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In Ajegunle, gentrification frenzy tells of what to come for Lagos T TEMITAYO AYETOTO

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here is a frenzy of urban renewal breezing through one of Nigeria’s most notable urban slums, Ajegunle, in Lagos.

It’s gradual, almost silent, yet so conspicuous it cannot be

glossed over.

One block at a time, Ajegunle, in the heart of Lagos, is gradually undergoing gentrification, as the tell-tale footprints dot the area in a scattered, unorganised fashion.

Gentrification occurs mostly in residential areas and involves rehabilitation of dilapidated buildings into condominia. It is

currently taking place in many countries in both developed and developing ones in different forms and directions.

In Nigeria, it has been observed to be largely occurring in Lagos State.

In Ajegunle, old buildings – where the cries of babies hitherto sprung out as a result of

poor ventilation plan and human congestion; where using the restroom was consent to witness others’ mess, and where cooking was a contest of conflicting aromas – have now transformed into skylines to behold.

With a brilliant touch of Plaster of Paris designs, they wear Continues on page 34

LOLADE AKINMURELE

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igerian lenders say they cannot fully pass on the central bank’s (CBN) latest policy rate cut to borrowers, in the form of lower lending rates or credit growth.

A slowdown in deposits mobilisation, elevated cash reserve Continues on page 34

Inside CULINARY DELIGHTS

P. 35

PRESIDENT BUHARI LAUNCHES MICRO PENSION PLAN President Muhammadu Buhari (3rd r) presents the Micro Pension Plan Registration Certificate to a beneficiary, Shawai Sagir, while Aisha Dahir-Umar, acting director-general, National Pension Commission, and others look on at the presidential launch of the Micro Pension Plan in Abuja, yesterday.

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Apapa traffic returns as corruption, multiple checkpoints sabotage truck call-up at ports

... Experts say solution lies in automation of operations AMAKA ANAGOR-EWUZIE

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L-R: George Etomi, principal partner, George Etomi and Partners; Justice O. Derefaka, programme manager, Nigerian Gas Flare Commercialisation Programme (NGFCP), Ministry of Petroleum Resources; Abimbola Olufore, managing director, Wycliffe Advisory and Consulting; Wale Ogunbufunmi, managing director, Syncrest Energy and Gas Limited, and Jide Loye, executive director, Syncrest Energy and Gas Limited, at a 2-day workshop on taking advantage of the flare gas (Prevention of Waste and Pollution) Regulations 2018 organised by George Etomi and Partners and Syncrest Energy and Gas Limited in Lagos, yesterday. Pic by Olawale Amoo

Capital market experts say private capital, population control, job creation will spur Nigeria’s economy OLUFIKAYO OWOEYE & OLUWASEGUN OLAKOYENIKAN

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n order to grow the Nigerian economy in the next four years, government must focus more on partnering with the private sector, employment creation, education and population control.

Professionals in the Nigerian capital market who gathered in Lagos on Thursday for the bi-annual business lunch of the Association of Issuing Houses of Nigeria (AIHN) also said the Nigerian economy needs to be diversified and grown consistently at a higher rate than the population, while the capital market must grow its product offering and investor participation to channel long-term capital to productive use.

Chuka Eseka, president, AIHN, said the capital market is one of the barometers for measuring the wellness of the economy and advised the government to focus more on policy

reforms that will liberalise the oil and gas sector, spur power sector optimisation and engender a private sectorled infrastructure development.

Mary Uduak, acting director-general, Securities and Exchange Commission (SEC), said the agenda for the capital market and the economy are complementary, urging the capital market to take opportunities in the infrastructure funds, Green Bonds, mortgage-related securities and also government-induced borrowings.

“We shall continue to introduce policy initiatives towards developing and regulating a capital market that is dynamic, fair, transparent and efficient to contribute to the nation’s economic development,” she said.

According to her, SEC is currently undertaking a review of its master plan to align it with current market realities.

Yewande Sadiku, executive secretary, Nigerian Investment Promotion Commission (NIPC), said the country must fix some fundamental

structural problems via public sector reforms if it must attract any meaningful foreign investor. She called on the professionals in the capital market to continue to play an active role in nation-building by telling the government what to do.

Oscar Onyema, chief executive officer, Nigerian Stock Exchange (NSE), advocated for declaration of a state of emergency on Nigeria’s alarming population growth rate, asking the government to address unemployment and make the nation competitive to attract more investment.

Available data from the World Bank reveal that Nigeria’s population is growing at 2.6 percent, higher than the 2018 gross domestic product growth of 1.9 percent, while unemployment rate soared from 18.8 percent in the third quarter (Q3) of 2017 to 23.1 percent in Q3 2018.

ehicular movement in and out of Apapa metropolis has become a hard nut to crack in the last one week following the failure of the recently introduced manual call-up system to streamline the number of containercarrying trucks on the roads and bridges leading to Apapa.

The manual call-up system flagged off by the management of the Nigerian Ports Authority (NPA) in collaboration with the multi-agency taskforce led by Rear Admiral Okon Edet Eyo, commander, Nigerian Navy Ship Beecroft, enabled free flow of traffic in and out of Apapa within the first two weeks of its flag-off.

But last week, container-carrying trucks returned on the Ijora-Apapa Bridge and the Apapa-Oshodi Expressway, bringing back with them the characteristic persistent gridlock in and out of the port city.

BusinessDay findings show the failure of the call-up system arose from the counter efforts by security operatives to sabotage the gains of using call-up to separate trucks that have business at the ports from those scouting for business. Officers of the Nigeria Customs Service (NCS), Nigerian Navy, Nigerian Police Force (NPF), Nigerian Army and other security agencies are allegedly working to thwart the call-up system.

“The chaotic situation on the road to Apapa comes as a result of effort of people who do not want the call-up system to work,” said Remi Ogungbemi, chairman, Association of Maritime Truck Owners (AMATO).

“Precisely, they are people who have been benefitting from the old chaotic system. The bottom-line is that there are saboteurs sabotaging the system from working,” Ogungbemi said in an interview with BusinessDay.

According to him, bribery and extortion of truckers by the security operatives as well as impatience on the part of truck drivers contributed to the return of gridlock on Apapa roads. He advised truckers to insist on not giving money to security officers under any circumstance.

The chaotic traffic situation is creating opportunity for security operatives controlling the traffic to enrich themselves as many of them make money out of trucks queuing on the bridges, Tony Anakebe, managing director, Gold-Link Investment Ltd, told our correspondent in a telephone interview.

“Government has given security operatives an opportunity to enrich their pockets on those checkpoints, which also pile up cost for port users. With this, the problem of Apapa gridlock can never be eliminated,” Anakebe said.

“Government needs to take tank farms away from Apapa. The Nigerian National Petroleum Corporation (NNPC) needs to revive the refineries to put an end to importation of petroleum products. This will move tankers away from the port and enable NPA officers to manage the traffic,” he said.

The manual call-up is a pilot system that comes with teething problems that will be addressed along the way, Ogungbemi said. “We have taken complaints to the authorities and there are some new measures put in place to check the activities of these saboteurs. It is unfortunate that the solution to Apapa traffic, according to government, is to set up taskforce.

Taskforce cannot be the ultimate solution but can be part of the solution, but with the necessary infrastructure put in place, the taskforce can operate effectively,” he added.

•Continues online at www.businessday.ng

•Continues online at www.businessday.ng

Affordability clashes with taste as Domino’s, Here’s what farmers want from Buhari’s ‘next level’ Debonairs jostle to lead Nigeria’s pizza market …infrastructure, mechanisation, single-digit interest rate top list JOSEPHINE OKOJIE

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ow that the 2019 general elections are well and truly over, farmers in Nigeria want President Muhammadu Buhari’s ‘Next Level’ agenda to address inherent problems limiting growth in the country’s agricultural sector.

Buhari won a second four-year term as president of Africa’s most populous country on February 23.

He had hinged his campaign on the promise of taking the country to the next level if re-elected.

Buhari’s change agenda in the last four years recorded marginal progress, but it failed to address the fundamental issues that would drive growth, according to experts.

As the president gets set to begin another term of four years, farmers say they need irrigation, innovation, single-digit interest rate, infrastructure and mechanisation to change the fortunes of Nigeria’s economy through agric with attendant exponential gains by way of earnings, employment, food provision and other spin-offs.

“We are hopeful of the next level agenda and we want irrigation and

mechanisation on our farms to boost productivity,” Ibrahim Kabiru, national president, All Farmers Association of Nigeria (AFAN), told BusinessDay. “We cannot grow our agriculture using hoes and cutlasses anymore.

Mechanisation and irrigation are vital if we are going to feed ourselves,” Kabiru said from his Kano farm.

Data from the National Bureau of Statistics (NBS) show that growth in the agricultural sector has been on the decline since the first quarter of 2017, with marginal growth recorded only in the fourth quarter of same year.

Experts say the inability of the government to provide critical infrastructure – such as motorable roads in rural communities, mechanisation and irrigation facilities – to aid all-year farming is a major factor responsible for the persistent decline in agric growth in recent years.

“The main reason our economy has not grown the way it should have is lack of infrastructure and the problem with agriculture is infrastructure and low use of technology,” said AfricanFarmer Mogaji, chief executive officer, X-Ray Consulting.

“We still do not have the number of tractors that we need and the irrigation facilities to get water from our dams to farm all year round. We want the next level agenda to focus on these areas to attain food sufficiency,” Mogaji said.

Nigeria is one of the least mechanised farming countries in the world with a tractor density of 0.27 hp/ hectare, far below the Food and Agriculture Organisation’s 1.5hp/hectare recommended tractor density for Africa and other developing countries.

Wale Oyekoya, former chairman, agriculture group, Lagos Chamber of Commerce and Industry (LCCI), said Buhari’s re-election was a testimony of Nigerians’ confidence in his government and there was need for the president not to disappoint.

“The just-concluded general election shows how Nigerian masses put their trust in President Buhari and his government and he cannot afford to disappoint the average Nigerians,” said Oyekoya, who is also managing director of Bama Group of Companies.

•Continues online at www.businessday.ng

BUNMI BAILEY & TEMITAYO AYETOTO

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n a race that has the two biggest players in Nigeria’s pizza market jostling for leadership by market share, Domino’s and Debonairs not only ruffle feathers, considerations about affordability and opting for superior taste are also at war.

When Domino’s Pizza vessel anchored on Nigeria’s shores in 2012, its entry was that of a whirlwind announcing the coming of a heavy downpour. The American brand chased an aggressive visibility campaign that stood right in everyone’s face and helped the word ‘pizza’ to gain posh popularity in the local speech repertoire.

Interestingly, pizza was not entirely foreign anymore at that time.

South African brand, Debonairs Pizza was already playing in the market at a more sophisticated level, priding itself as a premium quality producer that exquisitely served high-end consumers with pizza prices ranging from N5,000 upwards.

But by embracing the lower pricing advantage, Domino’s unlocked the key to the heart of retail consumers, with consistent unveiling of new promotions on how to purchase one and gain an additional free other.

First, the deals were split into

medium and premium categories at N2,000 and N4,800, respectively.

Lately, the consumer attraction initiative has shifted from whole box of pizza package to promotional deals of smaller sizes. The cheapest pack, for instance, goes for as low as N550 in a promotion tagged ‘Smallie Combo’. The move is seen capable of establishing long-term relationship with low-income customers to whom affordability really matters.

Amalia Sebakunzi, marketing director, Domino’s Pizza, told BusinessDay that the initiative was targeted at achieving a more inclusive pizza market for all while broadening its market coverage.

“We started with the idea in February 2018. We wanted to cater to the needs of the Nigerian population. Affordability and access to the pizza was our goal for the idea,” Sebakunzi said.

In a counter move to also deepen its customer base which appears poised to flow in the opposite direction should new strategies fail to be taken, Debonairs appears to have stepped down to reel out offers going for as low as N1,200. In fact, it has also followed the path of buy-one-get-onefree to retain its walk-in customers.

“Born out of our keen desire to

Continues on page 34

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Estate surveyors want construction education repackaged to prevent building collapse CHUKA UROKO

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s public outcry and outrage continue over high incidence of building collapse in Nigerian cities, especially Lagos, built environment professionals have been speaking on likely causes of the unfortunate incidents and what needs to be done to prevent further occurrence.

Estate surveyors have also added their voice, saying one of the sure ways to stop this avoidable disaster is to repackage construction education to make it more regulated, practical and certified, adding that, in particular, artisans should be trained regularly and incentives should be built into the training to encourage compliance.

The estate surveyors, who spoke under the aegis of Nigerian Institution of Estate Surveyors and Valuers (NIESV) Lagos State branch, told journalists that they were indeed worried at the rate of building

collapse in the heart of Lagos State.

“From educational institutions to multi-storey buildings, the list of property classes that are being affected is quite numerous.

There is no week that passes without reports about a building collapsing. But we have to state here that this is not only peculiar to the city of Lagos. Not too long ago we had the incident that happened in Port Harcourt and Ibadan,” Olurogba Orimalade, the branch chairman, said.

A lot of reasons have been adduced for the collapse of buildings in Nigeria. Orimalade highlighted a few others, including poor design and specifications at planning stage due to reliance on uncertified architectural technicians who do not understand the essence of structural stability, load bearing and capacity of the soil etc.

Poor adherence to construction standards due to reliance on substandard materials whether ignorantly or intentionally; lack

of proper enforcement of material standard; wrought Iron reinforcement rods that lack adequate tensile strength, and arbitrary addition of floors on old tenement building without confirming the load bearing capacity of the soil and the foundation.

“Corrupt practices among building enforcement officers who approve substandard plans and collect gratification instead of carrying out inspections and stopping the work where there is evidence of poor construction,” the branch chairman added, insisting that there should be a way out of all these.

Public enlightenment that is thorough and indepth so that the public appreciates the essence of adherence to the law is one of the ways out, just like a construction-free material inspection and certification process and a similar one for site inspections at key stages especially where the structure is of 2-floors or more.

Orimalade explained

that “the point about materials inspection arises because many imported materials are substandard and because they are not often tested before they are put in the market for sale; builders use them believing they are of the right specification only for them to fail.”

Continuing, he said, “It is not enough to prosecute building owners. The scheduled development control officer in the relevant ministry where approval was given should also be queried”.

Another way to prevent building collapse is to equip the relevant government agencies. Government should also properly fund them while cost of obtaining building approvals should be minimised to encourage compliance.

“It must be emphasised here that many property owners do not seek building approval because of the official cost and the extortionate behaviours of the officials in charge”, the branch chairman said.

@Businessdayng

Friday 29 March 2019

Low capital releases responsible for poor budget implementation - Senate OWEDE AGBAJILEKE, Abuja

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he Senate has lamented the poor implementation of the 2018 budget and blamed the executive arm of government for not releasing adequate funds that could enable Ministries, Departments and Agencies execute capital projects.

Chairman, Senate Committee on Information, Suleiman Adokwe, stated this on Thursday in Abuja while addressing journalists shortly after the minister of information, Lai Mohammed, defended his ministry’s 2019 budget before the panel.

Adokwe said, “Before the budget defence exercise, we have done a bit of oversight functions and we noticed that releases for capital projects were quite low. Most of the agencies that we visited received between 10 and 15 percent releases.

“Based on our interactions with the various agencies of government,

we have discovered that capital releases are still very low. So far, the highest I have seen, the highest release is 67 percent. “Releases to some agencies are hovering between 40 and 45 percent. So, the 2018 budget implementation, in our opinion is not very encouraging and capital releases are what really ginger the economy.

“This is because it is the expenditure arising from capital provisions that put money in the system and this has been very low. Only salaries have been paid up to 100 percent.

“Overhead releases have not been up to 60 per cent in many cases and even most agencies received just for six months for the 2018 financial year which is not good enough.

“If you look at the 2018 total budget of N9 trillion, it sounds like a big money until when you do a quick conversion in dollars that you will discover that it is actually about $25 billion.”

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FEC approves N1.4bn for design of new DPR building New research seeks urgent review of malaria medication for pregnant women … agrees on another consultancy contract for GEEP at N1.556bn . . . as 14.4m pregnancies in SSA may face increased health risks CALEB OJEWALE

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ith progress on eradicating malaria slowing down in 2018 according to the World Health Organisation, a new research by medical experts in the UK has found there is an urgent need to review a key medication administered to pregnant women, particularly in areas of established antimalarial drug resistance.

According to the 2018 World Malaria report, five countries accounted for nearly half of all malaria cases worldwide, and Nigeria accounted for 25 percent of this, making it even more important that policy makers in the country take steps to address this new concern.

A global team of researchers, led by a team at the Liverpool School of Tropical Medicine (LSTM), are calling for a review of drug-based strategies used to prevent malaria infections in pregnant women, in areas where there is widespread resistance to existing

anti-malarial medicines.

Feikoter Kuile, a professor and expert in malaria in pregnancy, recently worked with a multi-disciplinary team including the US Centres for Disease Control and Prevention, the World Wide Antimalarial Resistance Network (WWARN) and Duke University to complete the most comprehensive study to date of the impact of SulphadoxinePyrimethamine (SP) drug resistance on the effectiveness of intermittent preventative treatment (IPTp).

Published this week in Lancet Infectious Diseases, the results demonstrate that the clinical effectiveness of SP in protection of pregnant women against malaria is compromised in certain areas. The experts urgently call for further investigation into alternative strategies or drugs to prepare for further growing resistance to this mainstay of preventive therapy.

The WHO recommends intermittent preventive treatment (IPTp) in malaria endemic areas. The only anti-malarial currently recommended for IPTp is SP; to

date IPTp with SP has effectively resulted in reductions in maternal anaemia, low birth weight and neonatal mortality. However, with the growing threat of drug resistance emerging or spreading in sub-Saharan Africa, this protection is now at risk.

It is estimated that without protection during pregnancy, 45 per cent of 32 million pregnancies in malaria endemic sub-Saharan Africa are exposed to Plasmodium falciparum malaria, leading to 900,000 malaria-associated low birth-weight deliveries.

Low birth weight, anaemia and other serious adverse birth outcomes result in numerous longer-term health issues for infants.

According to Kuile, more than 100,000 birth outcomes across Sub-Saharan Africa were reviewed, and results suggest that the widely used anti-malarial SP for preventive therapy remains very effective in many parts of Africa, but that there is a clear trend toward reduced effectiveness with increasing levels of resistance by the malaria parasite to SP.

TONY AILEMEN, Abuja

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ederal Executive Council (FEC) on Wednesday approved contract for the design of new office complex of Departments of Petroleum Resources (DPR) at the cost of N1.4 billion.

The new building already has land allocated for it in Abuja as the DPR begin moves to relocate from Lagos to Abuja, according to the Minister of State for Petroleum, Ibe Kachikwu.

The minister, while briefing State House Correspondents after the weekly FEC meeting presided over

by President Muhammadu Buhari, said, “Contract was awarded to Messers Arteck Practice Limited to design a 12-floor building at a plot, which has already been allocated to by the FCT. “They are currently based in Lagos and are the regulatory and supervisory arm of the Ministry of Petroleum, and is instrumental in terms of income generation. It will enable DPR move to Abuja.”

Kachikwu revealed that the contract was awarded to DPR tenders board, with

the lowest bid, adding, “The highest bid was about N3 billion, even as the projected potential cost of the building is fixed at about N35 billion, when finally completed.

“So, if you look at that as a percentage of the work, it is absolutely insignificant, in international terms it is very justifiable, it is less than 2 percent.

“The FCT did mention in our deliberation that because of the new zoning policies, the previous plan which was to build a car park of another five floors along with the 12 floors have to be changed a little bit because they are taking possession of additional green area that were assigned to them.

“So, they will build a lot of parking institute within the building. I think because of the amount of work to be done and in line with international practice, it is quite frankly very reasonable.

“Let me also say that part of the programmes we have pursued in the ministry, is how to get a lot of our parastatals to become independent and self financially generating agency and so

get out of federal budget.

“So, a lot of funding for this development is going to come out of DPR itself not out of federal budgeting.

“The plan is that if we continue the way we are doing, a lot of federal agencies will be out of federal budgeting and be self reliant. Be it PPPRA, DPR, PEF, that is the game plan. So far, we have exited NCMB and we are near existing DPR and then PEF.” Minister of Trade and Investment, Okechukwu Enelamah, speaking of the Government Enterprise and Empowerment Programme (GEEP), said FEC approved the appointment of a contract for consultancy services as part of the government social investment programs of the Federal government.

Enelamah GEEP got an approval from the FEC to award a contract to engage a programme management office consultant and system provider, for the GEEP at the cost of N1.556 billion.

He explained that the contract, which is for providing services for 4.6 million people, was viable, as GEEP had already provided credit for over 1.5 million Nigerians.

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Good night, Ambassador JTF Iyalla (1928 – 2019) Bell Ihua

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igeria, nay Africa and the global diplomatic community, has lost a titan in the person of Ambassador Joe Tonye Fubara Iyalla OFR, fondly called JTF or Joe Iyalla. He passed on in the early hours of January 30, 2019, at the ripe age of 90. A diplomat of diplomats, envoy of envoys and ambassador extraordinaire, Joe Iyalla stood tall in the diplomatic community and his influence towered through Nigeria’s Foreign Service and Business circles. My late father, Mr. Emmanuel E. Ihua was an Associate of Amb Iyalla, and served under him for 22 years as Group General Manager to his group of companies, in his post-service life. I grew up knowing Ambassador as my father’s boss. It is therefore my distinct honour and privilege to pay tribute to this illustrious African diplomat, and to honour the friendship and mentoring that my late father enjoyed, learning at his feet.

From very humble beginnings, this Bakana-born diplomat, of Kalabari heritage in Rivers state Nigeria, bestrode the world like a colossus and etched his name in gold across the global diplomatic pedestal. This wasn’t to come as a surprise given the sheer genuis, exceptional intelligence and academic prowess displayed by young Joe through his early education, to the amazement of his family members and teachers. My father once recounted

a story Ambassador shared with him.

Young Joe must have been about 8 years old at the time, and was on a boat ride from Bakana to Abonema with a relative of his. He sat quietly readinga novel on the Boat, and flipping through the pages.

To the surprise of his relative, he read the novel from cover to cover in record time. But beyond that, and to the utter astonishment of everyone on the boat, the young Joe began reciting word for word, all he had read from the novel, from beginning to the end. Yes, he was exceptionally intelligent from a tender age!!

From his days at Okrika Grammar School, to Yaba College and then Nigeria’s premier University, University College Ibadan, as pioneer set, his innate brilliance beamed strong, as he always came top of his league; even amongst mates like the late Cicero of Esa-Oke, Chief Bola Ige. Armed with a BA in Classics, and specialization in Latin, Amb Iyalla began his career as an Administrative Officer in the Office of Chief Secretary for Nigeria, before joining Nigeria’s Foreign Service and rising through the ranks. Being a golden fish that couldn’t hide, in 1964 he was moved to the Organization of African Unity (OAU) as Assistant Secretary General, and by 1966 he was appointed Ambassador and Deputy Permanent Representative of Nigeria to the United Nations. In 1968 he was moved to Washington as Nigeria’s Ambassador to the United States of America, where he played a key role in garnering global support for Nigeria’s civil war. He was later redeployed back home and appointed Permanent Secretary of the Ministry of External Affairs in 1972, where he remained until his premature exit from the service in 1975, occasioned by the palace coup which ousted General Yakubu Gowon and brought in Brigadier Murtala Muhammed.

Amb Iyalla was one of Nigeria’s exalted Super Permanent Secretaries of the 1970s, who were confronted with the

enviable task of fashioning out a policy framework for the war time and postwar Nigeria, along with his ilks- Allison Ayida, Jerome Udoji, Ahmed Joda, Leslie Harriman, Philip Asiodu, and Ibrahim Damcida amongst others. Until his death, Ambassador Iyalla was considered one of the doyens of Nigeria’s Foreign Service and the crème de la crème of the ex-diplomatic corps, in the league of Simeon Adebo, Olujimi Jolaosho, Isa Wali, Olumide Omololu, Sule Kolo and Aminu Sanusi (father of the current Emir of Kano, HRH Mohammed Sanusi II). In the past few weeks, I have read several published tributes written in honour of Amb Joe Iyalla and his life as a first class Diplomat; but there’s been very little on his post-service life. Therefore, I have decided to focus my tribute on his life after service; particularly, life as an astute business man and entrepreneur.

After his life at the Foreign Service, Amb Iyalla spent considerable time in business; first as an investor in shares and stocks, and secondly, as a business man.

Amb Iyalla was a guru in trading shares and stocks, and remained a major player in Nigeria Stock Exchange (NSE) until his death. He held significant shares in most, if not all, of the major blue chip companies trading on the NSE. Besides, he was a major shareholder and Permanent Director of Nigerian Bottling Company Plc. I also recall that he was a good friend of Chief Rasheed Gbadamosi, founder of Ragolis Table Water; and at a time, Ambassador wouldn’t drink any other bottled water besides Ragolis! Interestingly, Amb Iyalla personally taught my father how to trade in shares and stocks, and that was something that gave him joy, especially when healthy bonuses and dividends were been declared by quoted companies. He would go like “E.E. have you heard that Texaco has just declared 20 Kobo per share dividend?”

‘

I also recall that he was a good friend of Chief Rasheed Gbadamosi, founder of Ragolis Table Water; and at a time, Ambassador wouldn’t drink any other bottled water besides Ragolis!

The implication of such declaration for Ambassador could only be imagined, given the quantum of shares he owned in such companies.

Amb Iyalla had a special fondness for the Danish, and I believe it was due to his longstanding friendship with Danish Ambassador-at-large and Entrepreneur, Ambassador Erik Emborg, founder of the Emborg Group, headquartered in Copenhagen Denmark. Iyalla and Emborg were very close business partners and their relationship birthed several business interests and investments in Nigeria. In the late 60s Amb Iyalla supported the Emborg Group to establish Fan Milk, one of Nigeria’s leading ice cream and yoghurt manufacturing companies. It was therefore not surprising when sometime in the 80s there was a spurious claim that Fan Milk was owned by Francis Arthur Nzeribe, alleging that F.A.N. were Nzeribe’s initials; it was Amb. Iyalla, who dug-up archival records to clear the air and quell the mischief makers. Again, Iyalla and Emborg founded DanAfrik (short for Danish Africa), an agro-business company, which started out by importing unprocessed dairy products from Denmark, and supplying to local manufacturers of processed dairy products such as evaporated milk, yoghurt, and ice cream.

Similarly, with Iyalla’s influence, Emborg won the contract to build Otta Farms in Ogun state, under President Obasanjo’s Green Revolution of the 70s. The initial idea was to start with Otta, as a prototype Farm, which would then be replicated across the six geo-political zones. Sadly, the project was short-lived.

Note: The rest of this article continues in the online edition of Business Day @https://businessday.ng Dr. Ihua holds a PhD in Management from University of Kent, Canterbury, United Kingdom. He is an Opinion Polling & Social Research Expert, and writes from Abuja.

How many employees understand your organization’s strategy and direction?

‘Uju Onwuzulike

T

he question of, how many employees understand your organization’s direction and strategy is something CEOs and HR people should take very seriously. The William Schiemann’s research where he came to a conclusion that only 14% of employees have a good understanding of their company’s strategy and direction, should be a major cause of worry for every CEO and change drivers. Now, looking at your organization, how much would you rate your own people? Would you rate the people in your organization high or low?

Someone might be tempted to think that the 14% mark is absolutely understated. Do you think so? During my several in-house strategy workshops, I normally asked participants to give me a sincere and candid answer to the question: do you think your organizations have a clear cut strategy? Nine out of ten times, I have heard yes we do! Yes, we have clear cut strategy in our organization. I would always go further to ask them to tell me individually their organization’s clear cut strategy. So, in the course of our conversations, I usually find out the followings: I. Participants answered yes they have clear-cut strategies and they understand it - just to make the CEO (who was in the class with them) look good.

Could that be the truth?

II. Every participant will tell you his or her own view of what he or she thinks their organization’s clear-cut strategy or strategies are. They do not

speak with one voice. Everyone is saying different things.

III. By the time participants tell you what they think their organizations’ clear cut strategy is, it will hit on them that no one indeed with all clarity understood their organization’s strategy.

IV. Sadly, many people in organizations do not speak with one voice what strategy is and what it means to them. At one time, a very senior person in an organization said to me, “Our Strategy is to dramatically grow our customers’ base by 20%”.That of course is not a strategy, but a goal (then again, most people don’t know why it is not a strategy, or why is not an objective etc?)

V. Many people in organizations mix up strategy with goals, tactics, vision etc. This means when they are talking about strategy what they have in mind is simply goal, vision etc.

VI. It indeed corroborated the research work

by William Schiemann that only 14% of employees have a good understanding of their company’s strategy and direction.

Really and truly, I see this development as a major call to actions for organizations – where many people in organizations do not understand what strategy is, how it works and how they can align their individual roles to the bigger picture. Often times, I see people at the top level being constantly exposed to learn more and more about strategy and how they can think strategically the more; this on its own is not bad. But my major worry is what happens to other segment of the employees who are at loss as to what strategy is and what it means to the organization and how they can learn to make integrated choices. That takes me back to a mindset some senior management have, some believe that it is the CEO and the senior management that are only making integrated choices that can uniquely position their organization to the part of progress.

That is not true; everyone in the organization should be making integrated choices as it relates to their position and the roles they have. In today’s world

strategy in organizations should not be exposed to top management or senior management alone but for everyone who has a hand in the organizations’ growth. The truth is everyone in your organization deserves to know how to: think better, know better, act better and do better. Today, everyone talks about Google, what did they do differently - they simply made strategy everyone’s business.

Many years ago, it could be possible for CEOs along with the senior management to succeed in their organizations when they are the only people that understand the direction and strategy of their organization, but with what we have seen today in the business world, no organization regardless of your size can make a serious head way if the people in that organization do not understand their direction and strategy. Like I commented in my findings at the beginning, many people in organization do not speak with one voice as to what strategy is. And if they don’t speak with one voice and understand what strategy is, there is no way they can win in their game- remember winning is the essence of every strategy.

A must do for every CEO is to always communicate, communicate, and communicate their organizations strategic direction in a way that everyone in the organization would comprehend. Really, until that is done, making serious headway and getting desired results could be difficult. Without a well comprehensive strategic direction, organization will merely have people pursuing their individual goals and aspirations, guided often not by the organization’s values but their own values. Remember organizations that don’t communicate clear cut strategy to employees are actually signalling a lack of clear direction, or a disregard for employees, or both. Remember, a small company with a clear cut strategy will outrun a big company with an unclear strategy. In addition to understanding the strategy of the organization and where the organization is heading towards, every CEO should ensure he or she gets their employees to the point of knowing

how strategy works and what strategy is all about.

How they can evolve their respective SBUs strategies and bring it down to tactics for easy implementations. More so, your employees should also understand that to be able to achieve their goals (which is more in general terms), they must translate them to objectives to make them more specific in attaining.

This explains why there has to be 100% clarity in explaining the difference between strategy, tactics, goals and objectives to every employee. Part of the CEOs’ role is to provide these required resources that will bring clarity to everyone in organization so that even an entry level staff would be able to work out his or her tactics based on his SBUs strategy – which is based on the corporate strategy. For strategy to be effective in your organization, it has to be simplified, gone are the days when consultants should present strategy as a rocket science – meant only for executives- now strategy is for everyone – to enable the organization win.

Finally, to make the organization direction and strategy stick, CEOs should avoid using “cascade mechanism” where they will instruct senior leaders to communicate the strategy to their direct reports, and let the direct reports cascade it further to the frontline officers. Communicating strategy to your people and getting them to speed is an all important role that every CEO should take seriously.

Remember, only top leaders can give strategic communication the desired and appropriate weight.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Uju Onwuzulike is Nigeria’s leading authority on Systems Thinking and Strategic Management. He was a Steve Haines trained strategy and systems thinking expert and a former global partner of Haines Centre for Strategic Management, California, USA. He is the founder and Chief Results Officer of MCL – a strategy and outstanding performance specialist firm. He can be reached on 09091142093 or uju.onwuzulike@mclgroup.net.

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Ingredients of a growing business EIZU UWAOMA

I

n our Hexavian mastermind groups, I usually love to ask: Which is more important to a business – timing, business model, team, finance, or ideas?

What do you really think it is?

Well, while you make your choice, consider these few hints. If there was a recipe to business success, then I’d describe timing, your business model and structure, quality of team, finance and ideas as the ingredients. Let’s try and explore some of them.

On timing, a wise man once told me that whether life of business, if you arrive too early, you’d be gone too soon. Casio had a touch screen watch in 1984 (same year the original Mac was created). But Apple two decades later made a killing with it through the iPhone.

We most times neglect the importance of perfect timing. There was a video streaming company called Zoom. Zoom launched a year just before YouTube, same idea, service and all. But that was at the time when, broadband internet, flash players and video streaming was a challenge. So it couldn’t scale. Just the following year, telecom companies started to fix some of these issues. YouTube launched that year and was a child born in due season. Remember, that if you

arrive too early, you’d be gone too soon.

There is also an ingredient I’d like to call the business model. Forget MBA’s and business school jargons. In lame terms, a business model refers to how a business or an organization hopes to capture and distribute value for profit.

The big question is, should it be static or dynamic. It answers questions on your value propositions, market and customer segments, revenue streams, production framework, distribution networks, cost structures and growth plan. It is dynamic and should be responsive to market forces and evolving times.

How often should we visit our business model when it hits resistance; or should every resistance be seen as an assistance if you have the persistence?

I’d also have to state that quality of your team is key. We all need not just a team, but a winning one. To go fast, go alone. But to go far, go together. Not every team is an asset, some will stress and deviate you from your vision. In the process of trying to give light, some will burn and melt you down, candle style.

Don’t just get team members get partners who complement you. Growing your startup through strategic partnerships is a key differentiating strategy. As Ralph Waldo Emerson wrote “hitch your wagon to a star.” But at what point do you exit, add or change a team or team member?

There is also the much talked about ingredient of finance, funding. Yes, if more funds is judiciously used, it helps you grow through economy of scale as you can produce more and drive down better supply than competition at a lower price which invariably stimulates more demands and makes you do more. But you need disciple and structure before finance else it may be squandered plus finance is really not

always easy to come by or to manage.

Please remember that in the idea of raising money, consider that it’s only less than 1% of startups that ever get Venture Capitalist funding and most of these startups fail. We overate this ingredient.

Most people assume that if they get more funding they’d have better businesses.

This is usually not exactly true. What’s true is that it’s not what you don’t have that stops you, it’s what you have and don’t know how to use.

Raising money is extremely time consuming. This is worse in a country where people are not assertive enough to say no, they just waste your time. Think of it as a full-time job on top of building your business. Is it really worth your time and attention? You can do trade by barter through strategic partnerships. You can fuel a part of your ideas by mere passion till it finds those to point you better.

Most successful startups are selffunded.

Lack of money helps you focus on making money above all else. It is also true that bootstrapping will only get you so far, but too much focus on raising capital can take away your focus from what really matters in your startup.

Bootstrap your business, avoid excess liquidity. Too much money will hide problems and it will force you to “do big things” you are not yet ready for.

The last ingredient is what I probably should have started with. That is the ingredient called Ideas. Ideas are the most common manifestation of the human spirit. It’s somewhat over rated as everyone has them. We all carry solutions to things, the seed for success.

The differential is in its execution. In all, never let the idea of a solution to die as just as an idea. Not all ideas can manifest,

‘

How often should we visit our business model when it hits resistance; or should every resistance be seen as an assistance if you have the persistence?

most transit. Start it and be open to that transition. Don’t be too emotional and passionate with your original idea, and watch yours metamorphic-ally turn into something else different from the original plot, most times to a better place. Ideas are powerful, only when activated.

Where do ideas really come from, the mind?

Well, contrary to popular views, it’s really not from the mind, but from the spirit.

Go deeper. I suggest you should have a routine for mindfulness and meditation.

Have a chamber for solitude where you connect to yourself and higher purpose and you’d generate deeper ideas. Go on retreats, hang around deeper people.

Whether life or enterprise, some of the greatest battles will be fought and won in the chambers of your soul and spirit.

You’ve got to be intuitive. Be mindful. The mind is the most powerful weapon known: it produces every other one; created not in the cognitive space of the mind but the spirit realm, Ideas pull the trigger but intuition loads the gun. But beyond intuition comes the process of moving from ideas to executions in terms of ideas, there are only 5 types. They are listed below as 1. *The Simplified Idea* : You want to make a process and task much easier for your users ( e.g Instagram’s Layout using just photos as against Facebook, or Whatsaap which for me was Blackberry Messenger but without a pin). It an idea that simplifies a process.

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. He writes via contacteizu@gmail.com

The organogram

Olamide Balogun

A

s usual the last couple of weeks has gone by really quickly and I hope that as this first quarter rushes to a close you are taking stock of the achievements of the quarter. We all know that in the second quarter of the year things move into a higher gear. Also remember what we say that what is not measured cannot be managed. How are you measuring performance across board of all your assets including your human assets! I hope you have incorporated what I have been speaking about into your organisation to enable you have more clarity of purpose.

Today let’s look at the organogram also known as the organizational chart.

This is a diagram that shows the internal structure of the organisation and how the different jobs and levels relate to each other (the hierarchy). It is frequently used to show the chain of command and relative ranking of various positions in an organisation, department or function.

The chart may include such information as the job titles and areas of responsibility of the positions and the skill set for each position.

This organogram should not be drawn to fit the people in the position currently. It should be drawn to show what positions and levels of the various jobs that will enable the organisation achieve the goals it has set for itself. The chart provides guidance to all employees and

anybody looking at it because it lays out the official reporting relationships that govern the workflow of the company. These days it is also used as a company directory because the photo of the person occupying the position and contact details can also be included.

Before we come to the organogram the organisation must first set the goals of the organisation at large and the goals of the system and different departments of the organisation before the people who will drive the achievement of the goals are decided on.

What are organizational goals? They are the ends toward which the organisation’s efforts will be directed and may change from year to year, depending on the nature of the organisation or department within the organisation.

Organizational goal setting gives the organisation a road map for achieving its ultimate mission.

Each goal will have milestones which are specific actions to be taken, that once achieved indicate a demonstrable level of success. Achieving a milestone means a goal is reached.

There can be many types of organograms but let us look at three main types, The Hierarchical type, The Matrix type and The flat organisation Chart type, A hierarchical chart is top-down organogram reflecting a traditional business structure.

This structure shows employees being grouped together in teams where each employee has a clear manager to report to. Groups can be formed depending on various factors such as functions (Product development, Finance etc) it could be based on geographic locations or even according to products and services. This is most common in very large organisations.

The Matrix chart reflects a company where employees are divided into teams by projects or products lead by a project or product manager, but also report to a functional manager. It shows a company that operates using cross-functional

groups instead of vertical silos. This is better than the traditional top down organogram that leaves the positions in silos making communication very difficult and sometimes almost impossible.

So for example the sales team of a company may report to the Head of Sales but also report to the head of Marketing administratively to share the information collected through their interactions with prospects and customers. This is traditionally called solid and dotted line reporting.

In this way the cross functional teams can work together avoiding the problem of silos and better facilitate, more open communication thereby creating a flexible, dynamic work environment that can easily shift resources where they’re needed. The challenge can however be where there is confusion and frustration with dueling priorities and supervisors.

A flat organizational structure will show few or no levels of management between executives and all other employees. This type of structure empowers self-management and expedites faster decision making. It’s most often employed by smaller and newer businesses. The flat structure reduces bureaucracy, increases productivity while at the same time empowering employees to be more accountable.

You will need to choose which on you will use depending on your goals and vision.

There are many uses of the organogram. It shows the management structure, providing a reference for employees to help them understand their role in the organization, who they report to, and who reports to them. The chart can also show the organizational structure in terms of how divisions are connected and finally can show the business ownership structure, such as relationships between companies with common or affiliated ownership.

An organogram is also a planning tool because of how clear it makes all levels and duties.

It makes it easy to visualize and effectively plan

reorganizations, careers and generally manage staff. The charts make it easy to identify any employee or team that can become a bottle neck in the long run. If an employee or team is shouldering more responsibility than they should, this can be spotted very quickly. This helps in creating contingencies and back ups to pre-empt a systemic break down. The chart is therefore also a business continuity planning tool.

In many good and well panned organisations, growth is inevitable. As they enter new life cycles of growth, restructuring is inevitable. Employees will need to be moved based on skill set and expertise. A chart that has detailed information makes it easy to reshuffle staff and for a new team with the right team of functional skills.

The chart creates a road-map for reporting, how the work is to be done and the process required to ensure this information is shared throughout the company and to the right individuals. One of the best ways to ensure this is efficiently done is by having one supervisor with a few employees directly reporting to them.

In organisations, especially the larger ones, employees need to know who is their reporting head. This is important if there are slight challenges or they require guidance pertaining to complex problems, their supervisors can help them. Clearly defined chain of communication helps efficiently spread the message and minimizes losses in translation Whether it is a start-up with a few employees or a big company with thousands of employees an organogram is of extreme importance.

Sorry this was so technical this week. Next week promises to be more practical and there will be a picture of an organogram. I am sure I have not said anything you don’t already know. Do you use your organogram for all these uses.

Balogun is the founder of Box & Cedar Ltd a boutique Recruitment and HR Consulting firm Www.boxandcedar.com

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Nigeria’s deteriorating human rights conditions

A

s is customary, the US state department recently released its annual report on human rights in Nigeria titled: “Nigeria 2018 Human Rights Report.” As expected, and just like 2017’s, the report detailed a series of human rights infractions, abuse of power, extrajudicial killings, corruption and transparency issues in Nigeria.

The report affirmed that human rights generally remained appalling in Nigeria. it listed these infractions to include: extrajudicial and arbitrary killings; disappearances and arbitrary detentions; torture, particularly in detention facilities, including sexual exploitation and abuse; use of children by some security elements, looting, and destruction of property; civilian detentions in military facilities, often based on flimsy evidence; denial of fair public trial; executive influence on the judiciary; infringement on citizens’ privacy rights; restrictions on freedoms of speech, press, assembly, and movement; official corruption; lack of accountability in cases involving violence against women and children, including female genital mutilation/cutting and sexual exploitation of children; trafficking in persons; early and forced marriages; criminalization of status and same-sex

sexual conduct based on sexual orientation and gender identity; and forced and bonded labor.”

In support of its damning verdict and as evidence of the impunity with which the Nigerian government operates, the report noted that the Nigerian government does not take steps to hold to account officials who perpetuated impunity whether in the security forces or in civil society. Much more serious however, is the view in the report that “civilian authorities did not always maintain effective control over the security services.”

Proofs of this conclusion is ample. In March 2018, it emerged that for two months, the president did not know that the Inspector General of Police disobeyed his direct orders for him to relocate to Benue state to stop the killings by herdsmen in the state. The IGP stayed only one day in Benue state and relocated to Nasarawa.

“It is only now that I am hearing this. But I know that I sent him here, Buhari retorted in shock to General Atom Kpera (rtd) who pointedly challenged him that the IG did “not do the work you sent him. He stayed for less than 24 hours in Benue and relocated to Nasarawa.” But even after the president knew and said publicly the IGP disobeyed him, the IGP still retained his position and even dismissed insinuations from some presidency sources that he was ever queried for disobeying the president’s orders.

Similarly, in 2017, the Senate twice rejected the nomination of Ibrahim Magu as substantive Chairman of the Economic and Financial Crimes Commission (EFCC) by President Muhammadu Buhari all on the advice of the Department of State Security (DSS) that he (Magu) “has failed the integrity test and will eventually constitute a liability to the anticorruption drive of the present administration.” After the first refusal, the president ordered the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to investigate the validity of the allegations. No report was ever made public on the investigation but the president re-nominated Mr Magu and the DSS again gave a damning report of Magu leaving the Senate with no option other than to reject Magu’s nomination again.

Curiously, both the EFCC and the DSS are agencies under the presidency and they both report to the president. Interestingly, the DSS was then headed by Buhari’s trusted kinsman from Daura, Lawal Musa Daura, recalled from retirement to head the agency. The whole country was baffled that the DSS that constitutionally reports to the president could directly undermine the president and presidential authority so blatantly without any consequence.

Perhaps, it was the boldness gained from overriding the president that emboldened Lawal

Daura to subsequently order the invasion of the National Assembly by fully armed and hooded DSS operatives to enable a leadership change without any authorisation.

Recently also, the army appears to have taken over the function of the federal government and the ministry of foreign affairs banning operations of global agencies like UNICEF, calling for the close down of Amnesty International’s Nigerian office and even warning the United Kingdom government not to interfere in Nigeria’s internal affairs while the government and the foreign affairs ministry kept sealed lips.

We now face a peculiar danger: a situation where the security forces have gone amok, defining for themselves their own rules of engagement and engaging in wanton abuse of human rights. The time tasted maxim that the armed forces must always be under the control of the civilian leadership no longer applies to Nigeria. This must not be allowed to happen.

The Buhari government must move to reassert full control over the security forces and ensure they are subordinated to the civilian authorities. Their leadership must also be held accountable for the conduct of their men and those found to have gone beyond their briefs or abused human rights brought to book. Ultimately, the government must recommit itself to protecting the human rights of all Nigerians.

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13

CITYFile

Edo distributes materials to flood victims

E

do State government has distributed relief materials, comprising food items and building materials to victims of flood disaster in five local government areas across the state.

Addressing journalists on Wednesday after presenting the materials to representatives of the affected local government areas, the special adviser to the state governor on special duties, Yakubu Gowon, said the exercise was the second donation to victims of the 2018 flood disaster.

The five local government areas that received the materials are Ikpoba-Okha, Oredo, Ovia North-East, Uhunmwode, and Etsako East.

According to Gowon, “sometime last year, rainstorm affected about five local councils. We gave some relief materials to them last year, and we’re here again to hand over perishable and non-perishable materials to the communities. The items include bags of rice, garri, beans, gallons of red and vegetable oil, bundles of roofing sheets, nails, and noodles,” he said.

The governor’s aide added the state government was working on measures to prevent future reoccurrence.

Chairman, Uhunmwode local government area, Lucky Idehen, expressed appreciation to the state government for the donations, assuring that the distribution committee set up last year would ensure equitable distribution of the materials to the victims.

Segun Akintemi (2nd r), CEO, Page Financials, presenting some textbooks to Sherifat Adebayo (2nd l), head of school, St. Georges Girls School, Ikoyi, in honour of the Financial Literacy Day 2019. He is flanked by from L-R: Sandra Onyegbule, administrative officer, Dyslexia Nigeria, and Olayide Olumide-Odediran, executive director, United Way Greater Nigeria.

How NDLEA smashed six-man methamphetamine syndicate …agency seizes drug, arrests suspects in Enugu, Lagos JOSHUA BASSEY

N

ational Drug Law Enforcement Agency (NDLEA) says with intelligence information and support from the public, its operatives have smashed a six-man methamphetamine

Living below poverty line:

68-year grandmother struggles to meet family needs

R

ebecca Olayiwola is 68-year-old from Ogun State. A mother of three out of whom two are late.

Olayiwola currently lives with three grandchildren. Two of the three grandchildren are in school while the other one is out of school, preferring to learn a skill, barbing- of which he is yet to be enrolled due to financial constraints.

Often, the other two missed out of exams due to the grandmother’s inability to pay their school fees. The 68-year has been struggling to cater to the needs of the children since their father passed.

Olayiwola was living in a one-room apartment but had to move out due to her inability to meet her rent obligation.

She says the landlord often disconnected light from her room and pulled her door among other things.

She was sweeping people’s compound to eke out a living but stopped due to some health challenge. She needs financial support to start a petty business to

syndicate and intercepted 309 kilogrammes of ephedrine and a hidden laboratory in Enugu and Lagos.

Head, public affairs of the NDLEA, Jonah Achema, gave the names of the suspects in Enugu as Okeke Chukwunwike Celestine, Ezeagba Paul Sunday and Ike Chukwuma Samso while the others in Lagos are Eze Christopher Ikechukwu, NwokoloAmobi Sunday and Adelakun Ilelabayo Oluade.

According to him, the syndicate specialises in illegal importation of ephedrine to run methamphetamine laboratory in Nigeria, especially in the eastern and western parts of the country.

He described methamphetamine as an illegal drug in the same class as cocaine and other powerful street drugs and was being illicitly trafficked.

“Enugu command intercepted 100 kilogrammes of ephedrine, a precursor

chemical for the production of methamphetamine. The command discovered that the precursor chemical is being used by a clandestine methamphetamine laboratory located at Trans-Ekulu Estate in Enugu.

“The laboratory has been dismantled by the agency and further investigation led to the arrest of the three other members of the syndicate in Festac Town in Lagos and 209 kilogrammes of the illicit ephedrine was recovered, bringing the total ephedrine seizure to 309 and total arrest to six suspected persons,” he said.

Achema explained that methamphetamine production had a devastating impact on the environment where the clandestine laboratory was located.

He said that the laboratory polluted the air, ground water, soil and the vegetation within the locality of the methamphetamine laboratory while posing a great threat to human security.

Dismissed soldier nabbed for stealing phones in Lagos hotel

A Rebecca Olayiwola

enable her take care of herself and the three grandchildren.

If you are interested in sponsoring any of the persons featured on this page, pls call 08030814083 or e-mail: Bailey.oluwabunmi@businessdayonline.com

29-year dismissed soldier has been arrested for allegedly stealing two mobile phones worth N86, 000 from a hotel in Lagos.

Commissioner of Police (CP) in charge of the Lagos command, Zubairu Muazu, who paraded the suspect alongside 41 others, said he was also caught in possession of dangerous weapons.

The police chief said that the suspect, who claimed to be a soldier, stole two Infinix Hot 4 handset valued at N86, 000 from the bar and room of Express View Hotel, Ketu, Ijanikin.

“Other items recovered from the suspect were an axe, cutlass, knife, Nigerian Army warrant card, Honda Accord car

and army uniform.

“He confessed to have deserted the Nigerian Army in 2017 at Maiduguri and participated in killings at Igando, Lagos and Edo States in 2017 after deserting the army,” Muazu said.

Similarly, on March 18 operatives from Badagry police station and State Antirobbery Squad (SARS) arrested some armed bandits robbing a motorcyclist and unsuspecting victims of valuables in Badagry area.

“One Haruna Moses (29) was arrested and one locally made gun with five live cartridges was recovered. Interestingly, the motorcycle was recovered. The suspect will also be charged to court,” the CP said.

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MoneyInsight

The big deal about Apple’s digital credit card FRANK ELEANYA

T

echnology giant, Apple may not be the biggest player in the smartphone market segment in Nigeria and Africa; however its products are often seen as the final word on innovation particularly among the middle and elite class many of whom own one or two apple products. Hence, when the company says it is taking a big step in the payment segment, it should be taking very serious.

The card may likely not be ready for use in a country like Nigeria in 2019, unless Apple decides to go all out to push for the market. Even so, it will still have to contend with established brands with far cheaper options like Transsion – the smartphone leader in the region – and Visa and Interswitch both of which control the card market.

But Apple did not get to be the most valuable company in the world by chance and that is what makes its latest announcement a massive deal.

It should be said that the credit card foray is only a part of Apple’s revenue diversification programs.

The company has also ventured into movie making and TV shows productions.

In its new credit card adventure, Apple has decided to enlist the help of two of the biggest players in the financial services – Goldman Sachs and Mastercard. Goldman Sachs emerged as the top ranked mergers and acquisition (M&A) financial adviser for 2018, leading the table for the global top 20 financial advisers for 2018 financial year, according to data from GlobalData. Mastercard on the other hand is the second largest credit card company in the world in 2018. It is only behind Visa.

At Apple’s Show Time services event at the Cupertino, California, headquarters on Monday and in the midst of a roaster of big-name celebrities, including Steven Spielberg and Oprah Winfrey, Apple’s CEO Tim Cook also announced the company’s entrance into the

video-streaming market. But it was the digital credit card that took most of the highlights at least for the financial services world.

The credit card is managed through a redesigned Wallet app on the iPhone which enables users track their spending, schedule payments (even multiple payments in a single month), and see in real time how payments of different amounts will affect their balance and interest owed, if any. It offers a variable interest rate ranging from 13.24 per cent to a massive 24.24 per cent based on the users’ credit score – the better the score – anything from 670 to 739 is considered good enough and attracts lower interest rate.

Consumers will earn 3 per cent cash back on purchases at Apple, 2 per cent cash back on all other purchases using Apple Pay, and 1 per cent cash back on purchases

with the all-titanium physical card.

It does not advertise any annual fee and no late fees, either.

Every purchase requires a fingerprint or face-identification confirmation. For privacy reasons, Apple said it will not track where payments are made or for how much. The budgeting features are done on the device, and Apple has committed to keep user information far away from third-parties.

Apple’s financial success has largely been driven by revenue from developed markets. That however is starting to tell on its revenue. The company briefly halted trading of its shares on January 2, 2019 and lowered its holiday period revenue guidance after a revenue fall warning was issued by its CEO. Following that move the company’s first quarter which includes the holiday shopping season declined 5 per cent at $84.3 billion

from the previous year. Analysts had estimated revenue of $83.97 billion and earnings of $4.17 per share. It was the first decline for both revenue and profit in a holiday quarter that Apple has posted since the iPhone’s introduction more than a decade ago. It also reinforced calls by experts for the company to re-evaluate its pricing mechanisms in emerging markets.

Although Cook said Apple was satisfied with its performance China, iPhone sales many of the emerging markets have largely underperformed for obvious microeconomic reasons. Global drop in sales of smartphones and Apple’s emerging markets difficulties is mainly behind the aggressive push to diversify its revenue sources.

Apple may be scaling up its revenue diversification, it is however not letting go of its flagship product – the iPhone. In January, Cook dis-

closed that prices of iPhone brands will be lowered in certain countries.

“When you look at foreign currencies and then particularly those markets that weakened over the last year those (iPhone price) increases were obviously more,” Cook said in an interview with Reuters. “And so as we’ve gotten into January and assessed the macroeconomic condition in some of those markets, we’ve decided to go back to more commensurate with what our local prices were a year ago in hopes of helping the sales in those areas.

Should Apple made good on a new pricing strategy, there is every chance it will benefit selected markets in Africa as well and open a channel for the company’s payment ambitions to thrive on the continent. And who says Apple may not want to leverage Mastercard’s deep connections to financial institutions on the continent?

ACCA identifies requirements for optimising technology for finance, accounting CALEB OJEWALE

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new initiative by the Association of Chartered Certified Accountants (ACCA), the global accountancy body, has highlighted 10 key drivers that are already changing business processes, people and services.

The report also addresses how the finance function within those businesses will need to prepare and adapt to meet transformative

challenges.

According to Thomas Isibor, head of ACCA Nigeria, few sectors are going to experience the impact of new tech more than Finance and Accountancy.

“Preparing now for the inevitability of change is even more vital for these functions, and forwardthinking should be every business’ strategic priority,” he said.

As Isibor explained, challenges such as digital risk, the global econo-

my, politics, legislation, cyber security, ethics, even climate change - are all set to impact business and the Finance department in potentially unimagined ways.

Technology – more than just Automation and AI – is already creating the most seismic impact on the Finance, Audit and Accountancy functions. The industry is in a race for future relevance.

The ACCA has identified four broad imperatives for any CFO or

partner looking to optimise how technology can add – and not detract – value from their organisation: • to understand how to use the information available to them to provide strategic insight in real time; • to think forwards not backwards and maximise the use of technology to do this; • to ensure they have in place effective and efficient processes that satisfy the overall business requirements of finance,

• and to capture, measure, report and predict future performance in a much more agile manner to support better and quicker decision making.

“Preparation and readiness now is key,” Isibor added. “No technology has ever made an impact without first being adopted by people. The sooner we recast this challenge as one of people and processes, the sooner we’ll make progress. We have to be ready for what lies ahead.”

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AB InBev rebrands UK business unit, roles out new brand ambitions

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C O M PA N Y N E W S A N A LY S I S A N D I N S I G H T

INVESTING

Custodian Investment’s profit declines to 3-year low DAVID IBIDAPO

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ustodian Investment Plc, an investment company with significant holding in companies and brands saw its profit decline to a three-year low in 2018 after losses and increased expenses soaked up.

According to the company’s financial statement released on the Nigerian stock exchange (NSE) market on Wednesday, profit after tax declined by 2.78 percent to N7.11 billion, as against N7.31 billion recorded in 2017.

Our analysis revealed that despite growth by 17 percent in revenue during the period under review, losses on financial assets, fixed assets and overhead expenses eroded income by about 40 percent.

This saw growth in Custodian’s profit before tax (PBT) slow down by 6 percent to N9.5 billion in 2018, compared to a 21 percent, 29 percent and 12 percent growth in PBT in 2017, 2016 and 2015 respectively.

Total losses incurred during the period amounted to N216.6 million as loss incurred on fair value adjustments of

its quoted investments which amounted to N173.12 million accounted for about 80 percent of total loss value in 2018.

Also, investment in the equity of Interstate Securities Limited, a stock broking firm and a dealing member of the NSE in line with its strategy to further diversify its financial service offerings, delivered a loss of N33.24 million which accounted for 15 percent of total loss during the period.

Meanwhile, net realised losses on investment properties amounted to N10.25 million accounting for 5 percent of total loss value during the period.

Management expenses increased by about 10 percent in 2018 with a surge by 43 percent in staff cost during the period consisting of salaries, defined contribution pension and other staff allowances which amounted to N2.33 billion, against N1.63 billion in 2017.

Custo d ian Investment share price dipped 3.17 percent to N6.10 on Wednesday as market value stood at N35.87 billion with outstanding shares of 5.88 billion.

Year to date analysis shows that stock was up

7.96 percent as at the close of market on Wednesday, outperforming the all share index which is down 1.91 percent.

One year analysis also revealed that the stock was up 47.27 percent as at Wednesday outperforming the market which is down by 20.89 percent in the last one year.

Custodian Investment currently trades at a P/E ratio of 4.82x and EPS of 1.26 with a price to book of 0.93 as stock is on its way to recording highest price in the last 5 years.

CEMENT

Lafarge emerges 13th most capitalised firm after listing 7.43bn new shares OLUWASEGUN OLAKOYENIKAN

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he listing of over 7.43 billion units of additional shares of Lafarge Africa Plc, the Lagos-listed unit of Switzerland-based LafargeHolcim, has placed the cement maker as the thirteenth most capitalised firm listed on the Nigerian Stock Exchange (NSE).

Lafarge rose among companies that make up the NSE 30, the price index that tracks the top 30 companies in terms of market capitalisation and liquidity obtained by multiplying the number of a company’s listed shares, closing price and a capping factor.

The new shares, which were offered by a way of a rights issue on the basis of six ordinary shares for every

seven ordinary shares held as at Dec. 4, 2018 at N12, pushed the company’s market value to N208.6 billion on Wednesday, while its total issued and fully paid up shares increased to 16.11 billion ordinary shares from 8.67 billion ordinary shares.

That came after the shares were listed on NSE’s daily official list on Tuesday, March 26, according to a notice filed at the local bourse Wednesday, and represents 85.7 percent increase from N112.32 billion.

Over N89.21 billion worth of value was added to the cement company as proceeds from a total of 1,826 valid and processed applications accepted in connection with the rights issue which enjoyed full subscription, indicating a discount to N96.28 billion the shares were worth as at the

close of business on Wednesday when the stock closed unchanged at N12.95.

The rights share results released by the company revealed that 1,734 of its shareholders accepted their rights in full, totalling 5,931,501,457 ordinary shares, out of which 738,731,071 ordinary shares were traded on the floor of the NSE. Also, 92 shareholders with a provisional allotment of 395,875,060 ordinary shares partially accepted their rights for 202,401,994 ordinary shares, bringing the amount of renounced shares to 193,473,066, while 34 subscribers purchased rights of 738,731,071 ordinary shares.

The cement maker further said of the 1,734 shareholders who took up their rights in full, 734 shareholders also applied

for additional 1,300,463,805 ordinary shares and were allotted in full from the re-

nounced rights. As a result, a total of 1,106,990,739 ordinary shares were fully renounced,

bringing the total number of shares renounced to 1,300,463,805 ordinary shares.

L-R: Adewale Ojora, chief executive officer, Lagos State Law Enforcement Training Insititute; Wajud Bashorun, vice chairman, Lagos Island Local Government; Kweku Tandoh, chairman, Lagos State Sports Commission; Rasheed Olaoluwa, chief operating officer, Axxela Limited, and Babatunde Bank-Anthony, director-general, Lagos State Sports Commission, at the official commissioning of Axxela’s Greater Lagos IV (GLIV) gas pipeline and the refurbished Elegbata Sports Complex, Lagos Island, yesterday.

Pic by Olawale Amoo

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

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COMPANIES & MARKETS INDUSTRIAL GOODS

Aluminium Extrusion doubles comprehensive Business Event income on asset revaluation SEGUN ADAMS

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luminium Extrusion, one of the subsidiaries of Tower Aluminium Nigeria, posted a big increase in comprehensive income for the period ended December 31, 2018, buoyed by a surplus recorded in its asset revaluation exercise.

The Owerri-based manufacturer and marketer of extruded aluminium products and roofing sheets recorded a turnover of N2.73 billion in 2018 full year, 6.1 percent increase, compared to the N2.57 billion revenue posted for 2017.

The Aluminium Company reported an uptick in cost of sales of 7.2 percent to N2.39 billion as gross margin fell by almost one percentage point to 12.34 percent compared to 13.24 in the preceding year.

Finance Cost, specifically interest overdraft of the manufacturer dipped 8 percent to N42.55 million in 2018 full year as against N46.27 million borrowing cost in the corresponding period of 2017.

Aluminium Extrusion saw its profit before tax (PBT) rise some 3.25 percent to N128 million from N124 million the year owing to a skyrocketing

in sales of metal scrap and a decline in administrative and finance cost.

Despite a 1.03 rise in income tax expense, the company’s profit after tax (PAT) grew by 4 percent to N86.9 million in 2018.

Total Comprehensive income for the period doubled as the figure soared to N177.3 million in 2018. The surge was on the back of the reversal of a N101, 000 losses to N90.41 million in total comprehensive income in 2018.

Aluminium Extrusion recorded a surplus of N91.59 million on the revaluation of items of its assets during the 2018 financial year, without which the total comprehensive income for the period would be N85.71 million.

Earnings per 50 kobo share rose to 39 kobo after remaining at 38 kobo for three consecutive financial years while its Net assets per share increased 13.5 percent to N8.23 in 2018.

The company proposed a final dividend of 8.5 kobo for every 50 kobo share to be paid on a date it said would be communicated subsequently.

The company’s share price has remained flat at N8.2, its 52 week low, since August 14, 2018 and current dividend

yield at Wednesday stood at 1.04 percent.

The Aluminium Extrusion although based in Imo state has operations both in Aba and Abuja.

The Company has a wide range of products which include sliding windows and sliding doors for domestic and corporate use, casement window, side hung doors and swing doors, office partition, curtain walls, netting or fly screen, furniture, shop front and casement window.

Tower Aluminium Group holds 67.82 percent interest in Aluminium Extrusion and boasts of being the pioneering leader in aluminium products across West Africa.

The Group says it has the single largest vertically integrated operations, with presence across West Africa in Nigeria, Benin, Togo, Ghana, Ivory Coast, Burkina Faso, Mali, and Guinea.

Aluminium Extrusion and Tower Extrusion are the two divisions of Towers Plc. in the aluminium extrusion business while competitions in the Aluminium business include First aluminium, Ola Aluminium Company, West African Aluminium Plc., Sparkle Aluminium among others.

FINANCIAL SERVICES

First Access, ChamsAccess collaborate to enhance digital platform use for MFBs GBEMI FAMINU

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merican-based financial technology firm, First Access has entered into partnership with Lagos-based ChamsAccess Limited, to improve the use of digital platforms for micro finance banks in order to increase efficiency and market target.

The CEO of First Access, Nicole Van Der Tuin, posited that microfinance banks (MFBs) have huge workloads owing to slow manual processes which reduce their efficiency and market coverage.

The First Access boss added that MFBs need digital reinforcement to enable them increase work speed, extend customer reach and also reduce the cost attached to lending.

“The platform is designed for emerging economies like Nigeria because it is rugged, user friendly and customized to suit existing requirements of financial institutions”, said Tuin.

She also mentioned that while MFBs are adjusting

to the revised capital requirement and also working on fully digitalizing their customer base, it will aid the bank’s data collation with speed and authenticity.

Furthermore it will help the financial institutions adjust to new regulations faster.

The fast access platform which has been active in other African countries has recorded success disbursing loans for various reasons such as agriculture, Small and medium scale enterprises as well as other MFBs in Nigeria like Letshego which recorded 16,000 customers in its first 10 days of application.

Dumebi Obodo, Chief Executive Officer ChamsAccess Limited, maintained that the newly developed loan platform allows easy access to credit through the offline and online digitalized method of loan application, loan approval and loan disbursement.

He revealed that platform betters competitors because it has zero setup cost and runs on a small fee for subscription. He disclosed that

it is custom made for MFB because of the type of loans disbursed by these banks.

He added that use of the platform will reduce the cost of running MFBs. He said “ChamsAccess looks forward to solving problems by helping MFBs incorporate digital means of loan application, approval and disbursement” “The platform is designed to suit African countries and conditions and it carries a wealth of 10 years’ experience, understanding the composition and components of MFB and the wide reach connectivity it offers” He also mentioned that although all corporate entities face challenges but the major challenge battling MFBs are authenticating identities which hinder easy access to credit. He said MFBs are thriving regardless of the various challenges it encounters but the government should set up infrastructure to aid the identity authentication process as well as develop solutions to aid credit access and financial inclusion.

L-R: Dame Winnie Akpani, managing director/CEO, Northwest Petroleum & Gas Company Limited; Walter Akpani, manging director/CEO ProvidusBank; Wole Soyinka, winner Nobel Prize for Literature 1986, and Folake Soyinka, executive director, Wole Soyinka Foundation during this year’s World Poetry Day event hosted by ProvidusBank in honour of the Nobel Laureate.

L-R: Tonye Briggs, 2nd vice president, Redeemers Men’s Fellowship; Kunle Taiwo, zonal pastor and guest speaker; Biodun Adedipe, chief consultant, B. Adedipe Associates Ltd; Bayo Olugbemi, pastor-in-charge, Lagos Province 21, his wife, Fadeke; Daniel Adebola, president, and Ladi Arowa, 1st vice president, Redeemers Men’s Fellowship, during their Breakfast Meeting on Economic Empowerment & Financial Leadership, at RCCG Victory Chapel, Magodo, Lagos.

L-R: Fanibuyan Adekunle; John Igiehon, senior business development manager (West) Sigma Pensions; Suleiman Aliyu; Idehau Joel; Edward Ekpenyong representative of PENCOM; Banji Akinrelere, and Mabel George, head, business development division, Sigma Pensions, shortly after the Sigma Pensions’ forum for Retirees in Akure, the Ondo State capital

L-R: Ibiyemi Ayeni, initiative manager, Special Olympics Nigeria;Ademola Ayodabo, corporate services department, Leadway Assurance; Godstime Dickson Arek, table tennis silver medalist; Niyi Abiola, corporate services department, Leadway Assurance; Uyeh James, Volley Ball Gold medalist and Sunday Olalekan, Volley Ball Coach at a welcome reception in Lagos for Special Olympics Nigeria Contingents to the 2019 Special Olympics World Summer Games in Abu Dhabi, UAE

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COMPANIES & MARKETS CONSUMER GOODS

AB InBev rebrands UK business unit, roles out new brand ambitions OLUFIKAYO OWOEYE

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orld’s biggest brewer, AnheuserBusch InBev (AB InBev) has announced a change in the name of its UK business unit to Budweiser Brewing Group UK&I. Paula Lindenberg, President AB InBev UK operations, said the brewer decides on Budweiser because it is the company’s most globally recognizable brand.

“Through the power and recognition of the Budweiser brand, we want to open ourselves up to working with more partners to achieve our ambitions,” said Lindenberg The company said that the move also underlines its commitment to the UK and Ireland, the opening of a new London headquarters and the appointment of a new president. The UK unit

appointed a new president, Paula Lindenberg in January from Ambev in Brazil, where she was vice-president of marketing.

Budweiser Brew ing Group also outlined new ambitions that will drive its UK market, this includes championing Britain’s beer culture with trade-targeted programmes aimed at barley farmers, pubs and retailers, encouraging “smart drinkers” while discouraging harmful drinking, Lower and non-alcoholic ABV beer made up about 8% of last year’s sales according to its latest financial results.

The company said it expects lower and non-alcoholic products to make up 20% of its global volumes by 2025.

It also pledged to accelerate its sustainability targets, and “continuing to invest in premium drinks and powerful brands.”

“We are a fast-paced, ambitious group that dreams

big, and we have exciting plans ahead for the UK and Ireland. Through the power and recognition of the Budweiser brand, we want to open ourselves up to working with more partners to achieve our ambitions,” said Lindenberg.

“We are looking forward to making a big impact in the year ahead, working towards brewing our beers with 100% renewable electricity and accelerating our progress towards 20% of our global products being no or low alcohol.”

In its recently released result for the full year 2018, sales growth improved in the final quarter of 2018 with a solid revenue growth of 4.8% coupled with operating leverage drove EBITDA growth of 7.9% with margin expansion of 130 bps and $8.6 billion of underlying profit, all despite currency and commodity headwinds.

L-R: Babatunde Obaniyi, director, publicity and marketing; Chuka Eseka, president, and Ike Chioke, 1st vice president all of Association of Issuing Houses of Nigeria (AIHS) at the 1st AIHS business lunch meeting in Lagos.

Pic by Pius Okeosisi

Its growth in Nigeria accelerated throughout the year following the introduction of our new brewery mid-year to meet demand, with revenue growth

of more than 50% in last quarter of 2018 and more than 25% in FY18 driven by double-digit volume growth and continued market share gains.

EVENT

PUBLIC INSTITUTIONS

CAC registers three million companies in 28 years ISRAEL ODUBOLA

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he Corporate Affairs Commission (CAC) says it has registered 3,098,193 companies and firms in three categories from its inception in 1990 to Thursday, March 21, 2019.

This was disclosed by the Acting Registrar, Azinge Azuka, at Customers/ Stakeholders Forum in the

country’s capital, Abuja.

According to the CAC boss registration of firms /companies under Parts Limited Liability Company (A), Business Name (B) and Incorporated Trustee (C) amounted to N618, 309.

The council received N175, 098 from the Limited Liability Companies (LLC) in 2016, N193, 194 from Business name (B) in 2017 and N252, 035 from

Incorporated Trustee (C) in 2018.

Azuka noted that number of Annual Returns filed under the Parts A, B and C in the last three years was N190, 078.

According to her the major thrust of the Buhariled administration is to revamp to the Nigerian economy by supporting Micro Small and Mediumsized Enterprises (MSMEs)

whose activities are instrumental to the growth of the economy.

The CAC boss maintained that the commission remains resolute in reviewing its processes at regular interval.

“In that regard, work is at advanced stage to amend it enabling law, the Companies and Allied Matters Act (CAMA) in collaboration with the

National Assembly.

“This seeks to ease starting and growing Businesses in Nigeria, Ensure more appropriate regulation for MSMEs. “Enhance transparency and shareholders engagement align regulate framework with International best practices and make Nigeria an investment destination of choice,” she said.

OIL & GAS

Axxela commissions $30m Greater Lagos IV gas pipeline network OLUSOLA BELLO

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xxela Limite has officially commissioned its Greater Lagos IV (GLIV) gas pipeline network and the newly renovated Elegbata Sports Complex.

The $30 million pipeline will supply gas to commercial and industrial off-takers along its route. Already First Power and Island Power which are amongst the company’s customers have signed on the project for gas supply.

Greater Lagos IV (GLIV) is Axxela’s gas

AB InBev has a long list of internationally recognized brands including Stella Artois, Budweiser, Corona, Michelob Ultra, Bud Light, Beck’s, among others.

pipeline network, developed by its Gaslink Nigeria Limited subsidiary in partnership with the Nigerian Gas Marketing Company (“NGMC”).

Spanning from Ijora through Lagos Island’s Marina axis.

Speaking at the event, Axxela Chief Operating Officer, Rasheed Olaoluwa remarked, “This occasion demonstrates our continued contribution to the growth of Lagos State’s burgeoning socioeconomic landscape, and also reinforces Axxela’s commitment as trailblazers in the distribution of

natural gas to industries, and we are immensely proud of this pioneering effort. There remains a considerable demand for power generation, and this pipeline extension project will revitalize industrial development across the metropolis.

We are also delighted to commission the sports complex, affirming our promise and always-on engagement of host communities in our areas of operation.”

The Lagos Sports Commission Chairman, Kweku Adedayo Tandoh, representing the

Lagos State Governor, His Excellency, Governor Akinwunmi Ambode applauded Axxela for the initiative and its role in boosting economic development in the state.

He said: “I would like to thank Axxela for developing this sports facility which indicates its firm commitment to the welfare of its host communities. This project is a welcome development for denizens of Elegbata which signifies the many possibilities that abound from public and private partnerships and the significance of sports in

the community. The Lagos State Government is steadfast in the provision of world class facilities under the umbrella of tourism, entertainment, hospitality, and sports excellence together.”

As part of its sustainability efforts, Axxela also recently renovated Olowogbowo Methodist Primary School located within the neighborhood, in a bid to improve the quality of education available.

Olowogbowo Primary School also defeated Dele Ajomale Primary school 1-0 in the first ever match held at the new facility.

PEVCA hosts PE outlook event The Private Equity and Venture Capital Association, Nigeria (PEVCA) will be hosting its members and industry participants Friday, March 29, 2019 in a session that will focus on current macro indicators, outlook for the year and how it impacts on the operating environment for private equity managers and investors.

In a n e nv i ro n m e nt where Fund managers must weigh investment decisions against relatively volatile economic cycles (among other considerations), determining the impact macroeconomic dynamics have on asset pricing or portfolio management, for example, remains essential.

Guest speakers are Okechukwu Enelamah, Honorable Minister of Industry, Trade and Investment ; Eme Essien, Country Manager IFC Nigeria and Andrew S. Nevin, Advisory Partner and Chief Economist at PwC West Africa.

PEVCA Nigeria is a recently established member driven, industry body positioned to foster an enabling environment for the Nigerian private equity and venture capital ecosystem.

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FEATURE

As buildings turn mass graves, time to rethink Nigeria’s housing policy CHUKA UROKO & JOSHUA BASSEY

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f wishes could solve the hydra-headed challenges confronting humanity, the issue of building collapse in many Nigerian cities, particularly Lagos, the nation’s economic capital, would long have been solved.

Many times, city dwellers have collectively wished ‘never again.’

But, in spite of all the wishes that humanity should never again see buildings come down, waste lives and destroy properties, these avoidable man-made disasters have continued to happen.

Though wishes carry positive desires, they do not in reality possess the potency to solve or stop multi-faceted challenges confronting society. At any time, what solves society’s problems is the thinking that is brought into the problems, the actions that follow or directed at tackling the problems such as the collapse of buildings and loss of lives that have become a recurring decimal in Nigeria.

Over the years, several lives and multi-billion-naira properties have been lost to building collapse incidents in various parts of Lagos in particular and Nigeria in general.

While the thinking on how to solve the problem of building collapse in this city has led to a number of forward-looking initiatives, including the establishment of agencies charged with certain responsibilities, it would seem, however, that the actions required of these agencies have been too weak to make radical changes.

Generally in Nigeria, the rate of building collapse is alarming and something needs to be done urgently to reduce the incidence. In nations like Japan, Taiwan, and Indonesia, human habitation is only threatened by natural environmental conditions such as earthquakes, hurricanes, and Tsunamis.

But in Nigeria, man-made con-

ditions such as improper implementation of requirements for appropriate design, construction and the use of buildings, give government, residents and developers nightmares.

Experts at the Department of Architecture, Bells University of Technology in their recent publication titled ‘Assessment of Building Collapse in Nigeria’, noted that the southwest zone of Nigeria has the highest number of building collapses in the last eight years, with Nigeria’s economic hub, Lagos, allegedly accounting for more than 120 deaths and 150 injuries in building collapse incidents.

Their position was confirmed by their counterparts at the University of Abuja, that Lagos, FCT, and Rivers top the cities with the most cases of building collapse and casualty rate. To them, the higher the level of corporate and industrialisation in a city, the higher the likelihood of building collapse.

However, as if in reaction to this reality, former Lagos State governor, Babatunde Fashola, in 2012, established the Lagos State Building Control Agency (LASBCA), charged with the responsibility of enforcing building control regulations.

These include regulation and inspection of building projects and certification of various stages of building construction as well as keeping of such records, removal of illegal and non- conforming buildings, identification and removal of distressed buildings to prevent collapse and issuance of certificate of completion and fitness of building for habitation.

Other responsibilities of the agency include administration of building control in all ramifications, cooperation with the Lagos State Planning Permit Authority to achieve zero-tolerance to illegal development and building collapse, provisions of the law and its regulation in respect of inspection of building verification and certifi-

Building collapse in Ibadan, Oyo state capital.

cation of building insurance, and public enlightenment on building control.

LASBCA was to complement an existing agency: Lagos State Material Testing Laboratory (LSMTL) which enabling law was enacted in 2006 with the task to curb building collapse and civil engineering infrastructure failures by testing materials used in building in order to ensure quality assurance.

Such tests include, among others, soil mechanics, sub-soil, cement, concrete, blocks, bricks, ceramics, roofing sheets, wood and refractory products, steel reinforcements, round and flat bars as well as certification of installed lightning/thunder arrestors on structures and telecommunication masts.

However, the extent to which the agencies have been able to stop building collapse in Lagos has remained a matter of conjecture.

The latest collapse happened just a couple of days ago at 50, Kakawa Street. It came on the heels the 36, Massey Street, Ita-Faji, Lagos Island incident on March 13, in which 20 people, including school children, died and about 45 others rescued with varying degrees of injuries, has raised questions about the effectiveness of the agencies, especially LASBCA, as the collapsed house was said to have been marked for demolition but left undone with people still occupying it.

Investigations show that many of such marked buildings abound in the commercial city with hundreds of people still occupying them. While many blame the government for failing many times to take the right action at the appropriate time by demolishing such buildings, there is the moral question as to why occupants of such marked buildings would continue to occupy them at the risk of their lives.

Events in recent years seem also to be questioning the capacity of LASBCA given the enormous tasks and duties placed on its shoulders, which requires covering the entire five divisions of the state- Ikeja, Badagry, Ikorodu Lagos Island and Epe (IBILE).

According to an official of the agency, who craved anonymity, covering the five divisions of the state requires enormous resources in human, machinery and funding. “What the public may not know is that demolishing defective buildings in a built-up city like Lagos requires a lot of funding and logistics because it can’t be done anyhow,” says an official, who added that LASBCA was not being

Ita-Faji collapse on Marsey street, Lagos Island.

sufficiently funded to match the tasks given to it.

It is for this reason and apparent lack of political will by various state governments to implement the National Building Code and enforce other building regulations that coupled with the mutual suspicions and denials among building industry professionals whenever there is a building collapse incident that Architects Registration Council of Nigeria’s (ARCON) with new APRN initiative to prevent building failures.

APRN is an acronym for ARCON Projects’ Registration Number which the Architecture profession regulatory council introduced into the building industry to, among other things, reduce building collapse incidents in Nigeria by monitoring building projects.

With this initiative, all architectural projects/drawings are prepared only by fully registered architects, submitted to ARCON and assigned APR Number before submission for planning, implementation and approvals.

“We want to collaborate with state governments to ensure that APRN becomes operational all over the country. And we have

been creating awareness on this,” DIPO Ajayi, the ARCON President, disclosed to newsmen in Lagos recently in his reaction to building collapse incidents in Lagos and other parts of the country.

Ajayi, who led Kayode Anibaba, former Commissioner for Physical Planning and Environment in Lagos, Adebayo Dipe, Permanent Secretary, Lagos State Ministry of Housing, Ohioma Andy, Director, Federal Ministry of Power, Works and Housing, Ladi Lewis, former chairman, Nigerian Institute of Architects (NIA), Lagos and Tiwalola Fadeyibi to the Ita-Faaji collapsed building site, noted that it was high time states of the federation embraced its APRN initiative.

‘

It is the hope of the regulatory body that the APRN system, which also entails numbering all architectural projects in Nigeria, will further tighten loose ends in monitoring building projects in Nigeria.

The APRN system is also aimed to complement the old practice of submitting building with a copy of the architect’s practice licence, the affixing of ARCON stamps, signed by the architect and sealed (with the architect’s ARCON seal) on each sheet of the drawings submitted for approval.

Concerns are also raised about underhand deals by government officials who are believed to receive bribes from developers and landlords and turn blind eyes to poorly designed and distressed buildings, and, in

The belief in many quarters is that government agencies charged with the monitoring of building procurement and production process lack the requisite effectiveness to check quackery at both preand post-contract stages, use of substandard materials, poor workmanship, professional incompetence, lack of maintenance, greed by developers and contractors which are major reasons for building collapse

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the process, endanger lives.

But Rotimi Ogunleye, Lagos State commissioner for physical planning and urban development, whose ministry supervises the activities of the relevant agencies in the building industry, says while no reports have been received indicting a staff of the ministry who asked for bribes in the course of carrying out his duties, his office is not taking such allegations with kid gloves.

“We have read such reports in the media, but we do not have any of our officials caught to have asked for bribes from landlords to bypass distressed buildings. I would want the general public and our citizens who have come across officials asking for bribes or engaging in any such practice in the course of official duties, to report to the ministry,” he said.

Ogunleye wants the public to cooperate with the government in stemming the tide of building collapse in the state by being the whistle blowers, alerting the government about defective and distressed buildings within their localities. This, the commissioner says, is important because officials cannot be in every nook and

cranny of Lagos, so public involvement is required to provide prompt information.

According to Ogunleye, the latest efforts in tackling the problem, in addition to the duties of LASBCA and LSMTL, is the recent constitution of the five-man investigative committee involving experts and chaired by Wasiu Olokunola, a former permanent secretary in the Lagos State civil service, to dig into the remote and immediate causes of the Massey Street building collapse, and recommend measures to curb future occurrence.

However, beyond the measures being adopted by the government, an expert, Amos Alao, says the citizens equally owe to themselves the duty of avoiding a distressed or defective building with potential risk of collapse.

According to Alao, who is an architect and national secretary, Society of Landscape Architects of Nigeria (SLAN), there are indices or signs to identify a building at the risk of collapse.

The expert, who believes there is the need for prospective tenants to thoroughly inspect a building before renting, says in the case of a bungalow, the intending tenant needs to look out for cracks.

“If you want to rent a bungalow, you need to inspect it to ensure there is no crack in the building.

Cracks from the foundation to the roof of the building are quite dangerous. Bottom up cracks are structural cracks; meaning that there is a problem with the foundation of the building; and it means the foundation has not settled.

“Also when you slam a door in the building vibrates, this also implies that there is a problem with the building.

“If during rainy season, a key touches a doorknob, burglary proof or any metal and it shocks you, it means there is a static electricity in the building. It also implies the building has no lighting conductor,’’ the expert said.

Alao says that it is better to search for an apartment during the rainy season so as to enable the intending tenant to know the state of the building.

“There are different indices to look out for when water comes out from the building during the rainy season. When water seeps from the floor, it means the drainage to the house was not properly done.

It also means the foundation of the building is faulty.

“A seeping floor could also mean there was no Down Proof Covering (DPC). After the construction of the floor, nylon is usually placed to prevent water from

coming up; when the DPC is not properly done or completely absent, then water will seep through the building floor and in the long run weakens the foundation of such building; peradventure you pay for an apartment and then you pound yams and the tiles are cracking, it means there is a problem with the building,’’ says the expert.

The architect also advises on signs to look out for in a duplex or storey building to ensure the safety of the occupants.

“In the case of duplex or storey buildings, when it rains and the building sways or moves, there is a problem with the building; if you can hear the noise from the flat above you distinctly, the building has a problem. It means that the decking over you has a porous cavity”, he said.

Continuing, he said, “frequent plumbing issues are also another index for knowing a faulty building; when you see patches of spirogyra due to plumbing issues or the water from the flat above you leaks into your apartment, the building also has some problems you have to be wary about it.’’

Besides strict enforcement of building regulations which building industry stakeholders are canvassing, time is now for Nigeria as a whole and Lagos State in particular to rethink the housing policy. The existing housing policy which emphasizes access to decent home by all adult Nigerians should also insist on strict penalty for any building professional whose action or inaction leads construction failures.

At a one-day public hearing on the Massey Street building collapse organised by Lagos State govern-

of Town Planners (NITP); Nigerian Institution of Estate Surveyors and Valuers (NIESV); Nigerian Institute of Quantity Surveyors (NIQS) and Nigerian Institute of Surveyors (NIS), all rooted for enforcement of building regulations.

The Lagos State government had, a week earlier, inaugurated a five-man investigative panel headed by Wsiu Olokunola, and empowered it to dig into the causes of the Ita-Faaji disaster.

A representative of Building Collapse Prevention Build (BCPG), George Akinola, who spoke at the public hearing, identified, among others, lack of comprehensive subsoil investigation before designs are done; non-adherence to designs and professional advice during construction as the cause of building failures.

The belief in many quarters is that government agencies charged with the monitoring of building procurement and production process lack the requisite effectiveness to check quackery at both pre- and post-contract stages, use of substandard materials, poor workmanship, professional incompetence, lack of maintenance, greed by developers and contractors which are major reasons for building collapse.

Akinola added unrealistic construction timelines, unrealistic desires of clients, nocturnal concrete work, improper, illegal or unprocessed and unapproved change in use of buildings, lack of proper supervision during construction by relevant qualified professionals, lack of coordinated phased inspection by relevant government agencies and non-compliance to building codes and corruption

Building collapse on Kakawa street, lagos Island.

ment to brainstorm on ways of ending incessant building collapse in the state, the stakeholders drawn from registered built environment professional bodies including the Nigerian Institute of Architects (NIA); Nigerian Institute of Building (NIOB); Nigerian Society of Engineers (NSE); Nigerian Institute

by government officials as added causes of building failures.

As a way out, he canvassed the involvement of architects, civil, structural, mechanical and electrical engineers, quantity surveyors, builders and land surveyors in all building construction work in the state.

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Medical brain drain will continue to deprive Nigeria invaluable healthcare investments – experts ANTHONIA OBOKOH

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xperts in the Nigeria’s health sector have raised expressed concern about the future of Nigeria’s healthcare industry as medical professionals continue to leave the country in droves with the government doing little to curtail the menace.

The Nigerian Medical Association (NMA), a professional association Nigerian doctors and dentists Nigeria has about 72,000 medical doctors registered with only approximately 35,000 practicing in Nigeria.

It is estimated that about 20,000 medical doctors are currently working outside the country and recent survey shows 9 in 10 of these are looking to leave the country for greener pastures therefore compounding brain drain.

They say the country needs more investment if it’s to employ its growing population while calling the government to urgently develop and implement strategies to address the issue.

“Nigeria will continue to incur losses for every doctor that emigrates, as the country is been deprived of billions of dollars’ worth of invaluable investments embodied in their human resources” Larne Yusuf, a medical practitioner based in Lagos said.

Yusuf also said that the continually ignored current trend of scarce human re-

sources for health professionals from Nigeria is not been curtailed which does not bode well for the country.

“Continued lack of investments in human resources contributes to further underdevelopment of the country and will keep her people in the vicious of poverty,” Yusuf said.

The unfriendly work environment has implied that health workers in Nigeria continually find every possible way to exit the country, leaving behind a health system which many say is simply not working; not for the patients and not for the medical practitioners.

Human resources management in the healthcare sector is constrained by inadequate infrastructure, poor human resources planning and management practices and structures; unsatisfactory working conditions characterised by heavy workloads, lack of professional autonomy, poor supervision and support, long working hours, unsafe workplaces, inadequate career structures poor working conditions and poor compensation packages have contributed to the emigration from the country of a sizeable number of surgeons, physicians, nurses and other medical professionals.

According to experts, going by the population of about 190 million, it means the country would need about 303,333 medical doctors now and at least 10,605 new doctors annually to join the workforce stating that only at

this level can Nigeria expect good quality patient care that is not compromised by errors occasioned by fatigued and overworked medical doctors.

Ademola Aina, chairman the Healthcare Providers Association of Nigeria (HCPAN) said that with healthcare professionals already insufficient in the world, the situation across Nigeria is no better as trends in human resources for the health sector has been a barrier to effective planning in Nigeria’s healthcare system.

“The fundamental problem is that medical staff and students are leaving the country all together to train in countries like the US and UK, and then never returning to work in their own communities,” he said.

Reports show that Nigerian medical professionals seek work opportunities in United Kingdom, United States of America and other countries.

The implication of the continuous migration is that there will not be enough doctor to service the ever growing population, as it will further worsened the physician-patient ratio in Nigeria from 1:4,000 to 1:5,000, contrary to the World Health Organisation’s (WHO) recommended 1:600.

Commenting on the way forward Aina said to reverse this trend, we know that practicing in developed countries is far more lucrative than practicing here in Nigeria, we need to encourage them to return to practice in their

states, this will not be easy but with collaboration and efforts intrude by the government in remunerations and addressing these factors causing their departure, there will be improvement “We need to address the financial incentives that lure an inadequately large number of Nigerian doctors and also government can imposed t a well-constructed scholarship system to train medical students; this will pay the cost of allowing them practice medicine overseas,” Olawale Oba , president Association of Resident Doctors (ARD) at Lagos state teaching hospital (LUTH).

Doyin Odubanjo, Chairman, Association of Public Health Physicians of Nigeria, Lagos Chapter, says Nigeria have something to gain from globally sustainable medicaltraining practices, which will ensure that the countries’ health-care needs are met. !if we need to make a difference in our health indices, we need to move out and deliver care in the rural areas adding that the challenges were not as much as in the urban areas as they are in the rural areas.”

“Our disease burden continues to be dominated by preventable and easily treatable diseases. The persistent burden of childhood, communicable diseases for which preventive and simple curative measures are widely available. Maternal mortality continues to be a major problem,” he said.

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Why your household dust could fuel the growth of fat cells ...It may contain harmful chemicals

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esearchers have found that the dust in our households may harbour numerous chemicals that may accelerate the development of fat cells, potentially contributing to obesity.

In recent years, researchers and international policymakers have expressed concerns about the effects of endocrinedisrupting chemicals, a class of substances that can interfere with the functioning of the endocrine — or hormone — system.

Such substances are sometimes present in household cleaning products, and even in objects that we use on a daily basis.

Many plastics, for instance, contain phthalates, which are endocrine-disrupting chemicals.

Researchers have warned that these chemicals are a threat to public health, as studies have tied them to fertility problems, liver disease, cancer, and childhood obesity.

Now, a study led by Christopher Kassotis, Ph.D., from Duke University’s Nicholas School of the Environment, in Durham, NC, has found evidence suggesting that household dust may promote the development of fat cells. Why? Because this dust can contain endocrine-disrupting chemicals.

Kassotis presented these findings yesterday at ENDO 2019, the annual meeting of the Endocrine Society, which was held in New Orleans, LA. “This is some of the first research investigating links between exposure to chemical

mixtures present in the indoor environment and metabolic health of children living in those homes,” emphasizes Kassotis.

Do certain chemicals contribute to obesity?

Kassotis and the team took their cue from existing research that indicates a connection between exposure to endocrinedisrupting chemicals and impaired lipid (fat) regulation in animal models.

This evidence ties in with that of other studies, which have suggested that the mechanism may contribute to the development of obesity in humans.

For the current research, Kassotis and the team collected samples of household dust from 194 houses in central North Carolina, with the aim of studying the effect of the dust’s chemical components on the inhabitants’ metabolic health.

To do this, the investigators first extracted the chemical substances from the dust samples. Then, they tested the substances’ effects in vitro, specifically trying to find out whether the chemical mixtures would prompt the development of fat cells.

The researchers report that even very low concentrations of the chemicals present in the dust samples did, indeed, promote the growth of precursor fat cells (from which adult fat cells develop) and, consequently, fat cell growth.

Culled from Medical News Today

KWASU students take Lassa fever ‘Effective weight management plan is needed to achieve balanced hormones’ campaign to rural community in Kwara ANTHONIA OBOKOH

SIKIRAT SHEHU, Ilorin

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he students of Kwara State University Malete, Wednesday, took a sensitisation campaign on the spread of Lassa fever to Idofian, a rural community in Ifelodun local government area of Kwara State.

The students are the Higher National Diploma (HND) conversation programme in the department of Mass Communication.

Modupola Adenike Ige, a Health Practitioner, had while sensitising the residents of the community, explained that Lassa fever was a haemorrhage caused by a virus from rodents with eight breast. She warned people against allowing rats to have access to their food stuff.

According to her, residents of rural areas must be worried of drying their food on the floor, roadside or open space to avoid contamination.

“There is a need to improve on your personal hygiene as a way of preventing the spread of the disease. Rats are the cause of the fever and it takes 6 to 21 days to show symptoms if one is infected”, she said.

The health practitioner, who identified the symptoms to be fever, cough, vomiting, headache and body pain among others, advised people to contact health centre if observed any of the signs.

In his address, Usman Aliyu, the leader of the campaign group stated that the campaign was organised to raise awareness on the scourge of the disease particularly in rural areas, which are the most vulnerable.

“This group is particularly worried about the recent confirmation of two cases of the disease in Kwara State where husband and wife were infected. This couple were said to be natives of Benin Republic, which shares a border with the state, but we’re farming in a farm settlement in Taberu village in the Baruten local government area of the state”, he said.

Aliyu, who asserted that the disease was traced to a village called Lassa in Borno in 1969, said that about 5,000 resulted into death yearly.

Students also staged a drama to further enlighten the residents of the community on the ill of the fever.

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eight loss expert and managing director, Cambridge Weight Plan West Africa, Eniola Karunwi has advised individuals who suffer from certain health conditions to consider weight loss and better weight management.

Studies show that being overweight leads to imbalances in an individual’s hormones, which can affect overall health ranging from issues like infertility, to improper insulin levels, low metabolism, reduced sexual drive, irregular body temperature, abnormal sleep cycles, reduced appetites and other health related issues. Studies show that hormones are the most powerful chemical messengers in the body and a balanced hormone is important for good health.

“Without good health, an individual will be unhappy, spend huge amounts on treatments, and can

even become depressed.

An effective weight loss and management plan is needed to achieve balanced hormones and consequently, overall good health,” said Karunwi while speaking on the importance of losing weight to ensure better health at a media briefing session held in Lagos on Wednesday, March 27, 2019.

Cambridge Weight Plan (CWP) is a lifestyle company that assists men and women with weight management and maintenance.

CWP is committed to helping clients achieve their weight loss and weight maintenance goals through bespoke programs, tailored to suit every individual need.

The expert acknowledged that sadly, many people do not recognise that excess weight affects the way body organs function and instead blame it on stress and other factors.

“It is often said that health is wealth and that is because without good

L-R: Andy Jones, Head of Export, Cambridge Weight Plan; Eniola Karunwi, CEO, Cambridge Weight Plan, West Africa and Nabila Mohammed, Consultant (Kano), Cambridge Weight Plan at the Cambridge Weight Plan press briefing held recently in Lagos.

health it is difficult to function in almost every area of life. It is therefore important that we pursue activities that will enhance good health.”

“Cambridge weight plan is an effective solution to losing weight and maintaining it. Not only would it improve hormonal balance, it will also aid the proper functioning of other vital organs in the body.

Following a healthy diet, exercising on a regular basis and engaging in other

healthy activities can go a long way towards improving an individual’s health”, Karunwi added.

The Cambridge Weight Plan is a safe, low calorie diet plan, and an effective weight management and lifestyle plan that fosters a healthy living. The plan consists of meal replacement shakes, soups, porridges and snack bars, which contain the daily nutritional requirement, whilst rapidly helping you burn fat.

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ADE ALAKIJA Continued from last week llow plenty of time to prepare: Make a schedule of the intended trip. It helps to have a checklist in your scheduler of items needed for the trip. Start as early as possible.

(Dont forget your toothbrushes, personal items and wear).

With proper pre-travel planning, your family will be mentally and pyschologically prepared to deal with the stress of travel. Have your Flight plans and all necessary details in writing (seperate from your phone organizer) for example the hotel address and booking code, important phone numbers among others.

Get information on the area you are visiting, for example some states have Yellow Fever outbreaks, some Lassa fever, some high risk of violent attacks and of course the popular malaria and the less known dengue fever. You can protect your family with the proper advice. Getting your visa early(especially those who may visit other African countries like Kenya, South Africa ) and awareness of local laws and culture is usually helpful.

Plan to visit your family Doctor or Travel Clinic nearby to discuss your travel health needs. If vaccinations are compulsory for your destination, your vaccine card should be attached to your passport if possible so as not to loose it. (Rubber band or staple).

Remember to get your Nigerian pass-

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ports in good time for your children or visas in time for those children that have only foreign passports (Non Nigerian passports).

Another very important issue is female genital mutilation, and Nigeria is a high risk nation. Between 26 percent to 50 percent of Nigerian females have had female genital cutting. So girls coming back home should be guarded against such practices. Another quote from Travax goes “Female Genital Mutilation- Healthcare practitioners need to be vigilant in identifying any female who may be at risk of female genital mutilation (FGM). This is particularly true for young girls being taken overseas to countries where FGM is common practice. The practice is most common in the western, eastern, and north-eastern regions of Africa, in some countries in Asia (Indonesia and Malaysia) and the Middle East.

There is evidence of increasing global medicalisation of the procedure, with private clinics offering the operation in the Middle East and Far East. Key points are FGM is child abuse, is illegal in the UK, It is illegal to take a child out of the UK for the purpose of FGM. Travel health practitioners can play a key role and have a responsibility in prevention of FGM by being alert to the potential for a child being taken overseas for the procedure. For further information, see FGM, including how to identify girls who may be at risk and appropriate actions to take.

In addition, countries where FGM is common are identified on Travax country pages .Psychological Consequences of FGM:-All those subjected to FGM may suffer short-term or long-term psychological distress,

including trauma, anxiety, anger, depression, low self-esteem and even post-traumatic stress disorder. It can result in problems with relationships including with parents and sexual partners.”

Insect bite prevention: These days it would seem, as the planet gets warmer insect born disease are on the increase and because insects cause all the types of diseases like, Malaria, Dengue, various forms of encephalitis for example Japanese B encephalitis, Yellow Fever, Filariasis , plague etc, insect bite avoidance should be practiced both day and night in certain destinations. Please consult your travel consultant.You can use Insect repellents, Mosquito nets (Impregnated with insecticides), airconditioned rooms, knock down sprays, Long sleeved light coloured shirts/blouses and long dresses/trousers protecting your body from bites especially at night. Besides, insect bites can result in unpleasant and ocassionally serious local reactions. The bite can be sore, itchy or give nasty swellings, cellulitis and abscesses.

Malaria Prevention: Nigerians visiting home may have variable levels of immunity to malaria, but it may still be advisable depending on the type of activity your are going to do to take effective antimalarial therapy.

A day or more lost due to illness may ruin your trip. Also practice mosquito bite prevention methods. Repellents, clothing etc, this also helps prevent other insect borne diseases.

On returning back home always be alert to fever or malaise in the family especially the children. All pregnant women should reconsider travel until after delivery, also babies less than 1 year unless it is absolutely necessary.

Ekiti government targets 85% portable water provision AKINREMI FEYISIPO

he Kayode Fayemi-led administration in Ekiti State has reiterated its commitment to meeting the 85% daily requirement of portable water to Ekiti people.

This was contained in a statement made by the Permanent Secretary, Ministry of Infrastructure and Public Utilities, Olumide Ajayi at the commissioning of water supply facilities constructed under the Phase Three (EU-WSSSRRPIII) Water Supply and Sanitation Sector Reform Programme, supported by European Union and UNICEF and Public Toilets, constructed under the NGO Grant of the European Union Supported Programme as part of activities marking the year 2019 World Water Day Celebration.

Olumide Ajayi,an engineer noted that this feat would be achieved through rehabilitation of Egbe Dam in Gbonyin Local Government area, mini Water Schemes, and boreholes in 7 towns and communities of Ekiti West LGA being as co-financed by Ekiti State

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Government and EU which is on-going.

He informed that Ekiti State, under the third National Urban Water Sector Reform Programme (NUWSRP-3) with the support of the World Bank has started the rehabilitation of Ero Water Supply Dam and the repair of the main transmission pipeline between Ifaki and Ado-Ekiti, which, upon completion, would provide steady increase in water supply to nine Local Government areas of the state.

Emphasising on this year’s theme “Leaving No One Behind” which is in line with the earlier declaration of an emergency in the WASH Sector by the Governor last year December, Ajayi said the rehabilitation and turn around maintenance of water assets in the state will have a combined capacity to meet water supply requirements of the state that will drastically solve the problem of low access to safe water supply either in urban, small towns, or in rural communities, thereby ensuring that women and the vulnerable will have

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With proper pre-travel planning, your family will be mentally and pyschologically prepared to deal with the stress of travel

Bugs that bite, such as mosquitoes, ticks, and some flies, can spread Zika, dengue, malaria, yellow fever, Lyme disease, and more. Reduce your risk!

Use EPA or NAFDAC registered insect repellent. Protect yourself and your family from tick and mosquito bites.

First Aid Kits:It is wise to carry along a properly stocked first aid kit for small emergencies.

Further topics to be addressed during the Easter Season in more detail will be:-Dealing with Fears, Stomach Upsets and Diarrhea, Sunburn, Accidents, Jet Lag and Tiredness, Loneliness, Unsafe sex -Teenagers especially, Culture Shock-First time Nigerians, Vaccinations, Insurance needs,, On Board, On Arrival in Nigeria, measures to take on Returning Home. (This also has its challenges but basically gives yourself time to rest and have quality time with the family).

Current outbreaks,Risks associated with Long road drives and severe traffic delays when travelling to your home town or village, Long waits and delays at airports and dangers on the roads and cities, towns and villages you are going to.

Small tips: Pack light, always carry a mobile phone with your ICE (In case of emergency) numbers on it. Sanitizers, tissue paper, Google maps etc may be useful. Always have a functional fully roaming and topped up mobile phone and can roam at the destination country. Remember the worldwide emergency number even if your phone has no credit is 112. It is free of charge and it works. Have a pleasant and safe trip and a pleasant family Easter Holiday. Don’t spoil a great holiday. Boil it, cook it, peel it or forget it.

Power Oil extends healthy living initiative to over 4000 factory workers nationwide adequate access to water supply.

Ajayi said further that as part of actions and strategies in ensuring that no one was left behind, efforts are in top gear to implement measures such as aggressive advocacy and sensitization of the citizens on the need to sustain the operation and maintenance of the WASH facilities that will drive the “State of Emergency” already declared in the sector.

He also said that the commencement of “Ekiti Ko Egbin Sile” programme, which is a roadmap programme geared towards a speedy eradication of Open Defecation in Ekiti State will go a long way to achieve this lofty objective of the government.

The Permanent Secretary called on stakeholders involving Government, Development Partners, the Private Sector, Civil Society Organizations (CSOs), Community-Based Organizations (CBOs), men and women of goodwill to ensure “No One is Left Behind” as part of the objectives if the Sustainable Development Goals 6 (SDGs-6) will be achieved.

DAVID IBEMERE

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s part of its commitm e nt to p ro m o te healthy living, Power Oil, Nigeria’s Leading cooking oil, has raised health advocacy another notch higher by taking its fitness promotion project “Pay with Calories’ round the group factories nationwide particularly to sensitize the factory staff about ways to nurture the heart to a perfect condition while maintaining a healthy calories body system.

The project, Pay with Calories initially designed to engage consumers only in a series of fitness exercise on treadmill and cyclers, after which participants can buy various items based on the number of calories being able to burn on the spot within a specific allotted time, in the next 3 weeks will have over 4000 workforce in next 3 weeks benefit from the programme.

A statement from the company on the activity listed the factories across the country to include De United Foods Industries, Ota- Ogun, Seasoning Factory- Ota, Ogun, Dufil Prima Foods Plc- Choba, Port Har-

court, Pure Flour MillsPort Harcourt, Northern Noodles- Kaduna, Insignia Prints- Ibeju Lekki, Raffles Oil Enterprises- Ibeju Lekki, Ikorodu Noodle Factory, Standard Flour Mills- Apapa, Lagos.

Speaking on the activity, Amisha Chawla, brand manager, Power Oil, said “ taking the campaign to these factories is most strategic, as we reckon that most of the staff might not have sufficient time to build their physical strength outside work hours, that’s is why we decided to bring the activity closer to them within their comfort zone. And the most interesting part was the free time excused to participate in the health friendly yet rewarding activity”.

“Beyond the physical exercise involved which will see a lot of staff winning fantastic prizes in exchange for the number of calories burnt, they will also be enlightened on making the best meal choices towards maintaining a healthy lifestyle” she said.

During a recently held programme in Insignia Prints, Ibeju Lekki one of the Six factories already covered, Omotayo Azeez-

Abiodun Public Relations Manager, Tolaram Group, said this experiential campaign currently touring the factories, was borne out of the necessity to encourage every Nigerian irrespective of the social economic class to further become mindful of their heart health by making efforts to maintain good body fitness and possibly eliminate unhealthy consumption habits, as these factors are important to lowering the risk of blood pressure and heart-related ailments.

Six factories have been covered, three more to go.

“Power Oil as a brand, seeks to help build healthy families, and by implication a nation of strong and healthy citizens by providing them with nutritious products of quality standards,” Azeez- Abiodun remarked.

At the event elated Ugo Chiemela of Insignia Prints, who was rewarded with pair of sneakers in exchange for burning 76 calories said “because of my busy schedule, it becomes difficult to create time for fitness routine. However, I applaud the Power Oil brand for extending to us such a remarkable activity.”

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

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ManagementDigest

The big idea: Exercise the power you didn’t ask for JONATHAN ZITTRAIN

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used to be largely indifferent to claims about the use of private data for targeted advertising. How much of an intrusion was it, really, for a merchant to hit me with a banner ad for dog food, since it had reason to believe I owned a dog? Any users who were sensitive about their personal information could simply opt out of tracking.

But times have changed.

The digital surveillance economy has ballooned in size and sophistication, while keeping most of its day-to-day tracking apparatus out of view.

Public reaction has ranged from muted to deeply concerned.

Advertising dog food to dog owners remains innocuous, but pushing payday loans to people identified as being financially vulnerable is not. Neither is targeted advertising that is used to exclude people. Julia Angwin, Ariana Tobin and Madeleine Varner found that on Facebook targeting could be used to show housing ads only to white consumers. Narrow targeting can also render long-standing mechanisms for detecting market failure and abuse ineffective: State attorneys general or consumer advocates can’t respond to a deceitful ad campaign, for instance, when they don’t see it themselves.

Originally, our use of information platforms wasn’t tailored much to anything about us. Your search results for the query “Are vaccinations safe?” would be the same as mine. If you didn’t like what you got, the absence of tailoring suggested that the search platform wasn’t to blame; you simply were seeing a window on the web at large. For a long time that was a credible position for content aggregators to take.

Today that’s not true. Instead of actively searching for specific things, people read whatever

content is in the feeds they see on sites like Facebook and Twitter.

Is it still fair for search platforms to say, “Don’t blame me, blame the web!” if a concierge provides the wrong directions to a location? While we tend not to hold Google responsible for the accuracy of every link it returns on a search, the case may be different when platforms pluck out only one answer to a question.

We’ve also moved to a world where online news feeds are aggressively manipulated by third parties trying to gain exposure for their messages. There’s great concern about what happens when those messages are propaganda — that is, false and offered in bad faith, often obscuring their origins. Elections can be swayed, and people physically hurt, by lies. As platforms provide highly curated responses to consumers’ queries, they’re likely to face heated questions about whom they’re favoring or disfavoring.

So what should mediating platforms do?

An answer lies in recognizing that today’s issues with surveillance and targeting stem from habit and misplaced trust.

People share information about themselves without realizing it

and are unaware of how it gets used. But the remedy of allowing them to opt out of data collection leads to decision fatigue for users, who can articulate few preferences about data practices and simply wish not to be taken advantage of.

Best practices for the use of personal information online aren’t clear-cut. After all, much of the personalization that results from online surveillance is truly valued by customers.

That’s why we should turn to a different kind of relationship for inspiration: one in which the person gathering and using information is a hired professional helping the person whose data is in play.

Yale Law School’s Jack Balkin has proposed that today’s online platforms become “information fiduciaries.” The key characteristic of fiduciaries is loyalty: They must act in their charges’ best interests, and when conflicts arise, must put their charges’ interests above their own.

A fiduciary duty wouldn’t broadly rule out targeted advertising — dog owners would still get dog food ads — but it would preclude predatory advertising, like promotions for payday loans. It would also prevent data from being used for purposes unrelated to the expectations of

the people who shared it.

This approach would eliminate the need to judge good from bad content, because it would let platforms make decisions based on what their users want, rather than on what society wants for them. Most users want the truth and should be offered it; others may not value accuracy and may prefer opinionated content instead — and when they do, they should get it, perhaps labeled as such.

More generally, the fiduciary approach would bring some coherence to the piecemeal privacy protections that have emerged over the years.

The right to know what data has been collected about you, the right to ask that it be corrected or purged, and the right to withhold certain data entirely all jibe with the idea that a powerful company has an obligation to behave in an open, fair way toward consumers and put their interests above its own.

But the quandaries of online platforms are not easy to address. Indeed, the concept of “personally identifiable information” in data privacy has become blurry, as identifying information can now be gleaned from previously innocuous sources, making nearly every piece of data drawn from someone sensitive.

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

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In an ever changing economy, with 125 years of serving YOU, we remain strong, trustworthy, dependable, safe and consistent.

You can be confident that we will continue to deliver innovative banking products and services which seamlessly and conveniently suit your lifestyle needs.

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Nevertheless, many online practices will always be blackand-white breaches of an information fiduciary’s duty. If Waze told me that the “best route” somewhere just so happened to pass by a particular Burger King, and it gave that answer to get a commission if I ate there, then Waze would be putting its own interests before mine.

Ideally, companies would become fiduciaries by choice, instead of by legal mandate.

U.S. federal law could offer relief from the existing requirements of individual states if companies opt in to fiduciary status. In addition, firms would need to structure themselves so that new practices that raise ethical issues are surfaced, discussed internally and disclosed externally. The idea should be to encourage employees to flag when something could be “lawful but awful” and congratulate them for calling attention to it.

Further, information fiduciary law could provide some immunity not just to individuals but to firms that alert the public to iffy practices.

That suggests a third touchstone for an initial implementation of information fiduciary law: Any public body chartered with offering judgments on new issues should be able to make them prospectively rather than retroactively. For example, the IRS can give taxpayers a “private letter ruling” before they commit to a tax strategy. Companies ought to be able to ask public authorities for guidance rather than having to make a call in unclear circumstances.

The problems arising from digital surveillance are getting more ingrained. It’s time to try a solution that’s based on duty to the consumers whose data might otherwise be used against them.

Jonathan Zittrain is a professor at Harvard Law School and the faculty director of the Berkman Klein Center for Internet and Society.

Friday 29 March 2019

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Odunayo Oyasiji

Countervailing duties in International Trade

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his is also referred to as anti-subsidy duties. This is a trade remedy instrument in international trade. The World Trade Organisation (WTO) recognizes the use of this method. Countries do give subsidies to companies and products. What subsidy does is that it reduces the cost of a product as government takes responsibility for part of the cost. Therefore, the product will not be sold to the general public at its real value as the government has taken part of the burden away from the people. In essence, the product becomes cheaper and affordable.

In Nigeria, a good example of a product that is subsidized that readily comes to mind is petrol. Government pay part of what the fuel actually costs to the marketers. This is responsible for why the product is being sold at 145 Naira per litre. Ordinarily, the product cost more than the amount it is being sold to the public.

In some situations, products that are subsidized and being sold at lesser prize are also taken to other countries and sold at an amount that is cheaper than what it should be sold. What is responsible for this is the fact that the product has been subsidized.

This sometimes have negative impact on the industry of the country where such subsidized product is being sold to.

For example, Ghana decides to subsidize its fabrics/textile materials and thereby making it cheap and affordable. The same subsidized materials are also being sold to Nigeria at a price that is lower than the real

cost price (due to the subsidy).

This practice can have negative impact on the Nigerian textile industry as the fabrics from Ghana can even be cheaper than the ones that are made in Nigeria. This is where countervailing or anti-subsidy duties comes in.

Once the government of the country where such product is being exported to identifies the fact that the products are subsidized, they impose duties to maintain a balance and bring up the price of the product to a reasonable amount and not below its cost price.

This trade remedy is less popular than the two other trade remedies that are acceptable under the WTO i.e. anti-dumping and safeguard measure. Unfortunately, most African countries lack the capacity and expertise to use the trade remedies. The only African countries that uses or that have developed a level

of expertise to use the trade remedies are South-Africa, Morocco, Egypt and Tunisia.

It must be stated that the new African Continental Free Trade Agreement which Nigeria is yet to sign recommends the use of the three trade remedies preserved by WTO for the purpose of protecting local industries. Concerns have been raised on this issue as

most African countries lack the capacity. For example, antidumping investigations are extremely expensive to undertake. Poor African countries may not be able to afford to undertake this process. It has been advised that the little resources they have should be concentrated on improving the infrastructural facilities in the country.

turned out to be one transferring the ownership of the property from the Landlord to the tenant.

The landlord is an illiterate but he made enquiry from the tenant on the content of what he was to sign. He was informed that the document was to cancel the arrears of rent.

Mr Williams after ensuring that the landlord signed the document subsequently sold the property to another person. It was held that the transfer to Mr Williams was void. This is because the landlord being an illiterate was misled to sign a deed of transfer believing he was signing a different document.

Also, he enquired from the tenant with regards to the content and he deliberately misled him.

It must be noted that for the plea of non est factum to succeed some elements must be present.

The first is that there must be fundamental difference in what was intended and what the document accomplished. This means that the document must accomplish something totally different from the intention of the person that signed it. The second element is that there must not be element of laziness on the part of the person pleading non est factum. In essence, the party signing must be

Nigeria for example adopts the method of importation ban which is prohibited under WTO. There have been calls for Nigeria to adopt the methods provided under the WTO. However, no progress has been achieved. It has even been said that the importation ban has been rendered useless because of corruption on the part of customs officials in the country. Smugglers end up flooding the market with the banned products after bribing customs officials.

The above have raised the concerns of scholars on how the small and poor African countries are going to benefit from the free trade agreement. Also, countries with porous borders and corrupt customs officials like Nigeria are also likely not going to benefit. This is one of the reasons why the Manufacturers Association of Nigeria MAN) have been calling on the federal government of the Nigeria not to sign the agreement.

In conclusion, a lot needs to be done to put Africa in a position to be able to effectively adopt the trade remedies preserved by the WTO. There will be a lot of trade imbalance if the right things are not put in place.

Countries with better capacity like South Africa and Morocco are likely going to benefit from the free trade while nascent/growing industries in other countries will suffer the impact of heavy importation.

Therefore, only few will end up benefitting from the AFCTA while the poor countries will become poorer.

Non EST factum N

on est factum simply means “not my deed”. This principle serves as an exception to the rule that once you append your signature to a document then you are bound by the terms of the document.

The principle as to being bound by whatever you signed was applied in the case of L’estrange vs. Graucobs(1934) 2 KB 394. In this case, the defendant in the process of selling a slot machine to the plaintiff made him to sign a document which makes the defendant not to be liable in case there is an issue with the machine.

The plaintiff was not aware of that

the foregoing terms was present in what he signed. The machine turned out to be a defective one.

The court held that the defendant cannot be held liable on the basis of the terms of the agreement that was signed by the plaintiff.

In Thoroughood’s case (1584) 2 Co. Rep 9a on the other hand, the principle of non est factum was applied. Mr Thoroughood is the landlord while Mr Williams is the tenant. Mr Williams owed arrears of rent. It was the landlord’s intention to release him from the liability of paying the rent owed. In doing this, a document was signed by the parties. The document

diligent enough to go through the content of what he is signing. If he is found to have failed in this aspect then the principle will not avail the person.

In conclusion, it is essential that we thoroughly scrutinize the content of documents we append our signature to. Failure to do this in our day to day business transactions can cause a lot of damage.

Often times, it is better to allow legal practitioners to read through agreements before signing them as they can contain terms that can only be properly interpreted by people with the knowledge of the law.

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New insurance model signals hope for Nigeria’s smallholder farmers

. . . As IFC partners Africa RE to develop index based insurance Stories by CALEB OJEWALE Twiiter: @calebtinolu

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igeria’s agriculture sector which is perceived to be quite risky may be getting yet another de-risking initiative in making it more attractive, with the announcement of an index based insurance by IFC and Africa RE. The partnership aims to assist Nigerian insurers develop appropriate insurance products for smallholder farmers across Nigeria, many of whom are left exposed with huge losses when incidents occur.

According to the Global Index i n s u ra n c e f a c i l i t y f a c t s h e e t, insurance providers in Africa and other developing regions rarely offer the hazard insurance familiar to industrialised countries.

Earthquake, flood, and hurricane victims often lose their homes in an instant, recovering none of their investment unless they are fortunate enough to be part of a donor-funded disaster relief program. Likewise, droughts can wipe out the crops that farmers rely on for income.

To address this in Nigeria, IFC, a member of the World Bank Group, says that it signed an agreement with Africa RE, a panAfrican reinsurance company headquartered in Nigeria, to help thousands of smallholder farmers in Nigeria to more easily access insurance to protect their crops and livelihoods.

Under the agreement, Africa RE and IFC’s Global Index Insurance Facility is expected to help Nigerian insurance companies licensed

by Nigeria’s insurance regulator, NAICOM, develop agricultural insurance products, and deepen their index insurance business lines.

These index insurance products will help protect farmers against environmental risks such as drought, floods, erratic rainfall, and other natural hazards, noted a statement following the announcement.

The perception of risk, coupled with the seemingly lacking reliable insurance has according to experts views in previous BusinessDay articles on the subject, limited efforts to transform agriculture from a traditional (subsistent) activity to a full fledge commercial activity which will help to boost Nigeria’s revenue as well as ensure food security. Then

inability to secure insurance in a competitive manner has also made some investors remain sceptical to put their funds in a market where risk cannot be adequately mitigated.

“Other than the intervention of NIRSAL in terms of risk sharing, agric insurance has unfortunately not been very impactful in this environment and this is one of the things we must encourage,” Tunji Owoeye, group-managing director, Elephant Group Plc, told BusinessDay. “The moment you have insurance, it gives assurance to the lender and increases capacity or appetite to get into the transaction. It is something that must be encouraged.”

In Nigeria, agricultural insurance was until recently perceived to be vested more or less in the Nigerian Agricultural Insurance Corporation (NAIC), which by virtue of the law establishing it is empowered to provide insurance to the agric sector, particularly when funding is being sourced from government interventions or loans from financial institutions.

“G overnment established NAIC because private insurance companies refused to do agricultural insurance,” claimed Victor Ofovbe, a senior manager with NAIC, covering Agric Underwriting, and a member of the claims committee, in a phone interview.

He also said that while some private insurance companies were given licenses to carry out agric insurance, they are not making impact. “Even when big farmers approach them for insurance cover, they reject those businesses when they see the risks involved, but NAIC accepts every risk, whether bad or good, because that is what we were set up for,” he said.

This may however get to change with this anticipated Index-based agricultural insurance, which pays

out based on transparent parameters like rainfall and does not require costly field visits to verify losses. It has been described as an innovative and efficient way for farmers to protect themselves against losses.

Ken Aghoghovbia, Africa RE’s deputy managing director/chief operating officer, said “This initiative will certainly help move Nigeria towards its goal of food security and it is in line with Africa RE’s mission to support African economic development.”

In the same vein, Eme Essien, IFC country manager for Nigeria, said, “IFC’s support for affordable and accessible agricultural insurance will help Nigeria’s farmers mitigate the effects of climate-related shocks, protecting them against catastrophic losses and unlocking access to finance. Developing a sustainable agricultural insurance industry also requires a strong commitment from regulators, such as NAICOM, who embrace innovation to help farmers manage their risks.”

Farmers with crop insurance are also more likely to access other financial products, including credit, and to invest in higher quality production inputs. However, the traditional insurance market has largely failed to meet smallholder Nigerian farmers’ demand for affordable insurance with its high premiums and transaction costs, read a statement on behalf of both organisations.

IFC’s and Africa RE’s specific support to insurance companies will include helping them design specialised insurance products and develop digital platforms so farmers can easily view and compare index insurance offerings from various providers. IFC and Africa RE say they aim to provide thousands of farmers with access to insurance by the end of 2020.

Friday 29 March 2019

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Netherlands govt, seed companies launch programme to increase farm yields

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he Dutch government together with a consortium of Dutch seed companies have launched the ‘Seeds for Change’ (S4C) program in Nigeria, to fasten the introduction of improved inputs and contribute to food security.

The project, which kicks off in Kano state is projected to help farmers raise their income level through adoption of improved, quality seeds that can drastically increase their farm yields.

Following the S4C Launch, the consortium exhibited at the Dutch Vegetable Seeds Pavilion at the Agrofood Expo in the Landmark Centre, which held this week in Lagos.

“There are a lot of opportunities to improve the quality and volume of the crops grown in the Kano area,” notes Mackenzie Masaki, of the Netherlands-African Business Council (NABC), the organisation coordinating the S4C project. He explained that currently, most farmers in Kano state in Northern Nigeria use farmer saved seeds and open pollinated seeds for planting.

However, there is a business case for switching from low quality farmer saved seeds to buying better quality seeds when one knows how to grow vegetables with these seeds.

The S4C program, according to its promoters will drive the use of biological crop protection and hybrid vegetable seeds to improve yields and provide training on cultivation techniques for five vegetable crops: Tomato, Watermelon, Onion, Hot and Sweet pepper and Cabbage.

Setting up demonstration farms Convincing farmers who have been operating in the same way for generations, to start using new methods is quite challenging, and unless proof success can be seen, adoption is nearly impossible. “Seeing is believing,” said Masaki.

According to him, two ‘trial-

farms’ have been selected, where well-established farmers are going to run trials with the hybrid seeds to ensure selection and introduction of the right varieties suitable not only to the climate and growing conditions in the North but also for the market.

Parallel to this, he said the program will work with multiple demonstration farms that will to a large extent mimic local farmer growing conditions and be utilised as centres of excellence to train farmers on how best to manage hybrid seeds. The demonstration farms will then in turn be linked to model farmers, local farmers with good standing in the society for others to see that it is possible.

As Rutger Groot, chairman, East-West Seed Knowledge Transfer, and a member of the Supervisory Board EWS BV, previously told BusinessDay, the importance of demonstration farms cannot be overemphasised, because farmers will reason that if a neighbour can do it, then so can he/she.

“It is a way of spreading by using key farmers across the country and training them,” said Groot, “Farmers are risk averse and will not just take a risk because if they mess up their production, then they won’t make an income.”

Masaki als o explaine d that the focus is not only on bringing in more seeds, since for certain crops a lot of quality improvement by way of training is possible even without the need of bringing in hybrid-seeds.

The S4C program is a private public partnership (PPP) between the Dutch government t h ro u g h RV O ( t h e D u t c h Enterprise Agency) and 6 Dutch companies: RijkZwaan, East West Seed, Bakker Brothers, Syngenta, EnzaZaden and Koppert. S4C is being managed by NABC, the Netherlands-African Business Council supported by its local partners WorldVeg, 2SCALE & AfriAgri Products Ltd.

Commission on Phytosanitary Measures to adopt new diagnostic, pest control standards

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he Commission on Phytosanitary Measures (CPM) - the governing body of the International Plant Protection Convention (IPPC) - will at its forthcoming annual meeting, review the state of plant health and protection, and adopt new international standards aimed at stopping the spread of plant pests, including protocols to block devastating pests such as

Xylella fastidiosa and the oriental fruit fly.

Globally, annual crop losses to plant pests are estimated to be between 20 to 40 percent of production. Plant diseases cost the global economy around $220 billion each year.

The IPPC is the only international body for setting and implementing phytosanitary standards to protect plants from

pests and diseases, and ensure safe trade in plants that is recognized by the World Trade Organization SPS Agreement and governments around the world.

During its 14th session, the Commission will adopt: • A new standard to provide guidance on improved fumigation methods to control regulated pests. This is in response to growing concerns over fumigants

that can be harmful to human health and the environment.

• Diagnostics protocols that describe procedures and methods for the official diagnosis of six pests, which include: Xylella fastidiosa - a bacterium that has been increasingly spreading and attacking economically important crops such as olive, citrus or plum trees and grapevines. Another is the oriental fruit fly (Bactrocera

dorsalis), which has affected trees such as avocado, banana, guava and mango in at least 65 countries in sub-Saharan Africa and Oceania.

The Commission will also discuss the concept of commodity and pathway standards to support the setting up of ground rules for countries to commence trade also with the aim of introducing new opportunities for developing countries.

Friday 29 March 2019

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Hotels Ibom Hotel & Golf Resort continues to impress

Top BusinessDay Partner Hotels

…receives “Best Leisure Hotel 2019”award Stories by OBINNA EMELIKE

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he Nigeria Travel Awards 2019 was an e vent that many stakeholders in the Nigerian hospitality sector had anxiously awaited and worked hard for.

The award, which was organised by Jumia Travel on March 11, 2019 in Lagos, rekindled healthy rivalry among hospitality, tourism and travel outfits across Nigeria.

However, while many deserving outfits went home with awards for their excellence in service delivery among others, Ibom Hotel & Golf Resort was not left out. It was all resounding applause when the foremost golf resort in Akwa Ibom State was announced as winner in the ‘Best Leisure Hotel 2019’ category.

It was a remarkable feat for the resort going by its recent change in management, which many thought would affect its standard and service delivery. The award was one of the testimonies of the commitment of the staff, new management and the state to sustain and improve on the hospitality tradition the resort adopted right from inception.

Of course, credit goes to Ronald Stilting, general manager of the resort, who led his team to achieve beyond expectations.

In his vote of thanks at the awards, the elated Stilting, said, “The award is a highly

The hotel team shortly after receiving the award

anticipated confirmation that Ibom Hotel & Golf Resort continues to be the best in class in Nigeria. This is even more significant for us, as early 2018, after the departure of the Le Meridien-brand everybody said that there would be a complete breakdown of the facilities and service. Our staff, after initial hesitation, remained focused on service delivery and continued to be proud of the product and services they deliver to the guests”.

The GM further noted that the Jumia Travel Award was earned by all the staff and would be surely celebrated upon arrival.

While the award gives the resort the confidence to continue on the road it is on, Stilting gives reasons for winning the awards saying, “We have achieved a lot in 2018, both visible for the guests and behind the scenes. A new chiller plant and generator

were installed, as well as, new curtains, carpets, TV’s, PABX, among others. The golf course is in top-shape and feedbacks from golfers confirm that we have the best golf course in West-Africa. We were also proud to receive the Super Eagles again, who prepared for the Soccer World Championship and feel really at home in Ibom Hotel & Golf Resort.

We will continue to work hard to improve the facilities and motivate our staff, as the success can only be achieved by happy and motivated staff.”

Ibom Hotel & Golf Resort is a location for business, conference and leisure. Located in the safe environment of Akwa Ibom State with excellent infrastructure and only an hour flight from Abuja or Lagos, conditions for a pleasant and successful stay are best from the start. Set on 147 hectares of well-maintained landscape amidst pristine palmtree forest and rivers, one

feels immediately relaxed and invigorated. It offers excellent accommodation in 163 rooms and suites on 5-star level, and several restaurants and bars.

The Marina, located directly at the river with an art-gallery and serving Akwa Ibom specialties and best pizza in the region, is surely a highlight.

The fact that it is considered a top-destination for leisure is not a surprise: aside from the world-class 18 hole golf course, Ibom Hotel Golf Resort offers a large swimming pool (with children’s pool), large gym with poolview and personal trainer, tennis & squash courts, hair& beauty salon, spa, sauna, bicycle rental, pool-table, games room, football-pitch, volleyball course, guided tours, daily live-music and a night club. During the holidays, special children and family programs are offered.

With seven meeting rooms and a large banquet hall, which hosts more than 700 persons, Ibom Hotel & Golf Resort is also an excellent choice for corporate events, conferences, AGM’s and teambuilding sessions, among others. Due to the location there will be no distractions for participants, so results can be achieved.

Ibom Hotel& Golf Resort expects to organize two golf events this year, but will also be the venue for several other golf tournaments by companies and organisations.

The general manager invites corporates and urges them to contact the resort for sponsorship, cooperation and teambuilding events among others.

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

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

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

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

Tel: +234 9 4603900, +234 805 7522500

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

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

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

Nzuri Indulge berths to spoil guests

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new styling boutique and one stop salon and spa for women, men and children, ‘Nzuri Indulge’ has berthed.

The posh and luxurious salon situated on a serene and cozy ambience at 73 Omon Ebhomenye Street, Lekki Phase 1, Victoria Island, Lagos, was unveiled last weekend.

The new place of indulge for discerning personalities was declared open by Aderenle Edwards, founder and chief executive officer of the outfit, who personally took guests around the penthouse facility center housing the spa. Guests comprising influential personalities, captain of industries and look good indulgers were treated to a refreshing outing with surplus wine and small chops, while some had a feel of the spa, makeup and hair styling touch. Children were not left out as some had their hair

treated. The new spa center houses many segments that include hair dressing and styling, nail care, makeup, children salon barbing, facial and body treatment, and other things related to the beautifying of the total body. Guests were high elated as they commend the new outfit with fa-

cilities that matches a modern spa.

Speaking at the launch, the founder said, “At Nzuri we are passionate about providing our guests with the ultimate indulgent experience and are committed to promoting a wholesome lifestyle with harmony and balance. We have

L-R: Pamela Shodipo; Denrele Edwards, founder/MD, Nzuri; Rita Unuigboje of UBA; and Teni Giwa Osagie, at the launch last weekend in Lagos.

carefully chosen our products to offer only professional ranges at the salon and at the spa we use and sell only pure, high quality, result-oriented, high performance and freshly blended products that are 100 percent natural made by our in house consultant and skin care formulator. We are just as careful in choosing our stylists, technicians and therapists, hiring only those who are competent, eager to serve and are passionate about their craft to be a part of our team.

Our services are focused upon nurturing and health, as well as, beauty and pampering.”

“This is a dream come true. It is a year of believe and trusting in God. Having set up such a modern spa center in a bubbling place like Lekki, one of things I take into consideration is that there’s space for everybody.”

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

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

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

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

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‘The MTF portal will prove that our industry is structured, and can compete on a global scale’ On Tuesday March 19, 2019, the MultiChoice Talent Factory (MTF) portal, the digital hub conceived as the premier destination for connecting Africa’s creative industries, went live. In this interview, Femi Odugbemi, West Africa director, MTF Academy, unveils to Obinna Emelike the potential of the portal, reasons Multichoice bankrolled it, the innovations in filmmaking, among other related issues.

What is the Multichoice Talent Factory portal all about? he Multichoice Talent Factor y platform is a place where collaboration offers itself as a prime alternative to our individual successes.

I also hope that it does something for Africa. It projects us as a people who are able to create our own economy and who are able to see and recognize our own opportunities.

For a long time, professionals within our industry have gone to great lengths to prove that what we do is credible enough to be treated as an important economic player in our economy. The MTF portal will prove that not only is our industry just as structured, but most importantly, that it can compete on a global scale. I found out that the first time Nollywood began to gain respect was not because of the stories but the enlarging numbers of the audiences. Economics is always a compelling tool out there. But what this platform will do is that it will create so many opportunities that are not driven by a third force.

Today, Nigeria does not have any coproduction treaty that I am aware of, but South Africa has 11. I am talking about country to country and it has to be an Act of Parliament. I think a lot has been done on our side to push it through, but you know how our political system is, we make the simplest things as difficult as possible. But we will get there.

But here is the issue; filmmaker to filmmaker collaborations do not need an Act of Parliament. If you are in Rwanda and I am in Nigeria, we like same story and decide

T

amount of investment that I do not think is chicken change. I think the portal investment is a critical thing for which Multichoice should be saluted because they are investing in something that advances the value of their own services. With this value, more quality work will be done.

In a way, it is a shared value and I think it is about time, anyway. I am not so worried about how long it has been, the important thing is better late than never.

to work together, nothing stops us.

What are the features of the portal?

The features are basically like LinkedIn. Every filmmaker, every cameraman, every storyteller, film critic, audience interested in African cinema can open up a profile.

What does it do? First, there is a lot of information about what is going on across the film industries in Africa and only an MTF can do that because there is presence in 49 countries in Africa.

Secondly, there is board in which jobs can be placed. I often get calls from filmmakers across Africa who ask me to recommend a good cameraman in Lagos. The problem with that is there are many cameramen here and the ones I pick become a function of how I feel that day.

With MTF, this means that the man generating the work can go online and look for all the cameramen not just in Nigeria but in the 49 countries we have presence.

He can look at their work profile, the works they have done before and can connect them directly, know the cameras they are proficient at and he can make a decision.

We are breaking down walls, removing challenges, so there are no godfathers and no superior internationally renowned filmmakers.

Any filmmaker can connect, but there will be opportunity because that bill board will have works that are both from Multichoice and others.

It is in my opinion, the biggest opportunity. He will also be able to chat with other people that are registered on the profile. But you do not need to register and take advantage of the information on it, it is exactly like

Why did it take long time to launch the portal?

It is because it is a huge investment. The German government tried to launch something called Mocolo. It was supposed to be a platform funded by a whole government, and the complexity of creating this kind of a platform with a technological backbone that will be trustworthy and sustainable has taken many years.

It also takes a certain

How is technology impacting the industry?

The truth is that all us must understand that reinventing yourself is a demand of any profession in the 20th century because audiences and consumers have access to every definition of excellence in that business. Now, it is the consumer that drives what wins in the marketplace and as long as that is the case, it will affect us as a profession.

Remember, we began with ‘we want to be a professional group’, it means we will listen and respond to what consumers are asking for.

The whole idea of us competing to know the better filmmaker is not as relevant as who is delivering the better value. If delivering better value means you are a better filmmaker that is for my pocket. Nobody sells that ‘I am a better filmmaker’, what you sell is the film that is good. Hopefully, technology is realigning these conversations and assumptions and all of us are going to reinvent ourselves by aligning with what I call the true knot. The true knot is the place of excellence, the place of stories that connect with the audience and conversations on how we will get better.

that has enriched my life and it is a fulfilling and challenging passion. It enriches you as a person in so many ways.

One of the biggest benefits I have derived is the discipline it instills in you. This is why it is particularly useful for children”, Taiwo Baju- Adesuyi, founder/ director, said whilespeaking on the International Piano Day. “The only way to learn an instrument is to practice regularly- almost daily. Even the discipline and hard work required, first, just to get a sound out of the instrument,

then a decent sound, then a nice sound, then learning all of the musicianship involved that whole process, extending throughout a good portion of your life instills valuable life lessons. With Piano day celebrations we want to continually promote the artistic and creative narrative of Nigerians”, she continued.

The Piano Showcase, according to her, is a collaboration with Musical Society of Nigeria (MUSON). MUSON’s School of Music is at the forefront of music education in Nigeria.

Femi Odugbemi

LinkedIn. It is powered in an encrypted way, so your data is also safe. You can deactivate if you wish, there is no compulsion. I think it is a win-win for anybody who is interested on how technology is powering the industry.

How do you verify information on the portal?

The information will be verified because there is an active backend. What we have learnt from the recent experience of Facebook is that the opportunity provides the platform for both the well-intentioned and the not-so-well-intentioned. So, when you post an opportunity on the billboard, there will be a delay, it will get a call, there will be an interrogation, if there is a link there, there will be visit to the link. Also, remember these things can be confirmed easily. If you are running a programme in Lagos and there is Multichoice office in Lagos, someone can easily find who this is because it is important that the platform’s integrity is safeguarded. There are a lot of

young filmmakers across Africa who are desperate for any and every opportunity. It is important that whatever opportunity we post there must be true, fair and accessible.

How can filmmakers and other stakeholders who are not technology savvy benefit from the platform?

When I hear this I remember my mother. She is 80 years old and does not speak English.

But most of my deep conversations with her are on WhatsApp. She created the WhatsApp for all her children and she types in Yoruba language.

Technology has nothing to do with language, but it has everything to do with value.

For those who are afraid of technology, technology is less about power than it is about economics. Your capacity to function will diminish as the years go by. I started work in the days when our editing machines were those old stuff. The editors who did not embrace technology, at some point, nobody needed to preach to them. They found

out that nobody needed their services because the equipment they use and the body of knowledge they have were obsolete.

I don’t think that technology carters to people who are reluctant to change, people who live in this age must understand that everything they desire lies in what technology is doing. That question is critical; it is for everyone, whether you are a pastor or a food-maker, everything you need to function in what you claim to be, is being revolutionized by technology today.

Nigerian pianists celebrate International Piano Day

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oday March 29th is the International Piano day. It is an annual world-wide celebration of the Piano, the most versatile music instrument, piano music, pianists and everything that revolves around it. Conspicuously, it is celebrated on the 88th day of the year because the piano has 88 keys.

These Nigerian pianists began the first local initiative in a MUSON sponsored piano-related project called a Piano Showcase featuring Nigerian pianists in a series

of pre-recorded videos and performance clips their talent, personality and musical journeys as pianists.

The idea for this was borne out of the need to make classical music more relatable with the goal to share the beauty of piano music and ensure it is as wide-reaching as possible in Nigeria. Through a series of short performance videos that will inspire more people (parents and children alike) to learn the piano.

“Playing the piano is the single most important thing

L–R: Ludmila Oresanya, pianist; Taiwo Baju-Adesuyi, founder/ curator, Piano Day Nigeria; Babatunde Sosan, resident pianist, MUSON; Korede Omopeloye, pianist/teacher, CIS; and Tosin Ajayi, concert pianist and organist, at an event.

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Are you board ready?

Business etiquette

Janet Adetu

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s a professional it should be one of your goals or aspirations to grow and move up the corporate ladder as fast as possible. Along the way you hope to learn, relearn and unlearn all the important and unimportant aspects of becoming a great leader. Ultimately you aspire to aim for the top either in your corporate growth career path or as an entrepreneur running a business from local to the international space. It is expected that you will hold a position that is eventually of high value of C-suite decision making capacity. This means being a director, a board member at the level of an executive or a non-executive of course being the chairman of the board is the prize.

It is important to remember that being on a board is clearly a huge responsibility, it requires working as a team member, listening to others opinion, infusing elements of empathy, emotional intelligence and above all self-awareness intelliect. I have seen a lot of professionals on all levels from senior level, to executive level express having goals of being a director sitting on the board with no glue as to what it entails. We have also seen instances of where the managing director rose through the ranks from a young youth corper to front desk personnel all the way to top, not overnight but over a long period of time. It is expected that those earlier years would have groomed that individual giving bouts of experience and would have prepared the journey of leadership.

Somehow, to have that goal is simply not enough that is to want to be a board member. My big question is to you nurturing the journey to the top. If you were given a letter of appointment: Are you board ready?

Whether you are a female about to join a male dominated board, the accolades are good, the privileges that come with it are awesome however, all eyes are on you whether you like it or not watching you like a hawk.

If you are a promising executive and all roads lead to you being the next chairman or chief executive, it is also not on a platter of gold, you may have contemporaries also running for that post, equally qualified for that position.

There will be a long list of expectations required of you. In my little research, recently asking professionals especially women about being a director serving on a board or boards. I discovered that

80% said they were not board ready at the time of appointment, 70% said they had both feelings of excitement and anxiety, 50% of the respondents knew they were due for the next level as director while, 85% of the women approached the position with the goal of making a difference, wanting to add value, standing their grounds and creating a balanced diverse view on decisions.

I am so passionate about women trying to make a difference because our homes, organizations, companies, society and country need that balanced view and perspective to grow, succeed and cultivate a platform for a better tomorrow. I am strongly in support of the Women in Business and Public Sector - WIMBIZ Initiative for women

on boards,)as well as the institute of Directors – Women Directors initiative to have women on boards. On Thursday 4th of April, there will be a special luncheon hosted by the institute of Directors Woman’s Wing speaking about preparing women to be a director on a board. It promises to be a great program.

Let me give my ideas on some of what it takes to be board ready for now and in the future.

Self-Assessment It is important to assess yourself fully when thinking of joining a board. It is easy to think you have all the technical skills and know-how but not knowing that the board position requires far beyond your technical knowledge. At this point, how well you deal with people of all ages, generations and gender is important. You need to understand yourself and apply necessary your soft skills to succeed at this level.

Self Confidence Yes, there is no space for the timid when it comes to serving on a board.

Even where you are quite assertive you will need to build your level of confidence to the point where you are always able to defend your words and ideas and you are up for the challenge.

Self-confidence is nurtured and built daily from your everyday experiences.

Your confidence level will help you to handle all issues from the good, the bad and the ugly. It takes courage, determination and the will to succeed. Work on areas of your self-esteem, without being proud or pompous, be likeable by many and carry others along with you.

Emotional Intelligence This is an area I feel needs more emphasis in the corporate world. The board room can be a place where conflict brews and takes unthinkable turns. It is pertinent to understand first yourself, and how you are perceived by others, then to manage the dynamics of the boardroom setting and all its members. Your few words can have huge impacts on others; learn to manage egos, temperaments, mood swings and the meeting tempo. Learn to cultivate empathy as an individual.

‘

Whether you are a female about to join a male dominated board, the accolades are good, the privileges that come with it are awesome however, all eyes are on you whether you like it or not watching you like a hawk

Communication and Transparency In communicating in a board room, you must have the interest of all stake holders; you will need to be transparent and firm in all areas and thoughts.

Communicating clearly and holding your stance comes with your personality and character. Speak in clear terms with a voice that is accurate and precise, watch the body language of others when you are talking. Use communication skills to gain trust and command respect. Ensure everybody is attentive when you have the floor.

Good Listener It is not just to talk but majority of the time listen and understand. Being on a board does not mean you know everything; it will help to listen and grasp new knowledge to be applied later. Talk where you can add impact, listen where you need to acquire more information.

Listening is an art it requires discipline to listen without interrupting, start now.

Independence Being on the board is not a group arrangement, It is an individual one, being chosen to be on a board as a director means that certain attributes have been identified in you. It is assumed you will bring great value to the table and move the organization forward. This takes a huge level of responsibility; you will need to act on experience, wealth of knowledge and lots more. Your level of independence, tenacity, courage and determination is key. Being independent in your thoughts, attributes and behavior speaks to the beginning of a great leader.

Leader Yes of course, to be on a board means you have the ability to lead you cannot be a lone ranger or an artificial busy body.

Are you leading others at the moment?

Have you considered your look, empathy level, attributes, drive, executive presence and responsiveness? Are you really board ready now?

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

Movie Review – CAPTAIN MARVEL

Linda Ochugbua

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F you have being following all the Marvel movies and storyline you might get a hang of this new installment that would be leading into the final sequel of “The Avengers: End game”. If you enjoyed Avengers: Infinity war, then you will be glad you watched this one as it will give you an insight into how SHIELDS started and how the Avengers got its name.

Personally I think Captain Marvel could have been better. I had loads of mixed feelings after seeing this movie, likewise most of my friends who also left the cinema unimpressed.

There is just something not completely right about this movie, and I would conclude that our expectations of a Marvel movie were not met in comparison to previous ones. Also I would like to call to your attention that like all other Marvel movies, you need to sit till the

very end to get a grasp about the whole movie and what to expect from the upcoming edition.

Captain Marvel was produced by Marvel Studios, Distributed by Walt Disney and written by Anna Boden, Ryan Fleck. It is an action adventure movie, quiet exciting but at a point got quiet unrealistic, I liked the new twist, throwback to the past movies and the introduction of the new super hero. Let me state that I liked a few things about this movie, the production was ofcourse top notch, the cast was absolutely amazing, the cinematography was on point, the storyline was good, but quite complex to comprehend as there were loads of flash back and old scenes, making it quite difficult to understand if you skip any scene.

To be honest at some point I couldn’t even tell if we were in the present age or previous age.

There were some unrealistic scenes towards the end that left everyone in the cinema quiet speechless, wondering “How on earth that was possible”? Anyway I guess we all remembered that it was a super hero fiction movie, but then shouldn’t look so out of place.

“Captain Marvel” started with Marvel rehearsing with her coach, who had being training and teaching her all she needed to know about her skills, powers, mind control and surviving on her new planet “C53”. After much training and coaching it was time for her to be sent on a mission, but first she had to speak

with the main leader to be sure she was fit to go. The experience was another funny one, as she had to convince her that she had made away with her past and was ready to go all out to make sure that C53 came out victorious from the mission. It was obvious that Carol Danvers as she was called was depicted as one of the world’s most powerful heroes on earth.

She was tangled in the middle of a galactic war between two races, that took place in the early 90”s. Captain Marvel displayed her tenacity and strength and was taken on the mission. On getting to earth, she was kidnapped had to find her way back to “C53” The ‘bad’ guys wanted the information she had in her subconscious mind from her previous life so they tortured her. Old relationships were rekindled, Samuel L Jackson brought on some spice too but you will need to see the whole movie to see how it panned out and if she made her way back or remained on earth.

Cast: Brie Larson, Samuel L. Jackson, Ben Mendelsohn, Djimon Hounsou, Lee Peace, Lashana Lynch Genre: Action & Adventure, Science Fiction & Fantasy Written by: Anna Boden, Ryan Fleck, Geneva Roberston- Dworet Director: Anna Boden, Ryan Fleck Ratings: PG-13 (for sequences of Sci- Fi violence and action and brief suggestive language)

Runtime: 128 minutes Release Date: March 8th, 2019 To my verdict I would score this movie a 7/10, it wasn’t so fantastic or impressive, I wasn’t thrilled or moved after all the hype. I really also haven’t spoken much about the movie, which is quiet weird for a Marvel movie. Most of our expectations were not surpassed hence the not so fantastic score. They would have to do a lot in making sure we get impressed with the upcoming “Avengers: End game”. The honest truth is that they would make a lot of money and the turnout will be huge considering we are talking about a Marvel movie here, the major concern will be making sure that the expectations of the fans are met Another dicey point for me now is whether to recommend or not. Well if you are a fan of the Marvel group, then you might enjoy it, but if you are not, this might not be the ideal movie for you. After all was said and done, it was nice to see a glimpse of what we would be expecting come April.

Feel free to review any movie of your choice in not more than 200 words, please send us a mail to linda@businessdayonline.com , also please do answer the question of the week on social media and stand a chance to win a free movie ticket.

Linda Ochugbua @lindaochugbua

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Gov. Okowa rewards Super Eagles $60,000 for defeating Egypt Stories by Anthony Nlebem

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overnor Ifeanyi Arthur Okowa of Delta State has again bountifully rewarded the Super Eagles following victories in their 2019 AFCON qualifying match against Seychelles and the prestige friendly against seven –time African champions Egypt, as he presented a gift of $10,000 to Technical Adviser Gernot Rohr and another $50,000 to the team on Tuesday.

Governor Okowa similarly rewarded the team following their qualification for the 2019 AFCON with the 1-1 draw against South Africa in Johannesburg in November 2018, which they followed up with a friendly against Uganda in Asaba

three days later.

Captain Ahmed Musa, who on his part received rave reviews for promptly fulfilling his promise

of N1million-a-goal to the Olympic Eagles by sending the team N4million on Monday evening immediately after their 4-0 win

EU fines Nike $14m over illegal sales

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uropean Commission has slammed U.S. sportswear maker Nike with $14.14 million fine for blocking crossborder sales of soccer merchandise of some of Europe’s best-known clubs, the latest EU sanction against such restrictions.

The European Commission said Nike’s illegal practices occurred between 2004 to 2017 and related to licensed merchandise for FC Barcelona, Manchester United, Juventus, Inter Milan, AS Roma and the French Football Federation.

The European Union case focused on Nike’s role as a licensor for making and distributing licensed merchandise featuring a soccer club’s brands and not its own trademarks.

The sanction came after a twoyear investigation triggered by a sector inquiry into e-commerce in the 28-country bloc. The EU wants to boost online trade and economic growth.

European Competition Com-

missioner Margrethe Vestager said Nike’s actions deprived soccer fans in other countries of the opportunity to buy their clubs’ merchandise such as mugs, bags, bed sheets, stationery and toys.

“Nike prevented many of its licensees from selling these branded products in a different country leading to less choice and higher prices for consumers,” she said in a statement.

Nike’s practices included clauses in contracts prohibiting out-of-territory sales by licensees and threats to end agreements if licensees ignored the clauses. Its fine was cut by 40 percent after it cooperated with the EU enforcer.

Special Olympics Nigeria athletes shines at World Summer Games

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thletes of Special Olympics Nigeria has returned victorious with more medals in gold, silver and bronze from the 2019 World Summer Games were over 190 Special Olympics country programs including Nigeria participated in.

The delegates consisted of 46 Athletes, 14 Unified Partners including Persons without intellectual disabilities, 23 Officials, and 1 Medical Doctor. Nigeria participated nine sports, namely: Athletics, Badminton, Unified Basketball, Cycling, Unified Football, Swimming, Table Tennis and Unified Volleyball.

At a welcome reception held in their honour, the team was celebrated for being resilient, tenacious and exhibiting good sportsmanship which earned them 4 Gold and 2 Bronze medals in Athletics, 2 Gold, 7 Silver and 2 Bronze medals in Badminton, 10 Silver medals in Unified Basketball, 1 Gold medal in Cycling, 12 Gold medals in Unified Football, 3 Silver and 1 Bronze medals in Table Tennis, 1 Gold, 1 Silver and 5 Bronze medals in Swimming, and 12 Gold medals in Unified Volleyball totaling 63 individual medals in 8 sporting activities.

On behalf of the board members, athletes, and family members, Gbolade Victor Osibodu, Chairman Special Olympics Nigeria welcomed participants to the event, thanking them for taking out time to join in celebrating the team’s magnificent

achievements who as trailblazers have gone, competed, and brought home medals.

He said, “I am proud to inform you that we returned home with 63 medals, 32 gold, 21 silver, and 10 bronze medals. These numbers may sound odd but in Special Olympics we celebrate individual athletes and not the event. Therefore, the medals are not counted as per sport but as per athletes”.

In further appreciation, the chairman specially thanked the coaches, caregivers and the medical personnel Doctor Nike Odumosu for their dedication and hard work

in ensuring the team was ready for the games.

Osibodu also thanked sponsors for their unwavering support and for making the participation of the athletes at the world summer games in Abu Dhabi a reality.

Although the world games was officially concluded on the 21st of March 2019, the inclusion revolution continues. The organisation urges all to join the team in the inclusion movement by financially supporting their programs, inspiring people to open their minds, accept, include and value people with intellectual disabilities.

L–R: Charles Akindayomi, Member of Board, Special Olympics Nigeria; Victor Gbolade Osibodu, Chairman, Special Olympics Nigeria; Funmito Agusto, Member of Board, Special Olympics Nigeria in a cross section with the Athletes at the Special Olympics World Summer Games Welcome held in Lagos.

over Libya, thanked Governor Okowa for his kind gestures and support to the team, other National Teams and Nigerian Football generally.

At its meeting on Monday, the NFF Executive Committee had hailed Delta State’s number one citizen and his administration for full sponsorship of the Super Eagles’ two matches, as well as augmenting for the U23 AFCON qualifier between Nigeria and Libya.

Nigeria’s Odion Ighalo emerged top scorer of the 2019 AFCON qualifying campaign with seven goals, and the 1-0 victory over Africa’s number one –ranked side Egypt was brilliantly executed and must have positive implications for Africa’s fourth –ranked team Nigeria’s position in the next FIFA ranking activation.

The Stephen Keshi Stadium is fast turning to a positive hunting ground for the National Teams, with the Super Eagles banishing a 19 –year demon by defeating the Pharaohs, and the Olympic Eagles overturning a 0-2 deficit against Libya in the first leg to reach the final round of the qualifying series for this year’s Africa U23 Cup of Nations.

The football feast in Delta State was hugely rewarding for Nigeria, as the teams won all the matches, scoring eight goals in all and conceeding only one.

At its Monday meeting, the NFF Executive Committee also approved that the Super Eagles play two more friendly matches during the FIFA window in June as part of the preparations for the 32nd Africa Cup of Nations in Egypt this summer.

Fans to enjoy free live Spanish sport with new OTT service

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n a bid to bring live coverage of football actions to its esteemed fans, LaLiga has officially unveiled its OTT (overthe-top) service, LaLigaSportsTV, which offers fans free coverage of live Spanish sporting competitions via mobile and connected devices. This service, designed by LaLiga, will boost the visibility and exposure of all Spanish sport, with matches also to be made available internationally via a catch-up service.

Through this platform LaLiga aims to support the development of audio-visual offerings for sports that do not receive coverage through traditional media channels and whose content distribution has been limited for fans.

LaLigaSportsTV was created with the sports fan experience in mind. This has resulted in a simple and accessible interface, featuring native applications, cloud-based HD content and the ability to customise content for both live and on-demand services.

Fans of Spanish sport living outside of Spain will be able to watch matches on demand after the live broadcast has ended, pending local rights restrictions.

The LaLigaSportsTV app is available in eight languages (English, Spanish, German, French, Italian, Portuguese, Russia and Indonesian) for smartphone and tablet, while the smart TV service can be accessed in English and Spanish.

This service sees LaLiga strengthen its commitment to the sporting federations as a part of the LaLigaSports project, which was created to offer sporting federations in Spain enhanced exposure, help with their development and boost their motivation to compete.

Javier Tebas, President of LaLiga said, “The aim is to offer less high-profile sports greater and improved visibility via a platform where content is quickly and easily accessible, allowing fans to enjoy their favourite sport wherever,

whenever and however they want.

Federations will also be able establish a new framework through which to reach their fans through the service. LaLiga is keen to assist the federations in gaining a better understanding of user consumption habits with a view to developing improved commercialisation strategies as far as audio-visual content and sponsorship are concerned.

LaLigaSportsTV is a central part of the league’s commitment to innovation and to be at the forefront of technological advances, particularly in the audio-visual field. LaLiga is the first major European league to roll out its own OTT service and offer fans a platform for niche sports. This product is the only one of its kind globally and demonstrates the leading role played by the LaLiga clubs.

The launch event for LaLigaSportsTV was attended by LaLiga President, Javier Tebas; the President of the Spanish Sports Association (ADESP), Jose Hidalgo; the Corporate Vice-President of Samsung Electronics Iberia, Celestino Garcia; the Captain of the Spanish rugby sevens team, Paco Hernandez; as well as several elite athletes from Spain including Carolina Marin, David Cal, Joana Pastrana, Jeronimo Garcia, Jose Javier Hombrados and the full Spanish rugby sevens team.

LaLigaSportsTV will now be promoted through an advertising campaign with the message ‘Cuando te miran, lo das todo’ (When you’re being watched, you give your all), conveying that greater numbers of spectators have a direct impact on an athlete’s performance levels.

At the beginning of the event a minute’s silence was observed for Marcos Garrido Beltrán, a motorcyclist who died yesterday in an accident in the Andalusia Supersport 300 championship race at the Circuito de Jerez track. LaLiga sends its deepest condolences to Marcos’ family and friends.

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LEADINGWOMAN Female fashion designers in Lagos we admire KEMI AJUMOBI

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Lanre da Silva Ajayi anre da Silva (born 1978) is a Lagosbased fashion designer considered to be one of Nigeria’s leading couturiers.

Launched in 2005, her eponymous label includes couture, ready-to-wear, jewelry and hairpieces. Da Silva’s collections often incorporate metallic fabrics, lace and African patterns, while referencing the 1940s or 1800s.The Africa Fashion Guide recognizes her as having “... created a name for herself in high fashion in Nigeria.”

Folake Coker Folake Coker first entered the world of fashion in 1996 when she designed a collection for herself upon returning to Nigeria to start Law School.

Born in Lagos, Folake schooled in Switzerland, England and Scotland. Despite qualifying as a lawyer with a Masters degree in Petroleum Law, her love for the world of fashion reigned supreme over all.

In November 1998, Folake launched Tiffany Amber revolutionizing the Nigerian Fashion Industry. Having spent most of her childhood in Europe, Folake successfully translated her passion to a foremost fashion brand in Africa with outstanding global recognition.

Deola

Deola Sagoe Deola Ade-Ojo is a Nigerian born fashion designer who is popularly known by her design name, Deola Sagoe. She began designing in 1988 when she joined her mother’s business with a view of expanding the label’s repertoire to encompass more contemporary designs for the ever-developing, cosmopolitan high-brow society. Using African hand-woven materials in which she brought to life a range of distinct cultures; and contemporizing almost-lost traditional African techniques, Deola quickly became an icon in her field.

Valentina Utoh Her outfits speak class, engage the eyes and turns heads wherever and whenever they are spotted on women who are discerning about elegance and have a desire for style. If you call her designs the modern version of outfits worn by the upper class during the Victorian times, then you have spoken correctly.

Unusual outfits from her Mi Regalo-The Vintage Collection bear names like Jovana, Zanna, Florentin, Esmeralda, Aurelina, Belita, Zanna, Fonda, Mercedes, Elvera, Hermosa, Nina, Estefani to mention a few, all look outstanding in their own way.

Her name is Valentina Utoh and she is the CEO of Onyx by Valentina, a luxury female clothing brand bringing art to life through their handmade beaded pieces.

Lisa Folawiyo Lisa Folawiyo is a multi-faceted global womenswear and accessories collection.

Designer, Lisa Folawiyo perfected the art of wearing Ankara (local West African cloth) through the use of ornate embellishment. By incorporating texture with this culturally established traditional textile, Lisa Folawiyo transformed the textile and created a globally coveted print. This conceptual and global design hybrid has been the key to Lisa Folawiyo’s success.

Abiodun Folashade Tokunbo From Ijesha-Isu in Ekiti state, Tokunbo decided to go into the world of fashion design because of her love for creativity. She is the CEO of Anjy

Folake

Abiodun

Toju Luminee Couture Limited. She will readily tell you that her primary objective is to redefine style.

Located in Opebi, Anjy Luminee Couture is distinctive in her styles as her designs promote home-grown fashion yet gaining international attention.

Toju Foye Toju Foyeh, is the Creative Director and owner of the Toju Foyeh brand. The lawyer turned designer is one of Nigerian fashion designers who have broken the barriers of gender restriction and a powerful force to reckon with in the fashion industry.

She is detailed in execution of her designs and

Lisa

Valentina

Lanre

Matopeda

she does an amazing job in using fabrics effectively, making her clients appreciate her display of expertise.

Toyin Lawani Toyin is a graduate of English Language from the University on Lagos. She is the CEO of Tiannah’s Empire, a place where she runs over 30 businesses.

From fashion designer to skin care specialist, she also owns a salon (for men and women), she is the proprietor of a nail, fashion, modelling, and make up school, owner of a food venture- Amala Dot Com, photo studio, property business to mention a few.

Toyin

The affable author, award winner and Reality TV star is a mother of two.

Matopeda Salami-King Nigerian designer Matopeda Salami, popularly known as TopeFnR was born on the 12th of March, 1983 in London, United Kingdom.

A unique talent with a passion for beautifying women. It started with her mother, a woman who always had an eye for beauty, a flare for fashion and interior constantly sketching and working to make everything pretty. This greatly influenced Matopeda, inspiring her to grow to be a woman passionate about empowering, motivating and beautifying women through her clothes.

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Company Review

Company Review

Kudi’s $5.8m raise continues investors’ big splash on Nigerian fintechs in Q1 Stories by FRANK ELEANYA

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lthough the news has not been officially confirmed by the company, Kudi Inc., a San Francisco based fintech company founded by two Nigerians, have raised $5.8 million from Partech. It is the third multi-million dollars investment coming to a Nigerian fintech company in the first quarter of 2019.

A filing by the company to the United States Securities and Exchange Commission (SEC) on March 18, 2019 and seen by BusinessDay shows that Kudi was offered $7.3 million but eventually settled for $5.8 in equities to its new investors.

Following the round of funding, Tidjane Deme, general partner of Partech Africa Fund - the principal investor – will join the board of Kudi as a director. Weetracker which broke the news said there were possibilities of the involvement of multiple investors in the funding.

The development is coming two months after Partech

Africa Fund was doubled from $70 million to $143 million.

The fund plans to make 20 to 25 investments across roughly ten countries over the next several years.

BusinessDay sent an email to Kudi co-founder, Adeyinka Adewale who is yet to respond as at the time of going to press.

Founded in 2016 by Adewale and Pelumi Aboluwarin, Y Combinator-backed Kudi is a payment company that leverages conversational interfaces, natural language processing and artificial intelligence (AI) to enable users pay bills and pay each other faster and in a frictionless

Luno Nigeria takes cryptocurrency education to Abuja

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s part of efforts to reduce cryptocurrency illiteracy in Nigeria and empower users to not only make informed decisions but also feel safer, Luno Nigeria is organising the second edition of its meetup in Abuja on Saturday, March 30, 2019.

The Luno Meetup is a quarterly event that provides the platform for existing cryp-

tocurrency traders, buyers and intending users to learn and share ideas on the evolving trends in the market.

Luno, one of the largest cryptocurrency platforms in Africa provides regular information on new trends through its learning portal.

“This is part of Luno’s commitment to spreading cryptocurrency awareness as well as ensuring users know what

to do and where to go when they want to carry out their transactions safe and easy,” says Owenize Odia, country manager of Luno. “Luno is always looking for every opportunity to advance the crypto ecosystem in Nigeria because we believe it is the future of money.”

Odia added that cryptocurrency education also benefits the market because it will build confidence in cryptoassets which could translate to more investments.

The company expects to carry out at least three Luno Meetups in 2019 in different regions of the country. The 2018 edition was held in Lagos State.

Luno currently operates in 40 countries across Europe, Southeast Asia and Africa.

Nigeria is one of its biggest markets.

manner. Essentially, Kudi is a chatbot domiciled on Facebook Messenger, Telegram and Skype; while chatting with the chatbot, users can transfer money, buy airtime, pay bills as well as remind them when those bills are due and keep track of account details. Money transfer on Kudi comes at

no cost to users. However, the startup charges a convenience fee of N100 for some transfers and cable subscriptions.

As at 2018, the company said it had enabled over N10 million worth of transactions and it has grown 125 per cent week over week in revenue.

The first quarter of 2019

has seen remarkable investments in Nigerian fintech companies. In February, TeamApt, a payment infrastructure provider, secured $5.5 million Series A round from Nigerian-based private equity firm, Quantum Capital Partners.

One Finance (OneFi) also raised a $5 million debt facility for its consumer facing platform, Paylater from Lendable, a New York and Nairobi-based technology funding provider, to enable it extend more loans to customers.

OneFi also became the first financial technology startup in Nigeria to acquire another fintech company – Amplify Payments - in 2019. The acquisition was to help OneFi diversify its financial service offerings as Amplify’s assets, tradements and flagship products Amplify and mTransfers are added to its growing portfolio.

With the TeamApt funding and OneFi acquisition of Amplify Payments, experts are hoping it is a signal that local investments in tech startups are on the rise. Local investments have so far played second fiddle to the more dominant foreign investments.

Open Vector CEO to address Nigerian banks on open banking in Lagos

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arlos Figueredo, the founder and CEO of Open Vector one of the company’s that pioneered open banking collaboration with 13 banks in the United Kingdom will be one of the special guests expected at to address Nigerian banks during the Lagos Fintech Week in April.

The Lagos Fintech Week is week-long program showcasing discussions, demos from startups and panel debates.

In a statement sent to BusinessDay, Yele Okeremi noted that the choice to bring the Open Vector is due to the increasing recognition of open banking as one of the most viable ways to transform the banking system in the next decade.

Open Banking seeks to create a system in which customer data can be easily, yet

securely, accessed by different providers.

Okeremi said Nigeria cannot afford to be left behind.

“This is why we are bringing an expert of Carlos’ status who has wealth of experience and fundamentals of the needs for Open Banking to lead the masterclass at Lagos Fintech Week in April,” he said.

Open Banking traces its root to October 2015 when the European Parliament adopted a revised Payment Services Directive (PSD2) which among other things set out to promote the development and use of innovative online and mobile payments through open banking.

The UK took it a step further with the ruling by the United Kingdom Competition and Markets Authority (CMA) mandating the nine biggest

banks to allow licensed startups direct access to their data down to the level of transaction account. The European Union finally implemented the PSD2 rules in January 13, 2018.

During his first visit to Nigeria, Figueredo had told BusinessDay that Open Vector played a major role in the UK’s decision to make Open Banking a mainstream transformational strategy.

“In third quarter of 2018, Open Vector was granted by the British Embassy of Mexico City and the Prosperity Fund a component of phase 1 of the Fintech Law Delivery,” Okeremi said. “Figueredo worked alongside the CNBV (National Banking and Securities Commission) to develop and implement the data standards which will go live in April 2019.”

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BUSINESS DAY

31

Live @ The Exchanges Market Statistics as at Thursday 28 March 2019

Top Gainers/Losers as at Thursday 28 March 2019 LOSERS

GAINERS Opening

Closing

Change

PRESCO

Company

N62

N68

6

NASCON

N18.2

N20

1.8

GUARANTY

N36

N36.9

0.9

CILEASING

N7.27

N7.99

0.72

Opening

Closing

Change

CCNN

Company

N20

N19

-1

PZ

N10

N9.5

-0.5

UBN

N7.1

N6.6

-0.5

VOLUME (Numbers)

DANGFLOUR

N11

N10.5

-0.5

VALUE (N billion)

N11.2

N10.9

-0.3

CADBURY UACN

N7.8

N8

0.2

ASI (Points) DEALS (Numbers)

MARKET CAP (N Trn

30.833.50 2.807.00 1,918,122,947.00 2.803 11.593

Global market indicators FTSE 100 Index 7,242.19GBP +48.00+0.67% S&P 500 Index 2,802.78USD -2.59-0.09% Generic 1st ‘DM’ Future 25,641.00USD -19.00-0.07%

Deutsche Boerse AG German Stock Index DAX 11,434.72EUR +15.68+0.14% Nikkei 225 21,033.76JPY -344.97-1.61% Shanghai Stock Exchange Composite Index 2,994.94CNY -27.78-0.92%

Company in focus

Fidson: Strengthening growth in shareholders’ value Iheanyi Nwachukwu

F

idson Healthcare Plc has no doubt built an organisational framework that has helped it gain ascendancy in the Nigerian pharmaceutical industry.

The company, which for nearly 25 years has relentlessly pursued its goal of becoming the dominant player in the pharmaceutical sector in Nigeria is currently recapitalising its business to take advantage of the many opportunities in the Nigerian market.

It is giving its shareholders and investors the opportunity to reinvest in the business through a 1 for 2 Rights Issue that closes on April 9, 2019.

The proceeds of the equity raise will be used to repay expensive debts that are sitting in the company’s balance sheet and fund working capital.

This will ultimately reduce the company’s finance cost and provide the much-needed working capital funds to actualise its growth aspirations and access opportunities in the market.

The future remains bright for Fidson as well as the country’s pharmaceutical sector and the company is primed to take advantage of this.

At Sango Ota, Ogun State, the company is currently championing a progressive pathway for the industry, with its recently commissioned World Health Organization (WHO)-compliant manufacturing facility and best-in-class equipment installed.

Nigeria, with a population estimated at over 200 million and an average annual growth rate of 2.6percent making her the 7th most populated country in the world, is troubled with poverty,

diseases, malnutrition and other social security issues. The demand for quality and affordable healthcare solutions for this population puts great pressure on available resources – requiring improvements and upgrades.

The pharmaceutical sector of any economy plays a prominent role in the general health of citizens residing in the country. Nigeria is not an exception. Despite being recently hailed as Africa’s next frontier for pharma after South Africa and the hotspots of Northern Africa based on a spark of industry and economic growth, the Nigerian health sector is still far from living up to the expectation of the teeming population, hence rated by the World Health Organisation (WHO) 187th out of 191 members due to shortage of standard equipment for production and storage of pharmaceuticals, amongst other factors.

Despite the existence

of these and other challenges, there are flashes of hope as the industry continues to grow steadily and appreciably based on the collaborative efforts of the key industry players, regulatory bodies and government. This has spurred investment in local production of pharmaceuticals with the aim of promoting selfsufficiency and national security for medicines.

Existing pharmaceutical companies are also developing local industrial capacity with a global standard in a view to earning foreign exchange through exportation of domestically manufactured medicines and of course creating new jobs.

Currently estimated at about $1.3 billion, several economic analyses (including Mckinsey industry analysis, 2017) have indicated that the value of the Nigerian pharma market could rise by as much as 9 per cent annually over the next ten years to reach $3.6 billion by 2026. Over the same

period, Nigeria could contribute between $1.9 billion and $2.2 billion to pharma sales growth, 55 per cent of it from prescription drugs.

As part of its strategic initiative to harness this market potential, Fidson completed its N10 billion investment in 2016 and began full operations in 2017. This plant is at the forefront of the company’s growth strategy and was built to consolidate its manufacturing capabilities, increase revenue and returns to shareholders and ultimately reinforce the company’s eminent position in the Nigerian pharmaceuticals market.

The new formulation plant is one of the most sophisticated manufacturing facilities in West Africa and more than doubled the company’s previous capacity—enabling it to grow sales volume and meet the rising demand for medicines in Nigeria and broader West African region. The manufacturing plant in-

cludes facilities for seven production lines: eye and ear drops, intravenous (IV) fluids, tablets, capsules, liquids, cream/ointments, and dry powder. Within the company’s production lines are products targeting specific therapeutic areas including anti-infectives, gastrointestinal, anti-retroviral, anti-malarial, cardiovascular, analgesic, hematinic, and supplementation products to name a few. IV fluids are some of the company’s new products and the product group positions this company to strategically bridge the supply gap and high demand in the life-saving infusion products sub-market.

Over 25 new products were introduced in different therapeutic areas and across all product lines in 2018, focusing on addressing the needs of the lowincome demography of the consumer market.

Speaking during a chat with newsmen in Lagos recently, Fidelis Ayebae, Managing Director/CEO, Fidson Healthcare Plc, said the present position of the country’s pharmaceutical industry requires such investments to ensure access to quality products by Nigerians. He also noted that with the factory’s potential being harnessed, the company is assured of a competitive edge that will not only see it deliver better quality and more affordable medicines, it will also generate more employment, increase local content, foster stronger local and international partnerships, as well as consolidate the company’s strategic brand and market positioning.

Meanwhile, the significant competitive advantage of the new facility is already evident after 2 years in operation. Fidson has experienced revenue growth from N7.6 billion in 2016 to N14 billion in 2017. The contribution of new products (including IV fluids) to Fidson’s turn-

over was about 10percent.

The factory has also earned the company a 3-year tax holiday approved by the Nigerian Investment Promotion Commission (NIPC).

Fidson is one of the nine recent beneficiarycompanies granted approval for Pioneer Status Incentive (PSI) with an investment totalling N277.4 billion in the fourth quarter of 2018 and the creation of 1,733 direct jobs in the period under review.

Other growth indicators are also evident in the company’s proven track record of returns.

Fidson has paid out N1.9 billion as dividends to its shareholders in the last 10 years, implying an average dividend yield of 6.5percent. The company is also taking advantage of the attractive industry dynamics to position itself for sustainable growth, particularly with the growing prevalence of lifestyle diseases amongst Nigeria’s large and increasingly urbanized population. The increasing preference of the Nigerian government and populace for local products in purchase decisions is also driving demand in the local pharmaceutical industry and Fidson’s diverse and growing product portfolio puts it in good stead for consideration and patronage.

Regulatory harmonisation in West Africa and trade incentives for pharmaceuticals are also other attractive industry dynamics to be considered. These, alongside the growth of health insurance in Nigeria, which is offering more people the opportunity to access healthcare over the long term are clear signals of a brighter future for any company that is well positioned to harness these potentials.

32

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Friday 29 March 2019

INTERVIEW ‘INTELS has invested in training and empowering over 1,000 Niger-Delta women’ INTELS Nigeria Limited provides comprehensive integrated logistics services to oil and gas companies. It also manages the Oil and Gas Free Zone in Onne, Lagos and Warri Ports. To give back to its communities in the Niger-Delta, it started a Corporate Social Responsibility project known as Women Empowerment Programme Scheme Synergy (WEPSS). NANCY FREEBORN, WEPSS project head, in this interview with AMAKA ANAGOR-EWUZIE speaks on the impact of the project on Niger-Delta women.

W

E P S S clocked five recently.

W o u l d you say its objectives have been achieved?

Yes, this centre was set up in 2013 to empower women in host communities where INTELS operates. The goal was to empower 5,000 women over a 20-year period through the acquisition of tailoring skills.

So far, we have been able to empower over 1,000 women.

We reach out to people from the grassroots by creating opportunities for those who really need this skill. You only need to be able to read and write. It is like coming from the farm to factory and they are the people we want to empower.

Every year, we have two training sessions, which last for four and a half months each.

The age range for the trainees is between 17 to 45 years. Prior to this time, we used to take in 50 trainees per session; that is 100 trainees in a year. Currently we take a minimum of 200 trainees every year.

The day-to-day running of WEPSS is solely funded by INTELS, down to the smallest needle, including the materials used to train our students. Once the trainees come to WEPSS, they are not only taught the practical aspects of tailoring, there are some theoretical aspects, which they learn. For example, a common part of tailoring that is popping up lately is garment illustration and how to sketch fashion figures. We also teach them the basics of sewing; how to use a measuring tape and even get them to run on paper before they begin to sew on actual fabric.

The women are taught how to use different specialised machines. They must be able to sew four basic garments, cut and sew, before they leave here.

The kind of training our trainees receive here is comparable to international standards.

They also get soft skill training on personal hygiene, how to handle their businesses better, social ethics and responsibility. When some of them come here, the way they dress isn’t good but at the end of the training, they leave as distinguished ladies who know how to carry themselves. This is because we take the extra time to teach them how to carry themselves. If you do not represent your brand well as a tailor, people will not come and make clothes with you.

Nancy

You have to make nice looking clothes for me to be interested; that is where it starts.

When the women have completed their training, we still keep in touch through regular follow-ups. Anytime there is a graduation ceremony, we invite our alumni to come over.

We know the progress that they have made and we know who to invite and who to showcase.

How would you describe WEPSS’s journey till date?

As a pioneer member, I got to see this place grow. I came in 2013 as a trainee. At the time,

‘‘

We have been able to empower over 1,000 women.

We reach out to people from the grassroots by creating opportunities for those who need this skill

this place was practically under construction. I have seen it evolve and grow from being a little training centre to a garment-manufacturing factory and then back to a training centre again.

About 300 rural women were taken in the pioneer set for the training. We came in batches and were trained by Indians and Italians, and they retained all 300 of us, as factory hands to work in our garmentproducing factory here. Back then, we produced as much as 300 garments daily. These garments - for instance coveralls - were being produced for companies at the Onne Oil and Gas Free Zone. Most of my trainers and cutters were also part of those 300 rural women.

We had a consultant from India. They introduced the programme to us and left. INTELS ensured that the knowledge was handed down from the expatriates to us; it is now a core community project because it is handled by people who are from the Niger-Delta region.

After my training, I started as a trainee, became a trainer, then head trainer, production supervisor, head production supervisor, before I finally became project head. I have learned so much in the process.

Every other person you see working at the WEPSS centre was trained here, including the technicians. INTELS has given back to both the trainees and the people who work here.

What has your experience as Project Head been like?

I have worked here as project head for seven months. It has been fun; it is just an added responsibility, which is fun to handle. It has its ups and downs but that is the beauty of life. Every batch of trainees comes with its own peculiarities. Some come here very heady but at the end of the day, we still get them to learn and they leave here happy.

The training is about moulding them in character and in learning. With this particular set of trainees, the biggest challenge was their dressing because we had so many young girls among them. You tell them not to wear something, the very next day they will do that exact thing. It was pretty challenging getting them to understand that they are ladies who have to carry themselves in such a manner that they can handle a business of their own.

How many sets of trainees has WEPSS graduated since its inception?

A total of six; the second set for 2018 graduated a few weeks ago. This set just like the one before it, was very competitive.

We have this star chart we created for every assessment. We can tell how competitive each set has been by looking at how many times a trainee gets to appear as a star on the chart. In this set, we had just one person appear more than once. The rest were knocked off after just one appearance.

The best graduating trainee in this last set is 18 years old but we have had a winner in the past that was younger than her.

I noticed that this time around we had a lot of young trainees.

Perhaps, it is the success of the project that is attracting young women from their various communities to WEPSS. They get to hear of other women who have acquired the skill and are able to do something with it. So, many young girls are now interested in getting the skill.

When our trainees leave, we keep in touch with them to know how they are doing.

A couple of them use the skills to better their lives. I am particularly excited about one of them who graduated in 2017 because she now sews Ankara shoes, bags and accessories with the help of the sewing machine she was given by INTELS. Most of the women would normally focus on clothes but she decided to do something different. We have also received requests from other fashion designers who ask for our trainees to come work for them.

A friend of mine contacted me recently about starting a garment factory that would produce men’s shirts in Rivers State. He was asking to see if he could hire some of the women. When such opportunities come, we make them open to our trainees.

The younger trainees might still have some aspirations; we don’t discourage them from aspiring for other things but we always encourage them to use the skills they have acquired from WEPSS. Some of them might want to further their education.

How ever, having be en trained on fashion designing and tailoring, they can use the skills to fund their education.

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brilliant minds we have in this country are in our armed forces. As fate would have it, during the years 1982-83, the GOC 3 Division in nearby Rukuba Barracks used to come and play sports with us. A tall bespectacled officer and gentleman. He had an aura of supreme command. We were not altogether surprised when Muhammadu Buhari later emerged as Head of State on 31 December 1983.

We all know the history of military intervention and its consequences. The Nigerian military that we have today was an organic offshoot of the British West African Frontier Force (WAFF). Its residual temperament as a colonial expedition army unfortunately seems to persist. Old habits, apparently, die hard! We all remember the Odi massacre in 1999, when the military invaded some Bayelsa communities, killing 2,500 defenceless civilians in the pretext of avenging the deaths of some of their own men. Many would also recall the “reprisal killings” by soldiers in Zaki-Biam, Benue State in October 2001. An estimated 200 defenceless civilians were killed during that occasion. There is also the massacre of 800 Shia Muslims in Zaria in December 2015.

The relationship between

‘

The military function best when they act as servants of the people rather than the bloodthirsty Leviathan that it is civil communities and the military remains an uneasy one. It is not helped by a situation where soldiers have been brought out to man countless checkpoints on our highways. I have personally witnessed the shameful and dishonourable spectacle of soldiers extorting handouts from motorists on our highways. Who could have ever imagined that the once great Nigerian army would be reduced to such opprobrious, disgraceful mendicancy?

In our Nigeria of today there is no love lost between civilians and soldiers. It is particularly worse in the war-torn North East. The insurgents have often found it expedient to meld with the local populace, who on their part, have often informed the insurgents about the movements of our soldiers. The insurgents have also thought nothing of using civil-

ians -- including children and women -- as human shields.

It has provoked our soldiers into committing all forms of atrocities against the civilian population. As a consequence, the prospects of defeating Boko Haram seem bleaker than ever before.

One of the current controversies centres on the use of the military in elections. The government insists that such deployments are necessary to prevent electoral crimes and the attendant political violence. Opposition parties believe, on the contrary, that it leads to a lot of abuse, giving the incumbent undue political advantage. Whatever one’s position, it is self-evident that the use of the military in democratic elections is patently an aberration.

The Nigerian military of today, I’m afraid, is not what it used to be. They have become fat and lethargic, with no sense of patriotism. The high command are bereft of both strategy and doctrine. Young men are being sent to die in the battlefields with 1970s Czech armoured tanks. Rather than face the enemy with inferior weapons and almost certain death, they throw away their uniforms and flee into the primeval savannah. There have been mutinies and desertions.

Morale is abjectly low. Promotions are allegedly effected on

BUSINESS DAY

33

A land named ‘hope’: For Pius Adesanmi...

The role of the military in a democracy Continued from back page

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Continued from back page

the basis of nepotism rather than merit. There have been summary retirements without reference to due process.

Fear, suspicion, bitterness, rot and decay define the order of things.

The role of the military in a democracy is to defend the people, uphold the constitution and secure our territorial integrity. The military function best when they act as servants of the people rather than the bloodthirsty Leviathan that it is. We need a reformed military that is not only battle-ready but also imbued with patriotism and awareness of its constitutional mandate and vocation; a military anchored on excellence, merit and patriotism.

We also must inculcate in civic communities respect for the military and support for what they have to do, often under strenuous circumstances.

We must also adequately fund and retool them as technological forces that can swiftly respond to the imperatives of 21st century defence and security. But they must also be accountable. To whom much is given, much is expected.

• Being remarks at the Workshop on “Civil-Military Relations and the Media”, Organised by the Federal Ministry of Defence, Held at One Division Officers’ Mess, Kaduna, 21-22 March, 2019.

rial and board appointments as ‘compensation’? Or should they corral the sympathy they have generated in the public and create a grassroots movement for social change?

Nigeria remains a troubled, dysfunctional country, irrespective of who has won or lost elections. Rampaging poverty, extremely low quality of life for the majority, religious and tribal fissures, a top-heavy, unitary state in everything but name, where ‘politics’ is reduced ultimately to an unhealthy scramble for Aso Rock and for the most expensive and perhaps most ineffectual National Assembly in the world – there are issues that will not go away in a hurry.

Banky W – the good looking, cerebral actor whose persona is permanently invested with the ‘all Nigerian fine boy’ popularity of his role in ‘The Wedding Party’ stirred up normally dormant youthful enthusiasm in his Eti Osa, Lagos constituency. SFB – GCI Old Boy and erstwhile Foreign Aid top brass, was the ultimate conviction communicator. Moghalu – at a session with VOR – a body committed to the restructuring of the polity, showed a perfect grasp of the Nigerian reality and presented an unimpeachable blueprint that had passed muster even with the great Kongi. Sowore brought the resilience and unexplored energy of students’ a luta power to the big stage. And ‘Madame Oby’ – what can you say? Few countries in the world

have brilliant, resilient women of the caliber of Madame Oby, and those that do take pains to cherish them and deploy them to the most vital tasks of nation and institution-building. Obadiah Mailafia – this column’s neighbour, clearly has a deep knowledge of the world and how to govern human beings.

It would be a shame and a sad loss to Nigeria if these gladiators ‘disappeared’ anywhere. The salvation of Nigeria is a process, and not an event.Ultimately, it is not only about gaining Aso Rock but gaining the hearts and minds of the people and changing their knowledge, beliefs and attitudes, starting from the grassroots. For the citizens are complicit in their travails, and must accept responsibility for the change they seek, whether it is in fighting corruption, conducting clean elections, reaching for a workable federalism, plumbing for politicians of less greed and better behaviour, or redefining politics not as a ‘profession’ but as a public service that any citizen with appropriate education and motivation can give without being a heavy burden on the public purse.

The predictable failure in electoral fortunes in a first incursion can be flipped into positivity, and opportunity.

The fact that reasonable, intelligent people are able to believe, despite the evidence of their eyes, that something new and good can happen in Nigeria is evidence that Nigeria is truly a land named ‘hope’. The real challenge is how to translate that Hope into Reality.

34 BUSINESS DAY NEWS

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In Ajegunle, gentrification frenzy tells of...

Continued from page 1

colourful paints that set them

apart in a crowd of dilapidated buildings under brown rusted roofs.

While many have been remoulded to serve multifunctional purposes of hotel, event hosting and bar spots, some others have been simply rebuilt as storeys of multiple flats, completely unlike what used to be.

The development in Ajegunle, which appears typical of low-cost areas in recent times, is characterised by pulling down existing structures for the new to claim a stand.

Less than two years ago, Number 251 Ojo Road was a local motel where sex workers plied their trade.

Before the inheriting owners leased it for motel business, the 10room ‘face-me-I-face-you’ bungalow was home to far more tenants/inhabitants than a decent space should accommodate.

Today, a twin set of two-storeys

flats, styled in modern theme, and a spacious veranda that allows healthy vehicle parking, as well as a playground now sit in that space.

About five buildings away, towards Itire Bus Stop, City Point Hotel, a four-storey building, now occupies the same space where a humble storey-structure stood before 2015.

Few steps further from City Point, ‘Entertainment’, a terrific hotel fast becoming the darling of Ajegunle inhabitants, sits majestically on three plots of land, the centre brimming with fun-thirsty youths.

It is the brainchild of a dogged businessman simply known by many as Ndokwa, reputed for his interest in real estate investment.

A trend BusinessDay discovers to be common with most of these redevelopments is that private capital from investors like Ndokwa is not only heading in the direction of Victoria Island or Ibeju-Lekki on Lekki-Epe

Expressway, it is also settling in some slum communities such as Ajegunle, Mushin, Agege, Orile and even suburbs of Ikeja, the state capital.

In diversifying their investment portfolios, people with good level of liquidity continue to hold faith in real estate as a safe haven, directly contributing to the expansion of urban renewal.

What urban renewal does, as a transformative process, is to give way to demolition, rebuilding, renovation or installation of infrastructures that redefine neighbourhoods.

It also comes with relocation of businesses, people and, perhaps, in cases where necessary, state capture of private property for city-initiated development projects.

The impression of some city management experts is that such renewal was long overdue, particularly in a city like Lagos where urbanisation has peaked and demand for non-existent land remains at very high levels.

“It is natural that there will be a

L-R: Marc Lucassen, delegate of German Industry and Commerce in Nigeria; Petra Cullman, global portfolio director, plastic and rubber, Messe Dusseldorf; Itua Akhigbe, West Africa representative, Messe Dusseldorf, and Jaiprakash Changrani, MD, Sarsoh Industrial Limited, at a press conference to announce the upcoming K2019 trade fair in Germany, in Lagos, yesterday.

Pic by Olawale Amoo

Banks say first rate cut in 3yrs does little...

Continued from page 1

ratios (CRR) and increasing com-

petition from the government and money market for small-savings mean banks increasingly face a higher cost of capital, limiting their ability to transmit monetary policy easing.

Bankers say the CBN’s 50 basispoint reduction in the monetary policy rate (MPR) on Tuesday was a start, but was probably too little to have any impact on lending just yet.

The three bank chief executive officers (CEOs) who spoke to BusinessDay were reacting to the CBN’s surprise decision Tuesday to cut the MPR to 13.50 percent from 14 percent.

“To grow your loan book, the first thing you (a bank) need(s) is liquidity, I’m not sure how this 50bps cut solves that liquidity problem,” one bank CEO who did not want to be named said.

When asked what could move the needle on lending, another bank CEO said, “For starters, I would have expected the CBN to review the Cash Reserve Requirement so that there is more liquidity for banks to lend with.

Without that, even a 100 bps rate cut may prove insignificant.

“We have piles of loan requests, but we can’t do much, because we are being careful in order not to put ourselves in a liquidity crunch.”

CRR is a central bank regulation employed by most, but not all, of the world’s central banks, that sets the minimum amount of reserves that must be held by a commercial bank.

The minimum reserve is gen-

erally determined by the central bank to be no less than a specified percentage of the amount of deposit liabilities the commercial bank owes to its customers.

While the CBN has left the CRR unchanged at 22.5 percent since 2015, bankers say effective CRR is much higher at around 40 percent.

“The banks are left starved of cash because the CRR is not dynamic and that’s why banks are not cheering the rate cut because they know it changes nothing in terms of lending,” one of the bank CEOs said.

The discord comes from the fact that the CRR is not dynamic enough to reflect dwindling bank deposits, which means banks sometimes have a higher percentage of their current deposits stashed away with the CBN at zero interest.

It effectively means the banks are denied extra liquidity that would have been used for lending purposes.

The practice often contradicts the CBN’s push to spur lending in an economy still finding its feet after a painful recession.

The economy expanded a mere 1.8 percent in 2018, according to state data agency, the National Bureau of Statistics (NBS).

The International Monetary Fund (IMF) forecasts 2 percent growth in 2019. Population growth of around 2.6 percent per annum means that GDP percapitahasbeennegativesince2016.

“Nigeria’s Central Bank’s rate cut had been expected as real interest

rates have remained positive for almost a year. However, its potential impact on growth is likely to be limited since its transmission to the real economy and to lending rates is weak in Nigeria,” Aurelien Mali, a vice president at Moody’s, told BusinessDay. Governor Emefiele said the decision to cut rates was a signal that the monetary policy needed to begin to consolidate growth.

He, however, added that the decision does not in any way indicate a commencement ofa rate-cutting cycle.

“I find the move very confusing,” the third bank CEO interviewed by BusinessDay said of Emefiele’s comment.

“The CBN says it wants to boost lending but isn’t doing what needs to be done to achieve that and then suggests it could continue tightening,” the person said.

Nigeria’s biggest banks have had to cut back on loan book growth in an attempt to curb non-performing loans which had skyrocketed on the back of falling oil prices and an economic recession.

Despite giving a guidance of 10 percent growth in 2018 – an outlook buoyed by the recovery in oil prices and the economy’s exit from recession – most banks actually saw a contraction in their loan books, with the big banks from Guaranty Trust Bank (GTB) to Zenith Bank leading the way.

During a conference call with investors this month (March), Segun Agbaje, CEO of the country’s largest bank by market capitalisation, GTB, called for a looser monetary environment for banks to grow their loan books.

gradual increase in urban renewal either through the government pushing it or through a private public sector initiative or strictly through the private sector,” Olurogba Orimalade, chairman, Lagos chapter of Nigeria Institute of Estate Surveyors and Valuers (NIESV), said.

“There are very few virgin landed properties available for development, which is almost unique to Lagos,” he said.

In a state fraught with the challenge of housing provision for over 23 million residents, Dotun Bamigbola, chief executive officer, Bamigbola Consulting, said the private-capital-led urban regeneration is a good initiative capable of addressing part of the state’s 2.5 million shortfall in housing.

However, government needs to understand the infrastructure demands for these new developments.

“This is to ensure the appropriate infrastructure is put in place such as roads, water supply, electricity and others. It is all about vision and the plan for that area,” Bamigbola said.

Departing glorified slums As much as experts welcome the redevelopment sprouting around state slums, they are also concerned about the unorganised pattern in which it is taking place, rather than an organised template that fits strategically into the state’s master plan.

Gbenga Onabanjo, a partner at GYB Consults Ltd, who described Lagos as one of the most expensive urban slums in the world, decried the lack of harmony in these developments.

Citing the case of Apongbon, one of the first urban renewal projects carried out in Surulere, Lagos, Onabanjo said to give way to structured redevelopment, government could move people from low-income neighbourhood with organised layout.

In the absence of that, however, he says sight and servicing was a way to go.

“If government cannot develop housing schemes, it may as well have layouts in terms of drainages, streetlights, roads and allow people to develop property around there. That is called sight and servicing. There has to be a template,” Onabanjo said.

“You don’t leave these things to the private sector. You will see lovely buildings rising but what makes a place good is actually infrastructure,” he said.

According to the Building Collapse Prevention Guild (BCPG) in a

Friday 29 March 2019

recommendation to the Lagos State government on building control, it is imperative that the state revisits and reviews the entire Lagos Master Plan, with a view to commencing an urban renewal programme for its inner cities that are presently suffering degradation, dilapidation and ruin.

The Guild laid specific emphasis on Lagos Island, Mushin, Ajegunle, Somolu, Bariga, Iwaya, Makoko, EbuteMeta, Surulere, Ipaja, Iyana-Ipaja, Abule Egba and Ketu, among others.

Renewal baggage Studies, however, show that urban renewal hardly occurs without the company of some baggage.

Since it involves the demolition of slum housing and construction of appropriate ones tending to be costlier, what follows is the displacement of low-income residents, a 2014 research on urban renewal in Lagos

by Chima Njoku and Okoru G. says.

The cost of improvements alone translates into higher rental rate which original residents could be unable to afford.

Similarly, UN Habitat opines that the unplanned rapid expansion of towns and cities implies that an increasing number of vulnerable people are living in poor conditions, without adequate living space or access to basic services.

Often, opportunities for decent work elude them; and they become vulnerable to forced evictions and homelessness.

“The urbanisation of Africa will be one of the most significant economic and social transformations in the next decades, changing the way of life of millions of people,” Joan Clos, UN-Habitat’s executive director, said in a monitored report.

Consequently, government cannot be quiet while such redevelopments take place.

In addressing the challenges with urbanisation and structural transformation, the African Union Commission (AUC), for instance, proffers that countries adopt a model that would enable urbanisation to facilitate the reality of structural transformation, including the creation of employment opportunities, addressing socio-inequality, pervasive poverty and creating habitable settlements.

Without this, there is the likelihood of urban renewal only leading to resurgence of new slums in the country.

Affordability clashes with taste as Domino’s...

Continued from page 4

serve you a superior pizza experience, you can now buy a box of Real Deal Pizza from N1,200,” the South African brand said in a Twitter post.

Not taking the battle lightly, it also searching for franchise partners to spread its products across the country, promising a proven system with a track record of success, realistic and sustainable income, opportunity to be part of a leading quick service restaurants (QSR) company, and more.

Analysts count the duo’s expansion activities as a strategy resulting in the creation of a new market with an appeal for affordability but see Domino’s to be taking the larger share than Debonairs.

Ayorinde Akinloye, a consumer goods analyst at Lagos-based CSL Stockbrokers, believes Domino’s commands more market ground based on cheap rates, noting that it might tarry before consumers begin to adjust to Debonairs’ service to the low-income category since it has been known for premium and more expensive quality.

“In the pizza market for Nigeria, Domino’s has more market ground compared to Debonairs because they are cheaper. Debonairs Pizza

is known for quality, but the larger portion of the market are people that prefer affordability to quality and that is why you see more Domino’s Pizza outlets in Nigeria,” Akinloye said.

“Debonairs serves the premium market because they are for the premium buyers who can afford quality. The N550 pizza does not appeal to the premium market.

With this Domino’s is trying to bring in new people in the market.

It is more about being able to make it affordable for a new market category. With this you will begin to see more people that will come into the market,” he said.

Going retail with the products is the next niche for players to come down to the level of the economy as the country struggles with high poverty rate and rising population, said Yinka Ademuwagun, a consumer analyst at United Capital.

Nigeria’s real GDP grew at an annual growth rate of 1.93 percent in 2018, compared to 0.82 percent recorded in 2017, according to the National Bureau of Statistics. However, it lags behind a population growth rate the World Bank report says averaged 2.6 percent since 2015.

•Continues online at www.businessday.ng

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BUSINESS DAY

PAC Capital, Infinity Trust, other African firms Global Accelerex bags CBN award emerge winners in 2019 Africa Finance Awards DANIEL OBI

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frica Finance Awards is set to honour some Nigerian companies as well as businesses from Ghana and Kenya for exemplary performance and strategic management.

Some of the companies identified to be honoured are PAC Capital, Infinity Trust Mortgage Bank, KCB Bank Kenya, Hollard Insurance Ghana, IHMS, Outsurance and Linkpoint Resource.

According to the organisers, the 2019 edition, which

Edo housing agency names, shames chronic debtors

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he Edo Development and Property Agency (EDPA) has embarked on a ‘name and shame’ campaign against chronic debtors at the Edo House, Oluwole Street, Victoria Island, Lagos, noting that the tenants have been owing rent and service charges for a while.

A statement by the executive chairman, EDPA, Isoken Omo, reveals that the debts, comprising rent and service charge, run to over N88.6 million, a development that has made it difficult for the agency to renovate the property and meet its statutory obligations to the Lagos State government, such as Land Use Charge and other rates.

According to Omo, “The general public’s attention is by this notice drawn to the list of tenants in Edo House, Lagos, who have been owing their rent and service charge for a while. This has become necessary as all avenues provided by EDPA for the debtors to pay has been unsuccessful.

“This is to encourage them to pay so that Edo State government can meet its obligations as a responsible landlord. Their refusal to pay is hampering the state’s abilities to renovate the property and meet its statutory obligations to Lagos State government on Land Use Charge and other rates.”

The debtors, according to the release, include, Opi Opia & Associates, whose contact person is Philemon Owupele I. A., owing N737,880.00 rent and service charge of N400,000.00; Harami Limited, with Bernard Okpakor as contact person, owing N2,160,000.00 rent and N640,000.00 service charge; Unique Eye Centre, with Joe Owie as contact person, owing N1,320,000.00 rent and N230,000.00; Garkuwa General Merchants, with Umar Sadauki as contact, owing N790,000.00 rent; Energy Base Field, with Segun Ilori as contact person, owing N1,556,750.00 rent and N392,000.00 service charge.

is coincidentally the sixth edition of the highly anticipated reward platform, will be more glamorous and glitz.

Earlier scheduled to hold on March 28, 2019 in Lagos, the sixth Africa Finance Awards has been rescheduled to hold on May 9 this year for strategic reasons.

However, the organisers said, “Since the event is Africa wide, it was necessary we make room for all the awardees and stakeholders to attend. This award promises to be fun, engaging and rewarding,” in a statement.

According to Adeniyi Olusola, project manager of Africa Finance Awards, some highlights of this year’s award evening will include executive presentations session covering different sectors, red carpet, comedy, music and networking.

“As usual, we are prepared to host our African brothers and sisters who are travelling from Ghana, Kenya, South Africa and other parts of Africa to Nigeria for this award.

We intend to treat them to the best of evening in culture and cuisine,” he said.

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ne of Nigeria’s payment terminal service provider and payment solution service provider, Global Accelerex Limited, has been rewarded for its exceptional performance in the Nigerian e-payment ecosystem for 2018 at the annual Central Bank of Nigeria (CBN) Electronic Payment Efficiency Awards organised by the Nigeria InterBank Settlement System plc (NIBSS) in Lagos.

The company was awarded for its outstanding performance as Cashless Driver: Point of Sales Transactions after it achieved the highest volume of transactions on

Point-of-Sale (POS) terminals managed on behalf of banks in 2018.

According to the organisers, the award put into consideration electronic payment transactions data rendered to the CBN by Banks and other licensed payment service providers, public voting and surveys administered to industry stakeholders for transactions within the year under review.

The NIBSS Electronic Payment Efficiency Awards is an annual event to recognise, reward and encourage stakeholders in the payments ecosystem driving the CBN cashless agenda. It is also to appreciate efforts geared to-

wards driving adoption of e-payment across service delivery channels and the promotion of financial inclusion.

While receiving the award, the Chief Technology Officer, Global Accelerex, Stanley Peters, said the company is proud to be recognised for its innovative effort in the Nigerian electronic payment space and its financial inclusion stride.

“This award is a morale booster for us. It is a testament to our contribution to the growth of Nigeria’s electronic payment ecosystem. Being acknowledged by the regulator is a sign that we are doing something right.”

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Government meddling hurts growth of sports business - experts MICHAEL ANI

… as LACIAC engages stakeholders on sport dispute resolution

nnecessary meddling by government officials in sporting activities in Nigeria is limiting the growth of investment opportunities into the sector, industry experts say.

“The situation in which our government tries to run sports overtime is taunting the business of sports in Nigeria,” Babatunde Ruwase, president, Lagos Chamber of Commerce and Industry (LCCI), said at the 2019 roundtable discussion on sports business and dispute resolution last week.

“Sports should be run as a business hence Nigeria needs to look beyond the entertainment aspect of sports and explore the inherent opportunities of investment,” Ruwase noted.

Globally, the business of sports is worth over $1.3 billion, representing about 3 percent of the world’s trade. This sporadic development in the sector is yet to be in Africa most populous nation as industry experts say no adequate attention has been given to sports, rather, the government have chosen to reckon sports as an entertainment event than creating an enabling environment that would drive investment into space.

According to industry experts, this interference by the government has some bottlenecks that led to a mismanagement of the system and dampened transparency of contracts that sent negative signals to investors looking to invest in the space.

“The Nigerian sports industry has remained in its infancy stage because we

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concentrate more on participatory sports as opposed to the business of sports, which should be dependent on professionalism,” Nkechi Obi – chairperson, Sports Industry Thematic Group of the Nigerian Economic Summit Group, told BusinessDay. “Furthermore, there are not enough funding and investment coming in to create value in the industry and ensure that a greater number of the population can do sports at whatever level. There is a misperception by the government seeing sports as a social function as opposed to a business that can help create value to drive investments,” she said.

If the country can put in place the right policies; right legislation and the right governance structures it could have an industry that would account for about 3 percent of

GDP in the space of six years, she said.

“To do this, we need laws, we need the federation to come fit for purpose and drive the development of the industry from corporate governance and administration and management perspective,” she said further.

Against this backdrop, the Lagos Chamber of Commerce International Arbitration Centre (LACIAC) organised a roundtable to engage stakeholders on sports business and dispute resolution.

The discussions centred on making industry-specific alternative dispute resolution platforms directly accessible to sports bodies and active stakeholders towards strengthening legal frameworks and facilitating commercial growth in the sports industry.

L-R: Oscar Onyema, CEO, Nigerian Stock Exchange; Bola Onadele. Koko, CEO, FMDQ; Yusuf Adamu, post transaction management, BPE; Ebade Atuola, representing minister of finance; Mary Uduk, Ag DG, SEC; Ike Chioke, first vice president, Association of Issuing Houses of Nigeria (AIHN); Patience Oniha, DG, DMO; Chuka Eseka, president, AIHN; Yewande Sediku, executive secretary, NIPC, and Andrew Nevin, advisory partner and chief economist, PwC Nigeria, at the AIHN BI-Annual business lunch, with the theme “Capital Market Agenda for the Next Four Years” in Lagos, yesterday.

Pic by Pius Okeosisi

Berverly Naya to premiere new documentary ‘Skin’ GBEMI FAMINU

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op actor and entrepreneur Beverly Naya is set to premiere her documentary on colourism titled ‘Skin,’ which focuses and identifies beauty in all complexion shades, especially in blacks.

Skin is a feature documentary produced by Be Naya Limited, which involves various people ranging from school children, celebrities, beauty entrepreneurs, traders and many more people. Spanning 80 minutes, Beverly believes the documentary is less restrictive and also nonfictional compared with a movie as it allows genuine

expressions of participants.

It also allows viewers a deep understanding of what it entails.

Speaking on colourism, Beverly says, “Colourism affects both women and men in African countries, but it has negatively influenced the beauty standards associated with a woman’s ability to find success.

“Furthermore, the number of women across Africa using bleaching products has increased with 77 percent of them being Nigerian.”

Skin will be premiered on Sunday, March 31, 2019, in Lagos. Speaking on the documentary sponsored by Nivea, Beverly says, “This documentary aims to in-

spire self-acceptance and self-love; it is about empowerment not judgment.”

Beverly’s movement on colourism started in 2014 when she launched the ‘Fifty Shades of Black’ campaign highlighting issues and insecurities surrounding skin complexion. Through the campaign, she has been able to inspire and empower a lot of people, especially young females who feel insecure about themselves for various reasons.

“The goal of the documentary is not just for people to watch it and think it’s an anti-bleaching documentary, it is to teach people about self-confidence, selflove and self-appreciation,” she says.

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Friday 29 March 2019

Benin Owena Basin tasks N/Assembly on passage of National Water Bill IDRIS UMAR MOMOH & CHURCHILL OKORO, Benin

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anaging director of Benin Owena River Basin Development Authority (BORBDA), Ahmed Saliu, has appealed to the leadership of the eighth National Assembly to pass the National Water Bill currently before it.

Saliu, who made the call at the celebration of the World Water Day in Benin City with the theme, “Leaving No One Behind,” said history would be kind to the lawmakers if the bill was passed before the closure of the Assembly.

He called on the state and local governments to redouble efforts in their primary responsibilities in the provision of potable water, adequate sanitation and hygiene.

He said the BORBDA had over the years implemented several projects aimed at providing safe water in most communities in its catchment states of Edo, Delta, Ekiti and Ondo.

He also said the agency had in the last two years provided boreholes fitted with hand pumps and motorised pumps powered by either generators or solar power.

“In this regard, we have paid particular attention to quality and yield of water from such boreholes. Where quality was uncertain, package treatment plants have been provided.

“In semi-urban and urban communities, we have built dams at various levels of completion. Our current effort in Otuo to build a dam for water supply to Otuo and the surrounding districts in Owan East Local Government Area shall see us providing safe pipe-borne water to a population of over 200,000 persons.

“All these complement our efforts to provide water for irrigation and for all year round

agricultural production,” he said.

While noting that Nigeria cannot be described as a water stressed country like Bahrain, Israel, Saudi Arabia and even Morocco, he said the nation’s water management practices leave a lot to be desired.

Nigerians may not be lacking of adequate rainfall in most parts of the country, but the water situation in the country can best be described as akin to “water, water everywhere, but not a drop to drink,” he said.

He said the plethora of packaging water, whether in sachets or bottles, for safe water with its concomitant economic strains demand that we seek better ways to make water more available in the right quality and amount.

In his presentation, the guest lecturer, Gabriel Ebosele Oteze, a professor of Geology/Hydrogeology, said in 2017, 68 percent of Nigerians bought or sourced water from locations outside their homes.

Oteze, who was the former general manager/chief executive of BORBDA, said most of the water they drank from sachet, bottle water, taps, wells and boreholes depended on their location.

He said 40 percent of the people who go out looking for water were women, and that the situation was worst in the North-East region, South-South was next with 71 percent followed by NorthCentral with 70 percent.

He also said 83 percent of homes had no drinking water within their premises.

Also speaking, Edo State commissioner of energy and water resources, Yekini Idiaye, represented by Akongie Oboh, permanent secretary of the ministry, expressed the state’s commitment to providing potable and safe drinking water for the use of all, irrespective of where they live.

Diageo, Unilever, Nestle, others launch Africa Plastics Recycling Alliance in Kigali

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number of international consumer goods companies operating across Africa including Diageo, Unilever, The Coca Cola Company, and Nestlé launched the Africa Plastics Recycling Alliance at the Africa CEO Forum in Kigali, Rwanda.

The Alliance aims to turn the current challenge of plastic waste in sub-Saharan Africa into an opportunity to create jobs and commercial activity by improving the collection and recycling of plastics.

The Africa Plastics Recycling Alliance has been established for companies to: facilitate and support their local subsidiaries to engage

proactively in market level public private partnerships, industry collaboration and alliances; share knowledge, encourage innovation and collaborate on technical and other solutions appropriate for sub-Saharan Africa as well as participate in local pilot initiatives, and engage with the investment community, policymakers and others to accelerate the development and financing of the necessary waste management infrastructure and systems.

“Plastics will remain an important packaging material if we are to give African consumers the safe and affordable products they need.

Unfortunately, a lack of col-

lection and recycling capacity in many African markets coupled with growing populations is creating a growing problem of plastics waste,” the Alliance said in a statement.

“We see an opportunity to tackle that problem in a way that creates jobs and reduces dependency on imported materials while alternatives to plastics are developed.

Collaboration within and across markets will be key to success so we are proud to launch the Africa Plastics Recycling Alliance today to increase those efforts and play our part as companies in finding solutions that work for Africa,” it said.

Friday 29 March 2019

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Human trafficking: Sweden backs Edo’s call for more action, support of EU

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L-R: Peter Ashade, group CEO; Chika Mordi, chairman, and Leo Okafor, company secretary, all of United Capital at the company annual general meeting in Lagos, yesterday.

Pic by Pius Okeosisi

FG’s micro pension plan targets N3trn ... as Buhari pledges to clear inherited pension issues JOHN OSADOLOR & TONY AILEMEN, Abuja

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resident Muhammadu Buhari on Thursday flagged off the Micro Pension Plan (MPP), targeted at attracting over N3 trillion savings into the national pension scheme.

Micro Pension Plan is targeted at various informal sector workers including market women, road transport, textile, garment workers and fashion designers, ‘Keke Napep’ and ‘okada’ riders, butchers, workers in the movie and performing art industry, mechanics and other workers in the automotive industry and single professionals like lawyers, accountants and many others.

The President declared that the MPP is part of his administration’s efforts to diversify and evolve an inclusive economy.

The MPP is expected to mobilise about N3 trillion

savings from the informal sector in addition to the N8.6 trillion pension assets from the contributory pension scheme in the country.

The President, who noted that his administration provided grants, concessionary loans in the last three years, called on players in the informal sector to enlighten their members on the benefit of the new plan.

Buhari assured that his administration would restore the dignity of hardworking civil servants. He also vowed to address all pension issues inherited from previous administrations.

The MPP, an initiative of the National Pension Commission (PenCom), aims at providing pension services to self-employed persons in the informal sector and employees of organisations with less than three staff.

The scheme is primarily aimed at capturing those not fully captured in the

pension scheme.

“In the past we provided loans to farmers, the MPP is the natural next step,” Buhari said.

He urged trade associations, Non-Governmental Organisations (NGOs) and the informal sector to join hands with the government in enlightening their members to embrace the scheme.

The President, while flagging off the scheme at the Banquet Hall of the Presidential Villa, personally registered Sagir Shawa, a ‘Keke NAPEP’ operator in Karu area of Abuja.

Aisha Dahir-Umar, acting director-general, National Pension Commission (PenCom), also explained that the micro pension launch is part of the initiative to bring financial inclusion to all working Nigerians.

She noted that the informal sector constitutes an estimated 69 million workforce in the country and

represents an estimated 88 percent of Nigerian workers that lack pensions and safety nets for their old age.

She said the goal of the Commission was to achieve coverage of 30 million people in the informal sector by 2024.

According to her, “A prospective Micro Pension contributor is required to open a Retirement Savings Account (RSA) by completing a physical or electronic registration form with a Pension Funds Administrator (PFA) of his/ her choice.”

Dahir-Umar stated that the micro pension plan would over time reduce old-age poverty by 85 percent while providing fund for investments.

“The contributors may make contributions daily, weekly, monthly or as may be convenient to them. Every contribution shall be split into two, comprising 40 percent for contingent withdrawal and 60 percent for retirement benefits,” Dahir-Umar said.

NECA, NB lose suit against lottery commission JOSHUA BASSEY

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igeria Employers’ Consultative Association (NECA) and Nigerian Breweries (NB) plc have lost the suit they instituted against the National Lottery Regulatory Commission (NLRC), as a Federal High Court, Abuja, presided over by Justice Taiwo O. Taiwo, dismisses the case.

However, NECA says it is filing an appeal against the judgment. Timothy Olawale, director-general of NECA, when contacted on Thursday, said: “We are not satisfied with the outcome of the judgment; we have instructed our lawyer to file an appeal.”

The employer’s body and NB instituted the case on November 15, 2018, following

the sealing of the premises of NB by the lottery commission for an alleged refusal to pay charges due to the Federal Government from its sale promotion.

Joined in the suit as codefendants were the attorneygeneral of the federation, and the National Lottery Trust Fund.

In the suit, the plaintiffs had sought the determination of 10 prayers by the court, one of which was whether the National Lottery Act of 2005 and the National Lottery Regulation 2007 could be made in exercise of federal legislative powers under the 1999 Constitution of the Federal Republic of Nigeria as amended.

The plaintiffs also wanted the court to determine whether ‘sales promotion’ to

consumers of manufactured goods arising from the purchase of the 2nd plaintiff’s (Nigeria Breweries) product otherwise titled “united we shine, win a trip to Russia” or any such promo come within the contemplation of the business of the national lottery” and consequently subject to the regulatory powers of the NLRC. The plaintiffs, thus sought a declarative judgment that the National Lottery Act of 2005 and the National Lottery Regulation 2007 could not be made in exercise of federal legislative powers under the 1999 constitution of the Federal Republic of Nigeria as amended and consequence void and of no effect whatsoever; and a declarative judgment that the ‘sales

promotion’ to consumers of manufactured goods arising from the purchase of the 2nd plaintiff’s (Nigeria Breweries) product otherwise titled “united we shine, win a trip to Russia” or any such promo could not come within the contemplation of the business of the National Lottery” and consequently subjected to the regulatory powers of the NLRC. The plaintiffs also wanted the court to award N1 billion to Nigeria Breweries against the attorney- general of the federation and the NLRC for damage to business reputation and business standing; as well as an award of another N1 billion to Nigeria Breweries against the attorney-general NLRC for trespass to its premises.

oordinator for Migration and Refugee Issues at the Swedish Ministry for Foreign Affairs, Nicola Clase, says European countries, which are destinations for victims of human trafficking and illegal migration, need to do more to discourage the practice by implementing laws to prohibit sex trade.

Clase, who works with the Department of Conflict and Humanitarian Affairs in the Swedish Ministry for Foreign Affairs, made the submission during a courtesy visit by the Swedish delegation to Edo State governor, Godwin Obaseki, at Government House, Benin City.

She said in 1999 the Swedish government came up with a legislation prohibiting purchase of sexual gratification, and noted that the law had helped the country combat illegal migration and human trafficking.

According to Clase, “We take trafficking in persons very seriously. We are celebrating 20 years of the legislation passed to prohibit the purchase of sexual favours.

There should not be a market in Europe for trafficking and we want more countries to follow suit and have this kind of legislation.”

She commended the Edo government’s approach to

combating human trafficking, adding that the visit by the Swedish delegation would enable both governments share information and strengthen cooperation in combating the ills of illegal migration.

Responding, the Edo State acting governor, Philip Shaibu, said the Obasekiled administration enacted a law as part of efforts to combat human trafficking, leading to the establishment of the Edo State Taskforce Against Human Trafficking (ETAHT) to enable the state deal with cartels involved in the illicit trade.

Shaibu said the state was doing more to create empowerment and employment opportunities for the youth to discourage them from embarking on irregular migration.

He said the administration was ready to strengthen collaborations with Sweden and the European Union on economic advancement, noting, “We are creating a vibrant economy so that our youths can learn technical skills and become productive. This will ensure that irregular migration will be addressed and young people will be encouraged to undertake legal migration as well as exchange programmes.”

Emulate AirPeace in stemming tide of human trafficking, NAPTIP urges airlines IFEOMA OKEKE

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ational Agency for the Prohibition of Trafficking in Persons (NAPTIP) has called on all airlines operating in Nigeria to emulate AirPeace in its efforts to stem the tide of human trafficking in Nigeria.

Speaking on Thursday during an award presentation ceremony to AirPeace in Lagos, Julie Okah-Donli, director-general of NAPTIP, said the event was to honour the patriotic and humane action of men and women that operated on AirPeace Lagos-Banjul flight P47560 on June 4, 2018, and three other flight incidents where human trafficking was aborted.

Okah-Donli recalled that on the fateful day, the vigilant crew of Air Peace flight foiled an attempt by two Nigerian women to traffic a three-month old baby boy from Nigeria to Banjul, Gambia.

“The suppose mother could not breastfeed the baby who was crying persistently but rather asked the crew for water to feed the baby. This aroused the suspicion of the crew

members who tipped off the airport security in arrival in Banjul,” she said.

Also in January 2019, AirPeace uncovered and foiled an attempt to traffic a three-day-old baby boy from Port Harcourt to Lagos.

The newborn was on the verge of being flown by a middle-aged woman when the crew intervened and drew the attention of the police.

“If all airlines and transport companies were as vigilant as Air Peace, the stories of those Nigerians who are currently trapped in sexual and labour slavery along West African Coast, in the hot deserts of North Africa and the byways of Europe would be very different.

“I seize this occasion to draw the attention of airlines and tour operators, transporters and travel agents to the extant provision of the Trafficking in Persons (Prohibition) Enforcement and Administration Act, 2015, which mandates them to take specific steps to ensure their vessels or vehicles are not used for the purpose of trafficking in persons,” the DG said.

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Politics & Policy

Ikpeazu, others receive certificates of return UDOKA AGWU, Umuahia

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overnor Okezie Ikpeazu of Abia State and his Deputy, Ude Oko-Chukwu have been issued with their Certificates of Return by the Independent National Electoral Commission (INEC).

The 24-members-elect of the State House of Assembly were also issued with certificates of return.

Okechukwu Ibeanu, Na-

tional INEC commissioner, while speaking before the issuance of the certificates to the winners at the state INEC headquarters, Umuahia congratulated the people of Abia for choosing their preferred candidates and the winners for the feat they achieved.

He enjoined them to see their victory as a trust from God delivered through the people and charged them not to disappoint the people but rather to place the interest of the people as

paramount.

Ibeanu stressed the need for the culture of post-election healing in the county, and implored those who were victorious in elections to be magnanimous in victory and work together with all in serving the people.

The Commissioner urged the victors to treasure their mandate and write their names in gold in the end.

Joseph Iloh, the Resident Electoral Commissioner, Abia State, in his remarks, said the event marked the

climax of INEC activities and interactions with politicians till the next four years.

He congratulated all the elected candidates as well as security operatives and stakeholders in the state for providing a peaceful atmosphere for the conduct of elections.

He appealed to those elected to address the needs of the populace.

Governor Ikpeazu, in his speech, dedicated his victory to God and thanked Abians for the privilege to serve

them for the next four years.

He also promised to look at the issues raised by those who did not vote for him in order to give Abians the best.

He restated his commitment to serve the people of the state, especially the common people and work hard to leave the state better.

He commended INEC in the state for conducting the freest election in the country and the security agencies for ensuring peace throughout the polls and after and

disclosed that the next four years of his government would witness rapid and fast-tracking of infrastructure in the state.

He further said that while focusing on the five pillars of development of his administration, he would equally ensure job creation for youths.

Ikpeazu used the opportunity to extend his hands of fellowship to those who lost in the polls and enjoined them to join hands with him to move the state forward.

INEC presents certificate of return to Udom, 25 state lawmakers ANIEFIOK UDONQUAK, Uyo

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he Independent National Electoral Commission (INEC) Akwa Ibom State has presented the Certificate of Return to Governor Udom Emmanuel and 25 members of the state House of Assembly.

Moses Ekpo, the deputy governor was also presented with his certificate of return.

Akwa Ibom State Governor, Udom Emmanuel and his deputy, Moses Ekpo alongside 25 State House of Assembly members-elect have received their certificates of return from the Independent National Electoral Commission (INEC).

Governor Emmanuel, who spoke on behalf of other recipients in Uyo commended the Resident Electoral Commissioner, Mike Igini, INEC staff and the security agencies for their effort to ensure credible and peaceful elections.

Udom, who described the just concluded elections as one of the most peaceful, lauded the people of the state for their love and for re-electing him for another term and pledged his loyalty and that of the elected officials to the people, adding that they would not rest but work hard to ensure that the people were not disappointed for voting them into office.

He said he and the elected

officials have only one project, which is Akwa Ibom State and the people have risen in togetherness to choose their leader, saying he rededicates the victory to God and the people of the state.

“I know a lot of people were scared of the kind of election to hold in Akwa Ibom State. Election has come and gone and we didn’t lose any INEC staff or corps member.

“I think elections in Akwa Ibom State were one of the most peaceful though there were pockets of problems.

If you allow me to score the credibility of the election, I will put it at 90 percent.

“I want to pledge on behalf of all of us that this is a

2019 polls: Electoral fraud will spread in Africa if not checked, Edo PDP tells Int’l community IDRIS UMAR MOMOH, Benin

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do State Chairman of the People’s Democratic Party, Dan Orbih said the malpractices and loss of lives that characterised the just concluded general election in Nigeria will escalate in other Africa nations if the international community fails to take the necessary actions to check the ugly development.

Orbih made the remarks, just before a close-door meeting with Shashank K. Iyer, political officer of the United States Consulate General, Lagos in Benin-City.

He opined that the world stands to lose a lot when leaders watched helplessly as blood of innocent souls are use to water the seed of democracy as it happened in the just concluded election in Nigeria.

“To me and to most of the party members in Edo State, we believed very seriously that the world stands to lose

a lot when we watched helplessly, that innocent lives are lost just because of an election, and the world will be watching and looking away.

“Except very serious actions are taken to condemn what just happened in Nigeria, it will be a springboard for other Africa nations to think that the way to go is that whoever is in government should do everything at all cost to remain in power even to the extent of killing people.

“That is why we feel strongly that there is more that is expected other than foreign nations sending observers to come and watch events when elections are conducted in this country,” he said.

The PDP state chairman, who recommended sanctions against any electoral offenders, noted that when fully carried out, the sanction will discourage political class from unleashing electoral violence on electorate and opposition party members.

While noting that democracy is the preferred option of

government, Orbih however, urged all lovers of democracy to stand up to condemn the country’s slide to dictatorship.

He however, appealed to the incoming members of the 9th National Assembly to amend the electoral laws with a view to putting an end to malpractices and other election-related violence.

“You came in at a time when we were just rubbing minds arising from the just concluded elections in Nigeria. Let me use this opportunity to say that the just concluded elections in Nigeria are the most perverted, fraudulent and unreliable elections ever conducted in the history of our democracy.

“The elections essentially were marred by ballot snatching, stuffing of ballot boxes and more importantly a lot of innocent lives were lost in the course of this election. You will agreed with me that you don’t use the blood of innocent people to water the seed of democracy,” he added.

call to duty. This is not the time of self-aggrandisement or to go and sleep or rest but for God to be glorified,” he stated.

While responding to reasons why no certificate of return was issued to the representative of Essien Udim State constituency, the Resident Electoral Commissioner, Mike Igini, said reports from collation officers

sent to the area stated that election results were signed under duress.

He said as such, the commission at the national level would handle the issue of the council area, adding that he has executed his job of carrying out elections in the state.

“As an umpire, we have been given the opportunity to serve the people and our

fatherland in the just concluded general election, and that we have done,” he said.

Elections were cancelled in many wards in Essien Udim Local Government Area due to alleged malpractice and irregularities.

The presentation of certificates of return to the elected members marked the end of the 2019 general election in Akwa Ibom State.

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Theresa May to ask MPs to vote on Brexit divorce deal on Friday PM set to ask Commons to back the withdrawal treaty but not political declaration GEORGE PARKER, LAURA HUGHES AND JIM BRUNSDEN

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heresa May will make another attempt on Friday to rescue her moribund Brexit strategy, with MPs asked to vote on a revamped parliamentary motion to approve her EU divorce deal in spite of widespread opposition.

Andrea Leadsom, leader of the House of Commons, announced there would be a Brexit debate on Friday but senior Conservative officials said it would not meet the legal definition of a “meaningful vote” by MPs on the prime minister’s exit deal.

Mrs May appears to favour a vote just on the legally binding withdrawal treaty — a divorce deal covering citizens’ rights, Northern Ireland and £39bn exit bill — but not on the accompanying political declaration on future relations between the two sides.

If MPs approve the treaty this week, the UK would avoid a no-deal Brexit on April 12 and instead leave the EU on May 22, under the terms of a decision by the European Council last week.

Mrs May on Wednesday made a last-ditch effort to secure MPs’ support for her twice-rejected Brexit deal by saying she would quit as Conservative leader in the summer if they vote for it.

But she suffered an immediate setback when the Democratic Unionist party, which is meant to prop up her government, said it would continue to vote against the

deal.

Holding a vote on the withdrawal treaty only would be a high-risk strategy because it contains a contentious backstop plan, aimed at avoiding a hard Irish border, which the DUP and Eurosceptic Tory MPs strongly oppose.

The plan to split the exit deal — which Mrs Leadsom insisted would meet Commons Speaker John Bercow’s recent ruling that the same motion cannot be presented to MPs twice in the same session — may increase pressure on the DUP to fall into line.

Mrs May might also try to persuade some Labour MPs to back the deal with an understanding that cross-party work in the Commons would then rewrite the terms of the future UK-EU relationship.

But Labour said it would not support a “blind Brexit” in which the divorce agreement was split from a document covering the future relationship, while the DUP, referring to the Irish backstop, said: “The same problem remains.”

Separating the withdrawal treaty and the political declaration — which currently sets aspirations for a close economic and security partnership after Brexit — would fall foul of the 2018 EU Withdrawal Act. This legislation specifies that a “meaningful vote” by MPs to approve Britain’s departure from the EU has to be passed in the Commons and cover both the treaty and the declaration.

Mrs Leadsom declined to say exactly what MPs would be asked

Deutsche Bank discusses raising up to €10bn for Commerzbank deal Proposed equity raising would aim to end debate over lender’s capital levels STEPHEN MORRIS AND OLAF STORBECK

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eutsche Bank is discussing plans to raise as much as €10bn in fresh equity as part of a potential merger with Commerzbank, a move designed to end the debate over whether Germany’s largest lender has enough capital.

Executives have been considering a plan to raise between €3bn and €10bn of extra capital in their initial deal discussions, according to people familiar with the talks.

At the upper end of the range, the capital increase would equate to about 40 per cent of the German lenders’ combined market capitalisation.

The government would like Deutsche to raise as much as possible to ensure the combined group does not have to return to the market after the deal, said people familiar with the discussions.

Managers would prefer something at the smaller end of the range to appease shareholders already sceptical about the economics of a potential deal with Commerzbank.

Deutsche told the Financial Times that it was “much too early at this stage of the due diligence process to make a credible assessment if there is any potential capital need at all”. The German finance ministry declined to comment.

Shares in Deutsche were more than 3 per cent lower by late afternoon, at €7.27 while Commerzbank shares were down 3.5 per cent at €6.89.

In an interview with Frankfurter Allgemeine Zeitung published on Wednesday, finance minister Olaf Scholz denied that he was pushing for the tie-up. “I am not in the driver seat,” he said, adding that the decision was up to the banks.

The maximum capital increase under discussion at Deutsche is in the middle of a wide range of estimates from analysts of the amount of capital needed.

Autonomous has said the new group might need €3bn while a Bank of America report said Deutsche might have to raise its entire €16bn market capitalisation to cover the potential premium of 30 per cent above Commerzbank’s share price and an expected global big-bank capital surcharge.

The enlarged bank would also need additional equity to cover restructuring costs and potential writedowns on Commerzbank assets, such as an €8.4bn portfolio of Italian government bonds.

Regardless of the final figure, going back to equity investors for a fifth time in less than a decade is one of the most provocative elements of the putative deal.

Theresa May

to approve on Friday but senior Tory officials said it would not be a third “meaningful vote” on Mrs May’s exit deal.

Even in the unlikely event that MPs back the withdrawal treaty only this week, Britain could not legally leave the EU until a meaningful vote was held that also included the political declaration — or unless the terms of the 2018 legislation were revoked.

In a further sign of the chaos gripping Mrs May’s Brexit strategy, Downing Street said talks with the DUP were “continuing” on Thursday, but the Northern Irish party in-

sisted that no discussions were taking place and none was scheduled.

Mrs May has offered the DUP assurances, which have so far not been made public, that the UK government would minimise friction in trade between Britain and Northern Ireland in the event of the Irish backstop plan coming into effect.

The offer would see the UK guarantee to adopt new EU laws during the backstop period to avoid regulatory divergence between Britain and Northern Ireland, unless a reconvened Stormont assembly was content for the rules only to apply in the region.

The new problem facing Mrs May is that the DUP does not trust her potential successors — including former foreign secretary Boris Johnson — to stick to the arrangement. Mr Johnson sees Brexit as a chance to scrap EU laws, not adopt new ones.

“She had to offer her resignation to bring our side on board, but it has created a new problem with the DUP,” said one of Mrs May’s allies.

Arlene Foster, the DUP leader, was adamant on Wednesday her party would not back Mrs May’s exit deal.

US charges Facebook with violating housing law Social network accused of allowing real estate listings to be targeted by race HANNAH MURPHY AND PETER WELLS

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he US Department of Housing and Urban Development has charged Facebook with discrimination for allowing advertisers to restrict minorities and protected groups from viewing real estate ads, in the latest blow to the world’s largest social network.

The department said in a statement on Thursday that Facebook was “unlawfully discriminating” by letting advertisers limit the audience of their ads based on race, colour, sex, disability and other criteria, in violation of the Fair Housing Act. This included excluding people “based upon their neighbourhood by drawing a red line around those neighbourhoods on a map”.

The charges come just days after Facebook announced a major overhaul to the way it sells targeted advertising as part of a legal settlement with civil rights advocates, who accused the company of enabling discrimination in housing, employment and credit advertising.

Facebook said on Thursday that it was “surprised” by HUD’s decision as it had been working

with the department to “address their concerns” since an initial complaint was first filed in August 2018, and had “taken significant steps to prevent ads discrimination”.

The company pointed to last week’s settlement, in which it pledged that advertisers creating housing, employment, and credit adverts would no longer be able to target audiences based on age, gender or zip code.

Facebook also said that HUD had asked for unfettered access to certain data — including how its algorithms delivered ads to its audiences — that it feared could be misused.

“While we were eager to find a solution, HUD insisted on access to sensitive information, like user data, without adequate safeguards. We’re disappointed by today’s developments, but we’ll continue working with civil rights experts on these issues,” Facebook said.

The social network has come under increasing pressure to ensure its platform is more inclusive. In Thursday’s complaint, HUD said it was seeking damages for anyone who was harmed by the practice, plus

the “maximum civil penalty” for each violation of the housing act.

Among the charges, HUD also said the social network mined “extensive data about its users”, including information it obtained from other websites, and would use that to determine which users were more likely to view housing-related ads “based, in part, on these protected characteristics”. HUD said Facebook would then target those particular groups of users, regardless of whether an advertiser requested it or not.

“Facebook’s mechanisms function just like an advertiser who intentionally targets or excludes users based on their protected class,” HUD said.

“Facebook is discriminating against people based upon who they are and where they live,” Ben Carson, HUD secretary, said in a statement. “Using a computer to limit a person’s housing choices can be just as discriminatory as slamming a door in someone’s face.”

Facebook shares opened down 1.2 per cent shortly after opening bell on Thursday before paring some of their losses in early trading.

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Anglo American chief says palladium price surge creates ‘bubble’

Sudanese women take lead in protests against Bashir

Prices to stay high while carmakers keep up demand for metal, says CEO Mark Cutifani

ZEINAB MOHAMMED SALIH AND TOM WILSON

Backlash against decades-old morality laws as people take to the streets

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NEIL HUME AND HENRY SANDERSON

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he chief executive of Anglo American, one of the world’s biggest palladium producers, said the rapid rise in the precious metal’s price has created a “bubble” but that its value is likely to remain high for some time.

Carmakers might consider replacing palladium with the cheaper precious metal platinum in their catalytic converters, Mark Cutifani told the FT Commodities Global Summit.

“It is a bubble but . . . as new models get developed in the auto industry, adjustments will take place and maybe there will be some substitution there,” Mr Cutifani said.

“Palladium will stick around these sorts of levels for a while because the cost of changing is probably not worth the change.

But over time it will change and platinum will come roaring back.”

The price of palladium has risen more than 60 per cent over the past seven months to trade at $1,356 an ounce as supply has been unable to match demand from carmakers.

It is now more expensive than gold and much more than platinum, which trades at $841 an ounce.

That has led analysts to also say palladium is a bubble that could lead to a collapse in prices.

“We think palladium is the most overrated precious metal, and we expect lower prices,” analysts at ABN Amro said this month.

At the turn of the century, the metal tripled in price before it fell back as carmakers started using less palladium in their exhaust systems.

Mr Cutifani said the high prices for palladium would not tempt the company to increase its production from South Africa. Anglo American is the largest producer of palladium after Russia’s Norilsk Nickel.

“The world doesn’t need a lot more PGMs [platinum-group metals] at the moment,” Mr Cutifani said.

“We will not do anything to interrupt the market and the market dynamic as much as we can.”

Although palladium is used in jewellery, chemicals and electronics, about four-fifths of annual demand comes from the car industry.

Johnson Matthey, one of the world’s leading makers of catalytic converters, expects appetite for palladium, which is mined alongside platinum and nickel, to outpace supply by 1m ounces this year because of the introduction of further vehicle emissions standards.

Analysts at Liberum said there was strong demand for palladium building from carmakers facing tougher vehicle inspection regimes in Europe and Asia. As a result, they were opting for higher palladium loadings in the catalysts they bought from manufacturers.

At the same time, recycling volumes could be constrained because Vale and BASF have closed refineries in Europe.

Birgitte Bonnesen is the second Nordic bank chief to be fired over money laundering scandals © AFP

Swedbank chief executive fired over money laundering scandal

Board dismisses Birgitte Bonnesen only minutes before bank’s annual meeting started RICHARD MILNE

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wedbank fired its chief executive over the rapidly escalating €135bn money laundering scandal but its chairman declined to step down despite widespread criticism of the Swedish bank’s response to dirty money allegations.

Birgitte Bonnesen became the second Nordic bank chief to be defenestrated over the scandals in the sector following Thomas Borgen’s ousting from Danske Bank last year for its €200bn of questionable money flows from Russia and other former Soviet states.

“You can see trust was eroded and then we as a board must act responsibly. There is no suspicion [of a crime] against anyone but to be CEO of a big company is a question of trust and in the end you reach a point where new leadership is needed,” Lars Idermark, Swedbank chairman, said.

Skittish investors sent shares in Swedbank down 8 per cent on Thursday, taking its total losses in the past six weeks to a third of its market capitalisation. But they also punished the other two big Swedish banks, SEB and Handelsbanken, whose shares closed down 9 per cent and 6 per cent respectively as doubts intensified about the impact of the scandal on the Nordic banking sector.

The scandal is far from over for Swedbank, which was raided on

Wednesday by Swedish police as part of an investigation into aggravated fraud and breach of insider information laws. It is also subject to a probe from US regulators over its connections to multiple money laundering scandals, including Danske’s.

There are questions about why it took Swedbank’s board so long to act and why it failed to heed the warning signs from the earlier but similar scandal at Danske.

“It is not enough with a new chief executive. We need a renewal of the board. The bank needs to do more to regain the trust of the markets,” Joacim Olsson, head of the Swedish Shareholders’ Association, told the annual meeting.

Asked if he had thought of resigning — as Danske’s chairman was eventually forced to — Mr Idermark said he had not.

The affair has also thrown up questions about the clubby nature of Sweden’s financial elite after its senior regulator had to recuse himself because of his friendship with a Swedbank director.

Per Bolund, Sweden’s centre-left minister for financial markets, said he was “outraged” over how badly Swedbank had handled the scandal.

“They should have co-operated with authorities and instead they have done the complete opposite and that is totally unacceptable. It puts confidence in both Swedbank and the whole financial system at risk —

and Sweden’s reputation,” he said.

Swedbank’s chairman told the annual meeting that he “sincerely apologised” for its “rigid and guarded” communication style in the past few weeks. “We have reason to be self-critical,” said Mr Idermark. “We will do whatever we can to regain the trust that has taken a beating this past winter.”

In her first comments since being dismissed, Ms Bonnesen told Expressen newspaper that she had not made any mistakes and was proud of “everything I have done in the bank”.

She is entitled to up to 18 months’ salary, about SKr22m ($2.4m), if her contract is terminated, according to Swedbank’s latest annual report.

Ms Bonnesen’s firing came after a day of drama in which the Financial Times revealed that the New York State Department of Financial Services was probing Swedbank over its links to Danske and several failed banks including Latvia’s ABLV, Lithuania’s Ukio and Cyprus’s FBME. Swedish public broadcaster SVT also published extracts from an internal Swedbank document that showed €135bn of high-risk non-resident money — mostly from Russia — flowed through the lender’s Estonian operations from 2008 until 2018.

The broadcaster also linked it to payments from Viktor Yanukovich, Ukraine’s former president, to Paul Manafort, Donald Trump’s jailed former campaign director.

US official says shale boom has fuelled support for Israel Trump administration emboldened to take stronger stances as reliance on oil imports wanes ED CROOKS

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he US shale boom has made it possible for the Trump administration to take stronger positions in support of Israel, including recognising its sovereignty over the Golan Heights, because it is no longer dependent on imported oil, a senior US official has said.

Dan Brouillette, deputy energy secretary, told the Financial Times that the position of the US was “radically different” from 1973-74, when the oil embargo imposed by Arab members of Opec during the Arab-Israeli war sent fuel prices soaring.

Although the US was still part of the global oil market as an importer and exporter, and hence affected by international developments, he said, it was no longer dependent on foreign countries for its fuel.

The shale boom has “allowed the president to make foreign

policy decisions that simply were not available to previous presidents, at least not in my lifetime”, Mr Brouillette said. “The freedom that this allows this president, and future presidents . . . is simply stunning.”

President Donald Trump signed the proclamation on the Golan Heights on Monday, at a ceremony at the White House attended by Benjamin Netanyahu, Israel’s prime minister.

Mr Trump has a close relationship with Mr Netanyahu, who is running for re-election in April. The US president has sided with the Israeli government on several issues including America’s withdrawal from the international agreement over Iran’s nuclear programme and the recognition of Jerusalem as Israel’s capital.

On Wednesday the White House declined to say if America’s increased energy self-sufficiency had contributed to the changing stance on Israel, including the move to recognise Israeli

sovereignty over the Golan Heights.

But a senior administration official told the FT that “America’s new energy abundance is empowering the Trump administration to further America’s interests around the world and support our partners and allies”.

Mr Brouillette has also argued that rising US oil output was weakening the influence of Opec over world oil markets.

“As America comes on line with increased production . . . we think that US industry is going to be a viable competitor around the world, and Opec will become, over time, less and less relevant,” he said.

US oil output, which had been in decline since 1970, turned round in 2009 and started to grow rapidly, as companies mastered the use of horizontal drilling and hydraulic fracturing to release crude from previously unyielding shale rocks. Last year US production exceeded its previous peak of just over 10m barrels a day.

ode Tariq, a slight 23-year-old woman with red hair extensions on her shorn head, has been arrested three times since street protests against Sudan’s strongman leader Omar al-Bashir started in December. On one occasion, her arm was broken by security agents, she said. On another they cut off her hair.

“The first time I was arrested from Khartoum’s downtown, while in the truck before reaching custody, they poured cold water on my back,” Ms Tariq said. “One of them ripped off my headscarf and cut the bun off my head with a razor blade.”

Ms Tariq is one of the thousands of Sudanese women, long repressed by Mr Bashir’s Islamist regime, who have appeared in huge numbers at the vanguard of a protest movement calling for him to stand down. Sparked by a demonstration in December over the rising price of bread, the protests have become the biggest threat to Mr Bashir’s rule since he seized power in a military coup in 1989.

Initially led by mostly male doctors, lawyers and other professionals fed up with economic decline, the movement has since broadened to include more women, youth and political leaders angered by the regime’s corruption and authoritarianism. At least 57 protesters have been killed and hundreds have been arrested since the protests began. Last month Mr Bashir declared a state emergency, appointing military and security officials to run Sudan’s 18 states.

Women are now at the forefront of the campaign, often taking to the streets in larger numbers than men, according to Dr Ihsan Fagiri, the head of the No to Women’s Oppression Initiative, a rights organisation.

Footage of the demonstrations frequently shows hundreds of women chanting anti-government slogans. In some cases, as many as 80 per cent of the protesters, Ms Fagiri estimated, have been women. Their participation is a dramatic rebellion against the ageing autocrat — still wanted by the International Criminal Court for alleged war crimes in the eastern Darfur region — and the country’s so-called morality laws, which curtailed women’s rights in the 1990s.

Mr Bashir is now facing the broadest opposition to his rule in three decades in power, said Rosalind Marsden, a former UK ambassador to Khartoum and Sudan expert at Chatham House.

“By going out in such numbers and defying the security forces again and again, women have really become a significant, new political force,” she said.

Sudanese women have a long history of political and social activism. Dr Khalida Zahir, Sudan’s first female doctor, was arrested and flogged in 1946 for opposing British rule. Later in 1951 she cofounded the Sudanese Women’s Union, which fought for women’s right to vote and equal pay and played a key role in the street protests that toppled dictatorial governments in 1964 and 1985.

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Growth fears keep sovereign bond yields around multi-month lows MICHAEL HUNTER AND EDWARD WHITE

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he 10-year US Treasury yield remained around its lowest in almost 16-months as mounting dovish signals from central banks left investors measuring the implications of slowing global growth and kept a lid on equities.

After booking modest opening gains, Wall Street was back were it started by midday Thursday, with the three main indices hovering near their prior day closing levels.

European stocks were a mixed bag. The Stoxx 600 failed to hang on to an earlier advance and closed down 0.1 per cent.

Frankfurt’s Xetra Dax 30 pared its gains but managed to eke out a 0.1 per cent gain for the day. London’s FTSE 100 outperformed as sterling weakened, rising 0.6 per cent.

Asian bourses fared little better, with mainland China’s CSI 300 index down 0.4 per cent.

With little action on the equities front, the signals being sent

by the government bond market remained the focus for investors.

The yield on US 10-year Treasuries rose by 1.9 basis point to 2.391 per cent as investors inched back out of the debt.

The equivalent German Bund yield ticked up by 1bp to minus 0.074 per cent, leaving it near a 29-month low it touched during the previous session.

Brent crude fell as much as 1.6 per cent to $66.75 a barrel, with concern at the outlook for growth and its implications on demand offsetting expectations that Opec looked set to extend its supply cuts at its next meeting in June.

A rebound in the dollar also pressured gold prices. The yellow metal was trading 1.4 per cent lower at $1,290.55 per troy ounce.

The pound was hit — down over 1 per cent to $1.3054 — with the UK’s Brexit politics mired in confusion after parliament voted down a series of alternatives to prime minister Theresa May’s Brexit deal.

The euro was down 0.2 per cent at $1.1227.

Demand for Lyft signals strong investor appetite ahead of tech IPOs Ride-hailing company is first of several Silicon Valley unicorns set to excite public markets SHANNON BOND AND NICOLE BULLOCK

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yft is poised to become the first big US technology darling to hit the public markets since 2017, paving the way for a rush of expected listings by fastgrowing but lossmaking Silicon Valley companies.

On the eve of its planned listing on Thursday, the US ride-hailing company raised its pricing target, indicating strong appetite for what is expected to be the biggest initial public offering so far this year.

Lyft proposed a new pr ice range of $70 to $72 a share in an amended regulator y filing on Wednesday, both higher and narrower than the $62 to $68 range it had previously indicated. That would give it a fully diluted valuation of $24.3bn at the top of the range and could net the company more than $2bn in proceeds.

The shares are set to begin trading on the Nasdaq under the ticker LYFT on Friday.

D emand for Lyft has been strong, with investors crowding into meetings with executives in New York, Boston, San Francisco and other cities over the past two weeks during the company’s roadshow. Just two days in, bankers told attendees that the IPO was oversubscribed based on commitments the company had received to buy the 30.8m shares on offer.

Analysts and investors said the intense interest reflected eagerness to get the first crack at one of Silicon Valley’s biggest unicorns, as start-ups valued at $1bn or more by private backers have come to be known.

Several of Lyft’s peers are gearing up to follow it to public stock exchanges. Uber, the biggest US ride-hailing company, is expected to start its IPO process next month and could seek a valuation topping $100bn, according to people familiar with the matter.

Image-sharing platform Pinterest and workplace messaging ser vice Slack are also already in the IPO pipeline. Airbnb, the short-term rental website, and data analytics group Palantir are expected to begin the listing process at some point in the next year.

“Market sentiment and investor sentiment for such growth assets is as good as it’s ever been,” said Rohit Kulkarni, head of research at Forge, a marketplace for trading private shares. “These are the most anticipated IPOs in Silicon Valley.”

Lyft was founded in 2012 and operates in more than 300 cities in the US and Canada. Executives’ pitch to potential shareholders has highlighted robust revenue and customer growth while declining to set a public timeline for when it might turn a profit.

Multilaterals must earn the right to limited immunity World Bank and others should strengthen independent accountability DANIEL BRADLOW

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ultilateral development banks have long led privileged existences. Over the past 70 years, they have been immune to the jurisdictions of their member states, regardless of who might be harmed by their actions or decisions.

On February 27, the US Supreme Court shook them out of this complacency by ruling in Jam v International Finance Corporation that they have only the same limited immunity as states. This means that, under certain circumstances, they can be sued in US courts.

The decision implicitly recognises that absolute immunity is an anachronism in a world where states have limited immunity and individuals have internationally recognised human rights, including the right to a remedy.

The rationale for granting immunity to organisations such as the World Bank was to protect their ability to perform their mandates. The international community thought that immunity would shield the MDBs from mischievous interference by states, while also ensuring that they would not be subject to different rules in each country in which they operated.

Initially, it did not seem important that the MDBs could not be sued by those who may be harmed by their operations. They were expected to interact directly only with borrower governments, who were responsible for implementing any bank-funded operation. Borrowers would be responsible for any harm the projects caused. The affected individuals could hold them accountable through domestic legal and political mechanisms.

The MDBs continued to benefit from this privileged arrangement even as the scope of their operations expanded, they began to interact more directly and intensively with the citizens of their member states, and the scale and severity of the social and environmental impacts of MDB operations became more obvious. Project-affected communities began to understand that, although the MDBs were directly contributing to their harm and they had internationally recognised rights to a remedy, no forum could hear their complaint — the MDBs’ would use their immunity to have it dismissed.

To their credit, the MDBs and their member states were not insensitive to this issue. They established independent accountability mechanisms to investigate claims

from communities alleging they had been harmed by the MDBs’ failure to comply with their own policies. For example, the IFC created the Compliance Advisor Ombudsman. Unfortunately, these mechanisms have no binding authority. The MDBs can, and do, ignore their findings. The IFC failed to act on the CAO’s findings in the Jam case.

The historic US Supreme Court decision presents the MDBs with a choice. They can react in anger and seek to restore their absolute immunity, weaken their accountability mechanisms and deny affected communities appropriate redress. Or, they can strengthen their existing independent accountability mechanisms so that they offer communities a meaningful form of redress, obviating the need for them to resort to litigation.

If the MDBs choose the former, conservative, option, they could face years of costly litigation and conflict. In fact, the IFC, in addition to the continuing litigation in the Jam case, is being sued over another project in the US District Court in Delaware. Regardless of the outcomes of such cases, they will be expensive in financial, human resource and reputational terms.

Turkey failing to heed US warnings on Venezuela, says Trump envoy LAURA PITEL AND GIDEON LONG

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urkey is failing to heed US requests to halt its support for Venezuelan president Nicolás Maduro, Donald Trump’s special envoy to the Latin American nation has warned.

Elliott Abrams told reporters on Thursday that the government of Recep Tayyip Erdogan, the Turkish president, was “strongly supporting the Maduro regime” and that US officials had “not had the cooperation from Turkey that we want”.

Mr Trump in January threw his weight behind Venezuelan opposition leader Juan Guaidó, leading an international drive to recognising him as the country’s interim president.

Washington has been in-

creasing its economic pressure on the Maduro government, issuing sanctions against its key financial supporters and cutting off the flow of foreign currency to state-owned oil company PDVSA. Mr Erdogan, however, has emerged along with Russia and China as an important ally for Mr Maduro. The Turkish president has urged his Venezuelan counterpart to “stand up tall” and has described the US efforts to force him from power as a “coup attempt.”

Mr Erdogan’s stance on Venezuela has emerged as a new flashpoint in the already strained relationship between Ankara and Washington, with Turkey’s imports of Venezuelan gold a

particular source of concern.

US officials have claimed that the country imported 20 tonnes of the precious metal from the South American nation last year, worth almost $1bn.

Mr Abrams said that Washington had asked Ankara to halt that process.

“Whether it’s gold or anything else of value, we inquire and we ask the government in question to stop it,” he said. “We have not had the cooperation from Turkey that we want. Turkey is undermining its own position, not only in Venezuela but all of Latin America . . . s a cost for Turkey.”

Mr Abrams would not comment on the possible consequences for Turkey of failing to comply with US demands.

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Opinion The role of the military in a democracy While I was away THE NEW WEALTH OF NATIONS

Obadiah Mailafia

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he military is one of the most important institutions in a democracy -- a great and honourable profession. In our day and age, not all countries possess military establishments. Examples include Liechtenstein, Andorra, Dominica, Grenada, Kiribati, Marshall Islands, Solomon Islands and Tuvalu. Soviet strongman Joseph Stalin once dismissively asked, “How many divisions does the Pope have?” Of course, the Vatican has none. And I doubt if it needs any.

The theme of this Workshop is, “CivilMilitary Relations and the Media”. We can best conceive of civil-military relations in the language of analytic geometry. Imagine 3 Venn diagrams with two intersecting circles, representing the military and civic communities. In the first box the circles intersect by 10 percent, in the second by 40 percent and in the third by 80 percent. The first represents the classic model of civil-military relations in liberal democratic systems; the second in relatively militarised jurisdictions and the third in highly militarised countries.

I humbly confess that I have studied military strategy from Sun-Tzu to Rommel and Zhukov. The doctrine of military subordination to constitutional authority is one of the foundational axioms of military science in

socialist and democratic regimes. It is often said that war is far too important to be left to the generals. Carl von Clausewitz famously declared that “War is the continuation of politics by other means.” Effective war-making requires the military to be subordinated to political policy. Otherwise they can run amok, as General Macarthur infamously did in 1950s North Korea.

In the United States, where the right to bear arms is enshrined in the statutes, the interface between soldiers and civilians is a matter of constitutional principle. In an age defined by historian Arthur Schlesinger as the “the imperial presidency”, the America has become a warrior state, often fighting simultaneous wars. Succeeding American leaders have decried what they term “the military-industrial complex”. Whatever the challenges, it is also true that the military has been an instrument of nation building, mass mobilisation and technology development in America. Few people know, for example, that the Internet began as a communication tool within the US military before its astonishing worldwide expansion.

In semi-militarised countries such as Egypt and Pakistan, the military are even more deeply embedded in civil society.

Although they are supposedly democratic countries, the military in both countries exercise great influence on national policy.

In Egypt they dominate most public works and infrastructure projects. In Pakistan they reserve veto powers on key domestic and foreign policy decisions. In times of crisis, they are the last bastion of national honour.

Examples of fully militarised countries include Israel, Cuba and North Korea. Israel is a small country that has suffered recurrent invasions from its Arab neighbours since independence in 1948. The Jewish state has a

universal system of conscription for men and women from age eighteen. They also have a large reserve army. Success as a warlord is often a factor in political leadership recruitment, as exemplified by Prime Ministers such as Yitzhak Rabin, Ariel Sharon, Ehud Barak and Benjamin Netanyahu.

Israel has a prominent international brand as “the start-up nation”. Barring the United States, it has more technology companies on the New York Stock Exchange than any other country. Many of these successful companies were created by former soldiers who forged bonds with one another on the battlefields. Israel is a successful warrior state that has blended its civil and military traditions in a manner that projects national power as well as economic and technological prowess.

When I was a primary school child in 1968, General Mohammed Shuwa stopped his military Land Rover near our home one hot afternoon to play football with my late brother, our friends and I. He was on his way back to the war front. He was our hero -- gallant and charismatic. That encounter has left an indelible imprint in my memory.

I began my career at the National Institute for Policy and Strategic Studies, Kuru. Then as now, a sizable portion of the staff and participants were drawn from the higher officer corps. It was for me a great learning experience. I got to know that some of the most Continues on page 33

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

A land named ‘hope’: For Pius Adesanmi, Banky W, Sina Fagbenro-Byron, Moghalu, Sowore, Madame Oby and all the other ‘outsiders’ HumanAngle

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Femi olugbile

t is often said that it is not right to mix the dead with the living.

However, in a story of a land that is persistently, against all rhyme and rhythm, named ‘hope’, dead and living of necessity become players in the field, and jostle for space, one with another.

Professor Pius Adesanmi, born in February 1972 in Kogi State, died recently at the age of forty-seven years in the tragic accident involving an Ethiopian Airways Boeing 737.

He was on his way to an African Union conference in Nairobi. Among his accomplishments, he wrote three books and was a longrunning columnist with Premium Times and Sahara Reporters. One of his books (The Wayfarer and other poems) won the Association of Nigerian Authors (ANA) annual prize for Poetry in 2001.Another book (You’re not a country, Africa) won the first Penguin Prize for African Writing (non-fiction).

He was a notable social critic who, in writing as in word of mouth, lampooned public figures - politicians, clerics, as well as ordinary citizens, for their contributions to the many failures of their society. He used straight, easy-to-read prose, full of witticism and slang.

He was a highly accomplished man with a great deal of street-credibility.His famous story about a faulty shower head in his hotel room in Abuja spoke of his efforts to get ordinary Nigerians running the facility to see that ‘minor’ problem as an existential threat and evidence of a flaw in themselves that had to be exorcised, instead of an inconsequential detail to be glossed over. It reflected his conviction that Nigerians would need to desire ‘excellence’ in all areas of their lives and be prepared to work for it, instead of settling for that easy apology for mediocrity - ‘the Nigerian condition’.

The outpouring of grief that has attended the passage of the man has shown that his talent, as well as his ‘can-do’ spirit, resonated with his countrymen. Despite their travails – including the fear of another four years of herdsmen’s killings and economic hardship, Nigerians had hope for a better Nigeria. They wanted to believe.

Hope and belief are the only plausible explanations for why intelligent, otherwise busy, rational individuals such as Banky W, Sina Fagbenro-Byron, Dr Moghalu, Oby Ezekwesili, Omoyele Sowore – a list rendered in no particular order, and a list that is not exhaustive by any means, set out several months ago on what many saw, cynically, as a quixotic mission to change the political landscape of Nigeria. They were querying Nigeria’s most fundamental assumptions about her own politics. To the cynics, they were like Sir Galahad on his scrawny, fleainfested horse, flaunting his rusty sword, tilting at the windmill.

The assumptions in question included a certainty that nobody could achieve anything in Nigerian politics without Money – a

lot of it, and without a nebulous entity known as ‘structure’. The only places where these items were to be found were the mainstream parties – meaning the ‘APC’ and the ‘PDP’, with perhaps a grudging nod to the existence of one or two minnows.

Early on, there was a momentary spurt of hope among some elements in the public that the conviction these men and women expressed in their verbal and body language was not totally delusional. There was even talk of a coming together of ‘outsiders’ to form a ‘Third Force’ which could then become a mass movement.

That possibility quickly petered out.

The results of the elections that have been announced at different levels seem to have confirmed the ‘wisdom’ that nothing ‘new’ could be done in Nigeria. The most cynical commentators, who ridiculed the ‘upstarts’ from the start, have been saying ‘We told you so’.

Now that the dust is settling and life is getting back to normal - at least in most of the country, it is necessary for people who believe in the ultimate good of Nigeria – a group which until lately included in its ranks a talented young Nigerian named Pius Adesanmi - to ask such questions as – what has been gained by the advent of ‘outsiders’? Should they disappear from the scene back to their classrooms and their editorial suites and executive offices and leave Politics to ‘serious politicians’? What should they do – going forward? Should they be sucked into the winning party and given ministeContinues on page 33

Femi Olugbile is a Writer and Psychiatrist.

Comments to synthesiz@gmail.com’

Tales from the main road

Eugenia Abu

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had taken a well-deserved hiatus and I have returned to the pages of Buisnessday to share as always with you all the interesting things and happenstances up my alley. From last year after my article on the passing of our security guard, the late Papa Iroha, I have not regaled you with any of my pieces. I would like to thank the multitude of our reading public for their love and continued interest in this column. Indeed, it has been eight months since I took a much deserved break but you never really left my heart and I am glad to reconnect with you.

I have been to many interesting parts of the world since then and I would like to share with you my interesting journey to Mali on behalf of ECOWAS. This tour of duty, principally to support the elections in Mali as a Media Consultant threw up other unexpected things. In the middle of all of this, I visited the affable Nigerian ambassador and came away with the shock of Nigerian girls trafficked for prostitution some as young as 13 years. Not only did I hear from him but I actually visited the International office of migration IOM camp where some of the rescued girls were being held for repatriation. You wonder right as I did, what becomes of man when he goes to the base level of becoming this monster who trades in flesh for money. How do they sleep? It boggles the mind. Kudos to the Nigerian embassy in Mali doing its best. It’s a tough job to stop these girls coming into Mali through some of our borders pretending tourism and being escorted by Uncles and Auntie’s who are actually their traffickers. Looking into their eyes, 13-19-year-old girls lost in a strange country, it breaks my heart. By the way there are many of these prostitution rings managed by Madams, a lot of them Nigerian women married to Malians. Hmmm…

Then the airline tragedy just few weeks ago. Ethiopian Airline, considered one of the safest and Africa’s most organised airline. Six minutes inflight. Were we all to think about all the stories around the new Boeing, the politics, the safety and non-safety narratives, would we ever fly again. 29-year-old pilot, so young, his equally young co-pilot, the ever smiling crew, Professor Adesanmi and his co-travellers numbering over 150. We are humbled, we are saddened, we are heartbroken. Too close to home. My condolences to all the families who lost loved ones from this tragedy.

Of course there were the elections some areas of it still hanging over our heads. The upsets, the amazing stories from everywhere and more importantly the new sophistication of the Nigerian elite once their votes count. This in fact is a major plus for democracy in Nigeria. The downside though is the thuggery and attendant violence that again takes us to primordial times. Ballot box snatching, setting people ablaze and bare faced thuggery. This is not good, does not augur well for our democracy. Certainly this calls for planning forward and looking back. What could we have done better and how will all this impact us all in the next four years. As we wait for the dust to settle, let us go back to the drawing board and see what can be done to avert this nastiness in the coming elections. Sorry, I really do not mean just INEC, I mean all of us. We are all stakeholders in our nation.

Stop pointing at one group of people. What have you done as a citizen? Have you played your part well or did you buy votes at a polling centre? Did you go to vote or you have just being complaining? Were you a thug for five thousand naira which is all you get in four years or did you pay a thug? Did you disrupt the counting? Did you start trouble at the booth when it seemed your party did not seem to be winning or did you actually distribute drugs to the poor young student to help you ruin your opponent’s ascendancy? Please stop pointing fingers ye citizens, step back and take a good look at yourself. It is time for introspection.

Continues online at www.businessday.ng

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

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