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Fringe players jittery as insurers look to bigger consolidation ... 50% market share in general business controlled by 7; 75% in life business by 5 MODESTUS ANAESORONYE

proposed major policy directive that will significantly alter the current structure of the Nigerian insurance industry for the better is sending jitters down the spines of fringe players in an almost Continues on page 34

Inside MTN deepens data footprint with commissioning of Tier III P. 2 data centre

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Focus on aggressive policy implementation, stakeholders task FG A HOPE MOSES-ASHIKE, DIPO OLADEHINDE & OLUFIKAYO OWOEYE s part of agenda setting for the Federal Government ahead of commencement of President Muhammadu Buhari’s second term in office, leading economists, economic managers and oth-

Urge $25bn bolder investment in infrastructure Strategies to grow jobs on a mass scale

er stakeholders on Thursday harped on the need for aggressive execution of policies to drive economic growth and

business confidence in Africa’s most populous country. The distinguished line-up of speakers and panellists from

across key sectors of the economy at the BusinessDay postContinues on page 34 L-R: Dick Kramer, chairman, BusinessDay editorial advisory board; Godwin Emefiele, governor, Central Bank of Nigeria (CBN), and Okechukwu Enelamah, minister of industry, trade and investment, at the BusinessDay Post Election Outlook Conference, with the theme ‘An Agenda for Economic Growth and Business Confidence’ in Lagos, yesterday. Pic by Olawale Amoo

2 BUSINESS DAY NEWS

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Home-buyers flock to Lekki, drawn by new developments

…as vacancy factor remains flat at 18% in Q1’19 CHUKA UROKO

hough the Lagos housing market at the high end remains in recession, the Lekki sub-market seems to be turning the corner as many homebuyers are flocking to that axis, drawn largely by new developments that respond to market demand and consumers’ economic realities. Unlike Ikoyi where residential vacancy factor (RVF) hit 22 percent in February 2019, Lekki has seen a good number of new serviced apartments, including African Capital Alliance’s Blue Water Lagos being developed jointly with the Elalan Group. Another is the Oxygen Apartments developed by Periwinkle Investment. The vacancy factor index (VFIX) on Lagos Island in the first quarter of 2019, according to a report by the Financial Derivatives Company (FDC), remains flat at 18 percent. It shows the rate of increase in the number of vacant properties based on the housing stock as at the beginning of the year. VFIX is an indicator of the state of therealestatemarketsintheupperclass neighbourhoods of Nigeria including Lekki, Victoria Island and Ikoyi in Lagos; Maitama, Wuse 2 and Asokoro in Abuja, and such areas as Trans Amadi, Peter Odili Road and Old GRA in Port Harcourt. These areas are close to the central business districts (CBD) or downtown areas of the metropolis. The FDC report shows that whereas RVF in Ikoyi is 22 percent, the commercial vacancy factor (CVF) in the area is 19 percent, meaning that more residential buildings than commercial are unoccupied. This is understandable for two reasons. Ikoyi is predominantly residential. Again, it offers only highbrow and expensive apartments which have low demand from buyers and renters at the moment. Victoria Island, according to the report, has 13 percent RVF but only 8 percent CVF. This area has less number of residential buildings and commercial activities are more here than any other part of the island. It is the second central business district

(CBD) in Lagos after Lagos Island. “Vacancy factor in old properties will remain high,” said Bismarck Rewane, CEO of FDC, in a presentation at a breakfast meeting at the Lagos Business School, noting the number of plots of land in Ikoyi was high. A property vendor, who spoke on condition of anonymity, affirmed this, pointing out, however, that the plots were still expensive despite what seemedlikealullinthemarket.According to the vendor, a 2,000 square metre parcel of land in Ikoyi goes for between N600 million and N800 million. Confirming the developments of new serviced apartments in Lekki, Obi Nwogugu, head of real estate at African Capital Alliance, explained that the reason was the thriving market for such developments in that axis. Lekki has been adjudged the fastest developing residential corridor in West Africa. There are over 150 private housing estates in this corridor with many more upcoming ones that are being positioned to take advantage of the iconic developments coming up in that axis, includingtheover600,000bpdDangote Refinery, Lekki Deep Seaport, airport, Dangote fertiliser plant, among others. The high demand for serviced apartments in this corridor is reflected in both Periwinkle’s Oxygen Apartments and the Blue Water Lagos. Whereas Oxygen Apartments were sold out a few weeks into completion, Blue Water which will be completed by December this year has seen over 40 percent commitment and about 15 percent expression of interest. “As investors and developers, our confidence in the market derives from our belief that there is demand and we can always identify products where there is demand even in a recession like this. The fact that there is a cycle does not mean that is how the market is going to be forever. There are going to be changes and forceful improvements which will improve project attractiveness,” Nwogugu said.

•Continues online at www.businessday.ng

MTN deepens data footprint with commissioning of Tier III data centre SEGUN ADAMS

TN, Africa’s leading cellular telecommunications company, is set to deepen data penetration in Nigeria with the commissioning of a Tier III Data Centre in Lagos today. In the landmark event, the telco, which has completed a Tier III Data Centre located at their Aromire Office Complex in Ikoyi, Lagos, Nigeria, would be increasing its data centre footprint in Africa. The Tier III data centre, a project MTN commenced late last year, is a combination of the state of the art containerised and modular inbuilding solutions. The data centre offers very high flexibility, scalability and compatibility, and would allow MTN serve the computing needs of the Nigeria market, including the MSMEs to big corporates, which offer services that depend on the availability of internet connection. Added to the aforementioned, the modular data centre has high

density and low PUE (Power Use Effectiveness), which depicts how efficiently the data centre uses energy. Thus, the data centre would reduce the cost of service delivery for MTN and improve the quality of service for the end users. The tier system was established in 1993 to standardise the methodology for measuring the performance of data centres. The system allows for the certification of data centres in categories ranging from tier 1 to tier 4, with tier 4 being the most sophisticated. The classification system is widely accepted as the standardised methodology used in determining the functionality, capacity, availability and performance of Data Centres. Hence, a Tier III data centre with its redundant and always active power supply (with minimal planned and unplanned downtime), guarantees 99.982 percent availability. The Data Centre was designed and constructed by Huawei, in collaborating with Interkel Limited as turnkey construction partners.

L-R: Segun Sowande, partner and head, management consulting, KPMG Nigeria; Patrick Iyamabo, chief financial officer, First Bank; Tola Adeyemi, partner and head, audit services, KPMG Nigeria; Stella Ojekwe-Onyejeli, ED/COO, Nigerian Sovereign Investment Authority; Adesola Sotande-Peters, vice-president, finance, Unilever, and Doyin Salami, CEO, Kainos Edge Consulting, at the CFO Forum and CFO 2019 Outlook Report presentation by KPMG Nigeria held in Lagos. Pic by Pius Okeosisi

Delayed reforms seen costing Nigeria gains of rising oil prices ... as analysts project $74pb STEPHEN ONYEKWELU

igeria may not derive maximum benefit from the prospects of further rise in oil prices occasioned by high compliance rates among the OPEC+ cartel to drain supply glut and rebalance oil market. Africa’s biggest oil producer still lags on reforms to lure fresh investments. Delayed reforms in the sector’s regulatory framework have made it difficult for investors to decide where to put money in the sector. “We have an upstream that is not operating optimally, midstream that is not functioning and a downstream that is dying, so we have to think of a way to ensure private sector can make investment in the sector,” Ademola Henry, team leader at Facility for Oil Sector Transformation (FOSTER II), told BusinessDay in an earlier report. The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries at its March 18 meeting reviewed the monthly report prepared by its Joint Technical Committee (JTC). The review also included recent developments in the global oil market, as well as immediate prospects for the remainder of 2019. “All participating countries present

at the meeting, individually and collectively, assured the Committee that they will exceed their voluntary production adjustments over the coming months,” OPEC said on its website. Analysts see oil price crossing the $74 per barrel mark in 2019 and have said OPEC cannot end supply cuts as long as the supply glut continues. The JMMC “Declaration of Cooperation” has played a critical role in supporting oil market stability since December 2016. There has been an overall conformity of almost 90 percent for the month of February 2019, which is up from 83 percent in the month of January. Brent crude rose by $0.06 to $67.48 per barrel as at 1416 GMT on Wednesday. West Texas Intermediate fell by $0.13 to $59.16 per barrel, 1416 GMT. “We are optimistic about Brent price and we think it will average $74 per barrel in 2019. For early 2020 we think it will hover around $83 per barrel,” Bilal Khan, senior economist, MENA and Pakistan at Standard Chartered Bank, said in an interview with Bloomberg. “Demand may not be strong as it was last year, particularly for Germany.” But Nigeria may play at the periphery of these best-case scenario assumptions for the oil price as delayed reforms continue to hold it back. Africa’s largest crude producer

lost an opportunity to increase efficiency and accountability in the sector in 2018 when President Muhammadu Buhari declined assent to the Petroleum Industry Governance Bill (PIGB). President Buhari declined assent to the bill mainly because of the proposal in the bill to have the Petroleum Regulatory Commission (PRC), the successor agency to the Department of Petroleum Resources (DPR), as the principal regulator of the oil and gas industry, retain 10 percent of the revenue generated by the commission for its own operations. “We are stuck until the Petroleum Industry Governance Bill is passed. Our reserves have been capped because there are no new investments. There are no new investments because investors do not see clarity,” said Ronke Onadeko, an expert in Nigeria’s oil and gas sector business development. In consideration that market fundamentals are unlikely to materially change in the next two months, the JMMC adopted a recommendation to forego the full Ministerial Meeting in April and instead schedule a JMMC meeting in May ahead of the OPEC Conference meeting on 25 June, during which a decision will be taken on the production target for the second half of 2019.

Cadbury proposes N471m dividend payout as pre-tax profit rises by 249% IHEANYI NWACHUKWU & DAVID IBIDAPO

mid an impressive topto-bottom line audited scorecards for the full year ended December 31, 2018, the directors of Cadbury Nigeria plc declared a total dividend of N471.4 million in 2018 (2017: N301.5 million), which implies 25 kobo per share (2017: 16 kobo per share). Cadbury Nigeria plc’s profit before tax (PBT) surged significantly by 249 percent to N1.22 billion, from N350 million recorded in 2017. The beverage maker’s profit after tax (PAT) increased by 174 percent year on year in 2018 as shown

in its full-year financial report released on the Nigerian Stock Exchange (NSE) on Thursday. Profit for the year ended 2018 stood at N823.08 million against N299.99 million recorded in the previous year. This was largely driven by a 9 percent growth in revenue for the period under review to N35.97 billion, from N33.07 billion in 2017. The report at the NSE shows Cadbury revenue growth was driven by a significant growth in export sales revenue by 33.68 percent to N4.93 billion, from N3.69 billion, although larger chunk of revenue was realised from domestic sales. Domestic sales for the period grew marginally by 5.6 percent

to settle at N31.03 billion, from N29.38 billion in 2017. Cadbury Nigeria plc shareholding structure shows it is owned 74.97 percent by Cadbury Schweppes Overseas Limited (CSOL), and 25.03 percent by a highly diversified spread of individuals and institutional shareholders. Recorded growth in revenue in 2018 was a slowdown by 1 percent compared to 10 percent growth recorded in 2017 from 2016. In the last five years, Cadbury had grown its revenue at an average annual rate of 3 percent.

•Continues online at www.businessday.ng

Friday 22 March 2019

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Godwin Emefiele, governor, Central Bank of Nigeria (CBN), presenting a paper

Okechukwu Enelamah, minister of industry, trade and investment, presenting a paper

Nonso Obikili, chief economist, BusinessDay Media, presenting a paper

L-R: Frank Aigbogun, publisher/CEO, BusinessDay Media; Dick Kramer, chairman, BusinessDay editorial advisory board, and Godwin Emefiele, governor, CBN

L-R: Niyi Yusuf, MD, Accenture Nigeria; Ayo Teriba, MD, Economic Associates; Okechukwu Enelamah, minister of industry, trade and investment; Lola Talabi-Oni, technical advisor to the statistician general, and Oladele Afolabi, representing DG, DMO

L-R: Esiri Agbeyi, partner, Tax and Private Wealth Services; Franklin Ngwu, senior lecturer in strategy, finance and risk management, Lagos Business School; Ayodeji Balogun, country manager, AFEX Commodities; Guy Czartoryski, head, research, Coronation Merchant Bank; Nonso Obikili, chief economist, BusinessDay, and Saâ&#x20AC;&#x2122;eed Husaini, analyst, Control Risk.

L-R: Osaro Eghobamien, managing partner, Perchstone and Graeys; Guy Czartoryski, head, research, Coronation Merchant Bank, and Laoye Jayaola, CEO, Nigerian Economic Summit Group (NESG).

Asue Ighodalo, managing partner, Banwo and Ighodalo (l), with J.k Randle, chairman/chief executive, J.K Randle.

L-R: Damilola Hassan of Meristem Wealth Management; Dada Thomas, CEO, Frontier Oil Limited, and Yemi Lawal, CEO, XEED Business.

Afolabi Oladele, executive partner, Africa Capital Alliance (l), with Dick Kramer, chairman, BusinessDay editorial advisory board.

Ayodeji Balogun (l), country manager, Afex Commodities Exchange Limited, with Wiebe Boer, CEO, All On.

L-R: Efe Erhabor (l), director, Quanum Zenith Capital, with John Okafor, market development specialist, SASOL Nigeria.

Bismarck Rewane, CEO, Financial Derivatives Company Limited (l), with Franca Ovadje, founder/executive director, Danne Institute for Research.

Madhukar Khetan (l), chief operating officer, DUFIL PRIMA, and Niraj Shah, treasury head, OLAM.

L-R: Bambo Adebowale (l), head of business, Mitsubishi Nigeria Limited, with Olusoji Elias, senior counsel, aetasLF.

L-R: Ike Onyia (l), MD, FBNQuest Asset Management, with Debola Okusanya, country manager, â&#x20AC;&#x17D;Mercuria Energy Trading Nigeria.

L-R: Lanre Olowookere, head, power, construction and real estate coverage and corporate banking, FBNQuest Merchant Bank; Ademola Adesalu, and Peggy Chukwuma-Nwosu, both of CRC Credit Bureau

Abimbola Akande (l), group head, credit and marketing, Parallex Micro-Finance Bank, with Arachie John, MD, Benejaf International Limited.

Charles Anudu (l), MD, Swift Networks Limited, with Dick Kramer, chairman, BusinessDay editorial advisory board

Femi Williams, GMD, Chams Plc (r), and Biola Junaid Pictures by Olawale Amoo and David Apara

Friday 22 March 2019

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Ethiopian Airlines refutes reports that pilot in Boeing 737 MAX crash was not properly trained IFEOMA OKEKE

thiopian Airlines said the pilot that flew the Boeing 737 MAX 8 that crashed earlier this month was properly trained, saying reports that he had not practiced on a flight simulator designed for the new plane were not true. Two reports — one from Reuters, and one from the New York Times — cited anonymous sources who said Yared Getachew, the pilot who died along with all 157 people aboard Ethiopian Airlines Flight 302, had not practiced on a Boeing 737 MAX flight simulator to prepare for differences between the new plane and earlier 737 models. Ethiopian Airlines, which had the simulator since January, disputed those claims in a statement Thursday, saying its pilots had completed appropriate training, as recommended by the US Federal Aviation Administration (FAA) and Boeing. Additionally, the airline said the 737 MAX flight simulator was not

designed to include problems with the new plane’s automated systems, which are suspected of contributing to the crash. “We urge all concerned to refrain from making such uninformed, incorrect, irresponsible and misleading statements during the period of the accident investigation,” the airline said in the statement. “International regulations require all stakeholders to wait patiently for the result of the investigation.” The airline also expressed “disappointment” over the Times’ “wrong reporting.” The Ethiopian crash has drawn international scrutiny because it is the second deadly crash of a Boeing 737 MAX 8, Boeing’s best-selling commercial airliner. The first crash involved a Lion Air flight in Indonesia in October. Some are questioning whether the plane’s automated Manoeuvring Characteristics Augmentation System (MCAS), which is meant to prevent stalls, caused both crashes.

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Consumer goods, financial services top attractive Huawei to boost inclusion for channel partners investment sectors in Nigeria - KPMG survey n an age with rapid but today, we have more MICHEAL ANI

PMG Professional Services recently presented its second edition of the KPMG “Doing Deals” report to the public, in Lagos. The report titled: ‘Doing Deals in Nigeria 2019 – Key Insights from Dealmakers’ is the result of a survey of 50 senior business executives working in global companies that have a presence in Nigeria, and have completed at least one acquisition in Nigeria in the last four years. 70 percent of the respondents are strategic investors while 30 percent are financial investors with 66 percent resident abroad and 34 percent indigenous respondents. Findings from the survey indicate that Nigeria remains an attractive destination for investors seeking sustainable growth opportunities within the continent. Consumer goods, financial services, energy, mining and utilities, telecoms, media and technology and business services sectors accounted

BDSUNDAY

for about 88 percent of investments in the country in the last two years. The survey attempts to take the pulse of buyers in their approach to this sometimes complex but rewarding market. According to Dapo Okubadejo, partner/head, Deal Advisory and Private Equity, KPMG in Nigeria, the focus for the second edition of the report is “on investors who not only provide capital but have a presence in Nigeria. These respondents are able to provide a lot more feedback in terms of their local experiences, thereby giving a more robust feedback than the First Edition.” The report also provides potential investors with insights into how best to do deals in Nigeria, leveraging the experiences of people who have been through the process and completed transactions. Ijeoma Emezie-Ezigbo, partner, Deal Advisory, KPMG in Nigeria, presented a summary of the survey findings focused on three parts; the case for Nigeria, deal dynamics and key deal drivers.

advancements in ICT innovation solutions, technologies such as 5G, AI, IoT, and cloud computing are becoming the new reality. The ICT industry in Nigeria is rising up to the occasion, as ICT increasingly becomes the foundation for digital economies and producing an intelligent world. As a leading global provider of ICT infrastructure, Huawei is committed to helping enterprise organisations expand the boundaries of their businesses, to find routes to new growth; to explore innovative technological solutions and build new business opportunities. At the ‘Huawei Nigeria Eco-Connect 2019’ in Lagos, which was well attended by over 500 Huawei channel partners, the CEO, Huawei Enterprise Nigeria, Tank Li, expressed delight in the growth of ICT in Nigeria and unfolded Huawei’s plans to deepen its investment in Nigeria. Tank Li said, “Today, I feel really amazed. Three years ago we only had 20, or maximum 25, channel partners in this kind of event,

than 500 channels registered. This shows the great confidence that we put in this country, Nigeria. It is still the biggest economic entity in the African continent.” According to Tank Li, Huawei also aims at enhancing its relationship with its partners to further develop the Nigerian market. This will be achieved by creating an ecosystem around the partners. He emphasised this stating “…in our enterprise business, our core value is really to build an ecosystem with our partners together. In 2019, we will raise our connection with the partners ecosystem and we will call it ‘Huawei Insight’, that means we will enlarge our collaboration with all the partners.” Tank Li speaking on Huawei’s determination and commitment to put more investments in Nigeria and in the ecosystem of its partners, also said, “Our partners are the most important platform. Huawei is willing and ready to share the profit with its local partners for a sustainable ecosystem, where all partners can grow together.”

Search for Senate President: Will history repeat itself? The inability of All Progressives Congress (APC) Senate Caucus to forge a common front as the battle for Senate Presidency in the 9th Assembly rages is raising concerns.

Agenda for next House of Representatives

Escape to Canada …How frustrating political, socio-economic situations drive The excruciating political and socio-economic condition of Nigeria is daily becoming more suffocating for many citizens. The desire to “check out” of this ‘gaddem’ place is so strong that many people are now doing everything humanly possible to achieve this aim.We serve you this sad story with accompanying data.

Digital Marketing What is social media management and why use a social media management agency? You must find out.

The Rivers conundrum The economic losses, fatalities and casualties of the endless Rivers political crisis

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NMGS advocates stoppage of raw material export to international markets JOSEPH MAURICE OGU

igerian Mining and Geosciences Society (NMGS) has frowned at the high exportation of raw materials from the country to international markets, saying no nation develops if her natural resources continue to be exported in raw form. This assertion was made

at the 55th conference of the association held in Enugu, Tuesday. “Mass exportation of raw commodities to international markets must be reduced in favour of conversion to finished products,” Silas Dada said on behalf of the association. According to Dada, such step will produce beneficiated minerals that meet the specifications of industries, thereby generating massive

employment for Nigerians, which will eventually lead to wealth creation, economic growth and national development. Chinedu Nebo, former minister of power, said exporting raw materials do not only impoverish a nation but also creates jobs for foreign countries. “Exporting raw materials means Nigeria is exporting job creation to other nations while importing job-

lessness in the form of finished products,” he said. The society calls for the resuscitation of the dead smelting companies in the country, such as Makeri Smelting Company, in order to boost local production. One factor that is largely responsible for the large exportation of raw materials in the extractive industry is because artisanal miners who operate

mainly on a low-skills base, and largely confined by illiteracy still largely occupy the industry, experts say. In the early years, mining industry contributed significantly to the nation’s job creation. But such glory could be attained once more if the infrastructural deficits associated with mining are addressed, they say. According to NMGS, for

investors to venture into mining processing in Nigeria, power and transportation problems should require immediate attention as key to industrialisation in mining sector. Otherwise, Nigeria will continue exporting its raw materials. “The current low level of infrastructure can hardly attract investments in mining nor attract turnkey industries,” Dada said.

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Winning market share battles: Alternatives to price war EIZU UWAOMA

n today’s market place, so many people are trying to win by being cheaper, that’s too cheap to build sustainable and progressive wealth. Saying your product is cheap is even derogatory to your brand. The long run engagement in a price war of who can be cheaper between producers, the only real winner is the consumer. Generally, there are three ways to win competition 1. Pricing 2. Niche Focus 3. Differentiation Low pricing strategy is not the only way to win competition, concentrate on building a brand so you can try niche focused strategy or differentiation strategy by standing your proposition as a brand out enough to justify good reasons why your clients should buy from you, even it’s not as cheap as the rest. It’s the Apple model. To build sustainable sales and business, don’t sell functional benefits, sell experience, quality, depth and brand! In my years of studying innovation, I have come to the summary that what kills the growth of companies is that they move strategic business decision making to the accounting department, always trying to cut cost as against increasing revenue. You mustn’t always buy from the source, to make more profit, you mustn’t

always short change the supply chain by cutting off the middle man so you can save cost, how about being a platform, for all the supply chains and value chain?. That’s what Uber, Netflix, Instagram, and Google are doing. Be a platform. In the long run, you’d make more profit through dependency. Sadly, strategic decisions are now dependent on P&L Statements, ROI with higher IRR and NPVs (returns on Investments with higher Internal Rate of Returns and Net Present Values) and shorter payback period, as against how truly the user’s lives can be made easier, more exciting and better with their products, till a new company comes from the bottom and provides more for more price. Differentiation as a way to win competition is a better alternative. When you can’t be better, then be different. I have a book called Church for the Streets for example. It’s not another religious book, it’s the type with bible insights, subliminal verses and controversial lines. I am nothing close to a pastor. So someone asked me what the concept of the highly successful book is, and I said to reach the millions of Christians who don’t go to church. That’s a huge market and black economy that pastors neglect. Like I always say, if I was to be a pastor (which I am so uninterested in), my church won’t be for Sundays, it will have more exciting lights, maybe with DJs and will be open mainly on Friday evenings (too many good Christians have nowhere fun to be, or to go on that day with too many churches, saying same thing and trying to win the same members on Sundays). If I were to be a Fulani man selling Suya, I’ll be open mainly in the morning and afternoon, we rarely can find Suya then (and Suya goes well with drinking Garri by the way). People need to just think more out of the box. Working with Ruff N Tumble a few years ago on an ex-

pansion plan, I saw what Niche Focusing practically can be with what Mrs Adenike Ogunlesi has done by just concentrating on just children’s fashion. Differentiation and Niche Focusing is more powerful than price wars in beating competition. Zooming into both, take for example, approximately two million women get pregnant in Nigeria every year. Imagine if you’re a fashion company that concentrates only on that niche and then you begin to build a brand as the main clothing line for pregnant women. That’s Differentiation and Niche Focusing at play. That’s a huge niche there. Even with only 1% market penetration and an average annual spend of N20, 000 per customer, that’s about N400m turnover and with a high margin of safety and profit margin of 20 to 30% that SME is in for annual EAITA of over N20m. That’s with ease and comfort from home. Still in terms of Niche Focus, you can engage more in flank and guerrilla marketing as against just direct head to head marketing using price tactics. Use market segmentation and own that segment. By the way, “Market Segmentation” simply means picking a sub-set of the entire marketplace of your industry that you can organize your sales efforts around mainly. Concentrate your forces. Don’t try to sell to everyone. Look at an uncontested market place, and apply Disruptive Innovation. Deliver products that interact between two industries or save more time, cost or scope with a more intimate customer experience. Out of all the people in the world, who will you try to sell to? Most businesses are good at carving out their corner of the market. Then they do whatever they can to own that space. An example of flanking and guerrilla warfare is the flanking strategies Absolut Vodka used through pricing in the vodka market. Purposely pricing themselves

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Differentiation as a way to win competition is a better alternative. When you can’t be better, then be different

about 50 percent higher than leading competitor Smirnoff, they flanked them on the nearly established premium vodka market. A few years later, Grey Goose offered a vodka priced 60 percent higher than Absolut, in turn flanking them in the “ultra-premium” vodka market. Today, that market has been overtaken by Ciroc, using the same strategy. This same pricing maneuver was used against GM by Benz in its American market. Benz purposely priced their luxury cars much higher than Cadillac as part of their campaign to represent Mercedes as a superior car (“engineered like no other car in the world”). It was a long-term strategy: after four decades, their yearly sales (about 73,000 cars) were still less than monthly sales for Chevrolet (one of GM’s core brands), so GM never made a move to decisively answer them. By 2004, Mercedes was outselling Cadillac; and Cadillac had long lost its reputation as being the prime example of a luxury car. We also see flanking by Sony in the portable electronics (Walkman and Discman’s in the 90s) and Volkswagen with automobiles successfully won the position of small size. As a flank strategy, you can also try to be the first to do something in your industry – for example, Close-Up was the first gel toothpaste and Soft-soap was the first liquid soap. Or you can attempt to cross sell with another industry, for example Swatch distributed its watches in supermarkets, Timex distributed its watches in drugstores and Hanes distributed L’eggs pantyhose in supermarkets using innovative packaging and displays. We need to see more creative businesses that win not just by reducing pricing, but by creative product and market differentiation and niche focus. Uwaoma is a start-up, corporate restructuring and strategy consultant. He writes via contacteizu@gmail.com

The lapel pin for an emergent Nigeria

Tony Monye

mall as the lapel pins appear, oftentimes, they relay big significances. The lapel pins have ornamented man’s vests, depicting differentiated messages, meanings and purposes, beginning, most notably, from the mediaeval times. Also known as the enamel pins, like humans, these tops-beautifying objects, come in different shapes. However, unlike humans, they come in less varied sizes. Times have been all but constant. Our values and our ideas of fashion have been redefined, between the polar axes of the coolest and the weirdest. On the other hand, the subsisting strength of the lapel pins has evolved as well as exposed, cuddling acceptability across the highly diversified fields of politics, military, governance and even business. Lapel pins are quite ubiquitous and are helping in furthering causes and, pulling down walls in barriers-oriented societies. In brief, notwithstanding their size or shape, the lapel pins have found their worth along five different alleys. They can be quite ornamental as well as uncovering ‘affiliational’ benefits. Enamel pins serve as cause-promoters as well as achievers-identifier. Less often, they also help project counter-cultural meanings. In all of these, the lapel pins have sought and found usefulness in their chronological encasements and, also within dissimilar societies. With a gold-plated back cover, a lunar overhang on a rectangular box with a front circular cut-out,

the Lunar Leadership lapel pin beautifully combines all the black, blue and red colours of the Society. It is an ensemble of converging significances the Society affirms are necessary for the emerging, more variegated but tolerance-rolled Nigeria. These meanings, as embedded in the lapel pin, are critically encased in the social realities of presentday Nigeria and, it is hoped would give more vent to the shape of the country’s much anticipated future to come. Although, it combines all of the essences of the enamel pins earlier enumerated, in particular, the Lunar Leadership lapel pin is viewed as an emblematic bit that advances the cause of what is regarded by members as the 3N. Non-bigotry. Non-racial. Non-tribal. In aggregate terms, the 3Ncampaigns for peaceful co-existence and inter-crowd tolerance in the society. More importantly, the lapel pin demonstrates that the Lunar Leadership Society does not share in the illusion that societal evils can be healed without being tackled. Besides, it is a succinct acknowledgement that our beloved nation is within sight of a turning point, making the hard bend from good to better. Although, its lapel pin is one of the advocacy measures for firming up inter-group harmony and peace in the larger society, the Lunar Leadership Society views, understands, and spares nothing in promoting and situating it as a tolerance-strengthener across the identified plains of bigotic, racial and tribal narrowness. On the non-bigotic alley, the enamel pin symbolises the Society’s vow and commitment to raise the effort at taking the skeleton out of bigotry and prejudice. These twin evils, whilst beating hard, down our various neighbourhoods; shorten all of us, strengthening none. The chains of bigotry and prejudice are strong binds, holding us from enjoying the many beauties of our varieties as peoples living in the geographical enclave called Nigeria. Our members and even the larger society are being urged to embrace broader definitions to

what appeal to our normative sense(s). What we, more or less, regard as good for us should not be uncompromisingly held as the expected standard or norm for others. A strict bi-dimensionality approach to all issues can be quite limiting. ‘They against us attitude’ has to be de-emphasised for the benefit of all. The views, perhaps, are even a lot more and some have yet emerged. A little openness would aid us as we try to grasp that the other man’s orientation, religion, views and opinions ought not to pull any strain on our hearts. It is only proper to understand them as standing aloof, some distance away from our own. If we believe our opinions, views, creed and orientation support and uphold our daily existence; it therefore should be trouble-free to hug the other man’s as planks, holding firmly his daily survival. On the racial front, today’s Nigeria, like many other nations (for factors not elaborated in this piece), is rapidly growing multi-racial, with its cultural implications/ repercussions. There are signs everywhere. Compared against the nineties, the non-black constituent of our population is on the rise and would, perhaps, continue along that trajectory into the foreseeable future. It is a much easier sight these days to see an oriental fellow marching down a street in some of Nigeria’s hinterlands or a European having a beer in a restaurant or an Indian man sharing a joke with his Nigerian counterpart. Nigeria is now their new home. Many, if not all of them, have chosen to become part of us. As we embrace tolerance as a people, we ought to ask ourselves, “Does the colour of one’s skin pigmentation matter more than our common humanity?” If we respond, NO; it becomes thereafter important that we steward ourselves to evolve, with a clear and distinct message to persons of other races– white, red or yellow – in our midst, in our country. We can see so clearly your humanity; we feel and share in your humanness. Although our nation, Nigeria is one of great tribal cornerstones; we deeply appreciate that

our historically-recorded past as tribal peoples of Yoruba, Hausa, Igbo and Ijaw descents was glory-filled. Not excluding the many other minority groups. We however must fully embrace we are scrawling the last words of a swiftly decaying paragraph. We, as a people, are fast-turning the page to a more novel and more glorious chapter of mutual respect, togetherness and tolerance. Let’s write it with the smooth running ink of deliberate effort at stimulating the Nigerian brotherhood of all peoples within the country-space; let’s begin by expressing love, understanding and tolerance beyond persons of shared tribal affiliation. The goods we don’t try to see in the other tribes definitely won’t be easily found. The Lunar Leadership lapel pin represents the Society’s wholesome bit at laying down new marker for advancing intergroup and national cohesion rather than tribal loyalism. There’s so much more to having the Nigerian outlook. With the Lunar Leadership enamel pin on our vests, it isn’t meaning-free. It goes beyond its ornamental appeal. It is more of a cause-driver, an expression of goodwill to all, an affiliational bit and an identifier, symbolising wearers are not walking blind of some of the ills of our society. They are perturbed by the present highly divisive state of affairs in Nigeria, which is eye-hurting. For them, it is just not good enough and they have opted to confront these challenges. They understand they are lucidly voicing out against intolerance in any form; for a much bigger cause, something so brilliant for the society. They urge us to be less judgmental. Users are 3N. They are non-sufferers of bigotry; they are against racial profiling and hating, seers beyond tribal barriers. The Lunar Leadership Society is offering its lapel pin beyond its members to the general public. It is a gesture that says – join the fight, take up the cause for a better, more tolerant Nigeria. Wouldn’t you rather be a part of? Monye is the Convener, The Lunar Leadership Society

Friday 22 March 2019

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The urgency and appropriateness of climate response

Akachukwu Okafor

n 1973, following the publication of Dr Fritz Schumacher’s widely acclaimed “Small is Beautiful”, the world’s attention was drawn to Schumacher’s concerns that the prevalent “big is better” system/culture of industrial production, materialism, consumption and management of natural resources was problematic and unsustainable. Energy resources such as coal, oil, natural gas and nuclear power were treated as infinite resources with no concern given to their negative impact, majorly pollution on the environment. Schumacher warned that nature and the earth would not be able to resist the rate of pollution for much longer if a change of culture was not pursued. Today, we know better about the impact of industrial production on climate change. Importantly, he proffered simple means of production using technology that were small scaled, decentralized, labour intensive, people centered, environmentally sound, and energy efficient. His belief was that such technology and means of production would be biologically sound, build up soil fertility, and produce beauty, permanence, compatible with human needs, and also be nonviolent to nature. Schumacher

called this sort of technology “intermediate technology” which has come to be known by different people as soft, radical, people, democratic, indigenous, alternative, and appropriate technology. These phrases capture how climate change responses must happen, if they are to make the desired impact especially at the bottom of the pyramid, among poor and vulnerable populations in local communities where the effects and impact of climate change are most felt. Schumacher’s concerns, and the new approaches he promoted, may not have been taken seriously in the 70s when he started the movement, however today, it has become the bedrock upon which climate responses – mitigation and adaptation projects are built. For instance, climate projects and programmes funded by Green Climate Fund, a United Nations Framework for Climate Change Convention (UNFCCC) financing mechanism would never support projects and solutions that are not targeted at indigenous people, or which are not participatory, people centered, democratic, inclusive of all gender especially women, radical, causing paradigm shift, appropriate, enabling and strengthening to community voice and agency. With all these in place, it is easy, effective and efficient for stakeholders – individuals, communities, governments, multilateral development agencies and the private sector to lead effective climate responses using science, technology, community activism, policy and other instruments that are necessary for positive impact. In Nigeria, unfortunately, the government is bent on developing Nigeria’s coal potentials to contribute 30% to Nigeria’s energy generation mix. From my analysis, pursuing this ambition under

different scenarios will contribute over 65.46Mt of carbon emissions annually to Nigeria’s already concerning emissions. Unfortunately, this will easily erase any contributions that Nigeria would have made through implementing its UNFCCC Nationally Determined Contributions (NDCs) under either of the 20% and 45% emissions reduction target scenarios. While, this policy direction is yet to be pursued, however, coal mining licenses have been given out to mining companies whose mining operations are already causing host communities environmental and social problems. Appropriate responses to these incidences have been to demand a policy reversal by government, demand that regulators enforce all environmental, social safeguards, laws, guidelines and standards if they must issue mining licenses, and enforce complete and comprehensive remediation activities in areas impacted by mining operations. On the other hand, environmentally focused non-profit organizations have led interventions in host mining communities to educate them on their rights as host communities which must be respected and upheld by operating mining companies, the impact of coal mining and other environmental degradation to their communities, and on effective approaches to holding the operating companies and government regulators accountable. Other responses have also been assisting the communities in developing local solutions that will help in impeding and reversing the impact of present and future environmental and climate change challenges and guiding these communities to adopt appropriate renewable energy solutions for their energy needs. I have facilitated some of

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As global population is set to grow to 9.8 billion by 2050 and close to half of that population residing in Africa, everyone needs to be concerned about how these populations will be fed

these responses with positive outcomes and tremendous impact, especially in enabling and strengthening community activism in some Kogi and Federal Capital Territory communities. The power of technology, particularly information technology via social media and the internet has helped these local communities significantly in their advocacy campaigns, information sharing, and in conducting further research to improve their knowledge. The climate responses aimed at educating local communities and indigenous people on how to protect their environment and themselves from the impact of climate change should be promoted by more organizations, as they are very relevant to our Nigerian context. As Global population is set to grow to 9.8 billion by 2050 and close to half of that population residing in Africa, everyone needs to be concerned about how these populations will be fed. Ensuring food security in the midst of the desertification, deforestation, droughts, competing needs for water and land resources calls for prompt responses to climate issues that will improve the agricultural and food systems. These would require efficient and effective application of appropriate irrigation, soil fertility, pest control, seed storage and preservation, processing, and marketing sciences and technologies.

Note: The rest of this article continues in the online edition of Business Day @https://businessday.ng Okafor, a Mandela Washington Fellow (Public Management, University of Maine) and a Science Policy Research Unit (SPRU), University of Sussex trained Energy Policy, Innovation and Sustainability Expert. Email: aka@changepartnersintl.com

World Kidney Day 2019: Lifestyle choices and kidney health

Awele Elumelu

fter several years in medicine, as a medical doctor and as the CEO of a multi-specialty hospital group, my interests have converged to focus on the nexus between individual lifestyle choices and their impact on health. World Kidney Day, in particular, reminds one of the importance of a healthy lifestyle on kidney health. While it may be difficult to picture how obesity is linked to kidney disease, obesity underlies the two major risk factors for chronic kidney disease – high blood pressure and diabetes. Recent years have seen a laudable rise of Nigerians taking an active approach to weight management through healthy eating and exercise. However, beyond vanity reasons or the need to look and feel good, maintaining a healthy weight and a smaller waistline is often the first line of defense against kidney disease. Our kidneys – a pair of bean-shaped organs, each one roughly the size of a fist – perform many essential and complicated tasks to keep us healthy by removing toxins and excess water from the body via urine, controlling the blood pressure, producing red blood cells and keep our bones healthy through the production of hormones. Kidney disease Kidney disease is a serious global health problem that affects all age groups. It is esti-

mated that eight hundred and fifty million people worldwide suffer from kidney disease. The World Health Organisation (WHO) estimates that 5 – 10 million people die annually from kidney disease. Chronic Kidney Disease (CKD) causes at least 2.4 million deaths per year and is now the sixth fastest growing cause of death in the world. It is predicted that by 2040, it will be the fifth fastest. In Nigeria, an estimated twenty five million people suffer from CKD. There are 2 major types of kidney disease – Acute Kidney Injury (AKI) and Chronic Kidney Disease (CKD). Acute Kidney Injury (AKI) is the sudden and dramatic loss of kidney which can happen over a period of hours or days and is generally reversible if detected early. Causes of AKI include a sudden serious drop in blood flow to the kidneys, damage from some medicines, consumption of herbal concoctions or infections, blockages that stops urine flowing out from the kidneys and diseases such as malaria and gastroenteritis. On the other hand, Chronic Kidney Disease (CKD), which affects ten to twenty percent of adults, is an irreversible progressive loss in kidney function over a period of months or years. Usually, there are no symptoms in the initial stages of CKD (a person can lose up to ninety percent of their kidney functions before developing any symptoms). The leading causes of CKD are hypertension and diabetes, which damage the blood vessels of the kidneys causing them to go stiff. Early detection of CKD is important to halt progressive loss of kidney function which can lead to kidney failure or end stage renal disease. Other less common causes of kidney diseases include inflammation or infection of the kidneys, cancer, fibroids, long term use of analgesics, inherited conditions like polycystic kidney disease and smoking. Signs and symptoms of kidney disease include: • Passing of little or no urine

• Passage of large quantities of urine at night • Swelling of legs and feet • Feeling unwell • Loss of appetite • Nausea and vomiting • Feeling confused anxious and restless, sleepy • Blood in the urine • Foamy urine • Dry itchy skin Kidney disease is detected by simple laboratory tests on blood and urine to check of electrolytes such as sodium and potassium as well as creatinine in the blood and for protein in the urine. Burden of kidney disease Kidney disease comes with a huge burden on a personal, organizational and macroeconomic level. Treatment options are costly and complex; procedures such as dialysis conducted weekly often disrupt the normal working lives of affected people. It takes a toll on organisations and businesses in particular because most adults spend about one-third of their time at work, Kidney disease impacts employee productivity, time spent at work and quality of output, which contribute to the overall success of their organisations. On a macro level, the WHO reports that highincome countries typically spend more than 2-3% of their annual healthcare budget on the treatment of patients with end-stage kidney disease, who constitute less than 0.03% of the total population. In low-income countries, the burden is even greater because of high treatment costs and inequitable access to quality and affordable dialysis treatment. Treatment of kidney disease There are usually no symptoms at the initial stages of kidney disease. This is because in the early stages, the kidneys try to compensate for the loss of function. Symptoms only occur when the compensatory mechanisms of the kidneys

are overwhelmed, a point at which kidneys could have lost about 90% of their function. Once diagnosed, there are three main treatments for kidney disease, • Adoption of healthy eating habits. This includes proper diet and medication. Patients are advised to reduce the amount of protein and salt consumed. Daily salt consumption should not exceed 2,000mg (equivalent to 5000 mg of table salt, which is less than a teaspoon). We often find that most Nigerians consume more than twice this amount. Patients may also be advised to reduce their intake of potassium. Foods which are high in potassium include bananas, oranges, potatoes, spinach. Foods low in potassium include cabbage, carrots, apples. • Medication. Depending on the type, severity and root cause of the disease, doctors may put a patient suffering from kidney disease on medications to: o Reduce blood pressure o Lower cholesterol o Reduce swelling (Diuretics) o Strengthen bones e.g. Calcium and Vitamin D o Produce more red blood cells and reduce anaemia e.g. Erythropoietin • Dialysis and kidney transplantation. Those with established kidney failure will require some form of renal replacement therapy (RRT) such as dialysis or kidney transplantation. Dialysis helps to clear the blood of harmful substances which would otherwise have been filtered by functional kidneys. Dialysis may be hemodialysis or peritoneal dialysis.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Dr Elumelu is the Chairperson of Avon Healthcare Limited and the CEO of Avon Medical Practice Limited.

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Friday 22 March 2019

De-industrialization and ease of doing business

espite the harsh economic conditions in the country, there appears to be progress in one area of the economy at least: The ease of doing business. In 2015, Nigeria ranked 170th in World Bank’s ease of doing business. However, by 2017, Nigeria’s ranking has improved considerably to 145th. However, despite the improvement, multinational companies operating in Nigeria and other businesses do not seem to share that optimism as they continue to close shop and leave Nigeria in droves with all of them citing the harsh business environment. The shut-down of Procter & Gamble’s $300 million consumer goods plant in Agbara in July 2018 reflects the challenges of doing business in Nigeria. In 2014, P&G set up a diaper line in Agbara, Ogun State, tapped as biggest US non-oil investment in Nigeria. Four years down the line, the company packed up, cit-

ing unusually harsh operating business environment. But P&G is not alone. According to Manufacturers Association of Nigeria, about 272 manufacturing plants were shut down across the country in 2016 alone. Truth is : There has been near collapse of infrastructure in Nigeria and it is hurting businesses badly. For instance, many businesses now groan under intense pain due to overhead costs incurred in providing alternative infrastructure like power. According to data from the Manufacturers Association of Nigeria, manufacturers have spent N212.85 billion on alternative energy sources between the second half of 2016 and the first half of 2018. This is over 100 percent higher than what was incurred in the previous four halves. Other challenges faced by companies operating in Nigeria are bad network of roads, rising logistics cost, multiplicity of taxes, high cost of funds and poor sales resulting from a stunted economy. The roads across the country make it difficult for businesses to operate smoothly and

efficiently. What is more, the three tiers of government in Nigeria are more interested in competing to impose multiple taxes on businesses than fixing the roads. Manufacturers als o told BusinessDay that lo gistics costs have risen by 50 to 100 percent in the last two years, owing to poor state of roads and lack of a good transport system. Equally, tax experts have put the number of taxes payable by businesses across the country at 54 as against 37 in 2014. President of the National Cashew Association of Nigeria, told BusinessDay that exporters shipping out 1,700 tons of cashew per day in 2014 now manage to ship between 100 and 250 tons. A reduction in export and sales increases cost per unit of product and raises inventory. There is yet no respite in sight for low-c o st-s e eking manufacturers who would have seen their logistics costs fall had GE not exited a railway contract linking Apapa ports to Lagos mainland. The combined administrative and distribution expenses

of 24 largest manufacturers quoted on the floor of the bourse were up 7.59 percent to N196.61 billion between September 2017 and 2018, albeit lower than November inflation figure. Manufacturers were unable to sell goods worth N149.23 billion in the first half of 2018 after producing goods worth N4.6 trillion. Manufacturers are also not finding b orrowing easy as interest rate charged them by banks in the first half of 2018 stood at 22.9 percent, 0.25 percentage point higher than 22.65 percent recorded in the same half of 2017. Then in the midst of all these challenges, the government adds capriciousness, callousness and an extortionist’s attitude in dealing with businesses. South Africa’s MTN Group Ltd, Africa’s largest telecommunications provider is currently in the process of resolving its stand-off with the Nigerian authorities following the CBN’s laughable order on them to cough out $10.1 billion in alleged unpaid taxes and illegal repatriation.

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Friday 22 March 2019

CITYFile Navy arrests 12 suspects over illegal bunkering

L-R: Oba of Lagos, HRM, Oba Rilwan Akiolu; Group Executive Director, Capital Projects, D.V.G. Edwin, and Chief Operating Officer, Dangote Oil Refinery and Petrochemicals, Surace Giuseppe, at the Vocational Training Scheme flag off ceremony organised by Dangote Oil Refinery and Petrochemicals for youths across host communities in Ibeju-Lekki, Lagos on Wednesday.

Excitement in Ibeju-Lekki as Dangote Refinery, NDE train youths on vocational skills JOSHUA BASSEY

he ancient town of Ibeju-Lekki came alive on Wednesday, March 20, as the Dangote Group, collaborating with a team of trainers from the National Directorate of Employment (NDE), the academia, and the Nigerian Content Development and Monitoring Board (NCDMB), stormed the sleepy town. It was a day to flag off a six-month impactful and life-changing vocational and skill acquisition training programme, aimed at empowering youth and positioning them to take advantage of the emerging opportunities ahead of the planned commencement of operations of what would be one of the largest refineries around the world. The venue was Ibeju town hall, situated a few kilometres from the popular Lekki Free Trade Zone (LFTZ) in Lagos. The hall was filed to capacity, as the youths drawn from Ibeju, Lekki, Eleko, Akodo, Epe and other contiguous communities of the Dangote Petroleum Refinery & Petrochemicals Plant, came in their numbers. They were joined by eminent personalities from the public and sectors of the economy, including first class traditional rulers in Lagos, among them; the Oba of Lagos, Rilwan Akiolu, Oloja of Epe Land, Kamorudeen Animashaun among others from Lekki. Also present were array of local chiefs (Baales) who, together with the Lagos State government and the first class monarchs, have worked over the years to douse the initial tensions in the area, paving the way for the now harmonious relationship between the Dangote Petroleum Refinery & Petrochemicals and the host communities. According to Devakumar Edwin, Group Executive Director (GED), Dangote Group, the vocational training scheme, covering plumbing, masonry, welding, iron bending, auto mechanics and electrical works, which is a way of sustaining the convivial relationship into the future by way of Corporate Social Responsibility (CSR), would inculcate requisite skills in the young men and women and make them marketable.

The initiative, Edwin added, is a demonstration of Dangote refinery’s commitment towards capacity building and youth empowerment. He explained that the scheme is geared towards instant value addition to the lives of the youths and their communities, stressing that the company will continue to invest in projects that add value to the lives of the people in communities hosting its facilities across the country. “At Dangote Industries Limited, our corporate social responsibility projects are centred around the development and wellbeing of the people, especially our host communities. In Ibeju-Lekki, we have executed several projects that are already enhancing the lives of the people. We have provided boreholes for all the communities, classrooms for the local school, and we just awarded scholarships to 51 secondary school students. “This programme is another level of our intervention as it is targeted at providing vocational skills to the teeming youth population in our host communities. The youths are veritable assets in any society and the quality of the youths determines the outlook of tomorrow’s society. Therefore, an investment in developing vocational skills among youths will yield the desired results,” said Edwin. Also speaking, Giuseppe Sur-ace, Chief Operating Officer (COO), Dangote Refinery, said the free training programme provided a lifetime opportunity for the youths to better secure their future. According to him, those of them who will turn out exceptional at the end of the training could stand a chance of working with the company in areas where they show competence. On his part, Frank Ibi, manager, Projects Certification and Authorisation Division (PCAD), NCDMB, who represented Simbi Wabote, the board’s executive secretary, lauded Dangote refinery for the initiative. He explained that NCDMB was a part of the scheme because it is geared towards promoting domiciliation of value-adding activities and utilisation of Nigerian human and material resources. The Oba of Lagos, Rilwan Akiolu described the training as unprecedented, particularly because the company though yet to start op-

eration, is already empowering the youths from the area to make them employable. The monarch, who encouraged the youths to utilise the skills they will acquire through the training programme, commended the Dangote Group for “unwavering support to community development in Lagos.” Oba of Epe Land, Animashaun on his part, commended Aliko Dangote, chairman of the Dangote Group for bringing development to the EPe-Ibeju-Lekki communities through his investment in refinery and petrochemicals and urged other Nigerians to emulate Dangote by investing locally to lift the economy and the people at the grassroots. Ogidan Olaitan, chairman, Lekki Local Council Development Area (LCDA) and the chief host, said the inauguration of the skills acquisition programme was a fulfillment of Dangote’s promise to the host communities and the beginning of better things to come. Lasis Adeyemi, one of the benefitting youths, said he was excited at the opportunity to learn a skill. He believed upon certification by the NDE, he would stand a better chance of either working in any company or establishing his own business.

he Nigerian Navy has arrested 12 crew members of a ship for alleged illegal bunkering of Automotive Gas Oil (AGO) otherwise known as diesel and also seized a ship used for the illegal deal. The commanding officer, Navy Forward Operating Base (FOB) in Ibaka, Mbo local government area, Akwa Ibom, Navy Captain Reginald Adoki, made this known while handing over the suspects to Economic and Financial Crimes Commission (EFCC) at Ibaka. He said that the suspects were arrested along Mbo River, coming from Cameroon, adding that the suspects were arrested at 8.40 p.m, based on intelligence report. “This vessel, NV Sword Fish 5, along with 12 crew members were arrested by the Nigerian Navy, Ibaka, when our gun boat was carrying out a patrol along the Calabar River. “The vessel was arrested while it was conducting illegal bunkering of substance suspected to be automotive gas oil (diesel) to another platform without due authorisation,” he said. Adoki said that other six suspects were also arrested in connection with smuggling of 523 bags of 50 kilogrammes of contraband rice. He said that the petroleum product was smuggled from the Republic of Cameroon, with three 40-horsepower outboard engines, one pumping machine, a wooden boat and 52 empty plastic drums.

Fire kills pregnant woman, two children in Anambra EMMANUEL NDUKUBA, Awka fire incident at Umuoffor village Okija in Ihiala local government area of Anambra State on Tuesday claimed the lives of a pregnant woman and her two children. The deceased husband, Maxwell Okeke was however lucky not to be in the house when the incident occurred. The police public relations officer of the state command, Mohammed Haruna, in a statement confirmed the incident to newsmen in Awka on Wednesday He said the pregnant woman, Nwazuru Okeke and two children, Chidi Ebube Okeke aged two years and Makuo Chukwu Okeke one year, were trapped in the inferno and burnt beyond recognition at about 7:30 pm. “At about 7:30pm, on evening, there was a fire incident at Umuoffor village Okija at the residence of one Maxwell Okeke. As a result his pregnant wife, Nwazuru Okeke ‘and two children, Chidi Ebube Okeke aged two years and Makuo Chukwu Okeke one year were trapped in the inferno and burnt beyond recognition,” Haruna said. According to him, police detectives attached to Okija Division visited the scene and the fire was eventually put off with the assistance of local volunteers in the area.

Flooding: Anambra begins vaccination against diseases EMMANUEL NDUKUBA, Awka

nambra State Primary Healthcare Development Agency (ASPHCDA) in partnership with National Primary Healthcare Development Agency (NPHCDA) has commenced a multi- antigen vaccination campaign and outreach services in the state. The campaign, which was flagged off at Iyiowa Odekpe, Ogbaru local area of the state is aimed at preventing possible outbreak of diseases in the area. Executive secretary, ASPHCDA, Chioma Ezenyimulu said the vaccination would be of essence to inhabitants of the

area because of the recent flood disaster in the area. According to her, flood disaster comes with many communicable diseases such as polio, measles, yellow fever, tuberculosis, and whooping cough. She explained that the exercise was part of the constituency projects of the House of Representative member for Ogbaru federal constituency, Chuchu Onyema. “He wrote the proposal, while NPHCDA/ASPHCDA implemented it,’’ she said, adding that drugs would be administered to the people of appropriate age within the locality. He urged the people to take advantage of the vaccination programme.

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Friday 22 March 2019

MoneyInsight Absence of Legal Infrastructure is Bane of Consumer Lending ADEDEJI OLOWE, CEO of Trium Networks Limited BABATUNDE MAKANJUOLA, Coronation Merchant Bank Limited

f you ask the average Nigerian about his or her understanding of infrastructure, you are likely to get a response that depicts something tangible, like airports, railways, roads, etc. This is not wrong; however, it is not exhaustive. By definition, Infrastructure is the underlying systems and services, such as transport and power supplies, that a country or organization uses in order to work effectively. In short, infrastructure is the bedrock of any economy – it is just as hard to imagine traveling from Lagos to London without an airport (physical infrastructure), as it is to imagine civilization without laws and regulation (intangible infrastructure). Financial services play a key role in economic growth: one cannot emphasize how important it is that scarce resources are channeled to its most efficient use, or the role of banking plays in economic prosperity. But what is the current state of Nigerian banks? Banks stay profitable mostly by fees and commissions, and income from investment securities rather than their core business, lending. Persistent negative loan growth, and a corporate-concentrated loan book, for most banks, suggests that credit needed for economic expansion is not being extended to you and me, the everyday person, seeking capital to foster business and entrepreneurship. Figure 1 shows that credit (when considered as a percentage of GDP) to the private sector in recent times has been meager. To some extent, it is hard to blame the banks; only just recovering from an industry plagued

Source: CBN, Bloomberg

by poor asset quality and nonperforming loans, most bankers play safe by extending risk-free investments to the Federal Government at high double-digits interest rates while they shy away from creating risk-assets. You have to ponder: what can be done to address this? First, let’s consider the opportunities that lie in the Nigerian retail loan market. How big can retail lending be? In the United States of America, the retail market is estimated US$1.49 trillion in a US$19.3tn economy. Using the same inference for Nigeria, with an economy a fifth of the US (US$375bn), we can extrapolate about $28bn or approximately N10.2tn. This is a quick and rough estimate. Of course, some form of country discount will have to be applied to this number as most Nigerians have no access to banking and financial services, see Figure 2. However, it shows the potential of Nigeria’s retail loan market if things can be done right. As I said earlier, lenders hedge credit risks by lending to few big reputable corporates and invest

the rest of their liquidity in riskfree fixed income instruments. This means most individual borrowers are denied credit. If you have ever tried to secure a loan from your bank for business, then you probably know that most, if not all banks, require an arm, a leg and one of your kidneys before they are comfortable giving a line of credit to individuals. But this should not be the case in an ideal, businessfriendly, and growing economy. In a nutshell, banks are generally averse to lending to individuals and SMEs without an established reputation. The reason is simple: just the way the cost of power (fueling and maintaining a generator) is a massive headache to most businesses, the cost of due diligence, credit assessment, and setting up legal checks for unsecured lending make unrealistically expensive sense to banks – this is the bane of consumer lending. The government has failed to change this paradigm in many ways. On the one hand, the FGN crowds out private sector credit by persistently offering juices yields to local financial institu-

Figure 2: % of banked adults around the world - Nigeria lagging behind on financial inclusion

Source: World Bank Database

tions. Secondly, and more importantly, our government has failed to set up the infrastructure needed to facilitate unsecured lending; especially a legal system to protect lenders and borrowers. How can this be done? It would be helpful for the CBN and the banks, to work closely with legal professionals, to take responsibility of fixing this challenge by developing a framework for retail, SME lending and loan recovery within the scope of their existing regulatory capabilities. I dare say that our problems have already been partially solved with the introduction of the Bank Verification Number (BVN). The BVN is a unique identifier that links an individual’s bank accounts together and stores your personal and biometric data; think of it like a Social Security Number used in the US, but apparently not yet as elaborate. It is an elegant and modern identity infrastructure that has leapfrogged the Nigerian banking from rudimentary to top-class in just a few years. This framework should serve as the legal backbone for lending, such that there is appropriate recompense for anyone who does not pay his loans as at when due. Imagine that whenever a customer takes a loan and does not pay back as at when due, the lender is required to contact the customer and specify a grace period, perhaps three months, within which the borrower is to fulfill their outstanding obligation else they would be reported to a national registry of defaulters. Of course, banks must show evidence of this notice to the registry periodically. This is expected to prompt the borrower to pay back his outstanding loans before the grace

period elapses. If within the grace period the customer pays back, all well and right between the lender and borrower. However, if the debt extends beyond this period, more aggressive measures will kick in. The bank will push the data to the national registry which will then act on it with an automated warning with details of the consequences should the borrower fail to oblige. Punishment for defaulters will include preventing all of the debtor’s bank accounts from any further debits – this will also apply to guarantors of defaulters. Apparently, this will involve more details and a lot of fine tuning – we will also need a quick and reliable credit rating/ scoring system - but it presents a possible view of how we can get the banks more comfortable with retail lending. Furthermore, a lot needs to be done by the CBN and banks to ensure that potential borrowers are well informed about the benefits of taking loans and the consequences should they default. We recommend a campaign through various media platforms/outlets – analog and digital. How could this impact the economy? The potential cash injection to the retail and SME sectors will promote entrepreneurship, increase retail consumption which will subsequently drive manufacturing, wholesale, and retail distribution, etc. There will also be the increased rate at which money changes hands (velocity of money) which ensures improved cash flow for many businesses – this increased value will grow jobs, reduce unemployment and slowly pull many of the populace out of poverty. We all complain about that lousy road or local travel experience, or the lack of a rail system in a megacity like Lagos - this is valid and genuine issues regarding our infrastructure. But I don’t hear as much noise about how difficult it is to get a loan to start a business. Maybe we aren’t just looking at things right. Nigerians are a vibrant bunch of, full of ideas and entrepreneurial spirit (just look at the amazing leaps of the entertainment industry), and all that we need is a system that will give the required platform to showcase this to the world.

Friday 22 March 2019

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COMPANIES & MARKETS

BUSINESS DAY

Access Bank rises most in three months on Diamond merger close Pg. 17

C O 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

MARKETS

NSE Banking Index outperforms peers since economic recession ISAAC ANYAOGU

fter seven consecutive quarters of positive albeit slow pace in economic expansion, investors who bought into the NSE Banking index at the height of the recession will have seen an annual equity risk premium in excess of 10 percent as the index is up 48 percent since December 2016. The NSE Banking Index, which is comprised of 10 bank stocks, led several classification of stock indices, by the Nigerian Stock Exchange, in terms of returns. The index is up 133.57 index points, representing a 48.69 percent growth from 274.32 index points at the end of December 2016 to 407.89 at the end of trading on Tuesday, March 19, 2019. In the last quarter of 2016, a sell off by both domestic foreign portfolio investors had led the All Share Index to shed over 4,000 index points from its June high of 31,071.25 to close at 26,874.62 at the

end of the year. Following “buy low, sell high” philosophy, that would have been a good time to enter the market and buy good companies listed on the bourse at a discount. The analysis of 10 NSE based indices since December 2016 show only 3 stock indices in negative territory. NSE AseM (-32.26%), NSE industrial Index (-22.28%) and NSE Oil/Gas Index (-6.32%). The NSE All Share Index is up by 15.66 percent and the Banking index outperforms the broad market by a multiple of three. This performance was buoyed by Fidelity Bank, Sterling Bank and United Bank for Africa who have seen prices rise by an average of 137.44 percent. The giants in terms of weight of the index did not fail to impress as Guaranty Trust Bank and Zenith Bank also returned 48.95 percent and 47.41 percent respectively. Wema Bank (42.31%), Ecobank (33.98%), Union Bank (28.04%) and Access Bank (2.94%) complete the banking index perfor-

L-R: Ahmad Salihijo, chairman, Flexisaf Foundation; Hamzat Lawal, CEO, Connected Development (CODE); Faiz Bashir, co-founder, Flexisaf Foundation, and Kevwe Oghide, communication officer, CODE, after the Signing of MoU between CODE and Flexisaf Foundation in Abuja. Pic by Tunde Adeniyi.

mance in that time period. Other NSE indices that showed impressive performance since the recession was the NSE Pension index which returned 46.46 percent, NSE Premium index (29.40%), NSE Lotus Is-

lamic Index (21.62%) and the NSE 30 Index (17.21%). The NSE Insurance index and NSE Consumer Goods index remained flat, both changed by less than a percent in both directions with the NSE In-

dustrial index growing by three-tenths of a percent and NSE Consumer Goods index at declining by eighttenths of one percent. The total equities market capitalization has grown by 25.23 percent from its N9.25

trillion value at the end of 2016 to N11.59 trillion on Tuesday. Investors who followed the “buy low sell high” advice with a 2-year horizon in the Banking index would have seen an annualized 24.34 percent return on investment.

MARKETS

Gloin60seconds: N1m grand prize winner emerges as competition ends

he grand prize winner in Globacom’s social media competition, #Gloin60seconds, has emerged, signalling the end of the talent hunt which began last December. Globacom said in a statement released in Lagos on Tuesday that Ejembi Simon Inass, a 30-yearold actor and musician from Benue State, won the grand prize of N1 million. He is a graduate of Physics from Federal University of Agriculture, Makurdi. Five other contestants who made it to the finals won N200,000 each. They are Doyin Hafeezah Salau, Kwara State-born 400-Level female Law student, University of Lagos; Emeh Emmanuel Okwun, who hails from Aba and studied biochemistry at the Michael Okpara University of Agriculture Umudike, Abia State; Ehimare Aaleeyah Shaka, 17 years

old female aspiring music star from Edo State and an ex-student of Early Heights College, Akute, Ogun State; Nwogwugwu Brainie, 27-year old Law graduate of Nnamdi Azikwe University, Awka. He is currently managing ‘Jimmy’s Play House’, a dance, photo and music studio in Owerri, Imo State and John Sunday Peter, 25 years old and graduate of Apa College of Education, Benue State. “The social media campaign, #GLOIN60SECONDS completed its promotion cycle on March 7, 2019. We have selected the grand prize winner from the entries of the past eight weeks. We have also selected five winners of the consolation prizes of N200,000 each,” Globacom stated. It added that “the final 30 top videos selected by three celebrities were uploaded on Glo Instagram official page for seven days from

March 1 to March 7 2019 for the voting public/followers. The voting results were reviewed on March 8 and the N1 million winner as well as the five winners of consolation prizes of N200,000 each were selected”. The grandmasters of data explained that the presentation of prizes to the winners would be held on Tuesday, March 26, at Globacom’s Head Office, Mike Adenuga Towers, Victoria Island, Lagos. Fifty-two other lucky winners of weeks one to week eight had earlier been presented with the cash prizes of N50,000 each in Gloworld shops across the country. According to the company, the selection of the six grand finale winners followed certain parameters such as fulfilling all the eligibility terms and conditions to participate in the contest. Other things considered included positive identifica-

L-R: Adekunle Babatunde, principal data processing officer, General Hospital, Lagos Island; Ismail Ganikale, medical director, General Hospital, Lagos Island; Enyinnaya Nwokeocha, project coordinator, health portfolio, MTN Foundation, and Christiana Ogunde, chief matron, General Hospital, Lagos Island, at the MTN Foundation’s donation of medical supplies to aid treatment of victims of the collapsed building at ItaFaji, Lagos Island recently.

tion of the participants in the video and the usage of valid active SIM with matching SIM registration data by participants. GLOIN60SE COND S

offered participants the opportunity to upload a one-minute video of themselves showcasing their talents on their social media accounts such as

Edited by LOLADE AKINMURELE (loladeakinmurele@gmail.com) Graphics: David Ogar

Facebook, Instagram or Twitter with the hashtag, #GLOIN60SECONDS. The video could be on music, dance, comedy, poetry or any other creative ability.

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Friday 22 March 2019

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COMPANIES & MARKETS AUTOMOBILE

BMW shares tank after profit warning OLUFIKAYO OWOEYE

e r m a n l u xury car make r, B M W , ha s w a r n e d that its earnings will fall “well below” last year’s level, as it embarks on a €12 billion efficiency drive to offset the impact of trade conflicts and unprecedented spending on electric cars. The company said it expects its operating profit margin in its auto segment to be between 6 percent and 8 percent, below its long-term goal of 8 percent to 10 percent The shares plummeted on Wednesday by 4.70 percent to end trading at 71.80 Euros the most since September last year after the German luxury carmaker its announced its profit warning announced this week. “In addition to the headwinds, “the fact that some positive valuation effects recorded in 2018 will not be

repeated in 2019 will result in a significant decline in the group’s financial result. Group profit before tax is therefore also expected to be well below the previous

year’s level,” it said BMW said it is responding by stepping up a savings programme with plans to cull models, reduce development times by as much

as one third and hold the workforce steady this year. According to the car maker, the struggles are adding to challenges from higher spending on new electric

cars, while efforts to comply with stricter carbon emissions regulation will also drive up the manufacturing cost. Currency swings and higher raw material prices

will have a medium-to-high three-digit million euro negative impact The car maker is particularly hard-hit by trade tensions, with earnings suffering from extra tariffs on vehicles made in Spartanburg, South Carolina and shipped to China. Also, concerns over Brexit continue to weigh, and BMW has said it may move production of the Mini city car in Oxford to elsewhere in Europe should the UK leave the EU without a deal. In addition, US president Donald Trump has threatened to impose levies on European-made cars exported to the US. Interestingly, other carmakers are responding to the same stresses. Volkswagen Group’s Audi brand is scaling back management ranks for savings and faster decision-making, while Mercedes Benz-parent Daimler vowed comprehensive cost-cutting measures last month.

ENTERTAINMENT

TECHNOLOGY

Africa’s Boomplay announces licensing deal with Warner Music

GIGM eyes Africa expansion with Enterprise Partner Model

OBINNA EMELIKE

oomplay, the largest music streaming and download service in Africa, has signed a direct licensing agreement with Warner Music to bring the record company’s diverse global roster of music to the region. The terms of the partnership allow Boomplay to distribute Warner Music’s extensive catalogue of more than one million songs to its community of listeners in 10 countries; Cameroon, Cote d’Ivoire, Ghana, Kenya, Nigeria, Rwanda, Senegal, Tanzania, Uganda and Zambia. The deal will provide Warner Music’s artistes with direct access and exposure to Boomplay’s millions of users in the region, while bringing Boomplay one step closer to its goal of bringing all music from around the world to Africa. Joe He, CEO of Boomplay, says: “Major deals with internationally recognized partners such as Warner Music continue to

push us closer to our aim of building the largest and the most reliable online music distribution platform in Africa. We want every music lover in the region to be able to access any song or video, anytime and wherever they are. We are looking forward to a successful partnership and business continuation with WMG in what are truly exciting times for the African music industry.’ On the deal, Dele Kadiri, Boomplay‘s general manager in Nigeria, says: ‘’I am totally excited about our licensing deal with Warner Music Group. This partnership brings about a huge increase to our catalogue thereby making a variety of music available to hundreds of millions of Nigerians.’’ Alfonso Perez Soto, executive vice president, Eastern Europe, Middle East and Africa, Warner Music, adds: “We are happy to partner with Boomplay to bring our amazing artistes’ music to millions of listeners across Africa. The streaming service already has tremendous reach

across the continent, yet they continue to expand exponentially. It is an opportunity that cannot be missed for our artists to make a whole new legion of fans.” Perez-Soto continued: “I’d like to thank Warner Music’s Charlie White, Marc Latilla and Reni Adadevoh for their unstinting support in helping pull this deal together and get it over the line.” In the past year, Boomplay has been on the crest of a wave, announcing landmark deals with global major labels, acquiring millions of new users monthly and releasing an iOS version in December 2018. With major labels coming on board, Boomplay is now in a strong position to further improve its service offerings and defend its leading position in Africa. Boomplay, which has more than 42 million users as of February 2019, boasts an expansive catalogue consisting of five million songs and thousands of videos from local and international acts.

…Builds ERP technology solution specifically for transport industry JUMOKE AKIYODE-LAWANSON

IG Mobility, an indigenous technology powered transport solution which originates from ‘God is good motors’, a popular transport company has commenced plans for massive expansion into other African countries with the launch of its Enterprise Partner Model (EPM), where investors will enjoy profitability leveraging the end to end operations of GIGM as a standard transport company. The new Enterprise Model Platform will allow individuals and companies interested in playing in the transport industry to purchase vehicles and reap profitable returns without having to own and bear the costs and risks of owning an actual transport company. According to the company, this model will further spur its expansion plans to include intrastate travel in other African countries, including Ghana which is its next target point. Explaining the new model, Vuakpor Muoghereh, chief operating officer, GIGM said; An Enterprise Partner (EP) is required to register on the GIGM Platform as a

business, with a minimum of three vehicles which could be range from Sienna, Hiace, Sprinter, and Jet Mover. GIGM has also made it easier for credit worthy individuals to participate in this scheme, by partnering with financial institutions to finance vehicles for eligible EPs with very good interest rates.” “Through this innovation, our company would be offering investors who are interested in creating more wealth an opportunity to become entrepreneurs in the transportation business while riding on the brand equity provided by GIGM,” she added. Muoghereh who spoke to journalists pre-launch of the enterprise partner app at the GIGM head office in Lagos said that there is currently a 70%-30% sharing formula for the EP model, where the EP pays 30 percent of his overall revenue to GIGM to cover the cost of platform maintenance, marketing, staffing, technology maintenance and other associated costs. Launching in approximately two weeks, the Enterprise Partner Model App which is developed in house includes features that allows EPs to seamlessly track vehicle activities, monitor revenue, keep up to date with

captain (driver) information and record a history of all trips made. GIGM has taken a step further to build an Enterprise Resource planning (ERP) solution, strategically targeting industry specific issues. As a platform, one of GIG Mobility’s primary goals is to alleviate bottlenecks associated with traditional transport systems through innovation and technology. In his presentation on the mobility enterprise, Jude Odum, acting deputy operations manager, GIGM, highlighted the benefits of the EP model to drivers. Under this model, current GIGM drivers, referred to as captains who meet set criteria are eligible to become Owner Captains (OCs). “This is a huge benefit to captains who can after a short while pay back loans for his vehicle and ultimately own the vehicle and all of the proceeds. Based on our calculations, in just two years, the loan can be repaid,” he said. With this enterprise mobility model, it will become easier for GIGM to spread its tentacles across Africa, and also make it unnecessary for GIGM as a platform to invest in owning her fleet in the long run.

Friday 22 March 2019

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COMPANIES & MARKETS Banking

Access Bank rises most in three months on Diamond merger close OLUWASEGUN OLAKOYENIKAN

nvestors are already taking positions in Nigerian tier-one lender, Access Bank Plc, as it gained the most in three months following a successful merger with Diamond Bank. Access Bank rose 9.24 percent to N6.50 at the close of trading on the Nigerian Stock Exchange (NSE) Wednesday, its biggest rise since December 17 when it formally announced the commencement of the merger, which is expected to produce Africa’s largest retail bank by customer base. Both Access and Diamond Bank on Tuesday formally completed the merger deal after obtaining a court sanction of the deal and approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), with shares of Diamond Bank placed on full suspension by the local bourse.

“Diamond Bank Plc h e reby c o n f i r m s t hat shares of the bank were placed on full suspension today, March 20, 2019,” the mid-tier bank said in a notice to investing public. “The full suspension will enable the bank determine the shareholders that will be entitled to receive the scheme consideration,” the statement added. The bargain hunting is seen as investors’ renewed appetite for the tier-one lender having achieved a seamless merger process and ahead of the acquisition of the entire issued share capital of Diamond Bank in exchange for N1 per Diamond share and 2 new Access Bank’s shares for every 7 held by Diamond Bank’s shareholders. “Investors are re-pricing Access Bank on the back of the merger,” Gbolahan Ologunro, an equity research analyst at CSL Stockbrokers told BusinessDay by phone Wednesday. The suspension prompt-

ed investors willing to buy Diamond Bank’s stock to shift their interests to Access Bank in anticipation for better earnings since the tier-two lender was no longer available, according to Ologunro. As a result, shareholders of Access Bank gained N15.91 billion from the surge, a development which triggered a further moderation in the year-todate return of the banking stock to -4.41 percent. The tier-one bank transacted N83 million units of shares valued at N529.94 million in 504 deals as against N84.67 million units worth N500 million that exchanged hands on Tuesday in 712 deals. In the 2018 financial year, Access Bank grew gross earnings by 15 percent to N528.75 billion from N459.08 billion garnered in 2017, while aftertax profit rose 58 percent to N94.98 billion from N60.09 billion posted in the previous year.

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BUSINESS DAY

Business Event

L-R, Johnson Anene; vice president commerce, Abuja Chamber of Commerce and Industry (ACCI), Beata Matusikova, officer, economic and commercial affairs, Embassy of Czech Republic, Marek Skolil, Czech Ambassador to Nigeria, Adetokunbo Kayode; president ACCI and Adesoji Adesugba, vice president ICT, ACCI during a commerce business visit to ACCI in Abuja. Pic by Tunde Adeniyi.

L-R: Joshua Bamfo, partner/head, transfer pricing; Oluseyi Bickersteth , chairman , and Omowunmi Onimole, head, marketing and branding, all of Andersen Tax , at the launch of the transfer pricing thought leadership publication in Lagos. Pic by Pius Okeosisi

TECHNOLOGY

Facebook sets up Board to review challenging content decisions JUMOKE AKIYODE-LAWANSON

acebook is planning to set up an Oversight Board which will be authorized to review some of its most challenging and contentious content decisions. This, the company says, is in line with its responsibility of keeping the online community safe while at the same time, giving people freedom to express their opinions online. Ime Archibong, Facebook’s vice president of product partnerships says that in putting the body together, Facebook will be getting wide input from local experts, including academics, NGOs and civil society from across the world on how this independent body could work. He explained that as part of Facebook’s information gathering and consultation process, it will be hosting a workshop in Nairobi in the next few weeks, with participants from across the continent. “We are incredibly excited about deeply engaging with this group on the hard questions related to content on

our platforms. We recognise that this is a complex process that will strengthen how we exercise our responsibility to users. To be clear, we are not asking a group of experts to make decisions for us. We are, however, asking for their insights to help inform our thinking and hold us accountable. We’ll still be making hard decisions every day, and we accept the full weight of that responsibility,” Archibong said. He explained that as currently envisioned the Board will consist of about 40 global experts with experience in content, privacy, free expression, human rights, journalism and safety. “Where we need to, we will supplement member expertise through consultation with geographic and cultural experts to help ensure decisions are fully informed. The board will exercise independent judgement when reviewing our most difficult and disputed content decisions and hold us publicly accountable if we don’t get them right. This should in time bring more

perspective, accountability and transparency to our content decisions. The board will have the power to overrule or uphold Facebook’s content decisions and will be able to recommend changes or additions to policies,” he added. Fa c e b o o k s a y s t h a t through workshops the platform is listening to its partners and incorporating a diverse range of perspectives from across Africa into the board’s design process. According to the company, the success and the ultimate effectiveness of the Oversight Board will depend on its ability to accommodate an inclusive and diverse range of perspectives, across language, culture and experience. “Above all, it’s important we achieve a diversity of backgrounds and perspectives to reflect our truly global community. While we can’t include representatives from every country and culture, Africa will be represented on the board alongside other regions, and we continue to explore ways to improve,” Archibong further stated.

L-R: Adunni Ade, Nollywood actress; Toluwaleke Salu, category manager oral care, Unilever Nigeria; Evelyn Eshikena, president, Nigerian Dental Association (NDA), and Soromidayo George, corporate affairs and sustainable business director, Unilever Nigeria and Ghana, at the Pepsodent 2019 World Oral Health Day celebration in Lagos.

L-R: Temitope Odukoya, lead partner, financial advisory, Deloitte West Africa; Asamah Kadiri, partner, Jackson, Etti and Edu; Naresh Asnani, CEO, Emel Group; Yemisi Akinbo, senior vice president, African Capital Alliance; Steve Iwenjora, principal, African Capital Alliance, and Oluseyi Onamusi, partner/head of restructuring, Deloitte West Africa, at the Deloitte London Business School alumni breakfast meeting with the theme “Nigeria Investment Outlook” in Lagos, yesterday. Pic by Olawale Amoo

BUSINESS DAY

Harvard Business Review

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Friday 22 March 2019

ManagementDigest

You shouldn’t volunteer to help your co-workers not be a bad thing. But motive matters, too, whether your target is an individual or the team. If you’re helping not for altruistic reasons but because you know your boss is watching and want to make yourself look good, research shows, people are likely to react negatively. That said, when we drilled down into the hundreds of interactions we studied to analyze helper motivation — that is, whether people were driven by a concern for others or a desire to feel better about themselves — we found that it had no effect on the kind of help they gave or the expressions of gratitude they received.

ALISON BEARD JUMPING TO A COLLEAGUE’S AID OFTEN BACKFIRES. ussell Johnson of Michigan State University and his co-researchers asked managers to track the help they gave colleagues over 10 days and how recipients responded. The team found that when people lent a hand without being asked, they were less likely to be shown gratitude than when they helped upon request. Study participants also felt less sociable and engaged at work a day after they’d given proactive assistance. The conclusion: You shouldn’t volunteer to help your co-workers.

Professor Johnson, defend your research. Our findings do suggest that we all need to be cautious about offering unsolicited help. We’re often told that it’s good to be proactively helpful, especially with teammates. But it’s important to recognize that the time and effort you put into that assistance — and take away from your own work — may not be appreciated. More often than not, according to our study, the recipient won’t show gratitude, and that means you won’t reap the psychological benefits of helping. Even 24 hours later, you’ll feel less relationshiporiented, less cooperative, and less energized about work. But if you see someone struggling, shouldn’t you step in anyway? And not worry whether everyone will feel warm and fuzzy about it afterward? My co-authors — Hun Whee Lee, Jacob Bradburn and Chu-Hsiang Chang of Michigan State, and SzuHan Lin at UMass Amherst — and I would advise you to think twice. First, as an outside observer, you might not fully understand the person’s problem. Your judgment might be clouded by biases such as projection or selective perception. You’ll probably have to use a lot of cognitive resources to figure out what’s really going on, with no

guarantee of giving your colleague the help that’s actually needed. Second, maybe the person’s preference was to solve the problem on his or her own and learn from the experience. If you swoop in without being asked, you’re more likely to threaten your co-worker’s sense of autonomy and mastery at work and diminish his or her selfesteem. In two follow-up surveys of about 500 full-time employees in North America, we found evidence for both those phenomena. Respondents who recalled times when they’d proactively helped co-workers reported having less clarity on the issues at hand than those describing instances when they’d reactively helped. And people who told us about being given help were more likely to feel threatened if they hadn’t asked for it. In those cases, the help was also less effective. So it’s no wonder the helpers weren’t thanked. Can you work around this by getting the person who needs help to ask you for it? It might be better to approach with a question — “Anything I can do to help?” — and allow your colleague to say yes or no. I think tone and body language are probably important, too. There’s a difference between offering help in a smarmy, arrogant way and doing it with kindness and humility. But

our research didn’t get into those nuances. Does hierarchy matter? Aren’t bosses supposed to help their employees and vice versa? It might. Our studies focused on peer-to-peer interactions. We asked our first group — 54 people enrolled in a part-time executive MBA course, who were also employed full-time in a variety of industries — to report back to us via online surveys about activity on 10 consecutive workdays, and they gave us information on 232 incidents in which they’d helped colleagues. In the follow-up studies, conducted via Mechanical Turk, we asked similar questions about giving and receiving assistance from co-workers. Maybe our findings would have been different if we’d considered the boss-employee dynamic. But I don’t know. When your supervisor gives you proactive help, is it useful or micromanaging? If subordinates step in without being asked, are they doing their jobs or undermining the manager’s power and status? Or just brown-nosing? Are there any implications for people in client-facing roles? Should we now in-

struct salespeople to be reactive rather than proactive? The help we studied — between co-workers — was discretionary. Help given to a client is a little different because it’s part of your formal duties, so proactivity might be expected, and regardless of the kind of help, you’re probably less likely to be thanked. Were there any differences between men and women? We didn’t find any. Of course, there’s a large body of existing research showing that women tend to be more communal and collaborative in the workplace and can be penalized if they aren’t, since it runs counter to what’s expected of them. But when it comes to the impact of proactive versus reactive helping, there doesn’t seem to be a gender component. You studied one-on-one help. What about volunteering in a group setting? Is that better or worse? I suspect that an unprompted public offer to help a co-worker would magnify the problem. The person might be embarrassed and feel an even greater threat to his or her ego. On the other hand, if you see a problem that the group is collectively facing, and you raise your hand to solve it, that might

2017 Harvard Business School Publishing Corp. Distributed by The New York Times Syndicate

What about corporate culture? Can it play a role in legitimizing proactive helping? We didn’t ask our study participants about that aspect of their workplaces. But it would be interesting to examine whether the findings would be different in cooperative versus competitive cultures, or hierarchical versus flat organizations. One practical recommendation we’d make to managers in any setting is this: Encourage people to focus on their own work. Explain that it’s OK to take a sit-back-and-wait approach to helping. But also make sure to create an environment in which everyone who needs help feels comfortable asking for it and anyone able to give help is both approachable and willing to jump in as soon as a request is made. Has this study prompted you to change the way you give and receive help? As a mentor to Ph.D. students, I have an open-door policy and try to always be available to them. But they must ask for help. I don’t go around looking for fires to put out. Especially in a learning context like the university, I may notice students struggling, but I know they usually want to figure the solution out on their own. Also, when someone helps me or I see one student helping another, I go out of my way to acknowledge and show gratitude to the helper.

Friday 22 March 2019

C002D5556

BUSINESS DAY

LEADINGWOMAN

The ‘W’ Initiative celebrates women as catalysts for change KEMI AJUMOBI

t was the maiden edition of Access Bank’s W initiative’s International Women’s Day Conference 2019 and indeed it is a program that will be in the minds of over 6,000 women who attended for a long time. With a background of empowering women for over 8 years, Access Bank believed it became essential to offer broader services that will solve the needs of women despite their varied routine and occupation hence the birth of The W Initiative. The vision of the W initiative is to partner, empower and collaborate with women in their quest for economic enabling. “The International Women’s Day is a global event celebrated annually on the 8th of March. At Access Bank, we recognise the challenges faced by women and therefore, put gender equality and women empowerment at the heart of our growth/sustainability and strategy.” GMD, Access Bank Plc, Herbert Wigwe said. “In line with the International Women’s Day 2019 conference theme, ‘Balance For Better’, we are positioned at the very crux of our long-term strategy as we constantly strive to inspire, empower and support women across their life stages” he added. Representing the MD of Development Bank, the Chief Operating Officer, Bona Okhaimo said “One of the greatest stumbling blocks for starting and growing a sustainable business in Nigeria is lack of finances for women”. He further stated that DBN had a statistics check where the range of default from loans by women was low in comparison to that of men, which means most women pay back their loans. He further advised women on the need to venture into other sectors as the space for digital and technology needs to be occupied because digital is where the real big capital is going into in the future. The First session was themed ‘Levers for

Business Growth’. The panel delved into how women can leverage finance as a practical tool to grow their businesses. It had panellists that included Titi Osuntoki, ED, Business Banking, Access Bank, Adebola Adefila, COO, Banrut Rolls Nigeria, Oluwatoyin Onigbajo, CEO, Augustsecrets, and Chukwuka Monye, Managing Partner, Ciuci Consulting and was moderated by Omilola Oshikoya, Founder, Tech World of Finance. The second session was themed ‘Women

and Innovation’. It brought to the fore, how women can build smart businesses through innovative interventions like technology, product and service differentiation. Panelists included Patricia Nzolantima, Chairwoman, Bizzoly, Kofo Akinkugbe, MD/ CEO, Secure ID, Temie Giwa, CEO, Lifebank and Tosin Durotoye, Founder, Bloom Africa. The panel was moderated by Didi Akinyelure, award winning journalist. Laure Beaufils, The British Deputy High

Commissioner said in her remarks, that “the place of women should not be where everyone says it should be, but where they want it to be”. Indeed life is a matter of choices, what you become can be determined by you and as the world is encouraged to ‘Balance for Better’, it is believed that with such initiatives like the W Initiative, among so many others propagating the ‘gospel’ of balance, surely the hope for connecting this disparity will come to fruition.

25 and under 25 millennials living their entrepreneurial dreams TIANA OJO-BOND

KEMI AJUMOBI

GRACE OKOLI GRACE OKOLI is the CEO of Shanyi Organics. She is a serial entrepreneur, God lover, inspirational speaker, organic enthusiast, modest fashionista, lifestyle blogger amongst others. Her journey to self-discovery and entrepreneurship started in 2015 from a seemingly bad situation, the delay in being mobilized for the compulsory National Youth Service Corps (NYSC). The one year delay led her to self-discovery and later the identification of a problem/vacuum in the organic beauty industry in Nigeria.

SYLVIA UDEMEH Sylvia Udemeh is the founder and Managing Partner at Bridgebooks, a smart accounting and payroll solution for SMEs in Africa. By championing financial literacy and inclusion in Africa, she is helping SMEs build financial structures that can enable them to accelerate business growth and become channels for economic sustainability in Africa.

Sylvia

Grace Blessing

TIANA TOLORUNLOJU –BOND is the CEO, Luxedos Designs. She is a creative, young and smart individual who puts her creativity into designing signature furniture and home interiors. Her content for social media is also highly educative and she shows that she isn’t just in the business for herself, but also to share knowledge and encourage new designers.

AMANDA AFOLABI

Amanda

Tiana

BLESSING ODOEMENA BLESSING ODOEMENA is a graduate of Physics from the Federal University of Technology, Owerri. She is the founder, designer

and creative director of Zikorah Africa, an African inspired women’s wear clothing brand that focuses on bringing innovation to African fashion and beyond through its unique, versatile and affordable fashion pieces.

Amanda is a TV Presenter at Ebonylife TV, TVC (Television Continental) and the founder of Dara Naturals, an organic skincare company. She studied Computer Information System at Babcock University, but on graduation decided to follow her passion in the media industry and started off her career at 19 on Rave TV Channel. She then moved to work at Ebonylife TV co-hosting Moments Z, a pan African TV show for millenials. Read their intriguing interviews on http://www.businessday.ng by clicking and dowloading. Enjoy!

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How Nigeria can curb disease outbreaks through public-private coalition ANTHONIA OBOKOH

igeria’s unflattering outbreaks and infectious disease indices threats may be substantially addressed, as advocacy mounts for the country to advance preparedness, and establish a public private coalition on health security, to build a resilient health system for all citizens. In a bid to strengthen the National strategy for reducing infectious diseases, prevent and control emerging epidemics such as Lassa fever, meningitis, cholera the public and private sector can collaborate in keeping lifethreatening diseases at bay. Osagie Ehanire, Minister of State for Health, explained that the role of the private sector in heath security in Nigeria goes way beyond corporate social responsibility. “We must prioritise multi-sectoral partnerships to end epidemics because the next pandemic is only a plane flight away. infectious diseases outbreaks are now of greeter global concern that ever before, propelled by the awareness that volume and ease of travel make an infectious diseases only a plane ride away,” said Ehanire. Ehanire stressed that the losses in business turnover virtually forced the closing

of ranks and collaborations that arose between Government and business community to create that perfect justification of why and how strong partnerships can be the best line of mutual defense against outbreaks. “The business world and the Nigerian Government share this concern especially following recent bitter experiences demonstrated by the devastating impact of the 2014 Ebola Virus Disease which had a terribly disruptive impact on all segments of society and the economy of West Africa,” “Synergy of purpose during the outbreak became a proof of the necessity and concept to work together and not surprisingly the Nigerian businesses to contribute and work with us by joining the Private Sector Health Alliance of Nigeria,” Ehanire added. Muntaqa Umar-Sadiq, chief executive officer, PHN also expressed the view that strengthening Nigeria’s epidemic preparedness and response will require bold innovative approaches and complementary public private partnerships. “The state of health in Nigeria is characterised by poor health outcomes and suboptimal health care systems vulnerable to the threat of future epidemics and outbreaks which threaten global health security,” Muntaqa further pointed

out that beyond direct effects on health, disease outbreaks impose significant economic costs including stress to labour, supply scarcity, market instability and price increases. Panic and social distancing can devastate economies. “Engaging the private sector early and establishing relationships before a crisis allow for a faster, stronger response by preparing with our partner companies in advance, we can more easily and quickly deploy products and services in a crisis,” he said. Lessons learned from global strategies indicate that the roles of multi-sectoral partnerships, particularly the private sector at country level, is a critical precursor to accelerating progress towards set objectives. Muntaqa also attributed that following the West Africa Ebola epidemic in 2014 and more recently in DRC, there are important lessons to learn around the importance of partnership, leadership, communication and innovation. “With more outbreaks on the horizon, we can’t afford to repeat this cycle of uncertain priorities, wasted time and investments. We need strong and clear leadership; effective deployment of new innovations,” “There is a compelling opportunity to engage the

private sector and other nonState actors to complement government in advancing its health security agenda,” said Muntaqa. Chikwe Ihekweazu, chief executive officer, NCDC, reiterated the need to develop the Nigerian health care system to effectively prevent, protect, and respond to disease emergencies, saying it is as important as, or more important than, an emergency response. It costs less to invest in advance and to be ready. “Infectious diseases do not respect borders or class. There is an urgent need for investment in preparedness and the time to prepare is NOW. “Recently, Nigeria was hit by the Ebola outbreak. We would not have had a strong response without the private sector. This and other outbreaks have reinforced the need to adequately prepare for and respond to public health emergencies,” said Ihekweazu. Olajide Idris, commissioner for Health, Lagos State, on his part, said “To be adequately prepared for disease outbreaks, we must strengthen our public health system in Nigeria. We need to transform not only the health care delivery system, It is not a matter of if there will be another global epidemic, but when. It is time for Nigeria to step up and improve preparedness for disease outbreaks.”

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Friday 22 March 2019

Akwa Ibom clears air on alleged high HIV prevalent rate ANIEFIOK UDONQUAK, UYO

he Akwa Ibom state government has cleared the air on the reported high HIV prevalence rate saying that there has been a drop in transmission from 10.8 percent in 2014 to 5.5 percent in 2018. The state commissioner for health, Dominic Ukpong stated this in Uyo, the state capital adding that the scourge of the disease has since dropped According to Ukpong, “The last nationally accepted HIV survey, prior to the NAIIS survey in 2018 was the ANC SENTINEL study in 2014 and the National prevalence was 3% while Akwa Ibom state prevalence was 10.8%. Arguably as it is being reported that the national prevalence has dropped from 3% (2014) to 1.4% (2018), similarly, that of Akwa Ibom State has dropped from 10.8% (2014) to 5.5% (2018).” He said the state government is not only committed to providing basic infrastructure in the state but also committed to the health and wellbeing of the people with huge resources. The commissioner however stated that the current HIV/AIDS situation in the state called for a “more robust multi-sectoral response towards curbing the epidemic in the state”, adding that government would step up collaboration through Akwa Ibom State Agency for the Control of AIDS (AKSACA) and Akwa Ibom State HIV /AIDS and STI Control Progamme (SASCP) with implementing partners. In the same way, government plans increasing access to HIV testing services, by providing enough rapid test kits whereby all primary health centres and secondary

health facilities in the state will be able to provide free HIV testing services to its citizens, he said. “Increasing access to treatment by creating 3 new comprehensive treatment centres, 1 per senatorial district to be fully supported by the state government these will compliment other comprehensive treatment centres supported by international partners,’ he stated. DUkpong also added that the State Primary Health Care Development Board, inaugurated by Governor Udom Emmanuel recently was working had to commence its activities, which would include management of our primary health centres saying that this will impact positively on the service delivery in these health facilities. The Commissioner explained that the state government would be embarking on state wide community outreaches and enlightenment campaigns to create demand for the uptake of HIV services. He called on the media to partner with the state government by incorporating jingles, news promo and talk Show programmes as well as media chats on HIV at no cost, to support the fight against the transmission of the virus. He also said that in line with the new national strategic frame work 2019- 2023, state government will lead advocacy to the local government councils in the state to lend regular and dedicated support for HIV intervention and other health programmes in their respective local governments areas towards ensuring long term mitigation programme.

Experts canvass use of technology to overhaul Nigeria’s wobbly healthcare system GBEMI FAMINU

ealth experts want federal and state governments to use advanced technology to cut costs and reduce inefficiencies in Nigeria’s healthcare system. They urge the government to pay more attention to the health sector and engage in activities to move the sector to a more advanced and globally accepted standards, especially through increased fund allocation and advanced technology. At a breakfast meeting organised by the NigerianAmerican Chamber of Commerce, themed ‘Improving quality outcomes through health information technology’, Francis Adedayo Faduyile, national president, Nigerian Medical Association said in his keynote speech that the traditional way of delivering healthcare has led to thousands of deaths and serious injuries. He said despite the increasing number of mobile smart phones and computer use in Nigeria, there is a very

low use of technology in Nigeria’s healthcare system. He said use of technology will give a proper record of patients and reduce the risk of misdiagnosis and wrong medication. He advocated for telemedicine which will improve access to healthcare, improve service quality and patient demand while cutting costs for all players. Ola Brown, medical doctor and managing director of Flying Doctors Nigeria, said Nigeria’s problem, including the overall challenge of funding, can be addressed through advanced technology. She disclosed that Britain allocates $200bn per year to the health sector for its 60 million citizens, thereby spending $4000 dollars on each citizen, while Nigeria has $1 billion per year which has to take care of 200 million citizens at $6 per citizenship. Brown said fixing health care in Nigeria will require the expansion of primary health care centres, less workload on the available doctors through task shifting of health practitioners, sus-

tainable healthcare funding, citizen advocacy for healthcare and establishment of more specialist hospitals and less general hospitals, as well as better remuneration for medical doctors. She said it will take years for Nigerians to enjoy high doctor- patients ratio again, advising the government to leverage on technology to do more with less. She added that the use of advanced technology will foster quality, easily accessible healthcare at a leaser cost. Another panellist, Clare Omaseye, managing director of JNC International Ltd. (JNCI), said that there is a direct correlation between health and wealth, which currrently reflects on the economy. She said the Nigerian system is on life support and requires serious attention. She disclosed that Nigeria loses $1 billion on medical tourism annually, which equates the same amount for the health budget, advocating that medical tourism be reduced. She stated that Nigeria’s

infrastructure deficit will require $ 3 trillion dollars annually to get Nigeria to the right level. She advised government to address the infrastructure deficit by leveraging technology and public private partnership while creating an enabling environment for private companies to invest

in, by lowering entry barrier and reducing unnecessary taxes. Speaking on the country’s brain drain of medical practitioners, she said there is a direct correlation between the country’s economic problems and the continued brain drain of health practitioners in the country.

“Seven medical practitioners leave the shores of Nigeria every week for better opportunities,” she said. She added that lack of necessary tools and facilities, poor infrastructure, poor remuneration of doctors, and unavailable space for residency opportunities worsen brain drain.

Ehi Braimah, vice president, Nigerian-American Chamber of Commerce (M); Francis Adedayo Faduyile, national president, Nigerian Medical Association (2nd R); Ola Brown, managing director, Flying Doctors Nigeria (2nd L); Clare Omatseye, president, Healthcare Federation of Nigeria (L) and Joyce Akpata, deputy-general, Nigerian-American Chamber of Commerce (R) at the NACC 2019 March Breakfast Meeting held recently in Lagos.

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Friday 22 March 2019

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ADE ALAKIJA

s the Easter Season and Holidays approach, a lot of Visits to Friends and Relations (VFR) increase drastically and with all the fun and merry making that goes along with the season. Many Easter breakers will be looking forward to sunny destinations and a/or long week(s) of relaxation, some may travel to tropical hot spots, like Rio or islands in the Caribbean, while others may opt for bustling cities, like Amsterdam or Kigali and many will be going to their towns and villages unaware of the dangers on route and at the destination. However, not all Easter break destinations are created equal; some have specific health risks you should be aware of. In the first of the series on Easter Travel, this week’s main focus will be on the traveller who is Visiting Friends and Relations (VFRs) and Tips to avoid Bug Bites. A lot of travel will be done by family members coming to Nigeria from far afield. Most, if not all of them would have lost most, if not all of their natural immunity especially those who have

been away for over several months to years and those who are Nigerians but have never been to the country (No natural immunity). Immunity wanes overtime if you are not continuously exposed for example Malaria. They should all be treated as expatriates and all precautions for a foreigner coming to Nigeria must be taken. Many families believe because they grew up in Nigeria, they and their off spring are immune to the diseases here which can lead to severe consequences and even death if appropriate preventive action is not taken. VFRs have an increased risk of travel-related health problems including infections such as malaria, typhoid, sexually transmitted infections (STIs) and influenza than foreign tourist travellers because they are more closely tied to local behaviours and culture and they are also more likely to be hospitalized than Western/ Developed country nationals visiting Nigeria. General advice to family travellers Family travel usually refers to those going on short trips and usually involves staying in varied accomodation like good quality accommodation in major cities and large towns, poor rated hotels and accommodation in smaller towns and villages to even

sheds and huts in some circumstances. Good preparation for family trip leads to less stress, is better for your health, and it is also a sign of an organised and alert mind. The family person who is able to think ahead and prepare well for a trip benefits both themselves and the family they represent positively. Allow yourself time to adjust on reaching your destination, especially if you are flying across time zones.It is advisable to have a family checkup preferably before departure to or on arrival in Nigeria. Checking the family weight, blood pressure and cholesterol levels is always good practice along with making sure all the children are in top shape and in good health with up to date vaccines and medication and good dietary advise. If your child is allergic to food items, it may be difficult to determine the allergen in local foods so do your research before departure. The following information is quoted from www.travax.nhs.uk. –“The reasons for increased health risks in immigrant VFRs relates to their higher risk of exposure to infections and insufficient preventative measures because they do the following: Often do not seek pre travel advice – one study indicates only 31percent sought advice, so, also, they are less

Experts advocate regular check-up, stay active to prevent kidney disease SIKIRAT SHEHU, Ilorin idney diseases, experts say are silent killer. They may cause progressive loss of kidney function leading to kidney failure and ultimately required dialysis or kidney transplant to sustain life. However, prevention and regular check-up are said to be the options to prevent kidney diseases. Ade Faponle, a Nephrologist with the Department of Medicine, Renal Care Centre, University of Ilorin Teaching Hospital (UITH), spoke recently in Ilorin on the celebration of Word Kidney Day. According to him, kidney disease is progressive and multi systemic in its manifestation, thus, the need for individuals to stay alert and watch for symptoms of kidney disease. With the themed: “Kidney Health for every one everywhere”, Faponle advised people to take preventive measures against kidney disease, as it is financially draining while the National Health Insurance Scheme (NHIS) is not well regulated to cover the six session of dialysis. Common symptoms of kidney disease he said are; swelling of face and feet, loss of appetite, nausea, vomiting, pallor, weakness, frequent urination, presence of blood or protein in urine. “Nigerians are enjoined to

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eat healthy diet full of fresh fruits and vegetables to prevent kidney diseases. “Chronic kidney disease (CKD) is very common and has no cure, so prevention is the only option. Early detection and treatment can often keep CKD from getting worse, and can prevent or delay the need for definitive therapy. “Regular aerobic exercise and daily physical activity maintains normal blood pressure and helps control blood sugar. Such physical activities cut the risk of diabetes and hypertension and thus reduce the risk of CKD. “Decrease intake of refined foods, sugars, fats and meats in the diet. “For those above 40 years of age, consuming less salt in the diet may help in the prevention of high blood pressure and kidney stones. “Drinking sufficient water (about 3 liters per day) helps to dilute urine, eliminate all the toxic waste from the body and prevent kidney stones,” he noted He further explained that screening for kidney disease involve urine tests and checks for protein in the urine, which can be a sign of kidney disease. Faponle added that excessive urine is a sign of trouble and that when the filters in the kidneys are damaged, protein leaks into the urine. He recommended that, “if you love your kidneys and

more importantly, yourself, do not forget to get a regular kidney check-up after the age of 40.” Also speaking, Titi SegunAgboola, Principal, School of Post Basic Nursing, UITH, warned people against consumption of alcohol, saying that the consequences of taking alcohol outweigh the benefit. “Kidney disease can affect anybody including children, and risk factors that predispose to this disease includes infection, diabetes and hypertension, and working class people are more at risk, because of living a sedentary life and consumption of alcohol,” she said. She observed that Chronic Kidney Disease (CKD) situation is a global problem, and that it is sixth fastest growing cause of death in the world. Segun-Agboola explained that the body uses kidney organ to cleanse the blood, while likening it to the “environmental sanitation of the organ of the body”. She explained that indiscriminate use of analgesic and herbs popularly known as ‘agbo’, or cocktail of analgesic is bad for the kidney. Agboola urged people to be physically active, so as to prevent obesity and also cut down on sugar and salt, as well as avoid smoking, saying “prevention is better than cure”.

‘

Good preparation for family trip leads to less stress, is better for your health, and it is also a sign of an organised and alert mind

likely to be vaccinated prior to travel. Under-estimate risks of health issues when travelling as they are ‘just visiting family/friends’ are more likely to travel at the last minute. They stay for longer, live as part of the local community and mix closely with the local population and are more likely to stay in rural areas. The reasons why VFRs do not seek pre-travel advice are complex and likely to include language barriers, cultural beliefs and financial considerations. Even when pre-travel advice is sought, adherence to recommendations is low. Despite such barriers, where opportunities arise, advice to VFRs can be tailored to address specific areas of concern for them. There is an argument to target immigrants opportunistically for travel advice and vaccination when they attend healthcare facilities for other reasons. Reaching VFRs and tailoring advice for them is an ongoing problem not only in the UK but in other countries with VFR populations who travel to areas with higher health risks”. To be continued next week

Ade Alakija, medical director Q-Life Family Clinic, Email: adealakija@hotmail.com Website: www.qlifefamilyclinic.com

Access to fluoride, implementation of sugar-reduction policy panacea to oral health - Dental expert IDRIS UMAR MOMOH, CHURCHILL OKORO, Benin

nthony Osaguona, president, Nigerian Dental Association (NDA), Edo state chapter, Wednesday said affordable access to fluoride as well as promotion, implementation of sugar-reduction policies and healthy diet can positively influence oral health outcomes in the country. Osaguona, who gave the hint during the celebration of the 2019 World Oral Health day in Benin-City with the theme, “Say Aah, Act on Mouth Health”, said the investment will also decrease costs to the individuals and governments. The NDA president who, however, appealed to Edo state government to establish a directorate of dental health care in the ministry of health noted that it will enable quick formulation of dental policies and access to dental health care services in

the state. He noted that the World Oral Health Day marked every March 20, annually was geared towards celebrating the benefits of a healthy mouth, promote worldwide awareness of the issues on oral health. “This years’ theme is aimed at motivating people to take charge of oral health and take action to prevent and protect their general health, through managing risks factors and seeking treatment in a timely manner when necessary. “Individuals cannot do it alone and must be supported by oral health professionals and physicians, as well as policymakers providing oral healthenabling environments and appropriate policies. “The campaign will encourage people to bring oral health to the forefronts of the mind by asking key questions posed through checklists, with accompanying tips outlining actions that can be taken to prevent and manage

oral diseases,” he said. He however, added that tooth loss should not be attributed to natural course of aging, but practicing good oral hygiene habits, avoiding risk factors and having regular dental check-ups can help people keep a healthy mouth throughout their life time. In his remark, the President of the Nigerian Medical Association Edo State chapter, Valentine Omoifo, called on the state government to provide modern equipment for the dental center. “Government has a lot of roles to play; starting from policy formulation, training and retraining of personnel’s and equipping the dental center with standard equipments,” he added. Omoifo, also appealed to the state government and other authorities to instill dental health care into the school curriculum. He said the curriculum will ensure that people can be taught oral health at tender age.

Physiotherapists commend Mouka’s role in boosting healthy sleep culture TEMITAYO AYETOTO

he Nigeria Society of Physiotherapy has commended Mouka Limited, a manufacturer of bedding products for boosting a healthy sleep culture in Nigeria. Rufai Ahmad, the society’s national president who spoke at the company’s marking of this year’s World Sleep Day said lauded Mouka’s fostering of healthy sleep culture across the country, by educating

people on proper sleeping positions and need for quality mattresses and pillows. Highlighting the importance of sleep to overall human wellbeing, the physiotherapist described sleep as an essential component of physical and mental health that affects quality of life in terms of interaction with people and the environment. “Sleep can help you maintain a good quality of life,” Ahmad explained, promising

the society’s for the brand’s efforts to spread healthysleep-culture. Mouka at the event launched another Sleep Gallery in Lagos to bring to eight the number of such innovative facilities across the country. Manned by experts who help the consumer make the right choices, the Sleep Gallery hosts a range of premium sleep products that are exclusive to the Mouka Sleep Gallery outlets.

ANTHONIA OBOKOH and ANI MICHAEL / Reporters. Email: obokoh.anthonia@businessdayonline.com I David Ogar, Graphics

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Seven things Buhari needs to fix in Technologies making agriculture, agriculture over the next 4-years (3) farming smarter HANNAH EDIA

CALEB OJEWALE Twiiter: @calebtinolu

he last three of seven things President Buhari needs to fix in agriculture over the next four years are discussed today. While there are several issues requiring attention in the sector, the seven identified if solved, will go a long way in repositioning the sector for economic prosperity. Fixing poor yields through quality inputs Farm yield in Nigeria is reputed to be among the lowest in the world, and while a number of factors contribute to this, the quality of inputs, particularly seeds contribute significantly to it. Even when Nigerian farmers are hardworking, they may continually have little to show for it (yield wise), unless this hard work is complemented with the right seeds (and other quality inputs). A s N i g e r i a’s a g r i c u l t u r a l de ve lo p m e nt i s i n crea si ng ly becoming a subject of interest, it is attracting the attention of both local and foreign players who want to cash in on the renewed diversification rhetoric. However, if poor farm yield is what potential investors will either have to show for their investments, or perhaps, what limits them from getting enough raw materials for production, then the journey to agricultural development may be longer than thought. Frans Ojielu, global financial advisor, ICMG Commodities, told BusinessDay, the availability of quality seeds is critical to agricultural productivity. This is a critical input and all efforts must be on deck to ensure the availability. The yield per hectare is bolstered by the quality of seeds. The time to maturity is also affected by the types and quality of seeds used which directly affect the economics and cash flow available to agri-businesses. The importance of good seeds is important, not only for the economic wellbeing of the farmers, but also for food security. The problem of seed in Nigeria is multifaceted, with two notable elements. The first borders on dubious seed dealers, who sell fake seeds, at times ordinary grains, to unsuspecting farmers as hybrid.

This experience discourages many farmers who have used such seeds from making a repeat purchase. The second; most smallholder farmers (responsible for 80 percent of output) are too poor to afford good seeds. This has to be fixed if agricultural output in Nigeria will improve. Expanding agricultural development beyond rice Nigeria has given significant attention to rice production in recent years, but this has to be extended to other areas of agriculture; crops and animals, in order for productivity to really improve. The Anchor Borrowers’ Programme Guidelines published by the Development Finance Department of the Central Bank of Nigeria in December 2016, indicated agricultural commodities to be covered as; Cereals (Rice, Maize, wheat etc.); Cotton; Roots and Tubers (Cassava, Potatoes, Yam, Ginger etc.). Others were Sugarcane; Tree crops (Oil palm, Cocoa, Rubber etc.); Legumes (Soybean, Sesame seed, Cowpea etc.); Tomato; Livestock (Fish, Poultry, Ruminants etc.). At present, the program has covered only few of these so far, and especially rice. According to the Food and Agriculture Organisation (FAO), Nigeria’s rice production reached 7 million tonnes (4.2 million tonnes, milled basis) in 2017, up 12 per cent from 6.3 million tonnes (3.8 million tonnes, milled basis) in 2015. The growth according to FAO, was encouraged by high local prices and inputs assistance programmes under the country’s self-sufficiency drive. Curiously, the 4.2 million tonnes milled rice in 2017, is 2.1 million tonnes below Nigeria’s 6.3 million tonne annual demand,

noted in the Agriculture Promotion Policy document of 2016. By 2017, demand surely would have even increased, indicating local rice production might still be far from being adequate, even though 2018 data is not yet available. While rice has unarguably gotten much attention, same cannot be said of so many other crops, and this needs to change in the coming years. Other commodities continue to be imported or smuggled in, as local production remains inadequate. Access to market and functional commodity exchange As experts in the agricultural value chain have told BusinessDay, a private sector driven commodity exchange system is expected to eliminate many problems in the sector, where post-harvest losses are as high as 40 per cent for some commodities. There are also frequent gluts in the market for different commodities, leading to price instability, and in cases when prices crash, there is very little income for farmers. Invariably, it is discouraging for potential investors who do not consider the Nigerian sphere viable enough on account of its volatility and uncertainties. “That is the only way the farmer will get value for his or her produce. A commodity exchange is the vehicle that the farmer needs to get real value for his or her produce,” said Kabriru Ibrahim, president, All Farmers Association of Nigeria (AFAN). A commodity exchange system brings transparency in prices, ability to plan, capacity to borrow more easily from financial institutions and ability to provide farming production estimates.

n a future that promises population explosion, rapid climate change and food insecurity, we are constantly reminded of the huge role that technology has to play and how we must continue to develop and apply new technologies to meet the needs of man. Technology is already playing a big role in the field of agriculture and this article covers some of the more prominent ones. Artificial Intelligence Artificial intelligence is slowly creeping on us and gradually replacing tasks requiring human intelligence. Tasks that require visual perception, speech recognition and language translation can now be done by a computer just as well as a human. There are three broad categories of the application of Artificial Intelligence in Agriculture; Agricultural robotics, Soil and Crop monitoring and Predictive Analysis. Recently, an AI was developed by a team of researchers to identify diseases and pests in plant using a technique called Transfer learning. They were able to build a library of 2,756 images of cassava leaves right from plants on the field in Tanzania, then trained the system to recognize damage from ailments like cassava brown streak disease and cassava mosaic disease, plus the ravages of mites. In the end, the AI was able to identify brown leaf spot with 98 percent accuracy and red mites at 96 percent. Big data The term ‘big data’ isn’t new. Companies have long been using data to study specific consumer trends and using that trend to map out product design, customer engagement, marketing strategy, and even sales copy. The big idea is, if you speak the language of your customers, you are more

likely to get higher conversions. The potential for big data is enormous and has opened up new frontiers in the field of agriculture. As it applies to crops and animals; the emergence of AI has led to farmers increasingly using sensors and soil sampling to monitor how crops react to different planting techniques. Precise geographical location data can also be collected with GPS systems. This data aggregated over a number of years can be processed and applied to predictive farming where farmers can apply fertilizers exactly where it is needed without guessing. 3D printing In order to improve efficiency in any field, there has to be a continuous push towards innovation. The final technology addressed in this article is 3D printing, an additive manufacturing process in which a digital file directs the printer to lay down successive layers of liquid, powder, paper or even steel to make a three-dimensional, solid object. There are a number of ways in which 3D printing can improve agriculture. For example, installing a robust irrigation system can be costly but with 3D printing, farmers can print polymer pipes from which water flows out. This provides a cost-effective and ecofriendly way to deal with irrigation problems. Tractor machine parts can also be 3D-printed possibly reducing the cost and time to replace specialized equipment. Opportunities abound to create technology products that will revolutionise the agriculture industry. The question is, will prospective or current farmers, the Government, and Nigerian investors take advantage?

Edia is a Content Developer and SEO Strategist at Farmcrowdy.

Timely access to affordable fertilizers will drive agriculture development in Africa, experts say CALEB OJEWALE

chieving sustainable agricultural growth and development in Africa has been hinged on more farmers getting timely access to affordable fertilizers, by stakeholders and agriculture experts who attended the 7th Governing Council meeting of the Africa Fertilizer Financing Mechanism (AFFM). AFFM’s first Annual Report wa s ap p rove d d u r i ng t h e meeting held last month and discussed ways to facilitate

improved access to fertilizers for smallholder farmers. The AFFM G overning Council provided recommendations on the AFFM baseline study and communication strategy. They also considered progress reports on the implementation of credit guarantee schemes for fertilizer importers, distributors and agro-dealers. This is expected to facilitate funding of these agriculture value-chain players by financial institutions. Fertilizer credit guarantee models are currently being developed in Nigeria and Tanzania.

“These solutions will go a l o ng way i n c o nt r i bu t i ng to transforming the fertilizer sector in Africa and ensuring a sustainable access to quality fertilizers that Africa needs to achieve food security,” said Marie Claire Kalihangabo, Coordinator of the Mechanism at the African Development Bank. Josefa Leonel Correia Sa cko, t h e A f r i ca n Un i o n Commissioner for Rural Economy and Agr iculture and Chairperson of the AFFM Governing Council called for speedier implementation of

the Abuja Declaration, a set of resolutions adopted by African heads of state in 2006 to achieve the Comprehensive Africa Agricultural Development Programme (CAADP). “Progress on implementation of these resolutions has been slow due to several barriers at national and regional levels. These barriers include financial constraints affecting AFFM operations, insufficient number of agro-dealers, ineffective fertilizer laws, unconducive investment policy environments, a n d u n d e v e l o p e d m a rk e t

infrastructure among others,” Sacko said. The high cost of fertilizers was a key bottleneck for Africa’s smallholder farmers, said Martin Fregene, Director of Agriculture and Agro-Industry at African Development Bank. Fregene said smallholder farmers particularly needed special support – as they usually cannot afford the high prices of fertilizers. He remarked that an inclusive approach involving all value chain actors was needed to attain the target of 50kg of fertilizer nutrients per hectare.

Friday 22 March 2019

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Written by Temidayo Adewoye, an Associate in the Employment Law Group of Perchstone & Graeys.

Artificial intelligence in the workplace: bracing up for the revolution

he Fourth Industrial Revolution as touted by tech pundits is expected to usher in an era where artificial intelligence (AI) and robotics will significantly change every aspect of human life. The idea of a machine that will be able to think and act like humans, provoked by A. M. Turing’s popular 1950 essay titled ‘Computing Machinery and Intelligence”, where he posed the question: “Can machines think?”, has been the obsession of computer experts/researchers. The ultimate goal is to make computers that learn like a child. The concomitant effect of this is that robots are being programmed to learn by simple algorithm and to carry out cognitive tasks. Thus, many tasks in diverse fields are now subject to Robotic Process Automation (RPA). The deployment of intelligent machines to the world to work is no exception; a welcome development to employers in the drive for greater profitability, albeit a kickstart in what looks to be an endless contest between employees and their new robotic rivals. Evidently, the future where robotic workers will cause a structural change in the nature, pattern and availability of jobs is here, maybe even earlier than anticipated. The New York Times reports that since 2014, Amazon has deployed over 100, 000 robotic Arms to its centres around the world. In 2017, Alibaba, the largest retail shop in Asia, deployed sixty Greet+ robots which carried out 70% of tasks in its warehouses. According to a World Economic Forum publication, by May 2018, Shenzhen Evenwin Precision Technology, a manufacturing company based in China, would have replaced 90% of its 1, 800 employees with machines; this being its aim. The advent of robotic/AI driven cars/taxis also comes to mind. The trend is unlikely to stop or even slow down. The Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbajo, at the Closing Ceremony of the 50th Anniversary Celebrations and Annual Conference of the Chartered Institute of Personnel Management (CIPM) late last year, raised a concern over this growing threat, noting that technology is redefining the structure of industry and commerce, and the skills required to function in them. From the way services are secured and solutions garnered these days, and the use of apps and AI Chatbots (such as Diamond Bank’s Ada), it can be said the words/concerns of the Vice President are not overreaching. It is difficult to forget the slow but sure advents of paralegals. KPMG reports that it might “sound like science fiction but sophisticated AI like this is already in place at legal firms and is very close indeed for tax.” With the advantage of speed, accuracy and lower cost of maintenance, the preference for machines indeed poses a threat to job availability for human workers. However, what would appear to be

a loss to the worker, may be a gai not the employer, with AI deployment having little or not regulatory infraction. The above considered, where should the law stand, especially in a developing nation like Nigeria, in creating a balance between the rights and obligations of the employer and the seemingly vulnerable human employee in what seems certain to be an increasingly AI dominated future? Legal Matters The preference for machines over humans will effectively necessitate layoffs. An example that quickly comes to mind was the technological unemployment caused by electronic/mobile banking, Automated Teller Machines and other sophisticated banking methods in the Nigerian banking industry. Undoubtedly, in integrating robots into the workplace, employers will be faced with the dilemma of choosing between their human workers and the robots. It is likely that the employer will lean in favour of the robots for a number

‘

Regulations, legal structures and laws must also be revisited to prepare the playing field and protect what each nation stands for. The AI revolution is here and cannot be overlooked. It must therefore be holistically and cautiously prepared for.

of reasons, considering that robots would fee the employer from salaries, obligations, regulatory remittances, benefits/allowances, leave days, etc. In a possible bid to hastily replace human workers with robots, employers might be tempted to throw caution to the wind and implement mass layoffs without complying with procedure(s) laid down in the respective employment contracts, handbooks/ policies and laws. This would be unwise for reasons that will be shortly expounded. Declarations of redundancies may also be in the cards, as the law permits employers to declare a redundancy where it is manifest that there is an ‘excess’ of manpower. However, the power of the employer to declare an employee redundant is not unfettered and as such, it is imperative that the employer abides by its duty to comply with the provisions of the prevalent Labour Act/regulations, policies and terms of contract. Where a redundancy is to be declared, the Nigerian Labour Act makes it mandatory for the employer to notify the trade union or workers’ representation concerned of the reasons for and the extent of the anticipated redundancy; in some industries, consent must be secured from the regulator before proceeding with the redundancy process. Also, the rile of laying off workers in the order of their date of employment, popularly known as ‘last in, first out’, and the negotiation with, and payment of severance packages to the employee are procedural steps which the employer must take. The employer may be liable in damages for not complying with these provisions of the Act. A further consideration is the likely attitude of the National Industrial Courts on matters of redundancy induced by preference for machine workers in the future. In some quarters it is believed that the NIC’s usual application of international best practices and stance against unfair labour practices, may predispose the court to adopt the protectionist posture of

the International Labour Organisation in favour of human workers. A more detailed review of the rationale for the court’s decisions would however suggest that this outcome is unlikely at best. The NIC has tended to adopt a very fact-based approach to judicial determination in recent times. As such, it is more likely that the NIC would consider each case based on the peculiar facts before it; for example, whether the employer was justified to subject the employee to redundancy. Therefore, even in revisiting the employment portfolio for business interest reasons, the employer must be seen to abide by the applicable regulations and internal policies in order to avoid unpleasant and potentially unfavourable litigation. For a bit of context, it can be helpful to consider some examples of the jurisprudence on this subject matter in some foreign jurisdictions. In the Australian case of Joe Solari v RLA Polymers Pty Ltd (U2010/5787), the court upheld the redundancy of a worker because of his inability to cope with the operational reorganisation of his work plant. Also, in Packman v Fauchon [2012] UKEAT/0017/12, an English Court held that subjecting a worker to a redundancy due to the employer’s adoption of accounting software technology was not unfair in the circumstance. Thus, it seems that without an infraction of the provision of the labour laws on redundancy, employees displaced because of adoption of better technologies may not successfully challenge their redundancy. What Next? There are different schools of thoughts on the subject of deployment of robots into the labour market. While the positive theorists believe that AI will not necessarily create unemployment but will cause a structural shirt in the nature and dynamics of labour in the future, the realists believe that AI will adversely affect the nature of jobs that will be available to humans, as it might result in the workplace survival of only those persons who have the requisite skills to interact with and operate computers and use the internet. A unifying point is that the AI revolution will disrupt labour practices and workplace norms. In a bid to prepare for these disruptions, employees must make sure to specialize in areas that are, to some degree, practically irreplaceable by AI. The government, as with the courts, must also recognize its role in maintaining the balance between the rights of the employer and the employee, whilst permitting positive business advancements by the employer. For example, government may have to consider making legislations which would require employers to maintain a quota of human employees, whilst permitting the influx of AI robots. Also, it may create tax incentives for employers meeting a defined quota of human

employees. The definition of ‘redundancy’ must also be revisited to take into account nuances of the new workplace paradigm. The Regulators should also have the additional duty to ensure that the influx of robotic workers into the country is regulated and necessary at each point. The scope of statutory responsibilities of the National Office for Technology Acquisition and Promotion (NOTAP) in Nigeria for example, under the National Office for Technology Acquisition and Promotion Act, may have to be expanded to include oversight on importation of robotic workers so that Nigeria will not become a dumping site for hazardous or marauding robots. As already alluded one of the major effects of the deployment of robotic workers is the structural shift from the demand for the traditional white/blue collar worker to a ‘new worker’. A greater emphasis will be placed on ‘technological’ skill as against a formal university education; both however providing an advantage. There will therefore be a need to revisit even school curriculums, to impart skills that make them even more employable. As coined in the letter of the CEO of IBM, Ginni Rometty, to the then president-elect the United States, Donald Trump, greater focus must be placed to secure training for technological roles such “cloud computing, technicians, database managers, cybersecurity analysts, user interface designers, and other assorted IT roles.” Employers will also do well to make policy directives that help track and attract workers with skills relevant to emerging realities orchestrated by disruptive technologies. Conclusion The fierce competition that intelligent machine workers will bring to the world of work will be unprecedented. As in the early days of the Industrial Revolution, when the use of machines gave farmers amenable to change an ‘undue’ advantage over others that stuck to their crude implements, it is expected that there will be some employers/ employees who will prepare to be innovative and in so doing, will remain relevant and poised to take advantage of the opportunities AI presents. There is however likely to be a gap far greater than that seen in the Industrial Revolution. As Larry Boyer once said, “the key to successfully navigating the Fourth Industrial Revolution is more than simply learning new skills. It is knowing yourself and the unique value you have to offer any potential customer or employer.” Thus, re-training, restructuring and rebranding are activities that are key to preparing for this revolution. Regulations, legal structures and laws must also be revisited to prepare the playing field and protect what each nation stands for. The AI revolution is here and cannot be overlooked. It must therefore be holistically and cautiously prepared for.

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Luno’s CEO bets on cryptocurrencies to lead renaissance in Africa Stories by FRANK ELEANYA

a r c u s Swanepoel, co-founder and chief executive officer of Luno, one of the largest cryptocurrency exchanges in Africa, said he is banking on virtual currencies to drive Africa’s economic revival. Swa n e p o e l d i s c l o s e d this at the Blockchain Africa Conference in South Africa last week. He observed that money is being lost in the financial system. Centralised systems, for instance, face the big challenge of tracking financial transactions most of which go untraced. This is hardly the case with cryptocurrencies like Bitcoin which go directly to the individuals involved. “We believe cryptocurrency is going to come from a grassroots level,” he said. “Most importantly, anyone can innovate on it and to a large extent, it is neutral. It is trustless and in many cases, it is more secure than the

existing financial system. And more important, cryptocurrencies are very versatile.” Just as people no longer need to rely on paid systems to transport messages across the world because free and cheap services such as Skype and IM have replaced postal

fees, so do people carrying out financial transactions that no longer need to rely on costly and bureaucratic central systems when cryptocurrencies provide cheaper and more convenient options. Over 2.5 million people use Luno’s platform to carry out

activities such as selling and buying of bitcoin and Ethereum. But more important is the investment the company is making in addressing the educational needs of the market. Through Learning Portal, Luno provides valuable informative materials for

end-users ensuring they have all the knowledge they need to make informed decisions and also protect their investments. Luno also invests in Webinars, Meetups and Crypto events to bridge the learning gap both in Nigeria and across Africa, Europe and South east Asia. Leveraging on users data, Luno can also track and see how much is being used on the dark net for money laundering. Swanepoel added that Luno have a lot more visibility than the existing financial system. He says a future of common currency or common financial system in Africa is inevitable and it is tied to cryptocurrencies. Hence the political systems need to be on board with this ideology otherwise blockchain-based currency become difficult to fathom. Why African governments have been slow to embrace cryptocurrencies, adoption by citizens have been growing steadily. A 2018 report released by Togo-based Ecobank which examined 39 African countries found that

most continent are taking the “wait and see” approach, hoping that they can learn from the mistakes of their neighbours before they take action themselves. While countries like Nigeria have taken a neutral position, only three countries have so far taken a strong position on cryptocurrency with Namibia issuing an outright ban, South Africa and Swaziland on the other hand have adopted a generally favourable and permissive stances on the asset class but stopping short of providing them with full legality. But there is pressure on governments to create a common financial system for the continent in order to enable businesses transact within Africa seamlessly. “This new financial system will be created from the bottom up, not from the top down. It is not going to happen tomorrow. The current financial system was built over thousands of years. It is a new system, it doesn’t come without risk, and we have to acknowledge that,” he said.

The Leapfrog Model: Venture Capital as a Cure for Africa’s Funding Paralysis OLAYANJU PHILLIPS (Guest writer)

enture Capital (VC) is one of the financing options open to privately-held startup companies and small businesses. It is a type of private equity provided by venture capital firms interested in investing in startups with high growth potential in exchange for equity or partial ownership in the company. VC funds fill a void created by high bank lending rates, which cannot be afforded by small companies, especially in their early stages of growth. For instance, the prime lending rate in Nigeria, as of December 2018, was pegged by the CBN at 16.17%. These growing companies are also unable to access public equity funds via initial public offerings because most of them cannot meet up with the listing requirements of the Securities and Exchange Commission. In recent times, Nigeria has increasingly attracted venture capital investments. Within the

period of 2012-2017, Nigeria accounted for 73 percent of the US$10.7 billion value of private equity funding in the West African region. Partech Ventures, a global investment platform for tech and digital companies, reports that in 2017, $560m was invested into African tech startups by VCs focused on African markets. This was a whopping 53% increase from the amount invested in the previous year, and over a 100% increase from that invested in 2015. South Africa, Kenya, and Nigeria took a lion share of the investments in the continent with 30, 25 and 20 percent respectively. Using a different methodology, Disrupt Africa’s African Tech Startups Funding Report placed the amount invested into Africa in 2017 in excess of $195m, with 45 startups from the Fintech industry raising one-third of total funding. South Africa, Kenya, and Nigeria remained the top three investment destinations for the third year running. In its 2018 Tech Startup Funding Report, it records that 210 African tech startups

secured $334.5 million worth of investment. This time, Nigeria emerged as the premier investment destination on the African continent, with South Africa and Kenya falling behind it. The FinTech sector also remained the most attractive amongst investors attracting a significant 39.7 percent of total funds raised. In its 2017 Annual Limited Partner Survey, the African Private Equity and Venture Capital Association (AVCA) listed Nigeria as the most attractive country for Private Equity investment in Africa over the next three years, with Kenya and Ethiopia coming behind it. Majority of Limited Partners identify Consumer Goods, Financials and Healthcare as the top three sectors for investment in Africa. The United States, which has the most developed and sophisticated venture capital industry in the world, has largely benefited from the tremendous benefits of VC funding. Over the past 20 years, VC backed companies, such as Amazon, Google, and Apple,

have been a prime driver of both economic growth and private sector employment. Reports show that in 2008, venture capital-backed companies employed more than 12 million people and generated nearly $3 trillion in revenue. Venture capital certainly holds the potential to drive economic development in Africa. It creates a ripple effect, which improves R&D, promotes innovation, and increases intellectual property assets – which also becomes a source of wealth creation. Venture capitalists provide not only financing but also mentorship, strategic guidance, network access, and other forms of support. The frontiers of Africa are gradually opening to venture capital investment and responsibility is placed on African governments to strategically create policies and the right investment environment needed to attract increased funding of the private sector. Based on current trends, Africa’s population is projected to double in size by

2050. Lagos leads this exponential population explosion as the fastest growing city in Africa, growing at 77 people per hour. By 2030, Africa’s middle- and high-income groups are expected to grow by 100 million. Africa’s 1.1 billion population is expected to have doubled in 2050 and quadrupled in 2100. This significantly increases the consumer population and makes Africa a rapidly expanding market that attracts investors. Despite these projections, the African continent is palpably not ready. A fact reflecting this is the ease of doing business in many African countries which is at an all-time low, albeit slowly improving. In the World Bank’s Doing Business 2019 report, South Africa, Kenya, and Nigeria are ranked at 82, 61, and 146 respectively on the ease of doing business. The ranking measures the ease of starting a business, getting a location, accessing finance, dealing with day-to-day operations, and operating in a secure business environment. Other significant obstacles

facing African economies are lack of financing[1] and the absence of effective business regulations needed to create an economic environment that fosters entrepreneurship and innovation. The private sector, which holds the key to an economic reawakening in Africa, has become a victim of these. Strategic financing can be strategic to developing critical sectors in Africa’s economy. Through the provision of mouth-watering incentives targeted at private equity investors investing in certain key sectors of their economies, African countries can create a strategic flow of private sector financing that will have a positive impact on other sectors and the economy as a whole. Furthermore, this will create alternative financing options for SMEs. African governments should also create a unified legal and policy response to the increasing interest of private equity investors in Africa. Olayanju Phillips is a legal practitioner in Abuja, Nigeria.

Friday 22 March 2019

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WIMBIG, online raffle firm, berths in Aba GODFREY OFURUM, Aba

IMBIG, an online raffle firm, has launched its operation in Aba, the commercial hub of Abia State to offer opportunities to its customers to win wide range of products. Eze Chimezie Chukwu, general manager of WIMBIG explained that the company came with innovations that would change

the old way of doing raffle, to a digital platform where customers can stake with their mobile phones in the comfort of their homes. He explained that customers can only stake a game when they register and fund their accounts through banking channels; stressing that funding an account enables customers to take part in the online raffle where they can win items. The WIMBIG boss assured that the company has

the capacity to pay winners promptly, even as it continues to expand to other cities like Owerri, Port Harcourt, among others. According to him, “a group of young Nigerian entrepreneurs at home and in the Diaspora teamed up to form WIMBIG.COM Services Limited, which is duly registered with the Corporate Affairs Commission (CAC). “WIMBIG raffle is a digital raffle promotion platform that provides Nige-

rians with an opportunity to win big and have their local needs met. Items to be won include household wares, beauty products and cosmetics, electronics, real estate properties, cash, and even vacations. Customers can only stake on WIMBIG platfor m when they register and have an account. They have to fund their account through electronic banking channels (e-channels). Though WIMBIG is on a digital platform, custom-

ers don’t need an internetenabled phone to fund their accounts. “Funding your account enables you to take part on WIMBIG platform. Assuming you are staking for something worth N500, you must fund your account to do that. The winning is electronically generated, it can’t be manipulated,” Chukwu said. He stated that WIMBIG is not a ponzi scheme or betting site of sports activities; adding that WIMBIG

only provides a platform which has digitalized the old raffle system. Uzo Michael Osinachi, a staff of WIMBIG assured that the platform is secure from fraudulent activities; and urged raffle customers in Aba to make the digital switch to the WIMBIG platform. He further stated that WIMBIG has provided employment to teeming youths, as it has engaged over 500 persons who have hit the streets and markets in the city.

will have a massive bearing on the future of the nation, including our children yet unborn. “One thing we expect from Mr President on his second term of office is to carry all Nigerians along in the implementation of the policy implementation. He

should talk to the citizens to tell them where we are now, where we are going to, the direction of his policies, our potentials, inherent challenges, among others. It is also time for him to drop partisan politics and think Nigeria first,” Mutairu advised.

Buhari’s 2nd term: an opportunity to set Nigeria on economic progress – Mutairu EFEGADIRIM MADU, Port Harcourt

damu Mutairu, the managing director and chief executive officer (MD/CEO) of Sasu Oil Limited, a Port Harcourt oil and gas company has called on President Muhammadu Buhari to use his second term of office as an opportunity to reconcile the various tendencies in the country, and put Nigeria on the path of peace, unity, economic progress and all-round development. Mutairu noted that there was need to reconcile Nigerians in order to engender stability, which would in turn affect the economy on a growth path. “As a businessman, I am much concerned about the implication of our reactions to the election on the businesses and the economy at large. If we continue to raise so much post-election dust, without following the recommended routes of justice, we might have to scare away potential foreign investors, slow down the economy and worsen the economic woes of the country,” he said. The Sasu Oil boss spoke during a capacity building workshop organized by his company for youths of the Niger Delta in Port Harcourt, Rivers State, as part of the company’s corporate social responsibility (CSR). Mutairu, known as Etsako and the founder of Abbas Khalid Foundation, noted that the President’s victory speech was conciliatory and a good way to

start the new term. He urged the president to use the second term to consolidate on his achievements in the four critical areas of anticorruption war, boosting the economy, providing security and job creation; noting that the issue of job creation was quite important, as it is targeted at the youths and the poor. He said this transition was another opportunity to incline ourselves to a new direction, new frontiers and open new vistas of tolerance and new paths of prosperity for our dear country. The business magnate however, expressed disappointment that the voting pattern in the last presidential election clearly demonstrated a profound and deep-seated divisions tormenting the nation; considering that Buhari literally won in the North, where he is exceptionally loved, while Atiku Abubakar won liberally in the South and parts of the North-Central zones. “In any case, Nigerians have spoken with their votes, and only a competent court of justice can overturn this. We have to accept this result by the INEC, or better still seek justice in the most appropriate means devoid of violence and unlawful acts and provocations,” he said. Mutairu noted that for him and a whole lot of other patriotic Nigerians who think Nigeria first, it is time for us to come together as a nation, irrespective of our religious, sectoral, partisan or ethnic differences, and jointly help to steer this

WIMBIG team, at the launch of the online raffle in Aba.

Mutairu with beneficiaries of his Khalid Foundation.

ship of state on the path of progress. He urged President Buhari to carefully use his second term of office to fully embrace reforms and render a listening ear to the yearnings of the people, in order to enhance his rating, as well as

advance the country. “It is also a huge opportunity for the President to actually deliver more dividends of democracy in his party’s “Next Level” agenda. Nigeria, they say, is at the crossroads. However, the direction Mr. President takes in his second term

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Friday 22 March 2019

‘I am all about good energy, all I do is music’ With six albums, collaborations and a recently released EP (extended play) record to his credit, Inetimi Odon popularly known as Timaya, is a hit maker whose music has transcended beyond his early beginnings in the south of Nigeria to other parts of the world. In this interview with Obinna Emelike, Timaya speaks on his music career, ‘Chulo Vibes’, his 7th studio project, among other issues. How has it been since breaking into the music scene in early 2000? t has been a great experience. I am thankful for all the wins and lessons over the years. My fans have been amazing, and God has been very faithful.

Did you really take a leave from the scene? Music has evolved since my first album. Just like ever ything else in the world, I have evolved too as an artiste. So, it is evident in my songs. I have not taken any leave; I have had music out every year since 2007. You seem popular with 190 million views on YouTube and 2 million fol-

lowers on social media, what have you done differently to get such huge fan base? One major thing would be the language and the sound. Timaya’s music is universal; it is not made for a particular tribe or people with particular interests. I make music for everyone. Where do you have the most fan base? Probably North America and Europe, based on the analytics online, but I believe my biggest fans are here in Nigeria, and across Africa. Can you review your tours across the world, which was the most remarkable so far? I have performed in differ-

Inetimi Odon

ent cities around the world. I think I have literally performed in all the continents apart from Antarctica. My

favourite memories are from my tours in the Caribbean Islands, the people are so full of love and life. I

love being there.

songs.

What is Chulo Vibes all about and why did it take five years after your last album? I have b e en w orking, dropped some big singles, involved in several collaborations, shooting music videos and have been touring. Yeah, I have been working. I was not prepared to make a full project, but the inspiration came towards the end of last year. So, I just went for it and my team thought it was the right time as well. Chulo Vibes is a collection of music that I can say best defines me, my sound and brand. I am all about good energy, love, positive living, and being thankful always. You can hear all this on, not just the EP, but all my

Do you think it will further your popularity in the music scene? I believe so. The feedback so far is amazing. When is your next project coming? No plans for another project, just yet. Beyond music, what else do you do? All I do is music. Are you intimidated by new artistes rising in Port Harcourt, your base and Nigeria at large? I am not intimidated by anyone; the playing field is large enough for everyone who’s been blessed with the gift of music. I wish everyone the very best.

MultiChoice Talent Factory flags off networking portal Ace filmmaker showcases cutting edge Canon

he MultiChoice Talent Factory (MTF) Portal, the digital hub conceived as the premier destination for connecting Africa’s creative industries, went live on Tuesday March 19, 2019 after its launch in Lagos. The MTF Portal, www. multichoicetalentfactory. com, is the third touch point of the MultiChoice Talent Factor y, the company’s shared-value initiative. Its launch follows that of the MTF Academy, a 12-month film training programme aimed at upskilling the next generation of young film creatives, last October; and the MTF Masterclasses, launched in January, to upskill industry

professionals. The interactive online portal is aimed at profiling and connecting Africa’s creatives, as well as, bringing pan-African talents and opportunities together in one place. The digital portal will allow filmmakers across the continent to network, find talent and showcase their work. Access to the portal is through registration on www.multichoicetalentfactory.com, which will serve as an authoritative source of industry news, supported by MultiChoice’s position as Africa’s leading storyteller. Users of the portal- established and upcoming creative talents can also connect and collaborate. The MTF Portal

Femi-Odugbemi, West Africa director, Multichoice Talent Accademy

will also provide information on the MTF Academies and Masterclasses. The portal forms part of the investment MultiChoice is making to improve quality and support the production of local content and storytelling across the continent. It will serve both seasoned professionals and aspiring talent in Africa’s film and TV industry. Femi Odugbemi, West Africa Director, MTF Academy, believes that the networking portal will be yet another important tool that will play a key role in strengthening the credibility of Nigeria’s creative film and television industry. “For a long time, professionals within our industry have gone to great lengths to prove that what we do is credible enough to be treated as an important economic player in our economy. The MTF portal will prove that not only is our industry just as structured, but most importantly, that it can compete on a global scale,” he said. Users wishing to connect with other creatives across Africa are directed to register and create a profile to have an exclusive avenue to showcase their talents, connect and network with other industry individuals, scout for skills and stay informed about the latest opportunities in the continent’s creative industries.

camera quality in new movie ‘Mokalik’ Jumoke Akiyode-Lawanson

unle Afoloyan, multiple award-winning actor and film maker, has showcased the cutting edge technology of the Canon EOS C300 Mark II in his latest movie Mokalik. Afolayan produced, directed and edited the new movie in Nigeria with a range of Canon professional cinema lens cameras. During a private press screening of Golden Effects Pictures latest movie ‘Mokalik’ in Lagos, hosted by Canon Central and North Africa, Afoloyan stated the new movie, which features popular singer, Simi, alongside prominent actors such as Femi Adebayo, Charles Okocha, Lateef Adedmeji and Faithia Williams, was made using the Canon EOS C300 Mark II along with range of Canon cinema lenses CN-E14mm, CN-E24mm, CN-E35mm, CN-E50mm, CN-E85mm and CN-E135mm. The movie follows the early career of an 11-yearold boy, Jaiye - who spends a day as an apprentice at a mechanic workshop in order to have an alternative view on life. When his father arrives to take him home, Jaiye has to make up his mind if he wants to return to school

or take on being a mechanic full time. Speaking on the screening, Kunle Afolayan said; “MOKALIK is an ambitious film project that tells a story which is unique and relevant to our society. It beautifully highlights diversity while distinctively addressing the issues around choice. Creating this movie has been an amazing experience and Canon made the experience even better with their support. The Canon EOS C300 Mark II – Stunning 4K quality and versatility allowed me as a producer to experience creative vision in stunning cinematic details & provide footage suitable for extensive post-production work. The EOS C300 Mark II with canon cine lenses range also helped the team to technically get one step ahead and create a world-class movie which promises to break boundaries.” Commenting at the screening, Amine Djouahra, senior sales and marketing manager - B2C, Canon Central and North Africa (CCNA) said; “At Canon, we are constantly seeking to connect with the filmmaking community, especially Nollywood as it allows us to become a part of one of the largest film industries globally. The technical brilliance witnessed

in this movie, is testament to Canon’s pioneering vision in the realm of serious cinema production, we are glad to be a part of this bold new technology that helps to make amazing projects like the MOKALIK possible”. “At Canon we continue to listen to our customers when developing the product range to ensure our innovations meet their needs enabling story tellers for creative filmmaking,” he added. The EOS C300 Mark II Digital Cinema Camera is an evolutionary 2nd generation Cinema EOS 4K camera system with a wide range of new and improved features including 4K/2K/Full HD internal and external recording and a new 10-bit Canon Log 2 Gamma. Focused to help to deliver more creative flexibility for professional studio motion picture production applications, as well as independent productions, TV dramas, commercials, news features, sports and more, the EOS C300 Mark II is an ideal choice. Canon also launched the first ever video competition for cinematographers in Nigeria under the Campaign #MYNAIJAMYCANON. The competition is part of Canon’s efforts in enabling and inspiring cinematography talent in this region.

Friday 22 March 2019

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Your business card mistakes Business etiquette

Janet Adetu

our business card is a very valuable tool that is an extension of who you are, the company you work for and what the company or the business does. It is your virtual image when you are not physically available. The look and feel of your business card can speak volumes in terms of its presentation and how appealing or not it comes across to the holder. Today many business professionals and entrepreneurs have business cards but do not know how and when to use them. There is also a school thought that out rightly refuse to carry around a physical business card but prefer an electronic card which is scanned direct to their phone. Your business card has many usages apart from introducing you in more detail you are able to (i) Identity how best to address an individual by title (ii) Produce a base for you to keep in contact with a potential client (iii) Further promote correspondence after a formal or social meeting (iv) Promote networking and encourage sales. (v) Act as an extension of you where your card is shared among others (vi) Recognize who you are when added to a gift parcel or a letter The protocol of the business card is practiced worldwide and are considered universal, though it may vary according to culture and geographical

location. From my experience at networking gatherings and both formal as well as social events knowledge of the usage of business cards still remains an issue. Many etiquette breaches take place without being aware that it is a b reach. I have put together areas of common mistakes that can empower your thoughts when next you are dealing with your very essential business tool the business card Common Mistakes Around the Business Card Look I have seen so many business cards, some of which are quite attractive others you are not sure of its purpose. The look of the business card should speak to the image of its owner or better still the reputation of the company. The mistake I have seen time and time again is in the overcrowded nature of

the information placed on the face of the card. When it is so crowded the purpose is lost as the eye tends to miss important information that should be captured the moment you read a business card. It is easier to have relevant information shared on both sides of the card, to avoid the lack of clarity. QUESTION: Does the card depict your b rand? Does the card represent your desired corporate image? Size There is a problem when the card is oversized in such a way that it is unable

to fit inside a standard business card holder. Keeping such a card creates a problem for the person also receiving this card due to size and fit. A larger card is not necessarily best in terms of its image and storage capacity. QUESTION: Does the card meet global standards in terms of size? Do you have a lot of information to provide on the card? Storage Many times, I have noticed that quite a few business professionals do not carry a business card holder they either keep the cards in their back pocket, bottom of the bag, inside the jacket pocket and all awkward places. The real issue is what happens to a card once you receive it? Where do you keep it in the event of using it moving forward? Many cards are immediately misplaced after an event as once they are placed on table, in a bag no care is taken. I have seen cards kept but in a very disorderly manner that suggests that it is not so important. Access to such cards becomes very difficult and the purpose of having the card is then defeated. Keeping cards in a business card holder temporarily will mitigate against potential losses.

‘

tion on a card and writing over it does begin to sabotage your image professionally and virtually.

The protocol of the business card is practiced worldwide and are considered universal, though it may vary according to culture and geographical location

QUESTION: Why do you take a person’s business card? Are you likely to follow up after meeting that person? Stationary It is a business ethical mistake to write on your business card as it appears as if you are tarnishing your image. A change of phone number or address is better to be included in a new business card entirely. I have also seen where business cards are used as note cards with messages at the back. With new technology such messages can be sent electronically while a business card is dropped. Crossing out informa-

QUESTION: Do you produce excess business cards at a time? Distribution A business card is not given to anyone or everyone who cares to take. You will find that your card is not necessarily useful to all you meet. Your business card should not be dealt out like a pack of cards but only where it matters, or a business potential is likely. In giving the cards choose who you think should have it and not because it was asked for. Make discretional decisions, and ensure you also collect a card in return. Carry a business card everywhere you go you do not know where you may need your card the most. Other mistakes made are when and where to distribute the card. It is a mistake to give out a business card while dining at the table. The best time is during cocktail or mix and mingle sessions where you have had a better opportunity to get to know the person and make that informed decision. Content Many mistakes are given in the content of the card. Some are double faced, some with pictures while others identify multiple businesses on one card. Rather than confuse people or the receiver identify what you want to known for. If your businesses are in complete different industries or sectors this needs to be separated. Your business image is key to your success. QUESTION: What is your message to the world? Who are you targeting?

Please be kind to share your experience. Follow me on all social media platforms @Janetadetu / @jsketiquetteconsortium. Send me an email at janet.adetu@jsketiquetteconsortium.com

Movie Review – ALITA

Linda Ochugbua

udging the movie “Alita” by the trailer might not be the right thing to do as the trailer didn’t do any justice in explaining what this movie will really be about. Hence my waiting a while before finally making up my mind to go see it after much hesitation. Well I hate to break it to you but I was wrong, Alita wasn’t bad at all. At first it was difficult to tell if the movie was going to be fully animated or fully human. One thing that was certain though, the fact that the movie was going to tilt to the side of “AI’ Artificial intelligence and robots. I was so shocked and surprised at how I ended up liking a movie I never believed I would even watch in the first place. There is just something about this movie that will make you happy and angry at the same time when it was over. This movie was directed by Robert Rodriguez and written by James Cameron, Laeta Kalogridis, Robert Rodriguez, it was a sciencefiction with a bit of romance too, as always. I

found it kind of weird also how a robot with no real heart or mind could fall in love with human, but they were clear from the beginning that this story was based on any real life story. They were a few nice things about this movie I thought to share, I loved the car racing scenes and the effects watching it in 4D made it even better, you should try it, the way the seats moved, the sound effects and the smoke when there was a stop, everything in a 4D like Silverbird would make you enjoy an action movie better, at some point it felt like I was going off my seat, but then I had to hold on tight. Well for me I always love real life story, the ones that seemed true and we could relate with, but the truth it is important that we have a balance between true life based stories and just enjoying a made up story, this was one of them, but it was nice. To get a hang of this movie, you have to be patient as all will become clearer towards the tail end, do not leave or blink as you might get confused, mixing up the good guys and the bad guys together. The movie started slowly and it was basically about a young girl called “Alita” she arrived on earth from another planet through a weird spaceship and was picked up by a very good doctor who took in like his daughter, took her in and gave her a second chance, he gave her a new earthly body she could function with. Alita was gifted and talented, she was very strong, stronger than her peers, and deep down in her heart she knew she was born for greatness, she knew she was sent down

for a reason to help save her people from the evil man. As Alita stayed on she became stronger and wiser to take on the fight, along the line, she met a young guy and fell in love with him, she loved him so much that she was willing to give him her heart. So she decided to help me, she decided to fight the strongest of the bad guys, she had to defeat them for him to get the

required points to move to the other side. Cast: Rosa Salazar, Chritoph Waltz, Jennifer Connelly, Mahershala Ali, Ed Skrein, Jackie Earle, Genre: Action & Adventure, Romance Director: Robert Rodriguez Ratings: R (for language and sexual content throughout and some drug material) Written: James Cameron, Laeta Kalogridis, Robert Rodriguez Runtime: 125 minutes Studio: 20th century Fix To my verdict I am excited to score this movie 8/10, I really didn’t think I would like this movie so much, but I did, I liked the action scenes, the effects, car racing scenes, cinematography, production, soundtrack and nice editing, it was just simple and nice, with a good blend of action and romance and most scenes were on point making it impossible not to love it. I am definitely going to recommend this to all the action and adventure movie lovers, I am sure you will enjoy this one. Feel free to review any movie of your choice in not more than 200 words, please send us a mail to linda@businessdayonline.com , also please do answer the question of the week on social media and stand a chance to win a free movie ticket. Linda Ochugbua @lindaochugbua

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Friday 22 March 2019

Egypt dump Adidas, sign new kit deal with Puma Stories by Anthony Nlebem

019 Africa Cup of Nations (AFCON) hosts Egypt have dumped International kit makers Adidas for Puma as they show off their new jersey ahead of the tournament scheduled for June. Egypt were named 2019 AFCON hosts after the Confederation of Africa Football (CAF) deemed former hosts Cameroon not ready due to the change in the tournament format to 24 teams. The North African side are already stepping up preparation for the competition with the unveiling of their jersey design. The 2019 Egypt home jersey is red with an all over tonal wavy graphic. A white Puma logo is placed on the

right breast whilst the Egypt badge is placed on the left breast. Egypt’s away jersey 2019 has the same template as the home,

although the shirt has a white base colour with a light grey wavy graphic all over. A black Puma logo is placed on

AFA Sports hails Defenders for making Africa Elite 8

FA Sports management has hailed the achievement of Civil Defenders Basketball Club in their Africa League campaign, describing the players as a rare breed. AFA who spoke through the Chief Executive Officer, Ugo Udezue said the team exhibited a lot of determination and professionalism in their preparation and run at the topmost African club competition. He said the Defenders were able to pick an Elite 8 ticket in their very first outing on the continent because they dared to and followed up with a lot of sweat. “We’re celebrating them because they have proven that that they have the heart and the required approach to reach their goals. “This is a team that put themselves together quite professionally with such a little time left from qualifying from the Nigerian league.

They didn’t just want to participate and make up the numbers and they actually worked hard to get far above the average target some people may have set for them, given their peculiar situation.” The Abuja based Defenders quali-

Ocheibi Victor

fied from the preliminary stage which ended in Cotonou, Republic of Benin on Sunday. They are scheduled to face AS Sale in Abuja on March 30th when the jump ball is taken for the Elite 8. The other teams in the African top 8 bracket are ES Rades/JS Kairouan; Primeiro de Agosta/Petro de Luanda and Smouha/Al Ahly. AFA is the kit sponsor of the Defenders team. The Defenders are part of a long list of the Nigeria’s foremost kit firm with the country’s national basketball team D’Tigress top on the list. For the deal with Defenders, Ugo says: “They approached us with quite an interesting proposal and we hooked up with them. Those managing the team have astute business acumen and that’s the way to go for Nigerian clubs.”

2019 GTBank Lagos Polo: Derby duels highlight start of final week

he final week of the 2019 GTBank Lagos International Polo Tournament will gallop off with ten teams in action for the day in the Low and Majekodunmi Cups. Following the excitement that greeted the first phase, an elated Managing Director of GTBank, Segun Agbaje, reassured of the sponsor’s commitment to the tournament stressing that their bankrolling of this year’s tournament demonstrates the bank’s strong belief in the role of sports in developing and uniting the society. With the first phase concluded last weekend which saw Kaduna Trapcco and Lagos NRT emerging

champions of the Silver and Open Cup titles, eight teams will start their quest for the Low Cup with Lagos teams, A+/RCF and Weyland STL slugging it out in the first match of the day. The former, formed by Mumuni Musa, Pedro Soria, Ahmadu Umar and Natalie Allan - the only female player in the tournament for the third successive year - alongside Port Harcourt Strata Base, are the highest handicapped team in the Low Cup with +8. Kano Nakudu and Iyatu Farms will then try each other for size in the second match before Lintex/ Sublime face off Anadariya in the penultimate Low Cup match which has seven Lagos

teams and six visiting teams in contention. Northern Nigeria rivals AGAD and Kano Ibah will round off hostilities in the Low Cup which will see the best four placed teams advanced to the semifinals. The day’s activities will be concluded with the mouthwatering Majekodunmi Cup game between Lagos Centraus and Almat Farms from Kano. Centraus are at +16 handicap with Bode Majankuola and Adeyemo Alakija alongside two Argentine professionals but Almat at +15 are no pushovers with Chris Mackenzie +7, Andre Crespo +5, Maurice Ikpeyong 0 and Idris Badamasi +3 forming a formidable team.

the right breast. Egypt will wear the new kits during this Summer’s 2019 African Cup Of Nations tournament. After Adidas sponsored the team to the 2018 FIFA World Cup held in Russia, the Egyptian Football Association (EFA) has decided to change their kit manufacturers ahead of hosting the AFCON on home soil. The switch to Puma comes after reigning Premier League champions, Manchester City also joined the German based kit manufacturer in a 10-year deal worth £650m. On their official Twitter account, the EFA revealed the partnership with rival German brand which will last until 2022. The statement said, “The Egyptian Football Association would like to unveil the new kits for the Egyptian National team which will

be worn in the next four seasons according to the agreement with Puma, starting from the ongoing year till 2022.” The statement on the EFA Twitter account also included two pictures of the new home and away prototype jerseys for the 2019 AFCON. The prototype jersey shows the red shirt and white shorts as the home kit, while the away kit features a similar pattern with white shirts and black shorts. The return of Egypt to Puma will bring back memories of when they won the AFCON three times in row in 2006, 2008 and 2010 with their new sponsors. The Pharaohs of Egypt take on the Super Eagles of Nigeria in an international friendly encounter scheduled for Tuesday, March 27 as they step up preparation for the AFCON.

BEDC sponsors 2 athletes for Special Olympics summer games

EDC Electricity Distribution Plc. (BEDC) is reaffirming its commitment to her Corporate Social Responsibility (CSR) drive by sponsoring 2 athletes to the 2019 Special Olympics world summer games to be held in Abu Dhabi between the 8th- 21st of March 2019. The theme for this year’s event, which is: Let me win, if I cannot win, let me be brave in my attempt is aimed at driving respect, social inclusion and acceptance of people with intellectual disabilities in the society. It will mark the culmination of the 50th anniversary celebrations of Special Olympics and the beginning of the next fifty years of the inclusion movement. Speaking at the media send forth held at Vigeo Holdings, Lagos State, the Chief Agency and Channels Officer, of BEDC, Mrs. Felicia Nlemoha commended the Special Olympics team Nigeria for their selfless service to the nation and development of the special children. “It is an achievement we should all be proud of because it gives the athletes a sense of belonging and acceptance in the society. We need to speak more on this initiative in order to attract more sponsors in the coming year.” She said. “We are identifying with the Special Olympics for the first time and will continue to partner with SO in ensuring more special children are given a pride of place in the society especially in this era of social inclusion and participation. To the athletes, we are confident of your victory and you will come back victorious.” she added. According to her, BEDC is delighted to be sponsoring 2 athletes

from her franchise state; Mr. Godwin Friday from Edo State who will be participating in football and Miss Adewoyin Bukola from Ekiti state who will be playing table tennis. The donation was part of its corporate social responsibility in making the community safer for children through its safety sensitization campaigns where the children are educated about safety rules and how to observe best safe practices in their homes, schools and society in general. Some of the parents of the athletes who could not hide their joy also

commended Special Olympics Nigeria board members, the coaches, care givers, medical personnel, partners, donors and sponsors for believing in the children. A parent of one of the athletes, Dr. Robert encouraged other parents who have special kids with intellectual challenges to bring them out as they all have other ways of showing their talents. “Damola Robert is the first of my 4 children and was born with downs syndrome. If there is anyone that has brought more fame to the family, it is Damola, he has been on the pages of newspapers, he won 3 gold medals in a single Olympics, “he said.

Pros, veterans take centre stage at Ikeja Golf Club Captain’s Day

he Captain’s Day celebration of the Ikeja Golf Club continued yesterday, with professionals and veterans hitting the golf course. Sixteen professionals and over 30 veterans were on hand to showcase their skills on the golf

course. Among the professionals present were Kola Jacobson, Olu Obadina and Saliu Liman. The club captain, Bola Temowo, took part in the veterans’ category. The competition continues tomorrow, with the Ladies’ competition.

At the opening of the competition on Monday, Senior Kazeem Fadesere, competing in the Caddies and Staff senior category, emerged winner with 74gross, while Junior Micheal Aquoqum won the junior Caddies and Staff category with 94gross.

The Captain’s Day marks the end of Temowo’s captaincy of the club. The men’s competition will hold on Thursday and Friday, with the celebration ending on Saturday with a gala night during which prizes will be presented to winners.

Friday 22 March 2019

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Hotels Amani Spa makes a difference at Radisson Blu Ikeja

Top BusinessDay Partner Hotels

OBINNA EMELIKE

f you have visited Radisson Blu Hotel Ikeja on business purpose, there is a need to repeat to explore its leisure offerings, especially this Easter. There is no better time to kick back in one of the 94 stylish rooms and suites than now the elections are over. Aside retreating to the spacious and contemporary hotel rooms, guests can also squeeze in a workout at the wellequipped fitness center, recharge their mind and body at the hotel’s sparkling outdoor pool, grab a drink at the poolside bar or enjoy sumptuous meals at the restaurants. Of course, there are lots of exciting nightlife activities within and around the hotel neighborhood, just ask the concierge for advice on where to go or use the hotel’s free Wi-Fi to check local reviews. However, there is a premium package that offers five-star leisure experience to guests at the hotel. The Amani Spa is a reason to visit the hotel anytime to indulge in a premium leisure offering from the stable of Amani, an indigenous Africa spa brand. The brand is a leading spa brand and creator of award-winning and exceptional spa experiences in exciting sought-after destinations of incredible beauty across the continent. “Amani” means peace in Swahili and encapsulates the spirit of Amani’s mission to evoke a sense of “inner peace”, to enable people to reconnect with themselves and improve their quality of life through physical, emotional and spiritual wellness. At the spa, which is located on the first floor of Radisson Blu Hotel Ikeja, the experience is same as in other Amani Spa destinations in Africa.

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

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

Protea Hotel Apo Apartments Address: Ahmadu Bello Way, Apo, Abuja Tel: 09 480 1818

Beyond glowing the skin with natural ingredients, on a visit, a guest wakes up to goodness and stays healthy afterwards. Your experience starts with the warmth at the spa concierge, genuine smiles that welcome you and proper documentations that help the staff to offer packages that fit you. Jade Phillips, a spa specialist, leads a team of trained staff, who are equally passionate about their work, to deliver memorable experiences to guests. Aside the leisure purpose, visiting the spa, according to Jade Phillips, offers visitors opportunity to rejuvenate the spirit, regain balance and restore the skin after the havoc wreaked on it by stress in the passing day, week or month. While there are many treatments and offerings, top among them include: The Royal Journey, the spa treatment, which lasts for 90 minutes regenerates and lifts the body after a process of purifying, detoxifying and healing the body through a holistic mineral mud experience. As well, the 24 Carat Cleopatra, which lasts for 90 minutes, is an extraordinary signature treatment,

which combines the power and science of 24 carat gold for a flawless skin tone. For a holistic head to toe experience, the Pearlescence is recommended. But the ultimate indulgence lies with the Amani Signature Journeys, a 90-minute Kurhula body ritual, a unique and luxurious full body massage using Amani’s signature coconut massage balm, flows into a revitalising mini facial bringing balance to the body, mind and soul. As well, you need to experience the Jewel of Africa Massage. The 90 minutes experience offers restorative and energising quality of warm salt crystals, rich coconut balm and flowing movements, which work in unison to rapidly reduce tension in the body. Yet, Hydro Harmony indulges one in a 90-minute exhilarating Rasul session with the self-application of a body peel and mask. The experience is followed by a floatation pool session that imitates the Dead Sea, this results in deep relaxation and relief of joint and muscular tension. The floatation pool is worth a trial because it offers one in a million relaxation experiences with lots of health benefits. But the African Rungu

is another package to experience at the spa. It is a 60-minute unique African massage, which uses an ancient African warrior stick to deliver long deep pressure strokes that facilitates deep tissue manipulation promoting pain reduction and improved blood and lymph circulation. Other offerings include; hot stone massage, Swedish, couple, Aromatherapy, pedicure and manicure, deep tissue, body wrap, body polish, flotation, Amani romance, royals, brideto-be, corporate packages, among others. However, the spa manager noted that the spa experiences are world class with best natural ingredients and well-trained Africans in-charge. On a further reason to visit the hotel for the spa experience, she explained that, “The experiences we deliver are consistent and professional. Each of our spas promises peace and tranquility, where you can indulge in our premier spa packages, signature spa rituals, holistic skin beauty and body treatments and hydrotherapy treatments”. Well, if you have not visited yet, there is still time to book for an Easter spa treat. Jade Phillips and her team await your visit!

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

Chida Hotel International Address: Plot 224, Solomon Lar Way, Utako, Abuja Tel: 0810 871 8882

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

206 Hotel Plot 206 Cadastral Zone B02 Opposite Kenuj 02 Mall, Oladipo Diya Road, Durumi District, Abuja Tel: 08119707993 Email: 206abuja@gmail.com

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

Protea Hotel (V/Island) Off Ajose Adeogun Street, V/ Island

Gombe Jewel Hotel, 22, Njamena Street, off Aminu Kano crescent Wuse 2, Abuja.

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

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Friday 22 March 2019

Live @ The Exchanges Market Statistics as at Thursday 21 March 2019

Top Gainers/Losers as at Thursday 21 March 2019 LOSERS

GAINERS Company

Opening

Closing

Change

N19

N20

N10.5

N11.25

0.75

ETERNA

N4.4

N4.8

0.4

ACCESS

N6.5

N6.9

0.4

CCNN PZ

Opening

Closing

Change

SEPLAT

Company

N581.6

N550

-31.6

DANGCEM

N189.4

N188.1

-1.3

GUARANTY

N36.8

N36.15

-0.65

STANBIC

N45.5

N45

-0.5

N22.2

N22

-0.2

ZENITHBANK CUSTODIAN

N6.3

0.3

ASI (Points)

30,885.31

DEALS (Numbers) VOLUME (Numbers)

3,869.00 250,029,269.00

VALUE (N billion) MARKET CAP (N Trn

2.430 10.713

Bearish sentiment persists on NSE as market dips further by 0.50% …NSE lifts suspension placed on shares of Thomas Wyatt Stories by Iheanyi Nwachukwu

t the sound of closing gong on the Nigerian Stock Exchange (NSE) on Thursday March 21, the All Share Index (ASI) declined further by 0.50percent as investors chose not to buy stocks. The stock market has declined by 0.83percent week-to-date (WtD) and 2.64percent month-todate (MtD); while yearto-date (Ytd) it is down by 1.73percent. The continuing releases of impressive corporate earnings couldn’t still impact positively on the stock market which saw its value decline by circa N60billion to N11.517trillion, from a high of N11.576trillion recorded the preceding trading day. The NSE All Share Index declined to 30,885.31 points against the preceding trading day high of 31,040.84 points. Seplat Petroleum Development Company Plc recorded the highest decline after its share price dropped from N581.6 to N550, down by N31.6 or 5.43percent. Dangote Cement Plc followed after its share price declined from N189.4 to N188.1, losing

L-R: Anastasia Braimoh, head legal department Securities and Exchange Commission, SEC Lady Azuka Obiageli Azinge, acting Registrar General, Corporate Affairs Commission, CAC; Mary Uduk, acting director General SEC, and Reginald Karawusa, acting executive commissioner Legal and Enforcement, SEC, at the Q1 Capital Market Committee, CMC Meeting.

N1.3 or 0.69percent; while GTBank Plc was down by 65kobo or 1.77percent, from N36.8 to N36.15. Cement Company of Northern Nigeria Plc stock price rallied most from N19 to N20, up N1 or 5.26percent. PZ Cussons Nigeria Plc also advanced from N10.5 to N11.25, up 75kobo or 7.14percent; Eterna Plc advanced from N4.4 to N4.8, up 40kobo or 9.09percent; while Access Bank share price advanced from N6.5 to N6.9, adding 40kobo or 6.15percent. Stock dealers in 3,869 deals exchanged 250,029,269 units valued at N2.430billion. Access Bank Plc, Zenith Bank

Plc, UBA Plc, FBN Holdings Plc and Fidelity Bank Plc were actively traded stocks on the Nigerian Bourse. In a related development, the Nigerian Stock Exchange notified Dealing Members of lifting of suspension placed on the trading in the shares of Thomas Wyatt Nigeria Plc. In a statement signed by Lilian Dako for the head, listings regulation department, the NSE referred to its Market Bulletin dated November 1, 2018 with Reference Number: NSE/RD/LRD/ MB01/18/11/01 which “we notified Dealing Members of the suspen-

sion of six (6) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange,”. The Rules provide that if an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; (b) suspend trading in the Issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”

Cadbury Nigeria gets first woman Managing Director

adbury Nigeria Plc has announced the appointment of Oyeyimika Adeboye as Managing Director, effective April 1, 2019. Adeboye is the first woman to be appointed Managing Director since the establishment of Cadbury Nigeria over five decades ago. The notice on her appointment released at the Nigerian Stock Exchange (NSE) shows Adeboye takes over from Amir Shamsi, who

moves on to a new role within Mondelēz International, the parent company of Cad-

bury Nigeria. Adeboye, a chartered accountant, joined the Board of the Company in November 2008, as Finance and Strategy Director, West Africa. During his tenure as Managing Director, Shamsi made invaluable contribution to the turnaround of the business, and drove Cadbury’s growth agenda with respect to top-line, bottomline, and talent. Adeboye’s appointment attests to the Company’s

commitment to promoting gender equality, diversity and inclusion. Prior to joining Cadbury Nigeria, Adeboye was the Director of Finance and Chief Financial Officer of Nigerian Bottling Company Plc. She previously worked for the erstwhile Accounting and Tax Practice of Arthur Andersen & Co as well as the United Kingdom Accounting practice of Midgley Snelling & Co., Chartered Accountants.

Global market indicators FTSE 100 Index 7,367.84GBP +76.83+1.05% S&P 500 Index 2,848.03USD +23.80+0.84% Generic 1st ‘DM’ Future 25,981.00USD +252.00+0.98%

Deutsche Boerse AG German Stock Index DAX 11,571.03EUR -32.86-0.28% Nikkei 225 21,608.92JPY +42.07+0.20% Shanghai Stock Exchange Composite Index 3,101.46CNY +10.82+0.35%

CISI launches new Nigerian National Advisory Council

he Chartered Institute for Securities & Investment (CISI) has launched its Nigerian National Advisory Council (NAC). The CISI Nigeria NAC, whose inaugural President is Bola Ajomale, CEO of NASD, is composed of senior CISI members within the Nigerian financial markets. The NAC has been established with the dual purpose of supporting CISI membership in Nigeria and of guiding the CISI’s activities in Nigeria in developing professional standards across the finance profession. The launch of the NAC in Lagos was followed by the inaugural CISI Nigerian Members’ Forum hosted at the Eko Hotel. Guests included Adedapo Adekoje (President, Chartered Institute of Stockbrokers, Nigeria), Olubukanla Rufai, ACSI (Assistant Director, Securities and Exchange Commission, Nigeria) and Sa’adatu A. Faruk (Head, Marketing, Consultancy, Research and Publications, Nigerian Capital Market Institute), all of whom addressed the members. Ajomale welcomed all delegates and Praneet Shivaprasad, Senior International Manager at the CISI, presented on “Maximising your CISI Membership benefits”. CISI’s two

Nigerian Accredited Training Partners (ATPs), Kedari Capital and X-Academy, provided information on how individuals can register for training on CISI qualifications with them. Adekoje encouraged the CISI to enable Nigerian members to network with the CISI’s members around the world. Rufai spoke about her pride in being a member of the CISI, and of the importance of the Institute’s work in the area of integrity and ethics. Faruk noted the value of an organisation like the CISI introducing international standards into the Nigerian capital markets, whilst mentioning the forthcoming partnership between CISI and NCMI to use CISI qualifications. Shivaprasad, CISI Senior International Manager, said: “This is my fourth time in Nigeria and I am always incredibly impressed by the commitment of Nigerians to education and qualifications. Nigeria has embraced CISI qualifications and membership, and we are therefore delighted to be able to launch a Nigeria National Advisory Council to support members in Nigeria.

Nigerian Breweries pioneers first solar-powered Brewery

igerian Breweries Plc and CrossBoundary Energy Limited have signed a Solar Power Purchase Agreement for the installation and operation of a 650 kW solar plant located at our Ibadan Brewery. The solar energy plant will become operational this year. This landmark project is the first of its kind in Nigeria as it will supply 1GWh annually to the Ibadan Brewery at a significant discount to the current cost of power. It will also reduce the Brewery’s CO2 emissions by over 10,000 tonnes over the lifespan of the plant. In addition to helping to power our world-class Brewery in Ibadan, the solar plant will enable us to deliver on our ‘Brewing a Better World’

initiative. This will support our parent company’s (Heineken NV) global ‘Drop the C’ programme for renewable energy which is aimed at growing production-related energy sourced from renewables from the current level of 14percent to 70percent by 2030. The solar plant will equally lead to the creation of jobs in the engineering, construction and maintenance sectors, while supporting the Nigerian Electricity Regulatory Commission’s target of having 2,000MW of power capacity from renewables by 2020. NB will continue to create partnerships aimed at adding value to its business, the Nigerian economy and the environment.

Friday 22 March 2019

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FG closes case against Onnoghen after three witnesses FELIX OMOHOMHION, Abuja

ederal Government on Thursday closed its case against the suspended Chief Justice of Nigeria, Walter Onnoghen, who is standing trial before the Code of Conduct Tribunal (CCT) over alleged false assets declaration. The prosecution closed its case after calling three witnesses. The prosecution had earlier listed six witnesses to testify against Onnoghen. The suspended CJN is being prosecuted on a six-count charge bordering on alleged failure to disclose some of his assets in his Asset Declaration forms submitted to the Code of Conduct Bureau (CCB). However, prosecution counsel, Aliyu Umar (SAN), yesterday announced that the prosecution was closing its case shortly after the defendant finished cross examination of the third

prosecution witness, Ifeoma Okagbue, an official of Standard Chartered Bank. Umar said the other witnesses could still be called to the stand if the defence wants to cross-examine them. “I have called three witnesses. If the defence needs them I can call the other three,” the lawyer said. But, counsel to the defendant, Adegboyega Awomolo, SAN, said the defence does not need the witnesses, adding that the prosecution can go ahead to close its case. Shortly after the prosecution announced the closure of its case, Awomolo informed the tribunal of its intention to invoke section 303 of the Administration of Criminal Justice Act (ACJA), 2015. He pleaded with the tribunal to allow him prepare a written address and urged the chairman to order the registry to make record of proceedings available to him to guide him in the written address.

“We intend to take advantage of Section 303 of the Administration of Criminal Justice Act (ACJA) 2015 on nocase submission,” he said. “If your lordship permits me to write a written address, I’m praying to be given proceedings of 18th and today.” The prosecution did not object to the application, prompting the tribunal chairman to make an order on the registry to avail parties in the matter with the record of proceedings. He also ordered that the record must be made available to the parties on Monday and adjourned hearing in the no case submission to March 29. Earlier, Okagbue in her evidence in-Chief told the tribunal that Onnoghen maintains five different accounts with her bank in Abuja. According to her, two of the accounts are naira accounts, one saving and the other current, while the remaining three in pounds, dollars and euro.

She disclosed that as December 2018, one of the naira accounts has N2.6 million while the other has N12.8 million, the euro account as at December 2018, €10,187, the pounds Sterling accounts as at December 2018, had 13,730 pounds and the dollar account as at January 2019 has $56, 878. The witness said she met the defendant once in 2015 as a Relationship Manager. Under cross examination by Onnoghen’s lawyer, Okagbue said the five accounts are domicile in the Wuse branch in Abuja and that Onnoghen never made any foreign transfer from the accounts. She also confirmed that the five accounts have one Bank Verification Number (BVN). The witness however admitted that Onnoghen has a facility of $500,000 as of January 2019 with the bank secured by his investment in bonds and other investment.

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NSACC holds breakfast forum in Lagos

he Nigeria – South Africa Chamber of Commerce (NSACC) will hold its March 2019 Breakfast Forum scheduled for March 28, at the Sky Restaurant, Eko Hotel and Suites in Victoria Island, Lagos, at 7.30am prompt. Ije Jidenma, CEO, Leading Edge Consulting and managing partner - IRC (Nigeria), will be the guest speaker for this month’s edition. Jidenma is a management consultant and professional who holds a PhD in Psychology with specialisation in Psychometrics from the University of Lagos. She is the CEO of Leading Edge Consulting, a HR and organisational development firm. She also serves as the managing partner of IRC (Nigeria), a member firm of IRC global executive search partnership ranked as the largest and fastest growing search alliance with footprints in 85 cities of the world across six continents. She will share insights on the topical issue: “Bringing The GC Index To Nigeria: How To Make a Game Changing Impact In Your Organisation‘’ in our ever evolving Society. The executive secretary, Iyke Ejimofor, says the event is primarily for captain of industries, business owners and top level executives as

well as other interested parties, saying the chairman of the Chamber, Foluso Phillips and other executive directors are expected to attend the forum. He further notes that as in previous times, this edition will be educative and also insightful. Ejimofor, on behalf of the Chamber encourages everyone who wants to grow and strengthen his or her business or gain insights on how to thrive globally should make effort to attend. He expressed that the meeting is a “great door opener and participants will benefit in many ways, including: finding personal contacts for future follow up and initiate new vendor relationships, and so on. Since the inauguration of the Nigeria-South Africa Chamber of Commerce in the year 2000, the bilateral relation between both countries has grown tremendously. The Chamber has been a veritable economic tool responsible for the increment in trade between Nigeria and South Africa. Through the Chamber activities, many South African firms have indicated interest in joint partnership with Nigerian firms and other forms of economic co-operations with several business establishments in Nigeria.

Hogan Lovells completes second year of partnership with Barefoot College FRANK UZUEGBUNAM

L- R: Kola Ajimoko, 1st vice president, Risk Management Association of Nigeria (RIMAN); Victor Olannye, executive secretary RIMAN; Abraham Amkpa, board member, RIMAN; Magnus Nnoka, president, RIMAN; Ahmed Kuru, MD, Asset Management Corporation of Nigeria (AMCON), and Olumide Olayinka, board member, RIMAN, during a courtesy visit by RIMAN executives to AMCON in Lagos.

SON pledges to reduce imported fake, substandard products AMAKA ANAGOR-EWUZIE

... partners NSC to educate importers, agents on ethical practices

orried by the increasing rate of imported fake and substandard products in Nigerian market, the Standards Organisation of Nigeria (SON) says it will not leave any stone unturned in implementing its statutory responsibility of total elimination or reduction of imported substandard goods. Speaking at a day seminar on ‘Ethics and Integrity in Shipping Trade,’ held in Lagos on Thursday, Osita Aboloma, director-general, SON, called on importers and exporters including clearing agents to champion ethical practises in Nigeria’s shipping trade. Aboloma, who bemoaned the persistent issues of false declaration

and wasteful importation of substandard products or importation without undertaking the offshore conformity assessment (SONCAP), said destroying such import incur undue cost on the importer, who might have taken bank’s credit facilities to invest. Aboloma, who was represented by the agency’s director, Inspectorate & Compliance Directorate (ICD), Obiora Manefa, “SON has been battling tooth and nail to curtail the level of non conformity in shipping. Part of our approach was embarking on massive sensitisation of stakeholders in 2018, which we are going to continue this year. “In line with our culture, we do hope that we shall find comfort in doing what

is right at all times in order to save our nation from decadence and dangers associated with the importation and distribution of substandard products in Nigeria.” SON has digitalised its processes to ease of doing business at ports to avoid delay, he said, adding that SON has harmonised its activities with other agencies to near efficient service delivery. On his own presentation, Manefa said the SON was ready to facilitate only the trade that conforms to standards in order to reduce loss of lives and property in the country. “Importers indulge in several unwholesome activities including falsification of documents, false declaration and importa-

tion of unverified goods that endanger society and economy, especially when the products are destroyed for adulteration purposes,” Manefa said. Earlier, Hassan Bello, executive secretary, Nigeria Shippers’ Council (NSC), urged operators to adhere to international best practises in the conduct of export and import businesses, stating that this would go a long way in actualising the agency’s drive for a new port order. “The goal of the Shippers Council is to promote an efficient port system that encourages healthy competition, enthrone transparency, facilitate trade, reduce cost of doing business, and make operators aware of their businesses, obligations, and liabilities.

lobal law firm, Hogan Lovells, announces the completion of the second year of its shared value partnership with leading social enterprise, Barefoot College. The global partnership, launched in 2016, is a key part of Hogan Lovells’ commitment to Empowering Girls and Women and the UN Sustainable Development Goals (SDGs). The firm’s people continue to help Barefoot College to improve lives by empowering women in rural communities in the world’s most remote locations, training women – known as solar mamas – in 35 countries to become solar engineers and bringing light to 200,000 homes. To date, the firm helped Barefoot College to achieve a number of goals by: raising $400,000 globally in donations from Hogan Lovells people; providing over 1,300 hours of pro bono advice to open four new solar training centres in Africa and to educate solar mamas on human rights; educating 1000+ schoolchildren in 12 countries about Barefoot and the SDGs, with 83 per-

cent of students reporting that they would like to work on developing new solutions to global problems and enabling and supporting Barefoot to train over 384 solar mamas from 35 countries. “Our relationship with Barefoot College is a core part of our commitment to Empowering Girls and Women and is an example of what is possible through cross-sector collaboration,” Susan Bright, Managing Partner of Hogan Lovells in the UK and Africa, said. Since its foundation in 1972, Barefoot College has worked to educate the marginalised, exploited, and impoverished rural poor, lifting them over the poverty line with dignity and self-respect. Through its projects in 100+ countries, Barefoot has brought renewable electricity, clean water, and long-term working opportunities to millions of people. ‘’Sustainability has become increasingly important for business and is imperative if we are to deliver the UN SDGs. It is a pleasure to collaborate with Hogan Lovells to drive social change,’’ Meagan Fallone, CEO of Barefoot College International, said.

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FIRS denies contemplating 50% hike in VAT

... provides transcript of meeting with Senate Finance Committee SEGUN ADAMS

ederal Inland Revenue Service (FIRS) has denied media reports that the agency plans to hike the Value Added Tax (VAT) by 50 percent in a bid to support the implementation of the recently approved minimum wage law. In a statement issued yesterday in Abuja, FIRS declared, “Tunde Fowler, the Executive Chairman, Federal Inland Revenue Service, (FIRS) on Tuesday called for an increase in the number of Nigerians and companies paying VAT and not a 50 percent increase in VAT rate.’’ FIRS said in the statement that although Fowler indicated that there should be an increase in VAT rate by the end of the year, “he Never, for once suggested a 50 percent hike or any percentage increase at all. ‘’Rather, he promised improved collection in CIT, Petroleum Profits Tax, PPT and

VAT in 2019 relative to the collection performance of the Service in 2018.’’ FIRS in the report added that contrary to claims in the media, the Executive Chairman called for “a reduction in Companies Income Tax (CIT) rate for small businesses so as to improve compliance,’’ whilst providing transcripts from the interaction between Fowler and committee members of the Senate Finance Committee at the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper ((PSP) interactive meeting on Tuesday. The transcript quotes Senator Yusuf Abubakar Yusuf asking the FIRS Boss if the Companies Income Tax (CIT) rate which has been at 30 percent over the years be increased or lowered. Fowler is reported to have said his that “personal opinion is that the rate of CIT should remain at 30 per cent, to make sure that we do not reduce the tax rate, without

getting others who are not in the tax net into the tax net.’’ The FIRS Boss furthered answered that for small businesses, there is an on-going discussion the Ministry of Finance for people who are having a certain turnover, while he expressed optimism on the possibility of reduction to 20 per cent to promote the small-scale businesses. “But in terms of immediate reduction, I think we should try and stabilize to ensure a 90 per cent compliance of those in the tax net. I’m sure that at the end of the year, we can consider reducing our corporate income tax rate,’’ Fowler said. In response to another question by Senator John Owan Enoh, the Chairman Senate Committee on Finance which bordered on FIRS ability to meet the new collection target and whether the VAT rate should be maintained, Fowler was shown to have said in the 6th paragraph that in terms of the of the N3 trillion target.

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Employers oppose FG on VAT, say increase will ruin manufacturers JOSHUA BASSEY

igeria Employers’ Consultative Association (NECA), a key member of the organised private sector (OPS), has cautioned against the proposed increase in Value Added Tax (VAT) from 5 percent to 50 percent, saying its implementation would have far reaching implications for the fragile economy. Asides weakening the purchasing power of distraught consumers, the proposed increase, NECA argues, will impact quite negatively on manufacturers and businesses, which are currently struggling for capacity utilisation. The Federal Government is proposing to raise VAT to, among other things, enable it meet obligations to workers following the recent approval of increase in national minimum wage from N18,000 to N30,000 by the National Assembly.

According to NECA, increase in VAT is not and cannot be the only option opened to the government to fund the payment of the approved new minimum wage. Timothy Olawale, director-general of NECA, who stated the position of the employers’ body, Thursday, in Lagos, also argued that increase in VAT would wipe whatever gains workers stand to derive from the new minimum wage, which was yet to be signed into law by President Muhammadu Buhari. “The planned increase would erode the gains of minimum wage for low earners, and further weaken their purchasing power, among others,” Olawale said. The NECA DG further argued that the planned increase of VAT would have implications for manufacturers, businesses and consumers, as “manufacturers and businesses are already saddled with several challenges, such as infrastructural decay, pow-

SEGUN ADAMS

L-R: Frank Li, CEO, Huawei Nigeria; Yusuf Kazaure, MD, Galaxy Backbone Limited, and Tank Li, CEO, Huawei Nigeria Enterprise, at the Huawei Nigeria Eco-Connect 2019 in Lagos.

WHO unveils new roadmap to eradicate TB

he World Health Organisation (WHO) has issued new guidelines to improve the treatment of multidrug resistant TB (MDR-TB). According to the agency in a statement released on Wednesday, it recommended shifting to fully oral regimens to treat people with MDR-TB, saying, “This new treatment course is more effective and is less likely to provoke adverse side effects.” Tuberculosis (TB) is contagious and airborne. It is spread through the air from one person to another. The TB bacteria are put into the

air when a person with the disease of the lungs or throat coughs, sneezes, speaks, or sings. People nearby may breathe in these bacteria and become infected. However, WHO in its new guideline recommended accountability framework to coordinate actions across sectors with active monitoring of patient pathways in accessing care and providing support to help infection control and preventive treatment for latent TB infection. The recommendations are part of a larger package of actions designed to help countries increase the pace of progress to end TB and released in advance of World

TB Day, WHO said. The World TB Day is observed March 24 each year. The day is set aside to create public awareness about the devastating health, social and economic consequences of the disease. The theme of this year’s World TB Day, “It’s time to end TB.” WHO director-general, Tedros Adhanom, said the body was highlighting the urgent need to translate commitments made at the 2018 UN High-Level Meeting on TB into actions that ensure everyone who needed TB care could get it. He said since 2000, 54 million had been treated, and TB deaths fell by one

er, etc.” He noted that some companies were already closing shops due to some of these challenges while others were struggling to stay afloat. “The proposed increase in VAT would definitely lead to an increase in the cost of doing business, and would likely be passed to the consumers whose purchasing power is already weak,” stressing that proposed VAT increased was not desirable at this time. “Government does not have to increase VAT in order to enable it pay minimum wage. However, in the event that government must increase VAT against the will of the people, it should be limited to luxury or ostentatious goods only,” he said. The employers’ body faulted the comparison of VAT rates with other countries as being irrelevant due to the fact that business-operating conditions in those climes were more clement than what obtained in Nigeria.

Continental Re releases full-year results with strong top, bottom-line growth

, it is very challenging. “But I can certainly see an

ANTHONIA OBOKOH

Friday 22 March 2019

third, but 10 million people still fell ill with TB every year, with too many missing on vital care. TB remains the world’s deadliest infectious killer disease. “This is a set of pragmatic actions that countries can use to accelerate progress and act on the high-level commitments made in the first-ever UN High Level Meeting on TB last September,” said Tereza Kasaeva, director WHO’s Global TB Programme. Nigeria is among 14 countries with the highest burden for TB, TB/HIV and MDR-TB, it ranked seventh among the 30 high TB burden countries and second in Africa.

ontinental Reinsurance plc has reported its fullyear results for 2018, showing 22 percent increase in pre-tax profit. Gross premium income increased by 15 percent to N34.19billion while underwriting profit stood at N1.18 billion. Pre-tax profit rose to N4.36 billion in 2018, from to N3.57 billion in 2017, with investment income growing strongly by 44 percent to N5.36 billion. Given the potential cyclicality of reinsurance underwriting business, the composition and structure of earnings reflect the benefits of the Groups geographically diversified operations that give it flexibility in generation of top line, enabling it to offset the impact of localised adverse claims experience with better quality premiums from other regions, and, broad asset mix and investment management prowess, that smoothens the volatility of underwriting earnings. “Market and businesscycle insight are key,” Femi Oyetunji, group managing director. “It’s about deploying the right strategy and having the right operational balance. We have resources with deep local knowledge of the diverse environmental dynamics across Africa who marry their insights with strong

technical capabilities to achieve sustainable positive outcomes in both our underwriting and asset management activities. I must say that our Group has once again shown resilience with our teams optimising production and maximizing return on investments.” Group top-line growth was driven by its deepening pan-African presence. From a segment perspective Southern Africa, Eastern Africa, Central Africa and Francophone Western Africa grew at strong double-digit rates of 48%, 25%, 24% and 12% respectively, whilst Northern Africa and Anglophone Western Africa grew by 6% and 4%, respectively. Product mix remained stable with Fire and Engineering accounting for 54%, followed by General Accident at 16%, Life at 12%, Energy at 8%, Marine at 7% and Liability accounting for 5% of the gross written premium. “Going forward, the work of orchestrating the strengthening of our regional operations persists with a focus on continuous renewal of our talent base, our solutions offering, our operating model, our core processes and the technology we deploy, in order to embed the assimilation of our brand and our distinctive value proposition into the evolving, and increasingly sophisticated African market,” Oyetunji said.

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Focus on aggressive policy implementation... Continued from page 1

election outlook conference in Lagos included Godwin Emefiele, governor, Central Bank of Nigeria; Okey Enelamah, minister of Industry, Trade and Investment; Ayo Teriba, CEO, Economic Associates; Nonso Obikili, chief economist, BusinessDay; Franklin Ngwu, senior lecturer in strategy, finance and risk management, among others. Speaking at the conference

with the theme ‘An Agenda for Economic Growth and Business Confidence’, Enelamah outlined policy thrusts for the next four years to include restoring growth, full execution of investment-friendliness, full execution of industrialisation, and targeted investment for the most vulnerable. “It is time for aggressive execution of policies,” Enelamah said.

He called for bolder investments in infrastructure to about $25 billion from the current $4 billion by creating opportunities for private investment, proactively attracting investment, expanding depth and access to investor incentives, advancing market confidence, and full rollout of special economic zones and key sector polices. He emphasised the need to grow tax revenue, saying the current tax revenue base is not good enough.

L-R: Uche Olowu, president/chairman of council, Chartered Institute of Bankers of Nigeria (3rd l), presenting the CIBN crest to Ademola Adebise, managing director/CEO, Wema Bank (2nd r), while Bayo Olugbemi, 1st vice president, CIBN (1st r); Seye Awojobi, registrar/CEO, CIBN (2nd l), and Folake Sanu, HCIB, executive director, Wema Bank (1st l), look on during the CIBN stakeholders engagement with the bank yesterday. Pic by Pius Okeosisi

Fringe players jittery as insurers look to... Continued from page 1

cash-dry capital market where raising fund has become difficult for underwriters. BusinessDay learnt that the National Insurance Commission (NAICOM), the industry regulator, may be announcing a new capital requirement soon in line with its commitment to strengthen capacity of operating companies. A source in NAICOM said it will not be long before operators will be asked to shore up their capital whether the tier-based initiative earlier announced but later cancelled by NAICOM takes effect or not. But fringe players in the industry are jittery as the development threatens their continued existence as individual entities. The new capital requirement will push small players to consider mergers and acquisition or face the risk of extinction. A number of industry players who spoke with BusinessDay anonymously said the feeling among small players in the industry is one of apprehension as their future hangs in the balance. But analysts say the new capital requirement, when it comes into force, will be good news for an insurance industry in dire need of consolidation. There are too many small players in the Nigerian insurance industry, Andrew Nevin, chief economist at PwC, said at the 2019 Business Outlook Seminar for the insurance industry. There are 41 general insurance business companies and 27 life insurance companies as at the end of 2017 financial year,

according to data from the Nigerian Insurers Association. Nevin said having too many small players will not enable the industry to attract the right investment and needed competition to drive growth. There is, therefore, the need to discover the sector’s growth catalysts, while the next effort will be on how to regain customer trust by ensuring that claims are paid promptly and offering other quality service experiences, Nevin added. Yinka Adelekan, executive director, Agusto &Co, told BusinessDay in a telephone interview that recapitalising the insurance industry will be a healthy development, because it will enable players in the industry to up their take in business acquisition. Adelekan said that increasing the capital requirement will enable insurers to take up big ticket risks and spend on innovation and technology to increase penetration. She said that the tier-based capital earlier introduced for insurance companies but later cancelled was not a bad idea, but noted that the timeframe was too short for players to achieve meaningful result. “Recapitalisation is good, but enough time should be given to the players to look for funding, either to access the capital market or consummate mergers or acquisition,” Adelekan said. Analysis of the premium generated by insurance companies in 2017 shows that top five companies in the general business control 41 percent of the over N203 billion premium from direct businesses, while seven of the companies control 50.13

percent. Companies ranked in order of premium show that Leadway Assurance leads the rest with N22.90 billion premium, equal to 11.28 percent of the total direct premium in the general classes of business; Custodian and Allied generated N20.06 billion, equal to 9.88 percent; AXA Mansard N17.03 billion, equal to 8.34 percent; NEM Insurance N13.42 billion, equal to 6.51 percent; and Zenith General N10.5 billion, equal to 5.00 percent. In the life business, five insurance companies hold 75.2 percent market share, equal to N121.58 billion, out of the total premium of N161.59 billion generated from direct businesses in 2017. Out of the 27 life companies, Leadway Assurance is ahead with N61.3 billion, equal to 37.93 percent, followed by AIICO Insurance plc which generated N21.68 billion, equal to 13.42 percent. FBNInsurance generated N19.58, equal 12.12 percent; Custodian Life Assurance N12.16 billion, equal to 7.5 percent, while Niger Insurance generated N6.87 billion, equal to 4.25 percent. Mohammed Kari, commissioner for Insurance/CEO, NAICOM, had said before commencement of the cancelled tier-based capitalisation that some insurance companies have not been able to pay dividend for many years, some cannot pay claims, and some cannot pay salaries regularly. “We have given them opportunity to voluntarily decide on what to do with themselves or we will force them,” Kari said, adding that NAICOM would soon work out modalities to address these challenges.

Godwin Emefiele, governor, Central Bank of Nigeria (CBN), said Nigeria’s biggest problem “is execution of policies” and wondered why policies never get to the part of implementation. President Buhari won a second term in the February 23 presidential polls, defeating his main challenger, Atiku Abubakar of the People’s Democratic Party (PDP), with 15.19 million votes to 11.26 million. Nigeria’s economy has tottered in the last four years under Buhari’s watch. After five quarters of uninterrupted GDP contraction (beginning from first Quarter of 2016), the economy exited recession in the second quarter of 2017. The recovery, though fragile, has been sustained for seven consecutive quarters. The pace of quarterly GDP growth has improved from .5 percent in the second quarter of 2017 to 2.38 percent in the fourth quarter of 2018. The short-term outlook continued to strengthen with average growth projections of about 3 percent for 2019, up from 1.81 percent in 2018. Emefiele said there was need to consolidate on this growth, implement strategies and policies that will aggressively grow jobs on a mass scale, and diversify Nigeria’s economic base away from excessive reliance on oil. “Doing this will require additional efforts by all stakeholders,” he said, adding that Nigerians must close ranks and work to complement policies that will primarily be tagged ‘Grow, Produce and Consume made in Nigeria’. Emefiele said following the successful general elections, over $6 billion has been flown into the local bond market in one month, indicating confidence in the economy. In Q4 2018, the market experienced some capital flight from FPIs (primarily due to US policy normalisation) and the CBN stepped up to provide support by intervening in the market. Since the start of this year, inflows from Foreign Portfolio Investors have picked up, with funds currently accounting for at least 50 percent of inflows at the I&E window. Emefiele projected the economy to pick up in 2019, forecasting a GDP growth of 3 percent, up from 1.8 percent recorded last year. He set the post-election agenda for the nation’s monetary policy, projecting that the current monetary policy stance of the bank to continue. The CBN governor said as at March 15, 2019, the apex bank had committed a total of N171.35 billion in the Anchor Borrowers’ Programme with active participation across 36 states of the Federation and FCT, as a total of 920,788 farmers have benefitted in the programme, cultivating about 960,643 hectares of land. “In due course, we intend to also address challenges in the cocoa, cassava, beef/cattle ranching, dairy and fish sectors. Soon every region of our beloved country will feel the positive impact of our intervention in the agricultural sector,” Emefiele added.

Friday .22 March 2019

Ayo Teriba, CEO of Economic Associates, said the problem of poverty, unemployment and low access to finance were not as severe prior to 2015, but Nigeria currently faces a liquidity problem and the government needs to address it. Teriba also raised concern about Nigeria’s $50 billion annual shortfall in liquidity which, according to him, can only be solved by supply management, not demand management. He also suggested that the CBN needs to move away from retaildriven solutions to wholesaledriven solutions. “The infrastructures we need to attract FDI into Nigeria are currently owned by the FG and unless the FG offers to sell part of its stake in infrastructure, the country cannot attract FDI, which is what the Saudi government is currently attempting to do,” Teriba said. Patience Oniha, director general, Debt Management Office (DMO, said private sector lending is required for the economy to grow, helping in the development of infrastructure. “DMO is trying its best to use borrowing as a tool for development while also hoping that the country’s revenue also continues to grows,” said Oniha, who was represented at the conference by Oladele Afolabi, DMO’s head of portfolio management. “Borrowing can help but cannot solve all our problems but we all need to focus on growing our tax to revenue which is a bit low,” she said. Yemi Kale, statistician general and CEO, National Bureau of Statistics (NBS), said the statistical body would be paying close attention to unemployment rates and pressures on inflation rates, most especially the current minimum wage proposal and implementation. “NBS will also be paying attention to other fiscal responses like VAIDS, social welfare programme targeted at the vulnerable in the society, impact of debt services on budget and challenges diversification of the economy faces,” said Kale, who was represented. Franklin Ngwu, senior lecturer in strategy, corporate governance and risk management at Lagos Business School, called for devolution of power at the centre, noting that it would ensure effective participation by private sector. “The central government is trying to do several things at the same time,” Ngwu said in a panel session moderated by Esiri Agbeyi, a partner at PwC, calling for more support for the SMEs in the area of access to credit. Nonso Obiliki, chief economist at BusinessDay, harped on the need for more clarity around government policies, blaming government for implementing the wrong policies over the years which have yielded no result. Echoing the thoughts of other panellists, Saeed Husiani, analyst at Control Risks, charged the government to address fundamental issues that fuel insecurities in the country.

Friday 22 March 2019

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Anambra-China Airport project to resume as Ambassador promises government’s intervention … partner on cultural exchange, plan to build cultural centre EMMANUEL NDUKUBA, Awka

L-R: Adesola Alli, head, Renewable Energy, Strategy & Innovation, Sterling Bank plc; Bill Lenihan, chief executive officer, ZOLA Electric; Abubakar Suleiman, chief executive, Sterling Bank plc, and Abdallah Khamis, managing director, ZOLA Electric Nigeria, during the signing of a Memorandum of Understanding between ZOLA Electric and Sterling Bank in Lagos yesterday. Pic by Olawale Amoo

NNPC confirms Milan-based firm rehabilitating Port Harcourt refinery HARRISON EDEH

igeria’s effort at ensuring local sufficiency in refined petroleum products was bolstered Thursday with the formal commencement of the first phase of the rehabilitation of the Port Harcourt Refinery The exercise, flagged–off by an elated group managing director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, at a formal kick–off meeting at the premises of the refinery in Port Harcourt, came 19 years after the last TurnAround Maintenance (TAM) exercise of the nation’s premier refining plant. NNPC group general manager, group public affairs division, Ndu Ugham-

adu, in a statement on Thursday in Abuja, said the project would be executed by Milan-based Maire Tecnimont S.p.A, in collaboration with its Nigerian affiliate, Tecnimont Nigeria. The Port Harcourt Refinery comprises to refineries, with a combined capacity to refine 210,000 barrels per day, and together with Kaduna and Warri Refineries, they give Nigeria a total refining capacity of 445,000 bpd. But Nigeria depends on imported refined products because the local plants are not operating at full capacity. The statement said that Maire Tecnimont S.p.A is listed on Milan Stock Exchange with interests in international engineering and construction, technology and licensing, and energy business development, adding that the Tecnimont

group had operations in 40 different countries, numbering about 50 operative companies with a workforce of about 5,500 employees. The NNPC’s spokesman quoted the GMD as saying that at the end of the phase 1, the Refinery complex should be able to reach 60 per cent capacity utilisation. Ughamadu stated that NNPC was engaging Eni/ NAOC as Technical Advisor to support the Rehabilitation of PHRC, adding that NNPC/ PHRC would leverage Eni’s extensive refinery supply chain network and warehouses to procure critical materials for the programme. He noted that this first phase of the rehabilitation contract which would run for six months would involve detailed integrity check and equipment inspection of the Port Harcourt Refinery com-

plex beginning from end of March, 2019. The integrity test comes as a forerunner to the second phase of the rehabilitation project, which entails a comprehensive revamp of the complex aimed at restoring the refinery to a minimum of 90 percent capacity utilisation. Subject to the successful completion of the integrity checks, Phase 2 of the project would be executed on an Engineering Procurement Construction basis by Tecnimont in collaboration with the original builders of the plant, JGC of Japan. Speaking on behalf of the contractors, Antonio Vella, Chief Officer, Upstream, Eni, said all the companies involved would deploy all available modern resources to ensure effective upgrade of the plant.

ork on the Anambra-China Airport is set to resume after the Chinese Ambassador to Nigeria promised to get his government intervene in projects being handled by Chinese companies in the state. This development follows an appeal by Governor Willie Obiano to China to assist in facilitating the prompt completion of some projects being handled by Chinese companies in Anambra State, especially the International Airport at Umueri. The governor made the request when the Chinese ambassador to Nigeria, Zou Pingjian, paid him a courtesy call at Governor’s Lodge, Amawbia on Thursday. He stressed that due to delays in the project execution at the airport site, Anambra government offered to undertake the construction of a section of the runway while hoping that full work would soon resume there. The governor said by the time the airport would be completed, Anambra hoped to have more Chinese presence in the state as some tertiary institutions now offer Chinese language in their course curriculum. He urged them to use the opportunity provided by the visit to see some tourist sites, cultural artefacts and centres, to explore for improvements. ``This will go a long way in helping to cement our ties,’’ he explained. Pingjian explained that the aim of his visit was to explore cooperation opportunities at the state level, and noted that the relationship between China and Anambra had been cordial and productive and as

such, should be across board at all levels. He commended the governor for his vision, saying that China was working in the same direction, in line with the vision of the Anambra government. “In China, the Congress last Friday, passed a law on foreign investment which is in line with the vision of Anambra State. China is creating more enabling environment for foreign investors to support growth of the state,” he said. He re-assured of Chinese government’s readiness to assist to speed up all projects being handled by Chinese companies in the state. Top government functionaries present at the event included Secretary to the State Government (SSG), Solo Chukwulobelu, and Primus Odili, the Chief of Staff. Meanwhile, following the meeting, the Anambra government has continued to strengthen efforts at diversifying partnership with China to boost cultural relationship, according to Obiano. The essence of the visit was to promote cultural exchange through establishment of Anambra-Chinese Cultural Centre and to finalise plans to train youths in China. The proposed cultural centre would have a theatre and other facilities that would facilitate a cultural exchange between Anambra and China. Obiano, while receiving the ambassador and his team, called on Chinese government to establish a consular office in the state as a vast number of Anambra people travel to China for business purposes. “Right now Chukwuemeka Odumegwu Ojukwu University is offering Mandarin language.”

Enumeration of customers will improve power Fashola hinges smart city goals on adherence to law, order for 2018 fourth quarter, existing data as disjointed supply, accuracy in billing - BEDC TEMITAYO AYETOTO & ISRAEL ODUBOLA Fashola noted that speed and unverifiable. He also IDRIS UMAR MOMOH/CHURCHILL OKORO

anagement of the Benin Electricity Distribution Company (BEDC) on Wednesday said the ongoing enumeration programme in its franchise areas would improve accuracy in billing and quality supply of power. Ernest Edgar, the chief transformation and strategic officer of BEDC, who said this in a statement in Benin City, said it would also ensure prompt response to faults and proper planning for network expansion. He said the compliance was in line with the directive of Nigerian Electricity Regulatory Commission (NERC) to all distribution companies (Discos).

Edgar, who called for customers’ cooperation and support in the ongoing enumeration programme, noted that the exercise was important for customers given the tremendous benefit in the area of improvement in the quality of metering for efficient billing system. He also explained that the exercise would assist Discos to respond to electricity issues quickly while also help in establishing the actual number of power users and power assets across the country. “Our esteemed customers are enjoined to cooperate with our enumerators who will be going round door to door to customers premises in the four states by responding to request for the completion of enumeration forms,

with a passport photograph and copy of electricity bill for post-paid customers. “Customers with Prepaid Meters (PPM) are to provide their mobile numbers, email address and vending slip as well as carry electricity load assessment of appliances. “In the event that you are not around, kindly leave your electricity bill and vending slip in location that can ne accessible to our team,” he said. He listed the enumeration areas to include Ekai, Igarra, Nekpenekpen, Oregbeni, Uromi, Ekpoma, Wire Road and New Benin in Edo State, PTI, Airport Road, Effurun, GRA (warri), Udu market road, Ughelli; Ozoro, Isoko, Agbor, Nnebisi, Asaba, Asaba Urban, and Sapele in Delta State.

ithout residents’ adherence to law and order, the smart city goals of leveraging information communication technology (ICT) for efficient use of resources by all and sundry might remain unattainable, Babatunde Fashola, minister of power, works and housing, says. The minister posited that a city would only work when citizens uphold law and order, and when people exhibit an almost predictable behavioural pattern, as he delivered a keynote address at the 49th annual conference of the Nigerian Institute of Estate Surveyors and Valuers (NIESV) in Lagos. Citing data from the Federal Road Safety Corps

violation accounted for more than 50 percent of road accidents in the country, indicating that people’s disregard for speed limit regulations was chief on the list of causes of avoidable road deaths, rather than the general assumption that poor condition of roads were responsible. “Since we know that 50 percent of these unfortunate road incidences comes as a result of noncompliance on law and order, then we should exert more effort on major factor and less on the minor,” Fashola said. The minister went on to challenge the institute to wrought out a predictable national land valuation database on housing deficit in the country, describing

tasked NIESV to conduct a comprehensive research to ascertain the number of empty houses, duration of non-occupancy and the necessary steps to make them occupied. There are varying evaluation of the size of Nigeria’s housing deficit but the Federal Mortgage Bank of Nigeria (FMBN) estimates a deficit between 17 to 20 million, growing annually by 900,000 units, with a potential cost of N6 trillion. Akinwumi Ambode, Lagos State governor, said the state had continued to prioritise infrastructural development over the years; however, the institute was yet to leverage the opportunity given the enormity of under-utilised properties in Lagos.

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Emmanuel Macron urges no-deal Brexit if UK rejects Theresa May’s deal French president says extended delay poses a threat to the EU JIM BRUNSDEN, VICTOR MALLET AND JIM PICKARD

mmanuel Macron has warned that if the British parliament fails to approve the Brexit deal negotiated with Brussels in an eleventh-hour vote next week, the UK is heading towards a “no-deal” exit from the EU on March 29. The French president has emerged as the head of the hardline group of EU leaders who have argued that Brussels should rule out any extended delay of Britain’s exit date unless London fundamentally rethinks its Brexit policy. Arriving at an EU summit in Brussels, Mr Macron said that while he was “open to a technical extension” of next week’s Brexit date if Theresa May’s deal is approved by the UK parliament so that it can be implemented, a rejection by MPs should trigger the end of talks. “In the case of a negative vote, we will go towards no deal — we all know it,” he said. “And it’s essential to be absolutely clear in these times and at these moments because it’s about the proper functioning of the EU. We cannot have extensions that I would call excessive that would limit our capacity to decide and act.” Mr Macron’s comments reflect a hardening of the EU’s position in recent days, with the European Commission warning the remaining 27 countries that an extended delay to Brexit could threaten the EU’s own internal workings.

“We’re close to a gangrene moment,” said one senior European Commission official. Michel Barnier, the European Commission’s chief negotiator, said Mrs May’s request for a three-month delay to June 30 was “conditional on a positive vote next week”. Mrs May was also facing growing pressure at home to scrap her current agreement and shift to a new Plan B, with business and union groups calling for her urgently to change tack to deal with what they described as a “national emergency”. So far, the UK prime minister has refused to abandon her plan, and she arrived in Brussels on Thursday after attacking the UK’s squabbling MPs for the political impasse at home. “What matters is that we recognise that Brexit is the decision of the British people,” she said at the EU’s summit building in Brussels. “We need to deliver on that. It is now the time for parliament to decide — a short extension gives us that opportunity.” But Mrs May faces a backlash from MPs for her criticism of parliament, which has twice rejected her Brexit deal by overwhelming majorities. Mrs May is hoping to get her withdrawal agreement through the Commons on a third attempt at a “meaningful vote” early next week, despite its rejection by 230 votes in January and 149 votes this month. EU leaders such as Mr Macron have found themselves incongruously aligned with hardline Eurosceptics in Mrs May’s own

Benchmark Treasury yield hits year-low after Fed move Investor concern over US economic outlook sends 10-year yield below 2.5% JOE RENNISON

he benchmark US Treasury yield hit its lowest level in more than a year on Thursday, as investors fretted about the economic outlook after the Federal Reserve predicted it would not raise interest rates this year. The 10-year yield, one of the most important global interest rates, fell below 2.5 per cent for the first time since the start of 2018 before inching higher to 2.51 per cent in mid-morning trading on Wall Street. It marks the latest drop in a dramatic decline for the benchmark yield. It has fallen more than 70 basis points since its recent peak in November 2018, when concerns around global growth sent US markets into a tailspin during the fourth quarter. The Fed had already indicated a more dovish tilt early this year in a bid to calm volatile stock and bond prices. At the central bank’s meeting on Wednesday, policymakers also shifted their outlook for further monetary policy tightening, dialling back their expected number of interest rate increases this year from two to none. The move has reignited fears among some investors that eco-

nomic conditions are deteriorating. “What the Fed did yesterday raises questions about just how weak global growth must be,” said Kristina Hooper, chief global market strategist at Invesco. “Markets are now far more concerned about the growth outlook and that’s being reflected in Treasury yields.” Some investors fear the Fed could go even further and cut interest rates before the year is out. The probability, derived from futures markets, of a cut in interest rates this year has risen to 40 per cent, from just 25 per cent before the Fed’s announcement. “Typically, the Fed is too optimistic, and so given that naive history you would think that there could be a cut in late 2019 and almost certainly multiple cuts in 2020,” said Guy LeBas, chief fixed-income strategist at Janney Capital Management. The decline in Treasury yields also dragged European government bonds lower. These bonds have already been weighed down by slowing economic data and growing fears surrounding the outcome of the UK’s exit from the EU, with the deadline just days away. German 10-year government bond yields moved 4 basis points lower on Thursday to 0.04 per cent, closing in on negative territory for the first time since late 2016.

cabinet, who have argued that anything more than a short, technical extension would be a betrayal of the 2016 referendum. “We can’t pretend that the British didn’t vote to leave nearly three years ago,” the French president said. “It would be disrespectful to British sovereignty.” Although he did not rule out a longer extension, Mr Macron said it would require “a profound political change” in London. However, Angela Merkel, the German chancellor, has urged a more measured approach, telling the Bundestag on Thursday morning that while the EU could “definitely talk positively about a short extension” if Mrs May’s deal was approved by MPs, there

would need to be a “more fundamental discussion” if it again failed to muster a majority in parliament. Like a number of other European leaders, Ms Merkel also indicated that any short extension that went beyond May 23 would be problematic, since the European Parliament elections begin at that date. “There are a number of legal problems if you go beyond the European elections,” said Guy Verhofstadt, the European Parliament’s chief Brexit negotiator. “The only good way to do this is to conclude this all on May 22. I think leaders will conclude this too.” In the face of mounting oppo-

sition in Brussels and Westminster, Frances O’Grady, general secretary of the Trades Union Congress, and Carolyn Fairbairn, director-general of the CBI employers’ group, wrote a joint letter to Mrs May calling for an urgent meeting with the prime minister to discuss an alternative plan. “The ‘current deal or no deal’ must not be the only choice,” they wrote. “We cannot overstate the gravity of this crisis for firms and working people.” Adding that the UK now faced a national emergency, they also called for the government to “clearly acknowledge the reckless damage no deal would cause” and said that securing an extension was essential.

US agriculture secretary warns on China’s approach to trade deal Sonny Perdue says Beijing’s ‘attitudes’ are hardening in talks to resolve spat JAMES POLITI

onald Trump’s top agricultural official has said that Chinese “attitudes” towards striking a trade deal with the US have hardened, in the latest sign that negotiations to resolve the conflict hanging over the global economy have hit a rough patch. Sonny Perdue, the US agriculture secretary, said he hoped Beijing would agree to “significant increases” in purchases of American farm products in a deal, but suggested that China’s willingness to make the final concessions on a number of issues was unclear. The two sides have been wrangling over the substance of the agreement, including the scope of Chinese concessions on issues such as industrial subsidies, treatment of intellectual property and foreign investors. They have also been trying to ensure that Beijing will live up to its commitments. “It’s mostly attitudes. There doesn’t seem to be as much aggressive passion for curing some of these things as we would like to see,” Mr Perdue said in an interview with the Financial Times. “It’s not moving as quickly as we believe it should. I almost think it’s a trade negotiation strategy: they get you hopeful and optimistic and

then it’s definitely two steps forward, one step backward; [and] one step forward, two steps backward.” Mr Trump has dispatched Robert Lighthizer, the US trade representative, and Steven Mnuchin, the US Treasury secretary, to China next week for a new round of talks, setting the stage for a possible “signing” summit between Mr Trump and Chinese president Xi Jinping at the end of April. Mr Perdue, 72, spoke shortly before Mr Trump said he was prepared to leave tariffs on Chinese imports in place for a “substantial period of time” even after a deal is struck, in a bid to keep pressure on Beijing to live up to its commitments. But Mr Xi is unlikely to endorse an agreement that does not lift at least a large chunk of US levies. With farmers bearing the brunt of retaliatory tariffs imposed by Beijing on US exports, Mr Perdue has been trying to fend off a political backlash from a key component of Mr Trump’s political base. “The stakes are high, very high. Farmers have been loyal in supporting the long-term game that President Trump has outlined regarding re-establishing a more favourable long-term trading relationship with China but certainly the longer it goes on the more anxious they become,” he said.

To help farmers cope with the impact of China’s tariffs, the Trump administration approved an aid package of up to $12bn to compensate producers for lost revenue. But Mr Perdue said farmers should not anticipate a new fund this year, even if no deal is agreed with Beijing. “Farmers have to act on what they see today. The markets are the markets and none of us can predict what the markets will do: I would say it’s either going to be very, very good, or not so good,” he added. If trade talks are successful, China is expected to ramp up its purchases of US agricultural products, including soyabeans and corn, but also poultry, beef, pork and grains. Mr Perdue would not put a precise figure on the scale of the purchases, but said officials had discussed moves by China to “double or treble” its imports of US farm products compared with the past. In 2017, US agricultural exports to China, including ethanol, biodiesel, distilled spirits, forestry and fish products, amounted to $24bn, but they declined to $13.2bn last year amid the trade war. “We have those products available. China uses them, they need them, and that would be a really good faith signal that they are interested in really trying to resolve the severe trade deficit,” Mr Perdue said.

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FT Dockworkers v robots, Los Angeles edition

Boeing to install extra safety alarm in 737 Max jets Airlines had been able to pay for the alert but many chose not to do so

Maersk faces backlash over driverless vehicles at America’s biggest port

FT REPORTERS

GREGORY MEYER

ockworkers in Los Angeles are making a last stand against the automation of lucrative port jobs, in a backlash that affects a vital link in global trade. The International Longshore & Warehouse Union is fighting a plan by Denmark’s AP Moller-Maersk to use unmanned electric vehicles instead of diesel trucks to shuttle shipping containers around the largest port terminal in the US. The move would cut the company’s costs by reducing the need for truck drivers, and aid compliance with California’s tough air pollution rules. The Los Angeles board of harbour commissioners is due to vote Thursday morning on Maersk’s proposal at a hearing scheduled in a cruise-ship baggage hall to accommodate crowds. The union has enlisted elected officials, including two US congresswomen and the speaker of the state assembly, to its side. “We represent humans, not robots. Humans need employment,” Ray Familathe, a union official, told commissioners at an earlier hearing. The union agreed in 2008 to allow west coast terminal owners to introduce automation in a deal that required terminals to increase wages and pension benefits. The average southern California longshore worker earned $131,000 in 2017, according to the Pacific Maritime Association, the terminals’ bargaining group. Two other terminals on San Pedro Bay, at Los Angeles and the port of Long Beach, have already introduced self-driving technology such as “straddle carriers” that grab containers on the wharf and stack them for hauling away. Maersk opened the world’s first fully automated terminal in Rotterdam in 2015. As the technology spreads, the union has sought to block the Maersk project by trying to overturn a construction permit for the installation of charging stations, traffic barriers, fences and WiFi antennas. “That is their last leverage point in preventing automation from actually taking place,” said Josh Brogan of AT Kearney, a consultancy. The union represents dockworkers at about 30 ports along the US and Canadian Pacific coasts and in Panama, giving it influence in world trade flows. Difficult contract talks led to a port slowdown in 2014-15 that snarled supplies for manufacturers and retailers and exports of farm goods. Los Angeles, the busiest US merchandise port, moved a record 9.5m 20-foot equivalent containers last year. It and Long Beach handled a third of US container traffic in 2018. The two ports in 2017 adopted a clean air plan that requires terminal operators to deploy “the cleanest equipment available” in cargo handling with a goal of zero emissions by 2030. Maersk’s APM Terminals division said that by automating cargo handling, it could reduce diesel truck travel on its site by 65 per cent.

Friday 22 March 2019

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A gas flare burns at the Batan flow station operated by Chevron under a joint venture with the Nigerian National Petroleum Corporation in the Niger Delta © AFP

Nigeria set to sell down stake in oil ventures to boost finances Buhari administration has proposed the most expensive budget in Nigeria’s history ANJLI RAVAL AND NEIL MUNSHI

igeria wants to sell part of its share in oil ventures with international companies as President Muhammadu Buhari advances his post-election plans to boost state finances and accelerate energy reforms. Udoma Udo Udoma, budget minister, said Nigeria was seeking to improve government revenues with the “immediate commencement of the restructuring of the joint venture oil assets”, according to Reuters. He said the government wanted to reduce its ownership of joint ventures to 40 per cent and expected the restructuring programme to be completed this year. The Buhari administration, which begins its second term in May following elections last month, has proposed the most expensive budget in Nigeria’s history, pursuing a strategy of state-led growth and infrastructure spending. Oil and gas companies such as Royal Dutch Shell, Chevron and ExxonMobil operate facilities in Nigeria through joint partnerships with the state-owned Nigerian National Petroleum Corporation, which usually owns about 60 per cent of each venture.

Nigeria has toyed with cutting its stakes for years, but an oil crash in 2014 sabotaged those plans, energy analysts said. Africa’s largest producer, which pumps about 1.7m barrels a day, was also hit by the collapse of its currency, inflation and a recession. That stalled government plans to bolster its domestic energy sector and enact much-needed reforms. Nigeria’s relationship with its energy partners has been fraught for decades, with the government struggling to pay for its share of oil production costs. The government has maintained, too, that existing contracts are unfair to the state and have called for improved terms. The state has also pushed regulators to collect back taxes owed by international oil companies. “Nigeria is looking for money but selling assets under pressure isn’t really the best way to get value for money Cheta Nwanze,SBM Intelligence Gail Anderson at energy consultancy WoodMackenzie said as the state already received 90 per cent of the sale of each barrel produced in taxes and royalties, the move to reduce the government share

of each venture would only alleviate the burden of initial operating costs. As oil prices recovered, from a 2016 trough of less than $30 a barrel to almost $70 today, Ms Anderson said the Buhari administration had found an “opportune moment” to revitalise its efforts to reform the energy sector. “He’s making up for lost time,” she said. During the presidential campaign, Atiku Abubakar, Mr Buhari’s opponent, said he backed a move to sell off stateowned refineries and privatise NNPC — which he called a “mafia organisation”. Energy analysts have questioned the appetite of international oil companies to increase their share of joint ventures. Cheta Nwanze, head of research at Lagos-based consultancy SBM Intelligence, noted that selling their oil stakes would be complicated and wondered whether the government would be able to follow through with its pledge. “Nigeria is looking for money but selling assets under pressure isn’t really the best way to get value for money,” said Mr Nwanze, who has been critical of the administration. “You have to go through a process, and the current government does not do process very well . . . It won’t fly.”

Former Brazilian president Temer arrested in corruption probe Temer is the country’s second ex-leader to be embroiled in long-running Car Wash investigation BRYAN HARRIS

ormer Brazilian president Michel Temer was arrested on Thursday morning in connection with the nation’s long-running Car Wash corruption probe. Mr Temer, who was replaced as president by Jair Bolsonaro on January 1, is the second former Brazilian leader to be

arrested as part of the investigation following the arrest and subsequent detention last year of Luiz Inácio Lula da Silva. Since 2014, the Car Wash investigation into bribery and kickbacks at state oil producer Petrobras has claimed the scalps of vast numbers of Brazil’s political and business establishment. Mr Temer had been the tar-

get of investigators throughout his presidency, but was protected by official immunity until the end of his term on January 1. The 78-year-old served between 2016 and 2018 following the impeachment of Dilma Rousseff. Moreira Franco, a minister in Mr Temer’s government, was also arrested on Thursday, authorities said.

oeing will install an extra safety alarm in the cockpits of all its 737 Max aircraft after intense criticism in the wake of two fatal crashes. The US aerospace group has decided to include a warning light in new 737 Max planes and to retrofit all existing ones, according to a person familiar with the situation. The alarm will tell pilots if two “angle of attack” sensors — which indicate the angle of a plane’s nose — disagree, a sign that one is not working. Boeing declined to comment. A faulty angle of attack sensor was suspected of playing a role in the Lion Air 737 Max crash off Indonesia last October that killed all 189 people on board. The faulty sensor was enough to trigger a new antistall feature, MCAS, which forces the nose of a climbing aircraft down if it calculates the plane is in danger of stalling, according to a preliminary report. Initial reports into the Ethiopian Airlines crash earlier this month, which killed all 157 people on board, suggest MCAS may also have played a role in that tragedy. There has been a long-running industry debate about how much information to display in cockpits for fear of overloading pilots. Airlines that used the 737 Max 8 and slightly longer Max 9 jets all took different approaches. The AOA warning indicators were not mandated by the US safety regulator, the Federal Aviation Administration. The two aircraft that crashed were both Max 8s. A pilot for Norwegian Air, which has 18 Max 8s in a total fleet of about 160, and another 92 on order, said the airline did not have them. “No, we don’t have a warning [if the AOA sensor is faulty]. It was an optional extra, which had a cost. As this failure didn’t cause much of an issue on previous models, most airlines didn’t select the option. I believe it will now become standard to have it,” the pilot told the Financial Times. Tomas Hesthammer, acting chief operating officer of Norwegian, said the airline had chosen “not to fit this particular optional extra to our Boeing 737 MAX aircraft, which is a decision other airlines have also made, since it is not a safety critical feature nor is it a requirement by any aviation authority”. “According to Boeing, this particular feature would not have been able to prevent the erroneous signals that the Lion Air pilots received,” he added. Southwest Airlines, one of the largest operators of the 737 Max in the US with 34 Max 8s, said its fleet had included the cockpit warning light before the Lion Air disaster. However, the airline decided to add a separate gauge — another optional extra — that gave pilots a direct AOA reading in the cockpit. American Airlines had also opted for the warning light before the crashes. “If one AOA sensor disagrees with the other, an alert displays on our main screen, it’s a yellow light,” said Captain Dennis Tajer of the American Airlines’ pilots union.

Friday 22 March 2019

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Wall Street rebounds and debt rallies after Fed confirms dovish turn MAMTA BADKAR, MICHAEL HUNTER AND ALICE WOODHOUSE

all Street rebounded on Thursday while sovereign debt and the US dollar rallied as investors digested the dovish decision delivered by the Federal Reserve, which signalled no rate rises this year bringing its projections more in line with market expectations. The S&P 500 rose 0.7 per cent, the Dow climbed 0.6 per cent and the Nasdaq Composite was up 0.9 per cent. After raising rates four times last year and signalling two rate rises for 2019 as recently as December, the Fed on Wednesday abandoned its earlier forecast for rate rise projections. The central bank also said it will slow the monthly reduction of its Treasury holdings starting from May with a cut from $30bn to $15bn, and will cease trimming its balance sheet in September — prompting economists at Bank of America to note the Fed has completed its 180-degree turn. US government debt remained in demand, pushing yields lower, after a rally around the announcement. The yield on the 10-year Treasury slipped 1.3 basis points to 2.5244 per cent, having touched a fresh 15-month low earlier in the

session. Investors also moved into eurozone debt, pushing the 10-year German Bund yield back towards zero, down 3.5 bps to 0.047 per cent. Emerging market currencies, which were also lifted by the Fed’s easier policy stance, trimmed their gains by midday in New York. MSCI’s broad EM FX gauge was up 0.1 per cent, with currencies such as South Africa’s rand and Indonesia’s rupiah notching modest gains. Stock markets were steadier, although financial stocks held them back in Europe as bond yields fell. The Europe-wide Stoxx 600 was down 0.1 per cent overall. London’s FTSE 100 outperformed wider European equities benchmarks with a rise of 0.9 per cent, helped by sustained pressure on the pound — down a further 0.9 per cent to $1.3079 — as investors tracked the UK’s fraught domestic politics. With the Brexit deadline just eight days away and no clarity on any extension to it, investors moved into the relative safety of UK government debt and at a faster pace than the rally for its eurozone neighbours. The yield on 10-year gilts fell 8.7 basis points to 1.066 per cent, its lowest since September 2017.

BT Group/Openreach: let there be light Infrastructure business is right to surrender in a political battle it cannot win MATTHEW ROCCO

sk mining executives about copper and they extol its virtues. Try the same with BT Group executives these days and they wrinkle their noses. Openreach, the infrastructure business BT controversially owns, has decided to replace its copper wire network with optical fibre. BT has a unique position in the UK market, owning both fixed and mobile networks. It has fixed connections into some 30m premises. Half of these customers have no real alternative. But the switch to fibre is a big challenge. For long, foot-dragging years the UK’s dominant telecoms group promised to deliver ultrafast internet data speeds for less cost through metal wire. Sports-loving boss Gavin Patterson spent some of the resulting savings on football media rights. Regulator Ofcom is making BT scrap that copper, just as it spurred BT to dispense with Mr Patterson. The company’s market value has nearly halved over three years, reflecting worries of adding another 7m homes at a cost of around

£2.4bn. The dividend yield is nearly 7 per cent. Analysts anticipate about £1.8bn of annual free cash flow through to 2021 will cover the payout. Bears disagree. Openreach is right to surrender in a political battle it cannot win. The UK trails most neighbours on fibre connections with just 6 per cent of the total, according to Ofcom data. Last year, the figure was more than 50 per cent for Spain and 15 per cent for France. Indeed, Latvians can race around the internet faster than most Brits can. The government wants full coverage by 2033. That creates opportunities for small rivals to BT, who have found private funding readily available. Goldman Sachs has backed CityFibre to connect 5m homes by 2024 at a cost of £2.5bn. Openreach better get a move on. The good news is that installation costs have begun to fall. Once well above £400 per building, that has sunk towards £350, says Macquarie, and should fall further. BT has the mettle to improve its network. With costs continuing to fall, BT can price its fibre service to expand profitably without damaging the dividend.

LV will ask its members to vote on changing its status to a mutual company

British mutual insurer LV to shed friendly society status Plan paves the way for an eventual sale or merger of the group founded in 1793 OLIVER RALPH

V, one of the UK’s biggest mutual insurers, has decided to ditch its 123-year-old friendly society status in a move that could pave the way to an eventual sale or merger of the group. A friendly society since 1896, the insurer originally known as Liverpool Victoria said on Thursday it would ask members to vote on changing its status to a mutual company. “Our friendly society status has served us well for many years but the Friendly Societies Act is becoming outdated and restricts our opportunities for growth,” said Richard Rowney, chief executive. “While our ethos remains the same, we need the right mutual structure in place to truly flourish moving forward.” Robert Chaplin, partner at law firm Slaughter and May, said the change would give LV, which was created as a burial society in 1793, a lot more flexibility over what it does in the future. “It will allow them to sell the whole company or merge with another mutual,” said Mr Chaplin, adding that, like other mutuals, LV is capital constrained because of the investment guar-

antees it has given to its customers in the past. Size is also an issue. “They are a large mutual, but in the scheme of things they are relatively small so their administration costs are high,” said Mr Chaplin. “That makes LV less competitive when it comes to new business.” According to Mr Chaplin, several organisations have considered doing deals with LV in the past and the change from a friendly society to a mutual company has always been seen as a necessary first step. Mr Rowney said the change would give LV “better strategic optionality” but added that the company had no plans to demutualise. “There is very strong commitment from our board to mutual status in the medium term,” he said. He said changing to a mutual company would make it easier for LV to sell a wider variety of products and would also give it more clarity on its membership. He estimated that about 200,000 of LV’s older members had probably died, but they remain on LV’s register because the company has not formally

been notified of their deaths. That complicates voting at the company in which more than half of members have to vote on changes to its status. The proposed change to LV’s status came as the insurer reported a sharp drop in pre-tax profits for last year, from £122m to £20m. Although operating profits were flat, volatile financial markets hit the bottom line. Separately, Royal London, the UK’s largest mutual insurer, also announced its results on Thursday, reporting a pre-tax loss of £111m for last year, compared with a pre-tax profit of £455m in 2017. Like LV, Royal London said volatile financial markets had hit its bottom line. “2018 was a difficult year for the whole market,” said Phil Loney, Royal London’s chief executive, adding that uncertainty over Brexit had hit customer confidence. “People are nervous about putting more money into pensions or Isas.” Mr Loney is due to step down from the company later this year after eight years at the top. He plans to spend more time on charitable work. Royal London has started the search for a successor.

Treasury yield curve narrows to lowest since 2007 Fed’s dovish turn has led 10-year yields sharply lower JOE RENNISON

he primary measure of the US yield curve watched by the Federal Reserve has fallen to its lowest level since 2007, after a policy shift by the central bank has raised fears over the outlook for the US economy. Benchmark 10-year Treasury yields sank to 2.52 per cent on Thursday and short-dated, threemonth yields marched higher to 2.47 per cent. It means the difference be-

tween the two interest rates now stands at just 5 basis points, sinking below the previous low of 15 basis points hit in January to notch its lowest level since 2007. It’s the primary measure of the US yield curve used by the Federal Reserve as an indicator of the health of the US economy, with a decreasing difference between short- and long-dated yields seen as a sign of slowing growth. The Federal Reserve cut its forecasts for further interest rate increases from two to zero on

Wednesday, igniting investor fears over deteriorating economic conditions and sending bond yields lower. The move is particularly troubling for bank stocks. The declining difference between short- and long-dated interest rates is seen to hit bank profits from lending over long periods of time and borrowing over shorter horizons. The S&P 500’s financial sector sank 0.2 per cent on Thursday and stood out as the only sector of the index trading in negative territory.

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Friday 22 March 2019

ANALYSIS

Asset managers slash expenses as ‘feemageddon’ bites

Average expense ratio of US equity mutual vehicles has almost halved since 2000 ees on US equity funds fell to a new record low last year, as relentless pressure from cheaper index-tracking rivals forced asset managers to slash costs in a bid to staunch heavy outflows. The average “expense ratio” of a US equity mutual fund dipped to 0.55 per cent in 2018, down from 0.59 per cent the year before and almost half the cost charged by asset managers at the turn of the millennium, according to data from the Investment Company Institute. Expense ratios track the percentage of assets deducted each year for costs associated with management, record-keeping and other administration.

closures in the coming years. Mr Flanagan said that as many as a third of asset management companies could disappear in the coming five years. In a report on the industry, Morgan Stanley analysts estimated that revenues from actively managed funds in developed markets would shrink 36 per cent by 2023. Some analysts have predicted that as passive investing becomes more prevalent, markets will turn more inefficient, opening up lucrative opportunities for active managers. But with so many fund managers falling by the wayside, outperforming passive funds could become even trickier, Moody’s warned last week. “Over time, only the best

In addition to pruning fees on active strategies, many asset managers have launched competing passive funds at rock-bottom prices to gain market share. The ferocious price war has intensified this year, with investment groups such as BlackRock and JPMorgan Asset Management cutting fees to stay competitive. The phenomenon has been dubbed “feemageddon” by some analysts. Coupled with a massive migration by investors from active funds to cheaper passive ones, it sent the shares of listed US asset managers down more than a quarter in 2018 — the worst annual performance since the financial crisis. “The industry is going through dramatic changes,” said Martin Flanagan, the head of Invesco, in a recent interview with the Financial Times. “Winners and losers are being created today like never before. The strong are getting stronger and the big are going to get bigger.” The stocks of investment groups have rebounded about 12 per cent this year, but industry executives remain gloomy about the sector’s future, predicting a swath of consolidation and even

players will survive, leading to a more difficult game,” the rating agency said in a report. “Similarly, active management could become more difficult over time, as a growing number of belowaverage active managers drop out or see their assets continually decrease.” The report predicted that assets under management by index-tracking funds will overtake those in actively managed funds by 2021. Last year passive equity funds sucked in $472bn, while active ones shed $488bn, according to EPFR. Exchange-traded fund, which have become the most popular form of index-tracking vehicles thanks to their easy tradability, have attracted another $85bn this year, according to Bloomberg data. The average expense ratio of bond funds stayed steady at 0.48 per cent, according to the figures from the Washington, DC-based ICI, but both index-tracking funds and active managed vehicles saw their costs dip last year, with the average expense ratio of the former falling to 0.08 per cent and the latter declining to 0.76 per cent.

ROBIN WIGGLESWORTH

Senior Wirecard executives approved transactions in fraud probe Documents indicate Jan Marsalek was aware of €2m transfer investigated by Singapore DAN MCCRUM AND STEFANIA PALMA

enior Wirecard executives in Germany oversaw and approved four transactions totalling €2m that are at the centre of a fraud investigation by police in Singapore, according to documents seen by the Financial Times. The transfers in March 2018 were routed from the payment group’s Munich bank to a company in Singapore as part of what whistleblowers allege was a fraudulent accounting scheme. The documents indicate that Jan Marsalek, Wirecard’s chief operating officer, was aware of the transactions, which were delayed in February 2018 while German and Singaporean executives awaited key information from him. Documents pointing to the involvement of senior Munich-based Wirecard executives in suspicious transactions in Asia challenge the company’s denials of wrongdoing, which to date have received a sympathetic hearing from German regulators and politicians. Last month, after Wirecard’s share price nosedived following FT reports, the German regulator BaFin ordered an unprecedented ban on short selling of the company’s stock. BaFin also announced an investigation into market manipulation, following a complaint that shortsellers were aware of negative press coverage ahead of publication. However, after the FT’s articles, the Commercial Affairs Department of the Singapore police said Wirecard and 11 “transactional parties” were under investigation in a probe of suspected forgeries, falsified documents, money laundering and round-tripping of funds, according to a court submission this month. The court filing by prosecutors stated there were six Wirecard employees in Singapore suspected of “arrestable offences”, including Edo Kurniawan, the group’s head of international finance, who oversaw the group’s accounting across Asia and the Pacific. Fresh details of the sequence of events show how executives in Germany worked with the 33-year-old Mr Kurniawan to effect the March 2018 transfers totalling €2m. Days after the last payment went through, a whistleblower approached Wirecard’s legal team in Singapore and described the alleged roundtripping scheme. Regulators in Hong Kong had requested an injection of €2m into an entity Wirecard was using for a licence application to issue prepaid cards. Once the Hong Kong authorities were satisfied the capital had arrived, Mr Kurniawan’s alleged plan was to send the money on to

a purported supplier. The outside company, documents show, was then expected to send the cash on to Hermes, a Wirecard business in India which needed funds to resolve an overdraft issue. To auditors, the flows out and in would not appear connected. As the FT has previously reported, a whistleblower’s account of the scheme was contained in a preliminary report from the law firm Rajah & Tann, detailing alleged instances of forged documents and accounting irregularities, delivered to the company on May 4 2018. After the FT revealed the existence of the inquiry in January this year, police raided Wirecard’s Singapore office. The value of the German group’s shares has fallen by more than a third, to €13.4bn — a sharp decline from late last year when the then high-flying payments group surpassed Deutsche Bank in market capitalisation. Mr Kurniawan has not been seen in Singapore for several weeks. The company has said an internal investigation last year found the allegations were unsubstantiated, no regulations were broken, and it remains in contact with Mr Kurniawan, whom it said was placed on leave following a holiday. Wirecard has said it intends to publish the results of a separate full investigation by R&T undertaken as good corporate governance — which has so far taken nine months. According to the R&T preliminary report, Mr Kurniawan is alleged to have briefed his team on the Hong Kong to India round-tripping scheme at the end of January 2018. On February 8, he had dinner in Germany with Thorsten Holten, Wirecard’s head of treasury, documents show. At 08:51 the following morning, Mr Holten wrote to six colleagues: “Hi, HK needs the funds urgently!” Mr Kurniawan replied eight minutes later: “Merci!” A three-step plan to move the money from Germany to India was discussed in subsequent emails on February 14. Documents show Mr Holten understood money was to move to and from an intermediary on its way around the Wirecard group. At that stage the proposed intermediary company was Testro Consulting Limited, a Hong Kong entity. On February 15, Mr Holten said: “As soon as you have send me the payment instructions of Testro Consulting, we will initiate the wire.” Testro Consulting’s phone numbers displayed on its website are now disconnected and the address given is an empty office previously used by a corporate secretarial service. Emails to the company this week were not answered.

On February 26 2018, Wirecard executives discussed reasons for a delay. In messages seen by the FT, Mr Kurniawan said he was still waiting for bank details from the chief operating officer. “Unfortunately, Mr Marsalek take longer time to arrange it”, he wrote. On March 12 Mr Kurniawan provided colleagues, including Mr Holten and Stephan von Erffa, Wirecard’s deputy chief financial officer, with the bank details and name of a new intermediary, Inventures Technology. Mr Holten asked for “4 wire transfer requests which can be signed by Stephan and me”. Between March 16 and March 21 last year four payments of €500,000 were made from Wirecard Bank in Germany to the Singapore account provided by Mr Kurniawan, according to documents seen by the FT. It is not clear whether the money was subsequently transferred to Hermes, as executives had discussed. The FT has seen a €2m invoice for “Unionpay Issuing Switch Customisation”, purporting to be from Inventures Technology, dated March 5 2018. The address on the invoice is that of a corporate services firm, which confirmed Inventures was a client and that it had been contacted by the Singapore police. When contacted by the FT, Raymond Sam Wei Wen, the Singaporean owner of Inventures, said in a WhatsApp message sent from a Myanmar number, “I do not have any slight information regarding the matter”. There may be an explanation for executives’ roles in the alleged scheme. In February, Wirecard’s lawyers did not directly address questions on the involvement of Mr Holten and Mr von Erffa and stated an internal investigation had found no laws or regulations were broken. Asked on Wednesday morning to answer similar queries, and questions about the role of Mr Marsalek, the company said it would need two days to respond, but did state: “As previously noted to the FT, the allegations and queries raised regarding our South-East Asian business are old and the article constitutes republication of the same or similar matters based on a preliminary report. The outcome of the full investigation will be available shortly and the findings of that investigation should be awaited before the publication of further speculation. Wirecard is preparing for its annual results and therefore is not in a position to respond immediately to specific questions raised by the FT regarding these issues which appear to be designed to attack the company with further insinuations and unjustified accusations.”

Friday 22 March 2019

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Ignite Your Passion Series

There is magic in the start - Seun Abolaji Introduction: Seun Abolaji, is the co - founder of ‘Wilson’s Juice Company’ in Lagos, Nigeria. From starting the business with just N2000, they have managed to build a multi-million Naira company. He is passionate about creating a better life and opportunities for Nigerians. The business started as a smoothie and fresh squeezed juice stand at Covenant University in Ota, Ogun State. Until the big moment came in 2011, when Seun pointed out to his brother and business partner Seyi that they should bottle the lemonade instead of just selling it in cups and Wilson’s Lemonade was born.

MY LIGHTBULB MOMENT e started this thing with ten dollars that is two thousand naira. Just make a fresh squeezed juice. My brother and I were athletes, so we said you know what we just want something fresh and we love juice. So we got a kiosk started making lemonade; actually we started making orange juice, then smoothies, then we added lemonade and before long people weren’t asking for orange juice and smoothies anymore. At that point we were doing it in cups and we were making decent amount of money from it. But one day, I looked back and I just was watching everything. We had like eleven employees; they squeeze two lemons, put it in sugar and water and give you in a cup. So I called my brother and I was like Seyi why don’t we start putting this stuff in bottles we never thought about that before. So I would say that was like my light bulb moment. For me, it made it easier for accounting purposes. If I am selling cups or have people selling cups for me I can’t keep count of how they are taking money. But if I make ten bottles of lemonade, I tell you to go sell ten bottles of lemonade, I know how much money I should be getting back. LESSONS LEARNED IN BUSINESS You know there are loads of lessons that you learn when you are doing a business that you don’t really have too much history doing it or experience doing. The biggest lesson is people. Finding good people to work with and finding good people to do business with. Being a good person that when someone sees you they know they can do business with you. Someone wants to work in your company they know they can work in your company because whatever your company stands for they stand for that as well and your company has to stand for something outside of just doing business. THE BIG MISTAKE You know you make a lot of mistakes, so for me to think about the biggest one is difficult. Before we started lemonade we were doing another business and in that business we lost all the money that we started the business with. The mistake there was we were selling things on credit and buying everything with cash; that’s not sustainable and very quickly we realised that all the money was gone everyone that was supposed to pay you did not and then you didn’t have the money to buy the raw ingredients to produce what you need to produce. So that was a big one and now there is even a big one as you are selling, as you are taking your products out to location, you have to really have your business practices like: we don’t take credit or we do seven day credit or we do three day credit or we do prepaid. You have to have those in place because if you just go on thinking let me get my products out let me sell that great but then you come back

at the end of the year and you have ten million naira out. BREAKING BOUNDARIES MOMENT From the very early days we said if we create a very good product that will sell itself and for the first few years that was all we were concentrating on, creating a great product. We weren’t even thinking about selling it or taking it out we had people coming and buying and spreading it for us. That’s the key point of the business saying let’s create a product that can be anywhere. When Shoprite, a well-known supermarket across Africa called us; one of their branding managers saw it at another supermarket ‘Ebeano” which is another established supermarket here. His wife brought it home, he saw it and looked at the packaging and said okay this has to be in Shoprite. So they called us, me and my brother got on our bikes and went all the way to Ibadan to go meet them and start that conversation. Once you can go

‘‘

For you to get more, you have to give more. Give more people the opportunity to experience your product or service through giveaways

into a conversation and say yes a company like Shoprite believes in our product they have it on their shelves they are moving about this much a month at each location and nationwide. People will be like oh wow that’s because they respect the brand. MY MANTRA If you look at the way our business started, there is magic in the start. That’s my mantra. There is magic in just starting because when you start, people feel your energy and they come to support you in your business. So just start. It doesn’t matter if you don’t have everything together, you may not have all your plans in place, you may not even have all the money for it but when you start people see and then you will just start getting resources before long, magically. So there is magic in starting that’s my mantra. About Aim Higher Africa Ignite Your Passion The Aim Higher Africa Ignite Your Passion Series is an edutainment web-program under the Aim Higher nonprofit organization. This series shines a light on millennial entrepreneurial leaders in different industries who have overcome economic challenges and built businesses that are transforming their communities as well as making global economic impact. With the vision of bridging the gap between poverty and prosperity, we hope that through this series, aspiring entrepreneurs will be able to identify their passion and turn them into business ventures that will in turn enrich their communities by creating employment opportunities. AHA Entreprenurship Clinic HOW TO MARKET YOUR

BUSINESS Milan Kundera said, “Business has only two functions - Marketing and Innovation” and I couldn’t agree more. While it is hoped that you have done the very innovative part of your business - creating that unique aspect that distinguishes you from your competition, you don’t expect the business to just sell itself without putting some work into it now, do you? Marketing is an essential need for the success of every business because without it, your business is only going to occupy space without yielding anything. Seth Godin buttresses my point when he said, “Marketing is telling a story about your value that resonates enough with people that they want to give you money.” Having understood this, here are some tips on how to successfully market your business: Elevator speech: Have a captivating and compelling elevator pitch that comes in handy wherever you go. Remember, marketing can be done at anywhere, anytime, anyplace. All you need is the skill to grab the attention span of your listeners for about 6 - 8 seconds. If you can successfully do this, you have to make the most of the next one minute or less to sell them on your product or service. You may just win yourself some clients/customers on the spot if perfectly done. Invest time in your pitch. Make the most of your community: Marketing can always start small and leveraging your immediate community is but a great way to start. How does your product or service benefit your immediate locality? How can you infuse your business into your community? You need to think locally so that you can promote your business using what is available to you. Try to understand your customers and how they spend their time. Knowing this would afford you the opportunity to get your marketing message to them. Have a merger: This doesn’t

mean selling out your business or merging with someone. Rather it is more of a collaboration thing. Meet with or initiate a group of cooperative, non-competitive businesses in your locality and cross-promote. Using social media platforms, reciprocal website links, promotions and the likes, all the synergised businesses are able to expand their customer base by reaching new people. Make connections: Networking is one of the most interesting part of owning a business and having a strong network proves to be a great business asset. Get your behind up and get out there. Go meet people and shake some hands. Go spread the word about what you do. Go for seminars, conferences or any event as relates to your business. You never can tell when these contacts would come in handy. Never underestimate the power of a strong network. Generate buzz: We are in the era of technological advancement and one of the fastest and most effective ways of getting one’s business out there is through social media. You can’t have a business without an online presence. This is your first point of contact with your loyal customers and new visitors. Create such a buzz about your business especially with advertisements. Whether digital or traditional, advertisements are great for marketing. Referrals: People are quick to trust more in the reviews of customers of a product or service than the words of the business itself. Often times, when someone is trying to market his or her business, it seems like he/she would say anything so as to sell whatever product or service his business is offering. However, with the reviews of those who have used these products, people feel better informed and are able to make a solid decision whether or not to go for your business. Understanding this, always ask for referrals from your customers. Don’t miss out on this lucrative opportunity to market your business. Establish relationships: It takes a lot less effort to keep a customer than to win over a new one. In the light of this, it is extremely important that you don’t take your clients for granted. Build relationships with them and always keep in touch especially through email marketing. Be sure to always give value hence, your mails must always be professional, informative and very helpful. This would keep them always yearning for more. Celebrate them on their special days and do follow-up. Give freebies: For you to get more, you have to give more. Give more people the opportunity to experience your product or service through giveaways. This free trial may just lure them in for more. You could also try using coupons too. Research has shown this to generate return visits and also expand your customer base. It is hoped that with these few tips, you would better be able to engage your customers, build relationships and keep your brand on top of your competition. Remember, it’s hardly about the money spent on marketing but instead the value you give your business.

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Friday 22 March 2019

INEC conducts supplementary elections in 18 states Saturday, concludes Rivers’ April

...Takes steps to vacate interim injunctions on Bauchi, Adamawa James Kwen, Abuja

he Independent National Electoral Commission (INEC) will conduct supplementary elections in 18 states tomorrow and conclude the hitherto suspended polls in Rivers state in April. Festus Okoye, INEC National Commissioner and Chairman Voter Education and Publicity Committee, who stated this Thursday at a press conference in Abuja said out of the 18 states, supplementary governorship election will be conducted in six states- Adamawa, Bauchi, Benue, Kano, Plateau and Sokoto. Okoye announced that collation and announcement of results of the suspended Rivers polls resumes April 5th and the conduct of supplementary elections in the state where necessary is scheduled between 13 and 15 April while presentation of certificate of returns to the governor-elect as well as State House of Assembly-elect holds 19th April. He also disclosed that the Commission has taken urgent steps to vacate the interim injunctions restraining it from collating the governorship election results in Tafawa Balewa Local Government Area of Bauchi State, and proceeding with supplementary election in Adamawa State. “Supplementary elections will be conducted in 18 states of the federation on 23rd March 2019. Details of the states and constituencies where the elections will take place will be uploaded on our website before the close of work today. “All observers and the media accredited by the Commission to cover the 2019 general election are free to observe the elections. They will have unimpeded access to the material distribution centres, polling units and collation centres. “Arising from the meeting held on 19th March 2019 between INEC and security agencies, the latter have given the assurances of adequate security, professional conduct and unimpeded access to all levels of the election and collation centres. “The INEC Situation Room will be activated on Saturday 23rd

Mahmood Yakubu

March 2019. Nigerians can reach the Commission via 0700-22554632 and its social media platforms (twitter: @inecnigeria; Facebook: INEC Nigeria). “The Commission encourages all registered voters in the areas where elections will be conducted to come out and cast their ballots. We also appeal to all stakeholders for continuous support”, Okoye stated. On the pending cases in Bauchi and Adamawa states, the INEC National Commissioner said, “the supplementary governorship election earlier scheduled to hold in Bauchi state is now a subject of litigation which was initiated by the All Progressives Congress (APC) and its candidate, Mohammed A. Abubakar. “An interlocutory injunction to suspend the process has been served on the Commission by the Federal High Court, Abuja. While the Commission has complied in accordance with its policy to obey all court orders in deference to the rule of law, it has also taken urgent steps to vacate the order and dismiss the action. “It should however, be noted that the litigation and consequential order only affect the collation of results for the governorship

election in Tafawa Balewa Local Government Area. Consequently, the supplementary elections will proceed as scheduled on Saturday 23 March in the other 15 Local Government Areas of Bauchi State as well as the Kirfi State Constituency Supplementary Election in Kirfi Local Government Area. “Similarly, the Adamawa State High court issued an injunction restraining the Commission from proceeding with the supplementary election following the application by the Movement for the Restoration and Defence of Democracy (MRDD), a registered political party which did not take part in the main election. While the Commission has also complied with the order, it has equally taken steps to vacate it and dismiss the action. “Notwithstanding the legal action over the Supplementary Governorship election, elections will hold in Nassarawo/Binyeri State Constituency in Mayo – Belwa Local Government Area where the election had to be countermanded following the death of a candidate before the polls, as well as the supplementary State Constituency election and Uba/Gaya State Constituency in Hong Local Government Area”.

Giving detailed update on the suspended Rivers polls, Okoye said: “Following the violent disruption of the electoral process in Rivers during the Governorship and State Assembly elections on 9th and 10th March 2019, the Commission was compelled to suspend the process. “The Commission set up a FactFinding Committee that visited Rivers State and submitted its report which revealed that while election could not hold in a few areas, it was successfully concluded in others with the declaration of winners in 21 state constituencies. Collation was ongoing at the time of the suspension of the process. The activities and timelines for the resumption and conclusion of the process are as follows: “Engagement with security agencies, March, Abuja. ICCES meeting (Rivers State) 29th March, Port Harcourt. Meeting with stakeholders, 30th March, Port Harcourt. Issuance of Guidelines for resumption of collation of results 1st April, INEC headquarters, Abuja. Revalidation of Polling Agents and Observers for collation of results 25th- 31st March Abuja and Port Harcourt. “Resumption of collation and announcement of results 2nd 5thApril, Port Harcourt (Venue to be agreed with stakeholders). Supplementary elections where necessary, 13th April in various locations. Announcement of results of all supplementary elections, 13th – 15th April, various locations. Issuance of all outstanding Certificates of Return latest 19th of April, INEC Office, Port Harcourt”. He further announced that, “Certificates of Return in respect of Governors-elect shall be presented by supervising National Commissioners of the respective states between Wednesday 27th and Friday 29th March 2019. They will be assisted by Resident Electoral Commissioners and Legal Officers of the Commission. “The precise date for the presentation in each state shall be made known by the respective Resident Electoral Commissioners after consultation with the supervising National Commissioners “For the State Houses of Assembly, the date of presentation of

Certificates of Return to the respective winners will be announced in due course”. Responding to questions on nonpresentation of certificate of return to Rochas Okorocha, Senator-elect for Imo West Senatorial District, Okoye stated that, “he has taken the matter to court and I think that it will be more prudent and more rational to wait for the outcome of the matter he has filed in court before we make any further comment.” “When a matter is pending in court, the best thing to do is not to prejudge the matter that is already in court but you allow the judicial process to run its course. If at the end of the day the court makes an order that we should give him a certificate of return, the Commission will obey such order. If on the other hand, the court takes a different position and makes other orders in relation to the conduct of the election in Imo West, we will also comply with the order. But as at today, the matter is pending in court and best thing to do is to wait for the outcome of the judicial process,” he further said. While denying knowledge of the purported movement of collation centre for supplementary governorship election in Benue from the State INEC Office to the Nigerian Air Force Base, Makurdi, the INEC Chief Spokesman, said, “On the issue of the collation centre for Benue State, I am not aware that the collation centre has been moved. I am the supervising National Commissioner for Benue State and the supplementary elections will take place in Benue State on Saturday and I don’t have any information as at now that the collation centre has been moved. “But as you know, the Resident Electoral Commissioner has been engaging with the different stakeholders in the electoral process in relation to this election and what we want is a situation where we are going to conduct the governorship election in Benue State in a very peaceful and conducive atmosphere. So, he is engaging with different stakeholders and if there has been agreement between the Commissioner and the different stakeholders when I get to Benue, I will be availed of such agreement”.

Ortom urges massive turnout for Saturday’s rerun polls BENJAMIN AGESAN, Makurdi

enue State Governor, Samuel Ortom has urged voters in places where governorship and other rerun elections are to be conducted next Saturday, 23rd March, 2019, to turn out en masse and exercise their civic duty. He appealed to them to turn up early for the exercise even as he

advised the Independent National Electoral Commission (INEC) to address identified lapses so as to ensure hitch-free, transparent, fair and credible polls. The governor wished that the voters would brave all the odds, including real and imaginary unusual security deployments and ensure that they exercise their franchise as well as guard and protect their votes. Governor Ortom, who com-

mended the people for maintaining law and order during the recent elections, appealed to them to sustain the peaceful conduct even as he urged all stakeholders in the electoral process to resist all forms of inducements to subvert the system but rather demonstrate the highest level of patriotism. He reiterated his pledge that the state government would support the security agencies to maintain law

and order in all parts of the state and insisted that they conduct themselves professionally without allowing any individual or organisation to exert undue influence on them. The governor reminded all that “we all owe our country committed loyalty and unalloyed patriotism”, stressing that any breach of the peace would be detrimental to all. He said that he knows that from the results of the last elections, the

people of the state have indicated their clear preference for the People’s Democratic Party (PDP), and all its candidates. The governor, who expressed appreciation to the Benue electorate for voting massively for the PDP, is confident that the people will seal the renewal of the mandate they gave him freely and massively in 2015 by consolidating on his lead at the 9th March governorship polls.

Friday 22 March 2019

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Friday 22 March 2019

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PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 199,603.00 6.90 6.15 744 93,471,095 UNITED BANK FOR AFRICA PLC 263,335.54 7.70 0.65 343 24,586,905 690,722.86 22.00 -0.90 390 30,752,160 ZENITH BANK PLC 1,477 148,810,160 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 294,341.40 8.20 0.61 347 19,842,023 347 19,842,023 1,824 168,652,183 BUILDING MATERIALS DANGOTE CEMENT PLC 3,205,319.44 188.10 -0.69 71 623,113 112,754.57 13.00 - 52 373,667 LAFARGE AFRICA PLC. 123 996,780 123 996,780 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 323,644.51 550.00 -5.43 50 183,018 50 183,018 50 183,018 1,997 169,831,981 REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC 1,710.00 85.50 -10.00 1 487,217 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 11,300.89 45.20 - 0 0 14,408.66 5.40 - 1 2,000 UPDC REAL ESTATE INVESTMENT TRUST 2 489,217 2 489,217 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 0 0 3,312.39 103.20 - 0 0 VALUEALLIANCE VALUE FUND 0 0 0 0 2 489,217 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 0 0 OKOMU OIL PALM PLC. 76,312.80 80.00 - 6 3,151 PRESCO PLC 68,000.00 68.00 - 9 19,199 15 22,350 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 511.20 4.26 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,800.00 0.60 3.45 6 290,657 6 290,657 21 313,007 DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. 820.66 0.31 - 0 0 202.36 0.52 - 0 0 JOHN HOLT PLC. S C O A NIG. PLC. 1,903.99 2.93 - 0 0 51,622.95 1.27 1.60 82 8,811,348 TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. 23,050.37 8.00 - 56 1,917,131 138 10,728,479 138 10,728,479 BUILDING CONSTRUCTION ARBICO PLC. 711.32 4.79 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 36,300.00 27.50 - 20 163,022 ROADS NIG PLC. 165.00 6.60 - 0 0 20 163,022 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 4,833.02 1.86 - 3 6,957 3 6,957 23 169,979 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 10,961.30 1.40 -9.68 9 309,556 GOLDEN GUINEA BREW. PLC. 242.22 0.89 - 1 8,640 GUINNESS NIG PLC 140,184.50 64.00 - 33 73,008 INTERNATIONAL BREWERIES PLC. 206,730.48 24.05 - 7 6,905 NIGERIAN BREW. PLC. 555,784.69 69.50 - 100 276,002 150 674,111 FOOD PRODUCTS DANGOTE FLOUR MILLS PLC 56,500.00 11.30 -0.44 81 6,849,722 DANGOTE SUGAR REFINERY PLC 168,000.00 14.00 0.72 46 611,462 FLOUR MILLS NIG. PLC. 77,907.21 19.00 - 32 309,020 HONEYWELL FLOUR MILL PLC 9,516.24 1.20 - 23 586,291 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 1 299 NASCON ALLIED INDUSTRIES PLC 55,373.26 20.90 0.97 13 123,623 UNION DICON SALT PLC. 3,676.41 13.45 - 0 0 196 8,480,417 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 20,660.22 11.00 9.09 52 993,899 NESTLE NIGERIA PLC. 1,188,984.38 1,500.00 - 25 9,755 77 1,003,654 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 VITAFOAM NIG PLC. 4,978.36 3.98 - 30 800,234 30 800,234 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 44,667.87 11.25 7.14 26 229,015 UNILEVER NIGERIA PLC. 221,182.71 38.50 - 16 45,002 42 274,017 495 11,232,433 BANKING DIAMOND BANK PLC 56,048.14 2.42 - 0 0 ECOBANK TRANSNATIONAL INCORPORATED 247,718.94 13.50 - 14 52,905 FIDELITY BANK PLC 69,539.51 2.40 -0.41 134 12,159,815 GUARANTY TRUST BANK PLC. 1,063,937.13 36.15 -1.77 201 6,756,066 JAIZ BANK PLC 15,910.69 0.54 3.85 16 1,171,511 SKYE BANK PLC 10,687.83 0.77 - 0 0 STERLING BANK PLC. 67,369.58 2.34 4.46 21 2,688,508 UNION BANK NIG.PLC. 199,477.16 6.85 - 22 315,252 UNITY BANK PLC 9,935.94 0.85 4.94 11 321,484 WEMA BANK PLC. 30,473.83 0.79 2.60 40 3,264,482 459 26,730,023 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 0 0 AIICO INSURANCE PLC. 4,920.45 0.71 9.23 20 1,469,889 AXAMANSARD INSURANCE PLC 23,100.00 2.20 - 6 92,905 CONSOLIDATED HALLMARK INSURANCE PLC 2,195.10 0.27 -6.90 3 140,000 CONTINENTAL REINSURANCE PLC 19,811.94 1.91 - 0 0 CORNERSTONE INSURANCE PLC 3,093.20 0.21 - 3 231,780 GOLDLINK INSURANCE PLC 2,001.98 0.44 - 1 100 GUINEA INSURANCE PLC. 1,228.00 0.20 - 0 0 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 2,270.26 0.31 3.33 8 1,087,816 LAW UNION AND ROCK INS. PLC. 2,191.13 0.51 - 9 294,533 LINKAGE ASSURANCE PLC 4,400.00 0.55 - 3 92,900 MUTUAL BENEFITS ASSURANCE PLC. 1,920.00 0.24 9.09 8 1,095,319 NEM INSURANCE PLC 12,145.16 2.30 - 5 65,800 NIGER INSURANCE PLC 1,702.69 0.22 -4.35 5 577,928 PRESTIGE ASSURANCE PLC 2,691.28 0.50 - 0 0 REGENCY ASSURANCE PLC 1,733.88 0.26 - 6 155,600 SOVEREIGN TRUST INSURANCE PLC 1,834.98 0.22 10.00 5 2,318,000 STACO INSURANCE PLC 4,483.72 0.48 - 0 0 STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 0 0 SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 2 122,700 516.46 0.20 - 0 0 UNIC DIVERSIFIED HOLDINGS PLC. UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 0 0 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 -4.76 1 1,500,000 WAPIC INSURANCE PLC 5,219.27 0.39 -4.88 33 2,106,719 118 11,351,989

MICRO-FINANCE BANKS FORTIS MICROFINANCE BANK PLC 11,799.67 2.58 - 0 0 NPF MICROFINANCE BANK PLC 3,635.75 1.59 6.00 16 399,854 16 399,854 MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 3,780.00 0.90 - 1 1,300 7,370.87 0.50 - 0 0 ASO SAVINGS AND LOANS PLC INFINITY TRUST MORTGAGE BANK PLC 5,922.05 1.42 - 0 0 2,265.95 0.20 - 0 0 RESORT SAVINGS & LOANS PLC UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 1 1,300 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 7,660.00 3.83 0.79 46 1,533,590 37,055.74 6.30 5.00 3 277,212 CUSTODIAN INVESTMENT PLC 660.00 0.44 - 0 0 DEAP CAPITAL MANAGEMENT & TRUST PLC FCMB GROUP PLC. 38,021.20 1.92 -2.04 103 7,231,861 1,492.16 0.29 -6.45 11 1,609,135 ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC 460,824.88 45.00 -1.10 21 106,360 16,500.00 2.75 -3.51 59 1,421,805 UNITED CAPITAL PLC 243 12,179,963 837 50,663,129 HEALTHCARE PROVIDERS EKOCORP PLC. 1,680.29 3.37 - 0 0 1,065.94 0.30 - 13 1,161,738 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 13 1,161,738 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 544.04 0.55 - 1 1,265 1 1,265 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 7,425.00 4.95 - 0 0 12,915.47 10.80 - 14 26,788 GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. 4,019.80 2.33 - 2 16,000 1,177.48 0.62 - 5 8,002 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 325.23 1.50 - 1 500 22 51,290 36 1,214,293 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 710.40 0.20 - 0 0 0 0 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 1,470.89 0.50 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 0 0 648.00 6.00 - 0 0 NCR (NIGERIA) PLC. TRIPPLE GEE AND COMPANY PLC. 381.11 0.77 - 0 0 0 0 PROCESSING SYSTEMS CHAMS PLC 939.21 0.20 - 1 10 11,088.00 2.64 - 0 0 E-TRANZACT INTERNATIONAL PLC 1 10 1 10 BUILDING MATERIALS BERGER PAINTS PLC 2,391.04 8.25 - 7 2,961 26,180.00 37.40 - 1 6,372 CAP PLC CEMENT CO. OF NORTH.NIG. PLC 262,870.02 20.00 5.26 15 96,275 633.11 0.30 - 0 0 FIRST ALUMINIUM NIGERIA PLC MEYER PLC. 286.87 0.54 - 0 0 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,999.41 2.52 - 0 0 1,279.20 10.40 - 0 0 PREMIER PAINTS PLC. 23 105,608 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,256.91 2.09 - 0 0 CUTIX PLC. 3,258.45 1.85 - 8 199,054 8 199,054 PACKAGING/CONTAINERS BETA GLASS PLC. 35,972.99 71.95 - 0 0 GREIF NIGERIA PLC 388.02 9.10 - 0 0 0 0 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 0 0 31 304,662 CHEMICALS B.O.C. GASES PLC. 1,577.57 3.79 - 0 0 0 0 METALS ALUMINIUM EXTRUSION IND. PLC. 1,803.64 8.20 - 1 100 1 100 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 3 650,000 3 650,000 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 50.60 0.23 - 0 0 0 0 4 650,100 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,252.54 0.20 - 26 1,502,450 26 1,502,450 INTEGRATED OIL AND GAS SERVICES OANDO PLC 72,102.19 5.80 3.57 63 1,065,350 63 1,065,350 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 61,301.19 170.00 - 29 38,026 CONOIL PLC 15,960.90 23.00 - 9 22,767 ETERNA PLC. 6,259.89 4.80 9.09 18 243,188 36,469.47 28.00 - 40 96,412 FORTE OIL PLC. MRS OIL NIGERIA PLC. 6,354.80 20.85 - 12 116,745 TOTAL NIGERIA PLC. 67,904.37 200.00 - 15 9,658 123 526,796 212 3,094,596 ADVERTISING AFROMEDIA PLC 2,219.52 0.50 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 16,576.10 1.70 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 411.72 0.35 - 2 12,474 2 12,474 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 2,947.48 5.00 - 11 107,380 TRANS-NATIONWIDE EXPRESS PLC. 323.50 0.69 - 2 6,130 13 113,510 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 0 0 0 0 HOTELS/LODGING CAPITAL HOTEL PLC 4,801.22 3.10 - 0 0 IKEJA HOTEL PLC 3,554.74 1.71 9.62 6 192,424 TOURIST COMPANY OF NIGERIA PLC. 7,862.53 3.50 - 0 0 TRANSCORP HOTELS PLC 41,042.18 5.40 - 0 0 6 192,424 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 4,800.00 0.40 - 0 0 0 0 PRINTING/PUBLISHING ACADEMY PRESS PLC. 217.73 0.36 - 0 0 LEARN AFRICA PLC 1,010.60 1.31 - 2 3,250 STUDIO PRESS (NIG) PLC. 1,183.82 1.99 - 0 0 UNIVERSITY PRESS PLC. 884.39 2.05 - 9 93,826 11 97,076

Friday 22 March 2019

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NEWS Agents threaten to shut Lagos port over multiple Customs units AMAKA ANAGOR-EWUZIE

ustoms Licensed Agents operating at the Apapa and TinCan Island ports have issued a 72-hour ultimatum to Hameed Ali, the comptroller general of the Nigeria Customs Service (NCS), to recall the duplicated Customs units involved in cargo clearance at the seaports or risk agents shutting the port operations next Monday. At a joint press briefing held in Apapa on Thursday, by various associations including Association of Nigeria Licensed Customs Agents (ANLCA); National Association of Government Approved Freight Forwarders (NAGAFF), and National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), the agents said the management of Customs recently deployed a team from Abuja to checkmate activities of the various commands at the Western zone, which is slowing down

cargo clearance. The agents listed various units of Customs constituting bottlenecks inside the port to include CG Strike force; Compliance team; Federal Operations Unit (FOU); Monitoring; Special Force; CG taskforce; information team, among others. The development, which spiked tension in the port, was the recent deployment of a special team from Abuja called CG taskforce to inspect third party cargoes at the port. Speaking at the meeting, Segun Oduntan, Tin-Can chapter chairman of ANLCA, said the CG taskforce was sent to Apapa Port last week Thursday under the guise of inspecting some third party containers, adding that the team had taken over the job of resident Customs officers. According to Oduntan, cargoes are now being detained inside the ports while agents and their importers are being made to pay exorbitant demurrage to shipping companies and storage rent

to terminal operators. He said the development had made 48-hour cargo clearance become a mirage. Tanko Ibrahim, Western Zone coordinator of NAGAFF, said agents had complained to the Customs area controllers at the command level, who have appeared powerless and subsequently directed the operators to channel their complaints to the CG in Abuja. “Last week, we saw officers from Abuja who said they were sent to the terminals to inspect some third party containers. But since then, they have remained permanent inside the port, creating confusion. After cargoes have been released, they would ask you to reposition it for examination and we are made to pay for reexamination,” he said. Azubuike Ekweozor, chairman of Tin-Can chapter of NAGAFF, lamented the activities of shipping companies and terminal operators in addition to the excesses of Customs.

Obaseki warns against disruption of activities at Benin Central Mosque

do State Governor Godwin Obaseki has warned against disruption of prayers and other religious activities at the Benin Central Mosque, insisting that persons or groups found disturbing the area will be dealt with accordingly. The governor gave the warning during a meeting with Muslim leaders in the state led by speaker, Edo State House of Assembly, Kabiru Adjoto, and the Otaru of Auchi, His Royal Highness (HRH) Aliru Momoh Ikelebe III at the Government House in Benin City, Edo State. Obaseki noted that he was aware of the leadership tussle at the Benin Central Mosque involving Alhaji Edosomwan and Alhaji Enabulele, adding that

he refused to interfere with the hope that both parties would resolve their differences internally. “As a government, we saw the development, challenges, and crisis as an internal matter that needed to be settled by members of the faith. The death of Alhaji Edosomwan should have naturally resolved the matter, but I was disappointed that the crisis continued. I am glad that the issue has been addressed. “I will inform the Director of State Security (DSS) to make adequate security arrangement at the Benin Central Mosque to stop the disruption of prayers and other activities,” he said. Assuring the Muslim community of his administration’s support, he urged

them to go about the practice of their faith peacefully, adding, “Let me warn at this point that anybody or party that disrupts activities at the Benin Central Mosque henceforth will be dealt with according to the law.” The governor also commended the Otaru of Auchi and other Muslim leaders in the state on how the leadership tussle was handled and the subsequent turbanning of Alhaji Fatai Enabulele, as Chief Imam of Benin Central Mosque. “You have done what the faith asked you to do by turbanning Imam Fatai Enabulele as the Chief Imam of Benin Central Mosque, so be it. The government has no choice but to recognise him as the Chief Imam,” he noted.

Group to advance opportunities for web entrepreneurs, policy advocacy KELECHI EWUZIE

he Nigeria Internet Group (NIG) has pledged to use every necessary mechanics to advance wealth creation opportunities for web entrepreneur, Webmasters, Developers, Bloggers and the general economic empowerment of its group members. The non-governmental organisation promoting the Internet in Nigeria says it will continue to explore ways of maintaining the high standards of training aimed at achieving the highest standards in its membership, while trying to ensure the advocacy for the right policy to favour op-

erations of web entrepreneurs. Destiny Amana, president of the group, says opportunities abound on the internet and The Nigeria Internet Group recognises that to make these opportunities come true, entrepreneurs need to get their hands on efficient, honest and experienced web developers. Speaking while announcing the maiden edition of its conference and Webmasters Summit in Lagos, Amana says the two programmes will kick-start with a lecture for Webmaster Entrepreneurs in the morning, which will be followed by Web Master Class on “How to run your own Web Hosting Company. He states further that to

achieve its mandate, the group engages in a number of activities that include: policy advocacy, awareness creation and education. According to Amana, the one-day summit slated for Saturday, March 23, will hold at The Golden Gate Restaurant, Ikoyi, Lagos. The president says awareness creation and education tasks of the group are carried out through conferences, seminars, exhibitions, workshops and newsletter publication while policy advocacy is done by actively engaging the government during and after policy formulation processes. He urges those interested in attending the programme to register at group website.

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Opinion The pursuit of happiness THE NEW WEALTH OF NATIONS

Obadiah Mailafia

ednesday 20 March was International Happiness Day. The theme for this year is, “Happy Together”. It emphasises the values of human interconnectedness as opposed to what the Canadian political philosopher C. B. Macpherson termed “possessive individualism”. Economists have devised various approaches to measuring progress. One of the most popular is, of course, the gross domestic product (GDP), which measures growth over time. The per capita GDP measure takes the overall output and divides it by total population, to get an idea of average individual wealth. An analogy has been drawn between GDP and the automobile speedometer. If you have driven on the German autobahn as I have, with no official speed limits, you will enjoy the exhilaration of speed. Youths from as far away as North America bring their Lamborghinis and Ferraris to test-drive on the autobahn. However much you enjoy the experience, your speedometer will not tell you if your car is mechanically sound or even that you are running out of fuel or the quality of the road. It only shows you

your rate of velocity. Similarly, GDP leaves out a lot of things. It does not factor in the allimportant question of inequality, for example. Some of the richest countries by GDP are ironically also among the most unequal on earth. French economist, Thomas Piketty, in his famous work, Capital in the Twenty-First Century (2013), made his name by demonstrating through rigorous statistical analysis that return on capital is rising more rapidly than economic growth in the advanced industrial countries; leading to deepening inequalities within and between nations. Another measure of economic progress is the Human Development Index (HDI), first developed by the UNDP, focusing on the three criteria of health and longevity, knowledge and income. It measures not just income but also the quality of life and general well-being of the population. In 2018 the World Bank also pioneered its own HDI, which made quite an impact. In 2009, French president Nicolas Sarkozy commissioned a study on alternatives to GDP focused on human well-being; bringing in giants of the economics profession such as Amartya Sen, Joseph Stiglitz and Jean-Paul Fitoussi. Most recent measurements of socioeconomic well-being by the Paris-based OECD focuses on three core elements: material living conditions (consumption possibilities and their command over resources); the quality of life (defined in terms of non-monetary factors that shape opportunities and life-chances); and sustainability (which links living conditions to future stocks of natural

assets and the long-term well-being). In summary, well-being is measured both in terms of the material elements focus on income and wealth, jobs and earnings, and housing; it also includes sustainability and preservation of different forms of capital - natural capital , economic capital, human capital and social capital. It also embraces nonmaterial aspects such as quality of life, health status, work and life balance, education and skills, social connections, civic engagement and governance, environmental quality, personal security, and subjective well-being. The ideal of happiness is an ancient one. The ancient Greeks defined it as Eudamonia, or human flourishing. The purpose of the state, according to the Greeks, is not only to ensure the security and welfare of the people but also to actively promote their happiness. The American Declaration of Independence 1776 remains the most glorious tribute to the pursuit of happiness as a constitutional principle: “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness.that to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed, --That whenever any form of government becomes destructive of these ends, it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their safety

‘

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Remarkably, the happiest countries are predominantly Scandinavian, where a high level of technological development is linked to commitment to the rule of law, human security, welfare and inclusive development

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and happiness.” The famous novella, The History of Rasellas, Prince of Abissinia, by the eighteenth century writer Samuel Johnson, is a paean to human happiness. The young prince wandered far and wide in search of an elusive happiness, only to find that it is within him. In the end, we learn that happiness is a matter of personal choice: “Of the blessings set before you make your choice, and be content”. The nineteenth century British thinker Jeremy Bentham, intellectual godfather to John Stuart Mill, spun an entire philosophy around happiness, which he termed “utilitarianism”. He underlined the pleasure principle as the foundation of all public policy. Society should promote all those public goods that maximize pleasure while minimising those elements that bring only pain. In his famous novel, Siddhartha, German-Swiss writer Herman Hesse teaches that true happiness comes from love, enlightenment and wisdom: “Wisdom cannot be imparted. Wisdom that a wise man attempts to impart always sounds like foolishness to someone else … Knowledge can be communicated, but not wisdom. One can find it, live it, do wonders through it, but one cannot communicate and teach it.” Continues online at www.businessday.ng

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)

A class like no other: A tribute to University of Ibadan College of Medicine Class of ‘78 HumanAngle

Femi olugbile

ou all graduated together from Medical School in Ibadan in 1978 and scattered thenceforth to the four winds to pursue your careers and live your different lives. The gathering this Sunday evening in the restaurant of Sheraton Hotel, Ikeja was meant to be one of work and fun rolled together. You had put together a tidy sum of money and handed it over to your alma mater – the College of Medicine. The incumbent Provost of the College would be coming to give account of what had been done with the money and provide a general heads-up about the progress of the College. As you arrived at the venue, you observed that ‘IFA’ – the Minister of Health, was already there, his fila rakishly pulled to one side as he conversed genially. The Shoks-es were there too, Prof and Prof. The Provost of the Medical School sat close to the Minister. You chose a seat next to Baky – a gynaecologist who had travelled from the USA to be part of the evening. As you shared red wine, he assured you he was delighted to be back home, if only for a few days Looking round at the all too familiar faces of people you had known for almost half a century, some of whom you had not seen in several decades, it struck you that many were thinner or thicker in their frames, and some of the men now wore a mane of grey or had gone bald. Remarkably, in every one of them you realized you could easily discern the young man or woman

you knew in Ibadan. ‘IFA’ walked with a slight right-to-left swagger, as if to underscore his authority. But you remembered the swagger, and he had it long before the authority. Shoks – Mr., the Neurosurgeon, spoke with the clipped precise tone that made him a person to watch even from your first Anatomy class. Yetty – proprietor of the first properly constituted ‘Halfway House’ for the reintegration of the long-term mentally ill in Nigeria, was dressed in a beautiful gown. She arrived late and swept in with the grand entrance which everybody remembered from the Ibadan lecture theatres. And ‘Laiwowe’ – Professor of Paediatrics and Provost of the Ilorin University College of Medicine, came in late, too, carrying a black bag. He announced he had been stuck on the LagosIbadan expressway and had despaired of ever arriving before the end of the party. Laiwowe, as a student, always arrived late to lectures, carrying heavy textbooks that he presumably had been reading all night. The Provost of the College rose to give his speech. College of Medicine Ibadan was now the second-ranked College of Medicine in subSaharan Africa, after Makerere, he announced to his audience, who immediately set out clapping. Makerere had an edge only because it was old and very savvy in information technology. There was no College of Medicine in Nigeria breathing down Ibadan’s neck, he explained, though Nsukka was not too far behind. To get past Makerere and get back to being first in Africa was an imperative. To achieve it, Ibadan had to raise its game by enhancing the reach and depth of its internet activity. The money donated by the class of ’78 was already being deployed to upgrade the College’s web-presence, increase its interactivity, and expand its capabilities to include Human Resources Management. In effect, a paperless culture was on the way in Ibadan, to help take the Medical School back to glory. Different alumni class sets were chipping in in different areas, but the ’78 set were pitching in in a sensitive spot that would have immediate

and major impact. It was his duty, though, the Provost announced with some diffidence, to tell the class they would need to come up with a little more money to complete the project. There were sounds indicating a general agreement, and there was more clapping. Baky offered to set the ball rolling by chipping in a thousand dollars. Others indicated their readiness to add more to what they had already given. The work part of the meeting done, conversation continued back and forth on matters serious and banal. ‘Madame Shoks’ – Professor of Haematology and a past President of Ibadan College of Medicine Alumni Association (ICOMAA) worldwide suggested the class should give her a ‘long service medal’, especially in the light of the fact that if the other Shoks had not distracted her in class in medical school, she might have had more distinctions in her examinations. They had been a popular class couple in Ibadan – the Shoks-es, and they were still jolly good fellows, forty years after Medical School. R-JOLAD – whose nickname was also the name of his famous hospital in Gbagada, sat benignly in a corner. He had developed a model of private medical practice to serve the masses, where patients did not have to break the bank to get prompt and good quality care.He had been rewarded with fame and heavy public

patronage. There was some whispering you heard somewhere of some big-money entity wanting to buy him out. You observed lightly to him that he had become increasingly occupied with religious matters in his offerings which you saw in the social media recently. He smiled wryly and threw up his hands in a gesture that seemed to say, ‘Shouldn’t we all be?’. In another corner, Oshinson was making an announcement to the people sitting close to him. ‘I’ve retired now- I’m no longer practising Medicine’ He was an obstetrician who had spent a few months working for government in Ayinke House after specializing and practising in England. He then joined up with friends to set up a ritzy mother and child private practice on Victoria Island. The brand has grown to become an icon in the Lagos environment. You smiled as you reasoned that after a long holiday and a sea cruise and whatever else he decided to indulge himself and his wife with, he would soon get tired of being ‘retired’ and get back to catching babies and tending mothers. As the evening wound to a close, you could see there was a great concern about the general state of healthcare in Nigeria. Of course, you were all driven by an urge to help Ibadan. There was an unabashed acceptance of that reality. But the real concern was about how to join hands to improve healthcare and health outcomes for Nigerians at large. Would there be a fiftieth-year reunion for this Ibadan class in ten years, you asked yourself? And if there was, would everyone here be present? The decade of life from 60 to 70 years, where most in the crowd were located, was notorious for being fraught with life-threatening hazards. But it was time to celebrate and not to worry, you reflected, as you joined the rest to huddle together for a group photograph.

Femi Olugbile is a Writer and Psychiatrist. Comments to synthesiz@gmail.com’

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