BusinessDay 23 Oct 2020 by BusinessDay

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news you can trust ** friday 23 october 2020 I vol. 19, no 678

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fter nearly 48 hours of failing to address Nigerians on the killings of peaceful unarmed protesters by men of the security forces, President Muhammadu Buhari made a speech analysts say is notable for what it did not say than what it did. Peaceful protesters who were demanding an end to police brutality were shot at by men of the Nigerian military at the Lekki Toll Gate Tuesday, an action that drew widespread condemnation of the Nigerian government. The President’s speech, expected to address the many questions that have trailed the killings as well as sympathise with Nigerians, was labelled underwhelming by the analysts. “What Nigeria’s president seems to have taken from the escalating #EndSARS movement is that it’s a mistake for the government to give any ground whatsoever,” said John Asbourne, an emerging markets analyst. That is “very worrying, as it suggests he sees a violent crackdown as the way forward. Note

recorded broadcast said the protesters misconstrued his promptness to meeting their

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Asks international community to get facts before judgment also, no real remorse for recent violence,” Asbourne said. President Buhari in his

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#EndSARS: Outrage, humour trail President Buhari’s speech HOPE MOSES-ASHIKE, MICHEAL ANI, FAVOUR OLAREWAJU & Tony Ailemen, Abuja

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demands to disband the rogue police unit, SARS, for weakness. Continues on page 30

#EndSARS: Economy takes hit as crisis grounds businesses … as Concerned Nigerians outline recommendations for urgent action … US condemns Lekki killings, welcomes immediate investigation Odinaka Anudu, Hope MosesAshike & Endurance Okafor

he Nigerian economy is bleeding as the ongoing #EndSARS crisis in many parts of the country grounds millions of businesses that are yet to fully recover from recent COVID-19 lockdowns. A peaceful protest against a Continues on page 31

Nigerians react humorously to Buhari’s speech

Favour Olarewaju and Mercy Ayodele

T L-R: Tukur Buratai, chief of Army Staff; Gabriel Olonisakin, chief of Defence Staff; Ibok-Ete Ibas, chief of Naval Staff, and Sadique Abubakar, chief of the Air Staff, after the National Security Council Meeting at the Presidential Villa in Abuja, yesterday. NAN

he much-anticipated address of President of Nigeria has left many disappointed and has steered multiple reactions across social media. The 10 minutes speech left Continues on page 30

Friday 23 October 2020

BUSINESS DAY

news Completion of 711 ongoing road projects to get priority in 2021 budget – Fashola HARRISON EDEH, Abuja

inister of works and housing, BabatundeFashola, hasinformedthat the focus of the 2021 Budget Proposal of the Ministry remains the completion of 711 ongoing road infrastructure in sixgeopoliticalzonesofNigeria. The minister, who stated this during the presentation and defence of the ministry’s 2021 Budget before the Senate Committee on Works, said given the wide disparity between the Ministry’s liabilities in unpaid certificates and the volume of road projects, it had become imperative for the Ministry to prioritise its 2021 Capital proposal in order to make appreciable impact in road infrastructure development. Fashola explained in a statement issued on Thursday that the Ministry was currently undertaking a total of 711 Highway Projects spread over the six geo-political zones of the country.

The 711 ongoing road project are categorised according to funding mechanisms, which include; Highway ProjectsfinancedwithPresidential Infrastructure Development Fund (PIDF), Highway Projects financed with Sovereign SukukFund,HighwayProjects financed under Tax Credit and Highway Projects funded from Multilateral, according to Fashola. SpeakingonHighwayProjects financed with the Sovereign Sukuk Fund, he said the Ministry was financing a total of 44 roads and bridges across the country using the 2020 Sovereign Sukuk issuance. The roads are mainly dual carriageways on the major arterial routes A1 to A9 on the Federal road networks. On the 2021 budget proposal, he said the Ministry’s focus remained the completion of some priority road projects, especially those on routes A1 to A9, saying these roads and bridgesleadtoportsandmajor agricultural hubs across the six zones of the country.

How #EndSARS crisis may impact Nigerian financial markets, economy Hope Moses-Ashike

slide in investments into Nigeria, government revenue and consumer confidence are some of the negative outcomes the #EndSARS crisis could have on the financial markets and the already worsening economy, according to analysts polled by BusinessDay. Businesses shut down, lives were lost and several properties destroyed after hoodlums hijacked the peaceful protest against the Special Anti-Robbery Squad (SARS) and police brutality by Nigerian youths across the country. On the financial market, Olalekan Aworinde, senior lecturer, department of economics, Pan-Atlantic University, Lagos, sees a sharp decline in the level of foreign direct in-

vestment and foreign portfolio investment, loss of customers’ confidence and a bearish trend in financial market. Aworinde outlines the negative implications of the crisis on the economy to include low level of output, increase in the level of unemployment, decline in government revenue, and bad reputation for the government. He envisages a reduction in the volume of trade between Nigeria and her trading partners. Also, there will be low level of investment and destruction of government infrastructure and assets. Olusegun Akintunde, analyst at Polaris Bank Limited, says the crisis will affect the quality of bank loans to Small and Medium Enterprises (SMEs) and corporates. Lack of economic activity is also expected to have negative impact on the earnings of

SMEs and corporates owing banks. This will in turn affect their ability to service such loans, and invariably affects the banks’ loan book. The economy in general, he notes, will be impacted negatively as the country’s major economic hubs are grinded to a halt. “Expect a negative impact on government revenues, loss of jobs and more GDP contraction as it were,” Akintunde states. On his part, Uche Uwaleke, professor of capital market and president Capital Market Academics of Nigeria, says, “As the cloud of uncertainty thickens, an erosion of confidence in the economy will lead to increased capital flight and plunge in capital importation leading to further pressure in the forex market. It may also attract downgrades by Rating agencies.”

The crisis has the potential to roll back gradual progress being made in economic recovery as bearish stock market may likely result, he states, saying curfew and more restrictions would disrupt supply chains, induce panic buying and worsen the inflation rate. “The government should do everything to restore normalcy including demonstrating willingness to listen to the genuine demands of the protesters,” Uwaleke says. Based on the significant contribution (c. 30%) of Lagos State to Nigeria’s total GDP and as over 50 percent of Nigeria’s non-oil industrial capacity is located in Lagos, Ayodeji Ebo, senior economist/head, research and strategy, Greenwich Merchant Bank, expects the impact of the crisis to be enormous on the struggling economy.

Reasons emerging economies should prioritise SMEs growth, development CHUKA UROKO

overty and economic inequality are the greatest challenges of the 21st Century and the surest route to dealing with these issues is by government, especially those of emerging economies, taking steps to grow and develop Small and Medium Enterprises (SMEs). Experts explain that emerging markets are often defined by marked levels of economic inequality, adding that while governments have a responsibility to try to close the income gap, SMEs can have a profound impact in ensuring economic growth as reflected by GDP growth. “SMEs represent about 90 percent of businesses and more than 50 percent of employment worldwide,” Soromfe Uzomah, head, Strategic Partnerships, Microsoft 4Afrika, stated in his presentation on The Race Against Economic Inequality Within Emerging Markets: A Case For SMEs, in Lagos recently. According to Uzomah, formal SMEs contribute up to 40 percent of national income (GDP) in emerging economies, and these numbers rise significantly if informal SMEs are included, estimating that 600 million jobs will be needed by 2030 to absorb the growing global workforce, which is why SME development should be a priority for many governments. “In emerging markets, most formal jobs are generated by SMEs,” he said,

quoting the Organisation for Economic Cooperation and Development (OECD), which states that SMEs are essential for delivering more inclusive globalisation and growth. He also quoted the World Bank, which notes that SMEs play a major role in most economies, particularly in developing countries, by generating employment, adding value, making moderate to significant impacts to the GDP growths of economies, and driving innovation. “It has been identified that SMEs are of overwhelming importance for developing countries, because they account for more than 90 percent of all firms outside the agriculture sector. “We can see the benefits of a robust SME sector clearly in a study of the ASEAN (Association of Southeast Asian Nations) countries. SME development is an important point of consideration for the ASEAN Economic Community Blueprint, which aims at increasing the contribution of SMEs to the overall economic growth and development of ASEAN as a region,” he said. SMEs have been directly correlated to economic growth in many thriving Asian economies, including Korea, Singapore and Thailand, and they have also played a very significant role in the rapid industrialisation and development of China and of India, two of our BRICS partners, he noted. There is a connection be-

Continues on page 30 www.businessday.ng

Some commercial banks, which were torched by some angry youths at Gariki in Enugu-South Local Government Area of Enugu State, yesterday.

Auditors expose bankruptcy risk facing NNPC as commercial entity DIPO OLADEHINDE

or potential investors, audited a c c o u nt o f Ni gerian National Petroleum Corporation (NNPC), the second time in 45 years after it was established, is a tonic that will indicate the firm’s ability to make enough money to either stay afloat or show how commercially viable the oil firm is despite challenges. The state oil firm is on a quest to privatising the company and making it attractive for potential investors, a development that will depend more on being transparent and having its book audited. The audited books of NNPC, which shows the book value of the organisation, has exposed the commercial viability of the firm, which has followed by both criticism and commendation depending on

the perspective. At first glance, the audited report shows a comprehensive loss of over N16.3 billion by the corporation and N20.2 billion by the Group compared to 2018 loss of N203.2 billion and N68.95 billion for the Corporation and Group, respectively. However, at second glance, the auditors of NNPC, made up of Pricewaterhous e Co op ers, SIAO Partners, and Muhtari Dangana & Co. raised “material uncertainty” about the company’s liabilities of N9.68 trillion exceeding its assets by N4.4 trillion leading to an accumulated loss of about N1.55 trillion and N474 billion, respectively, compared to N1.6 trillion (Group) and N490.7 billion (Corporation) in 2018. The auditors warn that the NNPC may be pushed into bankruptcy by its unsustainable operational

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processes. “These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Group and Corporation’s ability to continue as a going concern, and therefore may be unable to realise its assets and discharge its liabilities in the normal course of business,” the auditors note. In the report, the NNPC identified under-recovery as incurred cost the Federal Government allowed it to take from its revenues before passing the balance to the Federation. These include cost of crude and pipeline losses, pipeline maintenance and under-recovery of the difference between the landing cost of fuel and the regulated price fixed by the government. In 2018, Group’s current liabilities were over N3.3 trillion and the Corporation’s N968.7 billion, @Businessdayng

although in the opinion of the Directors, the market value of NNPC’s asset was not less than the carrying value reported in the financial statement. To save the NNPC from going bankrupt, the report notes that the current management under the leadership of the group managing director, Mele Kyari, with the support of the Federal Government has initiated a number of mitigating procedures to help in mobilising adequate resources to ensure the Corporation continues to operate into the foreseeable future. Apart from the NNPC’s cost optimisation and efficiency policy, indications are that the Federal Government is committed to assisting the Corporation remain commercially viable by removing all cost drivers responsible for the Continues on page 30

Friday 23 October 2020

BUSINESS DAY

NEWS ExxonMobil plans layoff of 1,600 workers OLUSOLA BELLO

xxon Mobil Corporation with an affiliate in Nigeria plans to lay off 1,600 employees as low oil prices force the company to delay major projects, Chief Executive Officer Darren Woods said in an email to staff. ExxonMobil upstream affiliates in Nigeria operate several joint venture concessions and deepwater production sharing contracts which currently focus on major secondary oil recovery projects; natural gas liquids and gas monetisation and significant investment in national content development. The company normally produces about 500,000 barrels of crude per day before the outbreak of Covid-19. Woods also mounted an extensive defence of fossil fuels, calling them a “higher purpose” that aids global prosperity at a time when European peers are looking at renewables as the future. “These are difficult times,” Woods said in the message, the text of which was released by the company Wednesday. “We are making tough decisions, some of which will result in friends and colleagues leaving the company.” According to Bloomberg, the oil behemoth’s job cuts are just the latest sign of struggle among U.S. energy producers navigating the industry’s worst downturn in recent memory. This week two high-profile mergers were announced as explorers seek to gain scale and cut costs to survive the devastating impact of Covid-19 on global demand for fuel. Many have succumbed to bankruptcy. Exxon’s stock has plunged 52 percent this year and the company all but ended its aggressive, $30 billion-a-year countercyclical growth strategy. The

company was forced to slash its capital spending budget by a third, or $10 billion, after crude dropped to the lowest in a generation. Rivals such as BP Plc and Chevron Corp have also announced large layoffs in recent weeks. “Our plan is to continue to stage project execution and spending,” Woods said. “Making the organisation more efficient and more nimble will reduce the number of required positions and, unfortunately, reduce the number of people we need.” But Woods was clear that the cutbacks are not a sign that his faith in oil and gas is in any way diminished. Fossil fuels will remain about half of the global energy mix by 2040 and often provide the most cost-effective pathway to development in poor countries, especially those in Africa and Asia, Woods said. “We often talk of companies having a higher purpose,” he said. “Well, I can think of no higher purpose than helping people and communities around the world grow in prosperity and achieve their aspirations for a better life through affordable energy.” Most of Europe’s large energy companies have adopted aggressive targets to become carbon neutral by mid-century, in part involving big investment in wind, solar and battery storage. Exxon, under Woods, won’t be taking this course. Renewables on their own are not enough to solve climate change, according to Exxon, which claims to be focusing on novel technologies in partnerships with universities and start-up businesses. “Today’s alternatives don’t consistently offer the energy density, scale, transportability, availability -- and most importantly -- the affordability required to be widely accepted,” he said.

#EndSARS: Concerned Nigerians list measures for urgent solution ENDURANCE OKAFOR

group of 41 concerned Nigerians who described themselves as nonpartisan actors that believe in the unity of Nigeria have outlined measures that must be urgently taken to prevent the chances of a potential war between the Nigerian youth and security agencies. According to a statement issued on Thursday by the group who described themselves as patriotic Nigerians, Africa’s most populous country cannot afford to tread the path of exacerbating ethnic and religious divides which can only lead to anarchy as over 100 million of its people still live in extreme poverty. “No nation can survive a war between its security agencies and its youth, and it is to avert this prospect

that we make this intervention and recommend the following urgent actions,” the concerned Nigerians said in a document seen by BusinessDay. Condemning developments of the last weeks which culminated in a deadly attack on peaceful protesters, the group said “available evidence appears to be by agents of our government on October 20, 2020” and “present one of the most serious crisis in our nation’s history.” Haven watched with serious concern the unfolding crisis threatening to engulf Nigeria due to the recent protests by Nigerian youth across the country, against widespread police brutality, endemic corruption, and bad governance, the group recommended that the four following steps should be taken as a matter of urgency. President Buhari should

act urgently: While acknowledging that the response of the government to the protest has been largely slow, unconvincing, and half-hearted as it formally accepted the youth’s demand to end SARS but immediately announced its replacement with SWAT, the concerned Nigerians called on President Muhammadu Buhari to take immediate urgent steps to address the widening trust deficit between the government and the people. “To move forward, the President must take decisive action to close the trust deficit by identifying and arresting immediately the persons that instructed for soldiers to shoot protesting youth at the Lekki tollgate on October 20, 2020,” it said. The group also urged to the President to institute an urgent independent inquiry on the events at Lekki toll-

gate leading to the use of live ammunition on the protesters and the apparent use of sponsored thugs by security operatives to infiltrate and break the peaceful protests. “All those identified to be responsible for this must be held to account and prosecuted,” it said. Support youths’ demand: The concerned group which has about nine senior advocates of Nigeria and 32 other professionals applauded the youths for their courage to demand for their fundamental human rights. “We commend our youth who have been courageous and patriotic in their demands for the protection of their rights and for a better Nigeria. We urge that all Nigerians support these demands which have been without any ethnic or religious coloration,” the group said.

Afenifere condemns killings of protesters, seeks reforms INIOBONG IWOK

he Yoruba socio-cultural group, Afenifere has condemned Tuesday’s night shooting of protesters at the Lekki tollgate, while calling for an international injury into the circumstances that led to shooting and invasion of the protest ground by soldiers. In a statement Thursday signed by the leader of the group, Ruben Fasonranti, noted that the group was in mourning over the killings, expressing dismay over the poor response of the Federal Government to the demands of the youths. “Afenifere is in deep mourning over the Tuesday mindless massacre of peaceful innocent Protesters in Lekki by bloodsucking Nigerian soldiers. “The space where Muslims prayed on Friday and Christians on Sunday was turned to a bloody ground when the Nigerian state showed its beastiality. We mourn all the dead and commiserate with their families. We once again identify with

the young ones in their just demands for a better society. Babajide Sanwo-0lu, the governor of Lagos has denied inviting soldiers to Lagos, we need to know who deployed those killers through an international inquiry. It is also pathetic that the President has not deemed it necessary to visit the scene of the killing. We have also noticed the massive destruction of property in the city after the killings which security forces who were eager to kill innocent people have not been able to stop. We appeal for calm and a halt to destruction.” The group said it was not unawares of attempt to cause ethnic divisions over what is going on, saying they were careful not to play unto the hands of those who have exploited our peoples through divide and rule over the years. The Afenifere, however, sought justice for all those killed and an immediate restructuring of Nigeria as a solution to avoid imminent collapse of the country. www.businessday.ng

Gabriel Kehinde, director of ICT, National Defence College (NDC); Lamido Yuguda, director-general, Securities and Exchange Commission (SEC), and B.Y. Bashir, course leader, Group, during a lecture delivered by the Director-General of SEC to NDC course participants, in Abuja.

Hoodlums attack Ondo prison, free 58 inmates …security operatives foil jailbreak in Ikoyi ….as Obaseki reviews curfew in Edo KORETIMI AKINTUNDE, Akure & IDRIS UMAR MOMOH, Benin

o fewer than 58 inmates at the Nigerian Correctional Service (NCoS) facility in Okitipupa, Ondo State, were on Thursday freed when suspected hoodlums attacked the facility. In Lagos, attempt by hoodlums to break into the Ikoyi Correctional Centre and free inmates was foiled by a combined team of military, police, civil defence and other security operatives who moved in swiftly, repelled the rampaging and brought the situation

under control. Spokesperson of Lagos command (NCoS), Rotimi Oladokun, who confirmed the incident, said no inmate escaped. The attempt came barely four days after a similar but successful one was carried out in Edo during the ongoing protests by #EndSARS youths. In Ondo, BusinessDay gathered that the hoodlums not only freed inmates, but also burnt a vehicle and destroyed several other items within the facility. Ogundare Babatunde, the public relations officer of Ondo State command of

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NCoS, confirmed the incident. The hoodlums also reportedly set fire on the campaign office of Governor Oluwarotimi Akeredolu, in Akure, the state capital. BusinessDay observed that angry residents also damaged public and private properties after security operatives started attacking peaceful protesters in some parts of the country. In Edo, the state government has reviewed the 24hour curfew earlier imposed in the state on Monday, October 19, 2020 to quell civil disturbances in the wake of the hijack of #ENDSARS protests. @Businessdayng

The curfew is now to commence from 4pm to 6am daily, starting from Friday, October 23, and would be reviewed after 72 hours. In a statement, the special adviser to the governor on media and communication strategy, Crusoe Osagie, urged the citizens to adhere strictly to the new directive. Osagie reassured that Godwin Obaseki-led administration remains committed to the security of lives and property. He urged Edo people to go about their normal businesses and return home before the commencement of the curfew.

Friday 23 October 2020

BUSINESS DAY

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Friday 23 October 2020

BUSINESS DAY

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Friday 23 October 2020

BUSINESS DAY

PRESIDENTIAL ADDRESS President Muhammadu Buhari speech on EndSARS protests Fellow Nigerians,

t has become necessary for me to address you having heard from many concerned Nigerians and having concluded a meeting with all the Security Chiefs. •I must warn those who have hijacked and misdirected the initial, genuine and well - intended protest of some of our youths in parts of the country, against the excesses of some members of the now disbanded Special Anti-Robbery Squad (SARS). •On Monday 12th October, I acknowledged the genuine concerns and agitations of members of the public regarding the excessive use of force by some members of SARS. •The choice to demonstrate peacefully is a fundamental right of citizens as enshrined in Section 40 of our Constitution and other enactments; but this right to protest also imposes on the demonstrators the responsibility to respect the rights of other citizens, and the necessity to operate within the law. •As a democratic government, we listened to, and carefully evaluated the five-point demands of the protesters. And, having accepted them, we immediately scrapped SARS, and put measures in place to address the other demands of our youth. •On approving the termination of SARS, I already made it clear that it was in line with our commitment to the implementation of extensive Police reforms. •Sadly, the promptness with which we have acted seemed to have been misconstrued as a sign of weakness and twisted by some for their selfish unpatriotic interests. •The result of this is clear to all observers: human lives have been lost; acts of sexual violence have been reported; two major correctional facilities were attacked and convicts freed; public and private properties completely destroyed or vandalised; the sanctity of the Palace of a Peace Maker, the Oba of Lagos has been violated. So-called protesters have invaded an International Airport and in the process disrupted the travel plans of fellow Nigerians and our visitors. •All these executed in the name of the ENDSARS protests. I am indeed deeply pained that innocent lives have been lost. These tragedies are uncalled for and unnecessary. Certainly, there is no way whatsoever to connect these bad acts to legitimate expression of grievance of the youth of our country. •The spreading of deliberate falsehood and misinformation through the social media in particular, that this government is oblivious to the pains and plight of its citizens is a ploy to mislead the unwary within and outside Nigeria into unfair judgement and disruptive behaviour. •On the contrary, both our deeds and words have shown

how committed this administration has been to the wellbeing and welfare of citizens, even with the steadily dwindling revenues, and the added responsibilities and restrictions due to the Coronavirus pandemic. •Government has put in place measures and initiatives principally targeted at youths, women and the most vulnerable groups in our society. These included our broad plan to lift 100 million Nigerians out of poverty in the next 10 years; the creation of N75 billion National Youth Investment Fund to provide opportunities for the youths and the Micro, Small and Medium Enterprises (MSME) Survival Fund, through which government is: a. paying three months salaries of the staff of 100,000 micro, small - and medium enterprises, b. paying for the registration of 250,000 businesses at the Corporate Affairs Commission, c. giving a grant of N30,000 to 100,000 artisans; and d. guaranteeing market for the products of traders. •These are in addition to many other initiatives such as; a. Farmermoni, b. Tradermoni, c. Marketmoni, d. N-Power, e. N-Tech and f. N-Agro. •No Nigerian Government in the past has methodically and seriously approached poverty-alleviation like we have done. •With regard to the welfare of police personnel, the National Salaries, Income and Wages Commission has been directed to expedite action on the finalization of the new salary structure of members of the Nigeria Police Force. The emoluments of other paramilitary services are also being reviewed upwards. •In order to underscore the importance of education in preparing youths for the future, this administration has come up with a new salary structure and other incentives for our teachers. •Let me at this point reaffirm the Federal Government’s commitment to preserving the unity of this country. •We will continue to improve good governance and our democratic process, including through sustained engagement. •We shall continue to enwww.businessday.ng

sure that liberty and freedom, as well as the fundamental rights of all citizens are protected. •But remember that government also has the obligation to protect lives and properties, as well as the right of citizens to go about their daily businesses freely and protected from acts of violence. •To our neighbours in particular, and members of the international community, many of whom have expressed concern about the ongoing development in Nigeria, we thank you and urge you all to seek to know all the facts available before taking a position or rushing to judgment and making hasty pronouncements. •In the circumstances, I would like to appeal to protesters to note and take advantage of the various well-thought-out initiatives of this administration designed to make their lives better and more meaningful, and resist the temptation of being used by some subversive elements to cause chaos with the aim of truncating our nascent democracy. •For you to do otherwise will amount to undermining national security and the law and order situation. Under no circumstances will this be tolerated. •I therefore call on our youths to discontinue the street protests and constructively engage government in finding solutions. Your voice has been heard loud and clear and we are responding. •And I call on all Nigerians to go about their normal businesses, and enjoin security agencies to protect lives and properties of all law abiding citizens without doing harm to those they are meant to protect. Let me pay tribute to officers of the Nigeria Police Force who have tragically lost their lives in the line of duty. • I would like to thank those state Governors, traditional and religious leaders who have appealed for calm and restraint. I also thank youth leaders who have restrained their followers from taking the law into their hands. •This government respects and will continue to respect all the democratic rights and civil liberties of the people, but it will not allow anybody or groups to disrupt the peace of our nation. Thank you all. God bless the Federal Republic of Nigeria. https://www.facebook.com/businessdayng

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Friday 23 October 2020

BUSINESS DAY

NEWS

Here are what #EndSARS crisis mean for financial markets, economy HOPE MOSES-ASHIKE

nvestments into the country, government’s revenue and declining confidence in the economy are some of the negative outcomes of the #EndSARS crisis on the financial markets and already battered economy, according to analysts. Businesses have been shutdown, lives lost and several properties destroyed after the hoodlums hijacked the peaceful protest against the Special Anti-Robbery Unit (SARS) and police brutality by the Nigerian youth across the country. On the financial market, Olalekan Aworinde, senior lecturer, department of economics, Pan-Atlantic University, Lagos, sees sharp decline in the level of foreign direct investment and foreign portfolio investment, loss of customers’ confidence and bearish financial market. Aworinde further outlined

the negative implications of the crisis on the economy to include low level of output, increase in the level of unemployment, decline in government revenue, and bad reputation for the government. He envisaged sanctions from the United Nations, which could further reduce the volume of trade between Nigeria and her trading partners, just as he also pointed to the destruction of public infrastructure and assets. Olusegun Akintunde, analyst at Polaris Bank Limited, said the crisis would affect the quality of bank loans to Small and Medium Enterprises (SMEs) and corporates. Lack of economic activity is expected to have a negative impact on the earnings of SMEs and corporates owing banks. This will in turn affect their ability to service such loans and invariably affects the banks’ loan book. The economy in general he said would be impacted negatively as the country’s major eco-

nomichubshavebeengrounded. “Expect a negative impact on government’s revenues, loss of jobs and more GDP contraction as it were,” Akintunde said. Uche Uwaleke, professor of capital market and president, Capital Market Academics of Nigeria, said “cloud of uncertainty thickens. Erosion of confidence in the economy, increased capital flight and plunge in capital importation leading to further pressure in the forex market may attract downgrades by rating agencies,” he said. He observed that the crisis has thepotentialtorollbackthegradual progress being made in economic recovery and trigger bearish stock market. Curfew and more restrictions,hesaid,woulddisruptsupply chains, induce panic buying and worsen inflation rate. “The government should do everything to restore normalcy including demonstrating willingness to listen to the genuine demands of the protesters,” Uwaleke said.

Based on the significant contribution (30%) of Lagos State to Nigeria’s total GDP and the fact that over 50% of Nigeria’s non-oil industrial capacity is located in Lagos, Ayodeji Ebo, senior economist/head, research and strategy, Greenwich Merchant Bank, said the impact of the crisis on the economy would be devastating. Ebo is concerned that the economy just reopening from Covid-19, thus this crisis may reverse progress achieved so far. “Beyond this, the international perception is also vital; we may see a hold on some major investments in the short term. The shaking pattern observed in the equities market can be linked to the crisis. A resolution must be reached as soon as possible to allow business activities to return to normal as this may create a more devastating situation if not addressed on time because most Nigerians survive on daily earnings,” Ebo said.

EndSARS: Youths urged to convert success of protest into political gains CHUKA UROKO

n spite of the tragedy recorded in the ongoing #EndSARs protest by Nigerian youths, demanding an end to police brutality in the country, the protest is seen as a success, with the National Human Rights Commission (NHRC) urging the youth to build on it for political gains in 2023 elections. The youth in their numbers and bursting energy were able to demonstrate ‘we can’ spirit with demands, not only for an end to the brutality meted out on them by the Special Anti-Robbery Squad (SARS), but also for the reform of the entire police force and good governance in the country. Tony Ojukwu, executive secretary of NHRC, who made this call, noted that the demands of the protesting youth had the buy-in of all and sundry, including leaders at various levels of governance. The human rights lawyer and activist, who spoke at on ‘Sunrise Daily,’ on Channels Television monitored in Lagos on Thursday, stated that the youth should use the same zeal and energy they used to pursue the #EndSARS protest to form a political party and use that platform to contest elections into executive and legislative positions at federal and state levels. “Who says they cannot

win elections if they can come together as they have done with #EndSARS protest? Remember that the youth represent about 67 percent of the country’s population,” he said, stressing that it was the way they can take over the leadership of the country and stop the old generation from recycling themselves into power. Ojukwu who described the ‘Lekki killings’ as the first of its kind in the history of quelling youth protest, urged the government to ensure that those behind the act are fished out and held accountable for their actions. He welcomed the decision of the Lagos State government to set up an investigative commission of enquiry into the Tuesday killing at Lekki Toll Plaza, revealing that his commission had also set up an independent panel of enquiry into human rights violation by the Nigeria police. Speaking on Wednesday in Abuja during the inauguration of the investigative panel of human rights violations by SARS and other units of the Nigeria Police Force, the executive secretary expressed shock at the use of live bullets against peaceful protesters in Lagos and some other states. He also called for the arrest and prosecution of hoodlums who infiltrated the protest by attacking police officers and destroying properties of the members of the public.

One dead as army foils jail break in Warri correctional facility …as Okowa imposes curfew FRANCIS SADHERE & MERCY ENOCH

O L-R: Gbolabo Olaniwun, senior special assistant to Lagos State governor on agriculture; Abisola Olusanya, acting commissioner for agriculture, Lagos State, and, Olayiwole Onasanya, permanent secretary, Lagos State Ministry of Agriculture/representing Lagos State Governor, during the 2020 World Food Day celebration in Lagos, recently.

N1.6m bribe: ICPC arraigns reps member FELIX OMOHOMHION, Abuja

member of the House of Representatives, Johnson Oghuma has been charged to court by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), for allegedly collecting N1.6 million bribe from three contractors. The ICPC, in a four-count charge, filed before Justice Adebukola Banjoko, of the High Court of the Federal Capital Territory (FCT), Abuja, said the member who represents Etsako East/West/

Central Federal Constituency, Edo State, allegedly collected kickbacks from contractors handling school projects in Edo State. The charge sheet revealed that Oghuma, who had sponsored the construction of one block of three classrooms at Fugar Mixed Secondary School, Etsako Central local government area, Edo State, as part of his constituency project in 2018, demanded for kickbacks of 10 percent from the N16.5 million contract sum. He was alleged to have then collected N1.6 million from Feola Ventures Nigeria Ltd, the company handling the project as bribe after the www.businessday.ng

award of the contract by the federal ministry of works and housing. The ICPC told the court that his actions amounted to receipt of gratification and abuse of office in violations of Sections 10 and 19 of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under the same act. The accused, Oghuma pleaded not guilty when the charge was read to him. His counsel, Samuel Sibiri, prayed the court to grant him bail on self-recognizance. The prayer was not opposed by ICPC lawyer, Adesina Raheem. He, however, pleaded with the court to

grant the accused bail in such terms that would effectively secure his attendance in court. The trial judge consequently admitted him to bail in the sum of N20 million with two sureties in like sum. The sureties must be resident of Federal Capital Territory, Abuja, and should be gainfully employed, the court said. Further conditions of the bail, the court said the sureties must submit two passport photographs with the court registrar as well as provide evidence of tax clearance for the last three years. The matter was then adjourned to November 17 for trial.

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ne warder was reportedly killed as inmates of the Nigerian Correctional Service, Warri, on Thursday set the administrative office of the correctional centre on fire during an attempted jail break. Following the upheaval, the Delta State governor, Ifeanyi Okowa in a statewide broadcast has declared a 48-hour curfew on the state, and warned against a violation of the curfew. It was gathered that but for the efforts of the men of the Nigerian Army who swiftly responded to a distress call after the warders at the correctional centre were overpowered by the inmates, about 107 inmates at the facility would have escaped. According to sources, trouble started when some #EndSARS protesters made their way to the correctional facility in an attempt to free the inmates. It was gathered that the inmates who seem to have been contacting the outside world in an effort to escape, snatched a rifle @Businessdayng

from one of the wardens and allegedly shot him dead and set the administrative building on fire. The inmates however met stiff resistance when officers from the Nigerian Army Sector One Command arrived early enough and repelled the attack and the 107 inmates were safely contained. When our correspondent got to the scene of the incident, the soldiers were seen patrolling the facility. Some youths who spoke to our correspondent commended the efforts of the Nigerian Army, saying all the prisoners would have escaped but for the army. Meanwhile, the presentation of the Delta State 2021 budget to the House of Assembly by Governor IOkowa, billed for Thursday had to be postponed as #EndSARS protesters continued their agitation, burning and vandalising public facilities. It was gathered that the protesters barricaded the assembly’s entrance gate, a situation which might have sent dangerous signal to the legislators over a possible invasion should they go ahead with their sitting.

Friday 23 October 2020

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Millennials and baby boomers: A critical synergy TALES FROM THE MAIN ROAD

EUGENIA ABU

have written about lessons from an older demographic and lessons from a younger generation for many years and how these collective lessons can be beneficial to our nation. This was further validated by my visit to the United nations institute of ageing in Malta as soon as I retired 3 years ago when I was fifty-five years old having attained my mandatory 35 years in service. It was a wonderful time to learn about intergenerational ageing. How spending time with an older person, your grandma for instance can add 7 years to your lifespan (scientifically proven) and how spending time with younger persons can re-energise you and give you a new set of skills like social media management and marketing. I have watched with great amusement how some of my older friends 65 years and above have found social media and are constantly sending me pictures and incredible posts. I have also seen a special set of younger people whose relationship with older persons have given them uncommon wisdom and tied to their own freshness, internet savvy and smarts, they have soared beyond imagination. No one group can go it alone and no one group knows everything. We honestly need each other. And understanding

on both sides of the divide is critical. We cannot say one side knows nothing, they are archaic or deadwoods or one side is a foolish generation. We all need each other. As we groan in our pain as a nation at such a time as this, let us leverage that synergy for we all have something to offer each other for a better nation. While we are chewing on this, let me share a couple of tales that will situate some of my postulations. Last week, I was in Lagos as the week came to a close and as things had started to sizzle. As I made my way back to Abuja I encountered a really interesting scenario at the airport. Let me share. She was mild mannered in a pair of white sweat pants and a black Tee. She glided forward on the airport security queue. You know that point where our boxes are finally screened before you seat at the airport lounge. Her left shoulder carried a tattoo but I could not see clearly what the image was. She was wearing dark glasses. It was six o’clock in the morning. I looked at her bemused. She could have been any of my young adult daughters. They wear dark glasses even at night so 6a.m is still quite sedentary. lol. Her chopped hair extensions sat on her head like a second skin. I could not tell what she was thinking but she seemed quite content to be at the airport and she was ahead of me on the queue. This is Lagos at dawn. Precisely 6a.m as we snaked our way through security to the lounge. Setting: Murtala Mohammed airport-domestic wing. I could hear the voice of the official whose job it is to check bags through a scanner screen as she attempted an unnecessary banter with the goggle wearing young lady. This bantering official I would put at 45 years of age and the young traveller maybe 25.

The official was old enough to be her mum in these climes. But she started to tell the lady how hot she looked in an inappropriate tone. The young lady did not dignify it with an answer. The official(female) giggled nervously. An off colour, off kilter remark. The millennial either felt the official had no business trying to compliment her in such a crude manner or felt that this was a pathway to soliciting. Either way, she was roundly ignored. As the millennial surged forward all hell broke loose. An official at the other end of the body scanner had asked her to come forward while the other one conducting our movement through the scanner asked her to stay put. Which of the instructions was she to take? Then a raucous unnecessary early morning quarrel broke out between the two officials to include name-calling and abuses right in front of passengers including the young damsel. It was a tragedy. Both officials were female and in uniform, all old enough to mother her. I stepped forward to try to calm things down and one of the onlooker officials shouted at the offending officer at the end of the scanner. “And you call yourself a Pastor’s wife. Always quarrelling, what do you gain?” “Don’t talk to me,” she shouted back as they finally let the young lady through. I told the on looking official also female that I was disappointed and she told me she was ashamed as all the officials involved were quite senior. But through this bedlam, the young lady kept her cool and came out of the noise smelling like a rose. People older than her who should have conducted themselves better disgraced themselves and she acted more maturely. Another person may have lost it. And that other person may

‘

We learn from our forebears, we engage peacefully. No advice is foolish, let us learn from each other as we go forward and engage peacefully. To be heard above the din is an imperative. To protect citizens is a collective responsibility. A new Nigeria is possible

Eugenia Abu is a broadcaster, writer, trainer, brand and multimedia strategy expert and media consultant. Email: abu_eugenia@yahoo.com Phone number: 08033109820

Don’t take it personal: Word classes and errors of usage

lthough language is an inherent human possession which is spontaneously acquired, it is greatly governed by rules. On that score, anyone who aims to speak the language with unsurpassed finesse must always pay fastidious attention to how words are classified and their permissible entries within structures. In consequence, this treatise will address some commonplace erroneous expressions which flout some rules of lexical combination in the English language. First off, words that are used to describe the intensity, degree, manner, purpose and other circumstantial details of verbs, adjectives and other adverbs are called adverbs; and, for the most part, they (adverbs) attract the suffix ‘–ly’. This basic rule makes some expressions ungrammatical, such as the ones below: 1. She is not taking the game serious (incorrect). She is not taking the game seriously (correct). 2. Why are you taking the matter personal (incorrect)? Why are you taking the matter personally (correct)? As an idiom, to take something personally is synonymous with being offended by that thing. Expectedly, the idiomatic implication of the expression does not alter its grammatical order. As such, it is made abundantly clear in the aforementioned sentences that the adverbs ‘seriously’ and ‘personally’ modify the progressive tense (a verb), ‘taking’. This is converse to infusing the adjectives ‘serious’ and ‘personal’, which would render those statements grammatically dysfunctional. A similar informal expression that flouts a grammatical rule is: ‘I am doing good’. In re-

gard to this, it bears affirming that ‘good’ is essentially an adjective, and it is only deployed as an adverb in informal circumstances, by Americans. It, thus, stands to reason that, for effective standard communications, the choice of ‘I am doing good’ should be avoided like the plague. Notwithstanding that, ‘I am doing well’ or ‘You are doing well’, a buzzword that was popularised by a Nigerian comedian, is a grammatically permissible alternative to ‘I am doing good’. Other words that are often misapplied by the preponderant majority of second-language users of English are adjectives, namely: destitute, talkative, literate and mediocre. These words are often incorrectly portrayed as naming words (nouns), whereas they are adjectives that inherently describe nouns or pronouns, as exemplified below: 3. Tolu is a mediocre (incorrect). Tolu is mediocre (correct). Tolu is a mediocre artiste (correct). Tolu is a mediocrity (correct). With recourse to the latter expression, the studious readership should make mental note of the fact that mediocrity could be used to describe both ‘people’ and the ‘inferior attributes’ they embody. In a similar vein, these expressions are obtainable: 4. Philip is a talkative (incorrect). Philip is talkative (correct). Philip is a talkative student (correct). 5. My grandfather is a literate (incorrect). My grandfather is literate (correct). These are not literate people (correct). On the contrary, ‘illiterate’ can don the lexical attire of a noun or an adjective thus: 6. Justin is an illiterate (correct). Justin is illiterate (correct). Justin is an illiterate teenager (correct).

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THE GIFT OF GAB

On the sidelines of that, we have: 7. The family of seven are destitutes (incorrect). The family of seven are destitute (correct). Ingeniously, though, ‘the destitute’ is grammatically admissible, inasmuch as it deployed as a collective/mass noun. For instance: 8. The Federal Government has promised to build three thousand housing units for the destitute (correct). Moreover, as it was emphatically established in a previous treatise, there are some ‘ly’ inflected words which a significant number of people often misconstrue as adverbs, although they are adjectives. Prime examples are: cowardly, motherly, sisterly, gentlemanly, heavenly, kingly, worldly, beastly and whatnot. These words would generate grammatically spurious sentences, if they were used to describe action words (verbs), as outlined below: 9. My friend behaves gentlemanly (incorrect). 10. He treats her motherly (incorrect). 11. James conducted himself cowardly (incorrect). The aforesaid sentences are conclusively ungrammatical because ‘gentlemanly’, ‘motherly’ and ‘cowardly’ are adjectives that should qualify nouns or pronouns — not verbs. The words can, however, be meaningfully deployed, as evidenced below: Peter approached Stella in gentlemanly fashion (correct). Mrs. Bamidele carries out her motherly duties with unwavering devotion (correct). The cowardly attacks against the peaceful protesters are indefensible (correct). Upon your diligent perusal of those

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not necessarily be in her age bracket. I walked up to her and congratulated her on her conduct. She smiled and thanked me. Mark you her top was cropped and her belly button was showing and her trousers were sweatpants. This did not define her and baby boomers must understand this. She was at an airport, not an official space as such and she was not in any way indecent. Perhaps looking at her the officials may have thought Aah... one irresponsible young person. In the end they ended up looking stupid. But there is also the flip side of social constructs, socialisation and public conduct. I have been at a hotel lobby in Lagos where a young person took off his shirt to fight a hotel security, just because he was asked to keep his voice down. He pushed and shoved and carried on to our eternal shame. Being self-entitled no matter your age and being a rabble rouser in full public glare does not earn you any stripes, no matter how brilliant you may be. Respect begets respect across the board. It is part of our cultural ethos. We cannot throw the baby away with the bath water. We learn from our forebears, we engage peacefully. No advice is foolish, let us learn from each other as we go forward and engage peacefully. To be heard above the din is an imperative. To protect citizens is a collective responsibility. A new Nigeria is possible. No one group is wiser than the other. But we must pause… and listen to one another. I pray for peace over the Nation.

GANIU BAMGBOSE sentences, it is as plain as a pikestaff that ‘gentlemanly’, ‘motherly’ and ‘cowardly’ were aptly deployed to qualify the nouns ‘fashion’, ‘duties’ and ‘attacks’, respectively. Furthermore, it should be etched on your mind that the words ‘outright’, ‘downright’ and ‘stinking’ will suffice as adverbs. In effect, they should not be inappropriately represented as ‘outrightly’ ‘downrightly’ and ‘stinkingly’. 12. They sold the house to us outrightly (incorrect). They sold the house to us outright (correct). 13. Your choice of words is downrightly unbecoming (incorrect). Your choice of words is downright unbecoming (correct). 14. Mark Zuckerberg is stinkingly rich (incorrect). Mark Zuckerberg is stinking rich (correct). The bottom line of this treatise is that words can be most judiciously deployed when one is perfectly conscious of their word classes and the other words with which they can co-occur. The foregoing phenomenon is aptly designated as ‘collocations’.

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

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Solidarity forever! THE NEW WEALTH OF NATIONS

OBADIAH MAILAFIA

ld men do not rebel. It is the young that have the energy to revolt. They have nothing to lose. It is in the nature of human beings to rebel if they feel that their social conditions are beyond redemption. I have studied revolutionary theories from Ted Gurr to John Dunn and Vo Nguyen Giap. Revolutions are more potent than nuclear bombs. They can sweep away an empire in hours. The French Revolution of 1789 was the mother of modern revolutions. It overturned the monarchy and the old feudal order; inspired by Enlightenment thinkers such as Rousseau, Buffon, Voltaire, and Diderot who dreamt of a society based on freedom, equality and fraternity. The French Revolution was influenced by the American Revolution of 1776 which overthrew British imperialism; the latter inspired by the ideas of John Locke who taught that it is the right of all peoples to rebel against unjust government. The French Revolution was unfortunately a bloody event as was predicted by political thinkers such as Edmund Burke. It led to the Bastille, the Guillotine and the Great Terror. It is a truism that revolutions tend to devour their own children. This is what happened to Robespierre and Danton. The French Revolution gave birth

to the first antislavery revolt in world history, in Haiti, where leaders such as Toussaint L’Ouverture and JeanJacques Dessalines who took their own fate into their own hands. Haiti became an independent nation on 1 January 1804. The twentieth century opened with the Mexican Revolution of 1910 which overthrew the thirty-year dictatorship of Porfirio Diaz while setting the country on the path of democracy and modernisation. The 1917 Bolshevik Revolution in Russia which led to 70 years of world communism succeeded less on account of the ingenuity of Lenin and Trotsky and more due to bad luck and folly. The international imperialist war had begun in 1914. Hunger and starvation afflicted the peasants. Tsar Nicholas II was a weak and indecisive leader whose reforms came too little, too late. He foolishly allowed a demonic mystic by the name of Grigori Rasputin to infiltrate the monarchy. It was to prove the undoing of the Romanovs. The Chinese Revolution led by Mao Zedong in 1949 was yet another milestone. Mao redeemed his country from centuries of humiliation by foreign barbarians. His “cultural revolution” campaigns in the sixties, however, were a ghastly misfortune that resulted in the death of an estimated 20 million Chinese. But there is no doubt that Mao was the architect of China as we know it today. A decade after the Chinese, Fidel Castro, Che Guevara and their rabble of guerrillas successfully overthrew the corrupt regime of Fulgencio Batista in January 1959. Although Fidel was accused of dictatorship, Cuban socialism achieved considerable success in areas such as public health, education, employment and social solidarity. Cuban soldiers also played a key role

in the liberation of Southern Africa. The Eastern European Revolution that began in 1989 brought down the Berlin Wall and led to the dissolution of the Soviet Empire. I was a graduate student in those heady days. I recall being invited to the 60th birthday of the great sociologist Ralf Dahrendorf, at the time Warden of St. Antony’s College. The seeds were sown way back in the seventies in the writings of the Nobel laureate Alexander Solzhenitsyn. In 1989, young Pastor Laszlo Tokes went on a hunger strike in the Romanian provincial town of Timisoara, when the authorities clamped down on him. Very soon, thousands of youths joined him. Before long, Romania was in upheaval. The old communist dictator Nicolae Ceausescu and his wife Elena were lined up and shot. Laszlo Tokes later became a member of the European Parliament. I had the privilege of having lunch with him at a posh Brussels restaurant. The Arab Spring began in December 2010, with the tragedy of a young unemployed Tunisian, Mohammed Bouazizi. Bouazizi was assaulted by a policewoman because he could not produce a permit for the vegetables he was hawking. After vainly seeking for justice, he decided to commit suicide by pouring petrol and setting himself ablaze. He was badly burnt but did not die immediately. President Ben Ali was forced to visit him in hospital. Alas, he came too late. Bouazizi died on 4 January 2011. All hell broke loose. I lived in Tunisia and know the country well. The youth rose up peacefully in their millions and no army could stop them. The dictator and his family fled to Saudi Arabia. The Arab Spring spread to Libya, Iraq, Jordan, Morocco, Algeria,

‘ Nigeria’s youth revolt has only begun. The trigger was the death of a young man in Ughelli by the SARS who also

Lebanon, Egypt, Mauritania, Kuwait, Oman and Sudan. Old tyrants came crashing down. The Arab world has never been the same ever since. In August 2019, Sudan was the latest country to experience the upsurge of people’s power. The arrow head of that movement was a 22-year old student of architectural engineering by the name of Alaa Saleh. Alaa caught the world’s imagination by her signature white gown whilst atop the roof of a car, with her finger pointed skyward. Nigeria’s youth revolt has only begun. The trigger was the death of a young man in Ughelli by the SARS who also commandeered his Lexus Jeep. But the roots of their disenchantment run deeper. The leaders of this revolt are everywhere and nowhere. They have used crowdfunding and electronic bitcoin to raise N25 million. Volunteers have been distributing food and soft drinks. They have composed themselves rather well. But their grievances cannot easily be dismissed. They say they are tired of police brutality, corruption, poverty, unemployment, violence and insecurity. They demand nothing less than a New Nigeria. Wisdom requires that we engage with them urgently. It would be a grievous mistake to unleash the army on them. We will only be creating martyrs. Nobody can control the outcome. Solidarity forever!

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)

#ENDSARS: ‘Soro Soke’ and the Oddity of Buhari’s loud silence

ore than 12 people have been killed in the #ENDSARS protests by security agents of the state. There’s nothing funny about that but somehow, President Muhammadu Buhari has always found something to laugh about. When he received updates from the Lagos State Governor, he laughed. When the Senate President and Speaker of the House of Representatives visited, he laughed. The most visible things the president has done over the last week, in relation to the protests, are to meet with senior government officials, take pictures, and laugh. That’s quite odd. Many Nigerians don’t seem to figure what’s funny. I don’t, either. For someone who hasn’t seen any reason to address the nation, I think the insensitive reaction is another confirmation of the president’s marked, and quite unfortunate, disinclination to the realities of Nigerians. Thousands of them – mostly young, have defied odds to protest across the country. Their campaign would go down in history as one of the most united and creative, nonviolent resistances to injustice in the 21st century. It’s very sad that lives have been lost, and far more injured, at the hands of “bad-egg” policemen whose pernicious wont and mental-

ity got us here. And that says a lot about the system. Where is the president in all of these? Where is he choosing to stand in this moment of history? How would he want to be remembered when this chapter is opened? Whatever the president decides to say, or not say; do, or not do, is entirely left to him. His silence, in a time like this, is blaring. And we will not forget. But then, the president might have his reasons. Silence, in my reckoning, is better than facile comments on the issues without a corresponding commitment to remedying the maladies in the system. Despite the pronouncement against irresponsible police actions, there have been reports of intimidation and brutality in some quarters. There are videos to validate this. Attempts have also been made by some misguided louts, sponsored by some powers that will never be, to disrupt the protests that have largely been peaceful. Some areas in Lagos, Abuja, Benin, and a few other cities have recorded similar ugly incidences. Ironically, these are happening amidst appeals by senior government officials for the protests to end. Again, contrary to the government’s ‘hand of fellowship’, the military have taken to some parts of the capital city.

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Some fifth columnists have also been unleashed. This level of desperation is, in my view, misplaced. The president speaking or not, the youth are no longer waiting on him. We are moving on. We would have none of the silence, or the cluelessness it breeds. The culture of silence is not a norm we want to be identified with. We are choosing to “soro soke” (#sorosoke, meaning: ‘speak up’ in Yoruba). The youth are choosing to “soro soke” against attempts to discourage and disunite them in their quest for a better country. MLK said it first: “There is amazing power in unity. When there is true unity, every effort to disunite only serves to strengthen the unity”. He, and others before us, would be proud of the change the youth are inspiring in Nigeria. We are choosing to “soro soke” against can’t; the demand is action and sincerity. We are choosing to “soro soke” against silence; the demand is strong commitment to good governance. We are choosing to “soro soke” against oppression and police brutality; the demand is dignity and justice for victims. We are bold to “soro soke” because we know “something will happen”. The actions of the protesters across the country are not to halt business activities (as the protests

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SAMUEL AKINNUGA to a large extent have) but to, as MLK put it again, “put justice in business.” In a time when the silence of a good majority is just as bad as the sordidness of a bad minority, the conscientious youth in Nigeria are raising the bar to speak up. By standing and speaking up in the manner that we have (over the last 2 weeks), we are inspiring a model for oppressed people (wherever they may be) to speak up; to “soro soke” in unity. That’s what Nigeria needs. That’s what the world needs. We still have a long way to go, but we’ll get there, eventually. We are doing it because it’s the right thing to do. We are doing this for our generation, and the one after ours, who should get nothing but the best. We are doing this because we believe in a Nigeria where unity and faith, peace and progress are not alien concepts to everyday Nigerians. ‘Soro soke’ is the new norm. And it’s here to stay. Let’s embrace it. Samuel Akinnuga is a Nigerian youth, and writes from Lagos, Nigeria.

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The story of Nigeria – a review of the documentary ‘Journey of an African Colony’ by Olasupo Sasore HUMANANGLE

FEMI OLUGBILE

he release of the seven-part documentary “Journey of an African Colony” recently on Netflix was timed to coincide with the sixtieth anniversary of Nigeria’s independence. The work is an ambitious tour de force. The story of Nigeria begins, according to the raconteur, not in 1914, with the Amalgamation, but several centuries before then, with the sailing of a Portuguese ship to what would later be designated Nigerian waters and its return, with four ‘natives’ to the Portuguese homeland. Another gem? The Amalgamation, and therefore the creation of the Nigerian nation, was not the handiwork of the Right Honorable Frederick John Dealtry Lugard, last Governor of the Southern Nigeria Protectorate, last Governor of the Northern Nigeria Protectorate, and first Governor-General of Nigeria, as has generally been claimed. Lugard was merely acting under instruction. The facts come thick and fast. For the viewer, there is never a sense of surfeit. The seven episodes shade seamlessly one into another. The story is a rich treasure trove of visual imagery, direct quotations from principals and eyewitnesses, and enlightened commentary. The viewer stands with the raconteur in the middle of

the dirt road in Kishi, Oyo State that was the invisible dividing line between the Northern Protectorate and the Southern Protectorate. The 1851 “reduction” of Lagos, a massive sea-borne attack on the people of Lagos, justified, ostensibly, by the need to depose a slave-trading king Kosoko and replace him with his more benevolent uncle, Akintoye. The first bombardment, in November 1851, was robustly resisted by the king and people of Lagos. The second, one month later, was more massive. Kosoko’s cannon lined up on the Marina and a hundred canoes filled with men, not to mention five thousand men with muskets defending Eko. Ranged against them, the British armada, the strongest navy in the world. In short order, Lagos was pulverized, three quarters of its inhabitants dead or off in flight, and Iga Idunganran in ruins, with the throne taken. A surrogate king enthroned. Ten years later, his successor- Dosunmu would be arm-twisted on-board a British warship moored at the Lagos quays to sign a treaty ceding Lagos to the British crown and commencing the process of British colonisation of Nigeria. The Berlin Conference of 1884 would divide Africa among European powers with one condition – they must have “effective control” of their “owned” territory. In 1898, the British government would establish the Niger Committee. It would resolve to merge the contiguous entities of a future “Nigeria” into one entity, to keep the French out. The members of the committee, and “fathers” of the Nigeria project, it is revealed, were William Egerton, Governor of Lagos 1903-1906, Ralph Moor, High Commissioner of the Southern Nigeria Protectorate, Reginald Laurence Antrobus, Assistant Under-Sec-

retary of State for the Colonies, credited as “the real thinker” behind the project, and George Taubman Goldie, creator of the Royal Niger Company, the company that would acquire a charter from the British monarch to “trade” in Nigeria. The evolution of the protectorates. The colourful story of Jaja of Opobo and his betrayal and exile to the West Indies. The destruction and pillaging of the Benin empire. The story of the “Long juju of Arochukwu”. The occupation of Onitsha. The northern expedition, led by Lugard, on appointment from the British government. The breaching of the Kano wall. The subduing of the caliphate and the killing of Sultan Attahiru. Other nuggets tumbling in by the minute. How the name “Nigeria” was chosen by Flora Shaw. Lugard’s formal declaration on the day of the Amalgamation. His intention that “…each part of Nigeria should be raised to the level of the highest place attained by any part”, A country of 17 million people, with a projected revenue of 300 million pounds. “Today Nigeria enters on a new stage of its progress…the coming years will increase the individual happiness and the freedom from oppression, and raise the standard of civilisation and of comfort of the millions who inhabit this large country…” Enthused an ebullient Viscount Harcourt, the Secretary of State for the Colonies, at the Colonial Service party, on the day. “…We have released Northern Nigeria from the leadings of the treasury. The promising and well conducted youth is now on an allowance ‘on his own’ and is about to effect an alliance with a Southern lady of means…”

‘

Should someone have thought to change the name “Nigeria” after

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

How to groom frontline leaders at the workplace

he complexity of today’s economic environment requires leaders to develop a coordinated strategy to promote organisational sustainability and maintain a competitive advantage in the global economy. A leadership preparedness strategy focused on the development of future leaders facilitates a seamless leadership transition when planned. A leaders’ challenge is managing talent effectively and meeting the organisation’s strategic business objectives by building a talent pool of future leaders. Leadership can be learned, and there is no better entry point for development than those in frontline leadership positions. However, grooming frontline leaders requires the commitment of an entire leadership community. Therefore, organisations experiencing leadership gaps must be prepared to make a long-term investment if they want to achieve lasting success. Who are frontline leaders and what role do they play in an organisation? In organisations, the frontline leaders are catalysts in 1. driving sales revenue, 2. brand marketing and promotions 3. improving customer relationships, 4. solving organisational problems, 5. Innovating regularly. By grooming frontline leaders, you will consequently improve the bottom line of the organisation. What strategies can be adopted for grooming frontline leaders? First, to support the professional growth and development of frontline leaders, the following approach must be adopted; 1. Experiential learning and 2. Relational learning It is pertinent to note that we must blend both experiential and relational learning for grooming leadership competencies in a structured leadership development programme. This must be done

1 2. 3. 4. 5 6. 7.

LEARNING INITIATIVE On the Job Practice or Action Cross-Functional Job Rotations 360-Degree Feedback Exposure to Senior Executives External Coaching Global Job Rotations Exposure to Strategic Agenda of the Organisation

in alignment with the organisation’s immediate and future business goals. Second, we must define the competencies and capabilities required for the successful development of frontline leaders. It is on this premise that the following criteria should be considered; -transitioning from being an individual contributor to leading a team, -creative problem-solving abilities - delegation Strategies - coaching and grooming direct reports -conflict resolution abilities -relationship Building skills - feedback and after-action reviews -Third, the adoption of the leadership lessons of the military is another critical approach in the development of frontline leaders. The military defines leadership as both accomplishing the mission and improving the organisation. Permanently improving the organisation requires the development of its human capital. The military believes you substantively improve people by enhancing their ability to address challenges in their environment adroitly. -Modern corporate and business organisations operate in what the military defines as a ‘VUCA’ environment—broken down to mean volatility, uncertainty, complexity, and ambiguity, which are the constant realities in the 21st century. Based on these facts, the military seeks to prepare for the challenges it will inevitably face by crafting realistic training scenarios and routinely integrating such activities into its ongoing operations. The goal is

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THE LEADERSHIP FACTORY WITH

TYPE OF DEVELOPMENTAL PRACTICE Experiential Learning Experiential Learning Assessment Relational Learning Coaching Experiential Learning Education

TOYE SOBANDE

not to teach its operatives what to think but to enhance their ability to think critically and creatively about the myriad of contingencies posed by a fluid environment. This is to teach them how to think. -In most organisations, 90 percent of the time is typically devoted to executing business actions, and less than 10 percent is allocated for increasing organisational and individual capabilities through training. On the other hand, the military spends as much time training as it does execute even amid deep stress or high-risk operations. -For example, a military unit in a battlefront will not suspend its experiential training program while involved in combat operations because its ability to cogently and creatively address future challenges is enhanced by an enduring commitment to improving people’s competence and adaptability through experiential exercises, as well as relational or actual experiences. But the real lesson for organisational leaders is not merely that training is essential. What’s valuable is how the military crafts its training opportunities. -Below are tips for grooming frontline leaders -Provide information: To be effective, experienced leaders need current information about career paths (career ladders and lattice), programs, and development assignments offered throughout the organisation. •Provide context and background: When seasoned leaders participate in a formal leadership development program, involve them early in the needs assessment, sponsorship, design, and delivery for positive results.

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Other controversies would come as the years rolled by. Should someone have thought to change the name “Nigeria” after independence? The name came from negre – Latin for “black”. But what was wrong with black? Only the fact that for the four hundred years while slavery victimised the black man, it morphed into a derogatory word “nigger”. If Nigeria were to raise its game and become a world leader, could the name “Land of black people” become a tag to be cherished and proudly claimed by Africans in diaspora, instead of being a term of derogation and abuse? The symbolism and historicity of the “Guinea Coin”, and the name “Elephant and Castle”. Two to three million Nigerians moved from the hinterland along Badagry coast to slavery in the Americas, so that ultimately Nigerians would provide almost one in every four of the population of African Americans, as well as the black population dispersed in a broad swathe from. Cuba to Venezuela to Brazil. Journey of an African Colony is not a complete story. There are gaps, here and there. Nigeria itself, by whatever name, is still a work in progress, far away even from the modest dream of its imperial architects and its buccaneering, racist midwife. But just as it did in 1914, the Nigeria project still raises the tantalising possibility that someday, it could become a force in the world, and the spiritual homeland, and not just the predominant original source, of the Black Diaspora.

•Provide opportunity to practice: Enable motivated leaders to hone their teaching skills with co-teaching opportunities, including panel discussions, and use informal support from Learning and Development Professionals for feedback and suggestions. So, what are the benefits of grooming frontline leaders? -Increased engagement and productivity – Highly engaged employees produce more. Great leaders who teach, mentor, and coach emerging leaders, are catalysts that drive organisational performance. -Increased retention – When emerging leaders experience first-hand the commitment the organisation has made to build talent and career development, it motivates them to stay and grow with the company. - Improved bench strength – Having the right talent, in the right roles, at the right time with the right skills, living the company’s values, supports a strong talent leadership pipeline. Most organisations do not take succession planning seriously until it becomes a critical need. Great leaders think trans-generationally. Succession planning goes beyond merely occupying positions. It should be done for all cadres of staff, especially from manager level upwards. There should be a succession policy, and the organisation’s leadership should adequately document the structures, policies, and processes of the organisation. Sobande is a Lawyer and Leadership Consultant. He is a Doctoral Candidate at Regent University, Virginia Beach, USA, for a Ph.D. in Strategic Leadership. He can be contacted by Email: contactme@toyesobande.com

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Friday 23 October 2020

BUSINESS DAY

EDITORIAL

Nigeria bleeds at 60

PUBLISHER/EDITOR-IN-CHIEF

Frank Aigbogun EDITOR Patrick Atuanya

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

Bashir Ibrahim Hassan

GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu

Stop killing our greatest assets

t has been a black, bloody week for Nigerians. Lives and limbs have been lost. Many have also been injured as armed security operatives, alleged to be from the Nigerian Army, opened fire on peaceful protesters who were only demanding for better governance and an end to police brutality. This, indeed, is a sad reality. It is one that has existed long before now and still defines how bleak the future of the country is. Conflict and corruption have defined Nigeria so far and, if care is not taken, will be the undoing of this country. Once again, we question Nigeria’s democracy. Should the reward of a peaceful protest – which is a democratic practice – be the cause of death of the protesters? This is barbaric and unbecoming of both the federal and state governments. We understand it is an act of civil disobedience for some Nigerians to disobey curfew

restrictions set by the Lagos state government. But for that to result in direct gunshots at protesters was way overboard. The lives of citizens should be preserved, not destroyed. This act will only worsen the already bad image of Nigeria to the rest of the world. The negative economic effect of this can only be imagined. Mostly unacceptable is the silence of President Buhari – the Commander in Chief of the Nigerian Armed Forces – in the killing of protesters. Obviously, the president cannot claim he is not aware of the current mayhem in the country, most especially in Lagos. Yet he has refused to speak or give a direct order to the military to stop shooting at innocent Nigerians. Agreed that hoodlums may have infiltrated the protest, causing havoc and looting properties, but it is the duty of the security officers to intelligently identify them and take them out of the rest while ensuring a peaceful protest. That was not done. Instead, innocent protesters who held the Nigerian flag and sang the Na-

tional Anthem were massacred. When one examines the mode of the genocide this week, it raises suspicion as to what the motives of the armed security personnel were and whose orders they carried out. Why were security cameras taken out, lights put off before the killings? Also, the governor of Lagos State, Babajide SanwoOlu maintained no one was killed during the shootings despite live streaming of injured and dead protesters by fellow protesters. These activities will further aggravate the issues. Already, some Nigerians are retaliating, targeting and burning down houses, buses, offices, stations etc. To stem the chaos, President Buhari must firstly order the military to stop shooting at protesters but carry out their operation in a manner that won’t result in the death of innocent Nigerians. Secondly, Buhari must break his silence and address the nation – not via twitter, but through a live broadcast – pledging his commitment to addressing the valid demands of the protesters.

Over the years, the Nigerian youths have endured the irregularities of the government but have now decided to stand up for a better Nigeria. We cannot deny them the right to a peaceful protest. As it stands, Nigerians have lost trust and respect for the current administration. More disturbing is the hashtag ThereWasACountry, signifying the death of Nigeria. Many aren’t proud of the country anymore and have, in a way, given up on the country. The trade-off here is the development of a nation with so much potential. We risk losing our greatest asset – the Nigerian people – to other countries. There is still a chance to rectify all of this, but justice must prevail. Conflict and corruption remain the worst pandemic plaguing Nigeria not COVID-19. The government has failed the people over the years and all they, the people, are demanding is better governance. These killings must stop so that peace can be restored.

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Friday 23 October 2020

BUSINESS DAY

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Friday 23 October 2020

BUSINESS DAY

THE WEST

How Southwest loses over N2bn to under development of Aso-Ofi, Adire local fabrics ...as Aso-Ofi marketers urge Gov Makinde to resuscitate abandoned Aso-Ofi market in Oyo RAZAQ AYINLA, Abeokuta and REMI FEYISIPO, Ibadan

so-Ofi and Adire local fabrics are synonymous to culture and tradition of the Yoruba people of Southwest states of Oyo, Ogun, Osun, Ondo, Ekiti and Lagos states and people of the West are trying hard to ensure that the local fabrics are not only serving as a means of livelihoods to many jobless people, but to also rebrand the ancient Yoruba local fabrics to the fabric brand of international standards. Just as Aso-Ofi is locally made from Iseyin in OkeOgun axis of Oyo state, Adire, Kampala tie-and-dye fabrics, Sanyan, Alari, among other local fabrics are traditionally made in Itoku in Abeokuta, Ogun state; Osogbo in Osun state and some places in Ondo and Ekiti states, hence, some State governments in Southwest states, have tried in recent time to resuscitate and rebrand the Yoruba local fabrics for local and international consumption. For instance former Governor Ibikunle Amosun of Ogun state built Adire Mall of international standards at Itoku, Kemta in Abeokuta

R-L: Kayode Fayemi, Governor of Ekiti state and chairman, Nigeria Governors’ Forum (NGF) being received by Adesoji Adesugba, managing director, the Nigeria Export Processing Zones Authority (NEPZA) at the NEPZA Headquarters in Abuja recently as part of working agreement to make Ekiti state, a Knowledge-based Special Economic Zone in Nigeria.

South local government with Adire Ogun Seal and Adire Fashion Parade in 2019 to attract investments in the production and distribution of Adire fabrics locally and internationally with a view to generating huge revenue, just as late Governor Abiola Ajimobi of Oyo state inaugurated Aso-Ofi International Market in Iseyin, Oke-Ogun area of Oyo state in order to resuscitate the local fabrics

for modern usage. But, it seems the Southwest governments are not paying much attention to these local fabrics since AsoOfi International Market in the ancient home of the fabrics in Iseyin has been abandoned by Oyo state government and Adire Mall at Itoko, Kemta in Abeokuta is not getting due attention that is befitting of Adire and tie-and-dye fabrics. The gov-

ernments have since left the vocation and trade to the little effort of the operators of micro, small and mediumterm enterprises amid several socio-economic issues facing the country. Speaking on the less development of local fabrics like Aso-Ofi in Iseyin, Oyo state, the Association of Aso-Ofi Marketers called on Governor Makinde to urgently give attention to the abandoned

eUniversity.ng launched, begins operation to empower 5 million Nigerians by 2023 RAZAQ AYINLA

s part of effort to deepen the coverage of digital economy being driven by the Federal Government to improve nation’s economy and offer massive job opportunities for many jobless young Nigerians, a group of young minds, has launched an online university platform, eUniversity.ng, meant to bridge the economic gap and brighten chances of becoming business owners among Nigerians. The platform is a dynamic online learning system that is passionate about leveraging technology to deliver the affordable to the Nigerians as eUniversity.ng,

according to the founders, will offer varieties of digital engagements, including eCommerce, e-Journalism, Data Science, among others, that will fetch millions of Nigerians means of livelihood. Recall that Global Market Insight stated in its investigative series conducted recently that e-Learning market size would worth over $375 billion by 2026, this singular effort of Global Market Insight, among other developmental issues, prompted the founders to begin in earnest, exploration of benefits offered by digital economy to better the lives of millions of Nigerians that are still jobless despite being educated and learnt one or two vocations and trades. Speaking on the concept

of eUniversity.ng, Olaniran Monsur Afolabi, the founder, said, “we have noticed that there’s a quick money syndrome among young Nigerians, which is appalling. “However, for us, we noticed that ability comes before disability, so we are taking the positivity out of this syndrome. Topping the list of visions of eUniversity Nigeria is to see young people become business owners from skills learnt online. It’s a win- win situation for the learners and the instructors. “We have examined the reason why Nigerian universities are restricted from admitting more students and it’s due to lack of capacity. Hence, we seek to forge partnership with them to

use our platform create future technology courses like Product Design Management, Data Science, EJournalism, E-Commerce, Computer Applications Programming and IoT. We are poised to make a learning revolution that would make our youths compete in the global market”. Also, the co-founder, Salaudeen Abdul added, “What we are bringing is a platform that creates instant economic boom with its opportunities. We make courses for wealth creation for our learners and also let instructors make instant wealth from their courses. With all honesty, we are being realistic when we talk about our intention to empower over five million Nigerians before 2023”.

International Aso-Ofi Market in Iseyin, Oke-Ogun area of Oyo state, saying it is high time to explore and exploit the comparative advantage and economic opportunities that Aso-Ofi fabrics offer the people, the states and Nigeria at large. The Association claimed that since the market that was supposed to have multiplier economic effects on the people of Oke-Ogun was abandoned, marketers of Aso-Ofi had no choice except to continue to take their wares to Ibadan and Ede markets in order to survive. “We have lost over N2 billion to the abandonment since the day the market was inaugurated by the last administration, some of our people went to banks to take bank loans to boost production and employed more weavers, but we never knew that the former governor took us for a ride. “We are appealing to our amiable governor to please come to our aid and start work on the project so that the potentials of the market could be realized in the areas of economic and social growth for the people of Iseyin and Oke-Ogun in general,” the Chairman said. In a statement signed by its President, Imuran Alarape

Kangunhan, the Chairman, Taiwo Ariwoola, the Youths Chairman, Sulaimon Onimama and the Youths Secretary, Wahab Gafar Pakoto in Ibadan, the Association said it had planned inviting Abigail Makinde to be the Mother of The Day at the forthcoming World Aso-Ofi Day celebration, but the death of Governor Makinde’s mother was a big loss and therefore, consoled the Governor over the loss of his mother. The Youths’ Chairman, Onimama hinted that the choice of the governor’s mother as the Mother of The Day was because she was noted to be a lover of culture and traditional fabrics of AsoOfi when she was alive. “We sympathize with our amiable governor on the death of his mother, a sad event that took place last week, but we take solace in the fact that Mama left a legacy that is worth of emulation in motherhood, she left behind good children and was a notable lover of Yoruba culture and traditional Aso-Ofi. “We planned to make her our Mother of The Day in our forthcoming World Aso-Ofi Day but God knows best, we pray that the children she left behind will continue to make her proud wherever they are.”

#EndSARS Protests: Kwara council of chiefs warn protesters to pursue demands in civil manner, eschew violence SIKIRAT SHEHU, Ilorin

Council of Traditional Rulers in Kwara State have warned those who are protesting in respect of “EndSARS”to be mindful of the consequences of their continuous and unabated acts. According to a public announcement released by Alhaji Ibrahim Sulu Gambari, the Chairman, Kwara State Council of Chiefs stated that as citizens of Nigeria, the protesters are at liberty to air their grievances against the Government in a legal, legitimate and organized order, adding that being the case, the protesters should have the interest of the country at heart by conducting themselves peacefully. “While we concede the rights of every citizen to peac-

ceful protest, we urge them to ensure that the rights of others to go about their lawful businesses unmolested are not infringed upon in the process. “The protesters should not allow hoodlums to take over and convert their right to express their legitimate grievances to chaos and destruction of lives and properties. “In the same vein, I seize this opportunity to also appeal to every parent to call in the youths to withdraw from the streets. The youths have made their points and the points are quite clear. “The Government is already taking steps to address the issues, which can not be achieved unless the protesters pursue their demands peacefully and legally. “We pray the parents to approach this matter to avert breakdown of law and order leading to destruction of lives and properties,” the Emir said.

Team: RAZAQ AYINLA, Head; Correspondents: REMI FEYISIPO, Oyo; SIKIRAT SHEHU, Kwara; KORETIMI AKINTUNDE, Ondo; OLA JOHN, Osun; Graphic: Fifen Famous www.businessday.ng

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Friday 23 October 2020

BUSINESS DAY

MoneyInsight

Cyber mercenaries constitute biggest single challenge to financial institutions in Nigeria STEPHEN ONYEKWELU

yber mercenaries or hackers-forhire are evolving their techniques and upgrading their toolset to continue stealing sensitive information, a trend that poses a big challenge to companies across Nigeria, Kenya and South Africa, with damaging consequences for banks. Despite research showing an overall decrease in certain malware families and types in sub-Saharan Africa (SSA) in the first half of 2020 (36% decrease in South Africa, 26% decrease in Kenya and a 2.7% decrease in Nigeria), Kaspersky, an internet security company stresses that the human cyber threat remains rife, where Africa is not immune to the evolving techniques of Advanced Persistent Threats (APTs), as well as the possibilities of being a future target of hacking-for-hire threat actor groups. Three cyber mercenary groups have been exposed across the world this year alone. As this activity has taken place outside of Africa, Kaspersky suspect that these types of actors may have been somewhat forgotten and do not necessarily form part of cyber defence strategies. Nevertheless, the region may become a focus of these groups in the coming months and thus, businesses and entities need to have an understanding of these emerging threats, along with the threat of APTs, to be prepared and take proactive steps to-

wards effective cybersecurity. Hackers-for-hire or cyber mercenaries do not necessarily have monetary motivations like traditional cybercrime. Instead,

they steal private data to monetise it in a different way – usually for the purpose of providing advice or insights, based on the data, to share value of competitive advantage.

For example, a bank might get targeted and have its data analysed to gain an understanding of its market exposure, clients, and back-end systems. A competitor can

use that to gain significant benefit. The reality is that in this evolving cyber threat landscape, no company or government institution can consider themselves safe. In South Africa, Kenya and Nigeria, APT groups are exploiting the current uncertainty around COVID-19 to steal sensitive information. More sophisticated techniques have emerged that delivers malware in nonconventional ways. While overall malware attacks in South Africa, Kenya and Nigeria decreased during the first two quarters of 2020, certain malware types, such as the STOP ransomware, are proving increasingly popular for certain cybercriminals. The same applies to f i na n c i a l ma l wa re i n South Africa and Nigeria as examples. So, even though it decreased in these countries, certain financial malware types are gaining in popularity thanks to their unique techniques which these groups are exploiting to monetise data. This emphasises that attacks are becoming more targeted and at specific companies, in specific regions and for specific purposes. The top industries under attack in Sub-Saharan Africa in H1 2020 include government, education, healthcare, and military. While government and military present compelling - and obvious - targets, education and healthcare are often used as pivot points to gain access to other institutions. Sometimes, an entity is a victim while other times it is the target.

The top three threat actors in these regions in this regard are TransparentTribe, Oilrig, and MuddyWater. “The remainder of the year will likely see APT groups and hacking-forhire threat actors increase in prominence across the globe. Africa will continue to see more sophisticated APTs emerge and we also suspect that the hackingfor-hire actor type could target companies in Africa in the future,” says Maher Yamout, senior security researcher, Global Research & Analysis Team at Kaspersky. Yamout also said they anticipate that cybercriminals will increase targeted ransomware deployment using different ways. These can range from trojanised cracked software to exploitation across the supply chain of the targeted industry. Data breaches will certainly become more commonplace especially as people will continue to work remotely for the foreseeable future while exposing their systems to the Internet without adequate protection.” While prevention is ideal, detection is a must. Realistically, no organisation or government department can prevent everything. But if there is an understanding of the technology environment and having the ability to detect any deviation from the baseline, decisionmakers will go to great strides in mitigating the risk of compromise and by understanding the threat dynamics, and organisations can better protect themselves from evolving cyber-attacks.

Bitcoin hit lowest volume since February

itcoin investors are continuing to hold on to their bitcoin as the volume of transactions dropped on Saturday 3 October to the lowest seen since February, according to Luno and Arcane Research which provides a weekly analysis of the market. The drop in volume means the price of the largest cryptocurrency has not improved much from September where it remained within the $10,000 range. There was anticipation last week that the cryptocurrency was going to

hit $11,000. The price of bitcoin rose to $10,919 on October 1 and later dropped to $10,524 as news broke on BitMEX being charged by the Commodities Futures Trading Commission (CFTC). Unsurprisingly, uncertainty returned when one of the leading derivates exchanges in the crypto market suddenly experienced trouble with the regulators. CFTC charged the BitMEX owners with illegally operating a cryptocurrency derivatives platform and anti-money laundering violations. www.businessday.ng

The U.S. attorney for the District of New York indicted Arthur Hayes, Ben Delo, Samuel Reed, and Gregory Dwyer for violating and conspiring to violate the Bank Secrecy Act. The DOJ has revealed that Reed was arrested on Thursday morning, while Hayes, Delo, and Dwyer remain at large. Another report that rocked the boat in the cryptocurrency market is Donald Trump’s positive COVID-19 test last week. The shock the news sent to the global stock market also dragged down the crypto market.

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As at press time, bitcoin was trading at $10,640. Analysts are not holding up hope of a bullish price move given that most of the time in recent weeks, bitcoin price has not shown any direction, while altcoins have taken a downward slope. The majority of the markets have been in massive corrections and this does not portend a strong signal for the total market. However, technical analysis of the price may give a different picture, according to analysts at Luno. The point out that Sep@Businessdayng

tember closed at $10,779, which is above the monthly resistance level from 2019. “Last summer, the monthly resistance was at $10,761, just below the close from September,” the analysts said. “This is starting to look like a textbook example of support or resistance flip, where previous resistance turns into support. As this is on a high time frame, we could easily get wicks much lower than the current price, but this could be a good time to scale into longer-term positions.”

Friday 23 October 2020

BUSINESS DAY

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Friday 23 October 2020

Harvard Business Review

BUSINESS DAY

ManagementDigest

Put employees at the center of your post-pandemic digital strategy long run. As CEO Brian Chesky framed it, the company’s new goal was to “get back to our roots, back to the basics, back to what is truly special about Airbnb — everyday people who host their homes and offer experiences.” One of the trends Chesky and his team identified was that, as a result of the pandemic, there is a growing acceptance that people can now work from anywhere — which could open up new opportunities to service customers interested in traveling and experiencing unique communities and cultures for an extended period of time.

Behnam Tabrizi

hen the pandemic hit in March, many companies’ longterm plans and strategies were thrown out the window, as everyone from the front-line workers to the senior executives shifted into firefighting mode. Many worked around the clock by leveraging remote technology. Each day seems to bring new challenges and obstacles to overcome. As a result, the past six months have felt more like six years for many of us. This pace isn’t sustainable. While you may have needed your organization to run at 200 mph while you learned to adjust to the new realities of the pandemic, you’re now risking serious burnout among your team. Research shows that employees are reporting alarming levels of stress and fatigue, and the risk for depression among U.S. workers has risen by 102% as a result of COVID-19. This is becoming a serious threat to organizations, including those that have already had to lay off staff or downsize. The paradox is that while many organizations have gained new efficiencies from embracing digital transformation — using technology such as Zoom to keep their workforce functioning remotely — they may now risk losing their best employees, many of whom feel disconnected and disengaged in this new digital workplace. That’s why it’s time to rethink your digital strategy in the context of people. It’s not just about adding new technologies like quantum computing or artificial intelligence, but how that tech will make your employees connect more effectively with their work. It’s also time to shift from the here-and-now and look toward the future, revisiting your long-term strategies. To get the most out of your technology investments, you need to pause and think more about how you can connect your people to the goals you hope to achieve with that technology.

I’m particularly interested in the impact of digital transformation and how organizations can leverage technology for growth. I’ve learned that most digital transformation efforts fail — often spectacularly — which leads to hundreds of billions of dollars in wasted investment and the deterioration of employee engagement. I’ve been researching how the model I developed last year — a transformation framework in partnership with the Project Management Institute, called the Brightline Transformation Framework — can be applied to COVID-19 and its impact on organizational efforts to embrace digital transformation. This approach aligns the “insideout” — which means aligning every employee’s most important personal aspiration with the “outside-in,” where employees understand and embrace the company’s strategic vision, so that everyone is working toward the same objectives. THE BRIGHTLINE TRANSFORMATION FRAMEWORK OUTSIDE-IN APPROACH. Employees must first understand and embrace the company’s North Star, including customer insights and megatrends, so everyone is working toward the same objectives. — The North Star: The company

needs a crisp, inspiring expression of its vision and strategic objectives for the transformation. — Customer insights and megatrends: It’s important to embed a deep understanding of the customer in every change you make, and in every employee. This includes the customer you may have today, and the customer you want tomorrow, as well as the megatrends affecting them. INSIDE-OUT APPROACH . Aligning every employee’s purpose with those of the company includes: — The transformation operating system: The company should utilize a flat, adaptable and cross-functional organizational structure that enables sustainable change. — Volunteer champions: Have a mechanism for recruiting volunteers to join cross-functional transformation teams to harness leaders from across your organization to drive transformation. — Inside-out employee transformation: To make the transformation personal for your employees, deploy a tool such as the SEE framework — a personal vision statement that helps identify each person’s strengths, evokes meaning and uncovers what makes people happy. The ultimate goal is to connect their

aspiration to the company’s North Star and to your customers. A CALL TO ACTION This approach is more relevant than ever in the wake of the pandemic, as it emphasizes that employees’ personal goals and engagement are the critical factors underpinning every successful transformation — much more so than other elements like technology or business processes.For organizations to thrive in a post-COVID-19 world, while simultaneously tackling the challenges of burnout and the threat to employee retention, there is an urgent need to rethink two key areas:

2. ALIGN YOUR INSIDE-OUT WITH THE OUTSIDE-IN Once Airbnb had established where it wanted to go, the company embarked on an “inside-out” journey with its employees — helping them connect to the company’s new North Star by creating personal/ team vision statements that aligned with the greater goal. This helped create the “human connections” that so many people miss these days. The idea was to enlist employees’ help in rebuilding the business, and to enlist their feedback on how they could directly affect the company’s efforts to prosper again. MAKING THE CONNECTION COVID-19 has taught us how connected and integrated we all are with each other — and with the communities where we operate. It’s now time to give your employees the opportunity to understand how your organization’s North Star aligns with their desire to contribute to a meaningful cause. That’s how you get them to re-engage while recharging their emotional energy. The longer you wait to make these connections, the more your organization is at risk of losing the human capital it requires to thrive into the future, no matter how much you spend on technology.

1. BRING THE OUTSIDE IN The pandemic changed the landscape of many industries’ ecosystems — leading to an existential crisis for many organizations. Consider Airbnb, whose business suffered a loss of a billion dollars due to guest cancellations — all while paying out some $250 million to compensate their hosts for their losses. To help engage their team in adjusting to the new realities of the marketplace, leadership embarked on an “outside-in” transformation exercise that helped them identify their new North Star: the transformational goal that could help propel the company forward for the

Behnam Tabrizi the managing director of Rapid Transformation, LLC.

vestment interest even further to new areas like Cryptocurrency, data and insights, IOT and even Auguemnted Reality. Dominic has tirelessly worked hard first as an individual, and then with his team, and has raised over 100 individuals who can boast of financial intelligence and independence owing to their engagement with him. His story is one of strong determination, consistency and dire hunger to succeed. With Dominic Joshua’s philosophy of knowledge transfer, his life constantly reflects that of a teacher who seeks to have

his students do even better than himself, and this has officially given him access to a lifestyle of his dreams, launching him to multiple figures. He is a philanthropist who has aided an appreciable number of persons financially and has also empowered them with values that stand them out in their various communities. Behold this Ebonyi State born, Cross River bred investor, who believes that this is but a tip of an iceberg compared to what is in stock and will be unleashed soon. Possibility is what he sees in every situation.

Brisk Capital ensures prompt, accurate ROI for investors

s the year goes by, there is an emergence of new captains of industries. Some of them have been around, but little is known about them. So is the story of Dominic Joshua. Dominic, who is the managing partner of Brisk Capital is totally committed to ensuring prompt and accurate ROI for the existing and new investors. In the early hours of Sunday, October 18, 2020, Mr Dominic yet another feather to his cap of achievements in the investment banking Industry, as news emerged of well over 500 people joining his long list of local and

international investment clients. With undettered focus and hardwork, he has taken a strong lead among investment bankwww.businessday.ng

ers in Africa as he continues to maintain over 20% subscription increase biweekly. This is an outcome of the result he churns out. Having invested in many businesses such as Construction and interior designs, fashion designing, agriculture and so many others, Dominic knows exactly the kind of business to put in money and expect a high return on investment. The businessman has received several awards for his deep insight in business as manifested in his results, and he holds plans to expand his in-

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Friday 23 October 2020

BUSINESS DAY

feature Ehingbeti: How summit stimulates economic growth, development in Lagos are looking forward to ideas from the summit that would address these challenges. Egube, the state economic planning and budget commissioner, noted that Lagos State has implemented 193 out of 206 resolutions from Ehingbeti since inception. He said the whole idea about the blue line, red line, and rail master plan are part of the ideas that came out of Ehingbeti.

Hope Moses-Ashike

agos State, Nigeria’s commercial hub, emerged as the top destination for capital investment in the country in the second quarter (Q2) 2020 with $1,130.49 million. This accounted for 87.30 percent of the total capital inflow into Nigeria in the quarter, according to the National Bureau of Statistics (NBS). Ehingbeti, the biennial economic summit instituted by the Lagos State government 20 years ago, would no doubt have contributed to this success. Ehingbeti is an ingenuous socio-economic apparatus that has contributed significantly to the evolution of Lagos State into a major economy in sub-Saharan Africa and an admirable megacity, with expanding potentialities. The summit, hosted by successive administrations in Lagos State since the beginning of the 4th Republic, has consistently redefined the dynamics of public-private sector collaboration for development across social and economic indices in the state. “In the last two decades, Ehingbeti has played a pivotal role in the transformation of Lagos State, with useful inputs into Lagos State Development Plans (LSDP),” said Sam Egube, the state Commissioner for Economic Planning and Budget, who is also a co-chair of the Steering Committee of the summit. Ehingbeti, which started as an annual summit in the year 2000 and later evolved into a biennial event, was last held in 2014 during the governorship of Babatunde Fashola. The long period of hiatus seemed to have led to a decline in the rate of publicprivate collaboration in the state. For instance, capital inflow into the state declined by 77.98 percent to $1,130.49 million in the second quarter of 2020, from $5,135.49 million recorded in the first quarter of the year. The slowdown in the capital inflows could be attributed to the outbreak of Covid-19 pandemic in Wu-

han, China, which has continued to spread across the globe and the attendant lockdown to contain the spread of the virus. As economies around the world begin to implement recovery strategies from the shockwave of coronavirus, the Lagos Economic Summit Group (LESG) is charting the path for the sustainable socio-economic develop-

‘

The summit has a huge history and it’s now firmly established as a credible forum for stimulating economic growth in Lagos State

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ment of the state at the Lagos Economic Summit tagged ‘Ehingbeti 2020’ scheduled to hold November 10-12. Themed ‘For a Greater Lagos: Setting The Tone For The Next Decade’, Ehingbeti 2020 will provide a robust platform for deliberations on pragmatic optimisation of the inherent opportunities in Africa’s 5th largest economy and offer perspectives on how to manage the peculiar socio-economic landscape of the state in the coming decade. The three-day summit, which will be a hybrid of virtual and live events, will draw participation from various sectors of the economy and across the globe. This year’s summit is aimed at reconnecting with the private sector, which is the bedrock of the Lagos Economic Summit. The quest to strengthen existing relationship between government and the private sector is one of the major goals of this summit since greater private sector participation in governance is a prerequisite for a functional state. The Group has also refreshed the Ehingbeti logo to reflect the contemporary outlook of the annual summit without disconnecting

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from the economic heritage of the Marina and Broad Streets areas of Lagos, which served as the springboard for Nigerian and West African economic development since the European incursion in the 15th century. Unveiling the new logo in Lagos recently, Olayemi Cardoso, co-chair of the ‘Ehingbeti 2020’ Steering Committee and former Lagos State Commissioner for Economic Planning & Budget, said the new Ehingbeti logo is an embodiment of meanings and expression of the LESG ideals. “The convergence of colours in the logo connotes the essence of Ehingbeti as a participatory forum for integrating local and international stakeholders to exchange ideas and chart a path for the socio-economic development of Lagos State,” Cardoso said. For private sector operators who gathered at the Ehingbeti 2020 stakeholders’ conference and logo unveiling held in Lagos, top among issues they want the summit to address include infrastructure, waste management, investment, technology and innovation, among other topical issues. They @Businessdayng

“I can tell you we are on our way to deliver both the red line and the blue line,” Egube said. “The fact that we are trying to expand our activities on the waterways is also Ehingbeti, Lagos homes ownership scheme, all came out of Ehingbeti,” he said. Other achievements of Ehingbeti, he noted, include two Independent Power Projects at Akute, lighting up 242 streets in Lagos by the installation of 10,533 electricity poles covering a total area of 316km of street lighting as at 2014. The impact of this street lighting initiative is a resurgent night life, a 24-hour economy and a blossoming of the entertainment, hospitality and tourism sub-sector of the state economy. It was through Ehingbeti that the state government initiated LPG cooking initiatives to persuade the people to choose clean energy as the preferred cooking fuel, while a lot of solar initiatives were in place in schools, some work places and in many parts of the communities. The state also recorded success in agriculture where 400 new farmers, graduates from the universities had emerged in that period and owned 350 hectares of land and their own homes built on their farm sites. During the period, fish production has increased from 159,021 tons to 197,040 tons between 2012 and 2014, while chicken production increased from 537,480 birds to 653,017 birds within the same time. “The summit has a huge history and it’s now firmly established as a credible forum for stimulating economic growth in Lagos State,” Egube said.

Friday 23 October 2020

BUSINESS DAY

FINTECH News

Products Review

Technology Review

Personality Review

Company Review

Three investment risk lessons from Thrive Agric’s revenue struggles FRANK ELEANYA

he unraveling of revenue challenges and the consequent inability to meet up with contractual dividends commitment by Thrive Agric in recent times would likely have investors scratching their heads on what to do when next they want to invest in similar platforms. Thrive Agric is like a middleman that leverages digital technology to bring farmers, investors, or buyers together. Investors get the opportunity to support agricultural ventures by investing in farms at specific seasons. Those who invest earn a return on their investments depending on the duration and the amount they invest. Since it was founded in 2016, the company has grown from 1,000 farmers to 39,000 farmers as of the end of 2019. Agric investments on Thrive Agric mature between 3 to 9 months and returns range from 6 percent to 25 percent. In the past few weeks, the company has fallen into troubled times. Thrive Agric has reportedly not paid their investors since March 2020. The company confirmed to BusinessDay that it was affected by the COVID-19 pandemic and offtakers inability to repay the investment they received. Below are the three things new investors need to be mindful of when investing in agritech busi-

nesses. Poor corporate governance This is arguably the biggest elephant in the room. The digital agriinvestment space is new and regulation is yet to take hold. The Security and Exchange Commission (SEC) had in March 2020 released a regulatory document for crowdfunding platforms in the country. Th e SE C ’s e x p o su re document classed Thrive Agric and similar platforms in a category called Digital Commodities Investment Platforms. This describes a digital platform that connects investors to specific agricultural or commodities projects for the purpose of sponsoring such projects in exchange for a return. The regulation requires platforms like Thrive Agric to provide a capital requirement of N100 million ($263,157 using N380/$) which is far higher than the funding ($170,000) the company has raised so far. It is highly unlikely that Thrive Agric has complied with the new capital requirements from SEC. BusinessDay’s query to the company in this regard was not answered. In t h e ab s e n c e o f a proper regulatory environment, nothing is fully guaranteed, including investors’ funds. Several investors who spoke to BusinessDay said they were concerned with the little communication the company was providing. Even when the company

managed to communicate and make promises, they were not kept, thereby eroding investors’ trust. For instance, Thrive Agric has assured some investors, who were protesting, that it plans to clear the March and June backlog by September 30, the investors told Busin e s s D ay t h e c o m p a n y has made similar promises before and reneged. But Charles Isidi, Head of Growth, Strategy, and Pa r t n e r s h i p s s a i d t h e seeming break in communication was due to the COVID-19 which did not allow for public gathering. “We have told these customers that we can’t put everyone on a zoom

call and that would be the equivalent of a mob attack. And that they should select 10 people to represent the online agitators,” Isidi said. Offtakers are humans too While the COVID-19 pandemic played a role, it was offtakers’ refusal to make payments that exacerbated Thrive Agric’s cash problem. “A rep only called some days ago saying that they are yet to receive payments from offtakers,” Sandra Obiukwu, one of the investors who committed N255,000 to a farm advertised by Thrive Agric told BusinessDay. “My due date was yesterday and no official email has

been sent concerning the reason for the delay. However, I contacted them on WhatsApp about 2 days ago and their rep said they will be having a meeting with their offtakers yesterday. Till this moment no official email has been sent to explain the way forward.” Offtaker as used in project financing refers to the party who buys the product being produced by the project or who uses the services being sold by the project (farm produce). The project output buyer can be an independent third party or an affiliate of the project sponsor. In project financings, the offtaker’s rights and

obligations under the offtake agreement must be coordinated with the project company’s rights and obligations under the loan documents, the construction contract, and other applicable project documents. Although offtake agreements are legally binding, it doesn’t have provisions for a pandemic. There’s insurance, but no coverage for a pandemic Thrive Agric is insured by Leadway Assurance. However, like the offtakers agreement, there is no insurance cover for a pandemic. “Note that loss or damage to the insured crops/ livestock/poultry/farms directly or indirectly attributable to or caused by the adverse consequences of the outbreak of the COVID-19 pandemic which in turn affects the management or operations of the farm is not covered by the policy,” another investor who simply identifies hims elf as Austin told BusinessDay. Austin said his investment in Thrive Agric’s farms amounts to N800,000. In essence, any hope of Thrive Agric recouping some of their losses through the insurer is very dim, hence affected investors would have to wait longer to get paid. Although the company has set March and April 2021 as timelines for clearing all backlogs, 52 investors said they would be owed N50 million by December 2020.

Bitcoin records 63 consecutive days above $10,000 surpassing 2017 milestone FRANK ELEANYA

t is now more than 63 consecutive days in which the price of bitcoin has remained above $10,000. The milestone overshadows the record of 62 days set in 2017 from 1 December through 31 Januar y 2018, when bitcoin reached its all-time high of just above $19,900. According to analysts at

Luno and Arcane Research, the move means bitcoin has established itself as a 5-digit cryptocurrency in 2020. The cryptocurrency continues to hold strongly in September even with the uncertainty that is present and the setback for many altcoins. As at press time, the price of the largest cryptocurrency by market value was at $10,717 respresentwww.businessday.ng

ing a dip 0.33 percent within 24 hours. The analysts also say the global market may impact the crypto market over the next few months, with the US election coming up in November and the constant uncertainty amidst the ongoing pandemic. The market is also affected by reports that KuCoin, a Singapore-based

digital asset exchange was breached by hackers. The hacker made large withdrawals of bitcoin and ethereum tokens to an unknown wallet on Friday, September 25, 2020. Other coins accessed by the hacker were the DeFi projects OCEAN, AMPL, COMP, and SNX. According to The Block Researcher, Larry Cermak, coins worth up to $280

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million were stolen during the breach, making this the third-largest exchange hack in history, behind Mt. Gox (2014) and Coin. Johnny Lyu, KuCoin CEO explained that the hackers were able to obtain private keys to the exchange’s hot wallets. KuCoin said it transferred was left in the wallets to new hot wallets, abandoned the old ones, and froze depos@Businessdayng

its and withdrawals. Luno in its latest weekly report found that the volume of bitcoin transactions has continued to trend downwards. “The low volume over the past week indicates that neither bulls nor bears are confident in the current price range and confirms the relative uncertainty in the market right now,” the analysts said.

Friday 23 October 2020

BUSINESS DAY

LEADINGWOMAN ‘Regarding the curfew, I have a principle which is safety first. I never want lives to be lost’ RINU ODUALA, the convener of Operation Sanitise and a leading advocate for #ENDSARS, #ENDSWAT and #ENDPOLICEBRUTALITY, in an exclusive chat with KEMI AJUMOBI, Associate Editor, BusinessDay, on the 20th of October 2020, right after the announcement of the initial 24hour curfew by Governor Jide Sanwo-Olu, shared her views on the protests and what led to it among other issues. Excerpts.

Operation Sanitise t came up when COVID-19 came into Nigeria and everybody was at a loss on what to do. You don’t have to wait for the government to do everything. It’s about safety. Let everybody just be safe. I just announced on my social media handles that I wanted to carry out the operation sanitise. I think I’ve always had this thing that if I call for one, more people come up to say ‘oh what she’s saying makes sense, let join in.’ So, that’s how people started joining in from Edo, from Benue and people started contributing their own funds to it and it all became a reality. Right now, we’ve made over 50, 000 to 100, 000 sanitisers and spread it across the state and made sure people felt the impact. We’re also helping the government know that citizens are also doing this. Some of the lockdowns have been eased, so, we’re currently on hold to monitor the situation and if we see any cases worsening, we move into action since we already have groups set for that. The initial 24hour curfew imposed on Lagos by the Governor I envisioned it, but I didn’t know it would happen real soon. In every fight, there has to be a plan. So, we already envisioned it and thought about it that the government is going to play a card very soon that might possibly immobilise us and we understood. The point we thought they were going to come from was the COVID-19 guidelines, but they knew that everybody wouldn’t be in agreement with it and they came through this. It is true that some unscrupulous elements have been trying to take over the protest; they set up roadblocks and tried

to extort citizens. With the peaceful protesters, you will not see them carrying cutlasses, and trying to extort citizens. They were never part of the protests, and there are still some protesters here [at time of interview], you see them sitting around and they are not doing anything to flout law and order. We have people that wanted to deface the roads, but we told them this is not what we envisioned. It’s not our plan. Our plan is to come here, make our grievances known, and let the government answer our demands. So, regarding the curfew, I have a principle, which is safety first. I never want any lives to be lost; I never want anybody to be maimed. If we’re considering the fact that we are peaceful, then we shouldn’t be going against the law. So, the law has said there is a curfew, I think we should abide by that, that’s me, since we’re calling ourselves peaceful protesters. EndSARS Protests Let me start with what www.businessday.ng

led to it. We can all remember what happened in Ughelli where a young man was killed and they drove off with his Lexus car. It sparked outrage online and people were talking about protests. I’ve never been someone to hold back, so, I said, ‘you know what, let’s just start this protest’ and some people were calling for a celebrity. But I said we don’t need a celebrity. Let’s just go out on the streets. In every lawful manner, we reached out to some lawyers and drafted petitions and all that. And I said we should start on Wednesday for proper planning. After then, Naira Marley asked who was organising one, and I came up on his platform and said we already had one for Wednesday. I don’t know why he later decided Tuesday. I said if he starts on Tuesday, we can leave the one of Wednesday and join him since we’re all fighting for the same thing. Tuesday came and he called it off and people were asking me, saying “Now that Naira Marley has called off, will you call off?” I said I never

asked for any celebrity in the first place. It was just 20 people that came out so, let’s just go together. So, that’s how it started. We went to the Police Headquarters first, to see the CP. We got there and waited for about 10 hours…they were sending others to us. We said we wanted to see the CP. In Nigeria, you have this thing where you want to see someone and they send subordinates to you at first. We were waiting. All eyes were on Naira Marley’s protest, so they thought because the people that were organising the one we were doing are not celebrities, once the celebrity has called it off, every other one is unserious. So, we were waiting, the DPO came out, ACP, DCP, all came out and tried to get us to submit our petition to them and go back home and we insisted we wanted to see the CP. When they saw we were not going, the CP came and addressed us for over an hour and encouraged us to go home. We had a plan. Whenever protests are going on in Nigeria, the

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authorities are always telling the protesters that ‘we’ll work on it, we can go back home’. So, we envisioned that and told the CP that we wanted the petition to get to the IGP’s table within 24 hours. He said that was fine and that we could go home. Then we said “No”, that we would wait there, let the petition go, and let us receive a response then we can go. Then he started saying some of the demands in the petition are beyond his jurisdiction that they are in the hands of lawmakers. We said we would meet the lawmakers the next day, but for that particular day we were there, we would sleep at the Police Headquarters, that was on October 7th. Nobody knew we were there, but we just kept using #LagosProtest. On Thursday morning, we went to the Lagos State House of Assembly. We knew they always have sittings on Thursdays, so we said we would come and meet them. It was a long walk but by the time we got here, the sitting had ended. So, we waited, some of the officials came out, some DPOs came out and CSOs of the House came out and all of them were trying to persuade us that the speaker was not around, but we told them that we would wait for the speaker to come even if it’s tomorrow, we have all the time to wait because Nigerian youths have been tagged lazy youths and we don’t have jobs, so we don’t have anywhere we are going. Besides, you’ve made our roads unsafe, our homes unsafe. So, there is no reason for us to go anywhere. Where is the safest place in Lagos that is heavily guarded? It’s supposed to be the State House of Assembly. So, we thought that we could be safer there and we stayed outside. That was how we waited. @Businessdayng

However, something happened that Thursday, on October 8th. The police came in full gear, I don’t know what information they got, but they came and took down our camping materials, they brought towing vehicles to tow away our cars and started harassing us. We all knelt down. We thought we would die that night. At 11 pm, they all came out and we all lay on the ground. It was a whole lot for us to bear. I think that was the peak point. So, we started tweeting and people were saying ‘stay safe’ and I got angry. You’re telling us to stay safe in front of a gun. The lights around the House of Assembly were all switched off; we knew that they got an order. We were in darkness and people were online saying ‘stay safe’. I got angry and was saying “why can’t you all move?” But people were wondering what they could do from their homes. I just lost hope in a better Nigeria. I think that’s what got people triggered. Nevertheless, there was this guy on Twitter who came driving in his car. He didn’t even care. He just drove through all the barricades they set up and said “Rinu what’s happening?’ and at that point, I gained confidence again because I knew somebody is actually out here, and that there are still people that care. The police also wanted to harass him as well, but he said he didn’t come for them that he came for us, the protesters.

The concluding part of the interview is online on our website www.businessday.ng as RINU ODUALA graces the cover of Women’s Hub Magazine for this week. You are just a click away!

BUSINESS DAY

Friday 23 October 2020

Health Business&Life ART seen as most efficient management of endometriosis, infertility ANTHONIA OBOKOH

is why it is important to do a comprehensive fertility assessment. When a patient has blocked tubes, then there is no point in waiting, the patient needs to go for IVF. “Also, when there is a male factor that is already compromised. There is no point waiting at all. If the woman is over 38 years, when other treatments have failed and when the endo is on stages III and IV, then you do not need to wait any longer, you have to go for IVF, because IVF is the main treatment for endometriosis and infertility.” “We have also seen reduced ovarian, which may be related to the endometrioma. “There is no doubt ART represents the most efficient and successful management of endometriosis and infertility. When we have a patient who has endometriosis, associated with infertility, the first thing we do is the comprehensive

fertility assessment, which involves semen parameters, ovarian reserve, tubal status and uterine cavity assessment. “There are so many controversies when discussing endometriosis with infertility, but one thing everybody agrees on is that in fertile women with endometriosis, clinicians should not prescribe hormonal treatment for suppression of ovarian function to improve fertility,” he said. The way forward, according to Abayomi, who spoke on ‘Endometriosis and infertility’ said it is important to individualize treatment based on symptoms. “We do not treat lesions, we treat patients, we treat symptoms and also when there is infertility, IVF can be used in all stages of endometriosis, preferably as the first option and six to 12 months after surgery.” he said. The gynecologist advised that repeated surgery should

be avoided as much as possible stating that counseling is very important as cycle cancellation is more common and multiple cycles may be needed. “Avoid endometriomas at OPU to reduce risk of pelvic infection,” he said. In the same vein, a gynecologist, Olarik Musigavong, chairman Subcommittee continuing professional development at the Royal Thai College of Obstetricians and gynecologists, speaking on Management of Endometriosis: To Remove or Not to Remove; said endometriosis should be viewed as a chronic disease that requires a life – long management plan with the goal of maximizing the use of medical treatment and avoiding repeated surgical procedures. Note: The rest of this article continues in the online edition of Business Day @https:// businessdayonline.com/

Telemedicine will be a big boom in Africa in the next 5 years - Experts Anthonia Obokoh AND Godsgift Onyedinefu. Abuja

xperts in public health have urged African countries to begin early investments in digital health, disclosing that telemedicine will be the next big boom in the continent in the next five to eight years. Amit Thakker, President, Africa Healthcare Federation (AHF), stated that there is a bulge looking to enter digital space in the health care and adviced governments and policy makers to move quickly to absorb them, so as to stimulate the right growth at the right time that will also lead to entrepreneurship in the youthful population. Thakker spoke at a virtual Workshop on “The Key role of a “healthy” Health Sector in Sustainable Economic Development” organized by Omnia Health Lice Africa. While sharing experiences of Kenya on telemedicine, Thakker disclosed that outpatient consultation has grown by 17 percent in the last 6 months and is projected to grow by 60 percent by next year. He also disclosed that Kenya have developed a new law known as the Health Act, to

Kwara commences statewide free surgical intervention SIKIRAT SHEHU, Ilorin

ith endometriosis causing infertility in up to 50 percent of women affected by the condition and making it harder for women to get pregnant; global experts in the world of gynecology, says that assisted reproductive technology (ART) is the main treatment for women with endometriosisassociated infertility who want to get pregnant. Gynecologists, at the second part of a two-day international conference on Endometriosis, held on the 10th of October, 2020 with the Themed: ‘Recent Advancements In Endometriosis Diagnosis and Management’ organized by the African Endometriosis Awareness Support Group, in conjunction with the Society of Gynecology and Obstetrics of Nigeria (SOGON), said there is no doubt ART represents the most efficient and successful management of endometriosis and infertility. Abayomi Ajayi, chief executive officer (CEO) of Nordica Fertility Centre said ART is highly recommended for patients who have infertility and Endometriosis especially when the patient’s tubal function is compromised and the patient is above 38 years. According to Ajayi, the decision to do In vitro fertilization (IVF) is easier in the presence of the following when the tubal function is compromised. That

prevent counterfeit telemedicine providers and counterfeit tele health organisation who might want to take advantage of the situation. The president said Kenya is willing to share it with other African countries. He urged other African countries to take a cue from the country. “We can learn and share from each other in Africa, Africans can learn from Africans, not necessarily abroad, we don’t necessarily need to travel. “I believe that investment in digital health is a great option. It is not only telemedicine and telehealth, but there are many remote patient monitoring tools, there will be things to do around data analytics and AI related needs that we have,” he said. Thakker also informed that Public Private Partnership will be instrumental in driving the needed investment in the sector, change the demographics, life expectancy and Socio-Economic growth, but decried trust deficit which he said needs to be addressed. Osagie Ehanire, Nigeria’s minister of health, also speaking, noted that the private sector partnership has been very instrumental in Nigeria’s health care space, especially during www.businessday.ng

the pandemic. According to him, the most significant involvement is in the establishment of National emergency medical Ambulance system, NEMSAS; the first national Ambulance service to respond to medical emergencies, to reduce lives lost in emergencies by 50 percent The minister said there are still more avenues to work with the private sector in strengthening health care. Olusoji Adeyi, senior advisor for Human Development, World Bank, on his part spoke on the need for countries to make strategic investment through joint ventures with the private sector on local manufacturing following lessons from the COVID-19 pandemic and the disruptions in global supply chains. There is pressure on the global supply chain and addressing it will require practical local production of those critical equipment and supplies, expansion of existing capacities, development of new production sources, understanding the supply constraint and intensifying suppliers to enhance the supply using working capital or other forms of debt financing. “Covid has reinforced that pandemic prevention and response are national security

matters. So, perhaps what we are looking at is the solutions that are purely in the private sector, the role of the government is in making it simpler to do business.” He disclosed that the biggest constraint to local manufacturing of medical supplies and equipment in the continent is failure to get quality certification, because local manufacturers have not been able to attract domestic or foreign capital. “It is not farfetched for a government to team up, perhaps at sub regional level, with industries to invest in the product ion of these services to attain a certain international quality standard “If they are willing to do that, it opens up opportunity for people to crowd in investors and investment form outside the continent itself.” In addition to production, Adeyi said there is also need to create a supply chain and storage hub in the region.” Therefore it will make sense to have a certain degree of what I will call strategic redundancy in the supply chain, so that in the event of a catastrophic or near catastrophic outbreak, you only need to cross borders within the African region instead of crossing the pacific to get what you need.”

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he Kwara State Government has commenced the Statewide Free Surgical Intervention for members of the public with various forms of ailments that are amenable to surgical intervention in the state. The free surgical intervention was flagged-off at the Afon General Hospital in Asa local Government Area of the state by the state Governor, Abdulrahman Abdulrazaq. Speaking at the first surgical outing to herald the commencement of the project, the Governor reassured members of the community of his commitment to health care of all and sundry through implementation of life saving interventions, infrastructural rehabilitation, recruitment and sustenance of a highly committed health work force for the state. He further stated that apart from the ongoing surgical intervention, the state will soon commence the distribution of long lasting insecticide treated Nets which shall be distributed from house to house across all the 16 local Government areas of the state. In his welcome address, Raji Abdulrazaq, the Commissioner for health high-

lighted the various categories of surgical interventions in the exercise to include removal of lumps, abnormal growths, groin swellings and eye surgery for visual restoration for both sexes and across all age brackets. He also explained that over 1,000 people across all the 16 LGAs in the state are expected to benefit from both the surgical intervention and glasses which has also been planned to be undertaken within the communities. The Commissioner likened the strategy adopted for the exercise to that used during the Breast and Cervical cancer screening which was brought to the door steps of beneficiaries just before the out break of COVID-19 in February 2020. He added that the people of Asa Local Government should ensure they sustain their unflinching cooperation with the government and administration Abdulrahman Abdulrazaq through whom many noteworthy developments shall be unravelled for the communities. Hanafi Kola, the Daudu of Afon, appreciated the peoples’ Governor for considering his community worthy of this kind of life- changing health care intervention. He further prayed to God to grant him success and enable him to deliver on his promises.

Plant based diets can address non-communicable diseases prevalence – Experts Josephine Okojie

n a bid to address the increasing prevalence of preventable lifestyle-related non-communicable diseases (NCDs), experts have called for the consumption of whole food – plant based diets to potentially reverse the trends. According to them, research studies have clearly pointed that a diet that minimizes or completely eliminates animal products proved to potentially reverse non- communicable diseases such as obesity and diabetes. The experts spoke at a recent Nutrition and Wellness Virtual Summit, organized by Healthucate Global with the theme ‘Nutrition and Innovation for a World without Noncommunicable Diseases.’ Neal Barnard, an adjunct professor of Medicine at the George Washington University, Washington, United States in his keynote address shared research studies showing reversing results among diabetes and obesity patients who consumed only plant based diets. Barnard, himself had coordinated a research team that carried out groundbreaking research which led to profiling type2 diabetes as a potentially reversible disease. He shared the novel Lifestyle Heart Trial research by Dean Ornish in 1990 where he reversed heart diseases with lifestyle interventions @Businessdayng

including a vegan diet without meat, milk and eggs. Speaking also, Patrick Ijewere, medical director of the Carib Health Group and the Nutrition and Wellness Hospital, emphasized the importance of supplementing our diets in order to get the nutrients our cells require to function optimally. “We need to choose our supplements carefully and ideally from plant-based sources,” he said. He explained that all supplements or vitamin tablets are not equal, and that synthetic micronutrients are not absorbed in the same way as micronutrients gotten from plants. In a panel discussion on ‘Nutrition Care in Hospitals for the Prevention and Reversal of Disease’ Motunrayo Oduneye, a registered dietician, and the assistant chief dietician at the dietetics department of the University College Hospital said that UCH is doing so much to promote nutrition care in the management of various cases. She shared her experiences in helping patients recover from ailments and diseases. In the second panel discussion, Yami Carzlola-Lancaster, a plant-based paediatrician based in Washington, DC talked on issues around child nutrition and how prevention begins in the womb in addition to the impact of pediatric nutrition on the development of cardiovascular diseases. She shared a lot of valuable points on how to raise children who love to eat healthily.

Friday 23 October 2020

BUSINESS DAY

ENTERTAINMENT

‘We need to create standard industry that develops, celebrates music talents at home’ ANDERSON OBIAGWU is the founder of African Muzik Magazine Awards (AFRIMMA), as well as, Big A Entertainment. Over a decade, Obiagwu, who is popularly called ‘Big A’, has worked tirelessly to create a thriving diaspora entertainment brand and crossing borders through, especially with his annual award ceremony, entertainment tours and events. In this interview, the Dallas-based music entrepreneur unveils to OBINNA EMELIKE, the preparation for the 2020 AFRIMMA, which is holding virtually, efforts at promoting home-based African artistes in the US, need for a standardized industry among other issues.

ow has your journe y in t h e e n t e rtainment industry been Entertainment has always been my passion, though I started with healthcare because it is one of the easiest jobs to get in the United States of America, where I have lived for over 20 years. In terms of building my entertainment vision, it took me more time developing the brand outside my home country because I took a new culture to a different setting. Again, your attention is on your target when building your company. The fanfare, media and public recognition will always come later. What are the plans for AFRIMMA 2020? AFRIMMA Festival and Awards 2020 will be a virtual event, and because of the pandemic, the dynamics of how we see the world is shifting. The award remains a true vision of African sounds and culture. We will continue to succeed as we have done consistently over the last six years. At the moment, we are working very hard to prepare for this year’s edition. Our theme is “Bringing Africa into the World”, basically letting the world see more of our rich culture and hear our sounds. Are you partnering the city of Dallas, and did the huge Nigerian community there influence the decision? AFRIMMA Awards is African and not a Nigerian community ideology. It is not aimed at an African country, but for One Africa. What we are trying to do here is to sell our culture and get our imprint here. What we have is a special bond with the city of Dallas. We welcomed their officials to our first outing years ago and they loved it. Dallas is a city of diversity and they welcomed AFRIMMA like their own. Do you support the notion of partnerships in the entertainment industry? Yes, partnerships are very important. You have

Anderson Obiagwu

to climb a ladder held by someone for a better balance to get to the top. Partnerships and collaborations are always crucial for greater levels; I think it is imperative that people understand that in the industry. You cannot do it all. We have been celebrating Burna Boy’s new album for a couple of weeks now, look at Diddy, the executive producers, his mother, and some artistes such as Chris Martin and Sauti Sol whose efforts have made the album more worthwhile. Could Burna do it alone? Yes, he could have, but see what the strength of his partnerships has brought to him. As a record label owner, why is music royalty a big problem in Nigeria? Music royalty is a major issue in Nigeria, and the industry is facing a structural deficit. How do musicians get royalties for music when the regulatory bodies in the industry battle among www.businessday.ng

themselves? For the artistes, it is necessary to get them paid for their talent, time and efforts. When we fix these problems, things will get better. How much do you think that the industry is contributing to the country’s GDP? At least 70 percent of the world ‘s top African artistes are Nigerians, who get paid for tours, appearances and strong streaming figures. They fend for themselves and develop their brands without any government assistance. The Nigerian entertainment industry is estimated to worth millions of dollars. With great government support, the contribution to the nation’s GDP would do wonders for our economy, yet we are here. Look at industry statistics from career, innovation to earnings projections. In the US, entertainment is one of the greatest contri-

butions to the country’s economy. Let us hope that the Nigerian government will pay more attention to the industry in the coming years. What are the challenges of Big A Entertainment in promoting African artistes in the US? The big challenge we face is sponsorship, most companies here in the U.S. are not familiar with our culture and modus operandi, especially when I started years ago compared to those in Nigeria who understand the market better. The positive thing about time is that it changes with each passing day, now the discussions about collaborations and sponsorships are much easier to start, even though getting them still proves very difficult. I believe it will get better. How best can the industry fight piracy, are streaming services of any help? The law on piracy needs to be enforced because it often seems like a lawless environment. When certain regulatory bodies are not appropriate in their actions, piracy will soar. What is the result from the endless dialogue with industry stakeholders? It still comes down to structural issues, the government is still not supporting the music industry, there is sheer disrespect for legality among other issues. How many pirates have paid for the theft of these materials? When there is no accountability, we stay on level 0, and there will be limitations to growth. What are your hopes for the music industry, especially from a business perspective? Nigeria has a tremendous pool of talent, and that is why it is important that we create a standardized industry that celebrates and develops their own at home. Get our system right, ranging from music royalties to credible partnerships, value legitimate contracts and build industry stimulating businesses.

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Pidgin English now approved as Non-English recoding dialogue for Oscars submission

he Nigeria Official Selection Committee (NOSC), for the Academy Awards® IFF Submissions, previously known as the Nigeria Oscars Selection Committee, chaired by Chineze Anyaene-Abonyi, a filmmaker, has announced the approval of Pidgin English by the Academy as a non-English (Foreign language) recording dialogue in films. As with every submission in the International Feature Category this year, the minutes and percentage of all individual languages in the countryselected film will be required by the Academy. In addition, this is in line with the Academy’s rule and definition of an international film as “a feature film with a predominantly (more than 50 percent) non-English dialogue track”. Anyaene confirmed that the request for approval started in December 2019, after which she visited the Academy’s office in Los Angeles in February 2020 following a meeting scheduled between herself and representatives of the International Feature Film (IFF) executives. She added that the outcome of that meeting was wider consultation with the IFF executives; ensuring approval is benchmarked

and consistent with their screening matrix. Anyaene has then been having a series of conversations with the Academy to secure quicker approval as the 93rd Oscars award was already knocking. This was a major concern for her and the recall of the NOSC 2019 submission of ‘LionHeart’, which was disqualified primarily for not satisfying the language requirement. “This approval as secured by the NOSC is a new feat for the industry and It is untrue if any other individual or entity claims such achievement as this is beyond mere writing to the Academy without knowing the approval intricacies”, she ended.

The Next Titan season 7, unveils 16 finalists for the entrepreneurial reality TV show

roducers of The Next Titan Nigeria (TNT), has unveiled the 16 finalists to participate in the 10 weeks in-house competition for the season seven of the entrepreneurial reality television show. The show, which first premiered in 2013 has been influencing young Nigerians to embrace entrepreneurship as a viable career option considering the rate of unemployment. Mide Kunle-Akinlaja, the executive producer of TNT, said past winners of the show have created jobs while other participants who did not win the prizes have turned their lessons on the show into sustainable businesses. Kunle-Akinlaja opined that aside from the entertainment aspect of the 10week competition show, its main importance lies in igniting entrepreneurial spirit and showcasing the possibility of entrepreneurship in transforming lives. “The show is a big contributor to the socio-economic development of our country by scouting for young talented people who have entrepreneurial @Businessdayng

acumens, grooming them through rigorous tasks, boardroom process, mentorship, and eventually funding winner’s idea leading to an opportunity to create jobs for themselves and others,” Kunle-Akinlaja said. According to him, the Next Titan being on national television has on yearly basis impacted on the generality of other young people and viewers who have shared their testimonies regarding the programme causing a shift in their mind-sets to moving from “Jobs -Seekers to Jobs-Providers”. “Though The Next Titan Show is delivered through an exciting entertainment vehicle but its primary purpose is to change the mind-set of the people and by awakening the entrepreneurial spirits of audacity and creativity of young Nigerians thereby accepting responsibility of being masters of their own destiny,” said Kunle-Akinlaja. Ifie Sekibo, MD/CEO, Heritage Bank Plc, the headline sponsor of the TNT show, said the bank is on the lookout to support small businesses to grow and be impactful.

Friday 23 October 2020

BUSINESS DAY

Hotels

Obudu Mountain Resort: Nigeria’s foremost destination, bounces back Obinna Emelike

t a public function in Calabar, sometime ago, Ben Ayade, governor of Cross River State, assured of his administration’s determination to revamp and strategically market the Obudu Mountain Resort to global tourists once again. The assurance was wellreceived by many tourism stakeholders who have severally decried the moribund state of the once-thriving resort and the pride of Nigerian tourism at its peak, some years ago. Due to poor management, inability to sustained fierce marketing campaigns, bad road network, poor air connectivity, insecurity among other challenges, the resort lost its market share of visitors to other competitive destinations within and outside the country, especially Dubai. It would be recalled that at its peak, Obudu Mountain Resort grew in quality offerings and visitations to become the best destination in Nigeria, and also competed with destinations, which many Nigerian holiday makers hitherto visit abroad for vacation. However, the resort did not lose much over the period of low visitation. The natural attractions and appeals, which are the main reasons to visit, still lure adventure seekers. The unrivaled and serene environment, the rare wildlife, the breathtaking landscape, waterfall, close encounter with the cloud and heaven, Holy Mountain, the ranch, the hospitable host community, among other wonders are still intact. With nature taking care of itself, the government of Cross River swooped into action to restore the man-made attractions and reignite the effortless marriage of nature and man at the resort once again. So far, the restoration efforts have yielded fruits. At present, the resort is shining again with revamped world class facilities. The gym, game house, steak house, lawn tennis club, restaurant and bar are all wearing new looks. Signature attractions such as the water park, the canopy walkway and the Grotto have been restored for optimal relaxation offerings. Yet, the cable car, which the first in the country, is set to roll again after its recent restoration. Once again, visitors will be glad to see nature from the bird’s eye view, photograph and record rare excitement

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while onboard the cable car. The resort is also offering new thrills to visitors, especially the Grott. It is a mini waterfall with a pool, but unlike the natural pool, the grotto has been modified a little now to allow the water to accumulate at its bed, forming a deep pool for breathtaking swimming experience and water fun. Another thrill is that lovers of nature can now acquire land at the resort to build homes close to nature. Of course, accommodation facilities including the exotic mountains villas and offices have all been given facelift. At present, the 165 rooms and suites in the resort are revamped for maximum comfort of the guests. Power, street lights, intercom and Wifi services are fully back. Considering the restoration, the ranch is now witnessing high patronage, evident with the 165 rooms that are always fully occupied. The development is exciting to tourism stakeholders, the Cross River State government and, especially to Bobby Ekpenyong, special adviser to the Cross River State Governor on Obudu Mountain Resort. Ekpenyong, who had relocated to Obudu since his appointment, is happy to see the ranch rebound in his time, with the support of the governor and him team.

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At the Naija Seven Wonders webinar session, organised recently by Ikechi Uko, CEO, Akwaaba Africa Travel Market, the excited special adviser took time to explain the rationale for the restoration and determination to sustain the success achieved so far at the resort. For him, the restoration was aimed at creating a rebirth perception, giving the resort a global destination appeal, and ultimately, to attract more visitors, and impact the local and state economies. “We have a complete turnaround at the Obudu Mountain Resort. All that you used to know about the resort are up again including; the tour sites, the grotto, Holy Mountain, the water parks and the canopy walk way. We have also brought the cable car back to life”, Ekpenyong disclosed at the webinar. Speaking further, he assured that everything is perfectly in order, including accommodation offerings across the Mountain Villa, and the Presidential Villa, as well as, the beautification of the resort. “We are doing everything to ensure that this festive season our guest will have maximum time at the resort”, he assured. On the issues of bad road and epileptic power supply, the special adviser noted that the roads are better now with efforts at fixing the bad

adjourning roads to the resort despite the fact that they are federal roads. He disclosed that the Enugu-Ebonyi route to the resort is good, Calabar route and Benue route, for people coming from Abuja, are getting better with ongoing improvements, while air connections are better using the Margaret Ekpo International Airport, Calabar and Bebi Airstrip near the resort. Again, the state government is bringing a foreign power company to install wind turbine as an independent and alternative source of electricity and to ensure constant power supply at the resort. In his remarks at the Naija Seven Wonders webinar on the resort, Ikechi Uko, the organiser of the virtual event, commended the state government for the sustained efforts and huge investment in infrastructure and manpower that have restored the resort to its past glory. But he advised that more efforts should be made at marketing the resort to global visitors and refreshing the offerings constantly, while collaborations with Nigerian tour operators, media, airlines and other stakeholders are imperative going forward. Beyond the restoration and improved facilities, Ekpeyong noted that Obudu Mountain Resort is worth visiting because of the assured security, as the state has very low crime rate, as well as, has recorded minimal cases of the coronavirus pandemic spread. Now that Obudu is back, the government and people of Cross River State are urging for more visitations by all to enjoy the rich natural vegetation, picturesque views and world class facilities at the resort. Obudu awaits your visit, any day and all seasons to fete you with unrivaled nature.

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Friday 23 October 2020

BUSINESS DAY

Sports #EndSARS: Football stars, Joshua condemn attacks on unarmed protesters Stories by Anthony Nlebem

anchester United star Odion Ighalo has become one of the latest Nigerian football players to voice his support for protests against police brutality in Nigeria. In a video on Twitter, the Nigerian striker called his country’s government “a shame to the world”. Ighalo, who has won 35 caps for Nigeria’s national football team, said in his statement that he could not “stay silent anymore”. “I am ashamed of this government, we are tired of you guys and we can’t take this anymore,” he added. This comes amid re-

ports that several people have been shot dead and wounded during demonstrations in Nigeria’s biggest city, Lagos. Lagos State government officials denied there were any deaths and have prom-

ised an investigation. The former Super Eagles forward who was an unused substitute in Manchester United’s 2-1 Champions League victory over Paris Saint-Germain at Parc des Princes.

“I’m not the kind of guy who talks about politics, but I can’t keep quiet anymore for what is going on back home in Nigeria,” Ighalo said in a video tagged ‘Pray for Nigeria’ on Twitter. “I would say the Nigerian government is a shame to the world for killing your own citizens, sending the military to kill unarmed protesters because they are protesting for their own rights? It’s uncalled for. “Today, the 20th of October, 2020, you people will be remembered in history as the first government to send the military to the city to start killing your own citizens. “I am ashamed of this government, we are tired of you guys and we can’t take this anymore.” Ighalo also called on the United Nations, the UK, and world leaders to come to the aid of citizens

in Nigeria “ I’m calling the UK government and all those leaders in the world to see what is going on in Nigeria and help the poor citizens. The government is killing their own citizens,” he continued. “We are calling you guys in the United Nations (UN) to look at this matter. I want to tell my brothers and sisters back home to remain safe, be indoor and please don’t come out because the government are killers and they will keep killing if the world doesn’t talk about this. God bless you all and remain safe. One Nigeria, we move!” Also, British-Nigerian boxer Anthony Joshua said he was exploring donations to support local hospitals and provide food packages. “This was never a trend for me! It’s real life and I want to learn how to make lasting change,” he added. The Shanghai Shenhua loanee who has featured just once in the Premier League for Ole Gunnar Solskjaer’s men this season would be hoping to be in action when United welcome Frank Lampard’s Chelsea to Old Trafford on Saturday. Prior to Tuesday’s massacre, Super Eagles took a stand in support of the protests during the international break, where Super Eagles players formed a circle after Kelechi Iheanacho’s goal against Tunisia, took a knee and raised their fists in support of

the protest against police brutality. In another development, Leicester City powerhouse Wilfred Ndidi stood up with a raised first during the Foxes’ Premier League home loss to Aston Villa last weekend. Victor Osimhen after he scored his first goal in the Serie A for Napoli, displayed a shirt with the #EndSARS and #EndPoliceBrutalityInNigeria hashtags used by the protesters. Simeon “Simy” Nwankwo did the same after scoring for Crotone in their 1-1 draw with Juventus. Nwankwo told ESPN that he has also suffered some of the harassment that has led to the nationwide protest. “I have been stopped (by police) many times,” he alleged. “Just because they look into the car and see a young boy they feel like [shouldn’t be] driving a car and dressing good. “They pull you by the side and start searching the car like you are a criminal. “We are here doing a lot of sacrifices trying to make ends meet like any other Nigerian. Then, when you come home to your country to rest you come outside and someone starts asking you questions. “And when you answer in a simple tone, they get aggressive to change the situation and take it to the angle they want to. Because at the end of the day they want to take money.”

Flying Eagles, Golden Eaglets face tough opposition on roads to Mauritania, Morocco

igeria’s U20 and U17 boys have been presented with tough tasks in the races for next year’s youth continental championships. At the Draws conducted on Tuesday, seven-time African champions, Flying Eagles of Nigeria were housed in the same Group B as Ghana’s Black Satellites and the Junior Elephants of Cote d’Ivoire for the WAFU B U20 Tournament taking place in the Republic of Togo 18th November – 2nd

December. Hosts Togo, Niger Republic, Benin Republic and Burkina Faso will battle it out in Group A of the tournament, from which the champion team will qualify to represent the zone at the 2021 U20 Africa Cup of Nations that will hold in Mauritania. Also, WAFU B secretariat made the draw for the WAFU B U17 Tournament holding in Benin Republic in December. Nigeria’s Golden Eaglets, www.businessday.ng

champions of Africa in 2001 and 2007, and five-time world champions, will contend with the Black Starlets of Ghana and the Baby Elephants of Cote d’Ivoire also in Group B. The tournament holds 5th – 20th December. Group A has hosts Benin Republic, Niger Republic, Burkina Faso and Togo. The winner of the tournament will represent the zone at the 2021 U17 Africa Cup of Nations that will take place in Morocco in the month of March. https://www.facebook.com/businessdayng

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Friday 23 October 2020

BUSINESS DAY

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Friday 23 October 2020

BUSINESS DAY

BUSINESS SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

Nigerian receives int’l leadership excellence award in skills, innovation in science, technology UDOKA AGWU, Umuahia

zoma Onyema, the National Coordinator of Foundation for Creativity in A g r i c u l t u re, S c i e n c e a n d Te c h n o l o g y ( F O C A S T ) , a non-governmental organization based in Abuja, with branch offices in Umuahia, and Lagos, has received a Special Award for leadership and excellence from the International Society for Innovation and Advanced Skills, Toronto, Canada. This honour was bestowed on Onyema on September 30, 2020, in recognition of his contributions as an International Committee M e m b e r o f t h e re c e n t l y held global inventions competition in Toronto, Canada. T h e a w a r d , w h i c h a cknowledges the contributions of Foundation for Creativity in Agr iculture, S c i e n c e a n d Te c h n o l o g y (FOCAST) in promoting innovation, creativity and inventiveness among students and youth in Nigeria, is coming on the heels of laurels won by Nigerian students at an international invention fair held in Sing a p o r e e a r l i e r t h i s y e a r, tagged Asian Invent 2020. Nig er ia’s par ticipation at the international event was facilitated and coordinated by Foundation for Creativity in Agriculture, Science and Technology (FOCAST).

FOCAST is an NGO that is committed to promoting creativity and innovativeness among Nigerian students; and inspiring youth interest in research and d e v e l o p m e n t . T h e Fo u n dation identifies young Nigerians with creative and innovative skills and talents, grooms them, and showcases them to the word through international creativity competitions and exhibitions. This promotes re p u t a t i o n a n d i m a g e o f the country, and provides the youngsters with opportunities to excel at an international level.

To prepare students for such international events, a n d u l t i m a t e l y t o g ro o m them for excellence in the study of the sciences, agriculture and technology, FOCAST holds summer camps every year. The FOC AST Summer Camp is a super vised program for secondary school students’ that trains the students on c re at i v i t y a n d i nve nt i veness using the ProjectBased Learning (PBL) approach. Project-Based Learning (PBL), according to FOCAST, is a teaching method in which students learn

by actively engaging in real-world and personally meaningful projects. FOCAST also trains teachers to make learning come alive for students. Through P r o j e c t- B a s e d L e a r n i n g , FOCAST trains students t o w o r k o n p ro j e c t s t h a t engage them in solving a real-world problem. As they learn, students are groomed to demonstrate their knowledge and skills through presentations before large audiences. The result is that students develop deep content knowledge as well as critical thinking, collaboration, creativity, and

communication skills. FOCAST is affiliated with international organizations in Europe, Asia and North America that promote Project-Based Learning (PBL) for effective and result-oriented teaching and learning of agriculture, science and technology; and promotion of youth interest in research and creativity. FOCAST draws on intellectual capacity-building resources and exchange programs with her affiliates and partner organizations across the world, to keep up-to-date with international best practices in research and development. Parents are encouraged to take advantage of the FOCAST Summer Camp training program to groom their children to develop skills of creativity and innovativeness, as well as, of research and development. These summer camp programs are held in central lo cations in cities across the country during the long vacation periods. Besides the summer ca m p p ro g ra m s, F O C A S T assists secondar y schools to implement the Projectbased learning (PBL) model as a regular tuition method for the teaching and learning of agriculture, technology, and the sciences. The private sector is encouraged to complement the efforts of government to promote effective science and technology education in the country.

Enugu High Court orders fresh service on Ugwuanyi’s inquiry panel on land dispute REGIS ANUKWUOJI, Enugu

n Enugu gigh court has ordered a fresh service on Governor Ifeanyi’s administrative panel of inquir y to look into a land dispute in Ugwuaji community, Enugu South Local Government Area of the state. The court also granted a n o rd e r o f su b s t i tu t e d service of the originating processes and other processes on the first to sixth respondents by pasting the same at the front door of the entrance of the venue of their sitting at Room 2A, Abuja Building, Government House, Enugu. The court further granted an order for substituted

service of the originating processes on the state governor through the office of the Attorney General of the state and adjourned until Oct. 12, 2020 for hearing in the motion on notice. Applicants in the suit No. E / 4 6 4 M / 2 0 2 0 a re : Paul Anike and Chinenye Maduekwe while the respondents include the six members of the panel, who are: James Ikeyi, Godwin Ug w u o k e , D a n i e l N w a chukwu, Godwin Ishiwu, Chudi Ozokolo and Robinson Odo being the first to sixth respondents; while the Governor and the Att o r n e y G e n e r a l a re t h e seventh and eight respondents respectively. However, when the matter was called up, the first respondent and chairman of the panel who appeared

i n p e r s o n , C h i e f Ja m e s Ikeyi (SAN) told the court that the panel had not been served. Ikeyi said that he got to know about the matter through the governor who called him on phone. He said that the address where the court ordered the processes to be served on them was wrong as the panel had not started sitting as at the date the order was made. He how ever, said that they recently got an approval to sit at the Ju s t i c e U m e z u l i k e Ha l l inside the court premises. “As at the date the order was made, we had not got approval for sitting accomm o d a t i o n . T h e a d d re s s given to my Lord by the applicants is wrong. We appeal to be served in order to make our defense,”

Okeyi said. H o w e v e r, c o u n s e l t o the applicants, Anthony Anaenugwu (SAN) told the court that he had proof that all the respondents had been duly served with the processes. “ T h e p ro c e s s e s w e re served in the place provided by the state government in their public service announcement for submission of memoranda. To say that they were not served makes nonsense of the order of the court. Are we throwing out substituted s e r v i c e ? T h e p ro c e s s e s were served in accordance with the rules and orders of the court and if the government wants to play ga m e s w i t h my l e a r n e d fr iend, that is his business,” he said. In his ruling, Aja said

t hat t h e s e r v i c e w a s i n order as it was done in compliance with what was contained in Exhibit (i). He however, said that any such process should be in the knowledge of the respondents. The judge ordered that the processes be served on the first to sixth respondents again at the venue provided by Ikeyi on or before Oct. 16, 2020. The matter was adjourned until Nov. 24 for mention. Re ca l l t hat t h e c ou r t presided over by Justice Cyprian Aja had on Sept. 2 9 , 2 0 2 0 re s t ra i n e d t h e panel from sitting and to stay actions relating to the issues of ownership and or boundaries of the disputed land between Ogui Nike community and Ugwuaji community.

Enugu to establish state university of education at Ihe REGIS ANUKWUOJI, Enugu

nugu State Governor, Ifeanyi Ugwuanyi has ordered for the immediate facilitation of a law that will formally establish the Enugu State University of Education at Ihe in Awgu local Government Area of the state. The Governor announced this after performing the groundbreaking ceremony of construction of a faculty building donated to the university by Ihe Shikeaguma Foundation, a US-based nongovernmental organization said that he is highly committed to the development of the project. Speaking on behalf of the governor, Uche Eze, the state commissioner for Education, said that the state Attorney General was busy working on the law; and that before long, the law will be in place. “His Excellency is so much committed to this project, which is his initiative,” he said. He praised the US-based Ihe Shikeaguma Foundation for donating the faculty building to the University, saying it shows the kind of collaboration that the people and government should have for speedy development of humanity. “The event that is happing today is an indication of a group of individuals who have that will to work for humanity, what is happing here today will not only benefit people from Ihe, or people from Awgu or Enugu, and Nigeria; rather it will benefit the entire humanity. This is centre which His Excellency initiated for the purpose of human development, every one of us knows that the greatest asset any nation has is its human capital,” he said. He called on the people of Ihe to provide security to the site for the protection of the materials meant for the ongoing projects so that the project would not be delayed as a result of vandalization. He pointed out the university of education Ihe is one of the major projects his Excellency would like to leave behind, haven realized the important of a university to rapid development of its environment saying that such corroboration of the foundation with the state government would within the next few years change Ihe community to a big city. Also, the board chairman of the University, Fidelia Njeze, a former Minister of Education, who spoke on the expected date of take-off, said that setting up a university involves some process and procedure which have to be concluded first. According to her, “the university is already ongoing. “Work started here last year. His Excellency was here just as he came today, to do the foundation laying. We already have the Administrative block ongoing, with the Senate building because the first step is to start the infrastructure development.” Njeze said the draft law of the UoE has been submitted to the state Attorney General for onward transmission to the state House of Assembly for passage; stating that once it is passed into law and gazetted it becomes a full-fledged university, with all the legal backing.

CONFIDENTIAL - MSG

BUSINESS DAY

Friday 23 October 2020 FMDQ Daily Quotations List

22-Oct-20

The FMDQ Daily Quotations List (DQL) contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute professional, financial or investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. We do not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the Information, neither do we accept liability for the results of any action taken on the basis of the information. Bonds Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

Maturity Date

TTM (Yrs)

Yield (%)

Closing Price

^16.39 27-JAN-2022

27-Jan-12

16.39

605.31

27-Jan-22

1.26

2.76

116.80

^12.75 27-APR-2023

27-Apr-18

12.75

735.96

27-Apr-23

2.51

2.93

123.63

^14.20 14-MAR-2024

14-Mar-14

14.20

719.99

14-Mar-24

3.39

3.05

135.70

13.53 23-MAR-2025

23-Mar-18

13.53

267.80

23-Mar-25

4.42

3.19

142.32

Benchmark Federal Government of Nigeria (FGN) Bonds

FEDERAL GOVERNMENT OF NIGERIA

^12.50 22-JAN-2026

22-Jan-16

12.50

739.65

22-Jan-26

5.25

3.30

144.01

^16.2884 17-MAR-2027

17-Mar-17

16.29

608.39

17-Mar-27

6.40

3.35

174.04

^13.98 23-FEB-2028

23-Feb-18

13.98

713.69

23-Feb-28

7.34

4.00

162.90

^14.55 26-APR-2029

26-Apr-19

14.55

667.39

26-Apr-29

8.51

3.91

176.40

9.75

4.17

146.33 170.44 178.79

^10.00 23-JUL-2030

23-Jul-10

10.00

591.57

23-Jul-30

^12.1493 18-JUL-2034

18-Jul-14

12.15

1075.92

18-Jul-34

13.74

5.00

^12.40 18-MAR-2036

18-Mar-16

12.40

668.10

18-Mar-36

15.40

5.00

^16.2499 18-APR-2037

18-Apr-17

16.2499

402.04

18-Apr-37

16.49

5.00

225.28

^14.80 26-APR-2049

26-Apr-19

14.80

876.41

26-Apr-49

28.51

6.85

199.05

FGN Sukuk FGN Roads Sukuk Company 1 PLC

16.47 FGNSK 26-SEP-2024

26-Sep-17

16.47

100.00

26-Sep-24

3.93

3.12

148.98

15.743 FGNSK 28-DEC-2025

28-Dec-18

15.74

100.00

28-Dec-25

5.18

3.28

158.94

11.20 FGNSK 16-JUN-2027

16-Jun-20

11.20

162.56

16-Jun-27

6.65

3.52

145.17

FGN Green Bond FEDERAL GOVERNMENT OF NIGERIA

Rating/Agency

Issuer

13.48 FGNGB 22-DEC-2022

22-Dec-17

13.48

10.69

22-Dec-22

2.17

2.88

122.09

14.50 FGNGB 13-JUN-2026

13-Jun-19

14.50

15.00

13-Jun-26

5.64

3.31

157.12

Description

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/ TTM (Yrs)

Risk Premium

Valuation Yield (%)

Modelled Price

105.86

Sub-National Bonds A+/GCR; Aa-/Agusto

LAGOS STATE GOVERNMENT

16.50 LAGOS 30-DEC-2023

30-Dec-16

16.50

42.62

30-Dec-23

1.85

9.84

12.68

LAGOS STATE GOVERNMENT

16.75 LAGOS IIA 11-AUG-2024

11-Aug-17

16.75

46.37

11-Aug-24

2.27

3.06

5.96

122.12

LAGOS STATE GOVERNMENT

17.25 LAGOS IIB 11-AUG-2027

11-Aug-17

17.25

38.77

11-Aug-27

4.89

8.56

11.81

119.30

Corporate Bonds BBB+/GCR; A-/Agusto

UNION BANK OF NIGERIA PLC

15.50 UNION I 3-SEP-2021

07-Sep-18

15.50

7.02

03-Sep-21

0.87

1.00

2.05

111.46

BBB+/GCR

FLOUR MILLS OF NIGERIA PLC

15.50 FLOURMILLS I 30-OCT-2021

01-Nov-18

15.50

10.11

30-Oct-21

1.02

1.00

2.38

113.17

BBB+/GCR

*FCMB LIMITED

14.25 FCMB I 20-NOV-2021

20-Nov-14

14.25

26.00

20-Nov-21

1.08

6.73

8.27

106.03

A-/GCR

FORTE OIL PLC

17.50 FORTE 2-DEC-2021

02-Dec-16

17.50

4.10

02-Dec-21

0.64

1.63

2.24

109.61 110.89

Aaa/Agusto; AA+/GCR

MIXTA REAL ESTATE PLC

17.00 MIXTA 16-JAN-2022

17-Jan-17

17.00

3.00

16-Jan-22

0.74

1.19

1.99

BBB-/GCR

FCMB LIMITED

17.25 FCMB III 8-DEC-2023

09-Dec-16

17.25

5.10

08-Dec-23

3.13

1.36

4.37

137.24

AA+/GCR

DANGOTE CEMENT PLC

12.50 DANGCEM I 30-APR-2025

24-Apr-20

12.50

100.00

30-Apr-25

4.52

2.84

6.04

125.25

BBB+/GCR; A-/Agusto

UNION BANK OF NIGERIA PLC

15.75 UNION II 3-SEP-2025

07-Sep-18

15.75

6.31

03-Sep-25

4.86

1.42

4.67

147.72

BBB-/GCR; Bbb/Agusto

WEMA FUNDING SPV PLC

16.50 WEMA FUNDING SPV II 12-OCT-2025

12-Oct-18

16.50

17.68

12-Oct-25

4.97

3.97

7.23

138.14 139.33

A+/Agusto

ACCESS BANK PLC

15.50 ACCESS BANK 23-JUL-2026

23-Jul-19

15.50

30.00

23-Jul-26

5.00

2.94

6.21

AAA/GCR

VIATHAN FUNDING PLC

16.00 VIATHAN 14-DEC-2027

15-Dec-17

16.00

9.67

14-Dec-27

4.35

1.00

4.18

145.67

BBB+/GCR; Bbb+/Agusto

UNION BANK OF NIGERIA PLC

16.20 UNION III 27-JUN-2029

27-Jun-19

16.20

30.00

27-Jun-29

8.68

3.35

7.29

156.50

AAA/GCR; A+/Agusto

*NMRC

14.90 NMRC I 29-JUL-2030

29-Jul-15

14.90

6.88

29-Jul-30

6.11

1.00

4.35

155.07

Aaa/Agusto; AAA/GCR

*NMRC

13.80 NMRC II 15-MAR-2033

21-May-18

13.80

10.39

15-Mar-33

8.10

1.00

4.94

157.12

AAA/GCR; Aaa/Agusto

NSP-SPV POWERCORP PLC

15.60 NSP-SPV GB 27-FEB-2034

27-Feb-19

15.60

8.50

27-Feb-34

13.35

1.56

6.48

180.67

African Development Bank

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

1.62

01-Feb-21

0.28

1.00

2.14

102.51

Issue Date

Coupon (%)

Outstanding Value ($’mm)

Maturity Date

TTM

Yield (%)

Closing Price

Supranational Bond Aaa/Moody's; AAA/S&P

Rating/Agency

Issuer

Description

FGN Eurobonds BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

28-Jan-11

6.75

500.00

28-Jan-21

0.27

4.50

100.55

B1/Moody's; B/S&P; B+/Fitch

5.625 27-JUN-2022

27-Jun-17

5.63

300.00

27-Jun-22

1.68

4.82

101.27

BB-/Fitch; BB-/S&P

6.375 JUL 12, 2023

12-Jul-13

6.375

500.00

12-Jul-23

2.72

5.02

103.40

B2/Moody's; B/S&P; B+/Fitch

7.625 21-NOV-2025

21-Nov-18

7.625

1118.35

21-Nov-25

5.08

6.53

104.66

6.50 NOV 28, 2027

28-Nov-17

6.500

1500.00

28-Nov-27

7.10

7.16

96.39

B2/Moody's; B/S&P; B+/Fitch

8.747 JAN 21, 2031

21-Nov-18

8.747

1000.00

21-Jan-31

10.25

8.24

103.44

B1/Moody's; B/S&P; B+/Fitch

7.875 16-FEB-2032

16-Feb-17

7.875

1500.00

16-Feb-32

11.33

8.36

B2/Moody's; B/S&P; B+/Fitch

7.625 NOV 28, 2047

28-Nov-17

7.625

1500.00

28-Nov-47

27.12

8.53

90.48 101.25

B2/Moody's; B/S&P; B+/Fitch

FEDERAL GOVERNMENT OF NIGERIA

B2/Moody's; B/S&P; B+/Fitch

Rating/Agency

Issuer

96.50

9.248 JAN 21, 2049

21-Nov-18

9.248

750.00

21-Jan-49

28.27

9.12

Description

Issue Date

Issue Yield (%)

Outstanding Value (₦’bn)

Maturity Date

Days to Maturity

Risk Premium

Commercial Papers

Valuation Yield (%)

Discount Rate (%)

A2GCR

FLOUR MILLS OF NIGERIA PLC

FMON CP XIII 26-OCT-20

27-Apr-20

6.75

10.00

26-Oct-20

3.96

4.36

A1+GCR; Aa2.ng/Moody's

DANGOTE CEMENT PLC

DANC CP XV 12-NOV-20

21-May-20

5.00

34.00

12-Nov-20

2.42

2.82

Aa-Agusto; A1+/GCR

NIGERIAN BREWERIES PLC

NBRP CP VIII 8-JAN-21

15-Apr-20

7.00

24.33

08-Jan-21

3.25

3.64

3.61

A3GCR

MIXTA REAL ESTATE PLC

MREP CP XXIII 18-FEB-21

28-May-20

9.00

1.24

18-Feb-21

119

5.93

6.31

6.19

A1+GCR; Aa/Agusto

MTN NIGERIA COMMUNICATION PLC

MTNN CP II 5-MAR-21

08-Jun-20

5.95

80.00

05-Mar-21

134

2.89

3.26

3.22

A-Agusto

GUINNESS NIGERIA

GUNG CP II 19-MAR-21

22-Jun-20

6.50

2.50

19-Mar-21

148

3.44

3.80

3.74

CSPL CP I 21-MAY-21

24-Aug-20

7.00

5.00

21-May-21

211

4.91

5.40

5.24

Tenor

Rate ($/₦)

Tenor

Rate ($/₦)

379.00

A3GCR; Bbb-/Agusto

CARDINALSTONE PARTNERS LIMITED

Days to Maturity

Maturity

Closing Rate (%)

Yield (%)

12-Nov-20

0.40

##CBN Official Rate

31-Dec-20

0.40

CBN SMIS Window

380.69

403.06

14-Jan-21

0.40

I&E FX Window

386.00

12M

420.09

112

11-Feb-21

0.60

Tenor

Currency Spot

Benchmark Nigerian Treasury Bills

CBN OTC FX FUTURES 394.55

Currency Forwards

140

11-Mar-21

0.62

386.83

189

29-Apr-21

0.33

387.61

Rate (%)

203

13-May-21

0.25

388.35

OBB

0.67

231

10-Jun-21

0.34

390.95

O/N

1.33

252

1-Jul-21

0.41

397.58

308

26-Aug-21

0.65

322

9-Sep-21

0.73

3-Nov-20

0.50

1-Dec-20

0.50

5-Jan-21

0.50

103

2-Feb-21

0.50

Money Market

Benchmark Open Market Operation Bills

131

2-Mar-21

201

11-May-21

0.60

229

8-Jun-21

2.15

2.18

292

10-Aug-21

2.60

2.66

320

7-Sep-21

2.80

2.87

Fund Manager

Funds Net Asset Value (₦’bn)

Valuation Date

Units in Issue

Net Asset Value Per Unit

Bid Price (₦)

Offer Price (₦)

Yield (%)

No. of Units Redeemed

Cordros Money Market Fund

Cordros Asset Management Limited

9.61

21-Oct-20

96,111,889.00

100.00

2.84

115,498.00

99,884,502.00

First Ally Asset Management Money Market Fund

First Ally Asset Management Limited

0.72

21-Oct-20

1,500,000,000.00

0.48

1.00

2.23

0.00

1,500,000,000.00

FSDH Treasury Bills Money Market Fund

FSDH Asset Management Limited

9.73

21-Oct-20

97,283,986.00

100.00

3.46

0.00

500,000,000.00

Greenwich Plus Money Market Fund

Greenwich Asset Management Limited

6.77

21-Oct-20

64,772,167.00

104.47

100.00

2.96

2,021,220.00

62,750,947.00

SFS Fixed Income Fund

SFS Capital Nigeria Limited

5.17

21-Oct-20

5,149,408,097.00

1.00

7.48

0.00

10,000,000,000.00

Stanbic IBTC Bond Fund

Stanbic IBTC Asset Management Limited

127.38

19-Oct-20

571,368,515.00

222.93

N/A

0.00

1,000,000,000.00

Stanbic IBTC Money Market Fund

Stanbic IBTC Asset Management Limited

325.29

19-Oct-20

325,290,634,115.00

1.00

2.78

551,236,452.00

324,739,397,663.00

Net Asset Value ($’bn)

Valuation Date

Units in Issue

Net Asset Value Per Unit

Bid Price ($)

Offer Price ($)

Yield (%)

No. of Units Redeemed

No. of Units Outstanding

0.28

19-Oct-20

231,862,825.00

1.21

N/A

0.00

400,000,000.00

No. of Units Outstanding

Fund Name

Fund Name Stanbic IBTC Dollar Fund

Fund Manager Stanbic IBTC Asset Management Limited

Fund Name Chapel Hill Denham Infrastructure Debt Fund

Fund Manager Chapel Hill Denham Management Limited

Fund Name Vetiva Funds Manager Limited Composition: 8% Tbills; 92% FGN Bonds

Issuer Vetiva Funds Manager Limited

Net Asset Value (₦)

Valuation Date

Units in Issue

Net Asset Value Per Unit

Bid Price (₦)

Offer Price (₦)

Yield (%)

No. of Units Redeemed

58.73

30-Jun-20

543,683,223.00

108.03

N/A

Net Asset Value (₦’bn)

Valuation Date

No. of Units Issued

Net Asset Value Per Unit

BidPrice (₦)

OfferPrice (₦)

Yield (%)

No. of Units Redeemed

No. Units of Outstanding

0.797

21-Oct-20

3,520,359.000

226.53

225.53

227.53

N/A

1,550,000.00

3,520,359.00

NOTE: This is an abridged version of the DQL, that represents the outstanding values and market capitalisation of the asset classes listed, quoted or have been granted permitted trading status on FMDQ. This version may be different to what is contained in the full DQL available on FMDQ's website ( www.fmdqgroup.com )

No. of Units Outstanding

* : Amortising Bond (Average life is calculated & not the Term-to-Maturity)

^ : Market Prices

PT: Permitted Trading

FGN: Federal Government of Nigeria

##CBN Official Rate as at October 20, N/A : Not Available FRN: Federal Republic of Nigeria 2020

#Risk Premium is a combination of credit risk and liquidity risk premiums

Friday 23 October 2020

BUSINESS DAY

Live @ The Exchanges Market Statistics as at Wednesday 21 October 2020

Top Gainers/Losers as at Wednesday 21 October 2020 LOSERS

GAINERS Company

Opening

Closing

Change

N1.24

N1.36

0.12

UPL

PORTPAINT

Company

Opening

Closing

Change

MTNN

N140

N138

-2

N2.05

0.05

WAPCO

N18.1

N17

-1.1

N0.4

N0.44

0.04

GUINNESS

N17

N16

-1

UAC-PROP

N0.81

N0.82

0.01

ARDOVA

N12.7

N11.9

-0.8

CAPHOTEL

N2.42

N17.35

N16.8

-0.55

WAPIC

JBERGER

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

28,418.04 4,195.00 291,765,179.00 3.263 14.853

Stock market rises by 0.40% as investors see buy opportunity following recent dip ...NSE postpones all events scheduled for this week

FTSE 100 Index 5,788.15GBP -101.07-1.72%

Nikkei 225 23,639.46JPY +72.42+0.31%

S&P 500 Index 3,449.34USD +6.22+0.18%

Deutsche Boerse AG German Stock Index DAX 12,605.72EUR -131.23-1.03%

Generic 1st ‘DM’ Future 28,198.00USD +16.00+0.06%

....Profit before tax declines to N1.4bn

Bank Plc and Access Bank Plc were actively traded stocks on the Bourse. While taking a cue from the market’s bearish sectoral performances, coupled with the negative market breadth, Lagos-based Vetiva research analysts who had expected to see the market sustain the bearish pattern on Thursday, said they expect a rapid and coordinated response from the government to allay the fears of social unrest, “thereby dousing some negative sentiments.” The Nigerian Stock Exchange on Thursday announced the postponement of all events scheduled for this week in view of the social unrest experienced across the nation. As a result, a new date will be communicated in due course for the following events: Ikeja Hotels Plc Closing Gong Ceremony; FinTech Webinar; and Market Data Workshop 2020 “We thank those who have shown interest www.businessday.ng

and registered for these events. Please be assured that your registration details will be automatically transferred to the new date of the relevant event. We truly regret any inconvenience this date change may have caused and look forward to your participation”, the NSE said in a recent statement. “The Nigerian Stock Exchange All-Share Index (NSE-ASI) ended in the red territory as market participants pricedin the heightened risk around the fatal outcome of what started as a peaceful protest in Nigeria”, United Capital research analysts noted in their recent note. “Clearly, the jitters about the ongoing standoff between protesters and the government portends a negative outlook for the market in the interim and may reverse the expected post-COVID-19 recovery in the economy. Also, this may diminish the prospect of expected earnings improvement in fourth quarter (Q4) 2020.

“Yet, we observe that panic sales provide an opportunity for new or existing investors to enter/re-enter the market at new lows amid record low yields environment and pent-up liquidity in the system. As such, we maintain an optimistic outlook for Nigerian stocks”, United Capital analysts further noted in the report titled “Nigerian equity market Outlook: COVID out, riots in?”.

Shanghai Stock Exchange Composite Index 3,325.03CNY -3.08-0.09%

Chemical and Allied Products berths with Q3’20 scorecards Iheanyi Nwachukwu

Iheanyi Nwachukwu igeria’s listed stocks g a i n e d N60billion on Thursday as investors saw opportunity to re-enter the market and buy value counters which were trading at record lows following agitations against police brutality. Top on the list of stocks that attracted investors is MTNN Plc which recorded price increase from N138 to N140, after adding N2 or 1.45percent. Also, Stanbic IBTC Holdings Plc followed after its share price increased from N43 to N44, adding N1 or 2.33percent. Likewise, UACN Plc moved up from N6.6 to N7.15, adding 55kobo or 8.33 percent; Lafarge Africa Plc increased from N17.3 to N17.65, up by 35kobo or 2.02 percent, while Dangote Sugar Refinery Plc rose from N13.5 to N13.8, adding 30kobo or 2.22 percent. Equities market trading data for October 22 showed the positive return year-to-date (YtD) stood at +6.41 percent. The stock market’s benchmark performance indicator - the NSE All Share Index (ASI) - increased on Thursday by 0.40 percent to 28,563.87 points, from preceding day low of 28,449.49 points. The value of listed stocks on the NSE increased by circa N60billion to N14.929trillion, from a low of N14.870trillion recorded the preceding trading day. In 3,375 deals, investors exchanged 311,333,143 units valued at N4.691billion. GSK Plc, Chemical and Allied Products Plc, International Breweries Plc, Zenith

Global market indicators

hemical and Allied Products Plc (CAP), one of Nigeria’s leading paints and decorative companies, announced its unaudited results for the nine months ended September 30, 2020. Amid pretax profit decline to N1.4billion and revenue growth to N6billion, the company said it will continue to evaluate various opportunities and plan to invest for growth. Financial review Revenue grew by 3.7percent year-on-year (Y-o-Y) to N6billion in the nine months (9M) period of 2020, on account of strong volume growth of 10.8percent YoY despite the COVID-19 related disruptions in April and May. The 9M 2020 revenue improvement was driven by a strong third quarter (Q3) performance, with revenue growth of 33.7percent quarter-on-quarter (Q-oQ). Gross profit of N2.7 billion was achieved in 9M 2020, reflecting a decline of 2.1percent YoY due to input cost escalation from supply chain disruptions, inflation and currency devaluation. Earnings before interest and taxes (EBIT) for 9M 2020 is N1.2 bil-

lion. EBIT margins whilst strong at 19.5percent represents a decline of 610 basis points YoY due to the impact of gross profit compression mentioned above, and budgeted staff cost increases driven by deliberate initiatives to strengthen the work force. Profit before tax of N1.4 billion was achieved in 9M 2020, reflecting a decline of 850 basis points on Profit Before Tax margin due to the decline in operating profit; and a 40.6percent decline in net finance income due to lower investment income yields compared to prior year. Total profit for the period was N928 million in 9M 2020, a 24.4percent decline from N1.2 billion reported in 9M 2019. Earnings per share for the period was 133 kobo, down 24percent from 175 kobo in 9M 2019. Operating Cash Flow for the period was N285 million in 9M 2020, compared with N424million in 9M 2019. The company continues to maintain a strong cash position of N4.97 billion with a 15percent growth in cash and cash equivalents between December 2019 and September 2020 which provides a buffer for operational requirements.

Sunu Assurances restructures share capital

unu Assurances Nigeria Plc through its stockbroker, FSDH Securities Limited submitted an application to the Nigerian Stock Exchange (NSE) for share capital reconstruction. The share capital reconstruction results in the cancellation of four (4) existing ordinary shares out of every five (5) ordinary shares of Sunu Assurances Nige-

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ria Plc held by its existing shareholders. The Qualification Date for the capital reconstruction was last Friday October 16, 2020 while trading in the Company’s shares was placed on suspension effective Monday, October 19, 2020. The total number of issued ordinary shares post the capital reconstruction exercise will be 2.8billion ordinary @Businessdayng

shares of 50kobo each while a total of 11.2billion ordinary shares of 50kobo each will become cancelled and unissued. Dealing Members of the NSE were notified that the share capital reconstruction follows the special resolutions passed by the shareholders of Sunu Assurances Nigeria Plc at the Extra-Ordinary General Meeting (EGM) held on March 9, 2020.

Friday 23 October 2020

BUSINESS DAY

NEWS Tutu’s Fellows condemn NESG postpones economic summit indefinitely killing of unarmed Nigerians ...want armed forces stand down I FAMINU GBEMI

MICHAEL ANI

group of civic, political and business leaders from 40 African countries known as Archbishop Desmond Tutu Leadership Fellows (Tutu Fellows) has asked President Muhammadu Buhari to tell the men of the armed forces to stand down and stop shooting at or killing unarmed Nigerians. Their request comes as the past days have seen rising tensions in Africa’s largest economy, after suspected military personnel opened fire on unarmed protesters demanding an end to police brutality and bad governance. In an open letter directed to the President and Commander-in-Chief of the Armed Forces of the Fed-

eral Republic of Nigeria, the Tutus Fellows, expressed dissatisfaction, saying the armed forces should never be said to harm or kill its unarmed people. In the letter which was signed by 20 of its members, the group noted that the rot in the Nigerian system was undeniable and that the democracy which President Buhari swore to uphold necessitates that the people speak. Condemning the killings, it said “in the last two weeks, Nigeria has seen an intergenerational call for a better country through better governance. It was led by the youth. It was peaceful. As you know, given your experience running for office where there is a crowd there are opportunists that seek to infiltrate and cause havoc. This was not the protesters. They remained peaceful”.

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The group, who is concerned with the governance and development of the African continent, noted further that Nigerians at home and abroad were expressing their displeasure, as the same groundswell that gave President Buhari his mandate was speaking to him but he greeted their cries with a bloody flag. “Despite the denials, we are in a new age of social media. Some of us were on the ground and on social media. Nigerians watched what transpired. The world watched alongside us that the lives of young Nigerians are being shed in hopes of a better Nigeria, which the president himself chose to serve,” they said. The group, however, appealed to President Buhari to see it as a duty to “stay the bullets of the armed forces.”

n view of the ongoing unrest that has taken over Nigeria, the Nigerian Economic Summit Group (NESG) and its other co-host have postponed indefinitely the 26th Nigerian Economic Summit earlier schedule to hold from October 26-27, 2020 In a statement, the group stated that although the outcomes of the summit over the years have been significant in economic discourse, however in light of the ongoing activities, there is need to recognize the need for institutional reforms.

“In the past years, deliberations and outcomes of the Summit drove a national discourse but it is clear that holding this year’s Summit from October 26 – 27, 2020 without taking adequate cognizance and due consideration of recent developments across the country that have accentuated the need to amplify the voices of our youth for the reform of our institutions, and the improvement of governance, will be insensitive and inappropriate.” NESG said. While expressing regret at the unexpected turn of events and also condoling with those

affected, NESG urged the federal and state governments to immediately commence the deep and comprehensive reform of Nigeria’s security institutions because it is central to the development of the economy. “The NESG wishes to state that strong and transparent institutions determine the resilience of our economy, and the effectiveness of our social justice system. The participation and effective engagement of our youth is crucial to the development and operation of our institutions. This is the only way to achieve the Nigeria of our dreams.” it stated.

TCN acting MD appointed board chairman of West African Power Pool HARRISON EDEH, Abuja

he West African Power Pool (WAPP) on Thursday appointed the acting Managing Director of the Transmission Company of Nigeria (TCN), Sule Abdulaziz as the new chairman of the WAPP executive board. The appointment was made during the 46th meeting of the WAPP executive board chaired by the secretary-general, Ki

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Sengui which held via video conference on October 21, 2020. Abdulaziz was nominated by the former managing director of Power Holding Company of Nigeria, (PHCN), Joe Makoju who is a honorary member of WAPP. While making the nomination, Makoju noted that Abdulaziz was an expert in engineering with vast experience in the electricity sector, and therefore

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would perform creditably as the new WAPP executive board chairman. His proposal was endorsed by MD’s and DG’s of other members of the board. In his acceptance speech, Abdulaziz, thanked the board members and the honorary member of the executive board for his nomination as the chairman of the board, and assured them of his total commitment to the overall objective of the regional electricity body.

Friday 23 October 2020

BUSINESS DAY

news Auditors expose bankruptcy risk facing NNPC... Continued from page 2

accumulated shortfalls

over the years. “Before the next audited account, the government must look at clearing all outstanding debts to related parties and receivables to enable the NNPC restart on a clean slate as a commercial entity,” Kelvin Atafiri who runs Cavazanni Human Capital Limited, an investment firm exposed to the oil and gas sector, says. Some stakeholders close to the NNPC say some of the policies include the removal of fuel subsidy, which constituted a major drain on the Corporation’s revenue, making it difficult for it to settle domestic crude oil obligations to the Federation Account. Other experts say the introduction of the price modulation mechanism in the Petroleum Products Pricing Regulatory Agency (PPPRA) fuel pricing template under the deregulation policy in the downstream sector of the petroleum industry is to curb a major cause of losses by the NNPC. Other policies by the government include reducing petroleum products pipelines sabotage; fast-tracking the passage and implementation of the Petroleum Industry Bill (PIB) and restructuring the petroleum industry. Apart from the privatisation of the NNPC, the Bill will also amend the newly changed offshore royalties and raise the threshold of the price-based royalty to above $50 a barrel from $35 per barrel. The above development will be crucial for NNPC‘s going forward as total revenue realised by the Corporation during the year (about N2.58trn) dropped by N55.56 billion, or 2.13 percent, from N2.64 trillion in 2018, while the Group’s revenue of about N4.6 trillion was lower by N105.95 billion, or 2.24 percent from the corresponding figure in the previous year. The revenues came from

the sales of crude oil, petroleum products, gas and other services, including seismic contracts, and gas transmission tariffs. The Corporation recorded a profit of about N24.39 billion in 2018, an increase in its cost of sales by about N5.61 billion, or 0.22 percent in 2019, from N2.61 trillion in 2018 to N2.62 trillion, resulted in a loss of N36.8 billion during the year. However, a reduction in the corresponding costs by the Group by about N219.4 billion, or 5.3 percent, from N4.14 trillion in 2018 to N3.92 trillion led to a rise in profit from N600.6 billion in 2018 to about N714 billion during the year under review. The Corporation’s total operating costs, including expenses on sales and distribution, general and administration as well as net impairments losses on financial assets, rose from N354.3 billion in 2018 to N355.9 billion, against the Group’s operating losses of about N301.6 billion, down from N771.6 billion. General and administrative expenses included Directors fees and expenses of N21 billion for the Corporation from N60 billion in 2018, and N606 billion for the Group, from N403 billion in the previous year. The NNPC Group consists of the NNPC Corporate headquarters and 21 strategic business units or subsidiaries, including the National Petroleum Investment Management Services (NAPIMS), Nigerian Gas Company Limited, Nigerian Petroleum Development Company Limited, National Engineering and Technical Company Limited, among others. The decision might be tough, but for Nigeria, a listed NNPC will not only drive huge capital accumulation in Nigeria it also means Nigeria is going for market forces to determine oil production, retail price for products and proper deregulation of the oil sector.

Nigerians react humorously to Buhari’s... Continued from page 1

many unsatisfied as many

pressing issues such were not addressed. Disappointed citizens took to social media to humorously express how they felt about the speech. Within minutes Canada started trending on Twitter as many Nigerians who seemed to have lost hope in the country were tweeting about the fastest way to exit the country and get to Canada. “How can I get to Onatario from Costain,” Tobi Williams tweeted. Costain is place in Lagos State. Anastasia also tweeted, “If you are in UK or Canada or even Germany and you want to get married to me next year (and take me out of the country) please message

me. You can be a man or a woman, ko matter (it does not matter). I am gentle and I have small sense, please retweet. “2023 is too far, let us open gofundme to buy aeroplane please, we will leave in batches” Dewanzel tweeted. “Better download Duolingo and begin to learn the language of your dream country. As for me, “cest lo momo, lo momo la fete”. Portrait Al tweeted, “The way Nigeria is now, if Oyibo bring ship to start shipping people to UK for slave trade, people will be struggling to enter.” In response to Portrait’s tweet, Abdulbasit Umar said “I dey go with my chain, I no wan hear say chain don finish”. “Please how long will it take to swim from bonny iswww.businessday.ng

L-R: Celestine Okoye, DIG; Godwin Obaseki, governor, Edo State; Philip Shaibu, deputy governor; Amayo West, deputy controller of Oko Medium Correction Centre, and Johnson Kokumo, commissioner of police, Edo State Police Command, during the inspection of the attacked correctional centers and other public institutions in the state. Pic by Idris Umar Momoh

#EndSARS: Outrage, humour trail... Continued from page 1

According to the Presi-

dent who spoke during a recorded broadcast, the request of the protesters, including the disbandment of the Special Anti-Robbery Squad (SARS) and the reform of police, were already being worked on by his administration hence, there was no need for the protesters to continue. “As a democratic government, we listened to, and carefully evaluated the five-point demands of the protesters. And, having accepted them, we immediately scrapped SARS, and put measures in place to address the other demands of our youth. “On approving the termination of SARS, I already made it clear that it was in line with our commitment to the implementation of extensive Police reforms” “Sadly, the promptness with which we have acted seemed to have been misconstrued as a sign of weakness and twisted by some for their selfish unpatriotic interests,” Buhari said. Various international bodies across the world, including the United States, land in portharcourt to Italy” Jude Isaac tweeted Others felt the president issued a silent threat to protesters and international bodies who have learnt their voice to Nigeria in recent times. “So basically, Buhari just said, “So called protesters, if they born you well, continue with your protest” SavvyRinu “Buhari said international bodies should mind their business and not put their mouth in our matter”, another person tweeted. S enator Shehu Sani tweeted, “You asked for speech, you got the speech and now you are speechless” Senator Dino Melaye (SDM) tweeted, “The speech of the President made me speechless. Mehnnn I tire oooo. Recommending Panadol for cancer is suicidal. Peter Ayodele Fayose said “Speechless speech. I warned Nigerians”

the United Kingdom and the United Nations, have all condemned the October 20 killings by men of the Nigerian armed force, urging the president to take control of the matter and bring those behind the killings to book. While responding to the calls by foreign bodies to act on the killing, President Buhari said they should get all relevant facts before giving their judgments on the matter. “To our neighbours in particular, and members of the international community, many of whom have expressed concern about the ongoing development in Nigeria, we thank you and urge you all to seek to know all the facts available before taking a position or rushing to judgment and making hasty pronouncements,” Buhari said. Technocrats as well as analysts who spoke with BusinessesDay have described the speech as shabby and a deliberate act of looking down on the killings. “The President’s speech was essentially a middle finger to Nigerians,” Cheta Nnwaze, lead partner at SBM Intelligence, said. “In saying nothing of note, and refusing to show any empathy for the plight of the people he purports to govern, he has alienated a generation that is really motivated by high youth unemployment and a sharply rising cost of living. I suspect that the protests will continue in another form when the curfews are lifted. We may be entering into a winter of discontent,” Nnwaze told BusinessDay. Remi Adekoya, political science lecturer at University of York, said, “Key line for me was Buhari saying his government’s “prompt response to #EndSARS demand was misconstrued as a sign of weakness. That says it all.” Olalekan Aworinde, a senior lecturer, department of economics, Pan-Atlantic University, Lagos, said the President speech was rather too late and it appeared to be casting aspersions on the masses.

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“No one is expecting the President to tell us the policies initiated to alleviate poverty. There are myriads of these policies over the years with poor implementation. What the masses expect from the President is more calmness and saying sorry for coming so late to give a state broadcast. “It is rather too late. If truly the Presidency respects and cares for the masses they ought to have come out on time and appease Nigerians. “I was also expecting the President to discuss the Lekki Toll Gate genocide and how he will visit families of those that lost their lives in the EndSARS protest,” Aworinde said. He said emphasis should not be on economic issues such as policies to be implemented but on humanitarian ground. “The President understands the importance of international relations, and this he well addressed by asking neighbouring countries and partners to inquire from the government. But the Ministry of Internal Affairs and Foreign Affairs should do more on reputation cleansing so as to gain the lost grounds,” he suggested. Also, Johnson Chukwuma, a structural engineer, said Buhari simply treated Nigerians to another case of Charles Dickens’ ‘Great Expectation,’ saying, “Too much time and energy invested in too little.” Kabiru Adamu, a security and intelligence risk manager, said he expected a statement of empathy, hope and assurance. He noted that Nigeria has a President whose style of handling issues is different. “I’m hoping that the directive the President gave the security chiefs at their meeting earlier today, going by his address is to secure people’s lives and properties of Nigerian,” he said. Furthermore, many say Buhari’s speech was not only belated but grossly lacked empathy expected from a president, especially after several lives were lost and public and private property destroyed. @Businessdayng

Celestine Okeke, an associate consultant of the British Department for International Development, told BusinessDay, “Too bad. I wasn’t surprised by his speech at all. Why does it have to take a speech for the president to perform like a president? “Tell me a country we have to wait for a speech to address the kind of menace we had in Nigeria’s commercial capital Lagos, and several other parts of the country, considering the fragility of our economy. See what Lagos State has become in this past few days. “A foreigner said to me sometimes ago, it takes only but one riot to destroy your investment in Nigeria. What kind of signals are we sending to foreign investors with our carelessness as a country? Describing the speech as empty, he said, “It is more like you people want me to talk, I have spoken now, what else do you want? We don’t have a president, what we have is someone occupying Aso Rock.” The chairman, Civil Society Organisations (CSOs), Taraba State, Joseph Gimba, described the president speech as a rhetoric, stressing that the president speech was full of the promises he made to Nigerians over the years without fulfilling them. Gimba said for President Buhari not to condole with the families of those who lost their lives at Lekki, Lagos State, during shooting at the unarmed Nigerian youths showed that he was heartless. “The speech is full of the old things the president has told Nigerians over the years. The President since last year announced that he has increased the salary of men of the Nigerian police, but until now nothing has been done. “The President should have first of all condole with the families of the Nigerian youths who lost their lives in Lekki Toll Gate before any other thing; for him not to do that shows that he is heartless,” Gimba said. Solomon Gbenga, deputy national youth leader, Young Progressive Party (YPP), is of the view that the President has not met the demands of the Nigerian populace.

Friday 23 October 2020

BUSINESS DAY

News #EndSARS: Economy takes hit as crisis... Continued from page 1

rogue police unit known as Special Anti-Robbery Squad (SARS) turned violent on Tuesday night after soldiers opened fire on protesters in Lekki, a highbrow area of Lagos. Hoodlums resorted to violence

the following day, burning down public utilities, police stations, and private homes of prominent politicians and their relatives/friends. Government of several states have imposed curfews to rein in on the activities of hoodlums and take control of security apparatus. But this comes with a lot of costs as millions of businesses have shut down, and the cost of such is estimated at billions of naira. Lagos State output is estimated at $136 billion, implying that the state may be losing $373 million each day from curfew and current crisis. Nigeria’s richest city

making losses since October 16, 2020, when it suspended operations. The Lagos Chamber of Commerce and Industry (LCCI) estimates that the first 12 days of the protest cost the Nigerian economy some N700 billion. “Over the past 12 days, economic activities have been crippled in most parts of the country and have been particularly profound in the urban areas. The Nigerian economy has suffered an estimated N700 billion loss in the past 12 days,” the chamber said in a statement signed by Toki Mabogunje, president of the LCCI. Transportation has been grounded for a number of days with major roads such as Lagos-Ibadan blocked. In September, Nigerians travelled mostly to or from Lagos, the FCT and Sokoto by bus, whereas air passengers paid an average of N36,884, according to the

Ikotun roundabout, Lagos, deserted after the clash between the Police and suspected hoodlums. Pic by Pius Okeosisi

earned N204.51 billion in the first half of 2020, meaning that the state could also be losing N1.13 billion from each day of the curfew. The state has 12 to 13 million micro, small and medium businesses, representing around 30 percent of 41.5 million MSMEs in the country, but these firms are sitting idle at the moment. Manufacturers say their employees could not get to their factories because of security threats while exporters could not move goods to Apapa and Tin Can ports on Wednesday and Thursday because of the crisis. “For two days now, most of my production staff members have not been here. They understandably cannot risk their lives. The situation has cost us up to N10 million in revenue,” a manager in a manufacturing outfit, who pleaded anonymity, states. The management of Primero Transport Services (PTS) Limited, operator of the Bus Rapid Transit (BRT) in Lagos, says it lost over N100 million in six days to the sustained #EndSARS protests. Mutiu Yekeen, head of corporate communications of transportation firm, states that the company has been

Transport Watch compiled by the National Bureau of Statistics (NBS). These activities have come to a screeching halt. The Nigerian Stock Exchange (NSE) lost N113 billion at the close of work on Wednesday due to the crisis. Uche Uwaleke, professor of capital market and president of Capital Market Academics of Nigeria, says the cloud of uncertainty erodes confidence in the economy and leads to increased capital flight and drop in capital importation. “This will lead to further pressure in the forex market. It may also attract downgrades by ratings agencies,” he states. Olusegun Akintunde, analyst at Polaris Bank Limited, notes that the crisis will affect the quality of bank loans to SMEs and corporate organisations, saying, “Lack of economic activity is also expected to have negative impact on the earnings of SMEs and corporates owing banks. This will in turn affect their ability to service such loans and invariably affect banks’ loan books.” The economy, in general, would be impacted negatively as the country’s major economic hubs were grinded to a halt. www.businessday.ng

Police vehicle burnt at Onipanu, Ikorodu Road, Lagos. Pic by Olawale Amoo

“Expect a negative impact on government revenues, loss of jobs and more GDP contraction as it were,” he states. Nigeria is still mired in COVID-19 lockdowns as many businesses are yet to fully re-open in many parts of the country, especially Lagos. Markets like Otigba Cluster in Lagos open three times in a week, which significantly affects traders’ revenue. Nigeria reported 118 COVID-19 cases on October 19, and experts say the cases may rise due to the protests. According to a survey done by the LCCI after the five-week lockdown, 64 percent of respondents (mainly business leaders and owners) said they lost below N500,000 daily, while 16 percent lost between N500,000 and N1 million each day during the lockdown. Similarly, 12 percent lost above N5 million each day, while 7 percent incurred between N2 million and N4 million loss daily, during the period. Concerned Nigerians’ recommendations A group of 41 concerned Nigerians, a non-partisan actors that believe in the union of the Nigerian people, have called for urgent steps to be taken to prevent the chances of a potential war between Nigerian youths and the country’s security agencies. According to a statement released on Thursday by the group, Africa’s most populous country cannot afford to tread the path of exacerbating ethnic and religious divides that can only lead to anarchy as over one hundred million of its people are still living in extreme poverty. “No Nation can survive a war between its security agencies and its youth, and it is to avert this prospect

that we make this intervention and recommend the following urgent action,” the Concerned Nigerians said in a document seen by BusinessDay. Condemning the developments of the last few days that culminated in a deadly attack on peaceful protestors, the group said “available evidence appears to be by agents of our government on 20th October 2020” and “present one of the most serious crisis in our nation’s history.” Haven watched with serious concern the unfolding crisis threatening to engulf Nigeria due to the recent protests by Nigerian youths across the country against widespread police brutality, endemic corruption, and bad governance, the group recommended that the four following steps be taken by all parties involved and should be done as a matter of urgency: President Buhari should act urgently While acknowledging that the response of the government to the protests has been largely slow, unconvincing, and half-hearted as it formally accepted the youths’ demand to end SARS but immediately announced it being replaced with SWAT, the Concerned Nigerians called on President Buhari to take immediate/urgent steps to address the widening trust deficit between the government and the president on the one hand, and the Nigerian youth and its people on the other. “To move forward, the President must take decisive action to close the trust deficit by Identifying and arresting immediately the persons that instructed for soldiers to shoot protesting youth at

Protesters blocking Giwa Juction, Oke-Aro, Ogun State, yesterday. Pic by Olawale Amoo https://www.facebook.com/businessdayng

the Lekki Toll Gate on 20th October 2020,” it said. The group also urged the president to institute an urgent independent inquiry on the events at Lekki Toll Gate leading to the use of live ammunition on the protestors and the apparent use of sponsored thugs or hoodlums by security operatives to infiltrate and break the peaceful protests. “All those identified to be responsible for this must be held to account and prosecuted,” it said. Support youths’ demand The concerned group, which has about nine senior advocates of Nigeria and about 32 other professionals, applauded the Nigerian youths for their courage to demand for their fundamental human right. “We commend our youth who have been courageous and patriotic in their demands for the protection of their rights and for a better Nigeria. We urge that all Nigerians support these demands which have been without any ethnic or religious coloration,” the group said. Law-abiding protests The group urged the protestors to remain law-abiding and patriotic and not to engage in any intimidation or harassment of ordinary citizens or engage in any form of violence. “We appeal to parties and stakeholders to work

down of law and order, we call for urgent steps to be taken by all concerned.” US condemns Lekki killings The United States joined the rest of the world on Thursday to condemn the killings of unarmed protesters by the Nigerian security forces at the Lekki Toll Gate on Tuesday. The statement released by the US Department of State and signed by the Secretary, Michael R. Pompeo said the US does not support the excessive force by the Nigerian military and thus called on the authority to prosecute the perpetrators of the killings. “The US strongly condemns the use of excessive force by military forces who fired on unarmed demonstrators in Lagos, causing death and injury,” the US Department of State said, adding that it welcomes “an immediate investigation into any use of excessive force by members of the security forces.” Vide os and graphic scenes from an eyewitness and protesters show that security forces dressed in Nigerian army uniform opened fire on unarmed protesters at the Lekki Toll Gate in Lagos, Nigeria’s biggest city on Tuesday night. According to the US statement, those involved should be held to account in accordance with Nigerian law. This is because “the right

Protesters blocking Agbado-Lambe, Ifo Local Government, Ogun State, yesterday.

for the speedy resolution of the crisis.” Avoid violent demonstration “We strongly condemn the wanton destruction of properties, killings and maiming of innocent citizens and ethnicisation by rioters and hoodlums trying to ignite a religious or ethnic conflict and call on All Nigerians to remain calm and avoid retaliation or taking the law into their hands,” the group said. According to the group, it recommended the aforementioned steps that need urgent implementation after it carefully observed and followed the unfolding events. Thus it said, “To halt our descent into a further break@Businessdayng

to peaceful assembly and freedom of expression are essential human rights and core democratic principles,” the US statement said. It, therefore, call on the security services to show maximum restraint and respect fundamental rights and for demonstrators to remain peaceful. “We extend our condolences to the victims of the violence and their families,” it sympathised. Meanwhile, the statement by the Concerned Nigerians and the US is coming days after the former US secretary of states, Hilary Clinton, condemned the same issue as she called on President Buhari and the military to put an end to the killings.

BUSINESS DAY Friday 23 October 2020

By Kemi Ajumobi

Kemi@businessdayonline.com

www.businessday.ng

Women in Business O luwande Muoyo was appointed to the Board of First Bank of Nigeria Limited in 2020. She brings to the Board well over three decades of post-professional qualification experience in the private and public sectors, with key strengths in policy formulation, relationship management and business development. She is a Chartered Accountant and banker, and also a former Honourable Commissioner for Budget and Planning in Ogun State. Speaking on the appointment, Chief Executive Officer of First Bank, Adesola Adeduntan said, “We are excited to welcome Oluwande Muoyo to the First Bank Board. She brings to the board her depth of experience which spans over three decades in various leadership and strategic positions across the private and public sectors. I am assured that these rich experiences will have an immediate impact in the board which will transcend the activities of the Bank as a whole. On behalf of the board, management and staff of First Bank, I congratulate Muoyo and look forward to working with her”. He said Prior to being appointed Honourable Commissioner, Oluwande worked with Stanbic IBTC Bank for over 22 years in various parts of the bank, including Financial Control, Treasury and Financial Services, Trade Finance and Corporate Banking. She holds a BSc degree in Accounting from the University of Lagos. She started her professional career with the international firm PriceWaterhouse (now PricewaterhouseCoopers). Muoyo is a Fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria. Oluwande has, over the years, acquired competencies and skills in public financial management, banking, budgeting, planning, auditing and taxation. Her past directorships include the Governing Board of the International Crop Research Institute for the Semi-Arid Tropics (ICRISAT) and FBN Holdings Plc. On the 45th anniversary of ICRISAT, and to celebrate the occasion, ICRISAT asked staff their “Dryland wish” that would catapult small holder farmers and people living in the dry lands of Asia and sub-Saharan Africa into another orbit al-

Oluwande Muoyo

Bolanle Austen-Peters

together, and she responded “My wish for the dry landers is to see movements that encourages digitisation of payments at every level, from the small holder farmer up to the large corporates so that at the end of it all, we will have businesses that are open and profitable, and can compete anywhere in the world” she stated. Oluwande has attended many training programmes including Strategic Marketing Management at Harvard Business School, Advanced Strategy at INSEAD and Advanced Management Programme at the Lagos Business School. Oluwande is married with children and enjoys reading and swimming.

olanle attended the University of Lagos for her undergraduate studies and earned a master’s degree in International Law from the London School of Economics and Political Science. She worked with her father’s law firm before working with the United Nations High Commission for Human Rights in Switzerland and later moved to the United Nations High Commission for Refugees and the United Nations Development Program. She founded the Nigerian arts, education and cultural organisation, Terra Kulture in 2003. With the creation of Bolanle Austen-

Non-Executive Director, First Bank of Nigeria

Founder/Managing Director of Terra Kulture

Peters Productions, in 2013, she raised the bar in the theatre industry with the production of SARO the musical, which received a number of accolades and reviews from international media houses including the BBC and Sky news and has since produced five additional commissioned plays. In December 2014 and April 2015, BAP productions produced ‘SARO THE MUSICAL’ 2 at the MUSON Centre with even better music, drama and dance. Due to sold out shows and increasing demand locally and internationally, Bolanle Austen-Peters further stimulated interest in Nigerian theatrical production with the premiere of Broadway style musical production titled ‘Wakaa The Musical’ from December 30th 2015 to January 3rd 2016 at the MUSON Center, Onikan, Lagos. BAP Production was ready to move its production to its international audience with WAKAA The Musical becoming the first Nigerian Musical to be staged in London’s West End. WAKAA The Musical recorded a historic sold out show at the Shaw theatre London from July 21 – 25, 2016. Bolanle worked as a consultant to the Ford Foundation Lagos and helped raise millions of dollars for the Museum through Arts and Business Council. In 2015, her company co-produced 93 Days, a feature film on the Ebola outbreak in Nigeria which premiered September 13, 2016 in Lagos Nigeria. It was selected for premiering and viewing at The Toronto International Film Festival, The Chicago Film Festival, The Pan African Film Festival in Los Angeles, The Johannesburg Film Festival, The Africa Film Festival in Cologne/Germany, and RapidLion Award. With all these achievements, Bolanle Austen-Peters sought out to create a safe haven, a space where artistes can discover, create and showcase their works. It was in 2016 that she conceived the plan to build the first ever purpose built private theatre in Nigeria, Terra Kulture Arena. Terra Kulture Arena had its grand opening in March on 25th and 26th of 2017, hosting a total of 1,200 guests in its 400-seats space. Bolanle is married to Adegboyega Austen-Peters with children.

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