BusinessDay 27 Dec 2019

Dasuki, Sowore’s release is liberty for us all

W

e welcome the decision of President Muhammadu Buhari, on December 24, 2019, to grant bail to Sambo Dasuki and Omoyele Sowore.

Not only has the president acted rightly by complying with court orders (which, sadly, his government has repeatedly disobeyed), it shows a willingness to harken to the voice of ordinary Nige-

FRONT PAGE COMMENT rians on whose vote he rode to power.

Their release, granted on

Christmas eve, is symbolic. Political power, a component and necessity of civil life, is held in trust and exercised with respect for and in the defence of the dignity and common good of the

governed.

Yet, the decision is not about one or two individuals senselessly incarcerated; it is not about silencing critics but about Continues on page 2

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DIPO OLADEHINDE

I

t wasn’t all gloom and doom for Nigeria’s oil and gas sector in 2019. Despite recording some not-soimpressive news, the year was an eventful one for the country’s oil and gas sector following a significant recovery, in 2018, from turbulent times that began in 2014 but worsened in 2016 when crude prices found the floor at $30 per barrel and militants were blowing up pipelines.

Low oil prices combined with a number of factors to plunge the country into its first economic recession in over two decades.

For many industry watchers, therefore, the year 2019 has been a mix of the good and the not-so-good.

The good On the positive side, thanks to a combination of relatively higher oil production and a favourable average oil price of $70 in the second quarter of 2019, Nigeria’s oil sector finally

recovered from four consecutive quarters of negative growth.

Nigeria’s oil sector grew by 5.15 percent quarter on quarter against -1.46 percent in Q1 2019, according to data from

the National Bureau of Statistics (NBS). The Q2 growth was the first and biggest growth recorded since Q1 2018 when the sector recorded a GDP growth of 14.02 percent.

3M -0.61 5.17

6M

5Y

0.81 7.32

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10 Y 0.4

30 Y 0.01

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Nigeria’s oil sector in 2019: The good and the bad ANALYSIS

FGN BONDS

TREASURY BILLS

Also, in a move by the government to secure its equitable share of the proceeds of oil production, President Muhammadu Buhari early in November signed Continues on page 34

NGUS DEC 30 2020 366.87

g

N37bn NASS renovation fund can take 20,000 low income earners out of housing market – Experts CHUKA UROKO

A

s the controversy over the Federal Government’s approval of N37 billion for the renovation of the National Assembly complex rages, housing industry experts have lent their voices, saying the huge sum can supply to the market approximately 5,000 two-bedroom bungalows at N7.5 million per unit.

This means the money has capacity to take 5,000 families off the housing market.

Yemi Madamidola, an estate manager, says that given an average of four persons, comprising father, mother and two children per family, the cost of renovating that complex can provide homes Continues on page 34

Inside

Bloody yuletide in Taraba as gunmen kill 2, injure 7 P. 2

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news Expert tips financial, health, telecoms as sectors to watch on NSE in 2020

F

inance, health, technology and agriculture are the sectors to watch on the Nigerian Stock Exchange (NSE) in 2020, News Agency of Nigeria (NAN) reports quoting a capital market expert.

Sola Oni, chief executive officer Sofunix Investment and Communications, according to NAN, stated this in Lagos on Thursday while speaking on market outlook for 2020.

He said that the financial, health, technology and agriculture sectorswouldprovidegood returns for investors in 2020.

“Regardless of the nature of the economy in 2020: financial, health, technology and agriculture sectors have strong potential to provide good returns for investors.

Financial sector is noted for liquidity. The sector is fast attracting millennial customers through innovative services that thrive on technology,” Oni said.

“The health sector is recording advancement in medical equipments while the pharmaceutical sector is evolving on daily basis. We,

therefore, expect the health sector to provide investment opportunities in 2020. The technology sector, itself, is ruling the entire business world,” he said.

He added that the relevance of Artificial Intelligence (AI) was already gaining momentum.

“Also, innovative investments such as blockchains and cryptocurrency are highly dependent on technology.

Trading on the securities market is technology-driven. The sector holds potential for good returns,” Oni said.

He noted that Nigeria’s capital market operated under a tough economic climate in 2019 as evident in incessant bearish trend until the policy of the Central Bank of Nigeria (CBN) on Open Market Operations (OMO) crashed yields on fixed income securities.

On outlook for 2020, he said that the NSE would remain an investment destination for both local and foreign investors and would be driven by a mix of factors.

•Continues online at www.businessday.ng

Bloody yuletide in Taraba as gunmen kill 2, injure 7

... despite security beef-up NATHANIEL GBAORON, Jalingo

T

he 2019 Christmas celebration turned bloody for residents of Ukpera village of Yerima ward in Gassol Local Government Area of Taraba State.

No fewer than two persons were reportedly killed and seven others seriously injured following an attack in the village on Wednesday, December 25, when the people were celebrating Christmas with their families.

Residents of Ukpera village who spoke to BusinessDay said gunmen suspected to be herders attacked the village at about 8pm on Christmas Day. Iorhuna Daniel, a villager, alleged that the attackers were Fulani herders who have been agitating for grazing land with the villagers.

The gunmen, Daniel told BusinessDay on phone, came at a time all the villagers were deeply in the Christmas mood and opened fire on the people, killing two and leaving seven others with serious gun wounds. All the nine persons attacked were men, he said.

“Two people were killed instantly by the Fulani men.

Four persons who sustained injuries with gunshots were that yesterday night conveyed to Mutum Biu while three others were discovered this morning in the bush. We are making efforts to also take them to the same hospital,” Daniel said.

Other residents who spoke to BusinessDay claimed the attack on the Ukpera village was a reprisal by Fulani herders whose cows were macheted by some Tiv farmers within the area.

Ukpera village is a Tivdominated village largely occupied by farmers.

BusinessDay learnt from sources that about two weeks before the attack, some Fulani cows invaded farmlands belonging to some Tiv people of the village and the Tiv farmers mobilised and attacked the cows, inflicting deep cuts on the animals.

The attack came despite precautionary measures taken by the police and the Nigerian Security and Civil Defence Corps (NSCDC) in the state.

The Taraba State police command had announced on Tuesday that it deployed over 3,000 personnel to ensure security of lives and property during and after the yuletide in the state.

Similarly, Aliyu Ndanusa, state commandant of the NSCDC, said the corps had deployed 800 personnel in major towns in the state for the same purpose.

Ndanusa said the command had earlier suspended all annual leaves in December due to the high demand for security operations during the yuletide.

•Continues online at www.businessday.ng www.businessday.ng

L-R: Partha Ghosh; Olamilekan Adegbite, minister of mines and steel development, and Alok Gupta, managing director, African Industries Group Company, during the minister’s tour of a $600m steel plant in Kagarko, Kaduna.

Poor health care, power supply, unemployment top challenges for Nigerians in 2019 “Access to quality and affordable health care remains an issue to Nigerians due to challenges like inadequate capital spending, poor pay, outdated technologies, poor infrastructure, sharp disparities in the availability of medical facilities across the country, high mortality rates, a weakened primary health care system, incessant strikes by doctors and health workers,” according to the report dated December 24.

Nigeria was rated 187th out of 195 countries in Healthcare Access and Quality (HAQ) Index in 2018 by the World Health Organisation, a sign that Africa’s most populous nation is in urgent need of adequate capital funding to

boost healthcare delivery.

Meanwhile, a capital expenditure of N46 billion was allocated to the Ministry of Health in the 2020 budget. The fund is N5.4 billion lower than the N51.1 billion allocated in the 2019 budget.

On the issue of electricity supply, 66 percent of the 1,000 respondents stated that power failure has a very debilitating effect on economic growth given that electricity supply is fundamental to productivity.

The same number of people said that the sector has not fared well in 2019.

“Adequate and efficient utilisation of energy sources to meet the existing demand is essential for high levels of economic growth in Nigeria,”

NOIPolls said in the report.

Similarly, 65 percent of adult Nigerians reported that Nigeria has not fared well with regards to job creation.

According to the National Bureau of Statistics (NBS), unemployment rate in Nigeria increased to a high of 23.10 percent in the third quarter of 2018 from 22.70 percent in the second quarter of 2018.

A breakdown of the report by the public opinion data provider revealed that out of the 1,000 respondents that were interviewed, 650 complained about lack of job in Nigeria. According to them, the situation could be as a result of the high rate of

Dasuki, Sowore’s release is liberty for us...

asset-based securities (e.g., diaspora bonds) or rental income from a plethora of government property is inexplicable.

What must be done? All it will take are steps that build confidence, encourage new investments that will grow the economy and generate jobs.

Hence the case for the potentials and benefits of a private sector-led economic recovery. Money realised from the commercialisation, liberalisation, privatisation and securitisation of stateowned assets will attract enough foreign exchange to strengthen the naira and deepen the financial market too. The central bank can do away with multiple exchange rates (thanks to its rigid management of foreign exchange, just over 60 percent of what Nigerians abroad send home annually is sent through the local banking system – unofficial records estimate the true amount is $40 billion).

Opening the space for private capital will result in enough cash in government’s coffers which can then be used to fund the soft and hard infrastructure (security, education, energy and transport) and stem the descent of millions into poverty.

The pace at which the economy is travelling suggests Nigeria will arrive late and unprepared to a future where a large and highly skilled population is an advantage.

It would be big mistake if the president thinks only debt can steer Nigeria back on track.

The government cannot borrow its way out of these grave problems, even with a debt profile that has ballooned to trillions of naira.

The president must dismantle every barrier that keeps Nigerians and their foreign partners from investing in the country and open the space via rapid, thoughtful economic reforms that this country deserves.

ENDURANCE OKAFOr

P

oor health care, epileptic electricity supply and unemployment were key challenges faced

by Nigerians in 2019, according to a recent poll by NOIPolls, an Abuja-based public opinion data provider.

The result from the poll by NOIPolls which interviewed a random nationwide sample of 1,000 people shows 79 percent of Nigerians believe that the health sector did not fare well. The trend was the same for electricity supply, job creation, and the economy as 66 percent, 65 percent, and 64 percent, respectively, said the sectors did not fare well.

Continued from page 1

a government not being

allowed any comfort when it rises above the people and the law. Thus, we call for the release of all others unjustly held and hope this marks a complete departure from impunity and mindless arrest.

While we welcome this show of contrition by government, the other real worry is the widening poverty pit into which Nigerians are falling daily. Since Buhari made his remarkable pledge about pulling millions out of the poverty trap, his government has failed to outline a coherent strategy capable of turning mere wishes of the president into reality.

Poverty in its different forms – economic, social, cultural, legal, political – limits human freedom and dignity.

The country and its citizens need and deserve socioeconomic changes that will serve

their good. No nation of our size and with the magnitude of our economic crisis can make such slow progress and hope to become great. With 91 million people living in extreme poverty, the Nigerian economy is failing its citizens faster than India’s, a country with five-times more people.

This government’s incredible knack for borrowing instead of catalysing inflow of badly needed private capital means Nigeria is sowing seeds of another catastrophe ahead for its unborn generations. Mortgaging the future of Nigerians at a time when the world is awash with capital desperately in search of investment opportunities is also an injustice. The unwillingness to attract some of the global surplus capital through sale of government shares in state-owned companies or telecommunications spectrum licences or through

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news Imo Economic Summit Group announces Owerri Colloquium series

T

he Imo Economic Summit Group, operating as International Economic Summit G ro u p ( I E S G ) , i s s e t t o launch the first in the series of it socio-economic colloquium in Owerri, the Imo State capital.

The colloquium, which is themed “Imo State 2020 Budget Analysis and Investment Outlook : Opportunities, Promises and Impactful Execution and The Ease of Doing Business” will hold on January 2, 2020.

The summit is aimed at contributing to the sustainable development of Imo State.

“Accordingly, sons and d au g h t e r s o f I m o St a t e who have been exposed to different spheres of life at home and in the diaspora - economics, leadership, commerce, law and good governance,” says Collins O nu e gb u , f o u n d e r / v i c e chairman, Siganal Alliance, and the director, Summit Planning committee IESG are billed to be present.

“Critical stakeholders of the Imo project are rallying under a platform t o c o l l a b o ra t e w i t h t h e government in attracting pr ivate sector exper tise and capital to fast-track s o c i o - e c o n o m i c g row t h of our dear state,” he says

further.

The discussions at the colloquium will be spearheaded by experts including Chidi Okoro, a renowned business executive, consultant to FMCG, Pharma and Retail Organisations; Chidi Odinkalu, an international voice and advocate on good governance and rights advocate; Bongo Adi, an economist and an associate professor at the Lagos Business School; Okey Nwuke, the deputy managing director, Coscaris Group.

Also at the summit would be Uche Obi, a senior advocate of Nigeria and a renowned corporate law practitioner; Reginald Ihebuzor, commissioner for budget and economic planning, Imo State, and Pascal G. Madu, the chief t e c h n i c a l a n d s t ra t e g i c advisor to Imo State government.

IESG at the summit would be exploring ways to position Imo State through the collective intellectual, business and career experience of her members and acolytes as a destination for scalable and profitable economic activity for the prosperity of her people.

The organisation would be triggering a continuous conversation in this regard to assist the government

of the day to achieve her promises and harness the potentials of the state and her people. “ We a re a l t r u i s t i c i n our pursuit and shall be unrelenting in our strategic engagement with the government as we lead the public-private sector engagement in this regard,” s a i d Pa s c a l O d i b o, t h e Group Country Director, Jeff & O’Brien Knowledge Africa and the Director, Strategy and Media Commu n i cat i o n s I E S G. “ We are set to champion for the overall good of Imo, a non-partisan, transparent and predictable agenda for the socio-economic development of Imo State.”

The first of the conversation is the Owerri Colloquium that will hold at the Protea Select by Marriott hotel in the heart of the state capital, Owerri and all members of IESG and their attendants are enjoined to reserve the date.

IESG is an independent company limited by GTE set up especially to assist to champion the attracting of private sector expertise and capital into a Sub national administration.

This event is done in direct partnership with the office of the Hon Commissioner for Budget and Economic Planning Imo State.

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Borders and economic security THE NEW WEALTH OF NATIONS

Obadiah Mailafia

B

ritish wartime Prime Minister Sir Winston Churchill famously noted that, “you don not negotiate borders – you defend them”. Borders are the hallmarks of a sovereign state.

Any country that cannot control hers is not worthy of its own statehood.

The current global system of territorial states that we operate began in continental Europe, with the Treaty of Westphalia 1648 that ended the devastating Thirty Years’ religious wars.

Before then, much of Europe was organised in terms of ill-defined feudal monarchies, royal kingdoms and dukedoms loosely under the Holy Roman Empire that was, in reality, neither holy nor wholly Roman. The emergence of the sovereign territorial state provided the constitutional framework for a new system of power politics in Europe. And much of it was enshrined in the emerging Law of Nations as developed by great jurists such as Hugo Grotius and Emmerich de Vattel.

The internecine strife that afflicted nineteenth century Europe had very much to do with borders, notably between France and Germany and between Germany and her neighbours. They also constituted the defining relationship between Mexico and big Uncle Sam next door. In post-independence Africa, bor-

ders were the casus belli for the conflicts between Somalia and Ethiopia; Kenya and Somalia; and between Ethiopia and Eritrea. Back home in Nigeria, the decade-long border conflict between us and neighbouring Cameroon over the Bakassi Peninsula was largely resolved only through=ugh adjudication by the International Court of Justice (ICJ presided by a French jurist whose objectivity was, at best, doubtful.

One of the ways that countries have tried to control their borders is by building walls. One of these is the 8,000 km long Great Wall of China, built some 2,300 years ago, ostensibly to protect the Middle Kingdom from the barbarian hordes. The Mongol warriors wisely did not attempt to scale it. They simply bribed the gatekeepers; paving the way to a successful occupation of China.

A few years ago, Israel built a wall across the West Bank ostensibly to protect its citizens against Palestinian terrorists. Upon completion, it will be a 438 km barrier separating Israel from the Palestinians. The UN General Assembly has condemned the project while the ICJ has given an advisory opinion to the effect that it amounts to a violation of international law.

American president Donald Trump pitched his campaign for election in 2016 on the promise that he would build a wall across the Mexican border to stop the relentless sea of illegal immigrants from across the border. He also insisted that Mexico would pay for it. That project has hit a brick wall, both legal and political.

Congress has not been forthcoming with regards to the US$5.6 billion required for the project. The Mexicans have also made it plain that under no circumstances would they ever contemplate paying for such a project.

Nigeria’s borders are among the most porous in the world. Like elsewhere on

the continent, these colonial borders have separated communities that once belonged together. When the OAU was created in 1963, one of its constitutive principles is the sanctity of colonial borders. This was done to prevent chaos and to ensure an orderly system of interstate relations. I have always proudly reminded my African brethren that Nigeria has never invaded her neighbours or any other sister African country. Instead, we have expended so much in terms of people and treasure trying to restore peace in war-torn countries such as Liberia and Sierra Leone.

Our porous borders, aided by own sheer incompetence, has made us the dumping ground of the world. In the seventies, so much cement was imported into our country that it would have required ten years to off-load ordinarily. It was one of the factors that led to the fall of the Gowon military regime. Today, we are the world’s biggest importer of generators. The Lebanese and other cartels that control generator importation have colluded in killing our power sector.

We are also, via Cotonou, the biggest importer of rice in the world. We are the world’s biggest dump yard for Chinese knick knacks of all sorts.

Alarmingly, we are also the main global destination for arms smuggling, particularly since the fall of Muammar Gadaffi in Libya. Smuggled arms have fed into the decade-long insurgency in the north east. They have also fallen into the hands of murderous herdsmen, most of them from neighbouring countries.

Heavy arms have been intercepted from countries as diverse as Turkey and Iran. A few months ago, our military intercepted several armoured tanks from the Cameroon border. We understand that one of the world powers ordered our authorities to release the tanks, claiming that they were destined for Mali. Somebody

‘

Our porous borders, aided by own sheer incompetence, has made us the dumping ground of the world. In the seventies, so much cement was imported into our country that it would have required ten years to offload ordinarily

Note: The rest of this article continues in the online edition of Business Day @https://businessday.ng Dr. Mailafia is a former Deputy Governor of the Central Bank of Nigeria, a development economist and public finance expert with a DPhil from Oxford obmailafia@gmail.com; 08036590990 (text messages only)

Are you fit to lead in 2020?

D

ecember is the time for leadership accountability as most of the organisations are at their year-end.

Leaders, you shall account for your deeds in 2019 to the shareholders and the stakeholders. Being accountable is a journey, not a destination. It is a destination if there are no opportunities or rooms for improvement. But the organisation is a continuum, the gains and errors of today are the pedals for tomorrow’s outcome if the lessons are known and applied.

Here is the time for leaders to take ultimate responsibility and ownership of their organisations’ result for 2019.

In the early days of leadership development, the focus of organisations in attempts to achieve their objectives and during leadership placement and recruitment was on the person- the personality, skill and intelligence of the leader.

People are appointed into leadership positions after evaluating their level of knowledge and skills. The focus has changed. Research has shown that big personality profile of a leader doesn’t guarantee the success of their teams. An intelligent leader might be unable to work and lead his team effectively to achieve the outcome.

Thus, leadership has shifted from the focus on the person to the other elements of leadership without which the leaders are ineffective.

In today’s world, the team and culture of the organisation are as essential as the leaders. They could make or mar the leader’s effort to achieve results. There cannot be a leader without the team; there cannot be a capable team without the alignment of culture, process and the work environment with the emotional aspiration of the people in the workplace.

Therefore, the litmus test of leadership, your ability to achieve the result is beyond your com-

petence and skills. It is now how effective you can manage the value chain linkages among the people, process, culture, environment, and the leader.

In my journey as an organisation and leadership coach, I have seen leadership as influence, and result. Both positions are right and relevant.

It was lack of result that made Mauricio Pochettino to sit at the World Club final match between Liverpool FC and Flamengo FC jobless just a few months after he led Tottenham FC into the European Champion League finals. It was the perceived negative influence of Jose Mourinho’s approach that conflicts with the team’s culture that made him jobless for eleven months missing out on top clubs that prefer coaches with emotional calmness.

Results and influence are real and are the critical measurement of leadership effectiveness. They are quantifiable and unquantifiable; financial and goodwill factors leaders should focus on. However, from my team’s engagement with organisations and the study of effective teams around the world, I have seen knowledge and responsibility as the key factors that determine if someone is fit to lead or not. The understanding of who and what leaders are, the behaviours leaders should exude at different time, together with the desire to subjugate person ego or right (responsibility) are essential fitness test of leadership. Put differently, an average person in terms of intelligence and skill with the understanding that his or her team and the culture are above his ego will achieve results that are sustainable than the most eloquent leader who sees himself as the warlord.

The focus of leaders should, therefore, be on the knowledge of the subject, the understanding of their roles and the factors that propelled willingness to take responsibility for the outcome

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and the people.

Let’s put simplicity above professional jargons, as I have done in my latest book, the value chain banking (a practical guide to winning the customers’ business and loyalty)-your team, and the environment are essential elements for achieving the result. If you are delivering on the result without the balance of culture and team emotions, the result will soon nosedive into the valley. That’s you are achieving unsustainable results which could lead to the Mourinho’s valley-massive failure after two successful football seasons due to putting self above the team and the culture.

To ensure leaders and my readers are reminded of the knowledge required to be capable team’s leaders, this column Positive Growth with Babs will focus on the leadership fitness exercise from January 2020. I will be sharing tips tagged “fit to lead” concentrating on topics that will increase your leadership influence, view and capacity.

Are you fit to lead in 2020? It is beyond your professional skills and competence but a mix of it with more of your knowledge of leadership and ability to take responsibility for the environment and culture that aids effective deployment of people’s innate talents toward achieving business and sustainable results for your organisation. The focus will be shifted from you to your team, and you will take responsibility for whatever will not allow your team to operate effectively.

Before drawing this Xmas episode to a close, let’s be practical on the insight to expect from my fit to lead series. One of the leadership value chain components that make, or mar leaders is communication. Communication is so vast and mighty in team management. Your team

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somewhere has obviously declared war on our country.

What is most irritating is that the world expects us to take it lying down. An official from the trade ministry of a major European country recently accosted me over lunch at a posh restaurant in Abuja.

He wanted to know why we are so dumb as to practise “autarky” in the twenty-first century. A so0-disant economist from the Washington-based Brookings Institution was recently writing that Benin Republic had repositioned herself as a flourishing “entrepôt economy for informal trade”, while Nigeria has become the big elephant sitting on the path of progress in ECOWAS. Vietnam Vice-President Professor Vuong Dihn Hue visited Abuja recently to pressure our government to re-open the borders. The Ghanaians have protested very loudly. Several Nigerian shops have been closed down in that country while our nationals have been roughened up.

One theory being touted is that the border closure was instigated by one or two of our big industrialists that stand opposed to the African Continental Free Trade Area (AfCFTA) which takes off in July 2020. The same groups, allegedly through the Manufacturers Association of Nigeria (MAN), forced our government not to sign up to the Kigali Treaty 2018. Our late-coming meant that we have not only lost leadership and credibility; Accra also won the right to host the headquarters of the AfCFTA.

Positive Growth with Babs

Babs OlugbemI are meant to support you in achieving a result for your organisation. Communication as the bastion of leadership engagement is the positive and purposeful interaction between you as the leader and your team. If you are planning to finish year 2019 strong, you need your team to go full length to make the rest of the days in 2019 counts. Your communication will either inspire or debase your team members. Take positive out of your communication; the purposeful element will be defeated. So, in making your team to be productive, negative interaction will lead to purposeless reaction and direction. Hence, the effort of leaders is deflated by the effects of the negativity in their communication which most often gives undesired outcome for the organisation’s image, culture and people they are meant to lead.

Conclusive, the knowledge and responsibility focus under the fit to lead will enable you as leaders to take extreme ownership of your leadership development and consequently, the result you deliver for your organisations in the year 2020 and beyond.

Be fit to lead in 2020!

Babs Olugbemi FCCA, the Chief Responsibility Officer at Mentoras Leadership Limited and Founder, Positive Growth Africa. He can be reached on babs@babsolugbemi.org or 08025489396.

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Ekwegh is a private legal practitioner with over 15 years

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Christmas carols at Stella’s HumanAngle

Femi olugbile

T

here is something about Christmas that always stirs the soul.

And in the past few years, the evening of Christmas Carols at your friend Stella’s ritzy residence in Parkview has become the staple to usher in your Christmas season.

As a child, you could recall how your heart used to leap as the end of the year approached. There would be ‘Egungun Calabar’ with a headmask of cloth and raffia, and a straggling group of barefoot children joining them in an ever increasing band as they travelled about, delighting neighbours with their drumming and dancing.

Some of your classmates in the last days before your Primary School broke up spoke in exciting terms of their adventures on previous Christmas holidays, with visits to the ‘Fada Christmas’, and to the Bar Beach. Their narrations sounded wonderfully exotic, and you would stay up in your bed at night, imagining yourself into the scenarios.

Your first encounter with ’Fada Christmas’ would stay permanently etched in your memory, not because of the visit itself, but because of the sheer

excitement of the journey. Mama Feyi, the matriarch of the next-door family was taking her children Feyi, Tosin and Dupe to Kingsway, Marina, to see the strange and bearded ’alien’ who had come from a strange and faraway place, and you requested to tag along.

There was a huge press at the Idiaraba bus stop, where the Teaching hospital would spring up in the future.

As you boarded the LMTS bus, Mama Feyi motioned to you to squeeze under her seat so she would not have to pay your fare. The conductor came by and collected money from those on the seats, rolling out the tickets from the machine which she hung around her neck.

As the bus chugged along, turning into Ojuelegba and then Yaba, before approaching Carter Bridge, you could hear all the gay conversation of the children and adults around you. You were not in the least bit discomfited, and the blood was drumming in your ears due to sheer anticipation. You were going to Kingsway. That was adventure in itself.

You were going to see ‘Fada Christmas.’

Unfortunately one of the things you have lived to witness in Lagos, and in much of Nigeria, is the gradual demystification of the Christmas experience. ‘Fada Christmas’, over-flogged, trivialised, has become not a mysterious bushy-bearded being from Lapland – wherever that is, but the scrawny figure of the office-cleaner whom even the children could recognize and laugh at in front of his wretched beard. The Christmas run-up has become a frantic search for rice in the crowded markets.

Virtually everything has taken on a hard commercial edge, with tawdry caps and decorations from China flooding the street-markets. All the conversation seems to be about the prices of

commodities. Bar Beach has become Eko Atlantic City, fenced off from the proletarian access of persons such as Mama Feyi and her brood. There are decorations here and there. Is it your eye, or is there a distinct lack of soul and cheer even in those? Lagos, the centrepiece of all that is Nigerian, is overcrowded and rapidly approaching becoming ‘unlivable’. In the ’Livable City‘ International Conference the city hosted in the last days of BRF, it was concluded that the city – the only one internationally classed in Nigeria, was near the bottom of the international pile on ‘Livability’. To start to move up the scale and become again a congenial experience for its people, it would need to rehumanise its neighbourhoods and recreate a sense of local community, apart from securing their lives and easing their movements.

But this is about Carols at Christmas, and Stella’s place, not old memories.

A sprinking of the great the good of Industry are gathered in the big room, and the Lagos City Chorale, led by indefatigable Sir Alex Nwokedi is in full voice. It is a cultural, not a ’religious’, occasion – champagne is flowing, and in the air you can pick a whiff of the slap-up dinner to come. ‘…Joy to the world the Lord is come Let earth receive her king…’

As you sing, and sip the bubbly, you can see Stella in a lovely dress with the red tint she favours. She has just built a world-class factory in Shagamu to complement the one in Lagos, and is expanding her range of pharmaceutical products and getting WHO certification, which would be a first in this part of the world. Over in the corner is Ndidi, slight of frame, forever with a smile.

Social entrepreneur par excellence,

‘

It is easy to picture for a few minutes a world where, here and everywhere, man is at peace with his fellow man.

There are no Boko Haram, no suicide bombers, and no one wants to forcibly ‘convert’ or expropriate his fellow man

Trustee of Rockefeller Foundation, Founder of LEAP Africa, among other accomplishments.

You all rise to sing: ‘Once in royal David’s city Stood a lowly cattle shed…’

It makes you feel good to suddenly remember that you had once been a pilgrim in the self-same cattle shed in Bethlehem.

Other familiar faces hover in the penumbra of your vision.

After the lusty rendition of ‘The Twelve Days of Christmas’, ’Sir Bishop‘ jokingly asks the conductor to explain what all that business of doves and turtles and partridges is about. Everybody laughs.

‘O little town of Bethlehem...’

At length there is the Halleluyah Chorus, from Handel.

It is easy to picture for a few minutes a world where, here and everywhere, man is at peace with his fellow man.

There are no Boko Haram, no suicide bombers, and no one wants to forcibly ‘convert’ or expropriate his fellow man.

Enjoying the feeling, you know it would only last as far as Stella’s front door.

In one corner, tall gangling Ernest, Chairman of MTN Nigeria, is jokingly suggesting that we, the regulars at Stella’s soirees, should consider forming an Alumni Association.

As you emerge into the too-warm Lagos night, you reflect that Christmas is here, and deserves to be embraced, even in a troubled world.

A Merry Christmas and best wishes for a Happy New Year to all the readers of this column Olugbile is a writer and psychiatrist. synthesiz@gmail.com

How I plan to achieve a better 20:20

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e love the Christmas lights, the smell, the sound and the feelings.

I trust we are deep into the end of the 2019 holidays while as we hope for a better 2020. But hope is not a strategy. I mean, more importantly, how are you planning for 2020?

Here’s following through on my promise, that I will be sharing my confidential steps (steps I have successfully used over the years to generate amazing results. And I definitely will use it for 2020). So, let me just call this article, How I Plan to Achieve My Own Theme for 2020.

First of all, I don’t do New Year Resolutions.

I do themes; it refers to one or at most 2-central word(s) that guide my year and then with a mind map all around it. I apply the Be-Do-Have model to it (The Be-Do-Have is called the Triad of Manifestation – It refers to the apt definitions of things to BE, what to DO, and what I should HAVE to be those things. Mixing the sequence up gives a different result. It is also metaphorical to the BSQ Pyramid- Think Big (Be), 2. Act Small (Do), and then 3. Move Quick (list out the measurable Haves) layers. And please, let it be guided by a theme, one central word for a year).

Before every new year starts, I summarise my theme for that year in one word (2015 was Synergy (the most relationships/ alliances were created that year, even our powerful community HBC was formed that year). Well, 2016 was -GROWTH, and 2017 was CONSISTENCY, 2018 was NEW CHAPTER (in 2018, I started three new companies. I proposed and got married this same year, I moved houses, had new inner circles of friends, signed a bi-weekly radio show agreement, became a columnist on Business Day. In other words, I opened a set of new chapters in my life I will be building on. In 2019, I became a much better

person to my team, wife and society. I guess the stakes are higher as 2019 saw the arrival of my first son) and as for 2020, I have defined it as the year of Acceleration through Serial Leaps. Once you define your themes, you need a few more steps as outlined below: 1. Read a book/audio/visual on your chosen theme - for example since mine is on Acceleration, I am reading a John Maxwell book on Growth, definitely to be completed before the year ends.

2. Go on a 3days fast to commit the theme; in my case “ACCELERATION” into His hands.

3. In that deep realm ask for light, discipline, insights and the spirit of follow through. Then, come back to the physical and begin to talk about it, first to yourself and to others (to yourself, it dips it deeper into the realms of consciousness and unconsciousness, and to others, it puts you on the spot to deliver. This is called accountability).

4. Re- align the 2019 mind map to ACCELERATION. And then create touch points based on your own wheels of life (Say 1. Family: Things you want to be, broken down into sets of things to do and have. You can loop the same process for 2. Spirituality, 3. Health, Business, 4. Finance, 5.

Socials, 6. etc). These wheels of life refer to things you should BE (Be better in, Be better with). And then create measurable to ‘DO’ and have per touch points/ Wheels of life.

The high point of these exercises is that you create things you’d do differently. And then create consistent reminders to self as many times as you can remember. I suggest at every quadrant of a daily clock (three hours intervals of a 12-hour clock. It actually does have a spiritual meaning too). To make it effective, try at those points to practice stillness and meditation (not just as a spiritual exercise but as a mental exercise). Each time the process is done, comes as a self-reminder too.

Ensure that you practice meditations, affirmations

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and pausing in between the day through stillness to allow your themes, growth mind maps and the component task catch up with you. After a while the loop becomes automatic and subconscious to you. That’s a great place to be; for 2020. I and my team at Hexavia will be willing to help you even create deeper strategies through a retreat or goal setting one or team session.

The secret sauce is in the process of writing down your themes, creating a wheel of focus and then detailing the measurable goals, reviewing them constantly, and making incremental progress on them. I suggest you recite them last thing at night and first thing in the morning as a ritual, habit or part of your prayers.

5. Other side hacks may include having daily to do lists as a support to them. Stay on a task or thought/thought process till you’re sure it is done.

Consciously, do not allow your mind travel off by any distractions. An example is, if it’s not time to social media or calls, don’t go there and keep a mental timer: stop watch of each activity.

6. Find a partner (an accountability partner) that share similar theme as you.

7. Find a quote that summarises your theme and use it as your social media display pictures, wall paper and on the door, and mirror where the sticky notes are.

Every year, I see people make the same mistake. They leave the new year to luck and prayers mainly. This is perhaps the reason why most cross over services and crusades flourish even though they yield lesser results as compared to their hypes and multitudes. A few days ago, my friend shared an experience, it was a prayer point he heard by a lady in a vigil. She kept screaming at the vigil, “dear lord, every new year, I’ve been believing you for a fat bank account and a thin body. I’m screaming again so you can hear me, fat account and a thin body lord, please don’t mix it up again”.

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EIZU UWAOMA I find her prayer hilarious. I wish I knew her, or that I could play God and talk back to her. But even if God was to, it will be through meditation, insights and follow through. Meditation is how the universe connects and speaks to us. Invest in this, this season.

There is a level of depth you need to enter a new year. But the celebration that comes from the New Year distracts us most time from properly planning for it. Proper planning prevents poor performance. If only you can have a personal retreat. Perhaps one that can help you be still, and then take a few days to go on a fast, write down the insights that comes from it. Then, have an accountability partner to share your ideas with and help you follow through on it. You need focus most in January. But sadly, in today’s noisy world that can’t stop talking, that can’t stop thinking too many thoughts without focus; for an entrepreneur an idle mind isn’t always a devil’s workshop, a foolish and unguided one is. To become deep enough is to invoke from your spirit great ideas, we must all learn to at intervals stay still. Its most popular method of achieving this is through meditation.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Uwaoma is a start-up, corporate restructuring and strategy consultant. contacteizu@gmail.com

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Friday 27 December 2019

BUSINESS DAY

Editorial Publisher/CEO

Frank Aigbogun editor Patrick Atuanya DEPUTY EDITOR John Osadolor, Abuja NEWS EDITOR Chuks Oluigbo EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, STRATEGY, INNOVATION & PARTNERSHIPS Oghenevwoke Ighure ADVERT MANAGER Ijeoma Ude FINANCE MANAGER Emeka Ifeanyi 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 HEAD, HUMAN RESOURCES Adeola Obisesan

Steady progress in the local content march in oil and gas

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i t h t h e a ttainment of 30 p erc ent local content in oil and gas in December 2019, Nigeria reached a significant milestone in an ambitious tenyear journey to domesticate 70 percent of activities in the premier sector of the economy by 2027. The landmark comes in the ninth year of the establishment of the Nigerian Content Development and Monitoring Board, the agency set up to manage the local content journey following the enactment of legislation in 2010. The base was a miserly five percent with the country experiencing a capital flight of $300 billion.

The principal mandate of the Nigerian Oil and Gas Content Development Act (NOGCD) 2010 remains to develop the capacity of the local supply chain for effective and efficient service delivery without compromising oil and gas industry standards. The regulator then pursued two principal objectives. It had to

develop Nigerian capacity and capabilities while monitoring compliance and protecting investments.

The NOGICID Act 2010 outlined ambitious, vital thrusts.

The foremost is to integrate oil-producing communities into the oil and gas value chain.

This objective spoke to a major failing of the industry in over 50 years of operations in Nigeria.

Other goals include maximising the participation of Nigerians in oil and gas activities; maximising utilisation of Nigerian resources i.e. goods, services and assets and attracting investments to the Nigeria oil and gas sector (service providers, equipment suppliers etc.). Others include linking the oil and gas sector to other areas of the economy and fostering institutional collaboration.

Local content is a matter of value addition and retention.

The goal is to ensure that Nigerian firms contribute significantly to the value generated in the sector. They would, in consequence, retain in-country the specified percentage of jobs and activities. The 2027 goal of

70 percent according to NCDMB should translate to $14 billion out of a sector spend of $20 billion and yield 300,000 jobs.

Local content has become a global concern. Local content is the development of local skills, oil and gas technology transfer, and use of local manpower and local manufacturing. It is also going beyond the oil and gas industry. In Nigeria, NCDMB is quick to issue the explainers that local content does not mean nationalisation or naturalisation of the sector.

It is also not corporate social responsibility but is a business imperative. Nor must it happen at all cost. Players and the regulator would review projects and work out what level and manner of local content are possible.

The Egina FPSO provided a crucial fillip to the success that Nigeria has recorded in the journey. The achievements include 24 million person-hours worked in Nigeria equivalent to a workforce of 3,000 persons on average for five years; construction of large-scale new fabrication yards in the country, including Africa’s first FPSO

integration quay and addition of 200,000 BPD or ten per cent of current production levels.

The gains include training and skills transfer on facilities integration and commissioning.

Forty per cent of marine vessels operating in oil and gas are now Nigerian-registered.

Nigerian firms now perform many of the critical activities in the sector and in the country including the processing of barites, engineering design, fabrication and pipe coating.

Performance appraisal shows that the Nigerian Content Development and Monitoring Board has performed satisfactorily. It has met 20 of the 25 goals in the short-term local content plan. Of utmost significance is the fact that indigenous firms have accessed 70 percent of the $200 million local content fund the NCDMB manages. With that fund and the regulation and enforcement activities, we can genuinely assert with it that NCDMB is developing the capacity of local firms to take up opportunities in oil and gas. That is real local content development.

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Grooming young people is easy Tales from the main road

Eugenia Abu

I

n today’s turbulent world, criminals and gangs who want to make money by all means will do anything to make the money. I have often pondered the mind of a criminal, a kidnapper, a serial sexual offender, a murderer and an armed robber. We delude ourselves if we think they are not among us. In fact, they are closer than you think. Several years ago, I was hired by the ILO as a National Media consultant on human trafficking. It was a job that required some sort of collaboration with the media to help propagate the dangers of trafficking.

As we went into the operational part of the work, training and word watch, it was clear that many members of the fourth estate of the realm did not understand the way to treat victims of human trafficking especially the girls.

Beyond the media many members of the society parents inclusive have no idea what it means to have a child groomed by sexual predators until that child no longer listens to you and is roped into the bizarre unforgiving world of human traffickers and sexual exploitation.

It is erroneous to think that this sexual exploitation only happens to girls. Trust me there is enough

research and evidence to show that young boys can be groomed and then abused. Check out Sports locker rooms, teachers and often times some religious leaders. The story includes of course a lot of girl children, vulnerable, confused and divested by close family members to be used and abused. But let’s understand the word grooming. Really what does it really mean?

Grooming is generally a process by which offenders gradually draw victims into a sexual relationship and maintain that relationship in secrecy.

At the same time the offender may also fill roles within the victims’ families that make them a very trusted and valued friend.

Grooming takes time. It does not happen overnight and the offender who has been a predator for years knows how best to get the attention of a vulnerable thirteen-year-old boy or girl who feels that she is not getting enough attention from her family or friends. This child is experiencing puberty and is often already quite confused about what is going on.

They also tend to be more rebellious and feels no one understands them.

The sexual predator knows this and is hunting for such children.

So they begin by telling the child or teenager that they understand them and no one else does. This is to gain trust. Some of the red flags include targeting a particular child for special attention and showering them with gifts or money. Watch out for that uncle whether directly related by family or a friend of the family who is always trying to get the attention of one of your daughters. Sometimes the more familiar ones are the most dangerous as grooming is based on trust and a

high level of deceit by the predator.

Other ways include getting the child boy or girl to swear to some form of secrecy. Next they coax them into going places with them alone and soon after that inappropriate touching and pretend relationship.

Before long a sexual activity takes place and the shame of it reinforces the secret code between the victim and the perpetrator.

How to figure this out? All these things can take place under your nose while you are there and you may not notice. Comments like … Ah Anita, Oya lets go and get biscuits for your brothers should be discouraged.

Comments like, you are a big girl now, come and sit on my lap, should be discouraged. A close eye should be kept on a sleep over Uncle or Aunty who says ... Ah Michael can stay in my room overnight; we have so much catching up to do… No, Michael should not. He is only seven. Let him go back to his room. You never know what goes on in the night even if he is the children’s favourite Uncle.

Also teach your children their body parts and the ones that should never be touched by anyone even Aunty or Uncle inappropriately.

Please note that a lot of inappropriate behaviour can be introduced by the maid or houseboy. Listen to your children and please monitor your helps… otherwise you will be surprised that they groom your children who are dependent on them and slowly begin to abuse them.

A lot of times, predators who are grooming children try to isolate them from family and friends and create their secret meeting place. Track your teenagers, understand where they go and the pattern of the escape from

‘

Grooming takes time. It does not happen overnight and the offender who has been a predator for years knows how best to get the attention of a vulnerable thirteen-yearold boy or girl who feels that she is not getting enough attention from her family or friends

home. They also try to undermine the relationship between Parents and their victims especially older teenagers. Once the child begins to get used to the thrill of keeping their activity away from you and even their new best friend, it becomes extremely dangerous because first they think it’s an adventure to get away from your strict ways, then it becomes a web they can’t get away from. Before you know it some of the predators set them up for prostitution and then trafficking. None of this will seem like the young person was forced because after a while there is violence and then there are drugs.

Dependency makes people behave in strange compliant ways.

Sexual Predators and human traffickers target specific genders, age and even size of young people for those who pay for sex.

Keep your eyes open for red flags and try and be present as a parent.

Predators are everywhere and Young people are often easy to groom. The offenders have had practice. Your children are inexperienced and clueless and they do not see you often but this Uncle knows we like Club sandwiches and meat pies and he brings it unfailingly at Lunch time. He always gives Abigail two meat pies and everyone else one. Because she is special he says. He brings these goodies when you are not home. Watch out that’s how it starts! Grooming young people is easy. Keep an eye on yours! As the year comes to an end, open your eyes more to save your children from trauma in 2020.

Abu is a broadcaster, writer, trainer, brand and multimedia strategy expert and media consultant. abu_eugenia@yahoo.com

Is President Buhari really Nigeria’s problem?

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ver since President Muhammadu Buhari assumed office, he has received a plethora of criticisms especially at this point when Nigeria is heading towards an impending collapse. No doubt, almost all the positive indexes have gone missing but Nigerians must start looking at things from a different perspective.

The hard truth is that the President has little or no time to effectively monitor the activities of his ministers. Even though President Buhari hasn’t given maximum respect to the principle of rule of law, however, the narrative would have been different if only his ministers were performing and mean well for Nigerians. This also includes his advisers, lawmakers, Vice President, etc., they all deserve the biggest part of the criticisms, not the President. Yes, one would say they are all working under his administration therefore he should know everything. Alas, he doesn’t.

Buhari’s cabinet currently oversees 24 federal ministries and each responsible for some aspect of providing government services, as well as a number of parastatals (governmentowned corporations). I can vehemently state that all his ministers only cook up updates and give to Buhari as reports. There are certain details of operations which he is absolutely ignorant of.

This same unpleasant situation can also be traced to those heads of departments and parastatals who are also reporting to the ministers. As usual, they also cook up their own updates as reports and send them to ministers.

This is how the damning circle continues to go. No country would develop when you have corruptible individuals at the helm of affairs.

One good thing Buhari has recorded is that for the past few years, the price of fuel has been stable and there has been no scarcity or any form of hoarding. Then you ask yourself, why are transporters incessantly increasingly fares? This is common in Lagos. You cannot say Buhari is the reason for that. Nigerians feel the impact of these situations and it also constitutes the bad names the present administration has received.

This Yuletide season, the likes of God is Good Motors, The Young Shall Grow Motors, Libra Motors, etc. are all exploiting Nigerians in the name of doing business. Now, ask yourself - what would have happened if there was fuel scarcity or the prices of fuel increased?

This kind of situation adds to the negatives we already have in Nigeria.

Again, Buhari was not the one who announced that drones and CCTV cameras would be deployed to monitor the 2020 University and Tertiary Matriculation Examinations (UTME). That foolishness was exhibited by one so-called Professor who heads the Joint Admissions and Matriculation Board (JAMB).

Without a deep thought on this subject, you may foolishly think it’s a good idea. Trust me, this is another ploy to rip off Nigeria of its limited financial resources.

I have always tried to ascertain the role and the impact of the Joint Admissions and Matriculation Board (JAMB) in Nigeria’s educational system, unfortunately, I have found nothing. If JAMB as a board is totally wiped off today from the educational sector what do you think would happen? Its never going to have any negative on the educational system.

Anybody who has graduated from secondary www.businessday.ng

school and feels he or she needs a tertiary education should apply to the school directly.

In 2018, the Federal Executive Council (FEC), approved N133 million for the purchase of infrastructure and equipment for JAMB. First, they succeeded in taking advantage of the funds provided for their so-called CBT (Computers). Now, they need another fund for drones and cameras. JAMB is offering nothing and I expect the federal government to start thinking of how to scrap it. Not the examination itself but the entire board.

Again, it was reported a few weeks ago that one of Buhari’s ministers said Nigeria needs N14 billion for the upcoming Olympics games.

His words: “To prepare for the Olympics, we need about N14 billion and what we have in our budget is less than N2 billion. This is why we want the corporate world to come in and support our quest to do well at the Olympics.

The government cannot do it alone.”

Yes, partaking in the 2020 Olympics in Tokyo Japan is good but Nigeria must prioritise to avoid profligacy. If you asked me, I would say Nigeria does not need Olympics. It is even better to use a lesser amount of money and invest in our sporting facilities. The proposed fund would be squandered and nothing measurable in terms of returns. No right-thinking minister should ever mention that Nigeria needs such an amount of money for the competition. Again, Buhari didn’t come up with that silly idea.

Importantly, the lawmakers cannot be exonerated from the plights of Nigerians. It’s just appalling that the legislature under the leadership of Senator Ahmad Lawan is a complete fiasco. He seems to be a toothless bulldog

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JUSTICE OKAMGBA

who lacks ideas and only interested in the 2020 budget. Is that what being a lawmaker is all about? At this critical time, you are requesting for N34 billion just for the renovation of the National Assembly building. No serious issue that will impact the livelihood of Nigerians has been discussed under his leadership. How about other lawmakers, which of them have come out openly to heavily campaign against and criticise this nonsense?

How about the Vice President, Professor Yemi Osinbajo? He is also a big problem, a right-thinking leader should be courageous enough to kick against policies that are not in the interest of the citizens. It is better for him as the Vice President to fight for Nigerians and kicked out than to be a puppet. What is his gain? What is he afraid of? What is he protecting?

At this juncture, you would realise that the principles of checks and balances are completely dead. The ministers, lawmakers, special advisers, aides, heads of parastatals have all failed Nigerians not just Buhari.

Justice Okamgba writes from Lagos. He is a journalist, SEO specialist, and a web designer. godfreyjustice67@ gmail.com

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Friday 27 December 2019

BUSINESS DAY

MONEYINSIGHT

How far can 9Mobile go after losing 8m subscribers in 3 years?

FRANK ELEANYA

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hile Airtel seems to be enjoying the best form of its life in terms of internet subscriber share, 9Mobile has not had a great year having suffered a cumulative loss of more than 8 million in three years.

April 2016 was the last time 9Mobile was at the peak of its power recording 17,194,118 subscribers, almost 2 million (1,951,262) increase from the previous month. It would also be the last time it would be overtaking Airtel and becoming the third largest telecommunication company by share of internet subscribers in Nigeria.

Since then, 9Mobile has seen an unbreakable run of subscribers exiting its platform. By October 2019, the telecom company has lost 8,847,889 subscribers cumulatively for the period under review while recording no new subscribers for the entire ten months in 2019.

In contrast, Airtel has gone on to become the second largest telecommunications company, overthrowing Glomobile, and has not experienced a month in 2019 without thousands of new subscribers flocking to its platform. Airtel subscribers reached 33,618,035 in October, nearly 4 times the people that left 9Mobile.

Etisalat divorce blues Although a grossly underperforming Nigerian economy and poor technology infrastructure development may have contributed significantly to 9Mobile’s current troubles, there is every indication that the company is yet to recover from the poorly executed divorce between the telecommunications regulator, Nigerian banks and Abu Dhabibased Etisalat Group, the parent company of Etisalat Nigeria.

It would be recalled that in June 2017, Etisalat Group terminated a management agreement with its Nigerian arm and gave the business time to phase out the Etisalat brand in Nigeria. It was the culmination of Etisalat Nigeria’s failure to reach an agreement with a consortium of 13 Nigerian banks to renegotiate the terms of a $1.2 billion loan it obtained in 2013.

The company’s failure to pay back was reportedly caused by Nigeria’s currency crisis which overshadowed the country’s economic outlook two years prior to the default. Intended as a medium-term seven-year facility to fund the company’s network expansion, the value of the $1.2 billion loan spiked after Nigeria devalued its naira currency due to difficult economic headwinds.

Like Etisalat, many companies also suffered from currency devaluation. In different sectors, companies were forced to

cut losses, pack up and leave.

In the case of Etisalat, the Nigerian Communications Commission (NCC) issued the June 9 Default and Security Enforcement Notice, Emirates Telecommunications Group Company, forcing the group to make its decision to quit the company.

Etisalat Group’s exit opened the doors for new suitors including Teleology which eventually emerged the new owner of the struggling brand. Teleology is a special purpose vehicle comprising telecom industry veterans and led by Adrian Wood, pioneer Chief Executive Officer of MTN Nigeria. Teleology, however, spent only two months before it gave up ownership of the brand.

Teleology’s experience is probably one of the major reasons an acquisition would not be an option for 9Mobile, at least for now.

For one, Teleology spent almost a year going back-and-

forth with the NCC, legislators, and aggrieved shareholders of 9Mobile until it finally acquired the telecom company in November 2018, paying a nonrefundable cash deposit of $50 million. Two months later the badly concocted marriage came crashing down and a further payment of $251m as a settlement to the consortium of banks led by Barclays Africa.

Teleology reportedly said it pulled out because it was becoming “increasingly uncomfortable” as parties to the deal were taking actions outside of the agreed business plans since its takeover.

“When you talk about corporate governance, the issue of Etisalat leaving and the unfinished business with Teleology has a funny way of coming back at you,” Olusola Teniola, President of the Association of Telecommunications Companies of Nigeria (ATCON) and national coordinator Nigeria, Alliance for Affordable Internet (A4AI) told BusinessDay. “Teleology is a company that was led by Adrian Woods, who has an international reputation in the telecoms sector. If the issues around the agreements in terms of shareholders and management of 9Mobile weren’t resolved properly, then it might have a negative effect on their ability to attract foreign investments. It doesn’t mean they can’t attract, but it might have a negative play on their case.

Recently, 9Mobile received a $251 million investment from Africa Finance Corporation (AFC), but sources told BusinessDay that the terms of the deal are proving a challenge for the telco as it also has some form of exposure with AFREXIM. Acquisition in the pipeline?

Smile Communication was one of the bidders for 9Mobile for the exit of Etisalat, but Tel-

eology emerged as the preferred bidder. With Teleology out of the way and with 9Mobile losing subscribers in record numbers, Smile Communication could consider a merger with the struggling telecom company.

BusinessDay also learnt that Vodacom is currently going through a merger and acquisition activity with 9Mobile in focus.

The industry is also said to be ripe for more consolidation because the economics in terms of the cost of doing business and the expectant return on investment by certain shareholders would indicate that an exit out of the market maybe their only way of ensuring that the values that they placed on the asset are still viable.

“I believe that there are indications that there may be other potential entrants who are keeping terms on the Nigerian market who might see the 9Mobile asset as a vehicle and a way to enter the market,” Teniola said.

Mobile money lifeline 9Mobile may also have a lifeline with the recent Approval in Principle it received from the Central Bank of Nigeria on its Payment Service Bank (PSB) licence. The company could have a firstmover advantage in the area.

However, for efficient mobile money service, 9Mobile would require investment in infrastructure to be able to go into some part of the unbanked that are unserved or underserved “It is all about scale and scale will suggest that if 9Mobile has a customer base in the region of 7-8 million subscribers then they should be looking to grow that at least to double to justify their existence,” Teniola said.

Without economics of scale going forward, it is very difficult to establish whether 9Mobile will find it attractive to provide products for the mass market and rather seek a niche play.

Carbon’s pan-African digital bank push takes it to Kenyan fintech industry FRANK ELEANYA

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enya may be the home of Africa’s most popular mobile money platform, MPesa, it is also home to hundreds of mobile lending applications that has helped to foster limitless access to credit in the country. Come 2020, Nigeria’s digital financial services company, Carbon, will be one of the platforms vying for share of the digital banking market in Kenya.

Carbon which has enjoyed some degree of success in the Nigerian market, is hoping to convince Kenyans to access loans on its platform using their

National ID number and a selfie, as well as the phone number associated to their mobile wallet.

They will also have access to payment services to pay utility bills and buy airtime directly from the Carbon app.

In view of its progressive regulatory environment and high levels of financial inclusion, Kenya is one of the most attractive markets in Africa. More than 60 percent of Kenyans own a smartphone and more than one in four (27 percent) has taken a digital loan. The Central Bank of Kenya values the mobile payment sector at $36 billion with the sector expected to reach a www.businessday.ng

$125 billion valuation by 2025.

In Kenya, unemployment lies in the average level of African countries. Many people are working, however in jobs or as small business owners, earning a relatively low income, and are not always able to afford things like a personal vehicle.

While Carbon may have Tala, OKash and Branch to contend with in its Kenyan adventure, it has enlisted the help of partners such as Transunion CRB, MPesa and other a few payment platforms to aid its launch.

“This expansion presents an opportunity to bring learn-

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ing from other African successful markets to Kenya,” said Chijioke Dozie, CEO and co-founder of Carbon. “It also enables us to explore what has made the Kenyan financial services industry so successful and how this success can be replicated in other markets.”

Since launching in 2016, Carbon has grown its user base to 1.8 million, initially providing consumers with access to credit, simple payments solutions, high-yield investment opportunities and easy-to use tools for personal financial management. The company disbursed more than $35.6 mil@Businessdayng

lion in loans and in 2018 alone achieved revenues of $10.4 million. Carbon also secured a $5 million debt facility from Lendable, a New York and Nairobi-based technology-enabled funding provider, in March 2019.

Dozie also explained that the expansion to Kenya is in line with the company’s vision of a pan-African digital bank for Africans and Africans in the diaspora.

“Taking our services to Kenya represents the first step in realising that vision and truly delivering financial services that Africans at home and abroad need to thrive and excel.

Friday 27 December 2019

BUSINESS DAY

COMPANIES & MARKETS

15

COMPANY NEWS ANALYSIS INSIGHT

OIL& GAS

Shell to write down $2.3bn in Q4 on weak economy OLUFIKAYO OWOEYE

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he global oil and gas industry may be in for greater troubles as Royal Dutch oil giant, Shell, said it expected to write down up to $2.3 billion in the fourth quarter due to a weaker economic outlook, joining a string of oil supermajors which were almost entirely forced to contract their operations amid a disappointing demand outlook.

The oil and gas major made the announcement in a trading update ahead of its full-year results, in further charges, Shell expects an impairment of $500-600 million from deferred taxes and another $100-200 million from well decommissioning, neither will have a cash effect on Shell’s performance.

T h e c o m p a n y a ttributed the substantial impairment charge to the “macro outlook”, suggesting that factors such as the U.S-China trade dispute that led to a market-wide pessimism about global economic growth and, consequently, oil demand, have affected its

performance.

In oil production, Shell said it expected the total for Q4 2019 to be between 2.775 and 2.825 million bpd, on an oil-equivalent basis.

In gas production, Shell expects an average daily of 920,000 and 970,000 barrels of oil

equivalent, with LNG output at 8.8-9.4 million tons.

As for CAPEX, the Anglo-Dutch supermajor said its full-year will be closer to the lower end of the range it had given earlier this year, at $24-29 billion. This was related to concern

marketing and chemicals business “margins are expected to be lower due to seasonal trends, and weaker compared to the fourth quarter of 2018 due to crude price movements.” according to the statement.

Upstream, Shell says it expects production to be between 2,775 and 2,825 thousand barrels of oil equivalent per day.

While downstream, refinery availability is expected to be between 91percent and 93percent. Similar to the third quarter 2019, refining margins are impacted by the continued weak macro environment Also, oil products sales volumes are expected to be between 6,500 and 7,000 thousand barrels per day, marketing margins are expected to be lower due to seasonal trends, and weaker compared to the fourth quarter 2018 due to crude price movements impacting Retail margins In October, rivals Chevron, BP and Spain’s Repsol all wrote down a total of around $20 bilL-R: Rob Lawson, president British Society of Lifestyle Medicine; Ifeoma Monye, founding president, Society of Lifestyle Medicine in Nigeria; lion, primarily in U.S. Dame Edith Okowa, wife of Delta State governor; Pamela Ajayi, chairperson of the Conference, and Adaeze Ifezulike, vice president, shale gas assets due to Diaspora, SOLONG, addressing journalists, at the 2nd International Lifestyle Medicine Conference and First Board Certification Exams in lower long-term gas prices.

Lifestyle Medicine, at the State House Auditorium, residency, in Abuja. in the company about its capacity to sustain a generous buyback program aimed at boosting shareholder trust after the 2014 oil price crisis.

Shell warned in October that the worsening economy could slow the pace of returns to shareholders, prompting a

negative reaction from investors despite the company comfortably beating even the highest analyst profit estimate for the third quarter “Trading and optimization performance is expected to be average” in the company’s integrated gas unit, in the

TECHNOLOGY

IHS Towers acquires Brazil’s Cell site solution from Goldman Sachs OLUFIKAYO OWOEYE

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igerian telecoms group, IHS Holding Limited, has signed an agreement to purchase Brazil’s Cell Site Solutions (CSS) from affiliates of Goldman Sachs and Centaurus Capital LP in an undisclosed fee.

Under the terms of the agreement, IHS will acquire 100percent stake in CSS and it will be fully integrated into IHS. The acquisition is part of IHS’s strategy to expand in Latin America and become the leading owner, operator and developer of shared telecommunications infrastructure in emerging markets.

On completion, which is subject to all necessary regulatory approvals, the

management team and all employees of CSS will join IHS. CSS has approximately 2,290 towers and other telecommunications infrastructure sites across Brazil, Peru and Colombia. The company’s four solutions – Build To Suit (BTS), Collocation, Distributed Antenna Systems and Small Cells, further complement and enhance IHS’ offering as it seeks to bring increased connectivity to emerging markets and pursue the strategic expansion goal of becoming the world’s leading emerging markets towerco.

The addition of three new markets in Latin America region adds significant future growth potential to the IHS business.

Sa m D a r w i s h, I H S chairman, and chief ex-

ecutive said with the new acquisition, IHS will be well placed to deliver on these demands following its exceptional 18-year track record globally coupled with the excellent track-record of the CSS management team over the last six years.

CSS has approximately 2,290 towers and other telecommunications infrastructure sites across Brazil, Peru, and Colombia. IHS is one of the largest independent tower operators in EMEA and the third largest independent multinational tower operator globally.

Citi is serving as financial advisor and Allen & Overy LLP along with Souza, Mello e Torres Advogados are serving as legal counsel to IHS. Goldman Sachs & Co. LLC and Banco Itau BBA

S.A. are serving as financial advisors to CSS. Gibson, Dunn & Crutcher LLP and

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados are serving as legal

counsel to CSS and affiliates of Goldman Sachs and Centaurus.

L-R: Lamidi Adekola, operations director, FrieslandCampina WAMCO; Omolara Banjoko, marketing manager, Three Crowns; Funmi Olotu, SSA to Lagos State governor on Lottery matters; Abigail Oluwasegun, MOTY’19 winner; Kafayat Salami, MOTY’19 winner; Chinwe Okoroafor, MOTY’19 winner; Ben Langat, MD, FrieslandCampina WAMCO, and Chris Wulff-Caesar, marketing director, FrieslandCampina WAMCO, at the Grand Finale of Three Crowns Mum Of Year 2019 campaign.

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Friday 27 December 2019

BUSINESS DAY

COMPANIES&MARKETS

Business Event

INSURANCE

ARM Invests in Trove Technologies deliver access to global investment opportunities MODESTUS ANAESORONYE

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sset & Resource Management Holding Company Limited (ARM) is making an equity (investment) in Trove Technologies Ltd (Trove)– a micro-investing application that allows users to invest in financial securities in Nigeria and international markets.

This move is in line with the Company’s dedication to leverage technology as a means to change how clients access and consume financial services.

It will be recalled that in May 2019, ARM had partnered with Ventures Platform to launch Labs by ARM which focused on supporting start-ups utilizing technology, applications, and services to solve specific problems. Trove emerged as one of the six participants in the program.

ARM will utilize the Trove application to offer her clients the opportunity of trading in Government Bonds, Stocks, US Exchange Traded Funds and Stocks of US companies. With the NYSE and NASDAQ having

a market cap of $30.2 trillion and $10.1 trillion respectively, making them the most valuable markets which have also consistently outperformed every other market, Nigerians through the use of Trove can have access to these markets.

ARM clients with the ARMStocktrade App are able to seamlessly participate in the global economy and own shares in valuable companies such as Facebook, Lyft, Pinterest and Zoom to name a few without the need to reside in the US or have social security numbers.

The team behind Trove are repeat founders and finance professionals with experience working in companies in the financial sector such as Goldman Sachs and UBS Investment Bank. They are optimistic that Trove will address the existing bottlenecks in the Nigerian investment space such as lack of access to mature markets while giving Nigerians the chance to take control of their savings and investments.

Speaking about the partnership, Henrietta Bankole-Olusina, managing director of ARM Financial Advisers Limited, Henrietta Bankole-Olusina said

“We believe that this is a wonderful opportunity to enlarge the investment playing field for our valuable clients enabling them to trade in diverse stocks and accumulate wealth globally from the comfort of their homes.

It is also our hope that this partnership will encourage more millennials to explore the world of investing in order to build a future of realized ambitions.”

The ARM Stocktrade App can be downloaded at the tap of a button on Google Playstore or iOS store.

Established in 1994 as an asset management firm, Asset & Resource Management Holding Company (ARM HoldCo) offers wealth creation opportunities through a unique blend of traditional asset management and alternative investment services.

ARM currently manages total assets of circa N980 billion (as at December2018), has an AA rating from Agusto and Co. and was named Best Fund Manager, Nigeria by Capital Finance International. The Firm is regulated by the Nigerian Securities and Exchange Commission (SEC).

ARM is headquartered in Lagos, Nigeria with offices across the country.

L-R: Bob Nwojo, head, acceptance business, FirstBank; Tope Dare, executive director, Inlaks ; Stanley Jacob, chairman, CeBIH; Oladipupo Alabede, head digital banking, Sterling Bank/winner of a free trip to South Korea sponsored by Inlaks at the just concluded annual CeBIH retreat in Abeokuta.

AVIATION

SAHCO wins ground handling contract for Taag-Angola IFEOMA OKEKE

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kyway Aviation Handling Company PLC, (SAHCO) has once again been chosen as the preferred Ground Handling partner for TAAG-Angola Airlines.

TAAG-Angola, which commenced operations into Lagos, Nigeria on Monday, 16th of December, 2019 is the national airline of Angola that operates an all-Boeing fleet, the airline will be flying twice a week from the Murtala Muhammed International Airport.

SAHCO will be responsible for its Passenger Handling, Ramp Handling, Cargo services and warehousing and other aviation-related activities. This again has proved that

SAHCO is preferred when it comes to Aviation Ground Handling in Nigeria, offering safe, speedy and efficient services to all its clients.

This new addition to the notable clients that is being handled by SAHCO is a testimony that indeed clients will gravitate to the best and this is a further testament of the endorsement of the expertise, professionalism, efficiency and business integrity of the company.

SAHCO which is both European RA3 and IATA ISAGO certified and present in all the commercially operated airports in Nigeria, has had to expand its export custom bonded warehouse in the Lagos Airport due to the influx of

business to this ultra-modern warehouse, is also a recipient of massive deployment of ultra-modern equipment to all its stations nationwide all in a bid to continually provide world class services to clients and would be clients.

Skyway Aviation Handling Company PLC with its team of dedicated and expert workforce is involved in all activities that take place from when an aircraft chocks-on to when it takes off; these include but not limited to Passenger Handling, Ramp Handling, Cargo Handling/Warehousing, Training Services, Aviation Security, Baggage reconciliation, Hospitality/Lounge services, and other related Ground Handling Services.

COMPANY RELEASE

L-R: Lion Ajayi Ahmed, president, ikorodu metro Lions club; David Johnson; Afe Modupe; Idowu Sulaimon; Igbasanmi Peter; Lion David Abiodun, member, and Lion Odupe Olatunji, secretary, at a free medical treatment by Ikorodu Metropolitan Lions Club

Roosevelt Ogbonna, group deputy MD, Access Bank plc; Ojy Okpe, supermodel; Herbert Wigwe, GMD, Access Bank plc; Millen Magese, supermodel, and Amaechi Okobi, group head, corporate communications, Access Bank plc, at the second edition of the Born in Africa Festival 2019.

Workbarn Consulting to help 500 young Nigerians secure jobs by 2020

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orkbarn Consulting, a human resources and management consulting firm, has kick-started a Corporate Social Responsibility initiative which aims to guide individuals to align their career goals for professional success. Tagged ‘CareerBanters with Ifeadi’, the initiative is the brainchild of Ifeadi Anigbogu, a human resources, advocacy, and management professional.

The first edition of the initiative was held recently at the Oriental Hotel, Victoria Island, Lagos. ‘CareerBanters With Ifeadi’ played host to over 30 young professionals who experienced intensive practical coaching sessions on how to get jobs and excel in their

careers.

Speaking on the initiative, the convener, Ifeadi Anigbogu said: “Having been in the recruitment space for long, I understand the talent needs of organizations and the needs of jobseekers. Sometimes, young professionals miss out on great job opportunities because they lack guidance. ‘CareerBanters With Ifeadi’ exists to support them through practical coaching by seasoned HR and hiring professionals to show them exactly what to do to get jobs and excel on the jobs.”

Some of the professionals at the event that coached the participants: Temitope Oyadele, Learning and Development Manager, Nestle Nigeria;

Chigbo Okeke, Head of Business, Avant Halogen and Flora Gabtnoy, from the Centre for Global Enterprise.

Other career coaches present were Linda Ahaneku, Head, Human Resources, AgroMall Discovery and Extension Services; Kayode Kolade, Country Manager (Operations & Strategy), TLScontact, Raphael Abiodun Akinte, Assistant Learning and Talent Manager, Africa, PZ Cussons and Clara Ugbor, Founder, TuneUp Human Capital Development Limited Speaking further on the initiative, Ifeadi said: “CareerBanters With Ifeadi aims to help 500 young Nigerians understand how to secure good jobs and excel on the jobs in 2020.

L-R: Bonu Solomon Saanu, special adviser to the governor on Arts and Culture; Gbenga Omotoso, commissioner for information and strategy; Shulamite Adebolu, his counterpart for tourism, arts and culture, and Segun Fafore, executive assistant to the governor on PR and New Media, at a press conference on the upcoming Greater Lagos Christmas/ New Year Extravaganza, at the Bagauda Kaltho Press Centre, the Secretariat, Alausa, Ikeja

Friday 27 December 2019

BUSINESS DAY

17

AGRIBUSINESSINSIGHT Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Send in Commentaries to caleb.ojewale@businessdayonline.com

Nigeria’s commodity exchange system stunted over limited private sector participation Stories by CALEB OJEWALE Twiiter: @calebtinolu

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he Nigerian Commodity Exchange (NCX) has not witnessed any trade in ten years, prior to a 2018 report on ‘Commodities trading ecosystem in Nigeria’ by the Securities and Exchange Commission (SEC). Out of the two commodity exchanges in Nigeria, AFEX commodity exchange as noted by SEC is fully operational while NCX is not fully operational due to funding challenges occasioned by government’s inaction, amidst several other challenges.

Access to market is a major challenge in Nigeria’s agricultural sector, with primary producers often on the losing end. Even when access to finance is given as a challenge of farmers, the fact has remained; no matter how much credit is extended to any farmer, if they are unable to access markets (and profitably too), then they will default.

“Money does not matter if you can’t sell,” remarked Ayodeji Balogun, country manager for AFEX Commodities Exchange Limited and the regional director of Africa Exchange Holdings during a panel discussion at the 2019 BusinessDay Agribusiness and Food Security Summit.

The dearth of a robust commodity exchange system in Nigeria currently accounts for the significant portion of uncertainties in commodity marketing from producers to end users which includes multinational manufactur-

ing companies and even individuals, as an unstructured market implies adequate planning cannot be done, particularly for futuristic (and investment) purposes.

As agricultural value chain and commerce experts have said, a private sector driven commodity exchange system is expected to eliminate many problems in the sector, where post-harvest losses are as high as 40 per cent for some commodities. It also frequently experiences gluts in the market for different commodities, leading to price instability, and in cases when prices crash, there is very little income for farmers.

Invariably, it is discouraging for potential investors who do not consider the Nigerian sphere viable enough on account of its volatility and uncertainties.

A commodity exchange system brings transparency in prices, ability to plan, capacity to borrow more easily from financial institutions and ability to provide farming production estimates.

“That is the only way the farmer will get value for his or her produce. A commodity exchange is the vehicle that the farmer needs to get real value for his or her produce,” Kabriru Ibrahim, president, All Farmers Association of Nigeria (AFAN) previously told BusinessDay in a phone interview.

According to Frans Ojielu, global financial advisor, ICMG Commodities in an emailed note, the six Commodity Boards of Cocoa, Groundnut, Cotton, Palm Produce, Rubber and Grains were a great innovation in ensuring product quality, price

stability and development of the production areas before they were scrapped in the 1980’s in the wake of trade liberalization and some inefficiencies in the Boards.

“With the renewed focus on agricultural production, marketing support is inevitable to reduce post harvest losses (sometimes up to 40 percent), provide markets and liquidity to farmers, assist in quality enforcement and stimulate agricultural production and processing.

These marketing support companies will ramp up production, increase export and generate employment,” Ojielu wrote.

The Economic Growth and Recovery Plan (EGRP) states the government’s intention to re-vitalise the Nigerian Commodity Exchange (NCX) to fast-track exports,

improve inventory management and storage capacity at the national level.

However, experts express the view that more private sector driven commodity exchange companies/systems are required to meet the demands of a more than 190 million population, which also substantially feeds into the West and Sub-Saharan Africa markets. Boosting agricultural capacity through commodity exchanges in the country will also see the sector’s contribution to GDP increasing in tandem with increased productivity.

Bello Abubakar, president, Maize Association of Nigeria, had also told BusinessDay by phone, that “It is good commodity exchange is driven by the private sector; sorry to say but it is the government that is causing the problem.”

Emmanuel Ijewere, vice president of the Nigerian AgriBusiness Group (NABG) also expressed the view that “Commodity exchange is a private sector business, the reason why Nigerian stock exchange market has survived is because it is not run by the government. Yet it is regulated by the government (security and exchange commission). In the same manner, government can put in place a regulatory body and let people set up commodity exchanges.”

A notable example in Africa is the Ethiopia Commodity Exchange (ECX) which has been described as one of the driving factors of improvements in the country’s agricultural markets. The ECX is set up as a private company owned by a partnership of the

markets actors, members of the exchange and the Ethiopian government.

In the same vein, Muda Yusuf, director general, Lagos Chamber of Commerce and Industry (LCCI), also told BusinessDay that setting up a commodity exchange system in Nigeria “should be private sector driven but the government may have to support the development of the structure.”

“And I think we should go and copy the models that are already working, such as Ethiopia. For most of these things, when going into a new terrain such as commodity exchange, best thing is to look at existing models working elsewhere in Africa and replicate same here, but government should have its own input because we are talking about agriculture” Yusuf said.

Abubakar believes a fully structured commodity exchange system will make an impact “because we will have a centre where our commodities will be centralized or commercialized. The prices will be determined by the stakeholders; from the buyers and sellers side. There will be controlled (market-driven) pricing and all other companies or processors of the board will be represented.”

Ojielu also noted that the involvement of the private sector in the commodity exchange will lead to the accentuation of the value chain of production, processing, marketing and establishment of businesses that will make agribusiness business attractive to the teeming young, educated and energetic population in the country.

Processors race to 90% food fortification to improve nutrition in Nigeria

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he fortification of processed food is a way of addressing micronutrient deficiencies in diets, ensuring processed food can deliver specific nutrients required for good health. According to the World Health Organisation (WHO), Micronutrient malnutrition (MNM) can affect all age groups, but young children and women of reproductive age tend to be among those most at risk of developing micronutrient deficiencies.

Food processors in Nigeria have now expressed commitment towards achievement of 90 percent fortification of processed food in the country by 2020. Last year when the Nigeria Food Processing and Nutrition Leadership Forum was first held,

the level of fortification in processed foods was 50 percent, and has now increased to 75 percent, following a year of strategic efforts towards the goal of food fortification in Nigeria.

A target of 90 percent has now been set before the forum reconvenes next year.

Aliko Dangote, president/CEO, Dangote Group, and vice-chair (Private sector) of the Nigeria Industrial Policy and Competitiveness Council, disclosed this in Lagos recently after a closed-door meeting of leading food processors in Nigeria.

The forum sought to sustain momentum on food fortification and compliance to standards, which currently targets; edible oil, salt, sugar, and wheat flour. The goal is however, for every prowww.businessday.ng

cessed food in Nigeria to be fortified, including rice, a widely consumed staple by millions of Nigerians.

While the ‘big food processors’, which had some of their CEOs in attendance at the meeting have expressed their commitment to increasing the volume of fortified food in Nigeria, Dangote stressed that “regulatory agencies should not only focus on the big ones but also the smaller companies”. This, he said is to ensure that the smaller players who together account for substantial share in the food market, are also complying with the stipulated standards for the benefit of all Nigerians.

As explained by Osagie Ehanire, minister of health who was also at the event, fortifying food

with vitamins and other essential nutrients vital to the health of Nigerians, will particularly contribute to the development of healthy children.

According to data presented by the international non-governmental organization TechnoServe, a number of companies have significantly improved their compliance with food fortification standards since commitments they made at last year’s forum. Among six of the leading producers of staple foods in Nigeria, the proportion of adequately fortified wheat flour increased from 58 percent to 74 percent; fortified edible oil increased from 63 percent to 75 percent; fortified sugar increased from 32 percent to 84 percent; and salt iodization levels are

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maintained at nearly 100 percent. Together, these producers account for 90 percent or more of the production volume of these foods—except for edible oil, for which they represent closer to 40 percent of the production volume.

Currently, 43.6 per cent of children in Nigeria have stunted growth, according to the 2018 Global Nutrition Report. The prevalence of stunting is still classified as a high public health concern according to World Health Organization (WHO) standards.

Wasting, a reflection of acute malnutrition, affects approximately 18 percent of children under 5 years old in Nigeria, which, according to WHO standards, is a very high public health concern, noted Feed the Future in @Businessdayng

its 2018 action plan for Nigeria.

In terms of Under-five children with Stunted growth, Nigeria ranks second in the world with13.9 million children, and retains the same position among countries with Under-five Wasting, having 3.4 million children, according to the Global Nutrition Report.

In addition, Feed the Future’s report noted 71 percent of children and 48 percent of women of reproductive age are anaemic. Nutritionally, women are also affected by the burdens of being underweight (11percent) and obese (25 percent).

Enhancing the fortification of food is expected to reduce the statistics of nutrition related deficiencies in the country.

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Friday 27 December 2019

BUSINESS DAY

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Friday 27 December 2019

BUSINESS DAY

LEADINGWOMAN

19

Oluwayemisi Mafe, passionate about brand communication, fulfilling her dreams about your cycles, about your challenges, a man might not see it the way another woman will see it. So, I always believe that there’s this part of the holy book that says that the older women should teach the younger women. I believe strongly in that and that pushes me a lot of the time to try as much as possible to mentor and coach younger women –to make them see that what you’re going through, I’ve gone through it before and you can rise above it. You can do this, or you can choose to do that. You can always be better than whatever you think you are presently.

DESMOND OKON

O

luwayemisi Mafe is a Marketing Communications professional with over 20 years’ experience in Consultancy, Social Enterprise, Banking, E-Commerce and Insurance. She heads the Brand Communications department of SUNU Assurances Nigeria Plc., a member of SUNU Group which has the vision to be a leading African Insurance Company. Before now, she was the Manager, PR & Brand Communications at Konga Online Shopping Limited where she was responsible for managing the online giant’s brand communications, public perception and strategic engagement of her stakeholders by ensuring consistent delivery of brand message in a timely and relevant manner. She started her career as a Freelance Journalist with Herald Group of Newspapers in Ilorin, and over the years has gained experience in the Marketing Communications industry working with leading Advertising and Public Relations agencies.

Prior to her present employment, she had a brief stint with Accion Microfinance Bank.

She has expertise in successfully conceptualizing and implementing innovative communications, public relations and marketing initiatives—including both digital and traditional media channels—to drive market impact and expansion for top companies in diverse industries.

She is a 2014 Vital Voices Lead Fellow.

The program is a distinctive partnership between the UK government’s Department for International Development and Vital Voices Global Partnership). Oluwayemisi is a Fellow; National Institute of Marketing in Nigeria (NIMN), Member; Nigerian Institute of Public Relations (NIPR), Member; The Chartered Institute of Marketing, UK , Associate; Advertising Practitioners’ Council of Nigeria (APCON) and a Mentor and an Associate; Women in Management, Business and Public Service (WIMBIZ). She is also a mentor of Cherie Blair Foundation for Women.

She is very passionate about touching lives and gives expression to this by volunteering for social causes that impacts women.

The switch from freelance journalism So I started as a freelance journalist because I discovered early in life that I love to write.

And as an undergraduate, I felt it was a talent I can put to use while studying English in the University. So I was just doing it on a part-time basis. I would say it was is a progression from being a freelance journalist to now coming into public relations as a media relations executive where I started from then to copywriting and using all those skills as a consultant to develop the various brands I’ve worked on.

Journalists switching from journalism to corporate communications.

Why is that so and what is the nexus between both fields?

Okay, I think the thread that holds everything together is number one, you must have a creative skill to be able to coin words together in a way that makes meaning and tells a story. So if you have that basic skill, the sky like they say, is your stepping stone because you can take it to any length you want or you aspire to. I don’t see it like it’s a trend. I believe it’s something that happens if you are qualified for the position. For me, being a restless soul, I can’t just stay in one career over the years and I believe I have to just move and keep evolving as I grow.

What’s your typical workday like?

There’s no typical work day for me. The day starts the moment I wake up. When I wake

What are your own ideas towards achieving gender parity in Nigerian and Africa?

Number one, like I said earlier, I believe that women should support each other and when you see a woman trying to forge ahead in life, don’t join the people that try to pull her down. Don’t join the people that demoralize her with the side talks and the gossips and the name calling. When you see a woman maybe going into politics, you should support her and part of the support you can give to her is to give her the agenda she needs to push that will support women’s priority when she gets to that post. You should be able to say to her ‘we are supporting you because we believe that when you get there you’ll be able to push for this and this that will support women advancement, you’ll be able to do various things that will help the women folk and empower the women.’ We shouldn’t be the ones castigating those that are bold enough to come forward. You may not be able to do it, but since she has decided to come forward, what is expected of you is to help her to be better at what she’s doing and give her all the support that she can get. up, I do my morning activities then come to the office and the moment I step into my office, I take it as they throw it at me and I believe I handle it well, whatever comes I make sure that I give it my best shot and keep at it.

Challenges on the job and surmounting them I believe that life on its own is full of challenges but your perspective to it, the way you handle it, then the way you see it basically determines whether it will sink you or you’ll rise above it and keep trudging on. I believe challenges make you better however, I do not believe you should succumb to just copying every and anybody if trying to be ‘like them’ is your challenge. You find out that a lot of people have perfected the art of copy and paste. Guess what? When push comes to shove, you will know who is the thorough professional and the one that is just doing copy and paste all over the place. You are able to see the best and you’re able to see the worst at the same time. So for me, there have been challenges, so many, but it all depends on how you decide to take it and give it your best shot. And also make sure that ‘this too will pass’ like they say.

The new media and brand communications The world is a global village. Everything you do is no longer in your own little corner.

People all over the world, people all around you are looking at you. They’re monitoring your activities, even those things that you don’t think they know, maybe somebody tags you or somebody made mention of you somewhere, people are watching. So I’ll say that the internet has really impacted the practice because right now, you gain more knowledge and insights from different parts of the world. You don’t need to depend on getting a particular book to draw knowledge from it before you advance your skills and your competence. Now at the click of a button, you can have all the information you need to know about what is going on, how brand communications is being practiced in www.businessday.ng

this part of the world, how it’s being done in that part of the world. It makes it easier for you to bring your best to the table because you now see how things are done in various parts of the world, you learn from it and impact your own world better.

To what degree would you say that brand communication professionals are keying into the art of storytelling?

Some people naturally sit back and watch trends before they latch onto it, while some people set the trend. I would say that we have both at play presently in the country because we have some people that are sitting back and watching but of course, we have so many people that now use storytelling to a great extent and use it quite well to tell their stories to impact their brands, to make people buy into them better than it’s been before. So it’s really a great tool, is a great opportunity and I believe everybody, the back seaters that are still watching should come on board and start doing great stuff.

Recount a moment of set-back and tell us how that has spurred you to where you are now?

Okay over the years, starting from being a brand consultant as a PR manager to being a copywriter, of course, there were times when you would do some stuff and the client will say “Is this the best you can do?” It could be very demoralizing, it could demotivate you.

But you know, you just have to rise above it and be like, okay, this might not really be the best now, what else can I do to improve on this? I’m a very optimistic person; I never allow setbacks to keep me there. I always find a way to rise above it and forge ahead irrespective of what it is.

What’s your take on women supporting women?

I’m a 100 percent believer in women supporting women. The fact is that a woman understands another woman better than a man would. Before you start telling a man

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What are the opportunities in volunteering and how can it be made attractive so that more people can begin to engage in it?

I will say that to a large extent, whatever I might say I’ve been able to do with my life rests a great deal on how well I was able to volunteer my time, my skills and everything into making it what it is. So volunteering is something that I greatly support. The way we are in this part of the world, a lot of us believe that if there’s nothing in it for me, I won’t do it. We should be magnanimous enough to say that ‘I am what I am because I’m meant to be a blessing to the next person’. I don’t always look at what is in it for me. I look at ‘let’s get it done and make it a better place for the next people coming behind us’. So I believe that should drive anyone that wants to be a volunteer. It might not be attractive because the people you’re volunteering for, the organizations, the bodies, might not be able to pay you back but at the same time, you should be magnanimous enough to say that I’m throwing my hat into the ring because I believe it can be better. I have the skills and competence to make it better than it is presently.

Family, social and work life. How do you balance these?

I take it one day at a time. I always believe that I have to seize the moment. Right now, I’m granting you an interview, we’re here discussing, no other distraction. So I try to schedule things accordingly so that one does not overlap the other. When it’s family time, it is strictly family time, when it’s work, it’s work and I give it my best shot as well so that by the time I shut it down I can face the next thing. And the social life too, when it’s time for that we go for it.

Describe yourself in two words Strong woman. I’m a woman and I’m very strong. I intentionally choose those two words because they encompass so many other things. I’m a woman and I’m very strong.

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Friday 27 December 2019

BUSINESS DAY

HEALTH BUSINESS&LIFE Suicide in Nigeria! Why it matters ANTHONIA OBOKOH

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i t h t h e re cent link by experts, this breakdown in the ability to deal with life stresses, economic hardship, relationship break-ups and mental health are among the factors speeding up suicidal cases in Nigerians.

Imagine its 1916 lunatic law passed on to the country by the colonial masters, after 103 years Nigeria still using old mental health law. Up till now hundreds of thousands of Nigerians still die from suicide unnecessarily.

Meanwhile, legislations on Nigerian Mental Health Act policies that could have enhanced access to better mental healthcare and expanded the coverage for Nigerians have continued to suffer approval from the National Assembly.

In Nigeria, the Suicide Research and Prevention Initiative (SURPIN), which partners with the Association of Psychiatrists in Nigeria (APN), has found that about one-fifth of suicide cases seen at its affiliated institution are those aged 13-19 years, and that the majority of the callers were aged 20- 39 years, and 63.5 percent of them were having thoughts of suicide at the time of calling; 28.2 percent were students The majority of suicides worldwide are related to mental illnesses. Among those, depression, substance use, schizophrenia and other psychosis constitute the most relevant risk factors, but also anxiety, personality-, eatingand trauma-related disorders as well as organic mental disorders significantly add to unnatural causes of death compared to the general population.

There is always tendency

to trivialize suicide and attempted suicide. The temptation of being judgmental, stereotypical, hostile and negative criticism is very high and this leads stigma “Suicidality represents a major societal and health care problem; it thus should be given a high priority in many realms,” said Taiwo Sheikh, president of the Association of Psychiatrists of Nigeria (APN) who spoke recently during the 10th Annual Symposium of Health Writers Association of Nigeria (HEWAN) in his presentation Suicide Prevention and Mental Wellbeing: Creating an enabling environment through legislation.

According to Sheikh, creating an enabling environment for suicide prevention in Nigeria through legislation requires urgent overhaul of our criminal legal system that will decriminalise suicide and attempted suicide, passage of the mental health bill that will promote mental well-being, prevent mental illness and ensure access to treatment of mental disorders.

“Lunatic Law currently practised is archaic; the law has been unable to adequately provide for mental health care on equal footing with physical health and gives no attention to mental health care

financing or access to such services within primary care settings.

“It envisages the presence of ‘asylums’ which would usually be established by ‘local government councils and It fails to focus clearly on such rights as those related to dignity and human autonomy and it provides no direction as to healthcare issues such as consent, privacy as well as confidentiality,” he explained.

In Nigeria, there are socioeconomic reasons which push people into suicide than a traditional exercise in the mental health sector. There are fewer than 500 psychiatrists nationwide to take care of 200 million people.

“Suicide is the second leading cause of death especially among the youth and it is sad that government has not prioritise any form of intervention programme to prevent the trend,” said Sheikh.

Sheikh said that the high incidents of suicide on the lack of prevention strategies and programmes in the country.

“In Europe, they have 13 programmes, America has eight, Western Pacific has five, South East Asia has two programmes while in African and Nigeria, we have zero intervention programmes.”

“So, you can understand why suicide rate is on the increase here in our country. It

is declining in those places because they have put certain things in place,” he said.

In view of the severe deficiencies of the current State legislation and the lack of a national and comprehensive modern mental health act, several attempts have been made to enact a brand new national mental health act, which will apply in all states of the federation.

The most current one is the 2019 “Mental Health and Substance Abuse bill” which has attempted to address many of the lapses observed until then and has included substance abuse.

However, a health industry expert says “Mental health professionals, doctors and counsellors can be reached out to manage suicidal tendencies.

The proactive steps taken by several such professionals in the capacity of leaders has helped and has the potential to help save thousands of lives.”

“Occurrence of suicide tends to be under-reported and misclassified due to both traditional and social pressures, and possibly completely unreported in some areas,” says expert.

Nigeria ranks 71 out of 177 countries accounting for 9.9 suicides per 100,000 populations of deaths annually”, according to data from the 2018 global Suicide rate report by World population review.

Nigeria however, reported cases of suicide rate in the country has seen numbers at the double by poisoning using pesticides as one of the most effective ways commit suicide , the WHO said as it urged governments to adopt suicide prevention plans to help people cope with stress and to reduce access to suicide means.

KwaSACA presents N671.8m to support HIV/AIDS network groups SIKIRAT SHEHU, Ilorim

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he Kwara State Aids Control Agency, (KwaSACA), recently presented the cheques of six hundred and seventy one million, eight hundred and thirty seven thousand naira to different support groups of the Network of People Living with human immunodeficiency virus, acquired immunodeficiency syndrome (HIV/AIDS).

The presentation which was done by the Kwara State deputy Governor, Kayode Alabi who is also the chairman of the Agency says is part of 2.5 percent counterpart fund to access World Bank grant to support people leaving with HIV AIDS. According to Seleem Alabi, project manager of KWASACA, the World Bank has earmarked millions of Naira as grant to assist people living with AIDS. Alabi, commended the government of Abdulrahman Abdulrazaq for providing needed support to the Agency since her inauguration which

he says has been enabling it perform its statutory responsibility of taking care of the Network of People Living with HIV/AIDS. The project manager further stated that the payment of the counterpart fund had enabled the people to access the World Bank grant which had been absent in the past.

Alabi called on the beneficiaries to make judicious use www.businessday.ng

of the fund for their wellbeing.

Meanwhile, the Deputy Governor had earlier in the week advised the People Living with HIV/AIDS on regular medical checkup and intake of their medication to live long.

Alabi gave the advice while presenting relief materials donated by the Kwara State Action Committee on Aids, KwaSACA to people leaving with HIV AIDS in Ilorin.

The Deputy Governor explained that there are other diseases that are deadly than HIV/AIDS noting that regular intake of prescribed drugs is vital to looking good and staying healthy.

He therefore urged the people not to lose hope as a result of their HIV status, stressing that the present government would give them necessary support to make life comfortable for them.

“The state government would continue to stretch its tentacle of leadership to the people living with HIV/AIDS,” he said.

Speaking on behalf of the beneficiaries, Muftau Yusuf and Emmanuel Fadesere appreciated the Deputy Governor and his boss, Abdulrahman Abdulrazaq for supporting them, as they even pledged to continue to work to ensure that the disease does not spread beyond those that are already affected.

Relief materials donated to the people include; bags of rice, beans, semovita, eggs and jerry cans of vegetable oil.

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Nurturer takes awareness against emotional abuse to schools ANTHONIA OBOKOH

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urturer a non- governmental organisaton (NGO)holds the first edition of Hope Beyond Abuse at the Reagan Memorial Baptist Girls Secondary School on recently in Lagos with the theme ‘Conquering emotional abuse at the home front’.

The event which took place at the Genesis Hall of Yaba Baptist church, hosted over 500 girls, addressing critical issues on dealing with and overcoming the blows of emotional abuse.

Speaking at the event, Folashade Ayeni, founder Nurturer said the Hope Beyond Abuse is one of the dual pivot scheme of the agency, and it is targeted mainly at teenagers and young adults

to sensitize them on the realities of emotional abuse, assist them to identify abusive relationships, words and actions, help them build the courage to speak up and seek help at all times.

The founder also said that hope Beyond Abuse would be replicated in other secondary schools in order to reach as many teenagers as possible.

She further said that the other scheme which is targeted at parents themselves.

“While you nurture” would encourage conscious parenting and good parenting skills. This other scheme will be launched on the international day of the Parents, mid-next year, stating that if awareness is made to reach the potential victim or abuser, we would be raising an army of great adults,” she said.

Lifeworth HMO leads campaign for improve services in Nigeria’s health insurance space ANTHONIA OBOKOH

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ifeworth HMO, Nigeria’s proactive and trustworthy health management organisation, organized a breakfast meeting for various Healthcare Providers within the industry. The event which recently took place in Lagos aims to enhance the quality of service within the healthcare value chain.

Raymond Osho, chief executive officer (CEO), Lifeworth HMO in his address said that the health Insurance in Nigeria is at its infancy stating that the journey that has started must be periodically evaluated through discourses on how well to improve Healthcare delivery.

“Affordable healthcare must deliver on its mandate which include accessibility, responsiveness and quality. This will in turn give the enrollees the best of services from the HMO which is delivered by the Healthcare Providers. This is the way through which the enrollees can trust the system, as a whole,” he said.

The keynote speaker at the event, Anthony Omolola, Past President of the Association of General and Private Medical Practitioners of Nigeria (AGPMPN), charged Healthcare Practitioners to digitize their practice as well as improve on their financial acumen.

On the part of the HMOs, he emphasised on the need for seamlessly generation of authorization codes for providers on behalf of their enrollees in order to ensure speedy care.

While delivering a paper on “Health Insurance: Improving Service Delivery to the Enrollees,” Oluwatosin Kolade, Associate Director, Health Financing, Health Systems Consult Limited shared the experience of Nigeria’s Health Insurance Industry with what is obtainable in other African countries like Ghana, @Businessdayng

Rwanda amongst others.

He noted that while Nigeria was the first country to start Health Insurance amongst the three (3) countries, Nigeria has only been able to achieve fewer than 5 percent coverage of its population as compared to Ghana and Rwanda’s health insurance cover of about 50 percent and over 90 percent of their populations respectively.

Focusing on the healthcare systems, Kolade noted that the number of medical colleges in the country, estimated at thirty (30) colleges as compared to three hundred (300) colleges in India, is abysmally low, thus making the number of the doctors available to cater for Nigerians to be very limited.

“Compounding the shortage of trained medical doctors is also the mass exodus of medical practitioners currently been experienced at an alarming rate,” he said.

Concluding his lecture, he highlighted the insignificant budgetary allocation to the health sector in general and the poor regulatory framework of the National Health Insurance Scheme (NHIS) in particular.

However, some of the main points from the panelist session included the need to improve budget allocation to the healthcare sector at a minimum of 15 percent of national annual budget, in conformity with the Abuja declaration of 2001.

They also pointed the need to improve regulatory framework of the NHIS stating that there is a need to rapidly grow the Health Insurance Coverage nationwide.

They added that there is a need for healthcare practitioners to improve their service delivery to enrollees stating the need for HMOs to charge more realistic premiums from their clients and the need to educate enrollees in order to manage their expectations of the scheme.

Friday 27 December 2019

BUSINESS DAY

21

HEALTH BUSINESS&LIFE

Dearths of modern facilities, poor attitude to work cripple Nigeria’s healthcare system - Olanrewaju RAPHEAL OLANREWAJU, a Consultant Surgeon in Obstetrics and Gynaecology and Medical Director of 23-year old Mother and Child Hospitals in Lagos, spoke to RAZAQ AYINLA, Southwest Bureau Chief on cogent issues as regards sheer neglect of Nigeria’s health sector which is due to bad leadership and governance. Excerpts:

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ow do you see the state of the healthcare in Nigeria at the moment? What is going on well and what can be improved upon?

Everyone knows that the state of healthcare in Nigeria is far from what it should be. We are worse of today than what we had in the seventies and eighties as far as our hospitals are concerned. The basic health facilities are far from being adequate and efficient. The tertiary healthcare centers especially the teaching hospitals which gave us joy during our training years are not so nowadays because of the general decay in Nigeria.

Nigerians now run to places that used to envy us for health care. Thank God we have more hospitals and medical personnel, but there is a dearth of modern facilities and poor attitude to work and services. Nigerians are far from being satisfied in our health services. Urgent steps must be taken to address this poor state of affairs.

There have been calls on the government to do more in health industry.

What are your recom-

mendations in this regard?

Heath care is very expensive. Majority of the citizens cannot cope with the cost of provision of service without serious government input. Any government desirous of good healthcare services must invest in the health industry. Government at various levels local, state and federal must invest heavily in the health delivery to

ameliorate the sufferings of the people. Government policies in finance, agriculture, education and infrastructure have a bearing on the health of the citizen and should be tailored towards improving the lives of the people to make investment in health worthwhile.

You recently opened a new facility in Omole, Lagos. Tell us about this

facility and what it has to offer?

Our new facility at Omole, Lagos is primarily to serve as a world class, one stop people friendly hospital for every member of the family. The ambience, facilities and staff have been carefully planned to allow our clients and families experience the best care possible. We are glad that this type of facility can be provided in our country at this time.

People don’t often talk about the business side of managing a hospital.

How has the journey been over the past 23 years as a healthcare organisation in Nigeria?

Managing a hospital are in two parts, the training as a medical doctor and the business aspects. These are not mutually exclusive but a good manager must be able to use his or her trainings, knowledge and available resources, both human and material, to achieve the aims and objectives of the organization. To this end, the past years have been very challenging but also rewarding. Operating in Nigeria has been very challenging for many reasons particularly because of the lack of supporting infrastructures such as efficient and adequate provision

Tips for healthy Christmas season Executive Travel Health

Dr Ade Alakija Q-life Family Clinic

lifeadvisoryservices@outlook.com

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he Christmas break should be a relaxing time for recharging our batteries, not a time of poor health choices and bad habits. Maximize the holidays by making your health and safety a priority. Get your strategies in place to cope with festive temptation and have a happy, healthy Christmas.

Control your portions: Do not eat everything at feasts and parties. Be choosy and spend calories judiciously on the foods you love.

Choose dishes with lots of

HBL TEAM

vegetables: Instead of eating heavy meals full of meat and pastries, take small portions of these foods and fill your plates with fruits and vegetables instead. This will help avoid heaviness and ensure you eat healthy.

Limit your alcohol intake: There are numerous occasions to raise a glass with family and friends during the holidays. However, drinking to excess, even if it’s only occasionally, can cause serious damage. Women should limit their alcohol consumption to 2 glasses a day and men to 3.

Go for a walk after a big meal: This will help in burning down the food into calories and will prevent heaviness.

Simplify your exercise routine: Christmas do come with lots of laxity, instead of skipping your routine exercise, you can instead simplify it by doing it indoors.

Wash hands often to help prevent the spread of germs: Wash your hands with soap and clean running water for at least 20 seconds regularly to avoid spread of germs.

Manage stress: Give yourself a break if you feel stressed out, overwhelmed, and out of control. Some of the best ways to manage stress are to find support, connect socially, and get plenty of sleep.

Do not drink and drive or let others drink and drive: Whenever anyone drives drunk, they put everyone on the road in danger. Choose not to drink and drive and help others do the same.

Be smoke-free: Avoid smoking and second-hand smoke. Smokers have greater health risks because of their tobacco use, but nonsmokers also are at risk when exposed to tobacco smoke.

Fasten seat belts while driving or riding in a motor vehicle: Always buckle your children in the car using a child safety seat, booster seat, or seat belt according to their height, weight, and age. Buckle up every time, no matter how short the trip and encourage passengers to do the same.

Monitor children: Keep potentially dangerous toys,

food, drinks, household items, and other objects out of children’s reach. Protect them from drowning, burns, falls, and other potential accidents.

Prepare food safely: Remember these simple steps: Wash hands and surfaces often, avoid cross-contamination, cook foods to proper temperatures and refrigerate foods promptly.

Key takeaways: Staying healthy over the Christmas break doesn’t happen by itself – it takes planning, determination and follow-through on personal goals.

Keep your exercise routine simple but consistent during the festive season; create a home workout that you can stick to every day.

Christmas means more alcohol-fuelled parties than normal, so pace yourself; drinking plenty of water will help you counteract the dehydrating effects of booze.

Christmas celebrations can play havoc with your sleep patterns, so try to keep on top of your sleep routine.

ANTHONIA OBOKOH / Reporters. Email: obokoh.anthonia@businessdayonline.com

of power, water, good road and security. We have to operate in an environment without government or financial institution support. Nigerian banks desire that hospitals keep their resources with them without any support or with throat-cutting interest.

This is not so in well-organised societies. It is difficult to manage a successful medical outlet in Nigeria.

Congratulations on your anniversary. It must be rewarding to be consistently making a difference in people’s lives for such a long time. What is the experience like in the last 23rd years?

We established Mother and Child Hospital in October 1996 with J.B.O Adewuni.

All glory to God for His mercies, help and grace all the way. We know that all the socalled achievements are by His grace alone. We are glad that God enabled us to contribute our little quota. God had made a success of our effort.

So, who is Raphael Olanrewaju; educational background, qualifications and medical experience?

I am Raphael Sunday Olarewaju. I attended St Andrews

Catholic Primary School in Oro Kwara State. My high School was at Igbomina Secondary Grammar school, Ajasse Ipo in Kwara State where I graduated with The West African Senior School Certificate Examination (WASCE) GRADE 1 Distinction. I also attended Ahmadu Bello University Zaira and graduated with MBBS 1982.

My post graduate studies was at The Jos University teaching Hospital where I graduated with Fellow of The West African College of Surgeons in the faculty of Obstetrics & Gynecology in October 1990.

I was a lecturer in the faculty of medicine university of Jos and Consultant in obstetrics and gynecology (O&G) to the University of Jos Teaching Hospital until I resigned in October 1994 to Join Duro Soleye Hospital in Lagos.

Looking forward, what are your growth plans for the next 10 to 20 years?

God willing, we believe that the next 10-20 years has very promising and rewarding experience in stock for us. We intend to extend the Mother and Child brand to other parts of Lagos and Nigeria at large. We are here to make Nigerians access the best care with no stress financially or emotionally.

Harmattan season exposes more risk of infection –experts ANTHONIA OBOKOH

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ealth experts are advising Nigerians to limit their exposure to dust during this dry weather conditions, cautioning that it associated to various health implication on humans, affecting their skin, respiratory system and eyes.

Harmattan period usually occurs between the end of November and March each year and it comes with dryness and dust because there is little amount of water in the atmosphere (low humidity), this increases the spread of infections or diseases such as dry skin, cough cold, catarrh, bronchitis, asthma, and pneumonia.

Ojo Sikiru medical practitioner based in Lagos, said harmattan comes with dust that can trigger different infections and affect people with certain allergic conditions.

“The dryness and the dust can causes infections and asthma attacks as well as cause cold, cough, catarrh,

and even meningitis” “People should protect themselves from these infections, it is rampant in both children and adults,” said Sikiru.

Uzoma Onuoha, a gynaecologist at the Federal Medical Centre Keffi, said the season brings with it certain ailments, and harsh weather condition, pregnant mothers need to take very good care of their health this season and avoid dusty environment.

“Season like this Asthma patient should be cautious because they tend to have more attacks during these period, the allergies from the dusty environment can trigger attack,” he added.

Public expert advised that people should increase fluid intake especially water to reduce dehydration caused by dryness.

“Warm drinks like tea or coffee will help provide you with warmth to fight cold, “Wearing covered clothes and body moisturizers can be used to prevent dryness and cold,” he added.

I David Ogar, Graphics

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Friday 27 December 2019

BUSINESS DAY

FINTECH News

Products Review

In association with

Technology Review

Personality Review

Company Review

Fintechs mull mergers, rates adjustment in 2020 as Treasury bill continue freefall FRANK ELEANYA

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hile 2019 saw one of the very few acquisitions between financial technology startups (Carbon acquired Amplify) in Nigeria, there are indications that 2020 may see more as founders take this option to survive.

The treasury bill rates which used to be a major source of revenue for most of the startups have been on a freefall recently.

“So much flux in the Nigerian fixed income market that has repercussions for lending and savings FinTech companies,” said Chijioke Dozie, co-founder and CEO of Carbon. “With Treasury bills way below 10 percent per annum, can FinTech companies offer a 10 percent savings rate in the long term? Could this trigger mergers in the local FinTech scene?”

Continuing from its drop in November, the primary market auction rates on the 91-day, 182-day and 364-day bills compressed to 4 percent, 5 percent and 5.4950 respectively in December.

The treasury bill drop is attributed to the deposit money banks (DMBs) struggle to meet the Central Bank of Nigeria’s 65 percent minimum lending to deposit (LDR) ratio

by December 31, which is likely to go up to 70 percent in 2020. By comparison, South Africa has an LDR of 90 percent and Kenya has about 76 percent.

Banks like Ecobank and Sterling bank claim to have

given out 68 and 79 percent respectively and are therefore not worried about the CBN target.

The falling rates also coincide with the CBN’s policy which disallows local firms and individuals from investing in the primary and secondary Open Market Operations (OMO) auctions.

OMOs are issued by the CBN for monetary policy management to control liquidity. The apex bank in recent times had opened the market to foreign investors to generate foreign exchange to maintain the value of the naira, but now, only foreign traders are allowed to hold OMOs. Following the CBN push, some banks have started to adjust downward their average monthly deposit rates from 4 to 3 percent.

Standard Chartered Bank Nigeria in a notice to

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its customers in December, informed them that “following current market realities, please note that effective December 27, 2019, interest rate on our E-saver account would be adjusted as follows: 4.5 percent placement on N10, 000,000 and above; 4.25 percent for between N1,000,000 and N9,999,999; and 4.05 percent for savings between N1 and N999,999.”

Experts say deposit rates are going on decline because banks are reluctant to retain

expensive deposits. The CBN’s minimum LDR policy also means that banks are not enthusiastic about sourcing deposits, resulting in a significant decline in deposit rates.

With banks taking the adjustment option, many say it is only a matter of time before fintech firms put the cap on their rates amongst other costcutting measures.

Startups like Cowrywise, Carbon, and Piggyvest have promised their users at least 10 percent on fixed investments.

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“Who would have imagined that a few months ago rates would be this low,” Ngozi Dozie, cofounder of Carbon noted in a Twitter post. “At Carbon, we are actually about to reduce the rates we give for fixed investments. Unheard of, but if this continues we can bring down the cost of borrowing.”

While mergers and acquisitions are a possibility, some experts say the option of banks acquiring fintechs may not be on the table anytime soon.

@Businessdayng

Banks are likely going to ride it alone for now.

“I do think it’s bleak for a lot of the independent wealth techs as I don’t think the banks will buy them, they are or have already built their own wealth management platforms and would rather see them crash, based on conversations I’ve had with some executives at the banks,” Rahmon Ojukotola, founder of StartCredits and a financial advisor, told BusinessDay. He explained that the synergies from a merger with two digital-only wealth management platforms is marginal. The cost of merging both platforms can outweigh the benefits.

“That’s one of the reasons the banks won’t buy them as they would rather see them fail and then take their customers,” said Ojukotola.

But experts have long seen mergers and acquisitions as the most viable way that fintech companies in Nigeria and Africa can compete with established traditional financial institutions and big tech organisations looking to invest in fintech.

Iyinoluwa Aboyeji, cofounder of Andela and Flutterwave said the merger is an important way tech entrepreneurs can aggregate the capital and human resources required to take advantage of the present chaos to flush out the old and build the new.

“My wish for 2020 is that young Nigerian mission-driven entrepreneurs do more mergers and acquisitions to build bigger companies that can challenge Nigeria LLC,” he said.

Friday 27 December 2019

BUSINESS DAY

23

FEATURE Sunny Obazee recalls 7 years of torment over fraud case he was later acquitted Daniel Obi

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or seven years, Sunny Obazee, a director at former BankPHB, now Keystone Bank went through mental torture during his prosecution alongside three other individuals at Lagos High Court, Igbosere for fraud case involving N855 million that he was later discharged and freed.

Some people in that circumstance may have been killed in jungle justice or sentenced to various years of imprisonment that were not able to prove their case beyond reasonable doubt.

But Sunny Obazee was able to convince Justice Kudirat Jose of the Lagos High Court, Igbosere that he knows nothing about the fraud case. He was freed but he is not totally freed from the emotional trauma he was subjected to for seven years.

How did it start?

In early August, 2012, the Economic and Financial Crimes Commission, EFCC, arraigned three officials of Keystone Bank (formerly Bank PHB): Anayo Nwosu, Olajide Oshodi and Sunny Obazee alongside the managing director of Nulec Industries Limited, Ashok Isran over N855 million fraud.

The suspects were arraigned on charges bordering on conspiracy to obtain the said sum from one Sir Daniel Chukwudozie of Dozzy Oil & Gas Limited under the false pretence of paying for preference shares of Nulec Industries Limited in an upcoming Initial Public Offer. Nulec Industries Limited and Keystone Bank were also separately charged with the suspects.

Ashok Israni, an Indian and the owner of Nulec Industries Limited, was said to have taken some loan from the then-BankPHB. It was calculated that Israni indebtedness to the bank rose to N130 million.

Around June 2007, before Obazee joined the bank, Israni decided to raise capital for his company through Private Placement and BankPHB constituted a team to make a presentation to the company management to be the Issuing House for the exercise. Subsequently, Obazee who had worked in UBA Capital, Oceanic Bank among others before he joined the BankPHB in December 2007 and by virtue of his new position as Divisional Director, Investment Banking, he was the leader of that team.

Sunny Obazee

Finally, Nulec approved that BankPHB be the issuing house to the offer. Obazee told a newspaper that the offer for the Private Placement was not underwritten by the bank. “ If that was the case, I would have been required to sign and the bank would have needed an Approval Memo, as that would mean we were exposing the bank to some risks. The document they produced said the transaction should be underwritten by the bank, but that was not done. I wasn’t a signatory to the account and nobody in my division was.

“The allotment of the shares was done by the bank and I wasn’t involved also. We asked that a Reporting Accountant and a Solicitor be appointed for the transaction.

The job of the Reporting Accountant was to verify the viability of NULEC Industries Limited and NULEC would do two or three years’ projection about its activities and what it wanted to use the funds for”.

According to the report, he said that during the course of the trial, the Reporting Accountant gave evidence that NULEC was viable as of the time the money was given to it. When we handled the offer, the company was not dead” In his account, Obazee further told the newspaper that he personally also committed N5.7 million to Private Placement. A company, Dozzy Oil and Gas Limited, owned by one Chief Chukwudozie, committed the sum of N855 million to buy 600 million units of the shares at N5 per share.

“And other things being equal and in accordance with the regulations, if the shares were listed as planned, the company and www.businessday.ng

its owners would have made N3 billion from the sale of the shares and about N2 billion as profit.

Unfortunately, the Capital Market collapsed in 2009.

“By the time the market collapsed, it affected a lot of things, even banks and BankPHB was not left out”. In the media report, he said at this point Chukwudozie started making demand for his money. This he said led to some of his colleagues in the bank being interrogated and probed by the Economic and Financial Crimes Commission, EFCC. “I came back from leave in 2011 and I was asked by the management to go to the EFCC office to explain myself. It was at the EFCC office that I met Chukwudozie for the first time. I explained to him that the ugly development was as a result of the market collapse and I also invested some funds into the project and that if I didn’t believe it would work, I would not have done so. The next thing was that I was made to write a statement and asked a series of questions. I was now joined with those who had been under investigation for two years over the matter”.

One of the counts read: “That you, Anayo Nwosu, Ashok Israni, Olajide Oshodi, Sunny Obazee, Bank PHB Plc/Keystone Bank Ltd and NULEC Industries Limited, between 14 July and 31 July 2008, in Lagos within the jurisdiction of this Honourable Court, did fraudulently convert to your use the sum of N285, 000, 000 being the property of Dozzy Oil and Gas Ltd, when you credited the account of NULEC with the said sum to defray its debt owed to Bank PHB Plc as against paying

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the sum into the Private Placement Account of NULEC, which sum was to be used as payment for the purchase of shares of NULEC Industries Limited under a Private Placement.”

Another count read: “That you, Anayo Nwosu, Ashok Israni, Olajide Oshodi, Sunny Obazee, Bank PHB Plc/Keystone Bank Ltd and NULEC Industries Limited, sometime in 2008 within the jurisdiction of this Honourable Court, with intent to defraud, obtained the sum of N855, 000, 000 from Dozzy Oil and Gas Ltd, on the false pretence that NULEC Industries Limited was in active profit-making manufacturing and trading activities, thereby purporting same to be payment for the purchase of shares of the said NULEC Industries Limited under a Private Placement.”

During the trial, the defendants were granted bail on the following terms: The 1st, 3rd and 4th defendants were asked to produce a letter of undertaking signed by Keystone Bank’s Chairman and Managing Director. And, whenever any of the defendants fail to appear for trial, the bank will pay a fine of one hundred million naira for each of the defendants on each day they fail to appear.

For the 2nd defendant, he was granted bail in the sum of fifty million naira (N50million) and two sureties in like sum. The sureties must be resident in Lagos, and have landed properties in Lagos state. The documents of the landed properties, to be verified with the Lagos state Land Registry, should

“

I knew I wasn’t involved in any criminal activity but regretted that the mental torture was great. At a point, I had to file a case of breach of human rights against the EFCC because they were harassing and intimidating me with calls and intermittent detention after we had been admitted to bail @Businessdayng

be deposited with the court Registrar. The sureties, who must be gainfully employed, are to show evidence of tax payment in the last two years.

The judgement After seven years of trial, the judge in her judgment, discharged and acquitted the fourth defendant, Sunny Obazee. The judge, however, convicted and sentenced the first, second and third defendants to five years imprisonment each on counts of stealing. The companies were also ordered to pay a fine of N20 million to the Federal Government . The judge also ordered the convicts to pay, as restitution, N395 million to the victim of the fraud.

Responding to the judgement, Obazee told the newspaper , “I knew I wasn’t involved in any criminal activity” but regretted that the mental torture was great.

“At a point, I had to file a case of breach of human rights against the EFCC because they were harassing and intimidating me with calls and intermittent detention after we had been admitted to bail.

“I have a boy and a girl and both were studying in Canada; all of us, including my wife, were broken down emotionally.

“In fact, one day in 2015, I put a call to my son and told him we would be going to court the following day and he told me that he was not feeling okay because he kept thinking about my ordeal. He said he could not move one of his legs and one arm. He was crying on the phone. He said he didn’t want to tell me about his situation so as not to compound my problem.

“I had to call my younger brother, who is a medical doctor in the United States to go and help check on him. The second day in court, I sat down weeping profusely and a lady lawyer in the EFCC team had to go and explain my situation to Rotimi Jacobs, the lead lawyer for the agency, who brought the matter to the attention of the court.

The court magnanimously granted that I be allowed to go and see my boy. Only God helped me not to lose a boy who was close to finishing his university education over a case I knew nothing about. I would have lost Edosa over nothing”.

Obazee further told the newspaper that he could never quantify what he had lost emotionally and financially over a case he was finally discharged and acquitted.

He said in the report that his concern now is to get over the burden the trial placed on him.

24

Friday 27 December 2019

BUSINESS DAY

Hotels Where to make the most of your hotel stay this festive season

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

OBINNA EMELIKE

N

o doubt, overseas trips for Christmas or New Year holidays are very expensive, and for those with deep pocket. But the situation also calls for the need to look inwards and patronize domestic destinations, which abound in the country.

It is time to leave the sentiments that local offerings are poor, facilities bad, service culture lacking and try a destination this festive period. As long as your expectations are moderate, you will get the most experience while being hosted in some of these destinations.

Below are some of the resorts and hotels to make the most of your lodging experience this festive period.

Smokin Hills Golf Resort, an emerging destination for golf enthusiasts and nature lovers in Ilara Mokin, Ondo State is a nice place to visit this festive period. On a visit, guests discover beyond the reasons why the resort is ‘smoking’ with leisure.

Set on 140 acres of virgin land carved out of surrounding jungle and rolling hills that emit smoke early in the morning and also at dawn, the resort offers various accommodation options, amid other leisure facilities that boost family outing and augment the premium golf offering.

As well, the Fifth Chukker in the outskirt of Kaduna awaits you visit this festive season. It is an upscale lifestyle oasis of family fun, recreation, polo and culture that spread across 2000 hectares of land. On offer in the resort are 100 rooms, comprising of 3-bedroom duplexes, 2- bedroom villas and 1- bedroom lodges.

Th e l o ca l l y t h e m e d rooms amid modern leisure facilities are among the highlights of the resort.

If you are heading down the Southeast this festive season, Nike Lake awaits your visit. There are many reasons to visit the lake; the Agbakpa-Nike setting is more than imbued with lush and natural landscape that epitomises eco-tourism in every ramification.

After enjoying an environment that offers breathtaking views in secure and tranquil setting, you retire into one of the resort’s 210 well-appointed rand taste-

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

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

Tel: 01 277 3560

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

Tel: +234 9 4603900, +234 805 7522500

fully furnished rooms, suitable for all taste and budget.

All the rooms in the resort are either overlooking the well-manicured gardens or the lake and each room provides the comfort and luxury that is expected from an international 3-star hotel.

The hotel management invites you for Christmas lunch and dinner at the Lake View Restaurant sitting over 200 guests. It’s a sight to behold and one that will induce one’s appetite.

Of course, Ibom Hotel and Golf Resort, which was awarded Best Resort in Nigeria 2018 and has the Best Golf course in West-Africa, is one of few destinations that have consistently been operating at a truly 5-star level.

Aside the word-class golfcourse, its whole spacious lay-out in a beautiful undisturbed natural environment, swimming pool, gym, restaurants and bars will provide an unforgettable experience for those who live in densely populated cities like Lagos or Port Harcourt.

Families with children can enjoy around the poolside, discover the nature of the golf course by foot or on bike, relax at the riverside Marina restaurant among other attractions.

But if you are a spa fan, Clear Essence California Spa and Wellness Resort is one place to visit this festive season. From its outside on #13 Alexander Street, Ikoyi, the foremost spa and accommodation outfit does not tell its true worth. Inside is a different story as garden full of rare flowers and welltrimmed grass lawn ooze out freshness.

Aside the accommodawww.businessday.ng

tion options, another prime offering is the spa, managed by trained Balinese therapists. The therapists use their talents to send you into a journey away from reality, and that may just be a perfect gift for your loved one this festive season.

The spa offers 10 treatment rooms - a dipping pool, scented steam showers, sauna, a fitness centre with state-of-the-art gym equipment and certified personnel to ensure personalised spa experience.

You can also consider a visit to Nike Lake Resort in Enugu. The resort is one place that is evergreen because of the pristine environment and therapeutic impact of the natural lake resort. A few metres to the resort, you will behold with great awe the natural lake stretching over three kilometres with its incredible and rare aquatic population.

On offer are 210 wellappointed and tastefully furnished rooms and suites, suitable for all taste and budgets. You can enjoy a ride on the lake with trained boat riders, or if you are more daring, you can join the local fishermen. Pictures taken afterwards will tell the story of how much you enjoyed the Christmas escape.

If you are considering spending your festive holiday in the north eastern part of the country, then HBC Resort is a place to visit. Located in a serene and undulating area of Vom, an outskirt of Jos, the resort is a delight to behold. It is simply leisure nestled at the top of nature’s splendour on the Plateau.

Its emphasis on healthy

lodging ensures the air is pure while guests are attracted by the natural pull and freshness. On entering the resort, you are sure to experience a total change of scenery and a homily feel.

On offer at the resort are 40 rooms among other leisure and health facilities.

If you love water, then visit Inagbe Grand Resort and Leisure. It is relatively new, sparkling, inviting and exclusive. Set in-between the Lagos Lagoon and the Atlantic Ocean, the resort offers a rustic living in a lush island haven, resonating air of simple luxury and refined elegance that makes it an ideal family escape this festive season.

There, you are in your own world, do things your own way, with Mother Nature as the only witness.

There are many accommodation options, games, facilities and most importantly, nature to enjoy-all at pocket-friendly rates. Still in Lagos, La Campagne Tropicana Beach Resort, Ilashe, and Epe Resort also have exclusive offerings. But Ikogosi Warm Spring, Obudu Mountain Resort, Abraka Turf are among places to also visit.

But if you cannot afford any of these places or you are too far from any of these choice places, then try some hotels and resorts within.

Beyond seeking an escape, the hotels are cheaper during the festive season as most people travel home to share with their loved ones and corporate activities that support hotel bookings are on hold till later in the new year when companies resume.

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

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate

By Games Village Second Gate Durumi2 Abuja

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

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

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

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

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Friday 27 December 2019

Harvard Business Review

BUSINESS DAY

25

MANAGEMENTDIGEST

4 organizational design issues that most leaders misdiagnose RON CARUCCI

D

uring our first conversation, Henry, the chief executive at a technology company, expressed frustration over his organization’s inability to stay focused on and execute priorities. “We agree upon priorities at the beginning of each quarter,” he said, “but when it comes time to review them, I’m told that urgent crises have prevented us from making progress.

We never get anything done.”

After spending some time at the company, I realized that Henry’s problems were actually driven by poor governance. The “urgent crises” preventing his team from making progress were attributable to a lack of effective coordination between two key parts of his business. As a result, there was no forum in which leaders could productively resolve difficult tradeoffs.

Henry had misdiagnosed the problem. But he is not the first competent leader to make this mistake. After 35 years of consulting, I’ve learned just how easy it is to do, largely because recurring performance challenges run deeper than they initially appear.

More often, they are symptoms of a larger problem rooted in organizational design.

Four of the most common irritants I’ve seen arise from ineffective organizational design are: competing priorities, unwanted turnover, inaccessible bosses and cross-functional rivalry. If you find yourself struggling with one or more of these issues, ask yourself if the design challenges I discuss below may be the deeper cause.

SYMPTOM: COMPETING PRIORITIES COMMON DESIGN CHALLENGE: POOR GOVERNANCE Henry’s company was designed as a matrix organization, meaning that most people had two bosses. In this case, they were organized around functions, such as marketing, sales and engineering. They were also organized around three customer segments: enterprise platform users, small businesses and individual software users. Each team was led by a functional head, as well as a division vice president who led their assigned customer segment.

The problem was that the division VPs reported to the chief operating officer and the functional heads reported to Henry. When Henry’s team met to set priorities within each function, the division

VPs were not present to weigh in on how their priorities fit into the company’s larger plan.

In short, Henry’s company wasn’t designed to govern a matrix. His company was designed to govern a vertically structured functional organization. In a complex organization design like a matrix, decision-making systems must be set up to address common conflicts about priorities and resources.

SYMPTOM: TURNOVER

UNWANTED

COMMON DESIGN CHALLENGE: BAD ROLE DESIGN Leaders often label unwanted defections as a retention problem.

Stock options and bonuses are given, or new titles are fabricated to give the appearance of promotions. This may work temporarily if the defections are driven by overworked departments or toxic managers. But if they’re widespread, chances are the culprit is organizational.

One organization I worked with struggled with increased turnover following several years of botched reorganizations. The executives dismissed it as people’s frustrations with too many failed changes at once. But that wasn’t the problem. The real issue was that, in an attempt to reduce costs, leadership had used some of the reorganizations to consolidate specific jobs — such as finance, accounting and pur-

chasing — into overly broad roles with a vast range of responsibilities. Other reorganizations were used to shrink specific jobs so narrowly that many employees had to work closely with others to do their jobs. These poor role designs had some people stretched way beyond their bandwidth while others were stuck with mundane tasks that demanded too much coordination. For many, quitting was the best option.

The organization needed to realize that quality roles are designed around desired outcomes, and not around people. When companies build roles around people, they are unintentionally defining their value by the sum total of whatever the person in that role is capable of doing. As a result, a role is seen as important only when a superstar is in it — regardless of how vital it is to the company’s performance. Similarly, a role is seen as inconsequential when occupied by a poor performer.

SYMPTOM: BOSSES

INACCESSIBLE

COMMON DESIGN CHALLENGE: EXCESSIVE SPANS OF CONTROL Too often, when employee surveys return low scores for metrics like “my manager is available when I need them,” people assume it’s because of a time management issue or leader isolation.

When this happens, managers are given canned tools that tell them

COMMON DESIGN CHALLENGE: MISALIGNED INCENTIVES OR METRICS

defining what’s important to the organization, and synchronize tasks by ensuring that everyone is working toward a shared result.

Misaligned metrics and incentives can act like grinding gears, pulling people in opposite directions and pushing them toward conflicting goals.

In one organization I consulted, two divisions of marketing met this fate. One was intended to drive online traffic to the company’s website while the other was supposed to convert that traffic to sales. This led to conflicting messages on landing pages, missed targets and an aversion to sharing vital analytics.

When two functions meet at a critical seam to produce shared results, they must be able to closely examine their individual incentives and metrics to ensure they reinforce needed collaboration. The two divisions spent a day together constructing a plan to ensure that traffic and conversion were not treated as mutually exclusive, and created joint access to one another’s analytics so that they could collaborate before making plans for driving traffic and conversions.

Chronic problems have deeper roots than we naturally see, but they aren’t random. As I tell my clients, “Your organization is perfectly designed to get the results you’re getting, even if they’re not the results you want.”

Metrics and incentives are vital to aligning work across teams.

They shape people’s behavior by

Ron Carucci is co-founder and managing partner at Navalent.

how to hold more effective oneon-one meetings or better prioritize their tasks. Empathy training may get added to the leadership curriculum. Coaches may even be hired. But this issue tends to reach far beyond individual leadership practices.

For teams to run effectively, the number of layers within a hierarchy and the number of direct reports on a leader’s team must be carefully determined based on two factors: the type of work people are doing and the amount of coordination the work requires.

Highly complex or high-risk work — scientists running clinical drug trials, analysts interpreting sensitive data — often requires extensive coordination. Therefore, it makes sense to keep a manager’s span narrow to ensure high-quality performance. More repetitive work — engineers writing technical code, teams working on manufacturing lines — typically enables employees to be more autonomous, which allows a manager’s span to be wider. When these nuances are overlooked, a manager’s accessibility can become severely constrained.

SYMPTOM: CROSS-FUNCTIONAL RIVALRY

26

Friday 27 December 2019

BUSINESS DAY

entertainment

Detty Fest still enthralls this December OBINNA EMLEIKE

D

etty Fest December, the unique music concert offering from the stables of Bet9ja, is still enthralling music lovers across the country this December. The music and entertainment fiesta features four concerts headlined by four top Nigerian music acts. Since December 16, the fiesta has been featuring top Nigerian music acts starting with Teni the Entertainer, who thrilled with her concert tagged ‘Teni Live Concert: The Billionaire Experience’.

On December 26, 2019, Wizkid, the Nigerian music export, will thrill fans and music lovers with his concert tagged ‘StarBoy Fest Lagos’ at Eko Atlantic, Victoria Island Lagos.

The musician, Ayo Balogun, who stages as Wizkid is promising an elevated excitement, which he tagged ‘Boxing Day Madness’.

As well, on December 27th, the next day, Davido, another youthful ace musician, will continue from where Wizkid stopped to offer more excitement to the audience.

Tagged ‘City of Davido’, the music concert will hold at Ocean View Grounds in Eko Hotel, Victoria Island, Lagos and promises to be the best show of the season

Wizkid, winner, Artiste of the Year at 2017 AFRIMA Awards

and year.

The last concert will feature Naira Marley. On December 30, 2019, Naira Marley will be staging a massive concert tagged, ‘Marlian Fest’, at the Eko Convention Centre, Eko Hotel and Suites, Victoria Island in Lagos.

In preparation for the concert, which is probably the last for the year, the youthful singer, who is currently one of the most-

talked-about music artistes in the Nigerian music scene, took to his social media to announce and invite his fans to the concert.

He assured that he is going to blow up Lagos with his explosive show to wrap up the Detty Fest December 2019.

The choice of Naira Marley to close the show is probably due to his growing influence and large fan base, which the musician has

amassed in recent time.

However, speaking on the rationale for sponsoring the music concerts, Bet9ja noted that the Detty Fest December is one of the platforms it uses to amplify its MORE THAN A BET campaign. The campaign is planned to show Bet9ja’s impact on how it is touching and changing lives positively everyday.

Speaking further on the spon-

sorship, Ayo Ojuroye, managing director, Bet9ja, explained that, “Our partnership with the music acts such as Teni, Wizkid, Davido and Naira Marley to make this December a boom for the entertainment industry, is another way of giving back to the society where we operate, and we are changing lives everyday through corporate social responsibility initiatives”.

In line with its believe that music is a key component of entertainment, Ojuroye said that Bet9ja believes that impact of entertainment on society is positive, hence the support for the great acts to make the festive holiday a true time of refreshing for everyone.

“People should set apart one day in a week for leisure. In this way they can make their mind strong and active. Besides, entertainment also increases our depth of knowledge. People can learn and achieve work life balance and have up-to-date knowledge on various topics.

This is a state of being whole both mentally and physically to achieve and live a healthy lifestyle”, he said.

While encouraging Nigerians to visit the four venues of the concerts for quality unwinding this festive season, he assured that, “We will continue to seek avenues in the entertainment industry, culture and other aspects to empower Nigerians”.

Toyin Abraham, husband feature in Dear Affy first time since marriage OBINNA EMELIKE

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ne of Nigeria’s most talked-about couple of 2019 Toyin Abraham and Kolawole Ajeyemi feature together for the first time since tying the knot in August 2019 in “Dear Affy” the movie directed by celebrated media entrepreneur, Samuel Olatunji (Bigsam) who executive produced Ghost and The Tout and Seven And A Half Dates.

Toyin Abraham, who just put to bed, played the role of Temi the blogger while Kolawole Jeyemi played the role of Sunday, the couple delivered extensively with their performances.

The movie also features other

Nollywood Superstars such as Hafiz Oyetoro, Jide Kosoko, Williams Uchemba, Kehinde Bankole, Mawuli Gavor, Charles Inojie, Chiwetalu Agu, Chinedu Ikedieze, Faithia Williams, Bimbo Ademoye, Bimbo Akintola and others The romantic comedy tells the story of a beautiful career lady who is about to get married to the man of her dream who is on the verge of sealing millions of Naira worth of contract with a conglomerate in a construction industry. However, he is faced with the devil and the deep blue sea as sealing the contract is hinged on him having an intimate affair with the female billionaire contractor by all means just few weeks to his wedding. All hell was

Toyin and Kola www.businessday.ng

let loose when the detail of his affair became subject of headline for the media, plot turns out to be a race of redemption for the fiancé, the man, the billionaire and their friends and family.

The director Samuel Olatunji says; “ Dear Affy is an ambitious project, we want to tell a different kind of Nollywood story, we want to be very professional and excellent in our doing, we want to provide 100% entertainment and unpredictable story at the cinema and we have cast of who is who that can deliver the perfect performance.

We are not stopping there, we have dreams, we have ambitions, we believe Nigeria is a place where dreams are possible.

“We have dreams and believe Dear Affy will be the first Nollywood movie to hit N500Million at the Box Office. We have had people tell us it was an impossible dream because of the gigantic nature of the dream but that won’t stop us from, the guys from Hollywood don’t have two heads and we believe in this dream”.

Dear Affy will be premiering in February and will be distributed across cinemas in Nigeria and Ghana by FilmOne Cinemas.

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Burna Boy

Burna Boy excites fans with new single, ‘Money Play’ on Christmas Eve

F

ollowing his recent Grammy award nomination, Afro-fusion singer, Burna Boy released a brand new single for his fans to enjoy this yuletide season titled “Money Play”, right on Christmas Eve of 2019.

The mid-tempo rhythmic single laced with Afrobeat flavor, catchy verses, and ingenious interpolation passes its message of obvious affluence to its listeners and at the same time, get you bumping to its beats. The African Giant declares his state of affluence in “Money Play”, pointing out that those that would try contesting will only be chasing shad@Businessdayng

ows as he now lives where money lives. He, however, pointed out that being rich and influential is a blessing. He also repeatedly acclaims that he is the best and now associates with the creme de la creme from all walks of life including the government, as he shouts out to his “Abuja Connect”.

According to him, his entrance into any gathering means the atmosphere will have a feel of good, quality music that he is known for. Money Play was released on December 24, 2019 on all music platforms, including the brand new Apple playlist - “Africa Now”, and was produced by Mr. Kleb.

Friday 27 December 2019

BUSINESS DAY

27

entertainment GOtv Boxing Night Music Festival: Malaika, to perform with Zlatan, Mayorkun, others OBINNA EMLEIKE

F

uji star, Sule Alao Adekunle, better known as Malaika, has been added to the list of music heavyweights billed to perform at GOtv Boxing Music Festival scheduled to hold on December 28, 2019 at the Tafawa Balewa Square, Lagos. Malaika, according to Flykite Productions, organisers of the show, will join Zlatan, Mayorkun, Oritsefemi and other artistes to perform at the show.

According to the organisers, Malaika, a multiple Best Fuji Artiste of the Year Award winner, was chosen to provide a wholly indigenous flavor to the musical offerings at the show. The artiste, who will be backed by a 23-piece band, recently returned from a playing tour of Canada. He promised to put up a command performance for Fuji fans and those of music in general.

“I am calling on all Fuji fans to

Sule Alao Adekunle, performing at a show

come to Tafawa Balewa Square on the day of the event as it would be a show to remember.

My band is ready and raring to go,” said Malaika.

GOtv Boxing Music Festival

16 years after, Ogbunike CaveFest remembers late Oyii Of Oyi

Delonifera TV debuts in Lagos to provide unlimited movie access Josephine Okojie

D

elonifera T V has launched into the Nigerian entertainment industry to provide unlimited access to quality movies for Nigerians.

The TV is an app that operates a business subscription model to provide users across Africa access to unlimited African movies of their choice.

“We are unveiling Delonifera TV online platform by introducing what we have been doing for years to Nigerians,” said Bamidele Maroof Onifade, chairman, and CEO of Delonifera Company Limited – a parent company of the TV during the launch in Lagos.

“We believe in setting the pace

and making the difference by providing Nigerians access to quality movies,” Onifade said.

He stated that the TV launch is an age-long dream that was borne out of his passion for entertainment and the need to change the way Nigerians tell their stories.

He added that the platform was also created to correct the mistakes in the movie industry in content, casting, shooting, and welfare among others.

He stated that the platform will continue to provide unique services for its subscribers, adding that the organisation pride itself in fully understanding customers’ needs while giving them quality service.

“Our vision is to shoot and stream good movies and if you share this vision with us, our door

Ogbunike Carnival www.businessday.ng

is a convergence of music and boxing.

In addition to the musical

performances, the show will feature nine boxing bouts, including the high-profile World Boxing Federation Intercontinental heavyweight title bout between Nigeria’s Onoriode “Godzilla” Ehwariame and Argentina’s Ariel “Chiquito” Baracamonte. It will also stage two West African Boxing Union (WABU) title bouts and the national super bantamweight title duel.

The WABU lightweight title will see Nigeria’s Rilwan Oladosu defend his title against Ghana’s Ezekiel Anan, while Rilwan “Baby Face” Babatunde will defend his WABU welterweight title against Ghana’s Sanitor Agbenyo. The vacant national super bantamweight title will be contested between Opeyemi “Sense” Adeyemi and Sadiq “Happy Boy” Adeleke. Other big names on parade include Ridwan “Scorpion” Oyekola and Cynthia “Bobby Girl” Ogunsemilore, the fast-rising female boxer, who will feature in the event’s only all-female bout.

… Sen. Margery Okadigbo, Ifeanyi Aniagoh to speak at symposium is open. We are open to working with filmmakers and will like to share ideas with you and put movies together,” he said.

“With our experience and collaboration in the industry, we can take the African movie industry to the next level,” he added.

Also speaking with BusinessDay during the launch, Ricardo Agbor, actor and producer said the introduction of Delonifera TV will provide healthy rivalry in the entertainment industry because it includes not just movies but music as well.

“Delonifera TV is an embodiment of entertainment in all and I believe that the industry will edge forward with this platform,” Agbor said.

Speaking on how to download the app and subscribe to the platform, Idowu James, a senior mobile application development expert said that the app can be downloaded on android and IOS mobile applications.

James stated that premium subscribers have the advantage of watching movies in PIP Mode while they can still do other activities like chatting on Whatsapp or replying to text messages even as they watch movies using the app.

“This is the first of its kind in the African Movie Stream mobile app,” he said.

Similarly, Samson Atolagbe, a senior IT security, and web development expert express advantage of the TV website, saying that users can stream movies uninterrupted even with the slowest network bandwidth.

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I

n honour of Chuba William Okadigbo, late former Senate President, who passed on 16 years ago, the Central Working Committee of the Ogbunike Cave Festival (CaveFest) has announced that this year’s festival would be held in his memory.

Billed to open on December 30, the festival starts with the CaveFest Symposium at the Ogbunike Town Hall, Ogbunike, starting from 9am.

The session, which will feature Igwe John Ositadimma Umenyiora (Ezedioramma 1), traditional ruler of Ogbunike, as father of the day, as well as, see Sen. Margery Okadigbo, wife of the late Senate President, speak on the topic, 16 Years After, Remembering Chuba Okadigbo. Her presentation will be followed by a panel discussion where panelists will share their experiences on the life and times of the late politician, who put Ogbunike community on the international stage. There will also be opportunity for kinsmen, friends, colleagues and lovers of the late political to pay tribute.

With the member representing Oyi/Ayamelum Federal Constituency at the House of Reps, Hon. Vincent Ofumelu, as special guest of honour, the symposium will also feature a presentation by Ifeanyi Aniagoh, director general, Digital Entrepreneurship Office, MYECE, Anambra State, on the topic, Leadership and Emerging Career Opportunities. A panel of discussion featuring individuals, who have paid their dues in leadership and entrepreneurship, will follow @Businessdayng

Chuba Okadigbo

Aniagoh’s presentation.

The festival continues on December 31, at 8am, with the Walf4life, a procession that will start from the Ogbunike Town Hall, with a stopover at the Round Palace of Igwe Ogbunike, before heading for the famous Ogbunike Cave.

Usually spiced with music, dance and comedy, the event will provide opportunity for tourists and guests to tour the Ogbunike Cave, which is one of the major tourist attractions in Nigeria.

Conceived in the year 2013, what is known today, as Ogbunike Cave Festival (CaveFest) was first staged on December 31, 2013, as health walk/mini carnival dubbed Ogbunikewalk4life. Aside from using the platform to promote healthy living among youths of the community, the initiative, which was hosted as Ogbunike Cave Carnival at some point, aims at drawing attention of the government to the popular Ogbunike Cave, as well as, celebrate its tourism potentials.

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cityfile Court remands man over armed robbery

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n Ado-Ekiti Chief Magistrate Court has remanded a 22-year man, Temitope Olaboni, in prison over alleged armed robbery.

The defendant, who is of no fixed address, is standing trial on a charge of armed robbery.

The prosecutor, Oriyomi Akinwale, told the court that the defendant committed the offence on November 15, in Ido-Ekiti.

He said that the defendant went to the house of one Alausa Muheedeen, with a locally-made gun and robbed him of the sum of N350,000, adding that he also searched the complainant’s car and took away N50,000 belonging to him.

The prosecutor said the offence contravened section 402(2) of the Criminal Code, Laws of Ekiti State, 2012.

He urged the court to remand the defendant in prison pending legal advice from the office of the Director of Public Prosecution (DPP).

The plea of the defendant was, however, not taken.

The chief magistrate, Adesoji Adegboye, ordered the remand of the defendant and adjourned the case till January 17, 2020 for mention.

Yuletide: Caution your driver, FRSC tells travellers

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he zone RS2 command of the Federal Road Safety Corps (FRSC), comprising Ogun and Lagos States, has charged travellers this festive season to caution erring drivers.

The zonal commanding officer, Samuel Obayemi, gave the advice while speaking with journalists. He said must be at alert so as to be able to be able to quickly caution drivers who want to put their lives at risk.

According to him, travellers during the season must join hands with the FRSC officials to bring down road traffic crashes and fatalities.

The FRSC commander said: “Passengers should not be allowed to be driven to death. Most passengers are passive while on board. As somebody, who has paid commercial drivers to move from one place to another, there is the need for to be involved in the way the driver is driving’’.

The FRSC commander said that commuters must be cautioning their drivers anytime they noticed dangerous overtaking, overloading and speeding on the highways.

He urged passengers to use the free toll lines to report erring and recalcitrant drivers, especially to marshals and officers on the highways.

Obayemi said that the public should take note of the FRSC emergency tollfree line 122 or 0700CALL as well as the CUGs of Commanding Officers on the FRSC’s official websites in case of emergencies.

The commander, who urged motorists to be patient and adhere to speed limit on the road, said that long distance journey drivers must rest at regular intervals to guide against stress and fatigue capable of causing accidents.

Stella Nkereuwem-Akpan, chairperson. Police Officers Wives Association, Cross River State, (4th r) with other members of the Association, during their presentation of food items to the orphanage home in Calabar.

Harassment of motorists unacceptable, Sanwo-Olu tells, VIO, LASTMA … opens new VIS head office JOSHUA BASSEY

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overnor of Lagos State Babajide Sanwo-Olu has warned officials of the Lagos State Traffic Management Authority (LASTMA) and Vehicle Inspection Officers (VIOs) to desist from chasing after recalcitrant motorists, saying such does not befit the status of Lagos as emerging smart city.

The governor said approvals, therefore, have been given for acquisition of necessary electronic gadgets and devices that would enable the traffic managers and vehicle inspectors be on top of their game using modern technology to bring those who flout state traffic laws to discipline.

Sanwo-Olu spoke at the unveiling of a two-storey headquarters building of Vehicle Inspection Service (VIS) at Ojodu on Tuesday.

He said there was the need for the officers to play by the rules, and justify the investment the government was making on them.

“You must be civil in dealing with the members of the public at all times. We are more refined, we are better human beings, we are better officers and we are working in an environment that we can compare and compete

with anybody in any part of the world.

“So, let us keep this environment working, let us be courteous when people come in for service. Let them have an experience that they will go and tell others.

“People must see that we have a human face in all of our deliverables,” he said.

He assured of his administration’s commitment to bringing the VIS in line with global best practices.

He believed that the state has recorded substantial improvement in traffic law enforcement, but that more needed to be done.

The improvement, he said, has come through the introduction of Automatic Number Plate Recognition (ANPR) the Lagos Computerised VIS (LACVIS) the forensic laboratory, and Etesting for driver’s licence among others, all of which are in consistence with the government’s Smart-City project and the goal of making Lagos truly a preferred 21st-century economy.

“Now, with the commissioning, we are consolidating on the progress so far made, the VIS plays a critical support and role especially at ensuring that all vehicles that ply our roads are roadworthy and do not constitute dangers to commuters.

“We know that vehicle breakdowns are

major contributors to traffic gridlock in Lagos, which results in avoidable losses of productive lives and time.

“We must therefore seek to minimise these destructive breakdowns through strict enforcement of relevant laws aided by application of modern technology. The major goal of this new system is to ensure that traffic flow is not negatively impacted in the process of enforcing the law,” Sanwo-Olu said.

The governor disclosed that the state would implement the VIS modern offices in all the 57 local government and local council development areas, saying 16 councils have been covered already.

Frederic Oladeinde, the commissioner for transport said the newly inaugurated VIS has been built to accommodate all arms of the Directorate of VIS. The office also has back-end-office for the Automatic Number Plate Recognition Enforcement System (ANPR), training hall, conference room and others.

The office is also accommodating other sister agencies, including Motor Vehicle Administration Agency (MVAA) and the Federal Road Safety Corps (FRSC) to serve as a onestop centre for prompt and quality services.

Soldiers kill, repel ISWAP terrorists in Borno

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igerian Army troops of Operation Lafiya Dole partnering with the Air Task Force say they have dislodged Islamic States of West Africa Province (ISWAP) terrorists who attempt to infiltrate Damaturu, the Yobe State capital.

The operations media coordinator, Aminu Iliyasu, disclosed this in a statement in Abuja.

Iliyasu said that the troops engaged the terrorists along Gashua Road in the outskirts of Damaturu in a fire fight with the support of Air Task Force leading to heavy casualty on the side of the terrorists in both men and equipment.

According to him, a top ISWAP commander, Abu Muqhtar, believed to have coordinated several attacks along the fringes of Lake Chad was neutralised along with over 30 other insurgents in the attack.

“Regrettably, 2 gallant soldiers were wounded

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in action during the encounter. The wounded personnel are currently receiving treatment and responding positively at a military medical facility.

“In the aftermath of the encounter, troops captured one gun truck and destroyed two others. Troops equally captured 561 rounds of 12.7mm ammunition, 1420 rounds of 7.62mm special ammunition, 1850 rounds of 7.62mmX51 ammunition and 2 rocket propelled gun bombs.

“Other items captured by the gallant troops include, one Hand Held Communication Radio, 27 sachets of meal ready to eat wraps and 350 liters of petrol,” he said.

Iliyasu further disclosed that the troops of 331 Artillery Regiment carried out artillery bombardment on Boko Haram insurgents with heavy casualty on Dec. 23 around Mandara Girau in Biu local government area.

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He added that troops of 121 Task Force Battalion deployed at Pulka in Gwoza local government area of Borno also thwarted another Boko Haram attack in their location with devastating consequence on the marauding criminals.

According to him, after the encounter, four Boko Haram criminals including one suicide bomber were neutralised while others are believed to have escaped with varying degrees of gunshot wounds.

“In a related development, troops of Sector one deployed at Gwoza conducted a robust clearance operation deep into Sambisa Forest on December 23.

“The rugged troops cleared Banari, Keluri, Usmanti and Jowlori villages all of Gwoza LGA and captured two of the criminal Boko Haram insurgents alive, rescued nine women and nine children.”

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news GMD Courtville Business inducts senior member Rotary Club of Yaba metropolitan KELECHI EWUZIE

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n recognition of his outstanding contributions, the group managing director of Nigeria’s foremost e-business solution and advisory company, Courtville Business Solution, Bola Akindele, has been inducted as senior member Rotary Club of Yaba Metropolitan.

This honour follows his donation to the development of education facility at Birrel Avenue Senior High School, Sabo Yaba, and other activities of Rotary Yaba Metropolitan Club.

Akindele was the centre of attention as the District governor, Jide Akeredolu and his team paid a courtesy visit to Courtville Business Solution to celebrate him as senior member of the club.

The District governor observes that Rotary club recognises the immense contribution of the group managing director to the activities of the club and humanity, adding that the induction is only fitting to spur him to do more.

Akeredolu opines that in the Rotary club there are members of the society who continue to contribute to the development of their immedi-

ate environment who deserve to be recognised in line with the mission of the Rotary Club.

He urged the group managing director, Courtville Business Solution, to continue to use his position as senior member of the Rotary Club of Yaba Metropolitan to improve the activities of the society among other things.

On his part Akindele says initiating a process and seeing it to the end is at the very core of the Courtville Business Solution.

In the words of the Nigeria’s foremost e-business solution and advisory company leader, Akindele says “Giving back for us is more than CSR, it is an obligation as an organisation, will go into funding education and other initiatives as giving back is a vital and integral part of our strategy.”

Highlights of the official visit of the District governor Jide Akeredolu to Rotary club of Yaba Metropolitan district 9110, Nigeria included the commissioning of a newly renovated 19-classroom blocks for Birrel avenue Senior high school, Sabo Yaba; Inauguration of interact club of the school and visitation, donation of items to magnificent therapy

Ayodeji Ibrahim Balogun, known as Wizkid, UBA brand ambassador, handing over food items and other goodies to the helpless and under-privileged at the Food Bank organised by UBA Foundation at the Foundation’s Garden and Roundabout in Marina, Lagos.

Traffic to worsen on Lagos-Ibadan road, as Sagamu Interchange Bridge closed JOSHUA BASSEY

Sanwo-Olu grants amnesty to condemned prisoners, others Joshua Bassey

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overnor Babajide Sanwo-Olu of Lagos State Wednesday signed two Executive Orders, one commuting death sentences of three convicted inmates to life imprisonment and the other setting free six others.

The two Orders; Executive Commutation of Death Sentence Order and Executive Grant of Clemency Order were signed by the governor on Christmas Day and are both expected to take immediate effect.

Speaking on the two orders at the Cathedral Church of Christ, Marina, Lagos, where he observed the Christmas Day service with his family, Governor Sanwo-Olu said Nigerians should return to God with hearts of gratitude for His protection over the country and Lagos State, saying despite the numerous challenges facing the nation, it was growing stronger.

The Christmas period is a season of reflection, blessings and gift, the governor said, saying, ‘‘As a nation as and as a state, it is only appropriate for us to count our blessings and reflect on those things that have happened to us in the course of the year and how we can improve them and be better citizens. ‘‘For us as a state, it is also

a season of giving back, so I have also signed a small release of some convicts that we have in the various prisons; people who have been given death sentences have been reduced to life sentences and some who have been jailed for minor offences have also been given warning and have asked for them to be pardoned.”

The Lagos State Advisory Council on Prerogative of Mercy in the performance of its statutory functions under the Advisory Council on Prerogative of Mercy Law 2015 considered applications from convicted inmates and upon due consideration of the applications, recommended the commutation of death sentences to life imprisonment, in respect of three convicted inmates.

The Order for Clemency affects six other inmates who have been set free from different correctional centres around the country.

He enjoined Lagos residents to continue to be law abiding, advising the residents to do things in moderation.

He said: ‘‘I want to send out a message to Lagosians that this is a season of peace.

Let us live peacefully and do things in moderation. Let us understand that even while we are celebrating, we must do it with modesty and with a lot of decorum. Let us all remain peaceful, law abiding and humble.’’ www.businessday.ng

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ehicular traffic flow on the Lagos-Ibadan Expressway may be fur ther imp e de d this festive season following the closure of Sagamu Interchange Bridge.

The Lagos-Ibadan Expressway is one of the busiest in southern Nigeria, as it connects several states and cities.

The road gets even busier during festive season such as now, thus, impediment on the road often raises concerns among motorists and commuters.

The Federal Road Safety Corps (FRSC) on Thursday announced an indefinite closure of Sagamu Interchange Bridge.

Florence Okpe, FRSC public education officer, Ogun sector command, in a statement, said the closure became necessary due to the damage caused by the two petroleum tankers that crashed underneath the bridge on Wednesday (Christmas Day), setting off an inferno.

According to Okpe, the FRSC after the crash invited engineers of the Federal Ministry of Works and Housing to assess the integrity of the bridge due to the intensity of the fire that damaged sections of the bridge.

“Based on their professional advice that the fire has destroyed the integrity of the Bridge and may not be safe for motorisation till reinforced,

the FRSC Ogun State command is notifying members of the public to avoid the use of the bridge till it is reinforced,” she said.

The FRSC urged motorists to cooperate with it and other security agencies that would enforce the temporary closure of the bridge till it was repaired and reopened to motorists for use.

“Motorists approaching the Sagamu Interchange Bridge from the eastern part of Nigeria via Ijebu Ode should detour right at the back of the FRSC emergency road side Clinic at Sagamu to connect the Lagos – Ibadan Expressway leading to Ogere. They can then make a U -Turn before Ogere town and continue their

journey to Lagos “Vehicles coming from Abeokuta leading to the eastern part of Nigeria via Ijebu Ode should avoid the Sagamu Interchange Bridge and turn right immediately after Nestle Company Plc to proceed to the expressway leading to Lagos and they can then make a U – turn after Kara – Sagamu after the Julius Berger Yard, Sagamu to reconnect the Sagamu- Ijebu Ode – Ore – Benin Expressway.

“The FRSC regrets the inconveniences this may cause motorists,” the statement said.

The FRSC advises motorists to call the FRSC toll-free number 122, in case of traffic emergencies.

NUJ appeals to Okowa to fix deplorable roads in Warri, Effurun Francis Sadhere, Warri

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he Warri Correspondent Chapel of the Nigerian Union of Journalists (NUJ) has appealed to Governor Ifeanyi Okowa of Delta State to as a matter of urgency fixed the deplorable roads dotting the nooks and crannies of the twin cities of Warri and Effurun, both in Uvwie and Warri South Council areas of the state.

In a communiqué issued at the end of its congress, the union said it had noticed that Warri and Effurun were shamefully bedevilled with deplorable roads and blocked drainages which has been resulting in perennial flooding year-in, year-out.

The communiqué further lamented that the twin cities deserved better attention, stressing that the current state of roads in the areas was an eyesore to both residents and visitors alike.

The communiqué signed by the chapel chairman and secretary, Okies Veeky and Joe Ogbodu, respectively, however, so praised the newly created

Warri, Uvwie and Environs Development Agency (WUEDA) for the clean-up of dirt along the medians of Ekpan/NPA Expressway.

According to the communiqué, “Congress also noticed that many of the roads within Warri and Effurun are begging for government’s immediate attention as most of the roads are bad and not passable with huge potholes and gullies dotting them!

“That such deplorable roads include: 1st Marine Gate and 3rd Marine Gate leading to Gbiaye Street, popular Enerhen Junction, Effurun Market, Apala Road, Mcaiver Roadabout, Oilfield road, Uti road, NNPC Housing Complex Road and PTI Road by Masoje Junction.

“Others are Jakpa Junction, Ogbemudia Road by Igbudu Market, Bazunu road by College of Commerce gate, Warri, NPA Expressway, especially

by Ugbuwangue junction and Etuwewe road by Deco Road.

“That most worrisome also is the deplorable state of the Warri- Benin Expressway by Adeje and Opuraja as well as

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Warri to Agbor being designated as federal roads.

“That these so-called federal roads connecting several states in South South and South East states have assumed the ignoble status of death traps with alarming tragedies across the oil and gas producing states.”

The communiqué also condemned the level of filth in the twin cities, calling on the state government to put in place genuine plans to restore the beauty of both cities.”

The communiqué read; “That besides, most nooks and crannies of Warri, Effurun and environs have become a displeasing enclave of filth as indiscriminate refuse dumps by residents have taken over various parts of the metropolis, blurring the aesthetic value of the oil-rich area and putting the people at the risk of imminent epidemics and other health challenges.

“That Congress equally expressed its displeasure at the perennial darkness pervading most streets in Warri and Effurun as most street lights installed by the past @Businessdayng

administration have gone bad and need urgent attention. The situation has gradually ushered in criminality especially at dusks as hoodlums now take the advantage to waylaid and dispossess people of their possessions.

“That more worrisomely emanating from the darkness is the ignoble extermination of nightlife in Warri and environs as residents, for fear of rampaging hoodlums, now take hurried cover as soon as dusk approaches.”

“That Delta government should resume work at the discontinued expansion of the Effurun-Sapele road linking Enerhen to alleviate the suffering of the people.

“That the state government should synergise with Warri South, Warri South West, Udu and Uvwie local government to fix the afforementioned deplorable street roads, restore moribund streetlights, engender a more permanent solutions to regularly ridding the area of filth as well as restore streetlights in Warri and Effurun as soon as possible,” the communiqué read further.

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news

Yuletide: FRSC happy over first phase of special patrol on traffic management

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ederal Road Safety Corps (FRSC) has undertaken a critical review of the first phase of special Christmas patrol on road traffic management and crashes.

Corps Marshal, FRSC, Boboye Oyeyemi, in a statement issued by the Corps Public Education Officer (CPEO) Bisi Kazeem, on Thursday in Abuja, said the road had remained stable since the patrol began.

He called on the motoring public to sustain their obedience to traffic rules and regulations, adding that the year exercise was expected to last till January 15, when stand down instructions would be issued.

He commended the personnel of the Corps across for demonstrating absolute commitment, professionalism and innovativeness in managing the massive traffic movement recorded before the Christmas celebration.

He expressed satisfaction with the performance of the personnel and conduct of the motoring public in the first phase of the exercise, in spite of some challenges encountered in parts of the country.

He emphasised on the logistics put into place which did not only complement the effort of personnel in the field commands in traffic management, but ensured compliance to operational procedures as laid down in the administrative instructions.

According to him, the fact that traffic movements were orderly in most parts of the dreaded points across the federation toward the Christmas day, with no reported case of commuters sleeping on the road till the following day, was a positive development.

He charged the personnel to remain focused and motorists to show greater commitment to issues of road safety, as the second phase of the exercise commences in earnest, following the successful Christmas celebration.

“I want to commend motorists for improved attitude to use of the road during the Christmas celebration.

“I urge them to sustain the habit by showing greater concerns for other road users who must be given equal right to use of the roads,” he stated.

Oyeyemi tasked those leading convoy vehicles to show greater restraint while passing through congested areas to avoid causing disorderliness that could result to traffic chaos.

He appreciated the stakeholders, particularly members of the security agencies, for collaborating with the Corps in ensuring orderliness and security in challenging areas across the country.

“FRSC will remain committed to ensuring safer road environment through more effective management of traffic in all parts of the roads as the second phase of the exercise commences till the end of the yuletide season and beyond,” he stated.

NNPC, Chevron execute agreements over Escravos Gas-to-Liquid HARRISON EDEH, Abuja

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igerian National Petroleum Corporation (NNPC) and the Chevron Nigeria Limited (CNL) have executed agreements over the multi-billion dollars Escravos Gas-toLiquid (EGTL) project.

Speaking at a sign-off meeting in Abuja, the group managing director of the corporation, Mele Kyari, disclosed in a statement

that CNL would boost the domestic gas market with 400MMScf per day gas supply, equivalent to 26% of total domestic gas supply in the country.

NNPC acting group general manager, Group Public Affairs Division, Samson Makoji, said Kyari, who described the EGTL plant as “a cornerstone of the energy ecosystem of Nigeria” disclosed that it had the potential to yield $2 billion

into the coffers of the Federal Government.

He acknowledged the roles played by President Muhammadu Buhari and the chairman, Senate Committee on Gas, Bassey Akpan, which he noted had culminated into the execution of the agreements, assuring that the Federal Government was committed to the project.

In his remarks, the CEO of CNL, who was represent-

ed by the Director, NNPC/ Chevron Nigeria Limited Joint Venture, Monday Ovuede, said the project would open up opportunities for gas commercialisation and monetisation in the Oil and Gas Industry.

Ovuede stressed that one of the values would include provision of clean and environmentally friendly energy.

He assured of his organization’s commitment to foster mutually beneficial

relationship with the corporation in the energy sector.

The highpoint of the event was the signing of five sets of agreements which include: the Settlement Agreement; Amendment to the Venture Agreement; Sales and Purchase Agreement; Depository Agreement for Special Purpose Vehicle; and Agreement for Power of Attorney to be given to CNL as the representative of the Sellers.

Edo assures more opportunities in ICT, agric for migrant returnees Olusola Bello

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L-R: Dipo Faulkner, president, American Business Council/country general manager, IBM West Africa, presenting the certificate of induction to Juliet Anammah, chief executive officer, Jumia Nigeria, at an event organised by the American Business Council in Lagos.

EU, UNICEF treats 12,259 pregnant women, children in Bauchi E uropean Union (EU) and United Nations Children’s Fund (UNICEF) have treated 12,259 pregnant women and children below five years of age in Katagum Local Government Area of Bauchi State in 15 months.

EU/UNICEF Team Leader on “Hard To Reach(HTR) areas in the council, Adebisi Ibinola, disclosed this to the News Agency of Nigeria on Thursday at Jabbal settlements in Bidir ward of the area.

Ibinola, who is a retired Nurse and Midwife, said the clients were treated in 16 settlements all in the hinterland between October 2018 and December 2019.

She said that the clients were treated of cases of malaria, pneumonia, diarrhoea and pregnancy related problems, while clients with serious problems were referred to Kuskuri health facility and Federal Medical Centre (FMC), Azare.

Ibinola listed Bidir, Madara and Magunshi Wards as areas covered by the team within the period under review.

She said that the programme had impacted positively on the health status of pregnant women and children during the period.

The team leader however appealed to the state governwww.businessday.ng

ment to assist the team with motorcycles or Four-wheeled driven vehicles to enable them perform better.

One of the volunteers, Adamu Umar, who led NAN correspondent to the affected areas, said that at the beginning the communities were so sceptical and unwilling to accept the programme.

Umar said that the communities made a reverse when they discovered that the few ones that had earlier accepted the services were living better than those who refused to accept it.

He identified lack of transportation to access the settlements and called on the government and philanthropists to assist the team with motorcycles to enable the team excel in its work.

The community heads of Jabbal and Garin Malam Barka, Messrs Suleiman Hassan and Ibrahim Musa, commended EU and UNICEF for the gesture, which according to them, had improved the health status of their women and children.

“Before the coming of EU/ UNICEF, we convey our sick ones on motorcycles to nearby health facilities which is about 10km or more,” said Hassan.

“Our pregnant women who have hitherto had no knowledge of antenatal, post natal care and child diseases were being taken

care of by the team.

“Though the team visit us once in a month, the services rendered to this group are tremendous and wonderful,” Musa said.

The leaders who are also the Village Mobilisers of the programme, called on the state government to provide them with roads, health facilities as they lack such amenities as motorcycles remain the only means of transportation in the area.

They also called on the state government to sustain and scale up the programme to enable them benefit more from it.

Some of the beneficiaries who spoke to NAN in separate interviews also commended EU/ UNICEF for the gesture.

Hajiya Fatima Mohammed, 40; Malama Adama Suleiman, 30; Adama Sani, 25; and Madam Hajara Yakubu, 35; said that they have never attended antenatal care except with the introduction of the programme.

They said that it has helped in promoting mother and child health care, thereby, reducing maternal and infant mortality in the area.

They also called on EU/UNICEF to sustain and scale up the programme and in instance it had to end the programme, they urged the state government to sustain it.

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EU had in 2017 bolstered €54 million Euro to UNICEFNigeria to implement healthcare services under the project titled “Strengthening Primary Health Care and Community Resilience to improve maternal, new born, child health and nutrition (MNCHN).

The project is being implemented in Adamawa, Bauchi and Kebbi States of the federation.

Over 1,200 volunteers in Bauchi State were sponsored by European Union called Community Oriented Resource Persons (CORPs) in their localities to link up Hard-To-Reach settlements.

In Bauchi, 45 health workers, nurses/midwives, community health extention workers, record officers and volunteers were engaged under “Hard To Reach (HTR) in nine councils of the state.

The councils are Alkeleri, Bauchi, Toro, Ninge, Ganjuwa, Misau, Katagum, Zaki and Gamawa Local Government Areas.

The workers comprising nine teams are providing integrated services including ANC, PNC, management of labour and delivery of pregnant women, immunisation, nutritional screening and treatment of common childhood ailments in 1,200 settlements in the state.

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overnor Godwin Obaseki of Edo State has assured migrant returnees of his administration’s resolve to create more empowerment opportunities for them and other youths in the state, as the state government expands its agripreneur programme.

The governor gave the assurance at a forum organised by the Edo State Taskforce Against HumanTrafficking(ETAHT),inBenin City, Edo State capital.

The forum afforded hundreds of returnee migrants from across the state an opportunity to meet and interact with the governor on his administration’s role in reintegrating them into society after their return from Libya.

Obaseki said, “The best opportunityistomakehomeahome, create the opportunity for people to stay at home and give them all the basic amenities. They need to be given good education that can givethemjobs.WhatIhaveseenin government is that there is money to do all these if we don’t steal the money.”

Heurgedthemigrantreturnees to organise themselves in order to benefit from more opportunities in areas of agriculture and Information Communication Technology (ICT), noting, “As a government, we have focused on a lot of programmes and next year we will expand our agricultural programme.”

Chairperson, Edo State Taskforce Against Human Trafficking, Prof Yinka Omoregbe, said the forum was organised to show appreciation to the governor for his administration’s role in reintegrating the returnees into the society.

Omoregbe said the event also afforded the returnees the opportunity to inform the governor of their challenges, as they no longer see themselves as returnees but goal-getters.

She introduced some of the returnees who have undergone training on solar panel installation, employed as state traffic officers and working as entrepreneurs, to the governor.

One of the migrant returnees, Musa Okundia, urged the state government governor to check activitiesofsomenon-governmental organisations who take advantage of the stories of the returnee migrants to make money without making effort to empower them.

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news N37bn NASS renovation fund can take...

Continued from page 1

for 20,000 Nigerians who

will be out of the crowded housing market for good.

Nigeria has a crowded housing market where the demand-supply gap is estimated at 22 million units. For a country with a population of nearly 200 million people, it will require a minimum of an additional two million housing units per annum for 10 years to close that gap.

The country’s housing situation is dire. Whereas the government estimates $400 billion investment over the next 25-30 years to resolve the housing deficit, the World Bank says bridging the deficit would cost the country about N59.5 trillion, which is in agreement with Federal Mortgage Bank of Nigeria’s (FMBN) estimate which puts the value of the deficit at about N56 trillion.

“This is where we are; yet our priority is renovating a complex that nobody had told us before that it was no longer functional,” Madamidola told BusinessDay. “Besides housing, this money can do a lot more in the economy. Nigeria has one of the worst road networks in Africa. If N37 billion is deployed to road construction, it can build about 45 kilometres of standard roads at N800 million per kilometre,” he said.

The NASS complex was originally constructed at a cost of N10.7 billion ahead of the country’s return to democracy in 1999. This makes the approved N37 billion for the renovation outrageous, unjustifiable and excessive.

The same National Assembly allocated just N22.89

billion to the Federal Roads Maintenance Agency (FERMA) in the 2020 budget, despite the horrible state of the country’s road network.

Placing the N37 billion side by side with N60.87 billion allocation to the housing sector in the 2020 budget, Madamidola described the action of the government as misplacement of priorities, wondering why the complex was to be renovated in the first place.

Not wanting to get emotional about the amount involved, MKO Balogun, chief executive of PFI Global, queried the purpose of that budget.

“Why do we have to renovate the complex? What are they doing in that place? Is the complex no longer functional? If it is, the renovation could be postponed because there are so many areas the money could be deployed to,” he counselled.

Using the N15 million National Housing Fund (NHF) as benchmark, Adedotun Bamigbola, chairman, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos branch, says about 9,000 low income earners including their wives and children could have shelter over their head with N37 billion.

Wondering why the assembly complex needed to be renovated in the first place, Bamigbola said, “Does the place require renovation?

Who is the facility manager on the complex? Renovation of a facility should not be a project as we are being made to believe. If the complex has deteriorated to a point where it takes N37 billion to renovate, then we should be considering building a new one.”

Poor health care, power supply...

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unemployment and underemployment in the country as well as the thousands of Nigerians who join the labour market on a monthly basis.

“An increasing unemployment rate in Nigeria could have adverse effects on both the economy and the society.

For instance, reduction in the national output of goods and services, increased ruralurban migration, high level of poverty, increase in the number of dependent people and high rate of crimes in Nigeria,” the report said.

The Nigerian economy continued to expand at a sluggish rate in the third quarter of 2019 as the NBS reported a 2.28 percent growth for the period.

Although the fastest growth in four quarters, the GDP rate remained lower than the country’s population growth rate of 2.6 percent, a trend that has been constant since 2015.

Ben Akabueze, directorgeneral, Budget Office of the Federation, said for Nigerians

to effectively feel the impact of economic growth, the rate of GDP growth must be higher than the population growth.

While many respondents said the country has not performed well in four key areas of the economy, 68 percent, however, applauded the country in the area of agriculture, and 58 percent reported that the country has fared well in the education sector.

“Agriculture, education and security are areas where the government has fared well.

Synergy between government and concerned stakeholders will go a long way in ensuring that these critical challenges are addressed in 2020,” NOIPolls said based on the result of the poll.

According to the Abujabased organisation, fixing the above-named sectors cited

by Nigerians will attract more foreign direct investments, create millions of jobs, help to create new markets, foster competition, spur innovation, lower prices, raise productivity and in turn lead to increase in living standards. www.businessday.ng

L-R: Humphrey Olumakaiye, Diocesan Bishop of Lagos; his wife, Motunrayo; Babajide Sanwo-Olu, governor, Lagos State, and his wife Ibijoke, during a Christmas Day Service at the Cathedral Church of Christ, Marina, Lagos.

Nigeria’s oil sector in 2019: The good and...

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the Deep Offshore and In-

land Basin Production Sharing Contract (PSC) Amendment Bill into law.

The move, according to industry analysts, could help government raise over $1.5 billion in royalties this year, which will help fund the 2020 budget. Nigeria has reportedly lost about $21 billion to the failure of the government to review the PSC as required by the Act. The amended PSC Bill added two more revenue streams to the 1993 Deep Offshore and Inland Basin PSC. There is a flat 10 percent royalty on all projects over 200 metres deep, and there is a 7.5 percent royalty on frontier and inland basins. Under the previous fiscal regime, offshore projects of between 200 metres and 400 metres deep paid 12 percent of the project costs in royalties.

Besides the government, some companies in the sector also gave the sector reasons to cheer.

Daystar Power In March, solar energy firm Daystar Power said it closed a N3.6 billion ($10 million) equity round with investments from Verod Capital Management and Persistent Energy Capital LLC, in a move that was projected to support the Federal Government’s plan of sourcing 30 percent of Nigeria’s energy needs from renewables by 2030.

The Lagos-based company also said it lined up an additional N5.7 billion ($16 million) in debt financing to accelerate its expansion across West Africa, making it one of the biggest funds to come into the Nigerian offgrid market this year.

Azuri Technologies Azuri Technologies, a provider of pay-as-you-go solar home solutions to off-grid households across Africa, announced on June 4 a strategic

investment of $26 million, led

by Fortune Global 500 company Marubeni Corporation, with additional participation from existing shareholders, including FTSE 250 company IP Group plc.

Lekoil In September 2019, Lekoil announced it has completed planning for phase two development at Otakikpo, which would increase production towards the range of 15,000 bopd to 20,000 bopd from the range of 6,000 bopd to 8000bopd.

ENI Italian multinational oil and gas company ENI revealed in September it has made a “significant” gas and condensate discovery, through its affiliate Nigerian Agip Oil Company (NAOC), in the deeper sequences of the Obiafu-Obrikom fields onshore Niger Delta, a development which has huge implication on Nigeria’s economy.

This discovery is expected to boost the Federal Government’s aspiration to grow the country’s oil reserves to 40 billion barrels and daily production to 4 million barrels per day.

Seplat The decision by Seplat Petroleum Development plc to acquire London-listed independent exploration company, Eland Oil & Gas, on October 15 is expected to show other local players how to take advantage of current wave of investment opportunities as International Oil Companies (IOCs) divest from onshore to offshore assets.

Savannah Petroleum Savannah Petroleum plc, the British independent oil and gas company focused around activities in Niger Republic and Nigeria, said on November 18 that it had completed the acquisition of Seven Energy which started in December 2017, making it the latest entrant in Nigeria’s

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exploration field in dire need of investments.

River State wins back Soku oil wells In what is obviously good news for Rivers State and perhaps bad news for Bayelsa State, a Federal High Court in Abuja on December 16 ruled that the disputed Soku Oil Wells/Fields located in Akuku-Toru Local Government Area belong to Rivers rather than Bayelsa State.

Soku Oil Field is located within the OML 23. It is the only producing field with substantial reserves of gas and liquids, and is a key supplier to Nigeria Liquefied Natural Gas (NLNG). The field is located in expansive swampland, just about 24 miles from Port Harcourt, and is only accessible by water or air (helicopter). The Soku gas processing plant worth N25 billion is a vital feeder plant for NLNG. The bad In 2019, Nigeria’s hope of having a marginal field bid round that would have generated huge signature bonus was dashed as politics and regulatory challenges continued to obstruct growth in the sector.

Similarly, President Muhammadu Buhari in 2019 withheld assent to the Petroleum Industry Governance Bill (PIGB). This came after several years of rigorous consultations and legislative hassles on the document.

In the works for almost two decades, the PIGB has passed through both the House of Representatives and the Senate. In its torturous journey to the president’s table, contributions were taken from industry operators, oilbearing communities, and all levels of government.

Indications also emerged that Nigeria may have just 10 to 15 years before demand for its most prized export – oil – plateaus and begins to drop as a result of technological innovation and development of alternative energy sources. This is according to @Businessdayng

an assessment included in the prospectus for Saudi Aramco’s initial public offering (IPO) seen by BusinessDay on November 12.

Uncertainty over FID for NLNG Train 7 The Final Investment Decision (FID) on the Nigeria Liquefied Natural Gas (NLNG) Limited’s Train 7 project failed to meet its deadline yet again. The FID could not take place on the much-publicised December 19, 2019 deadline.

The project, which is expected to increase NLNG’s production by 35 percent to 30 million tonnes per annum (mtpa), has been delayed for several years. A previous deadline for the Train 7 FID in the fourth quarter of 2018 was not met.

Even though NLNG says it is committed to realising the project, some industry sources tell BusinessDay that the delays are limiting the chances of the project ever taking off.

OPEC’s diminishing influence?

Organisation of Petroleum Exporting Countries (OPEC) found itself in a very unusual situation. Although the oil cartel was able to agree on a production cut, the last meeting (December 6) in Vienna showed a clear handwriting on the wall that OPEC can’t unilaterally dominate the energy markets as it has done for the last five decades.

For OPEC, the world is a different place from the heady days of 1973 as Qatar’s exit and the obduracy of Russia, a non-member on whom it is heavily reliant to enforce production cuts to prop up prices, are clear signs of its diminishing importance.

Also, a series of coordinated drone attacks on Saudi Arabia’s oil facilities, among the world’s largest and most important energy production centres, has not only disrupted the kingdom’s capacity by half but has raised new geopolitical risks for crude oil, one missed by global risk analysts.

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Sports GOtv Boxing Night 20: Am not in Nigeria for tourism, Baracamonte boasts … vows to upset ‘Godzilla’ for Intercontinental Heavyweight title bout Anthony Nlebem

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rgentine boxer, Antonio “Chiquito” Barracamonte, has vowed to upset US-based Nigerian, Onoriode “Godzilla” Ehwarieme for the World Boxing Federation (WBF) Intercontinental Heavyweight title bout.

Baracamonte on his arrival at the Murtala Mohammed International Airport in Lagos said he is not in Nigeria for tourism, but to win the title.

Speaking through his manager, Patricio Agustin Retondaro, the boxer said he is happy to visit Nigeria for the first time.

“I’m very happy to be here in Lagos, Nigeria. I have received a very nice welcome

from the people. But I’m not here for sightseeing. I’m here for business, which is to return to Argentina with the WBF title.

Onoriode stands no chance of winning. I’m not boasting.

That he’s fighting in his country is no advantage. I’ve defeated many boxers in their home countries, so he won’t be an exception,” he said.

Baracamonte stated that while Ehwarieme maybe perceived as a knockout specialist, he has garnered more international experience and faced better boxers than his Nigerian opponent.

“My opponent is a puncher, he has knockout power but I think I’ve faced better opponents than he has. Although he has more fights, I have better international experience in title fights and better results

from those fights,” he said.

The Argentine boxer explained that he is not fazed by either the staging of the fight in Ehwarieme’s home country or the support his opponent will

get from his fans during the bout on Saturday. He added that Nigerians should expect a shocker as he will knockout his opponent on his home turf.

“Actually, I feel better

fighting as a visitor. I already have international experience fighting overseas, so I don’t feel any pressure. It is better for me.

“My aim is to win by knockout because I know being a visitor, it is hard to win by a points’ decision,” Baracamonte said.

The WBF title fight is the headline contest of the ninebout GOtv Boxing Night, which will also feature live musical performances by Zlatan, Mayorkun, Oritsefemi and Fuji star and Sule Alao Malaika among others.

But Ehwarieme, who has had a number of fights in Argentina against the country’s boxers, described Baracamonte’s boast as impotent.

“I have fought in Argentina against Argentine boxers. Not one of them lasted the dis-

tance. I go into the ring against Argentine boxers thinking of avenging Nigeria’s defeats in the hands of Argentina’s football teams. I have been succeeding and will keep putting them in their place,” said the Nigerian who has 17 knockout victories and one loss in 18 fights.

The tournament will also feature other big names on the domestic boxing circuit.

They include Rilwan “Real One” Oladosu and Rilwan “Baby Face”, both of whom will defend their West African Boxing Union (WABU) lightweight and welterweight titles respectively; Ridwan “Scorpion” Oyekola, national super featherweight champion; and Adewale “Masevex” Masebinu, national light heavyweight champion.

Boxing Day Roundup: Spurs win, Players who could shake up Chelsea lose, Everton win, Arsenal draw January transfer market Anthony Nlebem

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ele Alli’s sumptuous strike earned Tottenham a 2-1 victory over a stubborn Brighton side as the hosts came from behind at the Tottenham Hotspur Stadium.

Adam Webster headed Brighton into a deserved 37thminute lead, the centre-back’s third Premier League goal of the season.

However, Spurs were level eight minutes after half-time when, at the second attempt, Harry Kane - who had earlier had a goal ruled out by the Video Assistant Referee (VAR) for offside - lashed home his eighth goal in just five Boxing Day games.

With just 18 minutes left, Alli’s deft touch gave Tottenham all three points, lifting them to fifth in the Premier League ahead of the afternoon matches, while Brighton

stay 13th.

Chelsea suffer a shock loss at home to relegationthreatened Southampton in the Premier League.

Michael Obafemi and Nathan Redmond were on target as Southampton consigned Chelsea to a shock 2-0 defeat at Stamford Bridge.

Academy product Obafemi, starting in place of the rested Danny Ings, gave Southampton the lead when he curled home a stunning left-footed effort from the edge of the box after Chelsea had lost possession in midfield.

It was the 19-year-old’s first Premier League goal in a year and things went from bad to worse for Chelsea when Redmond finished off another slick Southampton counterattack in the second half.

Elsewhere, Carlo Ancelotti started his reign at Everton with a battling 1-0 win over Burnley after Dominic Cal-

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vert-Lewin netted 10 minutes from time.

The Toffees have yet to taste defeat since the sacking of Marco Silva, with Ancelotti using the momentum of Duncan Ferguson’s tenure to get over the line in this scrappy encounter.

In the other game, PierreEmerick Aubameyang ’s second-half strike rescued a point for Arsenal as Mikel Arteta’s first game in charge ended in a 1-1 draw at Bournemouth.

Dan Gosling put Bournemouth in front in the 35th minute but the Gunners fought back after the break as Aubameyang’s 12th Premier League goal of the season (63) ensured Arteta avoided defeat in his first match as a head coach.

The draw sees the Gunners stay 11th, eight points behind fourth-placed Chelsea, while Bournemouth drop to 15th despite the point.

Anthony Nlebem

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he transfer market opens on January 1 and clubs will be busy buying to strengthen their squad, and also selling to balance the books and also to pave way for new arrivals.

As is the case every year, there are a number of names that have already been linked with moves and the market’s opening will see some of those start to fall into place.

Here we take a look at big arrivals and departures that could shake the transfer market.

Erling Braut Hallend The Norwegian striker has been one of the biggest revelation in Europe this season with Red Bull Salzburg and all signs point towards him leaving in January. Team like; Manchester United, Juventus, Real Madrid and Borussia Dortmund all want him.

Christian Eriksen The Danish midfield maestro contract with Tottenham ends in June and the 27-year-old is not looking to renew, not even after Jose Mourinho’s arrival in North London. Eriksen is targeting a move to Real Madrid, and could happen in January or on a free next summer.

Brahim Diaz Diaz has failed to make a positive imact at real Madrid after leaving Manchester City

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in 2018/19 summer transfer window. The 20-year-old Spanish midfielder decided not to leave on loan in the summer, but now he has just four appearances to his name in 2019/20 season. He seems more likely to leave on loan now and various clubs have enquired about him.

Arturo Vidal The Chilean is wanted in Italy, particularly by Antonio Conte at Inter as he keeps struggling to start at Barcelona.

Thomas Lemar Lemar has struggled with Atletico Madrid this season and Diego Simeone’s patience is running thin. In order for them to sign, they @Businessdayng

need to sell, and Lemar is the one chosen to move on.

Edinson Cavani The Uruguayan is another whose contract ends in June, but could be sold in the winter as Mauro Icardi has settled at Paris Saint-Germain.

He’s believed to have agreed terms with Atletico Madrid, but now the clubs need to reach an agreement.

Mariano Diaz The Real Madrid forward opted to stay put last summer, hoping to fight for his place.

But he has not played a minute in LaLiga Santander this season, making him the only fit player to be in that situation. Roma are interested getting his signature.

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@Businessdayng

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Friday 27 December 2019

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FINANCIAL TIMES

World Business Newspaper AYLA JEAN YACKLEY

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urkey said it would send troops to Libya after Tripoli’s internationally recognised government requested greater military support in its battle against a rival administration, in a move that risks escalating tensions that have already drawn in regional powers.

Turkey last month agreed to a defence pact with Prime Minister Fayez al-Sarraj’s Tripoli-based government to supply arms, share intelligence and provide training to security officers fighting for the embattled administration.

“We will submit a deployment motion to parliament. And with its approval we will much more effectively support the legitimate government in Libya,” Turkish President Recep Tayyip Erdogan said in a speech to party members on Thursday. Turkey’s parliament will vote on the motion on January 8 or 9, he added.

The internationally recognised government has been locked in a power struggle with the Libyan National Army controlled by rebel commander Khalifa Haftar, which holds the country’s oil-rich east.

Gen Haftar launched an offensive to seize Tripoli in April, and more than 1,000 people have been killed and 120,000 displaced since, according to the UN. Turkey’s foray across the Mediterranean Sea could further escalate the proxy war now gripping Libya. Turkey and Qatar back the Tripoli government, while Russia, the United Arab Emirates, Egypt

Turkey to send troops to Libya in support of Tripoli government Ankara steps up support for PM battling rival rebel-led administration

Turkish President Recep Tayyip Erdogan said Turkey’s historical ties with Libya and the risk that events there could spill over into the wider region would compel Turkey to intervene © via REUTERS

and France support Gen Haftar.

The UN said this month that Turkey, along with Jordan and the UAE, have repeatedly breached an arms embargo on Libya.

Mr Erdogan said Turkey’s historical ties with Libya, parts of which were once controlled by the Ottoman Empire, and the risk that events there will spill over into

UK at ‘end of queue’ for data deal with Brussels

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he UK is at the “end of the queue” for a deal to allow data to continue to flow freely with the EU after Brexit, according to a senior European official.

Talks over the future trade relationship between the UK and the EU will begin early next year, but officials in Brussels have warned that with only 11 months until a Brexit transition period ends in December 2020, the window may be too tight for an agreement on data.

Wojciech Wiewiorowski, the EU’s new data protection supervisor, said the UK was “13th in the row” of countries that are negotiating data deals with Brussels. Allowing the UK to skip the queue “would be a little bit unfair towards those who have already prepared themselves for this process,” he added.

Officials in Br uss els have warned several times that assessing the UK’s data “adequacy” — whether UK regulations on data protection are as robust as those in the EU — will be a lengthy process and that the issue may fall down the list of priorities in the wider negotiations. Mr Wiewiorowski’s predecessor, Giovanni Buttarelli, also warned that reaching a deal “could take years”.

A deal is critical for scores of businesses, especially in the tech, health and insurance sectors,

Ambassador says bloc should remain open to investment or risk a backlash

which regularly transfer data — including bank details and other personal information — to and from the continent for analysis or processing. More than threequarters of UK data transfers are with EU countries, according to industry group TechUK. While the UK has already implemented the EU’s general data protection regulation (GDPR) into British law, Mr Wiewiorowski said there remained issues over how British intelligence agencies handled personal data collected in the EU, and whether the UK would comply with EU rules on surveillance. “ There are some concerns about the processing of personal data for law enforcement purposes in the UK,” he said. am not going to say that is not realistic [within the transition period]. I am saying that it is still possible but it is hard.

Talking about deadlines is not an easy thing.”

Mr Wiewiorowski is not the official in charge of handling any deal; this will be the responsibility of the European Commission.

But his warnings echo concerns from senior EU Brexit officials.

“There will be trillions of issues that need to be resolved. Each side will have their list of what is most important. It is hard to see how data protection will be on the top of that list,” warned one EU official. www.businessday.ng

accused Russia of sending 2,000 paramilitary forces and Sudan of providing 5,000 troops without approval of the official Libyan government.

The dispute over Libya could stoke tensions with Moscow, with which the Turkish government has collaborated closely in Syria to expel a US-allied Kurdish militia and

Beijing envoy warns EU against ‘disastrous’ curbs on China companies

EU data protection supervisor warns transition window will be tight JAVIER ESPINOZA AND MEHREEN KHAN

the wider region would compel Turkey to intervene.

The pledge to put boots on the ground comes one day after Mr Erdogan paid a surprise visit to Tunisia, where he and President Kais Saied discussed efforts for a ceasefire and resumption of negotiations between Libya’s warring factions.

In his speech, Mr Erdogan

force President Donald Trump to withdraw American soldiers from a buffer zone along Turkey’s border in October.

Turkish and Russian officials met this week to resolve differences on Libya and Syria. While they are co-operating in northeast Syria, Turkey-backed rebels and civilians are being bombarded

by Syrian government and Russian warplanes in the north-west province of Idlib, forcing tens of thousands of people to flee to Turkey’s border.

A separate deal Turkey reached with the Tripoli government this month redrew maritime borders, cutting through territory claimed

by Greece and Cyprus who are planning a pipeline to ship natural gas from the eastern Mediterranean to Europe.

The near-neighbours are involved in a long-running dispute over exploration rights for undersea gas and oil. Turkey previously sent drill ships and warships off the coast of Cyprus, where it has kept about 30,000 troops in the island’s breakaway north since invading in 1974. The EU has threatened to sanction Turkey over what Brussels said was “unauthorised drilling”.

MICHAEL PEEL AND SAM FLEMING

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eijing’s envoy to the EU has warned the bloc against pursuing policies to curb Chinese companies’ access to Europe, saying it would damage its own interests and deter investment.

Zhang Ming said plans to clamp down on foreign corporate ownership, trade opportunities and 5G mobile communications technology threatened to trigger a backlash from “suspicious” Chinese entrepreneurs.

The ambassador, a veteran diplomat and previously a senior foreign ministry official in Beijing, said EU countries needed to promote international co-operation and free markets. “Otherwise, it’s disastrous for them,” he warned in an interview. “What I hope to see is that the EU will keep to the principles of multilateralism and free trade, as well as the principles of openness, fairness, justice and non-discrimination.”

His remarks highlight growing tensions as the EU makes what critics see as a belated effort to respond to Beijing’s strategic ambitions, nationalistic trade policies and behaviour to western enterprises.

EU companies and governments have long complained that China greatly restricts access to its own market and heavily favours domestic businesses.

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Mr Zhang said the hardening attitude on the EU side had made “many Chinese entrepreneurs working in Europe suspicious” and “also had some kind of impact on Chinese investment in the EU”.

“My colleagues and I are strongly committed to promoting China–EU co-operation, so I’m following the development with interest and concerns,” said the envoy, a former vice-minister of foreign affairs who took up his post in Brussels in 2017.

“Capital is very sensitive, and even cowardly in some cases. In case of any changes or developments, they will feel highly vigilant or even be scared away.”

EU countries are expected in January to publish final recommendations for tougher security checks on 5G equipment companies, of which Huawei of China is a world leader and highly active in Europe.

The bloc is also looking at tighter procurement rules and stricter screening of foreign investments, including of businesses that use government backing to gain an advantage when acquiring European rivals.

Diplomats say 2020 is set to be crucial for the EU-China relationship, with bloc leaders hoping to host President Xi Jinping at a summit as both sides grapple with stresses in their ties and tensions with President Donald Trump’s US administration. The EU in March for the first time declared Beijing a “systemic rival” in some areas. @Businessdayng

Mr Zhang hit back at suggestions in December by Sabine Weyand, the EU’s top trade official, that talks on a new investment treaty with China, due to be concluded in 2020, were moving at a “snail’s pace” and needed more commitment from Beijing.

“Is it a tactic or a trick played by the EU side?” Mr Zhang asked, insisting there was still “hope” for the negotiations if both sides were prepared to “meet each other halfway”.

He added: “And talking about the speed of the negotiations, I think it’s better to be a down-to-earth turtle than a cunning rabbit.”

The envoy also pointed to potential concerns about a proposed EU carbon border tax, which could hit China’s steel exports to the bloc.

“Some are asking whether such a tax is in line with WTO rules, or whether it’s going to lead to protectionism and trade tensions,” he said.

Human rights is another potential flashpoint. Beijing has drawn condemnation from campaign groups and criticism from the EU for interning more than 1m Muslim Uighurs in so-called re-education camps in western China.

The ambassador denounced the European Parliament’s award in December of its Sakharov Prize for freedom of thought to Ilham Tohti, an advocate for China’s Muslim Uighur community who is serving a life prison sentence for allegedly advocating independence for China’s north-west region of Xinjiang.

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NATIONAL NEWS

Christmas in Hong Kong ‘ruined’ by protesters, says Carrie Lam Territory’s chief executive condemns renewed violence outbreaks in shopping centres PRIMROSE RIORDAN AND JAMIL ANDERLINI

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ong Kong’s Christmas celebrations were “ruined” by renewed civil unrest, according to the territory’s embattled chief executive, as pro-democracy activists staged demonstrations and police carried out mass arrests across the city’s main shopping districts.

After several weeks of relative calm, Hong Kong was again rocked by violent clashes between an increasingly aggressive police force and a smaller but radicalising protest movement that spread through shopping malls and crowded streets on Christmas Eve and Christmas Day. Human rights groups accused the Hong Kong police of a disproportionate response as they carried out random searches of shoppers in busy malls, fired numerous rounds of tear gas and rubber bullets and detained scores of people in indiscriminate mass arrests.

Benedict Rogers, chairman of UK-based non-governmental organisation Hong Kong Watch, said there had been “outrageous” police brutality on Christmas Eve after tear gas was deployed to disperse crowds outside the high-end Peninsula Hotel, where rooms cost as much as HK$21,080 (US$2,706) a night.

The accusation was rejected by the Hong Kong government, which said there had been arson and police had been attacked with petrol bombs.

Carrie Lam, the city’s Beijingappointed leader, accused the

protesters of “dampening” the festive mood. “Many members of the public and tourists coming to Hong Kong were naturally disappointed that their Christmas Eve celebrations have been ruined by a group of reckless and selfish rioters,” she said in a statement.

The demonstrations began eight months ago in opposition to a proposal to send alleged criminals to mainland China to face trial in Communist Party-controlled courts. But they have evolved into a broader demand for democracy and now represent the biggest open rebellion on Chinese soil in three decades.

The Christmas protests suggest the unrest will probably continue into 2020.

The organiser of the marches which brought millions onto the city streets, the Civil Human Rights Front, has applied for approval for a protest on New Year’s Day and demonstrators are discussing plans for New Year’s Eve. Targets of the protest movement are also broadening. On Christmas Eve, demonstrators vandalised and set fire to a branch of HSBC after the bank was accused of closing an account used to manage proceeds of crowdfunding to assist protesters.

This was the first time the UKheadquartered bank was targeted directly by the protests. In recent months demonstrators have often attacked state-owned Chinese banks and businesses perceived to be sympathetic to Beijing and the Hong Kong government.

Insiders say the protest movement could threaten about a quarter of HSBC’s local revenues.

United Nation’s WFP stages play to fight hunger in Nigeria’s Northeast

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he United Nations World Food Programme (WFP) on Thursday tapped into Nigeria’s vibrant performing arts and entertainment industry to tell the story of conflict-driven hunger, resilience and humanity in the North-East in an effort towards achieving zero hunger in the country.

The WFP premiered Bintu - The Musical, a dramatization of the humanitarian impact of the decade-long crisis that has plagued Nigeria’s north-eastern states of Borno, Adamawa and Yobe. The musical held at the MUSON Centre in Lagos.

“We hope the play will spark conversations around the crisis in the North East and lead to greater engagement of all parts of society – the private sector, government agencies and individuals – boosting efforts to achieve zero hunger in Nigeria,” said Paul Howe, WFP Representative and Country Director in Nigeria.

The play follows a young girl called Bintu, whose dreams of going to university are dramatically cut short when insurgents strike.

Bintu and her friends find refuge in a camp for internally displaced persons (IDPs), where they receive humanitarian assistance. While in the camp, Bintu slowly begins to rebuild her life.

Written and directed by Agozie

Ugwu, a Nigerian playwright who teaches performing arts at the Nile University of Nigeria in Abuja, the play uses powerful song, dance and poetic performances to depict people’s struggles, their will to survive and the vital humanitarian assistance they receive.

“This work goes beyond a theatre piece. It is a call to action from humanity to help humanity,” said Ugwu, whose Mosaic Theatre Production developed the play with WFP. The play is based on the reallife experiences of people caught in the conflict which has driven an estimated two million people from their homes. Nearly three million people struggle to meet their food needs in the three crisis-affected states - almost double the number at the same time last year.

Since 2016, WFP has been providing a lifeline for vulnerable families affected by conflict in Borno, Adamawa and Yobe states, supporting internally displaced people, returnees, young children and pregnant or breastfeeding women with life-saving food and nutrition support.

In 2019, WFP and partners have served an average of 800,000 people with food or cash every month.

Bintu - The Musical, which premiered in Lagos on December 19 will be followed by a showing in Abuja in the first quarter of 2020.

Israeli Prime Minister Benjamin Netanyahu, lights a Hanukkah candle at the Western Wall this week ahead of the primary election © Reuters

Netanyahu faces critical test in Likud primary election

Thursday vote on leadership of Israeli prime minister’s party follows two inconclusive elections

ILAN BEN ZION

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enjamin Netanyahu will face a serious challenge for the leadership of his Likud party in a primary election on Thursday, capping a year in which the Israeli prime minister’s authority has been tested as never before.

Following two indecisive national election results and a criminal indictment for the Israeli leader in the past year, former cabinet minister Gideon Sa’ar is now posing the first real challenge to his decade-long dominance of the ruling Likud party.

A victory for Mr Sa’ar would be a huge upset and a death knell for Mr Netanyahu’s political career, stranding him as a lame duck caretaker leader until another general election due in March. Conversely, a landslide win would be a vote of confidence that would reduce the political potency of his indictment on corruption charges.

Mr Sa’ar, a former interior minister, has managed to muster support from a handful of Likud parliamentarians and expose discontent with Mr Netanyahu’s leadership in the party ranks.

But it remains a long shot that he can win over a majority of the party’s 116,000 members. Results of the primary vote are due late Thursday.

Mr Netanyahu is Israel’s longest

serving prime minister, having held office for three consecutive terms and a stint in the late 1990s. He is seeking another term, but has failed to win enough votes to form a governing coalition in two elections this year.

A few days after an unprecedented third election was called, Mr Sa’ar told supporters at a rally announcing his run that Mr Netanyahu “brought us to power four times, but the writing is on the wall. There won’t be a fifth time.”

A poll of Likud voters published last month by the Hebrew-language Walla news site pointed to Mr Netanyahu winning by a landslide against Mr Sa’ar, with 82 per cent of party supporters saying Netanyahu was better suited to lead.

“In the DNA of the Likud, you don’t challenge a seated prime minister,” said Aviv Bushinsky, a former Netanyahu spokesman turned political analyst.

He said Mr Sa’ar winning 30 per cent of the vote would amount to “an accomplishment.” But for Netanyahu “the larger the margin, the greater his public legitimacy” ahead of the elections and his mounting legal challenges.

Israelis were destined for a third election in under a year on March 2, 2020 after neither Netanyahu nor his main rival Benny Gantz, leader of the Blue and White party, secured a majority in the 120-seat Knesset earlier this month after protracted negotiations in the wake of a September election.

Mr Netanyahu’s legal woes came to a head when he was charged in November by attorney-general Avichai Mandelblit with fraud, breach of trust and bribery in a series of cases involving his ties with media magnates and billionaire friends. It was the first time a seated Israeli prime minister had been charged with criminal offences.

Mr Netanyahu has denied any wrongdoing and has dismissed the charges as being part of an “attempted coup” by law enforcement officials.

Mr Mandelblit is expected to deliver a legal opinion next week on whether Mr Netanyahu can assemble a government despite the indictments against him, ahead of a Supreme Court hearing on the matter.

Though Mr Netanyahu is not legally required to resign, it remains uncertain whether Israel’s president — a figurehead who must invite elected lawmakers to form a government — can issue such a request to a parliamentarian facing indictment.

Mr Netanyahu has tried to drum up support from his nationalist base on the eve of the primaries, reiterating his call to annex part of the West Bank, which Palestinians seek for a future state, and promising to advance plans for 3,000 new homes in Israeli settlements.

In a radio interview on Wednesday he said he was seeking US recognition of Israeli sovereignty over West Bank settlements, which much of the international community considers illegal.

Invesco is worst-selling fund manager in a year to forget $5.7bn Oppenheimer deal fails to spur growth while Neil Woodford casts shadow in UK OWEN WALKER AND RICHARD HENDERSON

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peaking to an audience of several hundred investment professionals in New York this autumn, Martin Flanagan, chief executive of Invesco, painted a bleak picture of their industry.

“We are going through a once in a generation change,” the plain spoken head of one of the world’s biggest fund managers said. “Every single client we deal with around the world is using fewer and fewer money managers . . . that just changes the landscape like we’ve never seen before.”

Mr Flanagan was alluding to the pressure on active managers to cut costs in an era of ultra-low interest rates and cheap passive funds — pressures which are forcing many players to fundamentally reassess how they compete.

But compounding these challenges is a set of problems specific to Invesco: the painful integration of its mega $5.7bn acquisition of New York-based OppenheimerFunds, clients pulling back from one of its main investment strategies and the UK arm suffering from an association with its former star stockpicker Neil Woodford.

Invesco’s share price is down more than 50 per cent since the start of last year, and despite a rally in the first few months of 2019 is only back at around $18, its mid-January level.

Line chart of Net flows ($bn) showing Invesco’s active and passive funds are world’s apart Pressure is beginning to mount on Mr Flanagan, who has led the Atlanta-based $1.2tn fund house for more than 14 years. His attempts to insulate Invesco from these tectonic pressures have

been to expand the business into a greater number of markets and offer a wider range of products.

Yet these moves — including the Oppenheimer deal, finalised this year — have put Invesco at the centre of a perfect storm and made it the worst-selling fund manager globally this year. The group’s funds have bled more than $1bn a week over the past 12 months.

“The market will only give them so much leeway [after the Oppenheimer acquisition],” said Stephen Biggar, an analyst at Argus Research. “They will want to see some tangible benefits soon.”

In recent years Mr Flanagan has moved the business, which was built up through acquisitions in the 1980s and 1990s of successful active managers, increasingly towards cheaper passive products.

These now make up a quarter of the group’s total assets, up from just 17 per cent three years ago.

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Friday 27 December 2019

BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Facebook/Libra: zodiac zero Future of finance: big tech has the data to shake up financial services but compliance is proving hard to get around

ANNA GROSS

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ith 2.8bn users, Facebook looked perfectly placed to launch a new world currency that has traction. Digital currencies such as bitcoin remain volatile and niche. Facebook’s scale meant that its digital currency Libra offers the possibility of a real alternative to fiat ones.

Libra should have the potential to disrupt global commerce, reduce transaction fees, shut out central banks and give a virtual wallet to hundreds of millions of people with no access to a bank account.

For Facebook the rationale behind the digital currency was obvious. Some 98 per cent of group revenue comes from advertising and growth is slowing. Diversifying into financial services makes sense. Roping in companies such as Mastercard as members of the Libra Association was supposed to show that this was not a Facebook-only project. Facebook’s plan was to offer a digital wallet called Calibra that would integrate payments via Libra so users of the social network could send and receive money through messaging

services.

The insurmountable hurdle has proved to be Facebook itself. Data scandals and privacy upsets have chipped away at public confidence in the company. Regulators worried that a popular digital currency could be used for money laundering. Facebook users worried about their own data. Of 28 founding members of the Libra Association seven have backed off. Plans to launch in 2020 have stalled.

For now, Facebook has had to content itself with consolidating existing payments features into a single product called Facebook Pay. Instead of a new currency, a mechanism to store money and a way to reach the unbanked, it is simply storing information for existing credit cards.

Big tech has the scale and data needed to shake up financial services — cutting fees and monetising information. Consumer and small business loans could be worth $6tn in revenue, according to CB Insights. Digital payments another $2.5tn. But experiments in the west have yet to uproot incumbents. Compliance in financial services is proving more difficult to get around than other industries.

London is feeling vulnerable for the first time in years Its weakening relationship with the rest of the UK is a cautionary tale BEN ROGERS

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ondon is not used to feeling vulnerable. The capital of the former British empire has reinvented itself in the last 25 years or so as the economic capital of Europe, and the very model of a dynamic, cosmopolitan world city. Even as the rest of the UK struggled to compete in the new global economy, London flourished.

Investors, workers, oligarchs and “creatives” from around the world beat their way to the banks of the Thames. The capital consistently scored top on global city league tables — especially on culture and creativity. London universities crept up the international rankings.

Londoners patted themselves on the back, content to be at the centre of the universe and secure in the knowledge that they were creating jobs and spreading tax revenues across the country.

But in a cautionary tale for other global cities, the rest of the country was not persuaded. Yes, London’s contribution to the national tax take has grown steadily.

Yes, it has boosted the UK’s international brand or soft power no end. And yes, it has become an increasingly tough place to live for most residents, as earnings have stalled and the cost of housing gone up.

But the growing sense that the capital no longer understood the nation, and the contrast between its world-beating public transport system and glamorous new cultural institutions, and the apparent neglect of poorer “left behind” areas, became too much to bear.

No doubt London’s role as the seat of the UK’s exceptionally centralised system of government did not help. Nor did its status as the home of the much-mistrusted and bailed-out banking system.

The tensions have been evident for some time. Research by Centre for London and Centre for Cities in 2014 found that only 24 per cent of city dwellers outside London thought it made a positive economic contribution to their area — in Hull, Liverpool and Sheffield the number was less than 10 per cent.

A separate poll found that 70 per cent of adults thought “London gets preferential treatment over most other parts of the UK”. But the Brexit referendum revealed the divisions for all to see — Kingston upon Hull voted 68 per cent to leave, and Kingston up Thames voted 62 per cent to remain. And the recent general election threw these divisions into even sharper relief.

Both the Conservatives and Labour campaigned on a promise to “level-up” regions beyond London and the south-east. Where, in 2017, the manifestos of both parties made commitments to push forward a new high-speed London railway (Crossrail 2), the 2019 manifestos were silent. Boris Johnson rode to victory on the back of a new coalition of traditional Tory heartlands and working-class communities in the Midlands and the North that previously voted Labour. He has since reiterated that he will prioritise these places. But the capital’s young, more highly educated and migrant population stuck with Labour. www.businessday.ng

Banks have to juggle the need to support short-term earnings with investing in long-term growth. This makes salaries a natural place to trim the flab © AP

US banks: bonus bashing

Future of finance: as banks turn to cuts to drive earnings growth, the pressure is on to get expenses in line

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hristmas is the most wonderful time of the year — unless you work at a big bank. Bonuses across Wall Street are poised to drop for 2019, breaking a two-year winning streak, according to pay consultant Johnson Associates. The trend could continue into 2020 as banks turn to deeper cost cuts to drive earnings growth.

Falling interest rates are drying up net interest income, the money that banks make from loans after taking out what they pay customers in interest. KBW is forecasting the gauge will drop by an average of 3.1 per cent for main US universal banks in 2020.

Slowing loan growth and economic uncertainty add to the industry’s challenges. This means bank executives will have a lot riding on their ability to trim their efficiency ratios, a measure of ex-

penses to revenue.

US banks share prices rebased, efficiency ratios and net interest margins. Bank of America Merrill Lynch’s share price has performed the best growing over 40% since December 2018. Whilst Wells Fargo was lagging behind with just 15% Citigroup is trying to cut its ratio by 4 full percentage points next year. Morgan Stanley is shedding around 1,500 — or 2.5 per cent — of its global workforce in a bid to contain costs. Wells Fargo is under pressure to reach its previous chief executive’s target of 55 to 59 per cent after seeing the ratio worsening to 69.1 per cent during the third quarter.

It is a tricky balancing act.

Banks have to juggle the need to support short-term earnings with investing in long-term growth.

This makes salaries a natural

place to trim the flab.

During 2019, the diversity of big banks’ business model has offered investors some insulation from the effects of lower rates.

Bank of America has its Merrill Lynch brokerage business. Citi has its strong credit card unit.

JPMorgan has investment banking to fall back on.

This helps explain the sector’s outperformance this year. The widely followed KBW Bank Index is up 32 per cent year to date, compared with the 28 per cent gain for the broader S&P 500.

But with the potential for credit quality to deteriorate as the US nears the end of the credit cycle rising, the pressure will be on for banks to get their expenses in line.

There will be some uncomfortable silences on Wall Street as news of lower bonuses sinks in with the recipients.

Corporate defaults in China surge in 2019 to record high $18.6bn

Rapid expansion of private company debt linked to shadow banking fuels distress DON WEINLAND

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orporate defaults in China surged to a record high in 2019, raising new questions over how policymakers in Beijing will manage mounting financial distress among large private and state-owned companies.

Onshore corporate defaults hit Rmb130bn ($18.6bn) in the final weeks of the year, breaking the record of Rmb122bn last year, according to data compiled by Bloomberg, as economic growth ground to a three-decade low.

Private companies that expanded rapidly in recent years, accruing large piles of debt, have been at the heart of the explosion in corporate distress. Some of the country’s leaders in sectors such as chemicals and textiles have faced financial pressures in recent weeks.

Defaults on US dollar-denominated bonds, which until recently

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were closely guarded with implicit state guarantees, have hit $2.85bn this year, according to data from S&P Global Ratings, with the default of state commodities trader Tewoo delivering a shock to markets earlier this month.

“The recent pick-up in defaults adds to broader evidence that corporate balance sheets remain under strain,” Julian Evans-Pritchard, senior China economist at Capital Economics, said in a recent note to investors.

Private sector defaults have been concentrated in industries heavily reliant on shadow bank funding — an area of the Chinese financial system where access to credit has tightened significantly over the past two years — and are now suffering from oversupply.

Yuhuang Chemical, which expanded rapidly over the past five years and opened a large methanol plant in the US in 2017, @Businessdayng

is among a growing list of large, private groups that have reneged on domestic bond payments this year.

Shandong Ruyi, the owner of UK clothing maker Aquascutum and Savile Row tailor Gieves & Hawkes, narrowly averted a default on a $345m US-dollar bond due on December 19 but the group is still struggling to manage a vast pile of debt that doubled in size between 2015 and 2018.

“Reduced funding access for weaker shadow banks could result in increased credit events and defaults, particularly against the backdrop of a slower environment, which can be particularly acute for private-sector enterprises,” Rowena Chang, an associate director at Fitch, said in a report this month.

State-owned companies and groups controlled by local governments around China have also faced unprecedented financial pressures this year.

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Friday 27 December 2019

BUSINESS DAY

FT

ANALYSIS

Top trades: the winning market bets of 2019 From Greek bonds to sterling gyrations, the year delivered opportunities to shine

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S stocks had a stellar year in 2019, again, while other developed markets did well. But those looking for slightly more offbeat winners still had a chance to shine. Here is our pick of some of the most striking strategies.

Pound foolish Sterling seems an unlikely success story. At the start of the year, the political backdrop was dire enough to force many investors to simply avoid the currency as much as they could.

In the autumn, the UK currency shook around in a narrow range while politicians stumbled from one Brexit flashpoint to the next. At one point, the pound was more volatile, and seen as a more risky bet, than the Mexican peso.

And yet, the pound finished 2019 as the second best performing major currency in the world against the dollar, gaining 1.7 per cent over the course of the year. Since early September it has risen 7.4 per cent — a great bet for anyone brave enough to put it on at the time when Prime Minister Boris Johnson and Ireland’s Leo Varadkar found a somewhat more united strategy on Brexit.

Much now depends on what Mr Johnson does next on Brexit, with his newly enhanced mandate after December’s general election. It will be a testing ride in 2020 but Goldman Sachs, for one, says sterling remains one of its favourite bets for the coming quarter. Eva Szalay Line chart of $ per £ showing Politics made for an unusually volatile pound this year Century duty If one asset exemplified the year’s bond market rollercoaster, it was Austria’s “century” bond. When the Alpine nation sold 100-year debt in 2017 at a yield of just 2.1 per cent, it was viewed in some quarters as proof that markets

had become unhinged.

But buyers were laughing all the way to the bank in 2019. By the time the global bond rally peaked in late August, the debt was trading at 210 cents on the euro — with investors sitting on an 87 per cent year-to-date return — while the yield was down to 0.9 per cent.

The stellar performance reflects the almost insatiable hunger of investors such as pension funds and insurers, which need long-maturity assets to match their long-term liabilities. It was also a demonstration of the acute sensitivity of longer-dated bonds to moves in interest rates: Vienna’s century bond was merely an extreme example of a powerful rally that swept up all highly rated long-term government bonds.

Those properties meant ultra-long bonds were hit hardest when global bond markets cooled in the autumn.

But even after a heavy sell-off, holders of the century bond are still up by almost 50 per cent in 2019. Long-term investors will be hoping the next 97 years are a little calmer. Tommy Stubbington Line chart of Price of 100-year government bond (€) showing Austria’s century bond takes off Up the Greek In 2012 markets refused to lend to Greece at any price. This year, investors could hardly get enough of the country’s debt, which has stood out in a bumper year for eurozone bonds.

Investors’ enthusiasm owed much to the gradual healing of the Greek economy after this decade’s brutal slump, along with a calming of the country’s often volatile politics. But Greece was also the beneficiary of a desperate search for yield, which drove investors into corners of the bond market typically seen as relatively high risk — dragging down yields there too.

Rescued Chinese bank’s ex-chair set for life in jail Death sentence for embezzling $110m likely to be commuted at end of 2-year reprieve TOM MITCHELL AND SHERRY FEI JU

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he former head of a regional bank rescued by Chinese authorities this year is set to spend the rest of his life behind bars after a court convicted him of corruption and other crimes on Thursday.

Jiang Xiyun, former chairman of Hengfeng Bank, was sentenced to death with a two-year reprieve — a punishment usually commuted to life in prison after the reprieve — by a court in eastern Shandong province, where the troubled financial institution is based.

Jiang, who had been accused of embezzling about $110m, was also convicted of illegal destruction of financial documents, according to the Yantai Intermediate People’s Court.

Hengfeng was the largest of three regional banks rescued by Beijing authorities this year, with more than Rmb1.4tn ($200bn) in assets.

The first to fall, Baoshang Bank in Inner Mongolia, was controlled

by Xiao Jianhua, a billionaire who was abducted from Hong Kong three years ago by Chinese authorities and smuggled back to the mainland. Officials are yet to comment officially on the charges Mr Xiao will face.

Baoshang’s rescue, funded by the central bank, spooked the country’s financial markets because creditors above a certain size will not get all of their money back.

The Chinese government forced

larger state-controlled financial institutions to come to the rescue of Bank of Jinzhou in Liaoning province and Hengfeng.

China’s largest lender, Industrial and Commercial Bank of China, and two state-owned asset management companies, Cinda and Great Wall, took large stakes in Bank of Jinzhou.

Hengfeng’s rescue was led by Central Huijin Investment, a unit under China Investment Corp, Beijing’s sovereign wealth fund.

Last week Hengfeng announced it would raise Rmb100bn ($14.3bn) in new capital, about 60 per cent of it from Central Huijin.

Singapore’s Union Overseas Bank, which previously had a 13 per cent stake in Hengfeng according to Reuters, took less than 2 per cent of the new placement, diluting its shareholding.

Yi Gang, China’s central bank governor, warned in September that shareholders in institutions such as Hengfeng, which undertook huge expansions at the beginning of the decade, “must be responsible for the actions of their banks . . . and need to have the ability to identify risks”.

Despite such warnings and the seemingly harsh sentence for Jiang, Chen Long, partner at Beijingbased research firm Plenum, said death sentences with two-year reprieves were typical in corruption cases involving similar amounts of money. “It is unusual to see death penalties [carried out] these days,” he added www.businessday.ng

The quirky markets that offered big opportunities in 2019 From wine and fried chicken to balsa wood — niche trades of the year

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hile big investors crow about their timely bets on sterling or their clever navigation of eurozone bond yields, 2019 also delivered some bumper returns in more esoteric areas. Here is our pick of the best.

Italian fine wine Italian top-end wine prices had a vintage year in 2019, amid an otherwise largely groggy year for fine wine investors.

Piedmont-based Giacomo Conterno’s Barolo Riserva Monfortino 2002 topped the list, gaining 75 per cent this year to £10,390 for a case of 12 bottles, according to data from online wine market Liv-ex. Also performing well was Gaja’s Barbaresco 2007 and 2011 vintages, which rose 35 per cent and 31 per cent respectively.

“While the top wines of Piedmont and Tuscany compare favourably to Burgundy and Bordeaux in terms of critic scores, prices are often lower,” said Liv-ex in a research note. This year they have been catching up.

“You suddenly see people saying ‘there’s a lot of value in the top Italian wines’,” said London-based wine trader Gregory Swartberg, managing director of Cru Wine Limited.

Liv-ex’s Italy 100 index rose 4.6 per cent this year. Its benchmark Fine Wine 100 fell 2.5 per cent, hit by the US-China

trade war, the protests in Hong Kong and US tariffs on European wines. Laurence Fletcher KFC Japan: tasty For almost three years, no matter how finger-lickin’ good the recipe, shares in KFC Japan were stuck at ¥2,000 a share. New menus, clever promotions and the weird convention whereby many Japanese celebrate Christmas with a bucket of fried chicken: none of it seemed to make any difference.

But in July, the shares mysteriously began to climb. By October, with volumes now rising high above their long-term average and retail investors salivating, they hit a 15-year high. Then followed an even sharper ascent to ¥3,595 — a rise of 80 per cent for the year for a company that has really not veered far from its old business model.

What is going on? Nobody is completely sure, but retail investors still love the story. The best bet, say the brokers, is that the retail end of the market is on the lookout for net cash companies that are a bit cheap for their sectors and — critically — are listed subsidiaries that might be in line for consolidation by their parents in 2020. Leo Lewis Balsa wood: blown away 2019 was a dismal year for model aeroplane enthusiasts, who bore the brunt of fierce competition to secure

their favoured lightweight material — balsa wood — from the grips of green energy. But it was stellar for balsa bulls.

The wood is used as a core material in wind turbine blades, and the rapid rollout of clean power this year left turbine makers scrambling to secure it. The price for block-like planks of balsa has doubled to about $800 per cubic metre, and the shortage is now so severe that it could delay the deployment of new wind turbines.

“Balsa supply can’t follow the increase in demand,” said Rudolf Hadorn, chief executive of Gurit, a supplier of wind turbine blades.

The rally looks unstoppable. Wind turbine manufacturers are gearing up for a surge in new wind power capacity installations. Next year, 75 gigawatts of wind power capacity will be added globally, up 12 per cent from 2019.

As demand rises, Chinese intermediaries are going directly to producers with higher offers for the wood. Ecuadorean producers and traders say prices are going up weekly and likely to keep rising.

Plastic materials threaten to displace balsa but the wood remains the best performing material for structural sections of turbine blades. Supply will eventually catch up to demand but balsa trees take at least four years to grow until harvesting. Harry Dempsey Popped by corn

Grab v Gojek: inside the tech battle for south-east Asia Two of region’s biggest start-ups are jostling for dominance while chasing profitability MERCEDES RUEHL

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ven visitors to the Indonesian capital find it hard to miss the fierce fight between southeast Asia’s two largest tech start-ups — Gojek and Grab.

At Jakarta’s Soekarno-Hatta airport, rival billboard-sized LED screens stand metres apart, greeting passengers with competing offers of trips through traffic-clogged streets into the city’s central business district.

Gojek and Grab, which were founded in 2010 and 2012 respectively, each want to be the superapp of choice in south-east Asia’s largest economy.

This year, they have expanded into new business lines, moving beyond ride-hailing and food delivery into digital payments and wealth management.

Backed by some of the biggest names in tech — Gojek’s investors include Google, Temasek, Warburg

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Pincus and Tencent, while Grab is funded by SoftBank, Microsoft and Didi Chuxing — the two companies have burnt through billions of dollars over the past several years, even as they continue to raise money.

While they show no signs of slowing down, the heads of both businesses say this year has brought about a new focus on reaching profitability. “There is no desire to live outside our means,” said Ming Maa, president of Grab. “Our current business plan does not require any additional capital being raised by outside investors.”

A graphic with no description For Grab, which has raised more than its rival at around $8.7bn and is now valued at $14bn, that has meant shifting focus from a growth-at-allcosts approach to being more strategic — for instance moving away from high subsidies and promotions to acquire users. Gojek, meanwhile, has also expanded outside of Indonesia, launching in its rival’s home @Businessdayng

market of Singapore in early 2019, where order sizes and commissions are larger.

But Indonesia, the world’s fourth most populous country, remains the priority for both companies.

Gojek now operates in 207 cities across four countries in south-east Asia, 203 of which are in Indonesia.

Grab is present in 339 cities across eight countries, and the majority — 224 — are also in Indonesia.

On the basis of weekly active app user numbers, Gojek has the upper hand in the country by consistently ranking higher than its competitor this year, according to statistics from California-based analytics group App Annie. This is despite its rival’s use of rival “brute force” subsidies, according to Andre Soelistyo, Gojek’s president and cochief executive.

“The reason why many users use Grab in my opinion . . . is due to the heavy discounts. If something is for free, you use it,” he said.

Friday 27 December 2019

BUSINESS DAY

41

POLITICS & POLICY I will not be too proud to reverse myself if necessary - Makinde REMI FEYISIPO, Ibadan

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will not be too proud to reverse myself anytime if I find it necessary because only God is infallible.” Those were the words of Governor Seyi Makinde, when he joined the congregation at Oja’ba Central Mosque for a special prayer to commemorate his 52nd birthday.

While saying that his government would always be open to corrections, the governor said, “We don’t know it all. If people tell us what we need to do, we will act. I am not proud to the extent that I can’t reverse myself, because I know that pride comes before a fall”.

A statement by the Chief Press Secretary to Governor Makinde, Taiwo Adisa, confirmed that the governor thanked the faithful for joining the prayers at short notice.

“Your prayers are important to me. It doesn’t matter if we have a multitude. What we have here is quality crowd,” he said, adding that he will always love to work for the people because he is out to provide service.

The governor also said that he would not be a party to chasing street traders off the streets without providing them with alternatives, as according to him, he once

sold bread at Yemetu area of Ibadan.

He said: “Somebody said that I was quoted as saying that I would not chase away street traders without providing them with alternatives.

Yes, that is true because I know the mentality of street trading. I once sold bread by the roadside in Yemetu area.

“I said so because we cannot send them away until we provide an alternative for them. And we have started enforcing that. We did that at Ojoo where we asked people not to trade at the point where we want to situate our modern terminus.

“Recently, I went there in the midnight to make sure that where they will relocate the traders to must be a comfortable place, equipped with necessary infrastructure so that when they make their sales, they may not feel like going back to the road-side.”

According to him, “I actually understand the situation, because I once sold bread in front of Adeoyo Hospital in Yemetu.

And I know that the money that I used to assist my mother from bread-selling was expended on my education.

“So, I beg of you, do the right thing. We will do all that is needful to ensure the development of Oyo State. If we fail to do the right thing, don’t hesitate to tell us.”

Governor Makinde, who

stated that his government would be fair and just to all religious organisations in the state, maintained that the prayers of Muslim clerics contributed immensely to his victory at the polls.

“I assured the people of the state that I will serve them with the fear of God. I have made a promise to serve the good people of Oyo State with the fear of God and not to favour any religious organisation above the other,” he said.

He stated that all the religions will be treated equally, as according to him, homes in the state have members spread across the religions.

“In my administration,

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welfare.

The group also praised the governor over his programme on agriculture, saying, it is a right step towards sufficient food production for the people.

Sanwo-Olu, according to Aladekoba, has commendably keyed into the National Campaign for return to the land, saying, the step would further boost the fortunes of the farmer through the project, and also serve as a veritable avenue for increased Internally Generated Revenue (IGR).

The organisation also stated that the agricultural value chains would lead to the empowerment of hundreds of farmers across the state with inputs to either kick-start or improve their businesses, describing the initiative as an avenue to increase the volume of production and move the state further in its quest for food security.

The scheme, Aladekola reasoned, would also assist in generating more jobs for the teeming unemployed youths, enthusing that the Imota Rice Mill that has the capacity to produce 650 bags of 50kg per hour and has two lines to produce 16 metric tonnes www.businessday.ng

they were saying members of the NURTW were causing trouble. But now, this has stopped.

I can assure you that where we have noticed some pockets of challenges will be addressed.

“We have also started the lighting up places in Ibadan so that you can be all safe to go to wherever you want to go. And this is the first phase; we will light up all our major cities.

“With this, the criminal elements will know they cannot perform any evil act successfully. So, I have come to serve the people and I believe that if we can all work together, what is not enough for us today will be abundant tomorrow.”

Appealing for the coopera-

L-R: Seyi Makinde, Oyo State Governor; his wife, Tamunominini; Bolanle Olaniyan, deputy governor’s wife, a professor and Rauf Olaniyan, deputy governor, during the 52nd birthday thanksgiving of the governor held at St Peter Cathedral, Aremo, Ibadan.

Sanwo-Olu deserves kudos over Human Development Initiatives - Group

human right group, Royal Peoples Platform (RPP) has said that Governor Babajide Sanwo-Olu deserves a pat on the back over his efforts towards human development through agricultural programmes and skills acquisition schemes.

The group, through a statement from its Convener, Dare Aladekoba gave kudos to Sanwo-Olu’s administration on the training of 4, 885 people that graduated from the 17 Skills Acquisition Centres across the state, saying, “The initiative is a welcome development.”

Aladekoba reasoned that acquisition of skills in several trades like fashion designing, hat and bead making, aluminium fabrication, shoe making, among others would increase the number of micro, small and medium entrepreneurs in the state and by extension improve the socio-economic status of the beneficiaries.

The youth leader expressed the belief that the beneficiaries would be financially sufficient, economically independent and emotionally comfortable to be able to contribute their modest quotas to the growth of the state economy and its

whatever is due to Muslims, Christians and traditional worshipers will be given to them equally without any bias or favour,” the governor said.

Governor Makinde also took time to x-ray the key achievements of his administration in the first six months, which he said include regular payment of workers’ salaries on 25th of every month; provision of security vehicles for the security agencies in the state; free education from primary level to secondary level; light-up of Ibadan and cities among many others.

He added: “Also, there is an improvement in our health care system. When we came in,

each would need more hands on board for maximum production.

“The scheme would, therefore, serve as a veritable means of providing jobs for the teeming population of the unemployed youths of the state.

And the availability of jobs for them would take them off the streets and thus reducing the rate of crime that idle hands can engage in.

The group further praised the governor for his foresightedness in realising that when all hands were effectively and gainfully engaged, the rate of crime in the communities would drastically reduce if not totally eradicated; pointing out that, the dependence over government for assistance would go down to the barest minimum from those beneficiaries.

Aladekoba, who believes that the skills acquisition programme would be a continuous exercise, admonished the beneficiaries, who have been empowered with necessary tools to practise to reciprocate the government’s good gesture settling down to make judicious use of the opportunities extended to them by the government.

tion of religious leaders, the governor urged them to continue to pray for the success of the present administration and not to allow the religious fanatics to cause crisis among the religious organisations in the state.

“Concerning what Imam said about Alfa Oloore, there is no rancour between us.

Sincerely, with what I saw at the mosque that first day, I would have ordered that it be demolished with immediate effect and the surrounding houses. But three days after, people told me that it was not only Oloore mosque we have such facilities and that some parents do take their children there. I interviewed some parents at Sanyo Area, where we took them and they said they actually took their children there. I have to listen to what people were saying.

“So, when they talked to me, I asked them not to demolish the mosque again and informed the Police to leave Alfa alone. I also told social workers to go and inspect it because we need to modernise anything we do. The way they do things yesterday is not the way we will do them today. We need to see how we can modernise the way we discipline and train troublesome children in such a way that when they grow up, they won’t be a burden to anyone or for the country.

Udom preaches love, unity at Yuletide ANIEFIOK UDONQUAK, Uyo

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overnor Udom Emmanuel of Akwa Ibom State has urged the people to embrace love, unity and the spirit of togetherness in celebrating the birth of Jesus Christ and as they await the dawn of a new year.

Udom in a broadcast on Christmas Day said the essence of the celebration should be to strengthen the abiding cord of peace and goodwill among the people to ensure the prosperity of the state.

Describing 2019 as a milestone year given the general election that took place in which he emerged victorious, he said his vision has been that of unity and development of the state as opposed to that of destruction and violence.

He urged the people to continue to embrace the peace, unity and development being pursued by the state government saying they should invest more, by their thoughts, deeds and actions on those things that would unify them around the common purpose of

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living in a prosperous and peaceful state and to guard against indulging in divisive tendencies.

“We came to you and told you to make a choice between these two competing visions and you rose in unison, and chose to go with the vision of peace, security, unity and development and unanimously and overwhelmingly re-elected me.

“Let me again thank you most sincerely and profoundly for hearkening to my prayers by elected to stand for the truth, you elected to stand for peace, unity, development and the appropriation of our commonwealth for the overall benefit of us all,” he said.

“Elections and the litigation processes are over; it is now time for governance and I promise you again, that I will continue to work twice as hard to ensure that the legacy I will leave you by the time we are done in 2023, will remain a shining example of a leader who came prepared to seize the moment and change the course and direction of our people, “he said.

He used the broadcast to extend his hands of fel@Businessdayng

lowship to “my brothers and sisters on the opposite side of the political divide to come join me in building this piece of God’s real estate.”

“The interest of Akwa Abasi Ibom State is deeper and profoundly more significant than our personal interests.

“When we de-market our state and the leadership, when we intentionally manufacture non-existent situations aimed at portraying our state in less than attractive manner, we should remember that we are putting in jeopardy the future of our children whom we should all work to secure.”

“We have everything to become great and prosperous. We have a wonderful and hospitable people, creative, daring, innovative and God-fearing, all that is needed is for us to rally around a leader who will galvanise these wonderful impulses and get us to see the possibilities that lay out there,” he said.

He expressed delight that Ibom Air and the flour mill project which he had promised have since begun operations in the state and pledged to do more in the coming years.

42

Friday 27 December 2019

BUSINESS DAY

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Friday 27 December 2019

BUSINESS DAY

43

Live @ The STOCK Exchanges Prices for Securities Traded as of Tuesday 24 December 2019

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 351,897.73 9.90 2.06 237 40,566,395 230,846.09 6.75 -0.74 109 6,299,197 UNITED BANK FOR AFRICA PLC ZENITH BANK PLC 569,846.36 18.15 -0.82 283 32,157,535 629 79,023,127 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 213,576.99 5.95 -0.83 187 21,193,365 187 21,193,365 816 100,216,492 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,137,223.87 105.00 - 94 624,025 94 624,025 94 624,025 BUILDING MATERIALS DANGOTE CEMENT PLC 2,385,671.04 140.00 - 51 341,531 LAFARGE AFRICA PLC. 225,509.14 14.00 - 19 1,415,223 70 1,756,754 70 1,756,754 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 323,467.98 549.70 - 5 880 5 880 5 880 985 102,598,151 REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC 1,710.00 85.50 - 0 0 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,175.81 40.70 - 0 0 UPDC REAL ESTATE INVESTMENT TRUST 10,539.66 3.95 9.72 4 153,000 4 153,000 4 153,000 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 0 0 VALUEALLIANCE VALUE FUND 3,312.39 103.20 - 0 0 0 0 0 0 4 153,000 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 0 0 52,465.05 55.00 - 11 152,304 OKOMU OIL PALM PLC. PRESCO PLC 47,500.00 47.50 - 15 66,750 26 219,054 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 8,500.00 4.25 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,500.00 0.50 - 9 122,819 9 122,819 35 341,873 DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. 1,456.01 0.55 - 12 463,191 JOHN HOLT PLC. 217.92 0.56 - 0 0 S C O A NIG. PLC. 1,903.99 2.93 - 0 0 TRANSNATIONAL CORPORATION OF NIGERIA PLC 39,022.07 0.96 -3.03 60 26,998,618 23,338.50 8.10 -2.41 40 2,115,275 U A C N PLC. 112 29,577,084 112 29,577,084 BUILDING CONSTRUCTION ARBICO PLC. 521.24 3.51 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 26,004.00 19.70 - 4 5,503 ROADS NIG PLC. 165.00 6.60 - 0 0 4 5,503 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 2,182.65 0.84 - 3 21,075 3 21,075 7 26,578 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 7,281.43 0.93 - 0 0 GOLDEN GUINEA BREW. PLC. 242.22 0.89 - 0 0 GUINNESS NIG PLC 70,201.77 32.05 - 16 7,218 INTERNATIONAL BREWERIES PLC. 80,801.10 9.40 - 15 68,382 NIGERIAN BREW. PLC. 463,420.47 57.95 - 15 176,415 46 252,015 FOOD PRODUCTS DANGOTE SUGAR REFINERY PLC 163,800.00 13.65 -5.54 40 557,660 FLOUR MILLS NIG. PLC. 79,957.40 19.50 - 17 88,868 HONEYWELL FLOUR MILL PLC 7,930.20 1.00 - 1 30,000 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 0 0 NASCON ALLIED INDUSTRIES PLC 33,117.98 12.50 - 19 332,221 UNION DICON SALT PLC. 3,321.07 12.15 - 0 0 77 1,008,749 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 19,251.57 10.25 6.77 25 219,845 NESTLE NIGERIA PLC. 1,030,453.13 1,300.00 - 13 1,742 38 221,587 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 VITAFOAM NIG PLC. 4,940.83 3.95 - 12 99,689 12 99,689 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 21,440.58 5.40 - 7 6,968 UNILEVER NIGERIA PLC. 127,251.87 22.15 9.65 17 447,889 24 454,857 197 2,036,897 BANKING ECOBANK TRANSNATIONAL INCORPORATED 115,602.17 6.30 5.00 70 2,197,559 FIDELITY BANK PLC 60,847.07 2.10 -1.43 82 13,010,958 GUARANTY TRUST BANK PLC. 853,504.20 29.00 -1.19 86 3,323,888 JAIZ BANK PLC 19,741.05 0.67 -4.29 15 976,813 STERLING BANK PLC. 59,020.36 2.05 7.89 21 1,161,400 UNION BANK NIG.PLC. 198,021.12 6.80 - 19 134,774 UNITY BANK PLC 8,416.32 0.72 - 2 52,400 26,616.38 0.69 8.70 21 1,511,081 WEMA BANK PLC. 316 22,368,873 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 1 13,650 AIICO INSURANCE PLC. 4,989.75 0.72 - 13 1,106,955 AXAMANSARD INSURANCE PLC 18,900.00 1.80 - 12 180,005 CONSOLIDATED HALLMARK INSURANCE PLC 3,170.70 0.39 - 0 0 CONTINENTAL REINSURANCE PLC 22,820.04 2.20 - 0 0 CORNERSTONE INSURANCE PLC 5,597.21 0.38 - 7 702,367 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 0 0 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 1,977.33 0.27 - 3 285,000 LAW UNION AND ROCK INS. PLC. 2,148.17 0.50 -9.09 4 146,267,240 LINKAGE ASSURANCE PLC 4,240.00 0.53 - 1 75 MUTUAL BENEFITS ASSURANCE PLC. 2,234.55 0.20 - 0 0 NEM INSURANCE PLC 10,561.01 2.00 - 7 72,725 NIGER INSURANCE PLC 1,547.90 0.20 - 0 0 PRESTIGE ASSURANCE PLC 2,745.10 0.51 - 0 0 REGENCY ASSURANCE PLC 1,333.75 0.20 - 0 0 SOVEREIGN TRUST INSURANCE PLC 2,502.25 0.20 - 1 3,745 STACO INSURANCE PLC 4,483.72 0.48 - 0 0 STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 0 0 SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 0 0 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 1 291,000 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 0 0 WAPIC INSURANCE PLC 4,416.30 0.33 -8.33 21 658,922 71 149,581,684 MICRO-FINANCE BANKS NPF MICROFINANCE BANK PLC 2,629.63 1.15 - 1 100,000 1 100,000

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MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 4,200.00 1.00 - 0 0 ASO SAVINGS AND LOANS PLC 7,370.87 0.50 - 0 0 5,796.93 1.39 - 0 0 INFINITY TRUST MORTGAGE BANK PLC RESORT SAVINGS & LOANS PLC 2,265.95 0.20 - 0 0 UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 0 0 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 8,200.00 4.10 -0.49 44 5,329,031 CUSTODIAN INVESTMENT PLC 33,232.53 5.65 - 3 15,795 DEAP CAPITAL MANAGEMENT & TRUST PLC 600.00 0.40 - 0 0 35,644.88 1.80 -4.76 52 6,182,919 FCMB GROUP PLC. ROYAL EXCHANGE PLC. 1,440.70 0.28 - 2 826 382,380.81 36.40 -2.93 13 362,737 STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC 14,400.00 2.40 -2.08 33 4,094,142 147 15,985,450 535 188,036,007 HEALTHCARE PROVIDERS EKOCORP PLC. 2,069.19 4.15 - 0 0 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 710.63 0.20 - 0 0 0 0 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 494.58 0.50 - 0 0 0 0 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 6,467.72 3.10 - 0 0 FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. 6,278.35 5.25 - 5 16,200 3,692.00 2.14 - 3 15,100 MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 1,082.52 0.57 - 1 2,500 NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 325.23 1.50 - 0 0 PHARMA-DEKO PLC. 9 33,800 9 33,800 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 888.00 0.25 - 2 32,000 2 32,000 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 1,470.89 0.50 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 1 10,000 NCR (NIGERIA) PLC. 486.00 4.50 - 0 0 316.77 0.64 - 0 0 TRIPPLE GEE AND COMPANY PLC. 1 10,000 PROCESSING SYSTEMS CHAMS PLC 1,596.66 0.34 - 5 110,882 E-TRANZACT INTERNATIONAL PLC 10,962.00 2.61 - 0 0 5 110,882 TELECOMMUNICATIONS SERVICES AIRTEL AFRICA PLC 1,123,311.48 298.90 - 1 40 1 40 9 152,922 BUILDING MATERIALS BERGER PAINTS PLC 1,956.31 6.75 - 2 6,000 CAP PLC 16,800.00 24.00 - 3 2,400 237,897.37 18.10 - 0 0 CEMENT CO. OF NORTH.NIG. PLC MEYER PLC. 286.87 0.54 - 0 0 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,769.32 2.23 - 0 0 PREMIER PAINTS PLC. 1,156.20 9.40 - 0 0 5 8,400 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,256.91 2.09 - 0 0 CUTIX PLC. 2,553.92 1.45 - 1 25,000 1 25,000 PACKAGING/CONTAINERS BETA GLASS PLC. 26,898.49 53.80 - 1 20 GREIF NIGERIA PLC 388.02 9.10 - 0 0 1 20 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 0 0 7 33,420 CHEMICALS B.O.C. GASES PLC. 2,289.35 5.50 - 0 0 0 0 METALS ALUMINIUM EXTRUSION IND. PLC. 1,781.64 8.10 - 0 0 0 0 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 0 0 0 0 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 83.60 0.38 - 0 0 0 0 0 0 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,377.79 0.22 - 11 231,219 11 231,219 INTEGRATED OIL AND GAS SERVICES OANDO PLC 45,996.23 3.70 2.78 20 295,112 20 295,112 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 53,332.04 147.90 - 9 10,083 CONOIL PLC 12,838.11 18.50 - 4 1,806 ETERNA PLC. 3,912.43 3.00 - 3 175 FORTE OIL PLC. 23,574.91 18.10 - 6 30,015 MRS OIL NIGERIA PLC. 4,663.23 15.30 - 1 100 TOTAL NIGERIA PLC. 37,652.97 110.90 - 7 3,546 30 45,725 61 572,056 ADVERTISING AFROMEDIA PLC 1,509.28 0.34 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 15,796.05 1.62 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 247.03 0.21 - 0 0 0 0 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 2,623.26 4.45 - 0 0 TRANS-NATIONWIDE EXPRESS PLC. 468.85 1.00 1.01 2 140,000 2 140,000 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 0 0 0 0 HOTELS/LODGING CAPITAL HOTEL PLC 4,259.15 2.75 - 0 0 IKEJA HOTEL PLC 2,328.25 1.12 - 1 1,240 TOURIST COMPANY OF NIGERIA PLC. 7,862.53 3.50 - 0 0 TRANSCORP HOTELS PLC 37,241.98 4.90 - 0 0 1 1,240 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 4,320.00 0.36 - 0 0 0 0 PRINTING/PUBLISHING ACADEMY PRESS PLC. 223.78 0.37 - 0 0 LEARN AFRICA PLC 964.31 1.25 - 3 55,000 STUDIO PRESS (NIG) PLC. 1,183.82 1.99 - 0 0 UNIVERSITY PRESS PLC. 504.75 1.17 - 0 0 3 55,000 ROAD TRANSPORTATION ASSOCIATED BUS COMPANY PLC 745.97 0.45 - 2 13,148 2 13,148 SPECIALTY INTERLINKED TECHNOLOGIES PLC 757.44 3.20 - 0 0 SECURE ELECTRONIC TECHNOLOGY PLC 1,126.31 0.20 - 0 0

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Women in Business

BUSINESS DAY Friday 27 December 2019 www.businessday.ng

By Kemi Ajumobi

Ifeoma Fafunwa

Ugoma Adegoke

Founder/creative director of iOpenEye

Founding director/chief curator, Bloom Art, Lagos

I

feoma Fafunwa is the founder and creative director of iOpenEye, a Nigerian production company driving social change through performance art. She is the producer of the popular stage play HEAR WORD! A collection of monologues based on true-life stories of Nigerian women, aimed at challenging social, cultural, and political norms that limit the potential and contribution of women.

Fafunwa directed one of Nigeria’s cultural submissions for the London 2012 Olympics, and her work has been featured at LIFT, London’s festival for new forms of theatre. In 2016, HEAR WORD premiered internationally in Cambridge with support from Harvard University and the American Repertory Theatre, and then was staged at the Frascati theatre in Amsterdam and has been to various parts of the world.

Ifeoma started out in interior architecture, she has a degree in Architecture and worked for many years in architect offices but all along, she always had the love for theatre and film and therefore spent a lot of time as an audience member when she was very young. She then started taking acting classes in her 20s, and became an actor for a while. She would go back and forth between architecture and acting; sometimes she did both at the same time.

When she moved back to Nigeria, she had already done some directing and some writing in the U.S. Though born in Nigeria, when Ifeoma moved back to Nigeria, she ran into Joke Silva, who had known her from when she was younger and Joke gave her the VMonologues to direct. Ifeoma was in theatre in U.S for some years and she had directed and written pieces, even when she was nominated for an award in the Los Angeles area.

For Ifeoma, coming back to Nigeria meant a lot to her and seeing the culture and how oppressive the culture was to women, her desire to bring the challenges

of women to the fore birthed her show: Hear Word. She understood that women are natural multitaskers but the balancing act was way too much. Interestingly, she also observed that women were kind of cold to one another, that they would find other women threatening and when she tried to examine what that was about, she had her discoveries. All of these and more again, informed the birth of Hear Word.

The play began asking if women were in support of other women, if the culture was supportive of women, If legislature was supportive of women and so on.

Comparing Architecture and stage play production, she says “In Architecture, I was designing with light and openings, brick and mortar, things that would stay in one place. It’s the same thing as a director: I see the light, the movement, it’s just that I’m designing things now on stage that move themselves.”

To those who believe the Hear Word play is ‘fighting’ the men, Ifeoma has this to say “The play is not actually a male bashing play. If you watch it properly, you will find out most perpetrators in the play are women. We had mothers-in-law trying to bring down daughters-in-law; we had women that were gossiping about their neighbours and other people’s children. We had women that were debasing themselves and women who were making very poor choices. So, if you look at the real person that gets the bashing in that play, it’s the women themselves’.

Performing with her team at the UN is one experience Ifeoma isn’t quick to forget. She describes the experience as “really very surprising and cool. It was a big step for Nigerian women too. This came after the kidnapping of 276 girls by Boko Haram in April 2014. It had been a difficult time for girls to go to school.

So another objective for me was to have Nigerian women serving solutions, sharing problems, rather than the culture of silence”

U

goma Adegoke is a one woman army. She brings a tireless and energetic presence in her work as a creative entrepreneur and foremost cultural curator, community builder, adventurer, creative force and a dynamic taste-maker. She trained as an Economist and corporate finance professional.

She directs the workings of the awardwinning design brand, Zebra Living, producing experiential events and programs inspired by Nigeria’s rich cultural and multi-arts heritage, previously under the auspices of The Life House which she cofounded.

She is also the founding director and chief curator of BLOOM Art; the festival director of Lights Camera Africa Film Festival and the producer of the annual WOMAN RISING Music Concert & Arts Weekender.

Ugoma completed a course in Curating Contemporary Art and Exhibition Design in Barcelona facilitated by Tina Zeigler, co-founder of the Moniker Art Fair. In 2016, she embarked on a course in Art and Finance at the Sotheby’s Institute in London and attended an art writing seminar under the tutelage of Ossie Ward of the Lisson Gallery. She was a speaker at the Africa-focused conference of Comite Colbert, France’s premier cultural & luxury association.

She was invited to participate as an ambassador in The African Art in Venice Forum, during the opening of the 57th Venice Biennale. In the same month, she was selected by the German Consulate General and Goethe Institut as Nigeria’s representative to attend a special segment and one week curated immersion of documenta no. 14 in Kassel, Germany, one of the world’s most important modern and contemporary art festivals since 1955.

She has successfully closed several private secondary market transactions, placing invaluable modern and contemporary art works in the collections of some of the continent’s greatest collectors – works by Ben Enwonwu, Ben Osawe, Obiora Udechukwu, Yusuf Grillo, Gani Odutokun, El Anatsui, Uzo Egonu, and more. In 2014, she originated an important art repatriation transaction which saw significant

pieces of 1980s modernist Nigerian art worth $400,000 returned to Nigeria.

She runs an art salon in Lagos from whence she deals art and hosts private exhibitions and artist talks, attended by the country’s most important art collectors, patrons, diplomats and scholars. She has curated and produced art exhibitions with exciting and accomplished visual artists.

Within the local live music scene, the Woman Rising Music Concert and Arts Weekender, is an annual commemoration of International Women’s Day and a glorious celebration of women in the arts and women that enable the arts. One of the editions was graced by Oby Ezekwesili who gave the keynote message at the annual champagne brunch. The annual weekender features an array of film, literature and visual arts showcases, engagements and talks and ends with a signature soldout music concert where music loving guests are treated to musical experiments.

She is co-founder of the Lights, Camera, Africa Film Festival which has emerged as the most prominent public film festival celebrating the best of African independent cinema. The festival began in 2011, and is a not for profit initiative with the sole purpose of bringing filmmakers and their audience together and giving Lagos residents and visitors an unforgettable and elevating cinematic, cultural and communal experience.

The festival has been likened to the New York Film Festival, a testament to the festival’s social relevance, impact and formidable unique energy. Hundreds of brilliant and rare films, dozens of workshops and talks and a vibrant networking platform have been executed through the Lights, Camera, Africa.

Ugoma is passionate about education and young people and has an active internship programme in all her projects and businesses. Since 2010, she has provided working opportunities and mentorship to over 50 young people. Her most ambitious and most personal project yet, is an exclusive multi-arts club and gallery space.

Talk about one woman promoting women’s involvement in the arts and Ugoma comes to mind.

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