very significant aspect of this power generation initiative was the introduction of the fly-wheel technology. This is an innovative approach to power conservation, storage and supply that is very friendly to the environment, which aligns with the concept of sustainability that underlies Gracefield development.

NCAA says no special waiver for Aero, Arik ... as Arik joins TSC automation platform IFEOMA OKEKE

igeria Civil Aviation Authority (NCAA) says there are no special waivers for Arik and Aero as all airlines are given equal playing ground. According to Muktar Usman, general manager, NCAA, all airlines have the same level playing field, pays what was due and no exemption had been given to anyone, adding that no special waiver had been given to any airline on the charges because charges were clear in the Civil Aviation Act 2006. This is as the NCAA received a boost as one of the major Nigerian carriers, Arik Air joins the automation platform of the agency. The platform is meant to deduct at source the 5 percent ticket and cargo sales charges accruing to the NCAA. At the presentation of the

signed automation agreement at the NCAA headquarters, Usman said the deduction was in line with the provision of the Nigeria Civil Aviation Regulations NCARs. Muktar, while congratulating Arik Air for being fully complaint with the regulations, said the automation system ensured transparency and urged other airlines yet to do so to urgently reconsider their decision. He observed that everyone expected efficiency from the regulatory authority and thus it was necessary to do what was expected of them to help the authority succeed. He explained that the 5 percent ticket and cargo sales charges were shared between five agencies - the NCAA, the Nigeria Airspace Management Agency (NAMA), the Nigeria College of Aviation Technology,

Zaria NCAT, the Nigeria Meteorological Agency (NIMET) and the Accident Investigation Bureau (AIB), adding, “the NCAA does not take money from government but generates its revenue internally from these charges.” He emphasised that the step taken by Arik to join other airlines that had joined the platform was a sign of a continuous working relationship, stressing that there must be synergy between the operators and the regulatory agency. “Coming on the platform means transparency, more efficiency, less time spent on reconciliation. We want to use this opportunity to encourage others that are not fully in complaint to do, we do not like to force people to come and do so. The 5 percent charges are meant to take care of five agencies.

AFC CEO gets EMEA Finance 2017 Champion of Finance Award

hampion of finance award has been bestowed on Africa Finance Corporation (AFC) and its leadership. These awards are given to those individuals whose lifetime contributions to finance and the EMEA region have demonstrated excellence and provided an impactful result for shareholders and clients alike. Additionally, the Corporation received recognition in EMEA Finances Achievement Awards 2017 for success in accessing international capital markets. The Corporation won the following accolades: Best Supranational Bond, Best Supranational Sukuk, andBestSupranationalBorrower. AndrewAlli,whohasservedas AFC’s president/CEO since 2008, was awarded the Champion of Finance Award for his achievement in,andlifetimecontributionto,the field of finance, and for relentless contributions to the sustainable development of Africa’s infrastructure. This is demonstrated through projectsthathavetransformedthe continent,particularlyincountries thattraditionalinvestorshavetypically shied away from. Alli has previously worked for organisations International Finance Corporation, Coopers & Lybrand(nowPricewaterhouseCoopers), that have reflected and built on his driving passions: To use financial innovation and expertise to develop Africa and to unlock the continents vast and unrealised potential, and to build African financial institutions that caneffectivelydeliverthatfocused investment. He has concentrated on delivering this during his term leading Africa Finance Corporation. Under Alli’s leadership, AFC has, over the last 10 years, evolved from a $1 billion start-up into an institution that is a powerful force on the continent with a balance sheet of $4.2 billion. It currently has a membership of 20 countries, an A3 Credit rating by Moody’s Investor Services (the secondhighestratedAfricanlending institution), and has invested in various capacities in the followinglandmarkAfricanprojects: The1,786mwpowerjointventure with Harith General Partners -AnergiHoldings,whichprovides electricity to 30 million people across five countries in Africa.

2 - Tunisia

the world after the opening weekend’s action at the ongoing FIFA World Cup in Russia, the latest edition of world football’s ultimate competition is proving as popular as ever with viewers everywhere. In Brazil, a record combined audience of 55.89 million watched the 2018 FIFA World Cup Russia Group E opener between Brazil and Switzerland. This is the highest sports audience recorded since the current auditing system was adopted in 2006. According to statistics by Globe TV, the Brazil game coverage attracted 53.32 million viewers (a 79.33% share and 26.34% TVR), while FOX and SPORTV brought in further respective audiences of 0.35 million and 2.22 million for the same match. This beats all figures for the 2014 FIFA World Cup Brazil, when the top combined audience was 49.10 million for Brazil’s opening match against Croatia. Source: TV Globe In Germany, coverage of Die

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FIFA satisfied with VAR amid controversies

IFA says it is extremely satisfied with the level of refereeing to date and the successful implementation of the VAR system at the ongoing World Cup in Russia, which on the whole has been positively accepted and appreciated within our football community. The world governing football body also acknowledges that there will still be discussion and divided opinion surrounding certain decisions, but notes that the body is doing everything to improve and address issues raised on the VAR technology during the ongoing World Cup in Russia. But the Brazilian Football Confederation is questioning FIFA about the procedures used for video review during Brazil’s match against Switzerland.

The confederation says it is asking FIFA to clarify if the system that was used during two key second-half decisions that went against the five-time world champion in the 1-1 opening draw on Sunday. The first was a push on defender Miranda that aided Switzerland’s equaliser through Steven Zuber, and the second was a no-call that Brazil felt should have produced a penalty on a play involving forward Gabriel Jesus. The confederation said: “These two actions constitute clear errors by the referee, which thus should form part of the reviewable decisions that are analyzed through VAR.” The confederation says it wants to know whether the plays were reviewed in any way, saying, “transparency is of essence.”

Renard proud as Morocco bows out of World Cup

orocco coach Herve Renard was overcome with pride at his team’s performance and angry at the way Portugal’s Cristiano Ronaldo was abletograbthesolitarygoalthatsent theNorthAfricanshomeearlyfrom the World Cup. The Frenchman refused to blame American referee Mark Geiger after the 1-0 defeat in Group B.However,hecomplainedthathis side should have had a free kick for the way Portuguese defender Pepe crashed into Khalid Boutaib, who was guarding the front post for the corner that led to Ronaldo’s fourth minute header. Hisvoicebreakingwithemotion after the defeat, their second following a stoppage-time loss to Iran, Renardinsistedthenationcouldbe proudoftheirteambutthattheyhad failed to take their chances. “I’m very proud of the performance and I am very proud of my players, I’m very proud of this country,” said Renard, 49, who won

the African Cup of Nations with Zambia and Ivory Coast. “We deserved to win. We had five or six chances in the second half.” He thanked the fans who turned Moscow’s Luzhniki Stadium into “more like Casablanca”, helamentedthathissidecouldnot deliver an adequate reward for the supporters. “What I am sure of at this moment is that the entire Moroccan peopleisproudofthisteam,”hesaid. “Ofcourseit’seasiertoplaywith aplayerwhohasonechanceandhe putsitaway.ButweareinMorocco. “We have quality players. Despite the ups and downs of the game, we should have been more effective. Because, like in the first game, we had plenty of chances. I won’tblameanyone.That’sfootball. It’s always those who know how to bepresentinthebox,themostgifted players, who make the difference. “We took a lot of risks and we didn’t get our reward.”

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South-West states account for 34% of NUC...

number of universities located in a particular part of country. States in South-South region including Edo, Delta, Cross River, Akwa Ibom, Bayelsa and Rivers States, have 31 universities representing 23 percent, which accounts as the second-highest number of NUC approved universities located in one region. Also states in South-East region comprising of Abia, Imo, Anambra, Ebonyi and Enugu States, have 24 universities representing 17 percent of the total number of NUC approved Universities, which makes the region with the third highest number of universities. NUC statistics further revealed that North-Central states including Kwara, Niger, FCT Abuja, Kogi, Plateau, Nasarawa and Benue States, also have 24 universities representing 17 percent of the total number. The North- Western states of Kano, Kaduna, Katstina, Kebbi, Jigawa, Sokoto and Zamfara have 18 universities representing 13 percent of the total number. While the North- Eastern states of Borno, Yobe, Gombe, Bauchi, Adamawa and Taraba, have 15 universities representing 11 percent of the total number, which is the least number of universities

that are located in a region. In terms of states, Ogun State has a total of 14 universities representing the state with the highest number of universities. This was followed by Lagos, Delta and Osun states that have eight universities each. Peter O kebukola, for mer executive secretary, National Universities Commission while commenting on reasons behind the surge of Universities observe that Ogun state’s proximity to Lagos State and cheaper access to land in the state has influenced the high number of universities in the state. As for the Southwest region, early access to education in the Southwest and an investorfriendly environment account for the high number of universities and schools, he said. Okebukola also argues that the large number of persons in the the South-Western region hungry for university education makes it the preferred destination for private investors who wants to set up university. “Ogun State, which is proximal and adjoining to Lagos state, takes advantage by providing proprietors a relatively cheaper land space for the establishment of their universities”. Okebukola was quick to note

that NUC applies due diligence and scrutiny before granting approval for the setting up of a university. Others states with sizeable number of Universities include Edo and Ondo states that have seven universities each while Kwara, Anambra, Oyo and Enugu States have six universities each. The NUC statistics further shows that 10 Northern states namely Borno, Sokoto, Zamfara, Kebbi, Jigawa, Plateau, Niger, Bauchi and Yobe States, have the least number two Universities each. Shehu Alhaji Musa, vice chancellor, Kano University of Science and Technology, Wudil, had recently raised concerns over the low academic enrolment of Northerners across higher institutions in the country. Musa expressed concern over the high level of illiteracy in the region wondered how millions of youths roaming the street uneducated would take up leadership position in the nearest future. He further lamented that of the about 163 universities in Nigeria, the North-East region can only boast of 11 percent, a development he described as worrisome.

L-R: Chioma Madubuko, company secretary/ legal adviser, Dangote Sugar Refinery plc; Aliko Dangote, chairman, and Abdullahi Sule, group managing director, during the company’s 12th annual general meeting in Lagos, yesterday.

Nigerian Banks lag African peers in efficiency as costs... Continued from page 1

among the top 5 most efficient banks with an average cost to income ratio of 25.3 percent in 2017. South Africa’s Capitec Bank Holdings was the fifth most efficient tier 1 bank in Africa with an efficiency ratio of 35.8 percent. Other South African Banks that made the top 20 were First Rand (14th), Standard Bank (16th), Nedbank (18th) and Investec (20th), while the bottom three Nigerian tier 1 banks were First Bank (15th), UBA (17th) and Access Bank (19th). “The more efficient a bank is, the more profitable the bank is expected to be and investors are well aware of it,” said Robert Omotunde, head of research, Afrinvest Securities Ltd. Capitec which was the 5th most efficient bank in Africa behind the Egyptian banks had the highest price to book ratio among the

African banks as investors flocked towards the efficient lender. Bank stocks with the lowest efficiency ratio recorded the highest price to book (P/B) ratio. Two out of the five banks with the highest P/B ratio were the South African Banks with the best efficiency ratio. Investors shrugged off political and monetary concerns in Egypt as two Egyptian banks also made up the top 5 mostly highly valued banks in terms of P/B ratio. GTBank which is the largest bank in Nigeria by market capitalization had the sixth best efficiency ratio in Africa and the fifth highest P/B ratio among the 20 surveyed banks. The other four Nigerian banks which included Zenith, First Bank, Access and UBA ranked among the five banks with the lowest P/B ratio. The three least efficient Nigerian Banks which includes First Bank, UBA and Access all had a

P/B ratios less than 1 as investors appeared to be concerned about their efficiency level. Omotunde explained that GTB business model is focused on curtailing cost which is why they have a very low cost to income ratio compared with the other banks in Nigeria. “GTB has the least number of branches compared to the other tier 1 banks and their internet banking platform has helped to reduce operational expenses and cost of running branches,” he added. Omotunde told BusinessDay by phone that notwithstanding the fact that GTBank is the fifth largest bank in Nigeria in terms of asset base, the bank remains the largest bank in Nigeria by market capitalization because investors view owning a stock like GTB as an opportunity to earn high reContinues on wwwbusinessday online

Friday 22 June 2018

How 5.8 mln people voted manually... Continued from page 1

ited with the smart card reader in the 2019 elections. This number represents 81 percent of the total valid votes of 29.4 million cast in the presidential and national assembly elections. The balance of 5.8 million valid votes cast in the 2019 presidential and national elections were not accredited by the card reader. Buhari won the presidential elections with total votes of 15.4 million while former president Goodluck Jonathan came second with 12.85 million votes, a difference of 2.57 million votes. INEC had announced during the declaration of the presidential election result on April 1, 2015, that the total accredited votes were 31.75 million while total valid votes stood at 28.6 million, the number of rejected votes was 844,519. A further analysis of the smart card reader performance in the 2015 election shows that only 10.23 million voters had full biometric accreditation. This represented just 43 percent of the total valid votes cast. Full biometric accreditation is where a voter’s details on his card reader are matched with the voter’s details on the smart card reader. This means that the card reader was able to authenticate the fingerprint of the card holder and therefore there is no doubt that he or she is the valid owner of the card. As a percentage of total valid votes cast, Lagos state had the highest proportion of voters that had full biometric accreditation with 70 percent of all voters having full biometric accreditation. It was followed by Osun State where 60 percent of voters had full biometric accreditation. Rivers State had the least, with just nine percent of voters getting full biometric accreditation Bayelsa, Anambra, Imo and Kano had less than 15 percent of voters getting full biometric accreditation. The INEC data also shows that another 13.4 million voters had ‘card-only authentication’. This means that the voters card was recognised by the card reader but the voters finger print details was not captured or did not match with the details on the card reader. However, the voter was still allowed to vote at the discretion of the electoral officer at the polling station. Former president Jonathan and his wife fall into this category as on the election day in 2015, the president was one of those whose finger prints was not captured by the smart card reader. He had to go back home and come back to get accredited to vote. The balance of 5.8 million votes were those who had to be accredited manually, according to sources at INEC apparently due to the failure of the card readers. Zamfara had the highest ‘card only accreditation’ with 74 percent of all valid votes in the state. Katsina followed closely with 70 percent of voters having card only accreditation. Bauchi, Kano, Jigawa, Kebbi, Kwara, Nassarawa all had above 60 percent of ‘card only accreditation’ of total votes

cast. Reacting to this discrepancy, INEC Director of Voter Education and Publicity, Oluwole Osaze Uzzi, in a chat with BusinessDay on Wednesday explained that INEC has taken adequate steps to correct whatever lapses witnessed in 2015 election even as he assured that in 2019, accreditation will be simultaneous with voting to forestall a situation where people will be accredited but will not return to vote. “You know that in 2015 the system was you do accreditation, you go, come back and vote. But some people did not come back to vote though I don’t have the figures. But for 2019 it is going be simultaneous accreditation and voting,” he noted. On the issue of the Smart Card Reader, which recorded instances of failure in some polling units during the 2015 elections, Uzzi admitted the shortcoming but assured that the card readers are being enhanced and improved upon. He noted that additional software has been installed in the card readers, stressing that the scanners are now wider than they used to be. He added that the card readers used in the 2015 election will still be used in 2019. He promised that Nigerians will see a greater improvement of the election processes in 2019. But a senior member of INEC, who provided more information to BusinessDay on the issue on condition of anonymity, said INEC had to resort to manual accreditation when it observed that the card readers failed to work in some places and in the process ensured that Nigerians were not disenfranchised. “During the presidential election, which was the first election that took place in 2015, which was the major election in which we used the card reader, we had issues with the card reader during the election. The issue we had was that the card readers were prepared weeks before the election so they were deployed to Local Government offices and kept in preparation for the election. Now in trying to preserve the lifespan of the battery, the officials at the local government area offices decided to remove the batteries thinking that will preserve them.” “Unknown to them the removal of the battery was going to reset the card readers and on election day, they just deployed the card reader to the field and put the batteries. But ‘lo and behold’ the date set was back to default, which was the date of manufacture. The card is configured in a way that once you start to use it outside the time of accreditation which is already programmed it between 8 am and 8 pm of the election day, it will not work. So that was the challenge we had that morning of the election day and people raised issues. Unfortunately, we did not have enough technical support staff, by that time we only had one technical support staff per Local Government in the 774 local government areas in the country.” Continues on wwwbusinessday online

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Edo orders closure of all dilapidated schools, relocates pupils

do State governor, Godwin Obaseki, has ordered the shutdown of all primary and secondary schools with dilapidated structures in the state, to pave way for reconstruction work. Specifically, pupils and teachers of Holy Aruosa Primary School in Benin City, have been relocated to nearby Agbado Primary School. Special adviser to the governor on media and communication strategy, Crusoe Osagie, said the decision to relocate pupils of Holy Aruosa Primary School was informed by the shocking reports that despite an earlier relocation order given by the state government, teachers in Holy Aruosa ignored the order and went about their activities in dilapidated structures. “All such schools, with dilapidated structures have been shutdown with immediate effect. Students and pupils in the affected schools are hereby relocated to other schools that will be announced soon,” the governor’s aide said. He explained, “The Secretary to the State Government, Osarodion Ogie, visited Holy Aruosa Primary School as early as 7am on Thursday, to announce the state government’s decision. “The state government has ordered an investigation to ascertain why the initial relocation order of the pupils with their teachers was not enforced.” According to Osagie, “One of the allegations being investigated is the suspicion that some teachers, who are refusing to be transferred out of the school, selfishly kept those kids in the

school under unsafe condition.” On the ongoing reform in the state’s education sector, Osagie said, “On assumption of office in November 2016, Governor Godwin Obaseki ordered an inventory of facilities and the enumeration of primary and secondary schools in the state. “After the census, the schools were categorised into three: those in grade A are in good condition; those in B need little intervention and schools in grade C require total renovation. “It is obvious that Holy Aruosa Primary School and Osula Primary School, among others, fell in the third category and require urgent attention. The worst of them like Holy Aruosa were shut down.” He maintained that, “As is the culture of this administration, groundwork has already begun for this renovation process to commence, as only few months ago bid rounds were held for the rehabilitation of some of these schools. “The renovation work is expected to cover 1,200 public schools in the state, with the first batch of 230 schools captured in the pilot phase of the exercise.” He lamented that despite the huge investment in remodelling most of the schools by the Adams Oshiomhole-led administration, “some of them have been vandalised, with facilities looted by hoodlums.” To correct this anomaly, the governor spokesman said the Obaseki administration has made commitment to partner communities hosting government projects such as schools and hospitals to ensure they are protected from vandals.

L-R: Olubunmi Popoola-Mordi, company secretary; Stanislas Mittelman, chairman, and Jean-Philippe Torres, managing director, all of Total Nigeria plc, at the company’s annual general meeting in Lagos yesterday. Pic by Pius Okeosisi

Presidential Committee on AfCTA consultation report ready this week - Enelemah HARRISON EDEH, Abuja

ederal Government’s technical committee on widening stakeholders’ consultation on African Continental Free Trade Agreement (AfCTA) is expected to submit report of its findings this week, BusinessDay learns. Okechukwu Enelemah, minister of industry trade and investment, gave the information on Tuesday in Abuja, after a closed-door meeting of the Presidential Committee on AfCTA. Enelemah in a statement issued directed the technical

drafting group led by Chiedu Osakwe, the director-general of the Nigeria’s Office for Trade Negotiation, to ensure the draft report on the stakeholders’ wider consultations was ready this week for onward transmission to the President. It would be recalled that the Presidential Committee charged with the responsibility of widening consultations on the framework agreement establishing the AfCTA initially met on April 4, 2018, during which it reviewed the substance of the AfCTA and received an update on the legal status of the AfCTA. The meeting followed a

Global megatrends: How prepared are we? I Continued from back page

rather substantially: Delhi (36 million), Shanghai (30 million), Tokyo (27 million), Karachi (24.8 million, Cairo (24.5 million), Lagos (24.2 million), Sao Paulo (23.8 million) and Kinshasa (20 million). In fact, a new form of urban agglomeration is emerging, known as gigacities, i.e. super cities exceeding 50 million dwellers. For example, the Chinese government is said to be to have a plan to connect 5 cities into a massive urban conurbation, such that Greater Shanghai could exceed 170 million before the next 5 years. Megacities will become powerful vortices for business, money and capital. They will have a capacity to wield economic power well beyond their national frontiers. Several of those cities have a GDP higher than many countries. New York’s economy stands above a US$1.5trillion while that of London is US$845 billion. At US$136 billion, the GDP of Lagos is significantly higher than that of Ghana at US$ 45 billion and Côte d’Ivoire at US$38.37 billion. The “new thinking” about urbanisation centres on the need to create “smart cities” that are both innovative as well as creative. Drones will be used to carry messages from one part of town to another as they are already carrying medi-

cines to reach remote villages in Rwanda. Waste disposal networks by way of tubes will carry wastes from building to building into recycling plants for production of biogas. Driverless cars and buses will gain increasing acceptability while maglev subways will become one of the popular means of mass transportation. But there will be substantial differences in the demographic mix of the megacities. In Asia, the population of over 60 will outnumber the young while in Africa it will be the opposite. Another major megatrend relates to rapidity of technology changes. By 2030 the global information revolution would have reached the mature stage of consolidation. The so-called “digital divide” would have been increasingly in retreat. Current rudimentary technologies such as robotics, nanotechnology and sustainable energy systems would have begun to flower. Intercontinental supersonic maglev trains traversing oceans will become a reality. Supersonic flights will be back after the disappearance of the French Concorde. Electric cars would have taken over fuelpowered automobiles that would now be in the minority. The Age of Big Data would reign supreme, including use of blockchain in business, finance and public communications. While algorithms

deriving from use of big data could assist in optimising strategic business decisions, they could also foster socially regressive policies, as has been shown by the American mathematician and finance expert, Cathy O’Neil in her book, Weapons of Math Destruction: How Big Data Increases Inequality ad Threatens Democracy (Penguin 2016). Unless governmental authorities take measures to curtail it, electronic money such Bitcoin will wax stronger to the extent of threatening the survival of some national currencies in developing countries. There is also the expansion of the worldwide web and the global information highway. While developed countries may have greater access to many of these technologies at present, many technological innovations provide ‘leapfrog’ opportunities for less developed countries to capitalize on new growth opportunities. New technologies of the future will shape transport, communication and energy systems. Manufacturing will also be greatly enhanced by intensification of computational systems, 3-d printing and robotics, with all the implications for productivity, labour and employment. Increasing sophistication in financial technology will increase risks for cyber security particularly in the banking and investment world.

directive by President Muhammadu Buhari on stakeholders’ wider consultations before Nigeria signs the AfCTA to ensure maximum benefits for the Nigerian economy. Nigeria made last minute withdrawal on March 21 in Kigali, the Rwandan capital, at the African meeting of Heads of States and Governments on signing of the AfCTA, citing inadequate stakeholders’ consultation before committing to the pact, forcing stakeholders to raise eyebrow on government’s seriousness. Vice President Yemi Osinbajo had in recent industry stakeholders meeting in Lagos

assured economic watchers that Nigerian government was not pulling out on signing the AfCTA, but consulting with stakeholders to ensure Nigeria reap maximum benefit. Enelemah confir me d further in the statement that the Nigerian Office for Trade Negotiation was invited to report the feedback from the stakeholders’ sensitisation and consultation across Nigeria’s six geopolitical zones, and, with industry, sectorspecific groups, labour, think thanks and civil society, and, to exchange views on the draft report that would be sent to Mr. President.

‘Love does not win elections’ There will further be advances in biotechnology by way of manipulation of DNA to produce new organisms with novel features. There will also be production of artificial tissue and advanced nanotechnology for surgery and remote monitoring of patients. It will become technically possible to reverse the aging process. Such innovations will portend a revolution in medicine and public healthcare. Governments that care about their people will accelerate policies to manage the demands and expectations of youth. Prudent policies to care for the elderly and for pensioners will also have to be designed. Creative and effective delivery solutions will have to be structured to ensure that the needs of the youth, the middle class and the elderly are effectively addressed. More vigilance will have to be paid to cyber-security to ensure that banking systems are safe and technologybased digital money transfers are secure. Just as new jobs will emerge in technology and communications, many more will be lost. Governments must therefore invest in human capital and skills while updating the technical competencies of young people to ensure that they are well placed to enjoy gainful employment in the emerging new industries.

Continued from back page

next few months of her life to learn the basic wisdoms undergirding parties and the electoral system in Nigeria. She loses the election ‘by a landslide’, despite assurances up till the last moment that her opponent, the incumbent and winner, is widely reviled and certain to be rejected. At the grassroots, registration for the party is not really encouraged for everybody. You are apt to be asked ‘Who sent you?’, if you walk in from the street and ask to register. There are whole generations of ‘grassroots leaders’ who control the party structure, and pass it from hand to hand for their chosen folk, usually their children. The system of ‘delegates’ is a gravy train, and a major cost centre. Everytime you see a ‘delegate’ anywhere, including passing you on the street, you have to give him money. There are other nuggets of wisdom. ‘Everyone can help you win, but it will cost you.’ ‘Choose your campaign manager …carefully…If the person thinks it’s okay for the party chairman to fill in the ballot for the delegates who cannot write, this is not a good sign.’ ‘D o not ass ess your

chances based on how much people claim your opponents are disliked…’ ‘Mint bank notes are a must: the newer the notes, the greater the perception of your influence in the world.’ ‘Money is a lubricant. It eases open the doors of influencers and party leaders.’ Ayisha’s final sentence in the book carries a worrying note of rationalization. ‘An idealistic focus on the corrupting nature of money in politics risks forgetting that contesting elections has real and legitimate costs’. True. But most of the money Ayisha spent on her election – some ten million naira or more – a very modest budget by the standards of her fellows - was not spent on those ‘real and legitimate costs’. In the end, Ayisha’s story says it all.True change needs to start with the process of cleaning up the structure of political parties in Nigeria from the ground up, as only then can good people – ‘outsiders’ in the current scheme of things, begin to see a place for themselves in the Party Politics. ‘Love D o es Not Win Elections’ is published by Narrative Landscape Press Limited.

A1 BUSINESS DAY NEWS

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Nigeria-South Africa currency swap will enhance trade flow by 50% - Rewane … predicts slow GDP growth in 2019 HOPE MOSES-ASHIKE & CHINWE AGBEZE

he possibility of Nigeria signing a currency swap deal with South Africa is seen to enhance trade flow by at least 50 percent. The swap arrangement is estimated to be in the region of $1 billion over three years, according to Bismarck Rewane, managing director/CEO at Financial Derivatives Company. Rewane spoke in Lagos at Nigerian–South African Chamber of Commerce breakfast meeting organised by Rand Merchant Bank Nigeria in commemoration of its fifthyear celebrations. Speaking on the topic, Enhancing South Africa-Nigeria Trade opportunities: the case for a ZAR/NGN swap, Rewane, who was the guest speaker, identified weak institutions, political environment, border charges and customs logistics, tax and legal, and security issues as constraints to NigeriaSouth Africa trade. He was concerned that both countries were yet to sign the African Continental Free Trade Agreement (AfCFTA), adding that bilateral trade

would improve trade ties and encourage movement of goods and services, tourism, ease pressure on external reserves, enhance infrastructural development and job creation. Rewane predicted that the coming year would be tougher than the present year, even as he said the Gross Domestic Product (GDP) would be slow. ‘‘GDP growth trajectory will be slow, sustained and 2 percent to 2.5 percent average,’’ he said, saying, “2019 is going to be worse than 2018. Inflation is close to an inflection point liquidity pressures.’’ He also disclosed that Nigeria and South Africa had a lot in common such that both countries recovered from a recession in Q2’17, both had their next elections in 2019, and non-convertible currencies. ‘‘Nigeria and South Africa are the largest economies in sub-Saharan Africa, account for 37 percent GDP, major exporters of 59.3 percent of total exports, major importers of 58.2 percent of total imports,’’ he said. ‘‘Any type of deal between Nigeria and South Africa will be useful,” he said. According to Rewane, bilateral trade will improve trade

ties, ease pressure on external reserves and enhance infrastructural development and job creation adding that both countries are yet to sign the African continent free trade agreement. ‘‘It will enhance trade flows by at least 50 percent to $4 billion and companies that play in retail, telecoms, power and entertainment will be key beneficiaries in the arrangement, easing demand pressure on both currencies,’’ he said. ‘‘Nigeria’s import bill is $32.7bn and the import from SA is only $1 billion.’’ He listed Agriculture, trade, retail and infrastructure as sections that will drive growth in 2018-2019. ‘‘Agriculture supported by favourable government programs and import substitution, higher income levels will boost private consumption and domestic sales. ‘‘Government revenue will remain robust thanks to oil proceeds and in pressure on the exchange rate will build up as we go towards election and we have to make decisions ASAP,’’ he said. ‘‘There may be temptation for political reasons to appreciate the currency.’’

CSR: Tek Experts scales up support for education … sponsors teachers from OAU to TTNF Development sessions

s part of its support to the advancement of education in Nigeria, Tek Experts, a provider of business and IT support solutions, recently sponsored 17 teachers from the Obafemi Awolowo University (OAU) to the Train The Teachers Foundation’s quarterly learning sessions and training programmes organised by TTNF and WhyBlueSky. Theinitiative,aimedatimprovingtheartofteachingforparticipating teachers, is part of Tek Experts Malta-to-Nigeriaprojectthatseeks to improve the level of technical expertise in the region. Tek Experts Malta country manager, Ognyan Kiryakov, speaking on why they supported the initiative, says everywhere in the world Tek Experts is driven by the desire to invest in talent and support its growth and development. “Nigeria is often referred to as the ‘Giant of Africa’ and there is so much potential talent that could benefit from that extra level of support to be the best it can be. This talent can be found in schools, workplaces and even among young entrepreneurs. ‘Tek Experts Malta decided to supportthedevelopmentoftalent by investing in the education sec-

tor and that’s why we sponsored 17 teachers from the prestigious OAU. The programme will enable them improve their skills and become better equipped for the modern day classroom,” Kiryakov says. On the objective of the training,CEOofTheTeachingNetwork Foundation,DolapoOgunbanwo, highlights how the foundation seeks to provide continuous professionaldevelopmentprogrames for teaching professionals in Nigeria. He said: “The principle behind this objective is the coaching principle, whereby teachers come togethertosharelearning,practices and experiences.” A beneficiary of the initiative and vice principal of Moremi High School, Obafemi Awolowo, describes the training as hugely beneficial: “We have learnt so much from our participation here. During the training we learned that study skills should be included in the school curriculum to enable students develop effective comprehension and grasping skills. “Being sponsored by Tek Experts is evidence of the fact the company is committed to investing in education and we promise

to make the best use of the knowledge and skills acquired in our classrooms.” Speaking on the need to build bestbrainsamongNigerianteachers, one of the facilitators at the training, David Wilson says only a best brain teacher can raise a best brain student “Our focus is to improve the intellectual capacity of the teacher so that they can adequately train these students to perform brilliantly even at global level”. Agata Wilam, CEO, WhyBlueSky, while speaking on the importance of adopting 21st Century teaching and learning methods, says it is important the participating teachers effectively translate the knowledge and skills theygotduringthetrainingintothe classroom. “Programmes like this show how important it is to focus on imparting 21st Century skills; skills like collaboration, creativity, communicationandcriticalthinking,whichwillhelpthemfitintothe modern day classroom.” The Teaching Network Foundation is a not-for-profit organisation that enables the self and professional development of teachers in order to enable improved learning outcomes for students.

CBN gives banks 5 days to report accounts of 19 sanctioned individuals HOPE MOSES-ASHIKE

entral Bank of Nigeria (CBN) on Thursday gave deposit money banks five working days to report the existence of accounts operated by 19 individuals targeted for sanction overConakryagreementandtheir related interest. The ECOWAS authority of heads of state and government adopted in February 4, 2018, to impose targeted sanctions on 19 individuals identified to be obstructing the implementation

of the Conakry agreement aimed at resolving the political crisis in Guinea Bissau. The affected individuals include: Braima Camara, Rui Dia de Sousa, Soares Sambu, Abel da Silva Gomes, Manuel Nascimento Lopes, Eduardo Mamadu Balde, Maria Aurora Abissa Sano, Florentino Mendes Pereira, Orlando Mendes Viegas, Certorio Biote, Domingos Quade, Carlitos Barai, Domingos Malu, Antonio Sedja Man, Bacari Biai, Botche Cande, Herson Gougjabi Vaz, Victor Madinga, and Fernando Vaz.

The resolution was subsequently ratified by the Peace and Security Council (PSC) of the African Union and endorsed by the United Nations Security Council resolution 2402 (2018). In a circular to all banks signed byKevinAmugo,director,financial policy and regulation department, the CBN said the banks were also required to ensure that their subsidiaries and associate companies conductsimilarchecksandrender suspicioustransactionreporttothe Nigeria Financial Intelligence Unit (NFIU) accordingly.

Friday 22 June 2018

Politics & Policy

BUSINESS DAY

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Friday 22 June 2018

Atiku flies in and out of Wike’s domain …Says it’s now clear why the Rivers’ strongman is Nigeria’s best governor IGNATIUS CHUKWU

tiku Abubakar, the most visible challenger to President Muhammadu Buhari for 2019, flew into and out of Port Harcourt, Rivers State capital, and had closed meetings with the Rivers State strongman, Nyesom Wike. He was in Yenagoa, Bayelsa State, where he held meetings with the former president, Jonathan Goodluck. After the meeting, the former vice president stated that the Rivers State governor, Nyesom Ezenwo Wike, has continued to win the best governor’s award because of his state-wide delivery of relevant projects. He was said to be in Port Harcourt to commission some projects executed by Wike. Atiku, who met with the People’s Democratic Party (PDP) caucus in Bayelsa, moved to see Wike in Port Harcourt and met with the state’s PDP top men. Speaking before com-

R-L: Nyesom Wike, governor of Rivers State; Atiku Abubakar, former vice president of Nigeria and presidential hopeful of Peoples Democratic Party and Gbenga Daniel, director general of Atiku Presidential Campaign Organisation, during the commissioning of Isiokpo Internal Roads by Atiku on Thursday.

missioning 11 roads under the Isiokpo Internal Roads Phase 1 constructed by the administration of Governor Nyesom Ezenwo Wike in Ikwerre Local Government Area Thursday, former Vice President Atiku Abubakar said that Governor Wike has won the “Governor of the Year Award “ consecutively since 2016 because he is ex-

ecuting projects to improve the lives of the people. “Since May this year as part of the Third Anniversary of Governor Wike’s administration, one project is commissioned each day. The Isiokpo Internal Roads form part of the projects. “No wonder, Governor Wike keeps winning the ‘Best Governor of the Year’

Greed, bane of progressive politics in Nigeria - Ajimobi

head of the 2019 general election, G overnor Abiola Ajimobi has called on political parties to conduct proper scrutiny and integrity check for aspirants jostling for their tickets. He also challenged those that have what it takes to lead to throw their hats into the ring. The governor who stated this during a condolence visit to the family of a late leader of the All Progressives Congress (APC) in Oyo Central Senatorial District, Samuel Ogundiran, in Jobele, Afijio Local Government Area noted “I want to say that politicians aspiring for political offices must be thoroughly screened from home to know them better before they can event get the ticket. Most aspirants do not have the discipline

and decorum to lead others.” Ajimobi however, said that the growing incidence of greed and desperation to amass wealth by political players is alien to the progressives’ politics of late Obafemi Awolowo era. “Progressives politics is today riddled with greed. It is no more the same progressives we used to know. It is all about money. If you give them money yesterday and you have none to give them today, you will be called names. Ajimobi, who also described himself as a progressive politics, said his own brand of politics places emphasis on winning elections, just as the leader of the APC, Bola Tinubu and President Muhammadu Buhari. He said this was slightly different from the politics of the Awolowo era that focused more on partici-

rocate the developmental strides of his administration by ensuring they support PDP in 2019. Former Rivers State Governor, Celestine Omehia, described the delivery of the Isiokpo Internal Roads as historic, saying that Governor Wike has shown love to the people of the area. Chairman of Ikwerre Local Government Area, Samuel Nwanosike assured Governor Wike that the people of the area would support his re-election, because he has done what their brother, Chibuike Rotimi Amaechi could not do for them. In a project description, Rivers State Works Commissioner, Dum Dekor, said that the majority of the 11 roads were completely new, while they span 11 kilometres. He stated that the roads will boost agro-based businesses in the area. The Bayelsa PDP chairman however, denied that the party endorsed Atiku for president, saying the door was still open to other PDP aspirants to come and sell their agenda.

Afenifere kicks against FG’s moves to establish ranches

…wants parties to conduct integrity test on aspirants AKINREMI FEYISIPO, Ibadan

consecutively since 2016. No governor has achieved that record. It will be very difficult to beat that record. “I am extremely proud of Governor Wike’s achievements and we are proud of the governor’s leadership “. Atiku noted that he appreciated the quality of work done so far by Governor

Wike because he lived in Port Harcourt and understands the profound nature of the projects delivered. In his remarks at the commissioning ceremony, Wike said that the second phase of Isiokpo Internal Roads will be completed before the end of this year. The governor also announced that the IbaaIsiokpo Road will also be completed and commissioned by the end of the year. Governor Wike said that the commissioning of projects will be sustained because of the need to keep Nigerians informed on the massive infrastructural regeneration in the state. The governor said the previous administration in the state could not commission projects because no projects existed. “When we make promises, we fulfill our promises. We are not like those who make promises and give excuses why they cannot be achieved,” he said. Governor Wike urged Isiokpo people to recip-

pation than winning elections. T h e g ov e r n o r s a i d : “Awolowo maintained his stand in politics, despite pressures from the center and his followers, like Pa Ogundiran, would remain resolute on their ideology. Ajimobi however, described the deceased politician as “one of the last men standing” among the disciples of Awolowo, who embraced progressives politics till death. “Baba died when his wisdom on progressive politics is still needed. He was a core progressive politician. I urge his children and youths in general to emulate the good deeds of Baba. The governor advised the children of the late politician to emulate the good deeds of their father, bearing in mind that they could someday also assume positions of leadership.

INIOBONG IWOK

he Pan Yoruba socio-cultural organisation, Afenifere, has faulted the plan by the Federal Government to set up ranches in ten states across the country with public funds. The Federal Government had on Tuesday announced that it had budgeted over N170 billion for the project which would take off in ten pilot states of Adamawa,

Reuben Fasoranti

Benue, Ebonyi, Edo, Kaduna, Nasarawa, Oyo, Plateau, Taraba and Zamfara, in a move aimed at finding a lasting solution to the raging clashes between farmers and herdsmen in the country. But speaking in a telephone interview with BusinessDay yesterday, president of the group, Reuben Fasoranti noted that cattle rearing was a private business and not a national project, stressing that such huge amount of money could have been used to fund pub-

lic project that would have direct impact on the masses rather than on ranches. He berated the Buhari’s administration’s slow response in tackling the killings, which according to him has exacerbated the killings, while challenging the president to publicly condemn the killings by the herdsmen. The Afenifere leader said the region has no land for ranches; adding that cattle rearers should be compelled to handle their cattle. “Afenifere do not support such move; why should public funds be used for cattle ranches, which is owned by an individual or few people who are making money into their pocket. Such money can be used to set up projects to benefit Nigerians. “What have they done about the killings, let the government come out and make a pronouncement condemning the killings, whoever wants cattle should fund it from his pocket and not public funds. We are tired of cattle problem, even in Ondo it is the same problem we are facing,” Fasoranti added.

Friday 22 June 2018

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BUSINESS DAY

FINANCIAL TIMES

World Business Newspaper

SoftBank: inside the ‘Wild West’ $100bn fund shaking up the tech world

Italian debt and equities slide Page A5

Page A6

Trump signs order to end family separations in U-turn on policy US president’s move raises questions about how long migrant children can be detained DEMETRI SEVASTOPULO, BARNEY JOPSON AND JAMES POLITI

resident Donald Trump has ended his policy of separating children from their parents after illegal border crossings in a dramatic U-turn that followed criticism from Democrats, Republicans and his wife and daughter. Mr Trump on Wednesday signed an executive order that would allow families to remain together after being detained for entering the US illegally. The reversal came despite the fact that he had repeatedly insisted that only Congress could fix the problem, which Republicans worried would cost them votes in the November midterm elections. The president had come under intense criticism as images and recordings emerged of young children in tears after being forcibly separated from their parents. In a rare instance of near universal criticism, Pope Francis and evangelical leaders joined forces with Democrats, Republicans and business leaders such as Lloyd Blankfein of Goldman Sachs to lambast Mr Trump for his “zero-tolerance” immigration policy. “Ivanka feels very strongly. My wife feels very strongly . . . I feel very strongly about it. I think anybody with a heart would feel very strongly about it. We don’t like to see families separated,” Mr Trump said as he signed the order. “At the same time, we don’t want people coming into our country illegally. This takes care of the problem.” While the president’s move was welcomed as an important step to ensuring that children were not separated from their parents, questions remained about how long children could be detained under US law, raising the possibility of lawsuits. The order did not specify how the Trump administration would deal with the more than 2,300 children affected by the policy. “The American people have rightly been horrified by children being

taken from their parents,” said Dianne Feinstein, a Democratic senator from California. “President Trump has finally recognised his folly, but this humanitarian crisis should have never happened in the first place. Now the Trump administration’s top priority must be reuniting the more than 2,300 children who have been taken from their parents.” Earlier on Wednesday, Pope Francis joined the chorus of critics who questioned how Mr Trump could keep the policy given the widespread condemnation. Melania Trump, the first lady who rarely comments on her husband’s policies, this week said that while the US needed to enforce its laws, it was important to govern “with heart”. Former first day Laura Bush described the policy as “cruel” and “immoral”. Former President Barack Obama also made an unusual intervention, breaking his stance of trying not to comment on his successor’s policies. “To watch those families broken apart in real time puts to us a very simple question: are we a nation that accepts the cruelty of ripping children from their parents’ arms or are we a nation that values families and works to keep them together?” Mr Trump did not explain why he reversed course. But the decision came the day after meetings on Capitol Hill where Republican lawmakers told the president that the policy was hugely damaging to the party. The order said the US would “rigorously enforce” immigration laws while ensuring “family unity”, and blamed Congress for the controversy. “It is unfortunate that Congress’s failure to act and court orders have put the administration in the position of separating alien families to effectively enforce the law,” the order read. It said the homeland security department would “maintain custody of alien families during the pendency of any criminal improper entry or immigration proceedings”.

US prepares for next wave of LNG exports Chinese demand is soaring — so much so that Beijing spared the product from tariff rises ED CROOKS

hen China last week set out a list of US exports threatened with retaliatory tariffs, almost all fossil fuels were covered, including oil, coal and liquefied petroleum gases such as propane. There was, however, one conspicuous exemption: liquefied natural gas. Beijing’s decision not to impose additional tariffs on US LNG shows the critical role that the fuel plays in the Chinese government’s plans as it attempts to curb the country’s reliance on coal. China’s demand for LNG is soaring, and its imports of gas from the US have been rising

fast: from nothing in 2015 to 17bn cubic feet in 2016 to 103bn cubic feet last year. By deciding not to restrict imports of US LNG, China has let its energy policy override its trade policy, for the time being at least. That is an encouraging sign for the companies including Venture Global LNG, Qatar Petroleum, LNG Ltd and Tellurian that are hoping to be part of a second wave of investment in US LNG export plants. For any wouldbe seller of LNG looking for buyers, China is the big prize. Already last year China was the third-largest destination for US LNG Continues on page A4

President Donald Trump

UK creates new ‘settled status’ for EU citizens after Brexit Up to 3.8m people are expected to apply for status, costing £65, created by Sajid Javid ROBERT WRIGHT

U citizens who have lived in the UK for at least five years will be eligible for a new “settled status” after Brexit, the UK government said on Thursday. Home secretary Sajid Javid said that people with “settled status” would be able to bring close family members, such as spouses, children and parents, to the UK after the post-Brexit transition period ends in December 2020. Up to 3.8m people are expected to apply for the new status, and officials said the system for processing applications would not be fully functional until later this year, and might not be open to all applicants until the UK leaves the EU next March. But Mr Javid insisted the application process would be “streamlined and user-friendly”. Caron Pope, a partner at Fragomen, an immigration law firm, said the plans showed the Home Office was “doing immigration differently”. “It is reassuring that the Home Office clearly wants to make this

an easy process and not find ways to reject applications on technical grounds,” she said. The Home Office has come under sharp criticism in recent months for its “hostile environment” approach to migrants, and questions have been raised about the accident-prone department’s ability to handle the vast numbers of applications expected. “EU citizens living in the UK, along with their family members, will be able to stay and continue their lives, with the same access to work, study, benefits and public services that they enjoy now,” Mr Javid wrote in the foreword to the document setting out the plans. Under the proposals, EU citizens who have been living in the UK continuously for five years by the end of December 2020 will automatically be eligible for settled status, provided they have no serious criminal convictions. The Home Office will use records at other government bodies, including HM Revenue & Customs and the Department of Work and Pensions, to confirm claims for people who provide a

national insurance number. The Home Office will charge fees of £65 per adult and £32.50 per child to process applications. This compares favourably with the £2,389 that non-EU citizens typically have to pay for a Tier 2 visa to work in the UK. Anyone who arrives in the UK before the end of December 2020 will be eligible for “pre-settled status,” a status that will convert to settled status after five years of continuous residence, meaning no more than six months of any given year have been spent outside the UK. The Home Office said it would consider exceptions to the continuous residence rule for longer absences for work postings abroad or compulsory military service. EU citizens who have previously applied for Indefinite Leave to Remain (ILR), the residency status available to citizens of any country, will be able to convert this to settled status if they wish. Following the Brexit vote, thousands of EU citizens applied for ILR via a notoriously complicated, 85-page form.

US Supreme Court paves way for states to collect online sales tax News deals blow to shares in ecommerce retailers

BARNEY JOPSON AND JESSICA DYE

rick-and-mortar retailers secured a big win over their online rivals on Thursday as the US Supreme Court overturned a ruling that had enabled many ecommerce retailers to avoid collecting sales tax from their customers. In a case with profound implications for the consumer economy, the justices ruled that US states have the right to levy sales tax on online sales even if the retailer does not have a store or warehouse in the state. A perceived tax break for ecommerce has become the most contentious political issue in US retail, with bricks-and-mortar stores blaming it for their wilting performance while online stores counter that their success is about convenience not tax.

Ending a years-long legal battle about whether the digital economy had outpaced the law, the Supreme Court ruled that a requirement that sales tax be tied to a retailer having a “physical presence” in a state was outdated. The ruling was quickly celebrated by traditional retailers and sent the shares of online stores lower on Thursday. Furnishings retailer Wayfair, whose tax fight with the South Dakota brought the issue to the Supreme Court, dropped 3.8 per cent. Overstock.com fell 2.5 per cent, Ebay shed nearly 2 per cent, and Etsy, a marketplace for handmade and artisan items, declined almost 3 per cent. The rulings’ implications for Amazon, whose shares were down

about 1 per cent, were more complicated. Having benefited from the tax exemption for years, Amazon began to change its policy in 2012 and now collects tax on its own sales in 45 states and the District of Columbia. The third-party sellers it hosts, however, have not been obliged to collect sales tax and are likely to suffer from the Supreme Court ruling. The Retail Industry Leaders Association, a lobby group for big retailers such as Walmart, Best Buy and Gap, said: “Today’s decision culminates years of tireless work by the retail community to reverse a pre-internet era rule that distorts free markets and puts local brickand-mortar stores at a competitive disadvantage with their online-only counterparts.”

BUSINESS DAY

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Friday 22 June 2018

NATIONAL

Shadowy insurgents threaten Mozambique gas bonanza Rapid rise of unknown group exposes gulf between country’s ambitions and poverty JOSEPH COTTERILL

he vast natural gas reserves discovered off Mozambique’s shores were meant to herald a new era of peace and prosperity for one of Africa’s poorest nations. But a spate of beheadings and torched villages blamed on a shadowy

insurgency has exposed the gulf between Mozambique’s gas ambitions and the grim reality for many in the isolated and poor north. At least 39 people have been killed since the start of May by a mysterious group apparently seeking to impose a militant form of Islam in Cabo Delgado, not far from one of the world’s

biggest untapped offshore gasfields. Mozambican armed forces have launched a crackdown in the far north but the group has evaded capture. “Local people think the army takes too long after attacks — when it arrives, the militants tend to run away,” says Zenaida Machado, a Mozambican researcher with Human Rights

Watch. “It’s a cat and mouse game.” No gas installation has been targeted and analysts say that the violence onshore is, for now, unlikely to disrupt the more than $30bn in planned investments, mostly offshore, by companies including Anadarko, Eni and Exxon. The industry is still lining up financing and

Using equities and bitcoin to understand the Zimbabwean ‘bollar’

US prepares for next wave of LNG exports... Continued from page A3 exports, behind Mexico and South Korea. Its demand for gas is expected to continue to grow rapidly, accounting more than a quarter of all global consumption growth between 2015 and 2040 according to the US Energy Information Administration. Rapid demand growth in China and other emerging economies meant 2018 was shaping up to be an exciting year for aspiring US LNG exporters. After three years without a single new plant being given the go-ahead, several companies say they are approaching final investment decisions to build their planned facilities. But the escalating trade dispute between the US and China casts a shadow over those plans. A first wave of US LNG plants has been under construction along the Gulf of Mexico coast. The earliest, Cheniere Energy’s Sabine Pass in Louisiana, shipped its first cargo in 2016, and the last is expected to be completed in 2020. An expected second wave, however, has been on hold. There has not been an approval for a new US LNG plant since 2015, because of what seemed to be a looming glut in the market. Then last month Cheniere announced it was going ahead with an expansion at its Corpus Christi plant in Texas. It was a signal that the logjam holding up new investment is starting to break. Baker Hughes, General Electric’s affiliate that provides products and services for the oil and gas industry, is supplying equipment for the expansion at Corpus Christi, and hoping for more orders. Pablo Avogadri, the company’s LNG platform leader, said it was “excited about the new market conditions”. A new LNG plant takes about four years to build, so investment decisions now are based on expectations of conditions after 2022, but there seemed to be so much new production coming on to the market, from Australia and the first wave of US plants, that it looked as though there could be an oversupply into the next decade. Those expectations of excess supply have been eroded, however, because demand for LNG has also been soaring. China increased its imports by 46 per cent last year, overtaking South Korea to become the world’s second-largest LNG buyer. Demand is also growing more widely. The number of importing countries has risen from 35 in 2015 to 40 last year, according to the International Group of Liquefied Natural Gas Importers, and worldwide imports rose 18 per cent over the same twoyear period. “There hasn’t quite been as big a surplus of gas as everyone thought there was going to be,” said Frank Harris, an analyst at Wood Mackenzie. “There is some real momentum now behind the next wave of export projects.”

long-term supply contracts to start shipments of liquefied natural gas in the early 2020s. “There have been no threats specific to our project. However, it is a cause for concern, and therefore, as operations continue, we have undertaken appropriate measures,” an Anadarko spokesperson said.

Supposedly fixed exchange rate is not what it seems

NEVILLE MANDIMIKA

Benjamin Netanyahu and his wife Sara are accused of using taxpayer money to fund a lavish lifestyle

Israel PM’s wife Sara Netanyahu charged with fraud Allegations include spending $100,000 on meals ordered in to the official residence MEHUL SRIVASTAVA

enjamin Netanyahu’s wife, Sara, was charged with fraud and breach of trust over expensive meals ordered in to the Israeli prime minister’s residence, the country’s justice ministry said, revealing details of extravagant spending on celebrity chefs and private parties. The allegations include misusing public funds by spending about 350,000 shekels (around $100,000) on catering between 2010-2013 from Jerusalem restaurants as often as ten times a week, according to the statement released on Thursday. On at least 15 occasions, she had celebrity chefs cook at private events at the residence, the statement continued, with the Israeli government picking up a tab of 400-500 shekels per person. In December 2011, the Israeli government paid 24,000 shekels for meals ordered by Mrs Netanyahu, the indictment said. The charges against Mrs Netanyahu add to a picture of a lavish lifestyle subsidised by Israeli taxpayers, an image that has dogged the prime minister and his wife since the beginning of a series of overlapping investigations that have marred Mr Netanyahu’s fourth term as premier.

To get around restrictions on spending government money on outside catering, which is prohibited since the prime minister’s residence is staffed by a chef, Mrs Netanyahu allegedly had the chef reclassified as a cleaner. Separately, she had government staff care for her ailing father and the Netanyahu family hired an activist from the Likud party, which Mr Netanyahu leads, as an electrician at an inflated wage, the statement said. She was not charged for making those decisions. Mrs Netanyahu’s personal lawyers, Jacob Weinroth and Yossi Cohen, said in a statement: “This indictment is absurd and delusional. For the first time in Israel, and in the world, the wife of a leader is taken to trial for boxes of food. There was no fraud here, or fraudulently receiving items or breach of trust, or any other felony. The prime minister’s wife is not a public servant, did not know the rules, and passed a polygraph test when asked about this issue.” The Netanyahu family lawyer, Ofer Golan, did not immediately respond to a request for comment. Mr Netanyahu has denied any wrongdoing on both his and his wife’s behalf and has dismissed the accusations against him and his wife as a media witch hunt. In February, police investigators

recommended Israel’s attorney-general charge Mr Netanyahu for charges of bribery and fraud for accepting some $300,000 worth of pink champagne and cigars from prominent businessmen. Avichai Mandelblit, the attorneygeneral, is meant to decide on those recommendations within the next few months. Were the attorney-general to choose to indict Mr Netanyahu, it would add pressure on the prime minister to resign while he defends himself against those charges. Mr Netanyahu, who has remained popular long into his fourth term as premier despite the allegations, has repeatedly denied any accusations, coining and regularly using the expression: “There will be nothing, because there is nothing.” Israeli police continue to investigate associates of Mr Netanyahu in at least two separate cases in which the prime minister is not named as a suspect. One involves the purchase of submarines from Germany, while the other alleges that Mr Netanyahu’s close associates orchestrated a scheme in which the prime minister and his wife would receive favourable coverage from a major newspaper in exchange for blunting the circulation of a rival daily.

Meadow Hall, Daniel Amokachi to nurture future football stars

n a strategic and continuous drive to mould well-rounded children, Meadow Hall has realigned forces with former Super Eagles star and Olympic Gold medalist, Daniel Amokachi, for the third time, to host the Summer Football Camp, at Meadow Hall, Lekki from Monday, 23 to Friday, 28th, July 2018. The Meadow Hall Summer Football Camp is open to children from all over Nigeria. The 6-day football camp holds during the summer break and allows parents to easily register their children for the Meadow Hall Summer Football Camp as it will not interfere with their academic pursuits. The summer school camp is open to every school, as it also presents a special training session for school football teams.

According to Amokachi, Meadow Hall is passionate about the holistic development of the younger generation, in creating chances to give children the opportunity to discover their football talent and to learn the basic techniques of the game. The camp offers boys and girls from ages 5 to 17 years the opportunity to take their budding interest in football to the next level. With Amokachi’s successful football playing career and his current role as Manager at Finnish club, JS Hercules FC, the children at the Meadow Hall Summer Football Camp are in great hands to be able to fulfill their dream of becoming world-class football stars. “It is impressive to see a school involved in a project like this that will help the development of sports at the

grassroots level. We cannot expect the government to do everything; private sector involvement in sports is needed and I am happy to partner with Meadow Hall on this project. The Lagos State Sports Commission, Lagos State Football Association and Kansai Plascon are also supporting the project,” said Amokachi. According to the ex-Super Eagles player, parents of the exceptional talents identified during the course of the Football Camp would be advised on next steps. Registration for the camp has started, and there are considerations for early registration, while accommodation is also available on request. Interested students are advised to visit http://register. springmeadowedutainment.com for the summer camp registration.

nderstanding market nuances is everything in Africa and Zimbabwe’s newest currency — the bollar — is the epitome of idiosyncrasy. The bollar is the street name given to bond notes, the non-convertible currency introduced in November 2016, of which the equivalent of about $341m is in circulation. It joins eight other currencies, all of them foreign, recognised as legal tender by the central bank. One bollar is theoretically worth the same as one US dollar but, as you can imagine, it hardly trades one-to-one with the greenback, given the structural weaknesses of the Zimbabwean economy. Most Zimbabweans prefer to hold US dollars, fuelling a dollar-bollar (USD/BOL) exchange rate. Under normal circumstances, a country’s currency is a real-time indicator of changes in sentiment. If that is true, last year’s transformation of Zimbabwe’s political order should have been reflected in its currency. But in Zimbabwe’s multi-currency regime, in which US dollars account for the bulk of transactions, exchange rate movements have been largely divorced from proceedings. Nevertheless, Zimbabwe’s recent political changes and its upcoming presidential elections are bound to have farreaching implications for the economy and the currency. We therefore use proxies to create a framework for the bollar that helps to interpret these idiosyncratic risks. To approximate the USD/BOL rate, we use two asset classes: equities and bitcoin (we classify bitcoin loosely as an asset class). The choice of assets was informed by the need to find instruments that are traded in Zimbabwe and overseas, providing a basis of comparison. In addition, we looked for readily tradable assets with a decent amount of liquidity, allowing for efficient price discovery. For equities, we use the shares of financial services group Old Mutual and cement maker PPC as these are dual listed on the Zimbabwe and Johannesburg stock exchanges. For bitcoin, we use the price quoted on the Golix exchange (Zimbabwe’s most liquid cryptocurrency exchange) and the value given by Bloomberg, which is an amalgamation of prices on Bitfinex, Bitstamp, Coinbase, ItBit, bitFlyer, IND Reserve and Kraken. Our exchange rate is then derived by looking at the differential between the prices of each asset in Zimbabwe relative to their US dollar prices on other exchanges. In the months leading up to last November’s coup, the bollar lost considerable value against the US dollar by our measures, as macroeconomic conditions became extremely tenuous. A gap in the bollar rate as determined by the equities/bitcoin differential started to widen in the run-up to the end of the Mugabe regime, which was partly characterised by chronic shortages of cash and heightened expectations of runaway inflation.

Friday 22 June 2018

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BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Italian debt and equities slide

Moves come after bonds settled at 0.8% political risk premium KATE ALLEN AND ADAM SAMSON

talian government bond prices and stocks fell sharply in value on Thursday after two staunchly Eurosceptic lawmakers from the far-right League were tapped to lead key Italian parliamentary committees that deal with economic policy. The yield on two-year government bonds rose as much as 33 basis points to 0.912 per cent while the 10year was up 16bp to 2.721 per cent as debt prices fell. Investors have been shaken in recent weeks as the ascent to power of two populist Eurosceptic Italian political parties has called into question the country’s continued membership of the euro. The euro fell 0.4 per cent to $1.1507, taking it to the brink of its 2018 nadir of $1.506, which it touched 17 sessions ago. In Milan, the benchmark FTSE MIB declined 1.5 per cent, with Fiat and UniCredit among the leading fallers. The moves reflect the uptick in political risk that analysts expect to persist in the coming months. Aila Mihr, an analyst at Danske Bank, said she was “sceptical” about the suggestion that markets had seen the worst of the Italian crisis. In particular, “we think it is likely that market pressure on Italy might return in September, when we expect the government to release its 2019 budget proposal”, she said. “Should

the Italian government not moderate its spending proposals, we expect rating agencies to react relatively swiftly.” Thursday’s moves come after a week of more tranquil trading, in which Italian bond yields appeared to find a floor after last month’s rollercoaster ride. The yield on two-year Italian debt sat at about 0.6 per cent for several days, well off last month’s peak of 2.731 per cent. However, this is firmly in positive territory — until politics returned to investors’ risk radar, the yield had been trading at about minus 0.2 per cent. If, as it appears, the market is settling into a new normal then that suggests the political risk premium on short-dated Italian debt is about 0.8 percentage points. Much of the move in yields has been concentrated at the short end of the yield curve, but the pattern is similar in longer-dated debt too. Italian 10-year debt is yielding about 2.6 per cent, well down from its May high of 3.388 per cent but firmly above its lows in April of about 1.8 per cent. Again, that would suggest a risk premium of 0.8 percentage points. The spread between 10-year Italian and German bond yields — a widely watched indicator of investors’ appetite for eurozone political risk — hit 300bp at the height of the crisis but has since settled to between 215bp and 220bp, far wider than its pre-crisis levels of about 130bp.

Brussels launches investigation against Qatar Petroleum Gas supplier’s contracts under scrutiny as EU looks to lift territorial restrictions

EMIKO TERAZONO AND SIMEON KERR

russels has launched an investigation against Qatar Petroleum, the largest seaborne gas supplier to the world and to Europe, over contracts that appear to restrict buyers from selling on or diverting their cargoes to different purchasers. The move comes as the European Commission is seeking to remove territorial restrictions in the EU gas market. It follows the settlement of a seven-year antitrust case against Gazprom, where the Russian energy group pledged to remove contractual barriers to the sale of gas across borders by central and eastern European buyers. “We have opened an investigation to look at whether there are problematic territorial restriction clauses in gas supply contracts with Qatar Petroleum,” said EU competition commission Margrethe Vestager, adding: “Such clauses may harm competition and prevent consumers from enjoying the benefits of an integrated European energy market.” Qatar Petroleum could not be reached for comment. Qatar is the world’s biggest producer of liquefied natural gas, where the fuel is supercooled into liquid form at minus 160 C. Traditionally, long-term LNG contracts have had destination

restriction clauses, where the buyer is bound to receiving cargos at an agreed port, and barred from diverting the shipments or selling them on to other purchasers. LNG producers have come under increasing pressure over the past few years to remove fixed destination clauses. Last year competition authorities in Japan, home to some of the world’s biggest LNG buyers, deemed such clauses illegal. Meanwhile, the rise of LNG derived from US shale, which has been sold with flexible destination clauses, has also provided impetus for LNG buyers to call for change. In the case of Gazprom, the commission’s probe concerned alleged abuse of its dominance in the gas markets in Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Poland, Hungary and Slovakia, which rely heavily on the company to meet their energy needs. Brussels chose to shape a legally binding solution that would resolve the issues for the next eight years rather than a fine. Qatar accounts for just under 30 per cent of the world’s LNG supplies and 40 per cent of the EU’s imports. The Commission said it would further investigate whether Qatar’s Petroleum’s long-term agreements, typically 20 to 25 years into Europe, contained direct or indirect territorial restrictions.

Premier Foods’ second-largest shareholder plans to vote against CEO re-election SCHEHERAZADE DANESHKHU

remier Foods, maker of Mr Kipling cakes, said on Thursday that its second-biggest shareholder, activist group Oasis Management, intended to vote against the re-election of Gavin Darby as chief executive at next month’s annual meeting and “may encourage others to do the same.” The board of the highly-indebted company, headed by Keith Hamill who became chairman in November, backed Mr Darby saying it recommended his re-election unanimously.

“The board strongly believes that Gavin Darby is the best person to lead the company and to execute the board’s strategy,” it said in a statement. Nissin, the Japanese noodle maker, is Premier’s biggest shareholder with a 20 per cent stake. Oasis, the Hong Kong-based investment group which holds an 8.6 per cent stake, has been a shareholder in Premier since 2016, saying at the time it was “optimistic about the long-term prospects of the company”. Oasis fought for a seat on the board which it took up in March 2017 but then relinquished it in March this year.

Despite reporting last month a fiveyear high in annual revenue growth and an improvement in profitability and debt reduction, the shares have been stuck at or below 40p for most the past three years. Mr Darby has been chief executive since 2013. Some shareholders credit him with reducing the company’s debt pile and a turnround but Paulson & Co, last year described the group as “grossly mismanaged”. The US hedge fund made the criticism shortly after the board had rejected a potential offer for the group of 65p a share from McCormick, the US spice maker.

A hawkish Bank of England is the pound’s best friend Currency under pressure from Brexit and dollar strength looks well set ROGER BLITZ

ith the revelation that the Bank of England has acquired a new hawk, suddenly the pound gets a boost, gilt yields rise and the odds of an August rate rise jump. But all things are relative, and despite a 1.1 per cent intraday boost to sterling, the currency is still trading at seven-month lows, while gilt yields are no higher than a month ago. Investors tend to treat Bank of England rhetoric with caution, given the way previous hawkish positions have had a habit of unwinding. So while the shift of BoE economist Andy Haldane to the hawks’ ranks is eye-catching, a tone also reflected in the minutes of its meeting which voted 6-3 to keep rates on hold, analysts say it is far from

inevitable a hike will be delivered. Belief that the first-quarter slowdown was temporary underpins the hawks’ stance. But Silvia Dall’Angelo at Hermes Investment Management said recent poor data on industrial production and surveys on economic activity made a rebound “uncertain”. In contrast, there is confidence from Brown Brothers Harriman for a Bank of Canada hike in July and from Goldman Sachs for Norges Bank to follow soon after. Meanwhile, there are more than a few analysts wondering whether there is an ulterior motive to the BoE’s hawkish shift. The pound has been falling persistently — from mid-April’s dizzying $1.43 to this week’s sobering $1.30 level — and that could have an unwanted impact on inflation.

Is the BoE “jawboning” the currency? “This set of minutes looks quite doctored up to me in order to shore up sterling and provide a bit of support to rates,” said Stephen Gallo of BMO. If that sounds familiar, that is because similar accusations were levelled at the BoE in the wake of its June 2017 meeting which delivered a 5-3 vote despite doubts about the economic outlook. At that point, sterling was trading as low as $1.26 and inflation was overshooting at 2.9 per cent. Within three months, the pound was up to $1.35, and by the end of 2017 inflation had begun to fall. Few expect the pound to get a Brexit-related lift anytime soon, and dollar strength looks well set. That leaves the BoE as sterling’s best hope for stability. Investors await to hear what its policymakers say next.

Markets might look calm, but they are behaving abnormally The pessimistic view is years of loose monetary policy have made investors complacent GILLIAN TETT

o markets look a little weird right now? That is a question many investors might be asking. In recent weeks geopolitical tensions have intensified, and the monetary policy cycle is turning in both the US and Europe. Equity markets quivered on Monday, which was the day after China said it would retaliate against new US tariffs by imposing tariffs of its own, but the jitters were modest. Indeed, the MSCI world equity index is up 10 per cent up for the past 12

months — never mind that pesky trade war. This is odd. But what is more striking — and alarming — is that equity valuations are far from the only bizarre feature of today’s markets. If you peer into the weeds of global finance, you will see peculiarities sprouting all over the place. Consider credit. These days, pundits often wail about the rising risks attached to corporate debt. A survey from Bank of America Merrill Lynch shows that 42 per cent of asset managers now think that developed world companies have borrowed too

much money— beating a previous 2008 peak of 32 per cent. No surprise there, perhaps: corporate borrowing has indeed soared, amid numerous leveraged buyouts and mergers, and almost half of all US corporate bonds issued this year carry a risky rating of triple B-plus, triple B or triple B-minus. What is startling is that investors are not running scared. Instead, demand for risky debt is so high that the spread between safe and hazardous corporate debt (bonds rated triple A and triple B respectively) is a wafer-thin 50 basis points. In 2012 it was 200bp.

BUSINESS DAY

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Friday 22 June 2018

ANALYSIS

SoftBank: inside the ‘Wild West’ $100bn fund shaking up the tech world The Vision Fund is changing the rules for investing but will its whirlwind decision-making lead to bad bets? ARASH MASSOUDI, KANA INAGAKI AND LEO LEWIS

n the summer of 2014, SoftBank founder Masayoshi Son attended a wedding on the coast of southern Italy that would change his company forever. But not in the way it seemed at the time. The Japanese billionaire was among a select group of celebrities and business moguls gathered at a fortress-shaped resort in Puglia to celebrate the marriage of Nikesh Arora, a smooth, fast-talking Google executive. Days after the wedding, the groom quit his lucrative job in charge of Google’s search-based ad sales business to join the global technology and telecoms group — ostensibly as heirapparent to Mr Son. But it was Mr Son’s re-encounter with another India-born guest at the wedding that has turned out to be more significant. Rajeev Misra, who once helped SoftBank pull off a complex deal when he ran debt trading at Deutsche Bank, was within months wooed to work for his former client. SoftBank Share price Four years on, Mr Misra has outlasted Mr Arora and is widely seen as the most influential lieutenant to Mr Son, whose penchant for placing huge bets on unproven ideas has made him one of the world’s most important— and controversial — technology investors. Insiders say it is the financial wizardry of Mr Misra, whose charm and tolerance for huge risk lifted him to the top ranks of Deutsche’s investment bank a decade ago, that has provided Mr Son with the tools to pursue his ambition. Together they have created a $100bn fund, the largest private pool of money ever raised, which has put SoftBank at

says. “It’s unprecedented but it’s meeting a market demand.” In Silicon Valley, venture capitalists wonder whether SoftBank is fuelling its own bubble, pouring cash into a sector already awash in capital. Some warn of behaviour that recalls the dotcom boom and bust — after all, Mr Son briefly became the world’s richest man until the bubble burst in 2000 and SoftBank’s shares tumbled 99 per cent. “Masa seems to be ultra-aggressive. If I had a lot of capital today, I don’t think I would run out and spend it given the market conditions,” says Howard Marks, the co-founder of distressed investing firm Oaktree Capital. Some go further, saying that Mr Son’s investments are based on a naive assumption that markets will always go up. “He’s so optimistic he thinks everything he buys will succeed,” says a former adviser. SoftBank investments 1 Transport SoftBank itself invested $7.7bn in Uber in 2017 and owns stakes in some of

the centre of dealmaking in every corner of the world. The so-called SoftBank Vision Fund has allowed Mr Son to leapfrog a cliquey club of mainly Silicon Valley venture capital firms — something unthinkable just a few years ago. SoftBank is now competing against tech giants from the US and China for the most sought after start-ups. In the process, SoftBank is shifting the relationship between the tech sector and capital markets. At a time when start-ups are minded to stay private for as long as possible, SoftBank allows its portfolio companies to pursue growth without worrying about burning cash. Some venture capitalists even quip that “SoftBank has replaced the IPO”. Stephen Schwarzman, the billionaire co-founder of private equity firm Blackstone, says Mr Son is redefining technology investing. “No one has ever done that before at this kind of scale,” he

the world’s largest ride-hailing groups, including China’s Didi Chuxing, Brazil’s 99, India’s Ola and the south-east Asian group Grab. The Vision Fund has invested $159m into Nauto, which uses AI to improve driver safety and driverless technology. The spending spree has been spectacular. Over the past two years, SoftBank has ploughed tens of billions into lossmaking companies, from ride-hailing groups Uber and Didi Chuxing to WeWork, the shared workplace group which is currently seeking to raise fresh funds at nearly double the $20bn valuation from a fundraising last August, when SoftBank invested $4.4bn. This web of at least 31 minority stakes feeds into what Mr Son calls a “synergy group strategy”, where the copious amount of data that can be gathered will allow him to influence multiple industries without SoftBank itself having to

manage the individual companies. “The strategy is to create a consortium of companies that can sustain SoftBank’s growth over 300 years,” Mr Son says with typical bravado. At the core of his vision is Arm Holdings, a UK chip design company. Mr Son believes Arm’s technology will become ubiquitous in a world where connected devices and artificial intelligence will shape a networked future. Yet the Arm deal highlights what some see as the chief vulnerability of SoftBank — its high levels of debt and leverage. SoftBank paid $32bn for Arm two years ago, alarming its investors. Its debt now sits at $143bn. It was Mr Misra who found a solution to the pressure on its balance sheet, devising a complex financial structure that allowed SoftBank to borrow against Mr Son’s most famous bet, a 2000 investment in China ecommerce group Alibaba now worth $145bn. After the Arm deal in 2016, Mr Son decided he needed to dig even deeper. Mr Misra once again struck lucky. Thanks to past contacts, he managed to secure an audience for Mr Son with Saudi Arabia’s powerful crown prince Mohammed bin Salman, after its Gulf rivals Qatar had snubbed an approach. It was a marriage of minds. The crown prince committed $45bn to the $100bn Vision Fund within weeks. A signing ceremony in Riyadh last year was held to coincide with Donald Trump’s first overseas trip as US president. Mr Son has richly rewarded Mr Misra for his dealmaking prowess. He named Mr Misra as the chief executive of the Vision Fund, a member of SoftBank’s 10-person board and one of three executives shortlisted to one day replace the 60-year-old founder. Mr Arora departed days before SoftBank moved on Arm, as it became clear he would not become the boss anytime

soon. The circumstances surrounding his exit still haunt the company. SoftBank directors have hired a law firm to investigate whether an insider aided an anonymous shareholder campaign that targeted the conduct of Mr Arora and another executive. Mr Misra has adopted an unorthodox approach to the Vision Fund. Rather than turn to Silicon Valley or traditional venture capital sources, he has brought in former colleagues from Deutsche Bank and other corners of high finance. The men — and they are overwhelmingly men — were part of an elite group of bankers who transformed a conservative German lender into one of the most sophisticated Wall Street firms, but one that did not develop the internal controls that such enormous risk-taking required. The bank still faces a painful reckoning for those years of excess, which included a period where Mr Misra’s childhood friend, Anshu Jain (who was also at the Puglia wedding), was co-chief executive. “What is remarkable is that the biggest fund in the world for technology is not run by tech-savvy guys,” says one person closely linked to the fund.

The Vision Fund operates out of a four-storey, Edwardian building in London’s Mayfair, home to Europe’s gilded hedge fund and private equity community. An ebullient character, Mr Misra once greeted the FT there barefoot, dressed in a light blue linen suit and crisp white shirt, with his hair slicked back and wrists adorned with beads and bracelets. At regular intervals, aides walked in bearing coffee while others came seeking advice. Throughout the conversation, Mr Misra chewed paan while vaping from an electronic cigarette. Past associates from his banking days recall a brilliant trader who moved to his own rhythm where rules were meant to be bent. Mr Misra had colleagues remove alarms so he could smoke on the trading floor. He had an uncanny habit of poaching his colleagues’ food from off their desks or even as they were eating. As head of fixed income, Mr Misra oversaw Deutsche’s biggest traders and trades including a contrarian bet against subprime mortgages that came good as the financial crisis hit. After leaving in 2008, he had short stints at UBS and Fortress, the hedge fund that SoftBank then bought last year upon his advice. The Vision Fund reflects and projects Mr Misra’s whirlwind style, resembling something more akin to a fast-paced trading floor rather than a polished investment firm. His hires include former Deutsche Bank colleagues such as Colin Fan, its former trading chief, Akshay Naheta, Munish Varma, Saleh Romeih and Faisal Rahman. His chief of staff, Neil Hadley, was brought in from UBS. The Vision Fund’s structure, which differs from almost every other venture capital or private equity fund, is down to Mr Misra. Instead of taking pure equity stakes, all outside backers receive 62 per cent in preferred units that pay a 7 per cent coupon. Only SoftBank has a full equity stake, meaning it has the most to gain from the fund’s success.

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Friday 22 June 2018

BUSINESS DAY

Live @ The Stock Exchange Top Gainers/Losers as at Thursday 21June 2018 GAINERS Company

Closing

Change

N109

N112

PRESCO

N72

N73.5

1.5

WAPCO

N39

N40

GUINNESS

N97

N97.5

0.5

N5.01

N5.26

0.25

CUSTODIAN

Market Statistics as at Thursday 21 June 2018

LOSERS Opening

Company

Opening

Closing

Change

N717.2

N685

-32.2

DANGCEM

N239

N230.3

-8.7

CCNN

N25.2

N24

-1.2

N20.75

N19.95

-0.8

GUARANTY

N40.65

N40.05

-0.6

SEPLAT

ASI (Points) DEALS (Numbers) VOLUME (Numbers) VALUE (N billion) MARKET CAP (N Trn

Dangote Cement pays N180bn dividend following successful 2017 …represents 90% of record profit Stories by Iheanyi Nwachukwu

he successful business of Africa’s largest cement maker, Dangote Cement Plc in 2017 enabled the company to pay a whopping dividend of about N180billion to its shareholders, the largest of such payment since this year’s annual general meetings season. The dividend paid is 90 percent of the group’s profit and represents N10.5 per share; it is a remarkable increase, being 23.5percent compared N8.5kobo per share the company paid in the 2016 financial year. The board of directors got approval of teeming shareholders to pay the dividend at the company’s 9th annual general meeting in Lagos on Wednesday June 20, 2018. Despite the low volumes, the group increased revenue by 31percent to N805.6billion from N615.103billion in 2016. Gross profit increased to N454.29billion from N291.28billion in 2016. Profit from operating activities increased to N304.208billion from N182.493billion, profit before tax also increased to NN289.59billion from

N180.929billion, while profit for the year increased to N204.248billion from N142.858billion in 2016. “Our large capacity, financial strength, vertical integration and prudent management have enabled us to enter markets, gain share and withstand competitive and pricing pressures that have wrought more damage on the smaller, less wellfunded manufacturers who initiated them,” Aliko Dangote, chairman, Dangote Cement Plc told teeming shareholders. The shareholders at the meeting received and adopted the company’s audited financial statements for the year ended December 31, 2017, and the reports

of the directors, auditors, and audit committee thereon. Dangote Cement Plc is currently the largest listed entity on the Nigerian Exchange with shares outstanding of 17.040billion units and market capitalisation of N4.072trillion, representing about 30percent of the entire equities market capitalisation. The paid dividend represents 90percent of the company’s net profit in 2017. Dangote Cement Plc share is currently priced at N239. It had reached a 52-week high of N290 from a 52-week low of N194.75. The shareholders who spoke at the yearly general meeting, also commended the management for the performance and efficient running of the company, amid

38,152.60

harsh economic environment. Boniface Okezie, President of the Progressive Shareholders Association, expressed satisfaction with the state of affairs in the company, especially for abiding by strict corporate governance principles and sustaining its profitability. He however urged the board to do everything within its powers to give bonus to shareholders in the next financial year. Umar Farouk, another shareholders’ association leader urged the regulators to adequately compensate the management of the Dangote Cement with an award as it has consistently kept faith with its shareholders. I am very happy and our members are upbeat for the future, knowing that it will only get better.” He expressed optimism on the pan-African plants, especially now that the plants are contributing significantly to the turnover of the company. “It is a statement of fact that we are lucky to be shareholders of this great company. If you see what our subsidiaries across Africa are contributing to the turnover, then you will understand what I am talking about.”

3,766.00 271,401,199.00 4.100 13.820

Coronation Merchant Bank chief risk officer elected RIMAN president

he Chief Risk Officer of Coronation Merchant Bank; Magnus Nnoka has been elected as the president of the Risk Management Association of Nigeria (RIMAN). His election took place at the 18th Annual International Conference and Annual General meeting of the Association which took place recently in Lagos. Now in its 18th year, RIMAN has been at the fore front of promoting best practices and advocacy in risk management and related disciplines in Nigeria. The organization provides distinct and value-added services through its pool of industry experts and seasoned professionals. It also sets national standard in Professional designation with the Certified Risk Manager (CRM) certification through the association’s on-going structured examination programme and Mandatory Continuing Professional Education (MCPE) Prior to his election as President of RIMAN, Nnoka Magnus has been on the Executive council of the Association for over a decade, served at various times as 2nd Vice President and 1st Vice President. He

has also chaired prominent governance committees like training & membership committee. Nnoka brings to the Association very rich experience in the banking sector spanning over two decades and cutting across banks and core areas of Treasury, Branch Management/ Operations and Enterprise Risk Management. In his post-election acceptance speech, Nnoka stated that under his leadership, RIMAN will remain committed to spearheading risk management advocacy and capacity building activities beyond the financial services sector. He promised to lead a team that would sustain a risk-aware business environment working closely with various regulatory agencies and stakeholders. Nnoka whilst recognizing the enormous task of leading the Association in current global and national risk environment, believes that the strong risk culture existing at Coronation Merchant Bank – a leading investment bank in Nigeria - and the pool of experienced professionals at RIMAN would serve as strong pillars in carrying out the tasks of the office.

SEC approves official trade group for registered investment advisers

he Securities and Exchange Commission (SEC) Nigeria on April 20, 2018 approved the registration of the official trade group for registered investment advisers in the country. The regulatory move is aimed at effectively protecting investor interests in the Nigerian financial market. By this new development, all 160 (one hundred and sixty) SEC registered corporate and individual investment advisers in Nigeria are expected to adopt and adhere to the professional code of ethics and standards

of practice of the Association Of Corporate And Individual Investment Advisers (CIIA). CIIA, as a trade group, is driven by the strong ideology of the Operator’s fiduciary responsibility to the investor - to ensure professional conduct at all times - and by this is launching out with the fundamental objective of building and protecting investor TRUST on the four pillars of its PETS project. CIIA expects that in the not too distant future, every registered investment adviser shall ensure that their services are provided strictly

in line with the following key (PETS) principles: Professionalism in investment analysis; Elimination of conflicts in investment recommendations; Transparency in investment actions and; Standardisation of investment performance reporting. In its inaugural council meeting held Tuesday 12th of June 2018, President and Chairman of Council, Oluwatoyin Sanni, emphasised that retail and institutional investors in our market are yet to enjoy the best of what advisory services can offer, highlighting the programmes of the new body.

L-R: Obiageli Okosi, Micro Finance Department National Pensions Commission, PenCom; Caroline Dokpesi, senior manager, Market Development Department, Securities and Exchange Commission, SEC, Francis Okafor, representing director general SEC, and Surajo Musa, Micro Finance Department National Pensions Commission, PenCom, during the Financial Inclusion outreach of SEC in Abuja.

BUSINESS DAY

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Friday 22 June 2018

BUSINESS DAY Online

Highlight of the news reports on our digital platforms this week

Best five stories this week Abraaj bankruptcy hits stake in 8 Nigerian companies

POLL RESULTS: The Poll question: What is your preferred banking method, mobile banking, physical banking or USSD codes? 68% of Nigerians on social media prefer mobile banking, 10% prefer physical banking and 22% prefer the USSD codes.

Africa focused Private Equity (P.E) firm Abraaj’s imminent liquidation means its shareholding in eight Nigerian companies are hanging in the balance.

Brazilian star Neymar sets new World Cup record Although Brazil team failed to beat Switzerland in their first group game of the 2018 FIFA World Cup in Russia, Neymar has set yet another record with the most fouls received since 1998 edition of the tournament.

President Muhammadu Buhari on Friday , dropped hint that he will still inject fresh hands into the Federal Executive Council (FEC).

Egypt’s inflation falls behind Nigeria’s as bold reforms pay off Annual inflation in Egypt has fallen behind Nigeria’s for the first time since a raft of painful reforms from a currency float to fuel subsidy cuts that started in 2016. For more visit our website at businessdayonline.com to catch up on full news stories

Write us with your opinion at digital@ businessdayonline.com to let us know what your preference is

Poll of the week

Atiku invited to speak in Washington DC on June 24 Members of the ruling party and President Muhammadu Buhari’s die-hard supporters may be in for a disappointment

Cartoon of the week

as one of their greatest rivals— Atiku Abubakar— has been invited to speak.

Buhari drops hint of imminent cabinet reshuffle Video of the week

Tweet of the week

BUSINESS DAY

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NEWS YOU CAN TRUST I FRIDAY 22 JUNE 2018

Opinion Global megatrends: How prepared are we? I

n American comedian once made a racist joke that if you needed to hide money from a black man you should put it inside a book – he is guaranteed never to open it. Two of the most painful stereotypes about black Africans are that (a) they never plan for the future and (b) they never read. Like all stereotypes, they tend to reflect some uncomfortable truth. But the first is not entirely correct. Africans do worry about the future, but with a qualitative difference. When they want to know the future they consult Ifa priests, Mallams, Shangomas and other spiritualist “prophets”. By contrast, when Asians, Americans and Europeans want to know the future, they build models derived from science, data and statistics. All the great nations of the world that I know of are always obsessed about their preparedness for the future. The project for the New American Century, for example, emerged as a neoconservative strategy to reassert American power and hegemony in the twentyfirst century. The Chinese, the Koreans, Singaporeans and Indians are always thinking and planning decades ahead. It is we Africans who were gullible enough to buy into the fraudulent heresy that development planning is bad. I have always been inter-

ested in the future. One of the great minds who inspired my interest in this field was the futurologist Alvin Toffler (1928-2016). Toffler, in collaboration with his wife Heidi Toffler, wrote such runaway bestsellers as Future Shock, The Third Wave and PowerShift, all of them about the future and what it holds for humanity in terms of technology, economics, business and international order. Global megatrends have been defined as, “overarching global forces that stem from the past, are shaped in the present, and will transform the future”. They are long-term ubiquitous, structural and often irreversible transformations that shape economies and societies. The challenge is that such long-term, nonlinear quantum leaps demand more long-term solutions than what obtains with governments with a short-term electoral outlook. Public policies that normally operate within short-term horizons will have to be redesigned in terms of more long-term, systems-based approaches to cope with longer-term structural changes. Through the process of Delphi analysis (a synthesis of principal findings from various world futurological studies), I have identified 7 major megatrends that are likely to shape our future in profound and irreversible

ways: demographics, urbanisation, technology, deepening interconnectedness, rising debt, economic power shift and black swans. One of the great megatrends leading up to 2030 is population. The world population recently attained the 7 billion mark. By 2030 it is projected to reach 8.5 billion. While developing country demographics will increase exponentially, that of the advanced countries will stagnate. By 2030 the number of people older than 65 is set to double to 1 billion. Russia, China, Japan, Korea and Europe will become predominantly aging societies. America will escape these challenges because of her more liberal immigration policies. Africa and other developing societies, on the other hand, will experience a massive youth bulge, with minimal dependency ratios. Racial tensions will increase in Europe, where youth emigrants will be co-opted into the workplace to make up for labour shortfalls. Demographics will also gradually alter the character of Russian society, as the demographically more fertile minority Muslim population who make up 19 percent of the population begin to assert their rights. For countries with dwindling demographics, there is likely to be a deceleration in growth. It is also evident that the pension systems of aging

HumanAngle FEMI OLUGBILE Physician, psycho-profiler and essayist

yisha Osori first came to your attention at the gathering of journalists, politicians and the literati that was convened recently in Lagos to celebrate the sixtieth birthday of Kunle Ajibade. Her appearance on the podium, the unaffected almost ingenuous manner of her presentation, and the fact that most people in the gathering had not heard her name until that morning marked her out for curious scrutiny. So did the rather intriguing title of the book that had launched her to prominence on the dais, where she could sit and say her piece alongside Wole Soyinka, Femi Falana, and Segun Osoba. Ayisha is a lawyer, a writer of children’s text books, and a newspaper columnist. She is also a woman who has dipped her toe in the hot, male-dominated waters of Nigerian electoral politics, and lived to tell the tale. That tale provided the grist for the writing of ‘Love Does Not Win

societies will come increasingly under stress while public healthcare spending is bound to increase. For countries with youth bulges such as those of Africa, on the other hand, policies will have to be adopted to accelerate human capital development and to boost industrial development and jobs. Unless urgent measures are taken to create opportunities for the youth, the rise in population could easily turn into a time bomb. In 2010 the world’s middle class population stood at 27 percent. By 2030 it is forecast to reach the 60 percent mark. Of this, 80 percent will reside in the developing countries, with all the implications for global trade, finance and investments. These changing demographics will mean a considerable boost in global aggregate demand and significant expansion in wealth and economic opportunities in the developing world. Ironically, expanding opportunities will also mean rising inequalities and deepening poverty in those pockets of the world where diminishing expectations are structurally embedded in path-dependent economic systems. A rising world population will also mean shortages in water, resources, land and energy. Water stress could become even more acute in the MENA countries (Middle East and North Africa), East

Africa and northern China. The competition for natural resources could also lead to violence and conflict in mineral-rich countries such as Democratic Republic of the Congo (DRC), Central African Republic and others. Demand for food is also set to increase by 35 percent in 2030, which would be a boost for the economies of agricultural products-exporting countries. For Nigeria in particular, our population is set to dramatically increase from the current 198 million will increase to some 263 million in 2030. According to the UN, at current trends, by 2050 Nigeria will have a population of 440 million; becoming the third most populous nation in the world, coming just behind China and India. I get nightmares thinking of how our country will be if we continue on our current path-dependence of poor governance, grand larceny, religious and tribal agendas, weak institutions and sheer incompetence of leadership. Linked to demographics is the trend towards rapid urban agglomeration. One of the major megatrends by 2030 is rapid urbanisation. In 1950, 30 percent of the world’s population lived in urban cities. According to some forecasts, on average terms, 66 percent of the world’s population will live in cities in the coming decade. In the case of de-

is really happening that she has to get it out from its shroud of mystery. Every patriot has the hope that someday, even if that day is not now, clean, wholesome, un-compromised leaders would arise to take their country Nigeria to the promised land. The thrust of

blood experience of an intelligent, ambitious and socially concerned lady who has been through the needle’s eye. The title of the book, in a way, is a give-away. ‘Love Does Not Win Elections’. Ayisha’s story starts in 2014, as the two major political parties begin to gear up for the general elections of 2015. Ayisha is caught up in the passion to make a change, starting at her local level. She wants to run for the office of Member of the House of Representatives representing her Abuja Constituency, which includes the Abuja Municipality Council Area and Bwari. When she announces her intention, a few of her friends and family are understandably aghast, but most are supportive. She looks into the structure and content of the two major political parties in the field, concludes that there is not much of a difference, and decides to plunk for the PDP – which is the incumbent party of the day in the federal government, and in Abuja. She is irked by the fact

‘Love does not win elections’ - a review of a book written by Ayisha Osori An idealistic focus on the corrupting nature of money in politics risks forgetting that contesting elections has real and legitimate costs Elections’. On the day of the Ajibade event, the book was available for purchase in the foyer, and you picked up one. The author, an Eisenhower Fellow, graduated from University of Lagos and Harvard Law School. She has a Masters in Public Administration from the Harvard Kennedy School.

She hailed originally from Kogi State, but has made her working life in Abuja. In her book, she feels compelled to tell the world the story of politics and elections in Nigeria. Reading the book, you get the sense that the author believes that the picture she has to paint is so different from what everyone seems to think

the author’s story seems to be that the system through which everyone must pass in order to occupy political office, whether as president or governor or legislator, is so fraught and so fraudulent that nobody can come out if smelling of roses. It is a harsh and rather alarming message, but it is detailed in the flesh and

THE NEW WEALTH OF NATIONS

OBADIAH MAILAFIA Dr. Mailafia is a former Deputy Governor of the Central Bank of Nigeria, a development economist and public finance expert with a DPhil from Oxford obmailafia@gmail.com; 08036590990 (text messages only)

veloping countries, by 2030 urban dwellers are likely to constitute around 50 percent, up from the current average of 30 percent. A remarkable trend in present-day urbanism is the phenomenon of megacities, defined as cities with more than 10 million people. This phenomenon is bound to increase in the coming decade. By 2030 the population of some cities would have risen Continues on page 35

that Nigeria is far below the internationally recommended target of 35% female representation in the legislature. She is also irked by the fact that female representation has tended to smack of tokenism, with no distinct impact being expected of, or achieved by, having women in the room. As example, she notes that after the abduction of the Chibok girls, there was no uniform gender-based position taken by the thirty-two female legislators. Rather their reactions, lukewarm at best, were split along party lines. She has been warned by several people that, for the woman, running for political office is getting into a land populated with landmines and prejudice. Setting out, she prepares a list of ‘will not do’ items. She will not trade sex for access. She will not eat her words. She will not write obsequious articles in the newspapers about the First Lady of Nigeria, and she will not wear aso-ebi with anybody’s image on it. Ayisha proceeds over the Continues on page 35

APOLOGIES Last week Friday on this page, we erroneously published a picture of Dapo Olorunyomi as that of Kunle Ajibade, who was the subject of the piece. We apologise for any inconvenience caused.

Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Ghana Office: Business Day Ghana Ltd; ABC Junction, near Guinness Ghana Limited, Achimota – Accra, Ghana. Tel: +233243226596: email: mail@businessdayonline.com Advert Hotline: 08116759801, 08082496194. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Anthony Osae-Brown. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.

WOMENâ&#x20AC;&#x2122;S HUB F E M I N I S M Views on what it is & What it is not

BUSINESS DAY

Asukwo E.B

Friday 22 June 2018

FEMINISM Wiews on what it is and what it is not

EDITOR’S NOTE

gain, it’s another edition of Women’s Hub. Our cover story is on Feminism and we bring you views of 4 different women with different opinions on the topic.

My Feminism

irst is the general definition of Feminism. Feminism is defined as the belief in the social, political, and economic equality of the sexes. Feminist activism is the struggle for that equality.

What do I understand Feminism to be: My feminism is not about being an angry, bitter woman, trying to erase male culture and villainize men. My feminism does not hate men but I see men as partners in engaging the discourse around gender equality.

Osa writes about depression and the need for it to be brought to the fore. These and more we have for you. in this edition. Enjoy!

Graphics by David Ogar

A movement for domestic and sexual violence. As part of the feminism platform, education on domestic and sexual violence is included for both men and women. Every day, thousands of people are hit, raped, molested, and assaulted around the world, left with nowhere to turn. Feminism is here to encourage discussion around these previously taboo topics. Being accepting of all women. Feminism is not about forcing all women to go to college and secure CEO positions. Feminism is about supporting each and every woman to be who she wants to be. If that means she wants to be a stay-at-home mom, then that’s what she should be; free from judgment. WHAT FEMINISM IS NOT One-sided: Feminism is for every woman, man, or minority who has ever been discriminated against. Feminism is not this special, inclusive club that only a few women are allowed to join. Feminism is acknowledging that men, as well as women, are victims of sexual and domestic violence. About who is preferred: It is not about being better or greater than men. Women hating men: Feminism by many standards is defined as equality for the sexes. It’s about equality for both genders, it is not about favouring one over the other; rather, it’s about empowering women to seize positions and roles in society that were previously unavailable to them.

My feminism does not hate men but I see men as partners in engaging the discourse around gender equality. It is also not about playing the victim or acting all beaten up because I am a woman. My feminism is about standing out as much as my male counterparts and projecting my voice as strongly as is needed.

‘I have chosen to no longer be apologetic for my femaleness and my femininity’

My feminism understands that culture feeds patriarchy where male dominance is accepted and positions of power and authority are held by men and considered superior; and therefore, I need to ensure that I do not in any form or practice encourage this long-standing system that we are born into and participate in, mostly unconsciously.

e spend too much time teaching girls to worry about what boys think of them. But the reverse is not the case. We don’t teach boys to care about being likable. We spend too much time telling girls that they cannot be angry or aggressive or tough, which is bad enough, but then we turn around and either praise or excuse men for the same reasons. All over the world, there are so many magazine articles and books telling women what to do, how to be and not to be, in order to attract or please men. There are far fewer guides for men about pleasing women.

he world has faced an epidemic gearing towards male dominance/ gender inequality/patriarchy which has resulted in oppression and many other forms of abuse and societal problems. Hence the birth of FEMINISM. Women constitute a very large number on earth, thereby generating the must problems and have the most needs. Therefore, women have the capacity to provide predominantly, the solutions to all of these problems. There’s no doubt that from 2018 going forward, it is an era of movements supporting gender balance and equality. From the UN to many developed countries like Canada and to many great cities like London which have a theme “Behind every city there are Women”. SO WHAT IS FEMINISM? Feminism is an act of being fully aware and comfortable, accepting and advocating for the roles a woman must play to shape the society perfectly. Feminism is recognising and committing to the attainment of women’s political, economic, social and personal equality balance in every society. Feminism also is the commitment and dedication to an equal and balanced education and professional opportunities for the female gender to close up the existing gap.

I looked the word up in the dictionary, it said: Feminist: a person who believes in the social, political, and economic equality of the sexes. My great-grandmother, from stories I’ve heard, was a feminist. She ran away from the house of the man she did not want to marry and married the man of her choice. She refused, protested, spoke up when she felt she was being deprived of land and access because she was female. She did not know that word feminist. But it doesn’t mean she wasn’t one. More of us should reclaim that word. The best feminist I know is my brother Kene, who is also a kind, good-looking, and very masculine young man. My own definition is a feminist is a man or a woman who says, yes, there’s a problem with gender as it is today and we must fix it, we must do better. All of us, women and men, must do better.

Finally, Feminism as far as today is concerned, is when a woman is confident in who she is and stands a firm resolve to push for what’s possible for every woman. By being fully aware of the gap in society when it comes to opportunities and acceptances for the female gender in nation building, development and strengthening communities.

I have chosen to no longer be apologetic for my femaleness and my femininity. And I want to be respected in all of my femaleness because I deserve to be. My own definition is, a feminist is a man or a woman who says, yes, there’s a problem with gender as it is today and we must fix it, we must do better. All of us, women and men, must do better.

FUNKE KUTI CEO, FK Management Limited

Feminism

We teach girls to shrink themselves, to make themselves smaller. We say to girls, you can have ambition, but not too much. You should aim to be successful, but not too successful. Otherwise, you would threaten the man. Because I am female, I am expected to aspire to marriage. I am expected to make my life choices always keeping in mind that marriage is the most important. Now marriage can be a source of joy and love and mutual support but why do we teach girls to aspire to marriage and we don’t teach boys the same? We raise girls to see each other as competitors not for jobs or accomplishments, which I think can be a good thing, but for the attention of men. We teach girls that they cannot be sexual beings in the way that boys are.

Some people ask: “Why the word feminist? Why not just say you are a believer in human rights or something like that?” Because that would be dishonest. Feminism is, of course, part of human rights in general—but to choose to use the vague expression human rights is to deny the specific and particular problem of gender. It would be a way of pretending that it was not women who have, for centuries, been excluded. It would be a way of denying that the problem of gender targets women.

kemi@businessdayonline.com

With the new attention being paid to feminism and its relevance in our world today, rampant misunderstandings have infiltrated communities everywhere. For me, here is a breakdown of what feminism is and is not: WHAT FEMINISM IS It’s for everyone. Feminism is for more than women who are marginalized or paid

My feminism says that my son and daughter are both my children and one is not better than the other because of their gender. I will bring them up knowing they both can be whatever they decide to be irrespective of gender.

My feminism is not about inventing issues where there are none, like men should not hold the door open for women or men should also get pregnant or women can also be fathers and the like. From where I stand, these cheapen the conversations about feminism. Let’s focus on the issues that still make all the difference: women participation in politics and in the economy, gender pay gap, reproductive rights issues, intimate sexual violence, and women trafficking. These are more important issues.

INI ABIMBOLA Lead Consultant/CEO, ThistlePraxis Consulting Limited

less than their male counterparts; feminism is about shining light on injustices and groups of citizens that are set aside for their privileged counterparts. It’s about striking up conversations where conversation is needed. Equality. Its allowing women have the flexibility and freedom to make their own decisions and the advocacy of their rights based on personal, economic political and social equality to men.

Feminism is about equal opportunities, be it social, political and economic, and not sameness. I do not want to be a man or act like a man to be seen to be equal to a man. I will not shun my femininity because I am a feminist. I see some “feminists” hide themselves when they get pregnant so people don’t ‘misunderstand’ their feminism. I think they have a problem deeper just asking for equality.

CHIMAMANDA ADICHIE Novelist, Writer

Friday 22 June 2018

During the last 6-7-year period, we’ve witnessed a new wave of feminism, known as the fourth wave that has brought significant media attention to a movement started in 1848. Taking to the streets in protest, hosting events, and bringing heightened awareness to the feminist movement using social media platforms and global reach, fourth wave feminism is a proactive approach to societal equality.

My feminism says; stop shutting down female voices because they are female and elevating male voices just because they are men. If 10 men are at the table making our laws and speaking on behalf of the entire population, let’s have 5 of that 10 be women, equal number on that table. Call it simplistic but let’s start from there. These are simply basic rights.

We teach girls shame. “Close your legs. Cover yourself.” We make them feel as though being born female they’re already guilty of something. And so, girls grow up to be women who cannot say they have desire. They grow up to be women who silence themselves. They grow up to be women who cannot say what they truly think.

KEMI AJUMOBI

“F

EMINISM isn’t about making women stronger. Women are already strong. It’s about changing the way the world perceives their strength” – G.D Anderson.

My feminism is about inclusivity. It’s about not being forced into any roles you don’t want to have, but about having the choice to follow them or not follow them as you see fit.

Joy is a member of Dolphins, a female basketball team owned by the Late Gbadebo Aboderin. Her story on his positive impact in her life is deeply inspiring.

WOMEN’S HUB

Modern Day Feminism

My feminism says I am a human being first and therefore I have a right to be socially, politically and economically equal to the next human being who might be a man. I will also respect the dynamics that comes with a marriage, where there is a man and a woman, understanding that marriage is a partnership and not a hierarchy.

Our story on DNA is indeed very informative.

Anthony is currently in Russia for the World Cup. He met with Anna, a PR professional who shares on various topics with him.

BUSINESS DAY

IMAN SULAIMAN-IBRAHIM Co-Founder, The Beehive Initiative

Based on favouritism: Feminism is not about supporting one group or subset of people over another group. Feminism is about showing support and strength to every single individual. An excuse to act with hostility: It is not an anger outlet or an excuse to belittle anyone. Feminism is a positive movement that is designed to encourage conversations, interactions and education between all people, with no room for hostility. WHAT YOU NEED TO KNOW Overall, it’s important to understand that although feminism might imply it is solely for the advancement of women, in modern times, that includes any oppressed group or individual who is marginalized against. Built on positivity and support as opposed to hostility and exclusion, feminism is a modern day equality movement that is designed to better society for all, through a platform built on female empowerment.

BUSINESS DAY

indly introduce yourself and share the reasons for being here in Kaliningrad My name is Anna Shcherbina, the Project Manager for Coca Cola Youth Program for the 2018 FIFA World Cup Russia and we are hosting children from Nigeria who will bring the Nigerian flag on the World Cup games in Kaliningrad in the first game in Kaliningrad stadium. What led to this initiative? It’s a Coca Cola project and also as a big sponsor of the FIFA World Cup, the motive is to give children a life time World Cup memory. It will be nice for these kid s to bring Nigeria’s flag to shine in Russia besides, it’s a great opportunity every child will be happy to take part in.We had a similar program in 2017 at St. Petersburg during the Confederation Cup but only with Russian children participated, but this year, we have international children. Is it for Children from Nigeria alone? We have different Children from other countries in different cities hosting the World Cup games for example in St. Petersburg, we have children from Egypt. Tell us more about your agency and your role I work with an agency that helps manage Coca Cola PR projects. The name of my agency is Team For Dream, and our main client is Coca Cola. We do a lot of projects with them ranging from; marking, promotion and events. We also do PR management for other brands. How has the job been? PR job is not for everybody, it’s stressful, challenging and interesting, but I love the job. I can’t imagine myself doing office jobs where you sit in front of the computers for hours, it makes me

WOMEN’S HUB

Friday 22 June 2018

I’m happy hosting children from Nigeria here in Kaliningrad - Anna

life? My mobile phone is always on and when I have to attend to some letters on weekends, I don’t see it as a job but a hobby. When I am on leave, I go for holidays for relaxation, then I resume with more

energy to work proficiently. My family supports me but sometimes, they complain that I spend too much time on my job and this has given me little time to meet men. Is the nature of your job the reason you are still single? I only think about my job and I always want to be the best in my job and to satisfy the clients. I put all my efforts in all my projects. What does it take to be effective in PR marketing? Aside from your qualification, you should be responsible for your job and don’t put responsibility of whatever happens on others. The job is very multi-tasking so you must be very organised, plan your timetable very well and be a solution provider. If you are lazy and just want to earn money you might not be successful on the job. What is the most challenging part of your job? For me, its stress and I always try to keep calm whenever I am under stress but sometimes, I feel nervous. Sometimes, you have challenges, sometimes I feel like quitting the job due to pressure and stress. The best is to control your emotions. What sporting activity do you love to partake in? I do gymnastic and was once a sports journalist. I like doing Figure Skating which is very popular in Russia. What can you say about the children you are working with? I love all projects with children. When I saw the Nigerian children delegates, they looked stressed. I hope they like everything we do here, however, it depends on us to make the visit an unforgettable experience for them. Any plan to visit Nigeria in the nearest

future? Of course I will like to visit Nigeria and see the rich cultures. I don’t know facts about Nigeria; we just read about the population, culture and food. I will like to travel there and it will be a great experience to see how people live together with diverse cultures and traditions. What can you say about Russia’s dominance in athletics? We have sport activities from childhood, it’s very popular. Almost every boy involves in sport activities like; hockey, boxing, football and athletics. It’s now trendy to have a good way of life, like not smoking and drinking a lot but to engage in sporting activities to be healthy. How do Russians feel about hosting the FIFA World Cup? Russians are very excited that the World Cup is taking place in Russia. They are happy to welcome foreigners into Russia, hotel, transportation and food business is booming and the people are very excited. For us, we are not rated high in soccer, but hosting the World Cup has made more foreigners come to Russia and see our beautiful cities. What can you say about doping among Russian athletes? Some of the allegations are true, but I think the European Commission is too strict on Russian athletes. This could be political; Russia is separated from other European nations and there are strong propaganda on Russia by the U.S and other European countries. Is it true that Russian ladies like Nigerian Men? I don’t know, I think Nigerian guys are special and why not? But it’s different for every lady. I think for Russian girls, it’s not that they like Russia guys alone, but are free to like everybody and also Nigerian men.

think we need to look beyond such mentality and take the necessary steps to have a healthy mental life. No two people are affected the same way by depression and there is no one-size-fits-all treatment. However, here are a few things to help through depression. Set realistic goals

for yourself, be determined to achieve them and speak positively to yourself. Do not isolate yourself from others; instead surround yourself with morale boosters. Try to spend time with others and get involved with activities and group works. See a therapist or health care provider if you have the opportunity,

confide in a trusted friend or family member; it helps to unburden the mind. Finally, expect your mood to change gradually not immediately; it is a process not magic. My heart goes out to all going through tough and difficult situations right now. All I can say is set your mind to positivism and you will get through it!

ANNA SHCHERBINA, Project Manager for Coca Cola Youth Program for the 2018 FIFA World Cup Russia in an exclusive interview with BusinessDay’s ANTHONY NLEBEM at Kaliningrad, Russia spoke about Coca Cola Youth Program, challenges on her job among others.

bored. I never taught that I will be hosting children from Nigeria here in Kaliningrad. The job gives you opportunities to meet people from different cities and countries. How do you balance work and

DEPRESSION IS REAL OSARENNOMA A. OGBEIDE 200 Level Psychology student

o we know that our actions towards others can cause them to be depressed? For further clarity, let us see some definitions of depression. In psychotherapy and psychiatry, it is a state of mind producing serous long term lowering of enjoyment of life or inability to visualize a happy future. It is a period of unhappiness or low morale which lasts longer than several weeks and may include ideation of self-inflicted injury or suicide. Depression is far beyond mood swings or waking up on the wrong side of the bed. It is triggered by something, someone or an event that damages the personality slowly. Of recent times, there have been reports of individuals, mostly youths, committing suicide because they could not bear to watch themselves drown in self-pity. Life events and changes that may precipitate depression include financial difficulties, unemployment, medical diagnosis,

bullying, loss of a loved one, and social isolation among others. However adolescents may be prone to experiencing depressed mood following social rejection, peer pressure and bullying. As it turns out, some individuals get depressed by being teased about their weight or even because of pressures to maintain a good CGPA in school. For others, it is being forced to study a course just to favour their parents and some- trying to fit into a particular social group. One student said “my depression and anxiety started some time ago before I came to the University, but leaving home, being in an extremely tasking social environment and being under large academic pressure all took a toll on me”. This goes a long way to illustrate how adjusting to a new environment can be difficult. Seeing the kind of society we are in, people find it absurd to be counselled by a therapist over such issues; they would simply say ‘I am not crazy’. I strongly

CMYK

Imposition Studio 5.1.1

BUSINESS DAY

Friday 22 June 2018

WOMEN’S HUB

?????

Should couples run DNA tests for their children? DESMOND OKON

ouples have expressed their views on whether married couples should run a Deoxyribonucleic Acid, DNA, test for their children. Many have heaped the blame on civilization, but whatever the motivations may be, couples, irrespective of religion, ethnic affiliations, class or creed, have the tendency to conceal certain truths from each other. Infidelity and paternity disputes (particularly in marriages) are commonplace subjects couples tend to hold in secrecy. In Nigeria, paternity conflicts have become leading causes of many broken homes, especially when a will or discussion about inheritance is involved. On August, 2017, an Ado-Ekiti Customary Court dissolved the 4-year-old marriage of one Tolulope Akinnusotu and her husband, Akinola, over doubt on the paternity of their only child. The presiding judge of the Court, after hearing testimonies of both parties, said that the marriage had irretrievably broken down and consequently dissolved the union. Three months later, that same year, an Ikorodu Customary Court in Lagos State dissolved another five-year-old marriage between Ibrahim Adedeji, a commercial motorcyclist, and his wife after a DNA test disclosed the paternity of their child. Early this year, the family of late Ambe Bassey, a successful and influential man who hailed from Akwa Ibom State, was plunged into chaos 22 years after his death. Reports showed that the children of the late former president-general of Oron Union, a socio-cultural organisation that seeks to promote the interest of Oron people of the State, moved from one court room to the other to unravel the mystery surrounding the fatherhood of two of them. More so, the recent suicide case that percolated through the media space involving a woman who allegedly jumped off the ‘notorious’ Third Mainland Bridge into the lagoon, was reported to have been motivated by some paternity issues inter alia.

Uche Ukaegbu, a freelance writer, and blogger, strongly believes that couples don’t need a DNA test no matter what. “If there is trust in a relationship, I don’t think conducting a DNA test is necessary. If you know your partner well, you should also know if he or she is capable of infidelity. I strongly believe that you don’t need a DNA test to know the paternity of a child. If there is no resemblance, there are character traits that will give the child away like the way they child/father bites their lips, the colour of hair, walking step. Little actions like that can point at who the father is,” Ukaegbu said. Dennis Okpokpor, CEO, Dxtraordinaire, said it was up to the couples to determine whether or not a DNA should be carried on the children. But “if there is trust they wouldn’t need to conduct a DNA test. However, if the woman gives the man reasons to doubt the paternity of the children, he should go ahead. If you suspect later in life the children may not be yours, trust it won’t be worth it because too many hearts would break. You are a unit, a family already. I wouldn’t trade that for nothing personally,” Okpokpor said. A lecturer at the University of Nigeria, Nsukka, Ijeoma Ajaero, said couples should not because relationships should first be founded on trust. According to Ajaero, “No they should not. Marriage must first be built on trust. If you do not trust your partner, then leave the union. Marriage is sacred and going for a DNA to ascertain if your children are really yours should not arise.” “But because of what is happening in the world nowadays, where after a man has taken care of the children for years, he then discovers that not one of them is fathered by him, so it’s even better for couples suspecting themselves to go for a DNA test early before it becomes too late. Whoever wants to do it must be prepared because he may get a negative result or information that can lead to so many things like hypertension which can shorten his life.” Banjo Abimbola, Medical Laboratory Scientist, General Hospital Apapa, told Women’s Hub.

Gender Mobile ups fight against gender-based violence

t a Public Lecture held at Federal Polytechnic, Ede on the 13th of June, 2018, Gender Mobile took a stand against Gender-Based Violence, GBV, frowned at its level of pervasiveness, as well as the culture of silence which has trailed GBV over the years. Gender Mobile is a non-for

profit organization that focuses on leveraging on technology to address gender-related issues, and raise the bar in the fight against violence emanating from gender bias. In a 14 paged address that detailed cases of gender-based violence, it challenges, and root causes, Boladale Mak-

payi, a Consultant Psychiatrist and Senior Lecturer, Obafemi Awolowo University, who doubled as the keynote speaker, stressed on the role of the students and other stakeholders in combatting the societal ill of sexual and gender violence which has plagued our society, with ripple effects on children

within such society. Given that the culture of silence negates the effective prosecution of perpetrators, she charged ladies, who are usually at the receiving end of this anomaly, to speak up, and protect themselves from harm. This is because “it is our responsibility to help people stay away from harmful places which can cause problems”, Makpayi told the crowd. She also stated that the rules of evidence in relation to sexual violence can worsen the trauma of GBV survivors. “For instance, Article 138 (3) of the Evidence Act places the burden of proof exclusively on the survivors, not the perpetrators, as it requires for the survivors to prove beyond reasonable doubt that they did not give consent. There is need therefore to learn from global developments that is changing the burden of proof from the victim to the perpetrator. Another challenging condition for prosecution of rape is requirement of medical evidence of penetration and injury yet per forensic experts, not all rapes show medical evidences of injury. “Some survivors of domestic violence have in many occasions experienced denial of medical attention because of the requirement of police report or police presence before any treatment is administered. Although this provision of the Law has been overturned by events, most recently by a policy directive requiring medical personnel to prioritise the saving of lives, the practice has not stopped,” she said while educating her audience. She however concludes that the failings of the law make successful prosecutions difficult even where a survivor of GBV has taken the case to court. The students who made up a larger chunk of the crowd, had the opportunity to ask and get answers to questions bothering on experiences pertaining to gender-based violence. The founder and project head of Gender Mobile, Omowunmi Ogunrotimi reiterated the vision of the organisation to continue to provide sensitization, awareness and help to prevent and remedy cases related to gender-based issues. The program which was held at the Olagunsoye Oyinlola Hall, in partnership with the Students Union Government of the institution, was attended by a retinue of important high-profile personalities who made up the representatives of Latifat Abiodun Giwa, Honourable Commissioner for Women and Children Affairs, Osun State, and various Civil Society Organisations.

JOY UWEGBA

met the late Gbadebowale Wayne Aboderin late 2016 at civic centre. I was ushering at a GOTNI(Guardians of The Nation International) conference. At that time, I never knew who he was. He walked up to me and made a comment that made me smile. He then talked about my height and asked me if I was playing basketball. I said no as I had never had the opportunity to do so right from when I was in school. As we were talking, the founder of GOTNI saw us and walked up to where we were. He asked me if I knew who I was talking to and I said no. He told me I was talking to Wale Aboderin, I still didn’t know who that was. He went on and told me that he was the current chairman of Punch Newspaper. During this time, Mr Wale was trying to discourage him from telling me who he was. He took my number, then invited me to the basketball camp, Dolphins. I resumed camp on the 22nd of January 2017. In the evening, when everybody had settled down, Chair (as we called him), called everybody for a meeting. He welcomed us, at the end of the meeting, he asked everybody to sing a song. He wasn’t particular about any genre; he just wanted to lighten the mood of everybody. Since I was new to the team, I watched the way Chair related with the girls (the players). He was very friendly and played with everybody not regarding the fact of his position in the society. Even if your mood was down, just seeing him alone would lighten it up. He was every so caring and protective of us. I remember a day on court, he called me, he looked closely at me and could tell I wasn’t feeling well. He called on the medical practitioner around and I was taken care of.

I was in a plane for the first time in my life all thanks to Chairman. The team was going to Kaduna for the second phase of the zenith female basketball league. I wasn’t on the team as I had just started learning to play. After the last training before we travelled, he called everybody together and surprised us all. He told us we would be going to Kaduna by flight. I was very ecstatic as that would be the first time I would be flying. Even when I wasn’t playing on the team at that time, Chair would still give me the same allowance he was giving to players just to encourage me. He was forever telling me that I was destined for greatness that I just needed to work harder On different occasions, he would gather everybody together for a prayer meeting. We would sing and then he would ask us if we had testimonies. One time, he called us and told us to go and prepare sermons as we would be called upon anytime to preach in our prayer meeting. He was a firm believer in God and always encouraged us to draw nearer to God. He made sure that we kept the house clean as he believed that we would marry in the future and wanted us to know how to properly take care of our own house too when that time comes. Once in a while, Chair would come to the court and say we should sing and dance. Sometimes he grouped us, while at other times we did it individually. Anything to just lighten up the atmosphere. Chair was a father to me, he took care of me. He was always there anytime I had a need. I could go on and on about his kindness but in all, he was a rare gem. Even at this point, I still find it hard to believe that he is gone. When I

Friday 22 June 2018

BUSINESS DAY

Remembering Gbadebo Aboderin on Father’s Day heard of his death, I was devastated and kept on asking why. It was so painful that someone so selfless would leave this world like that. I didn’t even have the opportunity to say goodbye. Chair, you might be dead, but I know the impact you’ve made in my life and that of others will continue to live on. Things

would never be the same without you. There is nobody for me to disturb anymore, I remember that due to my disturbance, even when you saw a fly perching you would say “Ejiro leave me alone”. If I hear you from my room, I would come out and you would run to your house when you heard me coming. It’s going

to be hard adjusting to life without you but I know that wherever you are, you would want me to be happy as that was what your life was about, making people happy. Even for the short period I knew you which has been like years, I thank God I was able to meet you. You will forever be in my heart. Rest in peace. D’Chair lives on. ”

all the memories came flooding back. “Babe, you really have to do something. You just have to. Look for a way to make your relationship last. Yes, you are beautiful and smart; but the big question is, can you keep them and make them yours forever?” She said. When I didn’t reply she added, “I’m sure you are seeing someone else already” this babe! “How did you know?” I thought to myself. Chi, I have a word for you. It is easy to want to go out of our relationships when it gets all rough. But the question here is, how are you sure that the next one you are going into isn’t far worse? If you weren’t able to manage the previous one, how will you be able to manage the new one? The devil you know is better than the angel you don’t know. What you need to do is sit down and try to work

on yourself, device a way to make your man stay and never want to leave.” She said and hung up. Everyone is certainly entitled to their opinion, I thought to myself. She just gave hers. Tears rolled down my cheeks. I couldn’t control it, deep sobs chocked my throat. I ruined my make-up with all the tears and catarrh. I had to call to cancel my new date. I could hear the disappointment in his voice, but I didn’t care. All I wanted to do was sit back and fix myself. Where exactly did I miss it? Maybe I could have been more tolerating. Maybe I should have held back those fits of anger and never reacted. But that would have been really pretentious. It wasn’t typical of me to be ordered around and controlled. I needed my opinions to be heard too and respected. But then love conquers all, sometimes we just have to act the ‘fool’ to save that relationship or marriage. Sometimes we just have to be quiet or not say anything at all. Most times we just have to say sorry even if we weren’t in the wrong simply because we love them and want to be with them. If we claim to love someone then we just have to respect who they are. If changing them isn’t working out, then submitting to them might just do, because the next guy might just be worse. But then, if he is intolerable and a cheat, it’s best to stay clear. The worse is the case of an abuse, it would be best you run. Run baby run. Before I head into another relationship, I must be prepared with my head all clear and my heart all set to love right.

Yet, another break up CHINYERE OKEKE

looked at my reflection in the mirror and what I saw was beautiful but with the aid of my makeup kit of course, though I was far from ugly even without it. I was beautifully dressed for a date. My accessories matched my choice of clothes. Yea, I have a knack for fashion and I have a great taste for fancy boots. I wasn’t sulking so my recent break up didn’t matter. I was all set to go when I got a call from Alexis my best friend to ask of my wellbeing. Then she dropped the big question. “How is he?” I replied, “Who?” and she said, “Your guy. The guy whose picture you have all over your social media platforms. The one you…” “It’s okay babe. I know who you are talking about.” I had to cut her short. “We broke up” I said, without a care in the world. “What! You guys did what?” I could hear disbelieve in her voice. She believed in us. We seemed inseparable. We were all over one another on Facebook, WhatsApp, and instagram. My parents were waiting for him to propose. I was sure that he was the right one. I couldn’t go a day without talking to him or seeing him. I cut off most of my male friends because of him. Yet here I was, yet another break up. “Alexis, we broke up.” I replied, calmly this time. “Chi, how much longer can you go on like this? This is the umpteenth break up you will be having in the last 4 years. What happened this time? What

went wrong? Did he cheat?” She couldn’t dare ask me if I cheated, because she trusted me not to. I sighed in response. All the memories came back to me in a flash. I was good to him. Actually I was a good wife material. I did everything and anything to please him. I started attending his church against my mother’s will just to please him. I cut off most of my male friends, just so he would be comfortable, some I even blocked on social media. I had to pretend I wasn’t angry at him even when I was. I never hid anything thing from him. He knew the password to my phone and all my social media platforms. But still, he never trusted me, he hacked my phone, disbelieved everything I said. His insecurity and jealousy actually ruined the relationship. He got angry at the slightest thing.

And of course, anger they say is contagious. When you stay with an angry person for a considerable period of time, you become angry too. So it was like all hell broke loose. We got angry at each other for no reason. He wanted me to do his bidding without questions, of which I couldn’t. It was like he wanted a robot for a girlfriend. I just couldn’t bear it. He was really nice at the beginning. He was all I wanted in a man. He was all caring and all giving. He was a God fearing man. I never lacked anything when I was with him. So what went wrong? How did it get so bad? I could see both our hearts drifting apart until we eventually did. Two love birds suddenly drifted apart. Two loving hearts became two hating hearts. Tears welled in my eyes as