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news you can trust I **FRIDAY 31 AUGUST 2018 I vol. 15, no 130 I N300

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Regulators destabilise markets, spark N1.42trn sell-off Make mockery of Nigeria’s hunt for foreign investments 81% of capital imports through 4 fined banks in Q2, 2018

LOLADE AKINMURELE, reporting from Singapore; EMEKA UCHEAGA & DAVID IBIDAPO, Lagos

L-R: Patrick Tolani, chief executive officer, Community Energy Social Enterprise Limited; Shina Atilola, group head, strategy and innovation, Sterling Bank plc; Patrick Utomi, founder, CVL, and Elsbeth Dixon, head of African operations, Common Purpose, at the Africa Ventures Programme hosted by Sterling Bank in Lagos.

he firms fined by the Central Bank of Nigeria (CBN), on Wednesday came out forcefully to deny impropriety, saying there was no form or substance to the allegations. A Managing Director (MD), in one of the fined Banks told BusinessDay last night that the CBNs actions were coming after the fact, adding that there was no illegal repatriation of funds out of Nigeria in any way possible. “The allegation is at worst a mere administrative matter. When money comes into the Continues on page 2

Tope Adebayo LLP, a look at the law firm in charge of MTN’s CCI case

ope Adebayo LLP is said to be Lagos based law firm that the Attorney General, Abubakar Malami engaged for the MTN

and CCI saga currently shaking Nigeria’s telecommunication and financial sector. Incidentally, Temitope Adebayo, the main partner in the law firm, is a former colleague of the attorney general and also legal

NGUS OCT. NGUS JAN. NGUS JUL. 30, 2019 24, 2019 31, 2018 0.00 363.05

0.00 363.50

0.00 364.40

MTN, banks deny CBN’s allegations of improper CCI

Dipo Oladehinde & Odunayo Oyasiji

Currency Futures ($/N)

fgn bonds

Treasury Bills

representative to the defunct Congress for Progressive Change (CPC) that evolved to the current ruling party, APC. BusinessDay exclusively reported yesterday that Attorney General Abubakar Malami is

See CBN letter to MTN on page 35 behind the resurrection of the CCI allegations against MTN when it commissioned an audit Continues on page 35

As Teleology closes 9mobile deal analysts say telco faces tough recovery Jumoke Akiyode-Lawanson

xperts in the telecommunications industry say Teleology faces a tough time with the 9mobile assets it is set to acquire following Continues on page 34

Saraki joins 2019 race as APC opts for direct primaries for presidential candidate ... NASS asks Buhari to fund INEC with N944bn service wide vote OWEDE AGBAJILEKE, James Kwen, Abuja

fter months of speculation, Senate President Bukola Saraki officially declared his intention to run for the ofContinues on page 34

Coming out Monday Olu Fasan writes on “Osibanjo: The acceptable face of a lame government”

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MTN, Banks deny CBN allegations of improper... Continued from page 1

country a certificate of capital i mportation (CCI), is issued,

the money is then applied to the business, profit generated and the money repatriated,” the Bank MD, told BusinessDay on condition of anonymity because of the sensitivity of the matter. The CBN in its letter to MTN had alleged that CCIs issued by some banks at the time (2001 – 2006) of its investment into Nigeria in the sum of $402.59 million showed that $59.4 million was invested as shareholders loan and $343.15 million as equity. The CBN however alleged that a review of MTNs financial statements for the year ended December 31, 2007 revealed that $399.59 million was recorded/invested as shareholders loan and $2.99 million as equity investment, in accordance with the shareholders agreement but contrary to the CCIs issued by the banks. The Bank MD however refuted the claims saying that for the part of the capital treated as shareholder funds there was no coupon, tenor, or it being used as a tax shield. “The part of the funds treated differently is still in Nigeria. If the crime is that MTN shareholders took a risk in 2001 to invest in Nigeria and after several years of capital expenditure and growth, the investments yielded a return for which the shareholders received a dividend, then MTN and the banks are guilty of making money.”

Investors yesterday sold shares in MTN and other banks affected by the sanctions. Diamond Bank shares fell 9.52 percent as at market close while Stanbic IBTC closed down 2.5 percent. The Nigerian Stock Exchange (NSE), all share index shed 0.77 percent to close at 35,086.67 points. Diamond bank shed N3 billion in market capitalisation compared to the fine of N250 million imposed by the CBN. Stanbic IBTC on the other hand lost N11.3 billion in market value comparedtoafineofN1.2billionbytheCBN. MTN trading in Johannesburg was hard hit as the stock plummeted 21.55 percent with market value down some $3.9 billion (N1.41 trillion) as at 5pm local time. Yields on its $750million, Eurobond due 2024 soared to near record highs of 7.0 percent. Diamond Bank and Stanbic IBTC both released press statements to calm customers and investors. Diamond Bank in a corporate disclosure obtained from NSE said that the development does not impact customers’ ability to continue to do business with the Bank and that updates on any new development will be made available to all stakeholders. The bank also assured all stakeholders that it complies with all regulatory policies issued. In a similar manner, Stanbic IBTC told investors and customers that the Bank is holding further engagements

Continues on page 34

Fixed Income funds out-perform peers as equity funds return lowest ytd CYNTHIA IKWUETOGHU & OGHOGHO EDOSOMWAN

eports on the unit prices of collective investment schemes collated by the Securities and Exchange Commission (SEC) and analysed by BusinessDay for the period of January 5th to August 17th 2018 showed that fixed income funds largely outperformed. Fixed income fund had the highest average return of approximately 6.80 percent with 13 of the 16 fund managers having positive yields. Also, four of the fund managers which include Coronation Asset Management, EDC Fund Management Limited, Lead Asset Management Limited and SFS Capital Nigeria Ltd recordedhigherreturnsof16percent,15.1 percent, 10.9 percent, and 10.1 percent respectively as compared with peers. Bond Fund came second with an average return of 3.77 percent. Having a total of seven fund managers, six returned positive. Out of this six, Afrinvest Asset Mgt Ltd had the highest return of 10.5 percent whereas; only United Capital Asset Mgt Ltd recorded a negative return of 1.91 percent. Conversely, the mutual funds that had negative average return are equity funds with an average negative return of 10 percent having all the fund managers return negatively. United capital, Meristem wealth and

Stanbic IBTC had the highest negative return of 22.9 percent, 21.2 percent and 10.8 percent respectively. “There has been a lot of exit from the market. Nigerian market is fully dominated by foreign investors. If foreign investors move in, prices go up and if they pull out, prices go down. Data showed that there has been a decline in foreign portfolio investment,” Henry Ogbuaku, Group head at GDL Investment told business day. “Foreign investors are sceptical because of the security issues in the country as well as political tension due to the forthcoming election. All of that affected their perception of the economy,” Ogbuaku added. Other negative performers are Mixed Fund, Ethical fund, and Real estate fund with returns of 1.8 percent, 3.5 percent and 0.1 percent respectively. Speaking on real estate fund, Abiodun Akanbi, Head of Infinity Trust Mortgage Bank in Abuja told BusinessDay earlier that, “The real estate sector is fixed capital in nature, construction cost in relation to supply is high and the amount used to purchase by the consumer is high and as such fixed capital is needed for both sides. Another factor is the unforeseen risks due to the forthcoming election which had reduced the demand for properties.”

•Continues online at www.businessdayonline.com

L-R: Frank Aigbogun, publisher/CEO, BusinessDay; Mauricio Alarcon, managing director, Nestle Nigeria plc; Victoria Uwadoka, corporate communications and public affairs manager, Nestle Nigeria plc, and Anthony Osae-Brown, editor, BusinessDay, during a courtesy visit of BusinessDay management to Nestle head office in Lagos, yesterday. Pic by Olawale Amoo

Ghana to assemble Volkswagen vehicles soon as Nigeria chases shadows semble vehicles and a deal could be signed in matter of days as part of Germany’s foreign policy agenda to strengthen development in Africa and contain illegal migration. Akufo-Addo is hosting Chancellor Angela Merkel of Germany on the second leg of a three-day Africa trip to encourage private investment linked to the Group of 20s “Compact with Africa” initiative. “We’re particularly happy to hear about the possibility of an agreement being signed today involving Volkswagen,” Akufo-Addo said, as he and Merkel briefed reporters in the capital, Accra. “Hopefully, ultimately, one day the pro-

ductionofvehicleswillbehereinGhana.” European Union leaders have pledged to increase investments in Africa to assist development and help stem the arrival of thousands of migrantswhoaredesperatetofleepoverty. Anxiety over the issue is stoking populism and is driving electoral gains by far-right parties. Ghana, whose economy expanded by 8.5 percent in 2017, will welcome investment in agriculture, finance and factories, said AkufoAddo. Merkel, who held talks with Senegal’s President Macky Sall on Wednesday, will end her visit with a trip to Nigeria today.

STEPHEN ONYEKWELU & DIPO OLADEINDE

Analysis

igeria’s petroleum industry reforms have stalled, as the Petroleum Industry Governance Bill (PIGB) hits a cul-de-sac, sending out wrong signals to both current and potential investors in the sector because the industry will remain shrouded in opacity and uncertainty. Muhammadu Buhari, president of the Federal Republic of Nigeria, August 29, declined assent to the Bill, alleging it whittles down his powers and in a press release raised three concerns. However, energy experts and analysts have faulted these claims. The first executive claim was that the proposed retention by Nigerian Petroleum Regulatory Commission (NPRC) of 10 percent of revenue it generates from various sources will

nibble away revenue accruing to the Federation Account Allocation Committee (FAAC). Secondly, that the scope of the Petroleum Equalisation Fund (PEF) is unclear and lastly, that the legal wording of the Bill is ambiguous. These concerns were addressed in the PIGB. Besides, there were several public hearings and these concerns could have been raised then. People with deep knowledge of the oil and gas industry in Nigeria and across Africa have said one of the major reasons for not assenting to the PIGB is the president’s loss of power to “award and renew oil licenses, award marginal fields, and appoint board members to the Nigeria Petroleum Regulatory Commission (NPRC),” Dolapo Oni, an energy expert with both global and local experience tweeted August 30.

The PIGB was designed to transit Africa’slargestoilproducer’spetroleum industry from cronyism to institutions driven petroleum industry. This cronyism has led to lack of transparency and accountability in the industry. Wumi Iledare, a professor of Petroleum Economics and member of the Petroleum Industry Bill (PIB) drafting committee said the PIGB is about institutional empowerment rather than persons or partisan politics driven petroleum industry which is what Nigeria currently operates. An instance of this institutionalising influence of the PIGB is reflected in the fact the Nigeria Petroleum Regulatory Commission reports to the National Assembly, not the minister of petroleum resources.

osa victor obayagbona

hana could be hosting a Volkswagen motor assembly plant soon, according to a report. If this happens, it will be a slap on the face of Nigeria, the continent’s largest market, and would confirm fears that while some other countries are doing substantial things to lure foreign direct investment, Nigeria is merely chasing shadows. Ghana’s President Nana AkufoAddo says the small West African country is in advanced talks with Volkswagen AG over plans to as-

How Buhari insists on cronies’ not institutions-driven petroleum industry

•Continues online at www.businessdayonline.com

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Nigeria’s slow growth to put more people into poverty BUNMI BAILEY & EMEKA UCHEAGA

igeria is already regarded as the poverty capital of the world, and with its economy growing slower than population growth, economists fear poverty level in the country is bound to rise. In the second quarter of 2018, the Nigerian economy expanded by only 1.5 percent, while expected population growth this year is 2.6 percent. “This is going to increase the poverty level because there will be more pressure on the available resources. The economy ought to grow faster than the population,” Ayodeji Ebo, MD, Afrinvest Securities Limited, said. With the current economic growth still under the country’s population growth rate of around 2.61 percent, employment generation may

stall, pushing thousands of households into poverty. Recently, a report by the World Poverty Clock, a nongovernmental organisation in Vienna, which shows real-time poverty estimates of different countries, shows that Nigeria has overtaken India as the country with the most extreme poor people in the world. The 86.9 million people living in extreme poverty is higher than the 71.5 million people in India. With the current 1.5 economic growth rate, the number of extremely poor people could increase “Last time, we had a report that 86.9 million people are extremely poor. Today, what we are going to see is a further increase in that number in terms of average standard of living is going to worsen at a rate that is lower that the population growth rate. And when you look at our

per capita income it is going to further decline,” Johnson Chukwu, CEO, Cowry Asset Management Limited, said. The country’s per capita income has been treading downwards since 2015. Based on the International Monetary Fund (IMF) per capita income data, the country’s income declined by 27.8 percent down to $1,994 in 2017 from $2,763 in 2015. Earlier this year, IMF forecasts that the country’s income per capita will continue to decline till 2023, which will reduce the standard of living of the average Nigerian. Ayo Akinwunmi, head of research, FSDH Merchant Bank, said the country’s current resources were not enough to cater for the needs of people, which automatically affect their standard of living “The resources are not enough to cater for the grow-

ing population, which tend to lead to more poverty, more people out of jobs, loss of income and all the negatives that typically comes out of it. That is why we need to have inclusive growth that can lead to development, reduce unemployment and cater for the needs of the people,” Akinwunmi also said. Economists have suggested ways that can help to curb poverty from worsen and prevent more families from entering poverty. “Our growth rate should be growing at a rate that is above our current 2.6 percent population growth rate. More investments should be channelled into infrastructure, and also the government needs to see how they can partner with private investors to increase investments in Nigeria to help us get to our optimal growth rate,” Ebo suggested.

L-R: Paul Gbededo, group MD/CEO; Umolu Joseph, company secretary, and John Coumantaros, chairman, all of Flour Mills of Nigeria plc, during the 58th annual general meeting of the company in Lagos, yesterday. Pic by Pius Okeosisi

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BUSINESS DAY

Tecno mobile treats smartphone users to spark party

o conclude the launch of its Spark 2 smartphone, TECNO mobile held a spark party for its users, tagged the biggest student rave of 2018, in Lagos. The event had top musical acts like Slim Case and Solidstar alongside DJ Consequence and Celebrity OAP and Hypeman Do2Dtun thrilling attendees made up of students from top universities within and outside Lagos, media personalities, celebrities and top executive of the mobile firm. To start the event, guests were ushered through the lit ‘dream tunnel’ towards the dream wall and red carpet, where they took pictures, had the chance to write their dreams, mingle with other guests and interact with the media.

Dotun, who was the MC, got the crowd pumped with his interactive anchoring of the dance face-off. The party also gave upcoming artistes such as Aceberg, Chizzylon, Milly K, Cozy Miller, Ola Boy, Femi Silva and a host of others, an opportunity to also thrill the crowd. The main acts for the day, Slimcase and Solidstar lived up to expectation as they took them through their hit songs with the audience singing and dancing along. Powered by Google, The TECNO Spark 2 party lived up to its billing as the biggest rave event of 2018, and was a befitting climax to the launch of the Spark 2 smartphone that had also witnessed the Light Up Your Dream campaign during which four individuals won N1 million each.

Edo, social group partner on medical outreach with cloud-enabled technomed machines, others

do State Agency for the Control of Aids (EDO SACA), in partnership with Ogbona Elites Forum, has concluded plans to assemble a team of experts on a medical outreach to Ogbona community in Etsako Central Local Government Area of Edo State. In a statement, vice president, Ogbona Elites Forum, Ikhane Bernard Kasim, notes that the medical outreach holds from September 1 to 3, and will complement the state government’s effort on healthcare delivery, as the team of experts consist of acute medical consultants, geriatricians, cardiologists and a stroke physician. Ikhane says the team will “be donating some medical equipment to the Community Health Centre and the University of Benin Teach-

ing Hospital, Comprehensive Health Centre, Ogbona, (M.C.K. Orbih Comprehensive Health Centre, Ogbona). He notes that the equipment includes: “ECG machines, along with other new devices, that can detect a trial fibrillation and hence reduce the incidence of stroke. These are the newest machines in the market and they are cloud-enabled.” Executive director, EDO SACA, Flora Oyakhilome, urges Edo people to take advantage of the medical outreach. Ikhane explains “The ECGs will be read in real time by a cardiologist in the United Kingdom who will do the analysis and send down the results immediately. We expect to carry out about 10,000 tests with the cloud-enabled Technomed machines.

NCC pledges to deploy technology to combat call masking, refilling Education reform: Edo Poly trains IDRIS UMAR MOMOH, Benin

igerian Communications Commission (NCC) says it is deploying appropriate technology as a strategy to combat call masking and refilling. Ismail Adedigba, deputy director, consumer affairs bureau, said this at the 41st edition of consumer town hall meeting organised for rural consumers with the network operators in Ekpoma, Edo State, with the theme, ‘Using Information and Education as tools for consumer empowerment and protection.’ Adedigba, who said international callers majorly used call masking/refilling, added that the commission was working seriously to address the ugly trends. “Call masking refill-

ing is used by criminal minded people to commit crimes, especially kidnapping, cyber crime, among others,” he said. He however called on consumers to help the commission fight the menace by dialling 622, avoiding using unregistered SIM cards, as well as protect service providers and the commission infrastructure located in their respect domain. He also threatened that the commission would not hesitate to impose appropriate penalties against any service providers that contravene its rules and regulations. He listed the rules to include unsolicited text messages and calls, failure/ refusal to roll over unused data at the expiration of data bundle by service providers,

automatic renewal of data services upon expiration and activation/subscription to data and value added without prior consent of the subscribers, among others. In her speech, Felicia Onwuegbuchulam, director, Consumer Affairs Bureau of the commission, assured that the commission was poised to ensure that telecoms consumers get value for their money through effective service delivery by service providers. “At the NCC, telecoms consumers are the target beneficiaries of all our activities, which make them enjoy primary focus in terms of ensuring that they get good quality of service, value for money spent, timely and fair redress of complaints and protection from unwholesome practices of some service providers,” she said.

staff on Open Distance learning

fforts by the Governor Godwin Obaseki-led administration to improve access to Technical and Vocational Education (TVET) in the state has gained additional boost as the Edo State Polytechnic, Usen, (formerly Edo State Institute of Technology and Management), has concluded training of its staff in preparation for the commencement of Nigeria’s first Open Distance Flexible Learning (ODFL) programme. In a welcome address during the opening of the mandatory 3-day workshop for all academic and selected nonacademic staff of the institution, Rector, Edo State Polytechnic, Abiodun Falodun, noted that the objective of the programme is to increase access to Technical and Vo-

cational Education (TVET) to indigenes and residents in the state and environs. The 3-day mandatory workshop was organised by management of the polytechnic in partnership with a Tertiary Education Information Technology (IT) consultant, Concept De La Paix, to facilitate the commencement of the ODFL programme. Falodun said the programme would improve the visibility of the polytechnic globally, allow for the internationalisation of learning opportunities and improve access to global resources and experts through Information Communication Technology (ICT). He noted, “Edo State Polytechnic will be the first to float the programme. At the conclusion of the workshop, Edo

Polytechnic intends to mount its Online Distance Flexible Learning Programme within the next six months.” He noted that the institution would commence the first phase of the programme with Public Administration while other courses to be added will include: Accountancy, Business Administration and Computer Science. In a lecture entitled: “Understanding Open Distance Learning (ODL) Mode,” Bayo Okunade, a professor at the University of Ibadan, noted that ODL was a system that allowed students’ access to ICT, providing a platform where learners and facilitators were separated by physical distance and technology with face-to-face communication deployed to bridge the gap.

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Parents squeezed as fees delay surge before September schools resumption KELECHI EWUZIE

s resumption for the new academic year across the country beckons, private school owners who spoke to BusinessDay have decried the growing incidence of school fees payment delays by parents and guardian even as the cost of running schools continues to rise. They express concern that there is no way parents can expect them to pay their teachers, provide standard infrastructure, service the loans they collected from banks and remain effective without payment of fees. The delay in payment of fees is seriously affecting schools negatively says Sunday Attah, Proprietor, Mandate Group of Schools, Igando adding that he is finding it difficult to pay salaries, suppliers and buy materials on time. According to him, “Before resumption, there are a lot of things we have to do which we borrow money for; and the money is due immediately we resume.” “When parents delay in payment or fail to pay their fees early enough, it affects the repayment of those loans. This action affects school owners because when salary is due and we don’t have money, we have to go and borrow and the interest rates are so exorbi-

tant, as high as 10 per cent per month,” he said. An educationist who spoke to BusinessDay but chose to remain anonymous says that the situation is worsening by the day as the cost of living continues to skyrocket while salaries of workers are delayed or not paid at all. Attah observes that currently, the school had only recorded 45 per cent compliance with the payment of school fees, “We have only 45 per cent of the pupils that have paid, while more than half have not paid and we are resuming for a new academic term in September”. “Non-payment by parents will no doubt affect the expansion of the school’s facilities. We cannot equip and restock our book stores, library and laboratories with the required tools if the funds are not available,” he added. “Wellspring College, Lagos as a top notch educational institution does not compromise on standard, so we engage parents on the best ways to handle the school fees situation,” says Oluwayemisi Oloriade, principal of the school. Segun Ayo, principal, New Covenant School, Lagos opines that non-payment of school fees poses huge challenges to the smooth operation of the school considering that the schools are private enterprise without any form of funding from government. “Running a private school

especially in Lagos is capital intensive considering that one has to put together the structures, facilities, the materials and payment of teachers, without school fees, there is no way we can function optimally,” Ayo said. He said up to 50 per cent of parents have resorted to part-payment as a result of the economic situation. “Up to 50 per cent of the parents do part-payment. Many of them promise to pay up the balance fees at the end September,” he said. Those familiar with the matter argued that the indebtedness of parents to schools had been on the increase due to the worsening economic situation in the country. With inefficient public education system, schools with de-motivated and frustrated teaching faculty, students are largely left to drift until they drift away from the system into tertiary education or the larger society with poor literacy skills. The youth bulge is huge in Nigeria. The crucial challenge facing Nigeria is how to ensure that her huge and growing youth population acquires the proper skills that would enhance its productivity and the overall productivity of the economy. If this does not happen, and fast, there are fears that Nigeria risks losing its opportunity to grow into a frontline economy by the second half of the 21st century.

Global games market to generate revenues of $180bn by 2021 - Newzoo prediction JONATHAN ADEROJU

ewzoo has recently celebrated five years of e-sports research, after recently publishing consumercentric e-sports predictions for 2021. The company has made yet another business prediction for the year 2021. According to Newzoo research, e-sports will help gaming grow into a bigger industry than traditional professional sports. Gaming as a whole including e-sports is already on track to become a bigger industry than traditional professional sports. It is also projected that the global games market will generate revenues of $180 billion by 2021, and e-sports will be a major driver of this, with many brands investing in e-sports to appeal to younger demographics. As more companies begin to get involved and consumers spend more time watching e-sports content outside of the competitions them-

selves, e-sports will generate much growth within the global games industry. According to the research, various US media conglomerates such as Disney, Comcast, and AT&T are already looking into content rights for e-sports. As these companies look to entice younger consumers, they will become even more active in the scene. It is expected that these companies will not only feature e-sports on their linear media platforms as seen with the over watch League on Disney XD, but also on non-linear livestreaming platforms, such as Disney’s upcoming streaming service. It also has been projected that by 2021 the term e-sports will start to disappear. As games continue to develop, the audience and ultimately the industry at large will grow, too. Also, as the differences between individual e-sports games will increase, and the

use of the term “e-sports” will decrease. Also the highest earning team will generate over $10 million in gross revenue. Teams are at the centre of the e-sports industry and are the main driver of fan engagement. Their attractiveness to sponsors as well as the recent trend of increased revenue sharing between leagues and game publishers will ultimately lead to increased revenue growth. What’s more, if teams can further grow their fan bases and merchandising offerings, revenues will increase even more. In the coming years, it is expected that the team that generates the most revenue from sponsorships, media rights, and merchandise to gross over $10 million. It has also been projected that a mobile e-sports athlete will become a millionaire by winning one event. Also there would be a $ 100 million profit from e-sports media rights every year.

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CBN, business leaders in discussion with UK authority on Fintech regulation HOPE MOSES-ASHIKE

L-R: Is’haq Modibbo Kawu, director-general, National Broadcasting Commission (NBC): Priscilla Ibuoma, representative, minister of information and culture, and Kaka Shehu Lawan, attorney general and commissioner for Justice, Borno State, during the NBC 4th annual lecture 2018, theme “Broadcasting and Nigeria’s Ethno-Cultural and Religious Divide: Bridging the Gap” held in Abuja, yesterday. Pic Tunde Adeniyi

Stakeholders call for urgent passage of Nigeria’s health bill into law ANTHONIA OBOKOH

hairman of Tony Elumelu Foundation (TEF), Tony Elumelu, has called on the legislative arm of government to quickly pass the Nigeria’s health bill into law. Elumelu made this call Wednesday at the launch of a state-of-the-art dialysis centre in Ikeja, Lagos State. “I use this opportunity to call on the legislative, they need to urgently help pass the National Health Bill in order to reduce the challenges we face in the country,” Elumelu said. According to Elumelu, healthcare delivery starts with affordability, and for it to be affordable, we must deal with the issues of demand and supply. “If they pass the health bill into law it would give affordable healthcare to the citizenry, promote tourism and increase the enormous potentials in the sector. The less than 5 percent of the population that signed up to the National Health Insurance Scheme (NHIS) is poor.

“So, members of Senate, House of Representatives should help deliver healthcare by passing the National Health Bill,” Elumelu said. The Avon Dialysis Centre, operated by a dedicated team of medical professionals, is designed to transform the patient experience by delivering cutting-edge renal care and an integrated approach to patient support. The Dialysis Centre is a further example of Avon Medical’s commitment to providing the best therapeutic outcomes to patients and expands Avon’s portfolio of services, to now include renal care, palliative support and medical advisory. Corroborating Elumelu at the launch, Tayo Lawal, medical director, Gbagada General Hospital, representing Olajide Idris, Lagos State commissioner of health, said the Avon Dialysis Centre was going to be one of the general hospital partners in progress to help in dialysis. “About 8 to 10 percent

of patient’s admission in our facility is at the stage of chronic kidney disease. Nigeria is underdeveloped, especially in the area of health, so in terms of investment the health sector is still untapped. “However, I congratulate, Avon and the team with this initiative to boosts dialysis in the country,” Lawal said. According to Awele Elumelu, founder/CEO, Avon Medical, the group is pleased to announce the launch of a state-of-theart dialysis centre in the heart of Lagos. Our goal is to redefine health care in Nigeria, by providing sustainable health solutions that will eventually spread across Africa, she said. “We know the challenges in Nigerians healthcare system and the incidence of non-communicable disease is on the rise. Data shows that Nigeria has the highest prevalence of diabetes in sub Saharan Africa and one of the implications is chronic kidney disease. So this is for us to understand why the need for dialysis centres in the county.

Kolade urges politicians to see leadership as profession SEYI JOHN SALAU

ne of Nigeria’s foremost human resource managers, Christopher Kolade, has urged politicians vying for positions to see leadership as a profession, as he charged them to take leadership training courses capable of making them understand their responsibilities and be accountable to the office they seek to occupy. Kolade stated this at the Chartered Institute of

Personnel Management (CIPM) press briefing and logo unveiling held recently in Lagos to mark the 50th anniversary of the institute. According to Kolade, people currently have the mindset of leadership entitlement without being trained to take up the responsibility and accountability that comes with leadership. “People get elected and think the day they are elected, they have become leaders. It is not true: if we want leadership to have the best influences on performers

in this nation; if people get elected in any appointment or position, they should be given leadership training and should understand their responsibility as a leader and also accountability that must follow that responsibility,” he stated. Michael Omolayole, pioneer president of the CIPM, said human resources were the best assets of any organisation. Human resources are the greatest assets, he said, stating that no organisation could perform better without developing human resources.

n acceptable regulation of the Nigerian Financial Technology (Fintech) is under way following a meeting with Theresa May, British Prime Minister, UK financial control authority, and the Central Bank of Nigeria (CBN), and business leaders on Wednesday. Speaking with journalists immediately after the meeting, Godwin Emefiele, governor of CBN, said the Fintech regulation would be one that was not as stringent as what a bank regulation should be. “But one way or the other the Fintech would have to be regulated,” Emefiele said in Lagos. Giving a brief outcome of the meeting, he said, “From our banking side, we spoke extensively about financial control authority, which is one the institution’s agencies in the UK that has some kind of regulations on Fintech businesses. “Nigeria being a country

that has a lot of opportunities, particularly because of a large population of young people who are interested in Fintech businesses, we had opportunity to hold discussions with them and we have agreed that we would meet some other time to think on how to set up acceptable regulation for Fintechs.” The British Prime Minister arrived the FMDQ Security Exchange in Lagos, in company of members of her trade delegation. “Basically, it is a meeting where the Prime Minister met with leaders of businesses and financial services in Nigeria, and we also had the opportunity of networking with some of the business leaders she came with. It is a good meeting and she had some one-onone with some very important Nigerian business people, all with a view to see how the Nigerian businesses can work, partner and collaborate with businesses from the UK. It is a very successful one,” Emefiele said. Bola Onadele. Koko,

managing director, FMDQ OTC plc, Tunde Lemo, former deputy governor of the CBN, Patience Oniha, director-general, Debt Management Office (DMO), Tony Elumelu, chairman of Heirs Holdings, and Aliko Dangote, president, Dangote Group, among others, were present at the meeting. Lemo, said, “The visit is apparently to boost business relationship and bilateral relationship with Nigeria. She did say in South Africa that post Brexit, Britain intends to ratchet up investment in Africa and this is to reconfirm that to the Nigerian business community. “We have had a forum for cross fertilisation of ideas between the private sector operators and key business operators in Britain and of course it has been quite helpful. We have experts in FinTech, construction, industry, telecommunication and we had opportunity to cross fertilise ideas.”

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Highlight of the news reports on our digital platforms this week

Best five stories this week Buhari’s 1983 coup helped plunge Nigeria into recession – Study The military coup which brought Muhammadu Buhari to power in 1983 may have contributed to plunging Nigeria into economic recession.

change in the transition timetable for the.

Executive shakedown: Attorney General, Malami resurrects MTN CCI allegations Like a scene out of a low budget horror

news stories.

POLL RESULTS:

Anxiety as FIRS moves to ‘manage’ defaulting taxpayers’ bank accounts

movie, where the villain refuses to go away quietly, Nigerian authorities yesterday resurrected allegations that MTN Group, Africa’s largest mobile operator, illegally transferred about $8.1 billion out of Nigeria, with the aid of four banks.

In what shows that Nigeria’s tax landscape is changing, if not rapidly, the Federal Inland Revenue Service (FIRS) has directed banks to freeze the accounts of defaulting taxpayers.

Trump describes Buhari as “lifeless”

Insurers shocked by NAICOM’s new minimum capital take-off date

President of the United States of America, Donald Trump, has described President Muhammadu Buhari, as “lifeless,” and would never want to meet with him again after, a global business newspaper Financial Times reported.

There was confusion and shock among operators in the nation’s insurance industry yesterday following a sudden

For more visit our website at businessdayonline.com to catch up on full

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BusinessDay asked our digital audience this question: Bearing in mind that the minister of finance is alleged to have forged her NYSC certificate, should NYSC be a criterion to work in government? 41% say yes and 59% say no. Feel free to write us and share your opinion at digital@businessdayonline. com to let us know what your preference is.

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Friday 31 August 2018

KELECHI EWUZIE

ndustry experts in the field of commence have identified general apathy towards trade education and the absence of functional infrastructure to aid development as major challenges stifling competitiveness of Nigeria, and indeed Africa. They observe that aside these identified challenges, the shortfall in human capital in the areas of trade professionals have significantly contributed to Nigeria and Africa’s backwardness. Bamidele Ayemibo, managing director, 3T Impex Trade Academy, Lagos, observes that Nigeria and indeed Africa have not given trade the pride

Security, trade, investment top agenda as German Chancellor visits Nigeria INNOCENT ODOH, Abuja

ecurity, trade and investment will occupy prime place in the bilateral discussion when German Chancellor, Angela Merkel, visits Nigeria on Friday, the Nigerian ambassador to Germany, Yusuf Maitama Tuggar, says. The envoy, who said the relations between both countries had been strong, made this known while briefing newsmen in Abuja on Wednesday, saying attracting the German business investment was challenging, as it would require both governments collaboration to achieve that. “This is the first of many such engagements in a positive manner. The German Chancellor is coming with business delegation and this is very important. As you know we have very strong economic and commercial relations with Germany over the years and these relations are getting stronger and stronger,” the envoy said. He noted that one of the major challenges in recent times has been how to track medium size family businesses in Germany to invest in Nigeria because the backbone of the German economy essentially is the medium size family owned businesses. Tuggar pointed out that to track down such important business concerns to Nigeria requires collaborative effort saying that “this directly fit into Nigerian Economic Recovery and Growth plan and the presidential enabling business environment initiatives.” On the insecurity ravaging the north east of the country following the insurgency of the Boko Haram terrorists, the envoy noted that the German government and Nigeria will also collaborate to tackle the menace.

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Apathy towards trade education, inadequate infrastructure stifle Nigeria, Africa’s competiveness of place it deserves, saying the continent is just engaging in business without getting the right knowledge to make the business sustainable. Ayemibo says training and developing a critical mass of trade experts will help minimise the risk of exporters because the decisions they will be taking will be from an informed perspective. Speaking at the inaugural graduation ceremony of 3T Impex Trade Academy in Lagos, Ayemibo says the executive diploma in export management and finance was designed by 3T

Impex Trade Academy in collaboration with the American Institute of Extended Studies as a professional qualification to recognise competence of international trade and finance practitioners. According to Ayemibo, “The major objective of this course is to provide African nations with steady stream of competent personnel with the necessary skills, knowledge and foundation for acquiring a wide range of rewarding careers into the rapidly expanding world of import export management.”

Rufai Oseni, an on-air personality with Inspiration FM, says Nigeria in particular and Africa in general cannot compete favourably in trade among the comity of nations without first addressing her infrastructure challenges. Oseni, in his lecture titled ‘International Trade and Its Dynamics, says for trade to happen, infrastructure, which are vehicles carrying trade, must be well funded. “The challenge Nigeria has in their hands today is the trade has changed; the concept of trade now is in-

tellectual property. These days’ products and international trade are no longer tangible products, they are intangible products. People are beginning to talk about the end of oil, it is only the intellect of man that will remain,” he says. He says further that the solution to the trade challenges the most populous black nation in the world is facing is that the Federal Government must constantly invest in research and technology by ensuring that a sizeable portion of the

budget is dedicated to research and technology. He also stresses the need to encourage businesses, manufacturing by giving tax breaks, incentives and creating an enabling environment that will bring about viable social infrastructure. “Make credit available; ensure that business owners can collect loans at single digits, and the leadership should be the biggest sales person for the country because the reasons Africa has been aided all this while is because we have not traded,” he says.

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Friday 31 August 2018

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Our aunties May & Merkel SOJI APAMPA Olusoji Apampa is the CEO of The Convention on Business Integrity. Twitter: @sojapa E-mail: aviga@ cbinigeria.com

ur Aunt May has just visited Nigeria after announcing to the world that Nigeria has the largest concentration of poor people in the world. Perhaps this has always been known to or suspected by many that upwards of 70 million Nigerians live below the poverty line, so why is our aunt making this announcement as though it were a brand-new discovery worthy of massive dispersion? Yes, Nigeria is today the number one African state of origin for those embarking on the dreaded unplanned migration into Europe, and it is also on the intersection of both the “Arc of Tension” and the “Arc of Instability” where you find

persons vulnerable to recruitment into terror cells. Nigeria is also mentioned very often when the subject of modern slavery or the plight of African girls sold into prostitution in Europe is discussed. These are also not new issues or subjects in relation to Nigeria, so is that really all our Aunt May has brought over on her maiden trip to Africa as Prime Minister? Perhaps we are all being too self-absorbed, and the trip is really about much else. It is true that the above subjects would resonate well with a British audience and the issues grab the headlines, but could the visit really be more about Brexit and its consequences than about Nigeria and its historical problems? A hard Brexit will force a reconfiguration of alliances and relationships and Aunt May might just need to be reassured of where old friends stand rather than assume all will be well. Cynics might conclude there is no better time to do this than just before the visit of the rival aunt, Aunt Merkel. But what could the UK possibly want from Nigeria? Fewer migrants for one but on a more positive, a greater trading partner. With the size of Nigeria’s market and its problems, innovations to overcome each of Nigeria’s chal-

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…which is Nigeria’s favourite aunt? Aunt May or Aunt Merkel?

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lenges could present a segue for British Trade and Industry to come into and play more significantly in this market. If the UK were sure of a number one trading position with Nigeria, Ghana, South Africa and Kenya, that would go a long way to cushioning the abruptness of the divorce with Europe. These countries not only represent significant consumer markets but countries with sizeable deposits of natural resources that could be bartered if push were to come to shove. These countries could actually pay for their accelerated development if they got their governance and economics right and could turn out to be serious allies in the global realignment of power that is sure to come. They are major influencers in Africa and could bring a lot more states on board if there were to vote as a bloc

on serious issues (preferably on the side of the UK). The major barriers to this would be corruption, opacity, and a tendency not to act for the common good found in the way many African countries are run and set up. Her Majesty’s Government is at this moment designing a new Business Integrity Initiative that would encourage British firms to export more to frontier markets such as Nigeria. They are being prepared to cope with the vagaries that characterize those climes vis-à-vis the UK, especially on how to handle the issue of corruption whilst still being able to conduct business in places like Nigeria. This of course would be an opportunity for Nigerian firms of all descriptions who are ready to take on the ethos of ethical business as we could be on the threshold of a very ‘aggressive’ season of trade between the UK and Nigeria. So, why didn’t Aunt May just say that she had come with glad tidings of great joy? Why start with the cloak of negativity for a package of what could really be very positive relationship strengthening ideas? Well, I guess that is part of the British approach. We can all do things the same way; can’t we? By contrast, Aunt Merkel is not disguising the fact she is coming on business. She has heard we have problems with electrification,

digitalization, infrastructure and energy management––the very things that German engineering is built for! Yes, she is tired of sticking her neck out to save ships full of migrants (a sizable proportion of which are Nigerians) and would like to simply in a very precise German way, nip the problem in the bud––offer help on job creation in Nigeria. We are not left wondering what Germany wants (business) and it is clear what they are offering (a pathway to jobs) it only needs to be seen which method would be more effective. The direct businesslike German approach or the more nuanced, subtle British style? Children tend to have their favourite aunty, it is unusual for them to love every aunt to the same extent. So, which is Nigeria’s favourite aunt? Aunt May or Aunt Merkel? Children very often like the one that scolds less, praises more and offers the better goodies. Are we children being perhaps a good question to ask at this point too? If not children but adults, and if as adults we think like equals, what is the calculus likely to be? How receptive will Nigeria prove to be and what would Nigeria seek in return? I guess only time will tell but what do you think?

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Reversal of power sector privatization

IDOWU OYEBANJO Oyebanjo is the MD/CEO of Idfon Power Engineering Consultants (iPEC) Limited

ately, there have been calls for revoking the licences of the distribution companies (DisCos) in view of the dismal performance of the operators in the Nigerian Electricity Supply Industry (NESI) following the Privatization of the Industry in November 2013. There is no better time to take stock as it will soon be exactly five years, since November 2013, that PHCN/ NEPA was privatized. No situation in the history of Nigeria would demonstrate the impact of celebrating mediocrity, parochialism, anachronism and corruption––all included in the quota system syndrome, practised in Nigeria, than the outcome of the power sector. What do you expect when corruption is rife at every stage of the privatization of an already corrupt entity? To start with, the subject of power systems is unique and it is not for those who ran away from Mathematics whilst in Secondary School. Those who mediated the privatization of the power sector

assumed that its privatization would be similar to what obtained in the telecommunication sector earlier. In their lack of knowledge, they consulted fake consultants who paraded themselves as expatriates and were led astray. More than that, the qualifications of those who mediated the privatization showed us what the outcome would be. Non-Power Systems Engineers, especially Lawyers, Economists, Bankers and Accountants, made decisions on power systems that were and will always be best taken by Power Engineers. It is not to say these technocrats are not proficient in themselves, but it can and will always be to the level of their profession. How can someone who lacks numerical ability offer to lead the privatization let alone the regulation of a highly technical and analytically dependent subject like power systems? What was wrong? The problems of the NESI are numerous but that is what excites engineers. When there is no problem, an engineer has to be worried. By training, we solve complex problems and should have been allowed to take a leading role in the privatization of the power system. For example, the technical evaluation of potential investors would be weighted more seriously by power engineers who know and understand

the problems and lead time for maintenance and repairs of power assets. During the ill-fated privatization, no physical and technical asset audits were carried out due to the fierce opposition of labour. This in itself is a fatal flaw. Availability of data approximated to zero. The assets that were sold were in decrepit condition, far worse than the image painted to the “investor” whose only alternative was to defraud, extort and exploit Nigerians by estimated billing. The main basis for the privatization of the power assets was the ability or otherwise of an investor to reduce the amount of aggregate technical commercial and collection (ATC&C) losses in the power networks. However, the baseline losses were assumed by incompetent and corrupt consultants that were assigned the task of determining the baseline loss levels. The lack of know-how on the part of the principals at the time meant accepting hook, line and sinker, the report on the baseline loss levels as the basis for setting key performance indicators. Sadly, the baseline loss levels were far higher than assumed. Power systems is highly technical and once the technical partners with whom the so called investors submitted and won their bids abandoned many of them, their rights to the assets should have been forfeited but this did not happen. To be able to have a functional

electricity market, there are several conditions precedents. The very first one is the independence of the regulator. The Nigerian Electricity Regulatory Commission (NERC) has to be fully independent and any undue interference by government or its agencies sends a wrong signal to genuine investors who could potentially turn around the woes of the power sector. Worse still, the appointment of lawyers, accountants, economists, and others who have no idea of what a power system is as NERC commissioners from 2005 to 2015 made Nigeria go wider offthe-mark. That has gradually being corrected following our appeal to the current administration. The appointment into NERC of cronies and political affiliates based on the quota system misnomer will not work for realizing a successful power system. Other factors to be considered as pre-conditions for an electricity market include but not limited to the sacrosanctity of contracts, elimination of corruption and electricity theft, reduction in the ATC&C losses, metering and enumeration of consumers, deliberate intervention to improve the quality of customer service delivery, the availability of robust data and communication backbone in a consolidated and centralized high-fidelity data capture of consumers and assets, technical policies for the successful operation of power assets and systems, specifications for plants,

components and devices, research and development (R&D), investigation into failures and recommendations etc. The next step for NERC in the direction of full-scale competition within the NESI will involve the separation of the “wire” services from the energy supply services to allow DisCos to carry lower risks and focus on the required investment in the operation and maintenance of the weak network infrastructure while reducing the aggregate technical and non-technical losses in the distribution network. The Federal Government or partner financial organizations like the World Bank will have to fund the wire business in a way that the power sector becomes a viable and bankable project. This has to be led by power engineers who have demonstrable experience and technical knowledge and practise in power systems. The full implementation of both the Eligible Customer (EC) and Meter Asset Provider (MAP) Regulations by NERC has become all the more important for the survival of the NESI. For further information on the solutions to the problems be-devilling the Nigerian Power Sector, please visit www.nigerianpowersystem.wordpress.com; www.ipecng.com Send reactions to: comment@businessdayonline.com

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The ‘good’ thieves reign FRANCIS .O. IYOHA Professor Iyoha is of the Department of Accounting, Covenant University and Research Fellow, the Institute of Chartered Accountants of Nigeria (ICAN). He wrote viafoiyoha@ican.org.ng

omeone messaged me on WhatsApp recently about a teenager who was under inquisition from the mother over some thieving activities. The mother was said to have asked the boy: ‘do you know where stealing will take you?’ The boy replied ‘yes’ and the mother further asked, ‘where?’ And surprisingly, the boy replied “National Assembly, Abuja.” It does not matter whether the story is real. What does matter is the apt illustration of the lots of thieves in Nigeria. They steal and end up in Abuja in one enviable capacity or the other. What could be better than stealing and reigning at the Federal capital? Stealing and reigning is not a new paradigm. Over 2000 years ago, Pontius Pilate desired to set Jesus Christ free and sought to know from the irate crowed who, of Jesus and Barrabas, should be set free.

The people shouted: “Barrabas, the thief.” That was the case of the penitent thief also referred to as the ‘good thief ’ who was one of the two unnamed persons killed during the crucifixion of Jesus. He told Jesus to remember him in His kingdom. Today, people are still wooing, choosing and accepting nonpenitent thieves in their political kingdoms. All you need to do to be accepted is to defect to deflect political missiles from the godfathers. Defection is all the repentance one needs for the remission of political and thieving sins. Those who have refused or undecided as to whether or not to defect are having their assets frozen and their lives miserable. It is unfortunate that over a century after gaining independence, the countr y has not had politicians who have established reputation for high political skills, honesty and peaceful achievements. That holding a political office is an exercise in morality is something that is supposed to be implicitly understood by all political office seeking individuals. This is not the case but one of ‘what’s in it for me and family.’ All we have are serial and morally disabled political lunatics who are always coming up with new ways to defect from one so called political party to the other, defraud and

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Defection is all the repentance one needs for the remission of political and thieving sins. Those who have refused or undecided as to whether or not to defect are having their assets frozen and their lives miserable

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cause misery in the country. It is not that there are no models we could adapt to make the country run as one of sane politicians and people. There had been great leaders of men and resources whose examples of governance, even centuries ago could still be considered apt today. Pericles who lived between (490-429BC) was and still remains an example of a leader who had sense of manhood in governance.

He rose to power about 460 BC; a time during which the Greek has experimented various models of democratic governance. The models worked well but Pericles still tried to make the system work much better. He did not introduce anything overly complex, detailed or confusing. He just ensured that anyone considered for political office had his background examined to see if they were qualified to serve. Further, all those who had control over public funds and resources were carefully watched so that “the temptation to steal or to ‘fiddle’ the accounts was cut down.” He also encouraged people, especially philosophers to speak their minds, however controversial. His, was a hallmark of statesmanship. Before his death in 429 BC, he had made his age a splendid one and adorned Athens with beautiful and lasting infrastructure. He did not devour either human or material resources. We could emulate the example of Pericles in Nigeria: just examine the political office seekers and ensure they are no lunatics. But we will not do that. We prefer to take cues from rulers cast in the mold of William 1, the conqueror who was king of England between 1066 AD and 1087 AD. The pastime of William was to impose his idea of government and society on his country in the rudest man-

ner. He was firm with animalistic skills. In his days, he took over every village and manor and affirmed new loyalties (even thieves) without questioning. I believe he never thought he could die, he could and he died in 1087, after falling off his horse at a siege. That is usually the lot of those who believe they own the breath in their nostrils and the blood that flows in their veins. It is not safe to believe that the future is in one’s hand as do the politicians in Nigeria. It is safer to know the one who owns today and tomorrow- God almighty Himself. He gives grace to be righteous in political office to those who ask and are willing to serve the people. If you are a ‘good’ thief as a politician and reign by being a serial defector, you will certainly fall off the staircase of your illacquired edifice and die or lose your limb while you watch as third parties enjoy your loot. Remember, everything in life has two sides. So, there is a time to steal, reign and defect; steal again, reign and defect and a time to enjoy the bitter pills of stealing and defecting. There is also a time to accept thieves as ‘new converts’ into one’s political kingdom and a time to reap the ‘reward’ thereof. Is there any tradeoff? Send reactions to: comment@businessdayonline.com

Potential of sustainable sugarcane agriculture in Nigeria

OLUWADARA ALEGBELEYE Oluwadara is a writer as well as an academic researcher. She is currently a PhD student at the Department of Food Science, University of Campinas

he unsustainability of energy generation using fossil fuels together with the impetus to ensure energy security and the parallel need to reduce greenhouse gas emissions are driving a global shift towards biofuels and other socalled renewable energy sources such as solar and wind. Biofuels currently account for 2.5% of transport fuels globally, with an increase to 4% expected by 2035. Biofuels are generated using contemporary biological processes predominantly agriculture either by utilizing energy crops or indirectly from municipal or agricultural wastes. Sugarcane, an important industrial crop, the raw material for sugar production, certain fermented products and various kinds of medicines has been demonstrated to be a useful raw material in biofuel

production. In various parts of the world; Southern Africa, Thailand, India, Pakistan, Latin America especially Brazil, sugarcane is being commercially exploited for biofuels. Sugarcane is a tropical plant and therefore thrives in Nigeria where the climatic and geographical conditions are optimal for cultivation. Given the right infrastructure, industrial and political attention, Nigeria can exploit this venture to alleviate its chronic energy crisis and contribute to sustainable socioeconomic development. Experts have raised concerns regarding the sustainability of biofuel production using sugarcane as raw material, citing likely impacts on agricultural land use and water resources, food security, biodiversity, ecosystem health, livelihoods as well as other ecological and socio-economic impacts. Other pundits have posited arguments that increased utilization of biofuels does not necessarily translate to significant reductions in greenhouse gas emissions. While scientific data suggests that these concerns are indeed legitimate, in my opinion, the potential infrastructural and economic benefits far outweigh the environmental risks. In addition, studies have shown that if properly managed, risks to environmental resources can be minimal. In practice, bioethanol production using sugarcane creates minimal waste,

as byproducts are recyclable. For example, some wastes can serve as fertilizer, while others can be used to produce biogas or for irrigation. Brazil, which is the second largest producer of ethanol and the largest producer of sugarcane ethanol (28 billion litres in 2013), globally has become a textbook example of sugarcane agriculture. According to the Brazilian Sugarcane Industry Association (UNICA), as of 2017, Brazil uses at least 40% less petroleum than previously as more than 50% of cars now use biofuel. Currently, 45% of Brazil’s energy comes from renewable sources and about 90% of contemporary Brazilian vehicles have flex-fuel engines, which work using any combination of gasoline and sugarcane ethanol. This has led to a reduction in the Country’s CO2 emissions by at least 600 million tons since the 1970s. In addition, it has burnished the Country’s GDP and boosted trade and socioeconomic outlook in many areas. Sugarcane could serve as a major source of industrial raw material/ export, create employment, and develop rural economy in Nigeria. Although good medical science evidence indicates that excessive sugar consumption can induce deleterious health effects, sugar continues to be an important raw material for many multinational food companies. Investment in sugarcane agriculture will therefore, serve as a source of industrial sugar and export. In addition, successful

commercialization of sugarcane bioethanol can decrease Nigeria’s use and import of fossil fuels, contributing significantly to National development. Sugarcane agriculture should therefore, be included in Nigeria’s development agenda. It should however be approached carefully and constructively. It is important to note that choices in terms of cultivation, geography and technology have a direct impact on the sustainability of this endeavor. The overall most important goals include poverty reduction, decent work, economic growth and improvement of rural livelihoods. The design of the prototype should be such that human rights are protected, that adopted technology ensures proper training of workers, which would introduce more skilled workers into the workforce. In addition, adoption of proper waste management and other ecofriendly farming/production practices must be enforced. Policies that will maintain or even improve ecosystem services associated with sugarcane cultivation areas should be initiated. If successfully established, there are bound to be profound economic benefits and it is therefore, necessary to ensure even distribution of benefits to avoid strife in future. It is important to note that this is a capital-intensive endeavor, which requires useful public-private partnerships to generate req-

uisite funds. Nigeria has to become attractive for foreign investment and the need to tackle insecuritywhich cannot be overstated, is an important first line of action. There is limited scientific data on sugarcane biology relating to its bioenergy potential, research is therefore, necessary to inform policies, business decisions and schemes. Although it is possible to transfer knowledge, expertise or scientific output from other countries, it is better to conduct researches that address local peculiarities. It is also noteworthy that laboratory scale experimentation or generic field trials will be insufficient and so pragmatic industrial trials are necessary before the full-scale adoption of protocols or business models. For example, sugarcane varieties that are more water efficient, yield higher fermentable sugars and fibre, and are amenable to mechanical harvesting are now in use in some parts of the world, but their adaptation to the Nigerian climate and how this affects yield is a different matter. This is just one of many other considerations, which is why the appropriate tools and expertise should be employed. The socio-economic potential of sustainable sugarcane agriculture is profound and should be harnessed by decision makers and all other relevant stakeholders.

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Friday 31 August 2018

Price regulation: Between CPC and DStv

ecently, the Consumer Protection Council (CPC) procured a court injunction restraining MultiChoice Nigeria Limited from implementing a recent increase in DStv subscription rates in Nigeria. Justice Nnamdi Dimgba granted an injunction restraining the video entertainment and Internet Company from implementing the new rates. The court also restrained MultiChoice from any conduct capable of interfering with the regulatory process of CPC. In a press release stating why it approached the court to stop DSTV from implementing the new rates, the CPC argued that ‘it has a constitutional responsibility to protect the welfare and interest of consumers in Nigeria through the instrumentality of the “the Council”, but was also quick to argue that its action is not in any way intended “to regulate price, or in any way interfere with the commercial interface between Multichoice and its customers in fixing price. It said it acted to prevent

“obnoxious practice” and “unscrupulous exploitation”. It said it had an understanding with Multichoice not to change, revise or modify any material term or conditions of service(s) (which naturally includes pricing) for a period of 24 months. We disagree with the position of CPC. First, it is inconceivable that an ongoing business concern will commit itself to holding its price static for a period of 24 months. Different variables go into the fixing of price – and the company may not control all those variables. One of thes e is inflation. Inflation has remained at double digits for more than two years now there is no way a company can guarantee fixed price for that long without running at a loss. What is more, DStv services could not be categorised as essential commodity for which the government will attempt to fix price. People clearly have choices and there is now a semblance of competition in the Cable TV market with the presence of Kwese T V, StarTimes, and TSTV that just came back on stream. There are also different online versions that

consumers can turn to. It is therefore inconceivable that CPC is trying to regulate prices in a relatively competitive market while doing nothing in other monopoly markets where no competition exists and where consumers are constantly complaining of poor services and exploitation. In the power sector, for instance, Discos have been using estimated billings to fleece their customers for long and have ignored directives to ensure that their customers are metered. Also, in the cement industry, where a semblance of competition exit, the Nigerian Industrial Revolution Plan (NIRP) published in 2014 noted that “Nigerian cement prices are among the highest globally” in spite of the products being of “low finished standards for exports”. Put differently, Nigerians are buying poor quality cements at very high price globally. To make matters worse, cement qualifies as an essential commodity with Nigeria facing an estimated shortfall of 17 million units. What has the CPC done to intervene in these two industries and ensure that Ni-

gerians get value for money? With the c o st of doing business in Nigeria increasing every day, wouldn’t CPC be concerned that DStv did not increase price? There is a general belief that an increase of price for DStv services is actually good for the market as it will enable new entrants like Kwese TV and TSTV get a slice of the market and deepen competition, which will eventually led to lower prices. What would be bad for the industry and an anti-competitive act will be DStv reducing price just to squeeze out the competition and maintain a monopoly. Besides, BusinessDay investigations has shown that DSTV and GoTV subscription rate paid by Nigerians, even after the rate hike, is the lowest rate charged by MultiChoice when compared to other countries in which it has operations. Despite the efforts of government to attract investments into the country, actions of agencies like the CPC will continue to cause concern among investors and portray Nigeria as not ready and willing to allow businesses thrive in the country without undue harassment.

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BUSINESS DAY

Wednesday 29 August 2018

CityFile

Fire kills 2, destroys property in Delta

wo children have been feared dead in an early morning fire at Igbudu in Warri South local government area of Delta. The fire, which occurred at about 2 am on Monday, also destroyed property, worth millions of naira. The victims included one-year-old Wealth Enorke and four-year-old Kesiena Lucky, said to be children of two sisters, Elohor Lucky and Ufuoma. Eyewitness account said the incident might have been caused by a lighted candle allegedly put by the grandmother of the deceased children. The account further said that the grandmother, a kerosene retailer, might have purchased adulterated kerosene, which caught the flame from the burning candle. It was learnt that the woman succeeded in rescuing fourofthechildreninhercustodybeforeshe raised the alarm that attracted their neighbours. The fire was said to have spread to other parts of the building and trapped the deceased before help could come to them. Speaking on the incident, Lucky’s mother said that she left their apartment at about 1 a.m. for one Mama Sola’s apartment before she was alerted about the fire. “I later left Mama Sola’s apartment for Tuwere place and while I was still there, a neighbour alerted me about the incident at about 2 a.m. Before I got there, everything had been razed down completely,” said Elohor, who was reported to be a single mother.

Police arrest 57 suspected homosexuals

he police in Lagos have arrested 57 persons suspected to be involved in homosexual activities in the Egbeda area of the state. Edgal Imohimi, the Commissioner of Police (CP), Lagos, confirmed the arrest to newsmen. According to Imohimi, the suspects were picked up on Sunday at 2 a.m. while they were performing gay-initiation for newly recruited members. “Intelligence gathered revealed that some youths will be initiated into a Gay/Homosexual Club between 1:am and 2: am., at Kelly Ann Hotel/ Event Centre, located at 3-7, Adenrele Street, Egbeda, an action contrary to Section 1 (1) of Same Sex Marriage, Act 2014. “Consequent upon this, some operatives from the Shasha and Idimu police stations led by two police officers, Oke Olufunmilayo and Solomon Fayomi stormed the venue and met over 80 young men. “They were consuming different types of drinks including banned substances like Tramadol, Shisha laced with substances suspected to be Marijuana. “As soon as they sighted the police, they ran into different directions but the team arrested 57 of them,” he said. The CP said that investigation into the case was ongoing and the suspects would be charged to court soon. Some of the suspects, however, denied the allegations. They said that they were at the hotel to attend a wedding and a birthday party. One of the suspects, James Obialu, said that he was a dancer and had come to the party to perform before he was arrested. “I am not a gay, I am a dancer and I was there to perform before I was arrested. I am a responsible citizen and I work at the Alimosho General Hospital as a counsellor for those living with HIV,” he said. Another suspect, Samuel Olarotimi, 22, and also a graduate of Mass Communication from the Yaba College of Technology, said that there were other females in the hotel who were not arrested. “I was there for a birthday party which started late. About eight ladies were at the bar with us while some other ladies were dressing up in their rooms. I don’t know why the police refused to arrest the other females but brought us here as alleged homosexuals, “he said. NAN

300 Level Law Students from the University of Calabar embarking on an appeal walk to Cross River Government House on N5million to foot the medical bill of their colleague, Orim Peter, who is battling with liver problem in Calabar on Monday. NAN

Navy seizes 1.22m litres of adulterated diesel in Rivers ... arrest six suspected crew members SAMUEL ESE

he Nigerian Navy in Bonny says it has seized about 1.22 million litres of adulterated diesel and arrested six suspected crewmen believed to be smugglers. The suspects, who were arrested along the waterways in Rivers State, were alleged to have smuggled the petroleum products, worth about N350 million from Lagos. Ibrahim Gwaska, the acting Commanding Officer, Forward Operating Base, Bonny, paraded the eight smugglers, vessel and diesel on Monday. “The arrest followed routine patrols of one of our capital ships, NNS Okpabana, deployed on sea to stem crude oil, illegal bunkering and other illicit activities within the maritime environment. “In the course of such patrols, NNS Okpabana intercepted, MV Princehood,

over the vessel suspicious movement along the sea. Gwaska said that troops, after boarding the vessel, found out that the vessel was laden with 1.2 million litres of diesel, suspected to have been lifted from unapproved refining site. He said preliminary investigation was immediately launched and it was found out that the vessel loaded the diesel in Lagos and headed to NSDC terminal off Bonny before its seizure. “The vessel was later arrested on the grounds that her destination was inconsistent with what was captured on her manifest. Also arousing troop’s suspicion was the fact that the quantity of petroleum product on board the vessel was inconsistent from what was declared by captain of the vessel. “We later found out that what was earlier declared by captain of the vessel was at variance with what was got after

calibration test was carried out,” he said. Gwaska handed over the suspects and vessel to operatives of the Economic and Financial Crimes Commission (EFCC) to conduct further investigation and possible prosecution of the suspects in court. The officer noted that the zero tolerance policy adopted by naval authorities had led to drastic reduction in oil theft, illegal bunkering and other illicit activities on the waterways. According to him, the navy has “upped its game” with new strategies and measures to deter criminals, especially as the ember months approaches. “The Nigerian Navy has stationed its capital ships on routine patrols at sea as well as set up lots of barriers on the hinterlands to discourage criminality. “We are not relenting in our commitment to rid the nation’s maritime environment of illicit activities, for legitimate social and economic activities to thrive.”

LASG awaits FG’s nod on Okoko-Seme expressway – Official

he Lagos State government is awaiting the Federal Government’s approval to start reconstruction of Okokomaiko/Seme border section of the Lagos-Badagry expressway. Babatunde Hunpe, special adviser to Governor Akinwunmi Ambode on environment disclosed this while speaking with journalists in Badagry. “Governor Ambode is working towards getting Federal Government’s approval for the road. “The state government plans to start

the project immediately Federal Government gives approval for the reconstruction of the road,” said the governor’s aide. Motorists and commuters have continued to experience hardship on the road due to its terrible state and ongoing rehabilitation which started 10 years ago. According to him, the governor is worried about the plight of motorists and has directed the contractor handling the ongoing Eric Moore –Okoko section to hasten the construction of the road. “Recently, Governor Ambode visited sections of the Okokomaiko-Badagry

expressway where people complained bitterly about the terrible state of the road. I was part of the entourage. “After the visit, the governor directed Lagos Public Works Corporation (PWC) to do palliative work on the road until approval is given by federal government to take over the road and start construction work,” he said. Hunpe gave assurance that work would soon begin on the OkokomaikoSeme border section of the Lagos-Badagry expressway once the state received approval from federal government. (NAN)

14 BUSINESS DAY Policy

Investments

Market

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Insight

Friday 31 August 2018

Influencers

FUNDING

All On partners AfDB, NDF, GEF, CIC to launch a $58 million Off-Grid Energy Access Fund Stories by ISAAC ANYAOGU

igerian offgrid energy i nve s t m e nt company, All On, is partnering with the African Development Bank (AfDB); the Nordic Development Fund (NDF); Global Environment Facility (GEF); and Calvert Impact Capital (CIC) towards a $58 million first close for the Off-Grid Energy Access Fund (OGEF). According to a release by the company, the fund has been designed to provide a flexible range of loan facilities in predominantly local currency, to companies in the household energy access sector including distributors, manufacturers, end-user credit providers and other businesses supporting the ecosystem. OGEF, which is managed by LHGP Asset Management (LHGP), an alternative fund manager with

offices in Lagos, London, and Nairobi, is a dedicated debt fund for off-grid energy companies and is part of the AfDB-sponsored Facility for Energy Inclusion (FEI). The FEI is a $500 million finance platform designed to provide loan facilities in both local and hard currencies to

support innovative energy access companies. A k i n Ad e s i na, A f D B President said, “Access to electricity is a fundamental human right. That is why the African Development Bank set up the Fund for Energy Inclusion, to support offgrid energy systems. I am

delighted that All On and Shell have joined forces with the African Development Bank to invest private capital in this Fund to help accelerate access to electricity in Nigeria. Together we will close the energy access gap in Nigeria and across Africa.”

Phanes group solar incubator programme invites entries

hanes Group, an international end-toend solar provider headquartered in Dubai, UAE, has announced the second edition of its Solar Incubator program, aimed at identifying PV projects of potential in subSaharan Africa by providing support to funding, and commercial and technical knowledge. The initiative held under the theme, “Your Project, Our Expertise, For a Sustainable Future”, will be held in collaboration with Hogan Lovells, responsAbility Renewable Energy Holding, RINA and Solarplaza, and invites PV developers to submit proposals for projects based in sub-Saharan Africa that have a clear Corporate Social Responsibility (CSR) component. Candidates are asked to submit their proposals by September 27 (11.59 p.m. CET) via the process established on Phanes Group’s website. Those who are shortlisted will be invited to present their projects to an expert panel comprised of the Solar Incubator partners at the “Unlocking Solar Capital: Africa 2018” conference in Kigali, Rwanda, from November 7 to 8, where the industry’s key players will

hold extensive discussions on solutions for Africa’s solar energy requirements and bridging the bankability gap. It comes as part of Phanes Group’s core strategy to collaborate with Africa-focused counterparties, such as local project owners, governments, and developers on projects that seek to create a sustainable future for urban and rural communities across the sub-Saharan African region. “The majority of our business focus lies in electrifying new markets in sub-Saharan Africa. With CSR at the heart of our business model, we launched this initiative with the goal of bringing bankability to projects that stand to provide clean energy to economies that need it most. The Phanes Group Solar Incubator is an example of this,” said Martin Haupts, CEO, Phanes Group. “Entering the Phanes Group S olar Incubator means creating the opportunity to not only win, but the possibility to gain further exposure to key industry players through the evaluation panel. We have already seen great success from last year’s projects, and we are confident that as this initiative continues to grow, more

and more businesses across the continent will be able to effectively address local needs for clean and affordable energy.” Christopher Cross, Partner of law firm Hogan Lovells, who will be part of the evaluation panel at the event, said, “We are delighted to be invited again this year to take part in such an exciting and on-the-ground initiative such as this. I had a great experience last year and very much look forward to seeing what is in store for us in Rwanda. As stated previously, the Solar Incubator seeks to foster both local innovation and investment to bring potential opportunities to fruition for the social and economic benefit of the region and its people.” With almost 700 million people in sub-Saharan Africa living without electricity, the Phanes Group Solar Incubator aims to enable solutions by supporting developers not only during the funding phase, but throughout the project development and delivery. Phanes Group, along with its partners, will provide PV developers with access to the expertise that will support them in reaching bankability. During the initial phase, extensive mentorship and

access to the right network will enable this year’s winner(s) to roll out a sustainable energy solution for their community and develop a long-term CSR concept. “responsAbility Renewable Energy Holding is proud to be participating in the Phanes Group Solar Incubator once again this year,” Wilfred van den Bos, Head of Investments said. Lee Smith, Sector Manager from RINA also commented, “RINA is proud to partner with Phanes Group again for the 2018 edition of the Solar Incubator, which produced some interesting projects in 2017. It was encouraging to see the emergence of strong CSR propositions in line with the vision of the initiative. We look forward to this year’s proposals and helping to shape the winner’s future.” “We are very much looking forward to host the latest edition of the incubator during Unlocking Solar Capital Africa. All participants will have the opportunity to take their project from concept stage into development with the expert advice from the incubator evaluation panel and the support of Phanes Group” Lydia van Os, Project Manager Unlocking Solar Capital Africa added.

Analyst: Isaac Anyaogu, Email: isaac.anyaogu@businessdayonline.com, 07037817378,

OGEF achieves its first close with equity and debt commitments of US $58 million from All On, AfDB, NDF, GEF and CIC, and the structuring process and investments build on support from Shell Foundation, DFID and USAID. A c c o rd i n g t o Wi e b e

Boer, the CEO of Nigeriabased All On, an off-grid energy impact investment company backed by Shell, “We see OGEF as a great opportunity for public and private investors to work together to address Africa’s significant access to energy gap. We look forward to working with LHGP, especially the Nigeria-based team, to build a solid portfolio of off-grid energy companies that are improving livelihoods by providing affordable power to unserved and underserved communities.” This first close follows the official launch of FEI at the Africa Energy Market Place (AEMP) on July 5 and 6, 2018, where the initiative was presented to the governments’ representatives of five African countries - Côte d’Ivoire, Ethiopia, Egypt, Nigeria and Zambia - as well as leaders from the private sector and the development partner communities.

Daystar Power to light up Nigeria’ Agric bank branches with solar energy

he Bank of Agriculture has signed agreement with Daystar Power, a pan-African electricity company specializing in the generation of solar energy, to light up its 158 branches in Nigeria with solar energy. The company has also entered a comprehensive cooperation for rural electrification in Nigeria, it said in a release sent to BusinessDay. Daystar Power will partner Sunray Ventures, a Venture Builder with locations in Frankfurt, Dubai and Lagos, which was founded to identify economically attractive and high impact opportunities that address core growth sectors with a focus on renewable energy and circular economy in Africa and the Middle East, to develop the project including solar projects in rural communities in Nigeria. Established in 1972, the bank of agriculture a stateowned bank created to lend support relevant activities in the agricultural production chain, will see all its branches in the country switch to renewables. This follows the growing realisation that solar energy can help firms reduce energy cost which the Manufacturers Association of Nigeria say represents 40 percent of

business cost. Sterling Bank is also powering some of its branches in the country with solar power. “In Nigeria there is a large gap between electricity production and demand. The rural population in particular suffers from a lack of reliable electricity supply, which has a negative impact on agricultural productivity. By supplying Nigeria’s population with clean solar power, Daystar Power enables increased productivity and higher crop yields through better cooling. In this way we contribute to increasing prosperity for the local population,” Christian Wessels, Managing Director of Sunray Ventures said. The cooperation agreement was signed in the presence of the Regina Hess deputy ambassador of the Federal Republic of Germany to Nigeria, and Ulrich Rieger, senior ministerial Council of the Internationalization Department of the Bavarian State Ministry of Economic Affairs, Energy and Technology. “The recently agreed cooperation offers a great perspective for Nigeria and is a forward-looking signal for further projects of this kind. We very much welcome projects of private-sector cooperation to promote African development,” said Hess. Graphics: Joel Samson

Friday 31 August 2018

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COMPANIES & MARKETS

BUSINESS DAY

Investors remain loyal as CCNN, Cutix maintain lead performance

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

11 plc’s cost efficiency boost earnings above 100% in H1 David Ibidapo

he half year (H1) 2018 financial statement earlier released by 11 plc on the Nigerian Stock Exchange Market revealed that company’s efficiency in reducing finance cost has led to a surge in earnings of the firm. BusinessDay analysis of result revealed that earnings of the company surged by 120 percent above N2.47 billion in H1 2017 to N5.45 billion in H1 2018. A critical look into company’s financials showed that company’s earnings were boosted by a significant drop in its finance cost despite recording higher operating expenses during the period. As at H1 2017, 11 plc incurred finance cost of about N12.3 million and was able to cut down cost by 73 percent to N3.3 million in H1 2018. During the same period, the com-

pany was able to increase its finance income by 21.7 percent from N242.9 million to N295.7 million during period under review. Meanwhile during the period, total operating expenses increased by 29 percent from N4.6 billion recorded in H1 2017 to N6.01 billion in H1 2018. Second quarter analysis of company’s financial also revealed that earnings during the quarter was boosted slightly by a surge in finance income and a significant drop in its finance cost despite higher operating expenses as against corresponding period in 2017. According to report, finance income grew significantly by 112.7 percent from N81.2 million in Q2 2017 to N172.7 million in Q2 2018. Also in Q2 2018, finance cost of the company drastically reduced by 87 percent from N12.2 million to N1.5 million. This led to a slight increase in its profit after tax by 9 percent.

R-L: Boss Mustapha, Secretary to the Government of Federation signing visitor’s book on behalf of President Muhammadu Buhari at the newly-inuagurated brewery plant in West and Sub-saharan Africa establiahed by AB InBev Group along AbeokutaSagamu road. While Governor Ibikunle Amosun of Ogun state and Bimbo Ashiru, Commissioner for Commerce and Industry, Ogun State watch.

During the period, profit stood at N2.6 billion from N2.4 billion recorded in Q2 2017. In second quarter of

Standard Alliance H1 performance pulled by Q2 result …as NSE lifts suspension on shares Sobechukwu Eze

tandard Alliance Insurance Plc has released all its financial statements that it had pending with the Nigerian Stock Exchange (NSE), showing good performance in 2017 financial year. The company’s H1 earnings decreased by 25 percent largely due to its low performance in the second quarter (Q2). According to the 2018 H1 financial statement, the company’s profit after tax (PAT) decreased from N380 million in H1 2017 to N285 million this year H1. This was largely as a result of the loss it had in its 2018 Q2 performance were it recorded a loss of 121 million. The poor performance of its Q2 result could be attributed to the low revenue it got from its written premium which reduces by 58 percent when compared to the same period last year. Its revenue fell from N2.1 billion in 2017 Q2 to N1.1 billion in 2018 Q2. When the company’s Q2 2018 revenue is compared to its Q1 2018 revenue, it also reduced by 13 percent. The company’s first quar-

ter (Q1) result showed that its earnings went up by 50 percent from N270 million in Q1 2017 it recorded N406 million in the same period this year. This impacted the performance of the company’s H1 result, the firm’s revenue reduced by 25 percent when compared to last year H1 and this trend went on from the top liner to the bottom liner of the firm of the financial statement. The Q1 revenue accounted for 53 percent of the company’s H1 revenue. Under writing profit (which reveals the efficiency of an insurer underwriting activities) fell from N1.2 billion in H1 2017 to N602 million in H1 2018 a 54 percent decrease. A decrease largely due to the company’s Q2 result, were a recorded N30 million underwritten loss was recorded. On the outlook for the company, the company stated in their 2017 financials that “they expect their investment income to grow considerably in the coming years as it sets to take advantage of the investment opportunities in the money market and capital markets still maintaining its focus on highly liquid financial instrument such as

term deposit, equity and debt instrument.” “They also expect to see a number of significant adjustments in the year 2018, especially to the realities of vastly changed government revenue profile and the Naira exchange rates against foreign currencies. The private sector may see intensification of existing and new export initiatives.” “Lastly the merger of the operations of the Company with that of its subsidiary, Standard Alliance Life Assurance Limited which has been concluded to leverage on the synergies derivable would result in the emerging composite company to take advantage of the huge potentials in both the General and Life segment of the insurance market.” The NSE lifted the suspension placed on the shares of Standard Alliance Insurance Plc back in July 2018. According to a statement signed by the Head of NSE’s Listings Regulation Department, Mr Godstime Iwenekhai, “the suspension was lifted after Standard Alliance finally submitted its 2017 full-year financial result; the reason why it was suspended in the first place”.

2018, total operating expenses of 11 plc grew by 36 percent from N2.1 billion in Q2 2017 to N2.8 billion in Q2 2018 causing its operating

profit to grow marginally by 6 percent from 3.5 billion in Q2 2017 to N3.8 billion in Q2 2018. As at 29th August, shares

of 11 plc traded at N180 per share down by 7.5 percent from N194.60 following the bearish state of the Nigerian equity market.

Crenov8 Consulting deepens collaboration on food production in Africa, Middle East IFEOMA OKEKE

renov8 Consulting, a leading consulting and digital technology firm in the Middle East, Dubai and Africa has announced October 10th 2018 for its agro export gathering tagged Meet the Farmers Conference (MTFC). Meet The Farmers’ Conference is an agro stakeholders’ conference that aims to connect large scale agro commodity producers to buyers from the Middle East. Key Stakeholders from Africa and GCC will come together during a one-day event to network, collaborate, and form potential business partnerships across borders to ensure food security in the Middle East and promote agribusiness in Africa. More importantly, African farmers, participants, exhibitors and delegates at this event will be able to leverage on the business opportunities available to them in Dubai and other GCC countries. Crenov8 embarked on this mission in 2017 to create a platform where the African

agricultural producers will meet with the off takers in the Middle East and beyond to effectively translate business deals with the first edition held in Dubai last year. The main purpose of this event is to establish and strengthen the international trade ties that exist between Africa and the GCC through agriculture utilizing the unique positioning of Dubai as a hub. The focus for this year’s conference is ‘’The Future of Agribusiness.’’ According to Bola Oyedele, lead business consultant, Crenov8 Consulting, “MTFC is targeted at both large and small small-scale farmers to tap into the $100 billion market in Dubaithat’s why we are partnering with relevant stakeholders across the government and private enterprises with Bank of Agriculture, Federal Ministry of Industry, Trade and Investment, Federal Ministry of Agriculture as well as the private sector with the likes of Farmcrowdy and AFEX to help us aggregate farmers to export Agric produce to the UAE.” “Kenya, Ghana and Rwanda benefitted immensely from

the first conference we held in Dubai in 2017 and we have set up warehouses and business links for many agribusinesses in the UAE.” she said. On his part, Niyi Akenzua, the executive director, Finance and Risk Management, Bank of Agriculture, said that MTFC is a good initiative that must be sustained until it achieves its stated aims in linking Nigerian Agribusiness owners with the UAE market. Babatunde Ruwase, president, Lagos Chamber of Commerce; further stressed that The Meet the Farmers’ Conference will further encourage more stakeholders to invest in Agriculture and help build trade ties with the UAE especially Dubai. Major partners of the conference, Onyeka Akumah, Farmcrowdy CEO; praised the MTFC initiative, saying that the conference will go a long way in bringing Agric stakeholders in Africa together to link every step of the agricultural value chain under one umbrella where all sectors can discuss the crucial issues in Agriculture, find innovative solutions to them and most importantly benefit from each other.

BUSINESS DAY

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Friday 31 August 2018

COMPANIES & MARKETS

Investors remain loyal as CCNN, Cutix maintain lead performance …as stock prices rise above 100 percent YTD David Ibidapo

ompanies such as CCNN and Cutix amongst peers in the industrial goods index have shown resilience despite bearish state of the Nigerian equity market. Year to date and second quarter analysis have shown that these companies have been rewarded by investors with higher prices in the index even as market continues to whittle down. BusinessDay year to date analysis reveals that amongst companies in the industrial goods index, CCNN and Cutix plc have recorded 225 percent and 100 percent surge in stock prices respectively thereby outperforming peers in the index. CCNN resumed the year trading at N9.50 reaching a peak of N31.85 in July and closed at N30.90 as at August 27th. Prices CCNN stocks also appreciated by 28 percent in the second quarter of the year from N18.70 to N24. The third quarter of the year is currently looking good for the company’s stocks as prices have

appreciated 28.7 percent. 2018 Half year financial result of CCNN revealed earnings of the company surged by 153 percent from N1.02 billion in H1 2017 to N2.6 billion as cost of finance declined by 60 percent from N78.5 million to N30.9 million. During the period, revenue also surged arising from sales of cement. Amount realised from cement sales stood at N12 billion higher than N4.3 billion recorded in H1 2017. Cutix plc on the other hand has recorded persistent growth in its stock prices making it the second best performer on the chart. YTD analysis revealed that the company’s stock resumed this year trading at N2.01 and saw its stocks compensated by investors as prices doubled as it closed at N4.02 on August 27. The second quarter of the year also looked good for Cutix stocks as prices grew by 7 percent from N2.81 to N3. Despite the bearish state of the market in the third quarter, stock prices of Cutix plc hit an all-time high of N4.34 in July. This is the highest ever recorded by the company in the last 5 years. Month on

L-R: Adewunmi Abiodun, supervisory counsellor on health, Ikorodu North Local Government LCDA; Chioma Okolie, CSR lead, Airtel Nigeria; Shakiru Balogun, baale of Agbede Omolaiye; Olubunmi Abejirin, head, customer experience, Airtel Nigeria, and Gbolahan Dabiri, head of department, Agric, Ikorodu North Local Government LCDA, during the donation of medical facilities and drugs to Agbede Community Health Centre by Airtel Nigeria as part of the on-going prize presentation to beneficiaries of Airtel Touching Lives season

month, stock prices are down by 7 percent to N4 today. The negative sentiments of investors however affected some companies on the NSE industrial index making them

Pension funds can only be invested in 60 out of 200 listed companies on NSE ...lack of foreign index bond impeding pension growth Modestus Anaesoronye

ut of about 200 companies listed at the Nigerian Stock Exchange (NSE), only 60 qualify for pension fund investment, the National Pension Commission has said. The Commission stated that it is not able to allow investment of the fund at the capital market as their hands are tied, while calling for the enlistment of blue chip firms including Chevron, Mobile, Shell, MTN Nigeria, Glo among others at capital market to allow foreign index bond to be available in the country. Aisha Dahir-Umar, acting director-general, National Pension Commission (PenCom) said this in Lagos at the 2018 Insurance and Pension 2018 Conference organized by NAIPCO. She said the non-availability of foreign index bond is

impeding desired growth of the pension fund assets. The Acting DG who was represented by Farouk Aminu, head, Corporate Strategy and Research Department in PenCom spoke at the just concluded Insurance and Pension 2018 Conference held in Lagos said the total pension fund has grown to over N8.2 trillion. He believes that pension fund would have overshoot if there were better instruments in the country to invest the fund. He said the Commission is concerned that if there are better instruments, the return on investment to the fund owned by contributors and retirees under the Contributory Pension Scheme (CPS) will be more. He said: “If there were better instruments, I believe the pension asset would have overshoot. The return on investment of pension fund was 16 per cent and inflation was above 15 per cent. Unfortunately, this is the reflection of the entire financial

system in the country. If you look at the NSE, there are just 200 companies listed in the exchange and if we have to go by our stringent regulation, only about 60 of them qualify for pension fund investment. So the money is big when compared with the companies that are qualified to access it. “Also, we are yet to have an index bond in the country, whether regulatory index or any other index bond. The Commission has been pushing for such bonds to be issued in the market so that the pension asset can be invested on such instruments. Unfortunately, we don’t have that yet. Yes, we have 70 per cent of the fund invested in Federal Government Securities but this is nothing. This is because we have only seen 16 per cent return on the FG securities and up to 18 per cent in 2016. “Recently, there is the push for the fund to go into the telecom industry but unfortunately, we are unable to do so.

the worst performing stocks on the index. Some of which includes companies such as Larfarge, First Aluminium and Berger Paints plc. According to data collated

from Bloomberg, YTD analysis reveals that stock prices of these companies are down 39 percent, 28 percent and 22.9 percent respectively. Meanwhile amongst peers,

YTD analysis of Dangote cement stock price shows that price is back to level traded at opening of market this year. Currently, Dangote cement trades at N230 per share.

Nunu reaffirms commitment to total wellbeing of Nigerian child SEYI JOHN SALAU

unu milk has reaffirmed its commitment to the total wellbeing of every Nigerian child, promising to champion good nutrition, smart growth that will ensure the right formulations for better growth. This disclosure was made at the official signing ceremony of the ambassadorial contract extension of Nollywood actress and producer, Omoni Oboli as Nunu milk brand ambassador held at PZ Cussons head office in Lagos. Foluke Makinde, regional category marketing manager, Nunu Milk, reaffirmed, said Nunu milk is specially formulated for children and contains nine active ingredients that help kids develop strong bones and sharp minds. According to her, Nunu contains all the vitamins to keep children focused, and the essential proteins re-

quired for every day growth. “every mother’s interest is centered on their children’s growth and nothing makes her feel more proud than when she knows her children are growing mentally, physically and emotionally, and for us at PZ, we are committed to the total wellbeing of every child,” said Makinde. Alex Goma, managing director commercial, PZ Cussons said the contract renewal signifies the business’ willingness of the company to work with Omoni, knowing that the partnership has been very beneficial for the Nunu brand in the last two years. “Omoni Oboli has demonstrated an exemplary lifestyle as a mother who is concerned about the growth of her children and an everyday mum; and we believe this is an experience a typical Nigerian mother can relate with,” Goma stated. A c c o rd i n g t o G o m a , “Omoni has been able to

connect with mothers and their growing children together through her exemplary teachings, tips and lifestyle activities,” he said stating these are some of the reasons Nunu is delighted to continue the partnership with the Nollywood producer. Omoni Oboli on her own thanked the company for the partnership and the opportunity to continue to promote the cause of mothers and their growing children. Omoni in her 3rd year as brand ambassador for Nunu said, “I will continue to spread the brand’s messaging of smart growth and nutrition amongst children. “Nunu contains all the nutrition needed for wholesome every day growth and I believe my passion for a healthy growth for children via good nutrition is in perfect synergy with the Nunu brand. It is necessary that as mothers we pay attention to kids’ nutrition by ensuring their daily intake helps them grow in all facets,” she concludes.

Friday 31 August 2018

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COMPANIES & MARKETS

Business Event

BUSINESS DAY

Blockchain to generate over $175bn in 2025, says Gratner Jonathan Aderoju

ccording to a Gartner forecast, blockchain will generate an annual business value of over $175 billion by 2025, rising to over $3 trillion by 2030. Blockchain does not only offer the promise of cost decline and competence, it could also enable revenue growth for businesses, increase transparency and drive transformation across numerous business processes in multiple industries, generating cost savings and creating trust for complex environments. The potential for blockchain to deliver substantial value to businesses and society is enormous. The blockchain technology allows multiple participants share views of common information. Participants are allowed take actions that need to be recorded and change the data, other participants need to trust that the actions that are recorded are valid. The technology allows central authority’ record keeper intermediaries have the poten-

tial to reduce cost (e.g. fees) and complexity (e.g. multiple reconciliations), it also time sensitive thereby reducing delay for business benefit (e.g. reduced settlement risk, enhanced liquidity). The blockchain technology is currently a broiling topic of numerous studies in sectors outside the payments industry to which it has often been confined in the past. Blockchain is considered by some to represent the next technological revolution after the Internet. While the Internet has created environments in which individuals and businesses can instantly share information on a global scale at minimal or no cost, the same cannot be said for payments, which can take days to settle and often impose high transaction costs. This is because the fragmented, legacy infrastructure providing the rails for payments is not equipped to handle the class of instant, low cost services that has become an expectation in the digital age. Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. It is

an open distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The blockchain is a technology, which enables exchange between parties without the need for a trusted intermediary structurally; blockchain data can be consulted, shared and secured thanks to consensusbased algorithms. It is used in a decentralised manner and removes the need for intermediaries, or “trusted third parties, there are number of successful practical use cases of the technology even in Nigeria. Blockchain will help to manage increasing global complexity by combining security, decentralisation and transparency. As with all such technologies, it will potentially disrupt market players that are not agile and responsive while helping to bring new players into the market. The key challenge for all players, irrespective of their industry, will be to identify the use case that will be of most benefit to them and to explore others if their first choice proves unsuccessful.

L-R: Alex Goma, Managing Director PZ Cussons; Benedict Otunwa, Top 5 winner of Masters of Style Showcase; Akindele Vivian, Group Brand Development and Activation Manager, at the Masters of Style Incubator Program Showcase.

Governor Rauf Aregbesola of Osun State (r), with a musician, Innocent Idibia (aka 2baba) during the latter’s visit to the Government House in Osogbo. NAN

FirstBank digital lab convenes its second fireside chat

irstBank Digital Lab will convene for its second Fireside chat on Friday, 31 August 2018. The Bank’s digital lab would play host to the event with the topic “Artificial Intelligence in Banking & Payments”, facilitated by Ope Adeoye, Managing Partner, 2iLabs. The FirstBank Digital Lab Fireside Chat is a public conversation that brings together active players in the technology

community to have thoughtprovoking discussions, revealing new perspectives on a range of discussion points, pulling out genuinely relevant insights. The topic for this edition is in recognition of the extensive and growing impact Artificial Intelligence (Ai) is having on the modus operandi of the Nigerian banking industry as a basis for competitive advantage in service delivery by industry players and its culminating

influence in the experience by end users, customers. The monthly series, which debuted on Friday, 27 July 2018 highlights FirstBank’s digital-centric approach to business as it aims to promote fintech penetration amongst its stakeholders. The engagement provides a vantage forum for practitioners to have experience of success stories and foster the exchange of ideas on trends in the industry.

ISO reaffirms confidence in BoI’s processes ODINAKA ANUDU

or adhering to the Quality Management System (QMS) principles in delivering top-class financial and advisory services in the country, the Bank of Industry (BoI) has been re-certified to be ISO 9001:2015 QMS-compliant by the certification agency. This ISO 9001:2015 QMSrecertification provides the bank with a world-class platform to drive its business management tools to deliver efficient and effective business services to its customers, and is an affirmation of its vision to be the leading African development finance institution (DFI) operating under global best practices. To achieve this re-certification, the institution went through a painstaking and a rigorous process of reviewing, revamping and documenting

its business processes which helped to achieve the initial ISO 9001:2015 QMS certification in 2017, which is the latest version in QMS, a process made possible by its executive management’s commitment to adoption and specialisation of best practices within the institution. Olukayode Pitan, managing director, BoI, had in 2017 pointed out that the bank’s zeal to sustain quality inspired its desire to upgrade quality management certification from 9001:2008 versions to the latest version, which was the 9001:2015. “We were able to achieve this feat through our strict adherence to the project decisions time table and the provision of regular update to management on the progress of the implementation by the management representatives of this project,” Pitan had said. He added that the re-certi-

fication marked the beginning of another three-year QMS cycle within which the bank was expected to maintain and continually improve its management system. “We have developed a framework to ensure that we maintain high standards and pass both the internal and external ISO audits as they take place within the cycle and beyond.” Lawrence Oludu, country director, DQS Management Systems Nigeria Limited, had earlier said the certification gave the bank’s stakeholders assurance that the values of the institution had been checked by a third party that was truly independent; assurances that the processes and the methodologies engaged by the bank in doing businesses had been checked while also giving the bank the required image needed for global competition.

Aminu Sadiq, representing of emir of Kano, (r), presenting a plague to Aliyu Abdulhameed, managing director, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), during the CIPSMN’s annual conference and award night in Abuja. With them is Mohammed Aliyu, registrar of CIPSMN. NAN

Cross section of The Alfred Folayan’s Family at the Three Crowns activation held at Ikeja City Mall Lagos recently

BUSINESS DAY

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FINTECH News

Products Review

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Company Review

COMPANY REVIEW

Paystack’s continental ambition gets $8 million backing

localised payment channels, including mobile money, QR code, and USSD payments. In order to prevent chargebacks, every payment is screened by fraud-monitoring systems. Paystack currently processes nearly 15 per cent of all online payments in Nigeria,

powering tens of thousands of businesses of all sizes including telcos, airlines, and government agencies. “Our ambition is to give African merchants the tools and services they need to go toe-to-toe with the best businesses in the world, and win,” Akinlade stated. Patrick Collison, CEO of Stripe describes Paystack founders as “technical, fanatically customer oriented and unrelentingly impatient.” The new round of funding is expected to help Paystack scale its engineering team, further deepening its payments infrastructure, and accelerate expansion across the continent. “Our investment in Paystack aligns with the kind of investments we look for – those that will help extend our reach into the global commerce ecosystem as it changes and grows, and that will provide mutually beneficial business opportunities,” Otto Williams, head of Strategic Partnerships, Fintechs and Ventures for Visa in Central & Eastern Europe, Middle East and Africa (CEMEA).

The 30 firms will undergo six weeks virtual bootcamp in preparation for stakeholder engagements at the main event, as well as a twoday physical bootcamp as a preamble to the Demo Africa showcase. “From big data to machine learning, the fusion of technological breakthroughs in the physical and digital spheres is changing the most fundamental tools and techniques of human interaction, and the net effects on the African continent will be no different any other develop-

ing markets,” a statement from Lion@Africa noted. “DEMO Africa will offer the next generation of African innovators an opportunity to showcase their solutions.” DEMO Africa is reportedly launching a $100 million investment fund. Following the company launched its investment arm DEMO Ventures in July, 2018. The company which is still in talks with investors will invest amounts between $250,000 and $5 million in startups in Kenya, Nigeria, Ghana, Egypt and South Africa.

Stories by FRANK ELEANYA

he drive to expand its services across the African continent has landed one of Nigeria’s fastest growing payments companies, Paystack, an $8 million Series A funding. The funding which brings Paystack’s investment to date to more than $10 million was led by Stripe and Visa. Followon funding came from Tencent, Y Combinator, and angel investors Tom Stafford (managing partner at DST Global), Gbenga Oyebode (founding partner of Aluko & Oyebode), and Dale Mathias (co-founder, Innovation Partners Africa). “As recently as 2015, it was really difficult for a developer or business owner in Nigeria to quickly start accepting online payments,” Shola Akinlade, CEO and co-founder of Paystack said in a statement BusinessDay received. “We started Paystack because we believe that better payments tools are one of the most important things that African businesses need to unlock

their explosive potential.” Founded in 2016, Paystack helps developers to build payments experiences online quickly. All they require is a few lines of code to create custom checkout experiences, build automated recurring billing systems for subscription

products, send bulk transfers to any bank account in Nigeria instantly and verify the identity of customers through five different verification APIs. “We think of Paystack as an amplifier of the incredible work that African business owners are already doing,” Akinlade

said. “With better technology tools, African businesses can be better equipped to play a growing role in the global economy.” Customers can pay with local and international cards, or directly from their bank accounts using the company’s payment interface. It supports

TECHNOLOGY REVIEW

Accounteer, Termii to represent Nigeria at DEMO Africa

ccounteer, a cloudbased accounting platform, and customer loyalty firm, Termii are the two startups that will represent Nigeria at DEMO Africa set to hold in Casablanca, Morocco. The two startups make up a list of thirty tech firms from different countries in Africa, France and London that were selected for the 7th edition of the event which takes place in October. The selected firms will pitch their innovations at the DEMO Africa Conference

for a chance to be selected among the five winning ventures to join the Lion@Africa Innovation Tour of Silicon Valley as Demo ambassadors in 2019. “DEMO Africa is a great example of the increasing number of platforms that showcase the growing opportunity across the African continent for early stage investors to invest in fast growing startup ventures,” Tomi Davis, President of Africa’s Business Angel Network (ABAN) said in a post on Medium. “Over the last 6 years,

its pan-African Launchpad event has helped connect more than 3,000 local startups to a global network, created 2,000 high paying jobs, and mentored 250 startup teams across the continent.” Startups from North Africa make up one-third of the list. They include Atlan Space (Morocco), Casky (Morocco), Chefaa Medicine Delivery (Egypt), Dabchy (Tunisia), Hawkar (Tunisia), Kourtim (Morocco), Moldiag (Morocco), Niotek (Egypt), Toufoula (Tunisia), and Voxera (Egypt).

Other African startups are ADN Corp (Senegal), Brayfoil Technologies (South Africa), Cloud9XP (Kenya), Complete Farmer (Ghana), Devless (Ghana), Zuoix (Cameroon), Lula (South Africa), Maurice Communications (Cote D’Ivoire), Qualitrace (Ghana), Redbird (Ghana), Regenize (South Africa), Tempest Gold (Botswana), Smarth (Algeria), WeflyAgri (Cote D’Ivoire), and Zipora (Kenya). Travelbuds (France) and VertoFX (London) are the two non-African startups on the list.

BUSINESS DAY

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‘Nigeria needs to address cancer upsurge, deepen its oncology nursing care’ Uche Emeribe is the head of Oncology Nursing at Lakeshore Cancer Centre, Nigeria’s first operational facility solely dedicated to cancer prevention and treatment. Emeribe tells OBOKOH ANTHONIA in this interview what Nigeria can do to provide quality cancer care for patents and increase nurses’ capacity in the field of oncology. Excerpts:

an you give us an insight into the state of oncology nursing in Nigeria? Oncology Nursing is an emerging nursing specialty. Oncology nurses provide care for cancer patients and those at risk of getting the disease. They monitor physical condition and administer various cancer treatments including supportive care. In Nigeria, the rising incidence of cancer and the care required have necessitated the need for oncology nurses. Training and specialization continue to be inconsistent with no specific content related to cancer during nursing diploma, undergraduate and post graduate training in Nigeria. Recently the Federal Government of Nigeria has proposed the establishment of schools for oncology nursing training. National hospital Abuja offers diploma course for registered nurses for a year. Forms are usually out in May and June and accreditation with Nursing and Midwifery Council is on-going. This is work in progress. Oncology nursing is not yet mainstreamed in Nigeria, what is required to achieve this? What is required to make oncology nursing mainstream is by building capacity of the nurses through trainings and specialised oncology education, also paying attention to accrediting more oncology schools. There should be on going education by the few existing Oncology units to organise open days and seminars when nurses can ask questions and make enquiries. How can Nigeria provide quality oncology cancer care? The country can provide quality Oncology Cancer Care by increased cancer information, dissemination, education and cancer outreach services nationwide. Also, better opportunities for cancer training for relevant healthcare providers and advocates, improved documentation of the location and quality of existing cancer facilities, manpower and services through the establishment of national and regional registration centres for cancer facility proposed activities Facilitate the process of quality palliative care services including pain control through advocacy to lift the ban on importation of narcotic analgesics. Creation of opportunities for national and international cancer research collaborations among institutions and scientists Integration of primary prevention into primary healthcare (PHC) delivery for example human papilloma virus (HPV) vaccine, screening measures and development of comprehensive database of incidence and diagnosis of cancer. How can care provided by specialist cancer nurse help improve life expectancy of patients?

Friday 31 August 2018

Do not discriminate against leprosy patients, expert warns ANIEFIOK UDONQUAK, Uyo

medical expert, Afia Afia has warned against the stigmatisation of people affected by leprosy, saying the disease is curable and the reference to patients as “lepers” promotes discrimination. In a release made available to our reporter in Uyo, the Akwa Ibom State capital, Afia who is also the medical superintendent of the Leprosy hospital in Akwa Ibom said with proper medical attention, the disease is curable. The medical doctor who acknowledges the continuous support of the Leprosy Mission in Nigeria and Northern Ireland to the hospital particularly the renovation of the limb department, female dormitory, female tuberculosis ward and the on-going construction of the Esther Davies Amenity ward, refuted the notion that the tripartite arrangement for the running of the facility was non-existent. According to him, three agencies, The Leprosy Mission (TLM), Akwa Ibom State Government and the Qua Iboe Church of Nigeria, are still funding the operations of the institution. He stated that though the financial support of TLM may have slowed down due to the global economic meltdown, the TLM has remained a major supporter of the hospital and

has never allowed its activity, decision or policy to lead to the collapse of the tripartite agreement or the hospital falling into ruin. He explained that the state government is responsible for all the skilled manpower in the medical institution and is presently undertaking a vast renovation of projects in the hospital, such as the general male ward, physiotherapy department, hospital chapel, primary school block, residential apartment, hospital kitchen and a walkway near completion. “The tripartite agreement supporting the hospital still stands and involves The Leprosy Mission Nigeria (TLMN) with funding support from The Leprosy Mission Northern Ireland (TLM-NI), the Akwa Ibom State Government and the Qua Iboe Church of Nigeria. “Although we had a few security challenges some years ago, the situation has since been resolved and work is going on uninterrupted with significant development, thanks to the interventions of the internal management of the hospital, the village council, security agents and sponsors. “The state government, through the wife of the governor’s pet project is also assisting in the welfare of the patients. The Qua Iboe Church of Nigeria supports the hospital financially during the World Leprosy Day, donates materials for patient use from time to time and does respond to urgent needs or request as approved,” he said.

NPC seeks royal fathers, community leaders’ support on demographic, health survey Care provided by Specialist Cancer Nurses can help improve life expectancy in the following ways where there is a lowered risk of early death or emergency. Helping the patient cope better with treatment and its side effects thereby reducing mortality rate especially for chemotherapy and there is increased confidence boost when a patient is appropriately supported, the patient’s satisfaction and quality of care help them live longer and stay happy. Please throw light on paediatric cancer nursing and care? Paediatric cancer nurses are registered nurses who undergo advanced training that equips them to provide care to young children and adolescents with cancer. These nurses have roles which include: giving injections, Inserting IV lines, administer chemo and radiation therapies and other the hand, the skills include: excellent communication skills, liaising between the patient, patient’s family and multidisciplinary team, and also been able to provide patients and their families with the knowledge and emotional support to cope with the challenge What is your advice on oncology rehabilitation in Nigeria? To revive our oncology care in Nigeria, we need to have the following things in place: Staff education and public awareness on screening platforms, increase cancer treatment centers and accessibility to poor and rural areas, drugs should be available and subsidised, screening centers should be increased.

However, Government’s attitude towards policy formulation and implementation should increase; Health professionals should be well paid and studies should be sponsored by government to help the oncology in the country. What is underreported about nursing in cancer care? While we continue to expand cancer care in Nigeria, Violence is often underreported or ignored by health care workers, this may take many forms either verbal abuse, sexual harassment to physical assault, this are issues that need to be tackled for the safety of health workers in the industry. Kindly tell us about the forth coming international conference on oncology nursing and cancer care? In a bid to improve quality cancer nursing care thereby reducing mortality and morbidity, we have come up with this conference with the theme ‘Holistic Nursing in Cancer Care: An Interdisciplinary Approach’. The nursing conference is scheduled for November 2018. Holistic nursing is an all-encompassing care with ‘healing the whole person’ as its goal. As nurses, we must be knowledgeable about how the disease affects our patients and see each patient as a whole person not just a patient or diagnosis. Holistic nursing is integrated care involving the spiritual, religious, psychological, social, cultural differences. Every member of the healthcare team has an input in what is a tight multidisciplinary unit.

SIKIRAT SHEHU, Ilorin

he National Population Commission (NPC), in Kwara State has solicited the support and cooperation of Royal Fathers, Community and Religious Leaders for the successful conduct of the Demographic and Health Survey in the state. Elijah Adekeye, the director of NPC in Kwara, made the call while delivering an address to commemorate the commencement of the 2018 Demographic and Health survey across the 16 Local Government Areas of the state. The director, who presented the address of the Minister of Health, Issac Adewole, noted that the exercise would not record the desired success without full cooperation and support of the traditional rulers and religious leaders.

Therefore, we urge the traditional rulers in the state for the provision of accommodation and other logistics for the demographers to make the survey a success. We equally request the cooperation and support of the Kwara State Government, the security outfits and media towards the success of the exercise in the state,” said Adekeye. In his remark, the head of technical with the NPC in the state, Olaitan Zubair, said the four months survey was meant to allow proper planning for government and for better economic growth and development. “Reliable data will assist policy formulation, programme planning and evaluation which cannot be done by the NPC alone,” he said. The 2018 Demographic and Health survey which had commenced in the state is to last for a month.

Health benefits of drinking beetroot juice highlighted also harbour anti-hypertensive benefits, as the root vegetable is water soluble, and boiling them will lower eetrootjuiceisverynutritiousand the amount of benefits. helps lower your blood pressure High blood pressure is often and improve your health. known as ‘the silent killer’, as there Beetroot is the taproot portion are usually no symptoms of the conof the beet plant, usually known dition at all. in North America as the beet, also According to WHO “normal adult table beet, garden beet, red beet, or blood pressure is defined as a blood golden beet. pressure of 120 mm Hg when the In Nigeria, high blood pressure heart beats (systolic) and a blood affects at least one in three men and pressure of 80 mm Hg when the heart one in four women, accounting for relaxes (diastolic). When systolic about 45 per cent of deaths due to blood pressure is equal to or above heart diseases and 46per cent for 140 mm Hg and/or a diastolic blood adults aged 25 years and above. pressure equal to or above 90 mm Hg A study by the British Heart Foun- the blood pressure is considered to be dation found that patients could lower raised or high.” their risk of hypertension symptoms Other health benefits of beetroot by drinking beetroot juice. juice are that it may reduce cholesThe nitrates in beetroot may be terol, helps to maintain a healthy the key to reducing blood pressure, weight; it provides vitamin C and is a scientists say. good source of potassium and other Roasting or juicing beetroot could minerals.

ANTHONIA OBOKOH

Friday 31 August 2018

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BUSINESS DAY

Hygeia wins HMO brand of the year award 2018 ANTHONIA OBOKOH

H Diagnosis centre screens 216,000 patients in five years SIKIRAT SHEHU, Ilorin

he Harmony Advanced Diagnostic Centre (HADC), in Ilorin, Kwara State on Wednesday disclosed it has conducted about 216,000 radiology and laboratory tests for patients since it began operations in 2013. The Acting Chief Operating Officer (COO) of the Centre, Nana Hauwa Omeiza who made this known in an interview with newsmen, said that the centre performs different medical tests at its Radiology and Laboratory departments for patients from different parts of the country.

She listed some of the tests to include Computed Tomography (CT) scan, Magnetic Resonance Imaging (MRI), mammography, sonography, Electrocardiogram (ECG), ECHO, gynaecology, pathology, polycystic ovarian disease test, x-rays, among others. Given the breakdown of tests, the COO revealed that the centre recorded 37, 421 test counts in 2013, 51, 264 in 2014, and 45, 351 in 2015. For 2016, Omeiza said the centre had 36, 304 test counts, 29, 050 in 2017, and had so far recorded about 16, 952 test counts since the beginning of 2018. She noted that as a

result of these tests, several diseases have been diagnosed while different life-threatening ailments have been nipped in the bud and also helped in the effective treatment of the patients. HADC, Ilorin, was established by the Kwara State Government as a state-ofthe-art modern healthcare facility, with a mission to ensure consistent provision of reliable comprehensive diagnostic and allied healthcare services. HADC is among the key projects the State government executed with the N17billion bond it obtained in 2009. The Centre, however, is fully automated and

offer unique services of health screening with the latest sophisticated laboratories and radiological services. Since it was established, the Centre has continued to provide qualitative, comprehensive and up-to -date medical diagnostic services. It will be recalled that HADCinJuneemergedwinner of the Radiology Service Provider of the Year in the 2018 Nigeria Healthcare Excellence Awards (NHEA) which held in Lagos. The award organisers stated that HADC was awarded for its outstanding service delivery in the field of healthcare in the country.

ygeia HMO has been announced as the 2018 winner of the HMO Brand of the Year Award by the Institute of Brand Management of Nigeria. According to the Institute of Brand Management, the award was earned by Hygeia HMO for their significant improvement in market affinity and awareness of the Hygeia brand. “As brand practitioners ourselves, we were on the lookout for the one brand in the health insurance space that was doing work that we could recognize as impactful and Hygeia HMO stood out quite remarkably,” the institute said in a statement made available to BusinessDay. “This and the feedback from the market on service delivery and quality helped us make this call. Hygeia already has the widest coverage in Nigeria and this in our estimation is a fantastic thing,” the statement added. In his response to this recognition, Obinna Ukachukwu, executive head of strategy and business development at Hygeia HMO, expressed delight and said, “our strategy of providing healthcare

Pharmacy Academy set to honour Akinkugbe, Danjuma T

he Nigeria Academy of Pharmacy will on September 12 honour two distinguished Nigerians with Lifetime Achievement award and Honorar y Fellowship, respectively in a special ceremony which will also feature a lecture by a distinguished scientist. According to Ifeanyi Atueyi, vice president of the Academy, who also serves as the chairman of the planning committee, the lecture which is themed From Plant to Patient: Driving Research and Innovation for Industry will be delivered by a former vice chancellor, Benson Idahosa University, Benin-City, Ernest Izevbigie. For his pioneering and entrepreneurial trailblas-

HBL Team

ing efforts in the nation’s pharmaceutical manufacturing sector, Oludolapo Ibukun Akinkugbe, the pioneer general Secretary of the defunct Nigerian Union of Pharmacists (NUP) and currently the oldest surviving former President of the Pharmaceutical Society of Nigeria (PSN), having served as the fourth President of the body, will receive the Academy’s Lifetime Achievement award. Akinkugbe, who turns 90 in December, will be first pharmacist and third distinguished personality to be awarded the Lifetime Achievement Award, following former INEC boss, Attahiru Jega and former executive secretary NUC, Julius Okojie. Founder of the T Y

Danjuma Foundation and Chairman of May & Baker Nigeria Plc, Theophilus Danjuma (rtd) will receive an Honorary Fellowship in recognition of his philanthropic contributions in building a country where all citizens have access to quality health care, education and equal opportunities to realize their potentials. He’ll be joining former Nigerian Head of State, General Yakubu Gowon, as the only other recipient of the Academy’s Honorary Fellowship. Izevbigie, who will deliver the Academy Lecture, is an accomplished researcher and worldrenowned authority recognized for his ground breaking focus on the use of bitter leaf in cancer and

diabetes management. He is also founder and chief scientific officer, EdoBotanics, a leading firm in the production of phytoceuticals, nutraceuticals, and dietary supplements. “The choice of Izevbigie is rooted in his being an exemplar of one of the Academy’s critical focal areas which is to champion the cause of transformational change and innovation by encouraging industry, research and development and seizing the several technology advancement opportunities open to pharmacare. He has translated his research invention into a product, EdoTIDEs, which utilizes 100% pure Vernonia Amygdalina commonly referred to as bitter leaf, for pro-

phylaxis and treatment for cancer and diabetes patients and has gained international recognition as well as meeting societal needs,” Atueyi noted. The Nigeria Academy of Pharmacy is a specialized academy that, among others, seeks to promote scientific research and professional development, especially in the health, pharmaceutical and related sectors in order to help overcome challenges posed by pain and disease as well as fast-track social and economic development in Nigeria and beyond. Since its inauguration on the 26th June, 2014, the Academy has become a veritable platform for

to everyone in Nigeria whether employed, unemployed or a sole entrepreneur is paying off. We started on this journey of personal and family healthcare plans with Nigerian families and small businesses in mind and we have been very pleased with the growth.” Ac c o rd i n g t o Uk a chukwu, Hygeia HMO’s devotion to improving affordability of quality health care is unequalled in Nigeria, adding that the organisation’s HMO’s personal and family plans start at only N23, 000 for a full year’s cover ensuring basic healthcare cover. He noted that Hygeia HMO mobile app for members serves as ID and provides full transparency on the benefits to be received, the available hospital network as well as a basic health monitoring features like a Body Mass Index (BMI) calculator. Hygeia HMO is the leading health insurance and medical aid provider in Nigeria, duly regulated by the National Health Insurance Scheme (NHIS) providing comprehensive access to healthcare for individuals, families and businesses. This ensures that they remain productive and are able to live more life. From families to freelancers and small businesses, Hygeia HMO healthcare plans are for everyone.

creating a new paradigm to elevate the relevance of the practice of the profession at all levels, driving thought leadership, and providing expert opinion on matters pertaining to obtaining positive health outcomes in the country’s medical space. The body has also brought together professionals drawn from the health sciences – medicine, pharmacy, nursing, medical laboratory sciences, physiotherapy and others – to brainstorm and proffer solutions on the subject of inter-professional collaboration, against the backdrop of the animosity and inter-professional rivalry that exists in Nigeria’s healthcare sector.

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

BUSINESS DAY

Harvard Business Review

Friday 31 August 2018

ManagementDigest

Why we shouldn’t worry about the declining number of public companies Vijay Govindarajan

lon Musk recently tweeted that he intends to take Tesla private — that is, to take Tesla off U.S. stock exchanges. In a parallel development, the number of companies listed on U.S. stock exchanges has declined by almost 50% from its peak in 1996, despite a dramatic increase in aggregate market capitalization. Much conjecture has been offered to explain this controversial trend. We offer a new explanation: the rising role of digital firms in the U.S. economy. The number of listed firms can decline because of three developments: 1. bankruptcy, failure or closure of listed firms; 2. delisting of firms that go private or are acquired; 3. a decrease in the number of initial public offerings. All three factors have become more common over time, which we argue stems from firms’ increasing reliance on intangibles and knowledge inputs in their business models. Emerging digital firms compete using knowledge, strategy and expert human capital, attacking even the largest established firms. They operate as lean organizations, using cloud and internet-based infrastructure, and launch and distribute products more quickly than did firms that competed using factories, warehouses, inventories and suppliers. The quickening pace extends to firms’ life span; we found that companies’ life spans decreased substantially in each new decade since the 1960s. Further analysis confirms that this trend is not just due to acquisitions; the companies are delisted sooner even when the sample is con-

stricted only to those with financial troubles. Furthermore, as production shifts to Asia and more and more U.S. firms gravitate toward digital strategies, firms have less need for elaborate finance, marketing, production, distribution, accounting and human resource departments. These functions, to the extent they’re still required, are subcontracted using digital platforms. In sum, digital strategies and rapid technological obsolescence increases mortality rates among existing public firms, but does not correspondingly increase the demand for IPOs. This trend, we claim, is the single largest cause for decline in listed firms. Our conclusion is supported by the fact that in each of the first three five-year intervals in the 21st century, 2001-2005, 2005-2010, and 2011-2015, the largest number of net delists, defined as the number of delisting firms minus the number of listing firms, occurred in software, electronics and the computer industry. A trend toward digital firms also increases the pace of mergers and acquisitions activity, which keeps hitting record levels each year. Digital firms are as valuable for their intangible capital as 20th century firms were for their land, buildings and factories. Hence,

successful digital firms, even if incurring losses, prove attractive acquisition targets for firms that create value by mixing and matching acquired intangible assets with their own. Consider Yahoo and WhatsApp, which were acquired by Verizon and Facebook, respectively, in multibilliondollar deals. Such acquisitions become more lucrative with rising first-mover advantages, pace of technological development and network externality. The dominant strategy among startup digital firms, therefore, is to grow fast and be acquired, not to pursue slow and steady growth to reach profitability and then do an IPO. Increasing M&A activity naturally decreases the number of listed firms. More than funds, today’s evolving companies need expert manpower, contacts, strategic relationships and investors who understand their business model and can convince other investors to provide multistage funding. Their need is better met by partnerships with sophisticated private equity investors than with passive public investors. Unlike public equity investors, private equity investors create value in their investee firms by bringing a sophisticated knowledge base, obtaining direct access to managers’ private information,

providing timely feedback on firm’s strategic plans, actively managing firms via board representation, creating contacts with external scientific teams and identifying strategic partnerships. Private investors help the evolving firms to find the right suppliers of human resources, marketing, production, distribution and accounting functions that were previously done in-house. Today’s firms therefore prefer to stay in the nurturing hands of private equity investors longer than capital-hungry manufacturing corporations did in the past. For example, Uber and Airbnb remain private despite having achieved valuations of tens of billions of dollars. Limitations on financial reporting for digital companies do not promote the cause of listing digital firms, either. Public investors are often obsessed with earning immediate profits. Chief finance officers increasingly question the ability of a day trader to value a digital company. Consider Musk’s recent comments and Dell’s decision on going private. The evolving digital companies hence seek private investors who can better understand their business models and more patiently provide multistage capital infusions than public investors do. Furthermore, doing an IPO is not only an expensive proposition, it also consumes managerial time and energy. The rational outcome, thus, is that today’s evolving companies are more likely to remain private than did infrastructure-intensive companies in the middle of the 20th century. So, what can be done to increase the number of listed companies in the U.S. exchanges — and is it even a worthwhile objective? Although we often treat the stock market as

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

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a barometer of economic activity and a healthy IPO market as the hallmark of successful entrepreneurial pursuits, there is no evidence that the recent decline in the number of listed firms has adversely affected the U.S. economy. The aggregate market capitalization of listed companies keeps increasing, unemployment remains manageable and the United States retains its leadership in technological progress. The only change is that more deals are done with private funds and more companies come to the IPO market having been initially financed by venture capitalists than ever before. Public investors do not miss out on the action either. Institutional investors now channel more and more of common investors’ savings toward digital companies, by taking stakes in private equity funds. In sum, the decline in the number of listing companies is a sign of successful adaptation of organizational structures by U.S. corporations, keeping up with their changing business strategies. It should be applauded, not considered a cause for concern.

Vijay Govindarajan is the Coxe distinguished professor of management at Dartmouth’s Tuck School of Business. Shivaram Rajgopal is the Roy Bernard Kester and T.W. Byrnes professor of accounting and auditing and vice dean of research at Columbia Business School. Anup Srivastava is an associate professor at Haskayne School of Business, University of Calgary. Luminita Enache is an assistant professor at Haskayne School of Business, University of Calgary.

Friday 31 August 2018

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BUSINESS DAY

MoneyInsight Personal Finance: Investing Retirement

Taxes

Credit Cards

Home Buying

Small Business Shopping

Dell expands portfolio for more product offerings

ell has announced additional leading capabilities to its broad portfolio of VMware solutions, spanning from the edge to the core to the cloud. These new solutions and enhanced integrations, according to the company are designed to help customers achieve IT transformation goals with a unified, seamless experience across PC and mobile devices, software-defined data centers, hyper-converged infrastructures and multi-cloud platforms. According to ESG’s 2018 IT Transformation Maturity Study commissioned by Dell EMC and Intel, 88 percent of IT leaders said their companies are under pressure to deliver products and services faster. This requires having a more agile approach to IT. At many companies, the time it takes for a product or service to go from concept to general availability depends on where a company is on its IT transformation journey. A more responsive IT department allows the business to respond more quickly to evolving external customer demands. “From the moment an employee first boots up their device, they’re generating information that can – and should – be used across the enterprise to make

smarter, data-driven decisions. When technology infrastructure exists in silos, businesses can’t outpace competitors, can’t grow, and can’t scale,” said Jeff Clarke, vice chairman, Products and Operations, Dell Technologies. “Working together across the entire spectrum of IT infrastructure, Dell and VMware empower customers to clear unnecessary administrative tasks off IT to-do lists while making users happier and more productive.” A ready-to-work experience enabling employees to boot up, log

in, and be productive in minutes. Preconfigured apps and settings reduce time and resources associated with manual device imaging, repackaging and shipment. The Dell Provisioning for VMware Workspace ONE service enables automatic device setup and extends the efficiencies of cloud management to configuration and deployment. Simplified PC lifecycle management with expanded Dell PCas-a-Service offerings for more customers and regions, including PCaaS for Business (20 to 300

units) and PCaaS for Enterprise (more than 300 units). Dell offers the latest PCs, deployment options - including Dell Provisioning for VMware Workspace ONE, software, peripherals, lifecycle services and financing – at a single, predictable price per seat per month. Scalability and stability with a consistent foundation from edge to distributed core to cloud with the new Dell IoT Solution for Surveillance, which automates scaling enterprises on day one with customer data, speeding up return on investment. Increase workload capacity, performance, scalability and control with the new Dell EMC VxRail G560, which delivers greater density in a 2U form factor. The Dell EMC VxRail G560 outperforms the previous Dell EMC VxRails G Series with 1.75X more cores; 2X increase in processing power; 4X more memory; and 3X capacity increase improvement in the boot device. Dell EMC’s Future-Proof Loyalty Program protects customers’ core, edge and cloud investments, now including first-time HCI solution support with Dell EMC VxRail, for a set of advanced technology capabilities and programs that enable Dell EMC solutions to offer value for the entire lifetime of customers’ applications

How to jump-start your dream business leveraging partnership …when you do not have enough capital STEPHEN ONYEKWELU

hen entrepreneurs have a brilliant business idea, the natural instinct, particularly in Nigeria is to want to go the whole hug alone. The myth of a ‘self-made’ successful entrepreneur is alluring. To increase your chance of survival and success, it’s often a great idea to find a good person to share this journey with you. Here are some reasons why you need a business partner: Access to more capital resources Inadequate capital is a common threat that faces African entrepreneurs. It is also the single biggest reason why many people will never start a business in their lifetime. Although access to startup capital is a challenge for entrepreneurs across the world, it appears to be a much more serious problem in Africa. Banks make it difficult for small businesses to access loans, and finding investors to support a new business idea is often a wild goose chase. Unlike a bank that would ask for collateral and demand high interest rates, a business partner can contribute capital on far more favourable terms. Rather than get a bank loan

(which would have been difficult, if not impossible), you provide some of the capital while your business partner contributes the rest. In this light you share the risk of the business between you, which is better than one person bearing the full financial risk. On a continent where access to capital is poor, African entrepreneurs can find the capital they need to make their business ideas come alive by joining capital with other people. Compared to other sources of capital (such as banks, investors etc.), business partnerships are an easy, convenient and low-risk source of startup capital. Diversity of ideas, perspectives and opinions “Two (good) heads are always better than one” the timeless expression goes. This reflects the value of cooperating with other people and working together as a team. “I know this because when I first discussed my idea with my business partner, it was like refining gold. We brainstormed, analysed, debated and argued on different aspects of the business idea and how and why it would work” said John Iwuoha, a serial entrepreneur, who lives in Lagos. Iwuoha continued “do you know what ‘tunnel vision’ is? It’s a disability that affects entrepreneurs who come up with brilliant business ideas. Tun-

nel vision is a close-minded way of thinking that makes you see only the favourable things you want to see. While this may sound good, it’s actually dangerous when you’re working with business ideas. What seems great and profitable may not turn out to be that way. That’s why you need another ‘eye’ who can objectively look at your business idea and bring to your attention those things you missed out or were too excited to think about. This is exactly what a good business partner will do for you”. The benefits of a diversity of ideas, perspectives and opinions shouldn’t stop at the ‘idea stage’ of your business. It will also help your business as it grows and encounters new challenges, problems and opportunities. Everyone needs some emotional support The journey to success in business is usually full of highs and lows, ups and downs, wins and losses, successes and failures. If you’re not strong enough to withstand the shocks and disasters that come with business, you may become discouraged and ultimately give up. While some entrepreneurs can withstand these shocks on their own, many need some measure of emotional support. “Before we found the technician

we’re using to build the machines, we tried for several weeks to find one but failed. I remember one Saturday afternoon; we walked for several hours under the rain, looking for a technician who had skills and experience in building the machine we wanted” Nwachukwu stated. “Wet, sad and discouraged, this event made me to gradually lose faith in the business idea. I’m sure if I were in the business alone, my idea would have died a slow but certain death due to that frustrating experience” he added. Access to a wider network of contacts Starting up a business is about getting things done. Raising capital, finding a good office location, buying the right equipment and hiring employees are just a few of the important things on every entrepreneur’s mind. If you don’t know where to look or find help, getting these things done can be very challenging and may be the difference between a business that successfully takes off and one that doesn’t. That’s why it’s always good to interact and work with other people who may have answers to our problems. You never know, you may find a solution to your challenges through someone who knows someone.

Financing

NASS seeks collaboration with Nigerian Fintech, ICT players FRANK ELEANYA

igeria’s lower legislative chamber, the House of Representatives has extended a rare hand of fellowship to players in the financial technology (Fintech) and ICT space. The House of Representatives, through the chairman of the committee on ICT, Mohammed Ogochi Onawo said it is eager to build a collaborative relationship that help provide an enabling environment for stakeholders in Fintech and ICT. The chairman made the announcement in Lagos, during a two-day visit of leading technology business associations in Lagos organised by SystemSpecs, the owners of the popular fintech service and the treasury single account payment collection software, Remita. Onawo noted that prior to now, members of the legislative chamber would issue summons when they want to meet with the players. Hence, the notion that the lawmakers were inaccessible to private sector or does not understand the real issues at stake. “What you are doing is important and we want you to partner with the legislature; let’s see how we can protect you,” he said at a roundtable meeting with members and leaders of FintechNGR. “We have seen what SystemSpecs is doing. Most of you have been blinking in the dark and we do not sing your songs.” The chairman of the committee also disclosed that as part of its olive branch to stakeholders, it was investigating the National Information Technology Development Fund (NITDEF) which is collected and remitted by the Federal Inland Revenue Service (FIRS). The NITDA Act that established the fund provides that every company with an annual turnover of N100 million and above remits one per cent of the profit before tax to the fund. In 2014, the FIRS said it collected N144 million from NITDEF levy. One 2018 report revealed that NITDA generates N177 million annually from the fund. Proceeds from the fund is partly meant to be accessed by ICT startups in need of funding, however some of the entrepreneurs on the roundtable said bureaucracy on the part of NITDA makes the prospect near impossible. Uche Obiofuma, group head, Division Management SystemSpecs, said stakeholders need to engage political leaders more. Hence, the Nigerian lawmakers are providing the platform for dialogue at a tech conference that will bring together regulators and players to address challenges in Nigeria’s technology space. “Efforts towards this ICT roundtable is to build the bridge between industry and legislature,” Obiofuma said.

BUSINESS DAY

Friday 31 August 2018

AgriBusinessInsight Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Send in Commentaries to caleb.ojewale@businessdayonline.com

Rice dilemma: Production ‘increasing’, but little to show for it (2) CALEB OJEWALE Twiiter: @calebtinolu

n Lagos, as with many cities in the south, the cost of local rice as at last year, was a discouraging factor for many people who wanted to make purchases. That of course, when they actually got to see the local rice brands in the market. A 50kg bag of local rice was sold between N16,000 to N19,000, whereas the smuggled alternative could be bought for as low as N12,000. “The smuggled rice across the border is what Lagosians eat more. In fact, lake rice is not enough to take care of the people in Lagos state (alone),” said Ajayi Adekunle, manager, Double Door Limited, whose company has been in the rice business for years, first as an importer, and now, a distributor of locally produced rice. Rotimi Fashola, general manager, Elephant Group Plc, which amongst other products, produces rice, wrote in an emailed response to BusinessDay enquiries that; “This period, local millers like us are having sleepless nights because we have lots of milled Rice that we can’t sell due to large influx of smuggled Rice that makes the local Rice non-competitive. That is the real issue.” Even though export data from Thailand, India and other countries that previously exported rice to Nigeria show volumes have declined by

Bags of Nigerian made rice in a mill in Kebbi state Photo By: Caleb Ojewale

over 90 percent, smuggled rice is what many in the south still find in the markets. Interactions with key personnel in rice producing companies such as Elephant Group and Olam, have at different times had a common denominator; smuggled rice is making it difficult for the Nigerian rice to thrive. But, the counter argument to this from some quarters has often been; consumers are less likely to abandon the less costly imported rice, for the more expensive local alternatives. Recently, it appears the price of local rice has been dropping. The average price has come down to about N15,000 for a 50kg bag of local

rice, although this is still costlier than the foreign (smuggled) alternative which still sells between N12,000 and N13,000. “People will consider their pockets and see which one is cheaper. The foreign rice is well polished, neat, longer, and cheaper. Ultimately people will go for the cheaper and better one. So, that has made it impossible for local rice to strive in Lagos,” said Adekunle, who also quipped, “Without subsidy, even Lake rice wouldn’t have sold for N12-13,000.” A major question then remains, why isn’t local rice as cheap, or cheaper than the foreign rice. Rice millers in the country are unanimous, more or less, in the assertion that cost of operations make it less

AfDB, FAO collaborate to increase agriculture investments, create wealth in Africa CALEB OJEWALE

he African Development Bank (AfDB) and FAO this week, committed to raise up to $100 million over five years, and boost joint efforts aimed at catalysing investments for the agriculture sector in Africa. The objective of this according to both organisations is to end hunger, malnutrition, and increase prosperity throughout the continent. This new strategic alliance seeks to enhance the quality and impact of investment in food security, nutrition, social protection, agriculture, forestry, fisheries and rural development. Akinwumi Adesina, AfDB president and José Graziano da Silva, FAO director-general, signed the agreement, which builds on a longstanding collaboration between their organizations, at the UN agency’s Rome headquarters. “FAO and the AfDB are deepening and broadening our partnership to assist African countries achieve the sustainable development goals. Leveraging investments in agriculture, including from

the private sector, is key to lift millions of people from hunger and poverty in Africa and to ensure that enough food is produced and that enough rural jobs are created for the continent’s growing population,” said Da Silva. Adesina, also said “The signing of this supplementary agreement is a milestone moment in the relationship between the African Development Bank and FAO. It signals our joint commitment to accelerate the delivery of high quality programs and increased investment for public-private-partnerships in Africa’s agriculture sector. This will help us achieve the vision of making agriculture a business, as enshrined in the Bank’s Feed Africa strategy.” The strengthened partnership between the AfDB and FAO envisages a collaborative programme of action with a series of outcomes, including: better and more effective AfDB financed investment operations; increased publicprivate-partnership investments; a better investment climate and portfolio performance; and, advocacy and

joint resources mobilization. FAO’s technical assistance would cover areas such as sustainable agricultural intensification and diversification, scaling up value chain innovations, youth in agriculture and agribusiness, agricultural statistics, climate smart agriculture, blue growth/blue economy, food security and nutrition, agri-food system, food safety and standards, women’s economic empowerment, promotion of responsible private investments, resilience and risk management and capacity building for transition states. The collaborative programme would be created through an initial financial contribution of up to $15 million by the two institutions. Joint advocacy and policy advice activities will include the promotion of the Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests and the Principles for Responsible Investment in Agriculture and Food Systems, both endorsed by the Committee on World Food Security.

feasible for the cost of locally produced rice to be as low as the foreign rice. But, the euphoria surrounding increasing production volumes of local rice makes the situation (with high production costs) rather puzzling. With the Central Bank of Nigeria led intervention through the Anchor Borrowers’ Programme, and Federal Government’s campaign, the volume of rice production ought to have become more noticeable across markets in the country. On the other hand, the cost of paddy rice, which appears to be coming down, may have contributed to cost of some local brands of milled rice gradually reducing. This reduction however does not seem enough, at least, not

in comparison to the foreign alternatives. Muhammed Augie, chairman, Rice Farmers Association of Nigeria, Kebbi state chapter, told BusinessDay a few weeks ago, that a (80kg) bag of paddy rice now sells for N9,000. This represents a N4,000 reduction from its peak price of N13,000 two years ago, and a reduction of N2,000 per bag from its more recent price of N11,000. Fashola, Elephant Group’s general manager also noted that; “price of Paddy did plateau around 9000 naira per bags, and haven’t shot to 11,000 for a short period depending on the market you are dealing with.” However, Elephant group as he explained buys in tonnage, and not really in bags. In tonnage, paddy prices range from N120,000 to N140,000 per ton. “When the dry season paddy came out few months back it was sold around 125,000 naira per ton, but it was high in moisture content and short lived because the quantity were few and just in some areas,” Fashola said. In Fashola’s estimation, the cost of paddy will have to drop below N100,000 naira per ton before it can have an impact on the price of milled Rice. “Our cost of production needs to reduce or (for farmers) to increase yield and area (under cultivation) significantly, through mechanization etc so as to bring the cost of paddy down. We need to start having five tons per hectare as average yield, two cycles of crop-

ping, or open more land for cultivation,” Fashola proffered. He explained that dry season cropping as practiced now is not two cycles of cropping, it is still One cycle. Hence, there is a need to have massive irrigation schemes where the same land can actually be cropped twice in a year. This echoes some of the views shared by Augie, who said cost of paddy could have been a lot lower but for the high costs of irrigation individual farmers have to incur. He however was optimistic, saying that cost of paddy rice will drop even further as more farmers venture into rice production, thereby increasing land under cultivation, and the volume of rice that will be available to millers. For now, it appears the smuggled, cheaper, foreign rice will continue to dominate the market places (particularly in the south), until the quantum of rice production being reported across the country starts manifesting across local markets and even supermarkets. As Adekunle remarked, “If the smuggled rice were to be brought in legally, all agencies that should carry out necessary tests would have been able to. When I was importing rice, I had to go through SON, NAFDAC, took it to lab and waited for results to come out. It was not until then that we were allowed to bring in the rice. But now that it is being smuggled in, no agency carries out any test so it is at everyone’s risk.”

Leventis Foundation offers N2mn seed grant to start-ups ISAAC ANYAOGU

eventis Foundation Nigeria, a non-governmental organization says it is giving young agribusiness entrepreneurs an opportunity to win up to two Million Naira in its empowerment scheme tagged LFN30 Agribusiness pitch, as part of activities to mark its 30th Anniversary. Funding has been a major concern in the development of agribusiness in Nigeria. This is why government has established funding opportunities and encouraged private organizations to also assist in providing soft loans for the sector. This is with the goal of encouraging more young people with novel ideas

into agribusiness, a sector with potential to develop the economy. The scheme is designed to enable youths and farmers across Nigeria to be awarded seed money to help them accomplish their business pursuits, the organization said in a release. “To participate, agri-preneurs will employ the use of social media as means of application as well as the Leventis Foundation’s website where they can upload their business plan. The competition will run from August to early October 2018,” the organization said. Hope Usieta, executive director of the Foundation said that the Agribusiness pitch is one in a host of activities designed to celebrate Leventis Foundation’s commit-

ment towards enhancing livelihoods. He added that the winners will be announced later in October and awarded in an exclusive Gala Dinner event to wrap up the celebrations. Leventis Foundation Nigeria was established in May 1988 following Chief Anastasios George Leventis ambition to assist educational, cultural, and other charitable causes in West Africa with a keen interest in Nigeria, based upon a successful run of family business legacies spanning over 80 years. According to the release, the Foundation currently operates technical training institutes in over nine locations across Nigeria and Ghana in partnership with some state governments.

BUSINESS DAY

Friday 31 August 2018

Hotels What you should know about hotel star rating OBINNA EMELIKE

s the cost of business and leisure travels keeps increasing, it calls for making the right choice of hotel accommodation. Yes! No matter how long you are staying and the number of people you are going on vacation with, choosing a hotel is key to your level of comfort, enjoyment and even security. Hotels are usually rated with a star system, and this generally correlates with the hotel’s quality and especially price. When choosing a place to stay, ask yourself the following questions: How much time will I spend in the hotel? What amenities are most important to me? Am I looking for a home away from home or just a place to lay my head for the night? Knowing your own expectations can make choosing among hotels a lot easier. One-star hotels are best for budget travellers who are not too picky about where they sleep as long as it is cheap. Not usually the cleanest or most updated places, these are meant for those guests who do not plan to spend a whole lot of time in their hotel room. If you are more interested in the sightseeing than the size of your pillow, these hotels might suit

you just fine. In the two-star range you will find hotels that serve as a bed for the night but offer little comfort. These hotels are good for driving trips where you only plan to spend a limited amount of time and then hit the road again. Do not expect too much as no fancy sheets or down comforters, probably a stall shower instead of a big bathtub, and definitely no champagne and strawberries. There may be room service, but it is probably more likely that you will ask the lobby for the local joints. Three-star hotels offer clean and comfortable accommodations but may not offer the same amenities as their pricier cousins. Guest

rooms are less elegant, but comfortable nevertheless. Bathrooms are generally pretty standard. But if you are looking for a rain shower, you probably will not find it here. Service is fine, though the staff do not bow at your feet quite the same way. Many guests find this level of service more comfortable; others miss being treated like royalty. Four-star hotels are quite elegant. Usually the difference is slight. Maybe the rooms are a bit smaller, the linens a slightly lower thread count, and the shampoos less expensive. The biggest difference seems to be in the price. Five-star hotels generally are the most expensive. You are paying for luxury. These

hotels usually offer butler service, large bathrooms with soaking tubs, spa-inspired bath products, and high-end bed linens. Lobbies in fivestar hotels are laden with marble and fresh flowers. Service is impeccable. But when a hotel offers services and facilities above five-star, it can claim to be six or seven-star. In actual sense, any hotel that claims to be seven-star is just for advertorial as five-star is still the benchmark and the highest offering in hospitality business across the world. Though the star-rating system created in United States of America by Mobil Travel Guides is a very subjective way of measuring hotel quality, most hospitality experts believe that guests rate hotels better than any agency because they are the ones to say how satisfactory or poor a service or facility is. However, choosing right also means utilising you bargaining power as a customer. When you get to a hotel at night, you can get the room of your choice at half the price if you bargain well. After all, the hotel will lose money if they allow you sleep elsewhere when the room is still empty. If you have chosen to stay in hotels during your travels, choose wisely based on your own personal needs. As long as you are willing to pay a price equal to your expectations, you will not be disappointed.

Top BusinessDay Partner Hotels

Four Point Hotels (Oniru Chiefatancy Estate,Lekki)

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

The Wheatbaker #4 Onitolo(Lawrence Road), Ikoyi, Lagos. Tel: 01 277 3560

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

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

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

aha Kopanong Hotel & Conference Centre completes $111,000 refurbishment

ha Hotels & Lodges is pleased to announce the completion of aha Kopanong Hotel & Conference Centre’s extensive $111,000 conference venues refurbishment. The unique “Place of Meeting” boasts with 19 exclusively designed conference venues. Recognised as one of the leading conference and event venues in Gauteng, South Africa, aha Kopanong Hotel & Conference Centre offers the ultimate in confer-

ence venue experience. Located only 12.5 km from OR Tambo International Airport, Kopanong Hotel is situated on a tranquil country estate, far removed from the hustle and bustle of the city life, yet conveniently situated only 30 km from the Johannesburg and Pretoria city centres. The upgrade included a complete internal and external overhaul of the hotel’s conference centres. Modernised designs incorporated through new wall décor,

lighting, carpeting and the addition of bespoke furniture to its business centre and conference lobby area. Touch-ups and recolouring were incorporated in the reception area, all public areas, guest restrooms and corridors. Commenting on the development, Neil Bald, CEO, aha Hotels & Lodges, says, “We have realised flexible places for informal meetings are a priority as well, which has resulted in the creation of more breakaway spaces outside the meeting rooms where delegates can continue their discussions. In addition to this, we have enhanced the wireless connectivity with ample bandwidth in all areas, affording delegates and guests seamless and uninterrupted connectivity.” The new lobby space can be utilised for intimate cocktail receptions and informal business meetings. The conference rooms offer flexibility by maximising venue space through opening the various partition doors, accommodating a maximum of 400 guests in cinema style seating, 270 delegates in school room

seating and up to 260 guests in banquet style. Free Wi-Fi is available throughout the hotel. Kopanong Hotel comprises of 56 fully detached chalets offering a total of 166 bedrooms. Each chalet consists of three individual rooms with private entrances, which can be opened up via inter-leading doors to allow complete access in order to accommodate group bookings, transforming the rooms into a luxury villa. Each bedroom is equipped with tea/coffee making facilities, microwave available in all suites, flat-screen TV, DSTV, free Wi-Fi, refrigerator, air conditioning, and private bathroom with a bath and shower. aha Kopanong Hotel & Conference Centre features an outdoor swimming pool, gym, sauna, squash and beach volleyball court and mini team building area. Transportation is easily accessible with Gauteng Rhodesfield Train Station, only 10km from Kopanong Hotel. The hotel also offers free parking and complimentary scheduled shuttle service to and from OR Tambo International Airport.

Best Western Hotel Hotels 12, Allen Avenue C/O Funmi (Front Office Manager)

Protea Hotel (GRA Ikeja) GRA Ikeja

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

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

BUSINESS DAY

C002D5556

Friday 31 August 2018

Share the stage with Femi Kuti, afrobeat legend ternational’s loyalty programmes including; Marriott Rewards, The Ritz-Carlton Rewards, and Starwood Preferred Guest (SPG). There are many reasons to attend the concert, which is curated in partnership with Chocolate City Group, a media and entertainment company. Aside treating invited guests and loyalty members to an eclectic selection of expertly crafted cocktails and finger favorites, the organisers are offering them front row seats and access to special viewing area at the Femi Kuti concert, complimentary cocktails and hors d’oeuvres during the concert, VIP backstage passes, and an exclusive breakfast with Femi Kuti at the Club Lounge at Sheraton Lagos Hotel on September 23, 2018 with a photo opportunity with Femi Kuti. Other benefits also include; a one-night stay in the Sheraton Club Room for two people at the iconic

Stories by OBINNA EMELIKE

f you are an ardent lover of the afrobeat genre or fan of Femi Kuti, Sheraton Ikeja Hotel is offering you opportunity to meet your legend and also enjoy his exclusive performance. Come September 22, 2018, the stage will be on fire for Femi Kuti live in concert; an event that is aimed at celebrating the living afrobeat legend and also gathering like-minds to unwind amidst their type of music. The highlight of the evening will be an exclusive live performance of One People One World; Femi Kuti’s seventh studio album. Aside Femi Kuti, there will be performances from five other popular artistes who will complement the music offering at the guest-oriented event. The exclusive event is also targeted at members of Marriott In-

Femi Kuti with his band queens

Who wins big at 2018 AMVCAs tomorrow?

ith the voting period officially closed, all is now set for the 2018 Africa Magic Viewers’ Choice Awards (AMVCAs) holding at the Eko Hotel & Suites in Lagos tomorrow, September 1, 2018. The event will be broadcast live on all Africa Magic channels on DStv and GOtv from 4pm West African Time (WAT). The AMVCA, which debuted in 2013, is the biggest celebration of film and television talents across Africa. Now in its sixth edition, the show promises to be bigger with top contenders from across the continent vying for honours in the voting and nonvoting categories. Wangi Mba-Uzoukwu, channel director, Africa Magic, said: “We are delighted to once again celebrate outstanding achievements in the African film and television industry on the platform of the AMVCAs. As always,

we promise a night filled with exciting and stellar performances led by some Africa’s biggest names in the music industry. Our viewers at home will not miss a moment of the event, as they can tune in to all Africa Magic channels on September 1, 2018 to see who wins the coveted AMVCA titles.” The awards will once again be co-hosted by Minnie Dlamini-Jones, South African media sweetheart, and IK Osakioduwa, Nigerian on-air-personality. For two years, the lovely duo has thrilled guests and viewers as hosts of the AMVCAs with their brilliant synergy, charm and infectious wit. The 2018 AMVCAs is brought to viewers across the continent by Africa Magic in association with MultiChoice Africa and the sponsors, Airtel and Konga in partnership with Lagos State government.

Funke Akindele, winner of the Best Actress in a Comedy at the 2017 AMVCAs

Sheraton Lagos, airport transfers, a goody bag and a bounce-back F&B voucher. Of course, Chocolate City is happy to collaborate with Marriot International and Sheraton Lagos to give guests an exclusive live music experience with the afrobeat legend because his music and brand embody Africa’s rich culture.“We expect guests to remember the event for the energy and excitement that Femi’s music brings”, Edward Israel-Ayide, senior marketing manager, Chocolate City Group, assured. However, Barry Curran, general manager, Sheraton Lagos Hotel, expressed the hotel’s excitement at hosting the concert and also creating transformative moments for guests through the reverberating rhythm of afrobeat. Femi Kuti is an acclaimed singer, songwriter, instrumentalist, and four-time Grammy Award nominee.

Finally, 20 aspiring filmmakers for Multichoice Talent Factory Academy

fter two months of processing shortlisted candidates from over 3, 000 entries from Nigeria and Ghana, 20 students have emerged. They are the first intakes of the MultiChoice Talent Factory Academy, who are going to be further mentored on filmmaking. Thanks to a group of film and television industry experts led by Femi Odugbemi, MultiChoice regional academy director, for going through the rigorous interview and adjudication process. The 20 future filmmakers were selected based on their industryrelated qualifications, skills and their passion to narrate Africa’s unique stories. Those selected include: Idongesit Amba, Allen Onyige, Gilbert Bassey, Precious Iroagalachi, Nanret Paul Kumbet, Akpera Mnena, Umm’salma Saliu, Ugwu Uchenna Eileen and Sonia Nwosu. Others are Moses Akerele, Metong Minwon, Bolaji Adelakun, Joseph Adeniyi, Kemi Tamara Adeyemi, Tochukwu Nwaiwu, Blessing Bulus from Nigeria and Edmund Kobby Asamoah, Henry Konadu Denkyira, Irene Dumevi Yaamoakoa, Patience Esiawonam Adisenu from Ghana, who will represent the West African region at the Nigeria-based MTF Academy from October 1, 2018. MultiChoice will sponsor the students’ tuition, accommodation and stipend for the duration of their training in each the academy. “As a company that is deeply rooted in Nigeria, we understand that many young, aspiring filmmakers have the capacity to learn and strengthen their skillsets

Young filmmakers at work

to give back to their communities but may not be financially equipped to do so. The MultiChoice Talent Factory focuses on making sure that those gems are nurtured, and their talents developed to contribute meaningfully to Africa’s creative industry”, John Ugbe, managing director, Multichoice Nigeria, said. The MTF Academy students will be provided with skillsets to develop their talent, connect with industry professionals and tell authentic African stories through a comprehensive curriculum comprising theoretical knowledge and hands-on experience in cinematography, editing, audio production and storytelling. “From the thousands of applications received, it is evident that there is a strong desire to

learn from and work with other African creatives. Not only will the MultiChoice Talent Factory be a springboard to a career in the entertainment industry, but it will also create a closely-knit community of African professionals with a willingness to narrate Africa’s stories to the world”, Odugbemi, film director and producer, said. During the programme, MTF Academy students will produce television and film content that will be aired on local M-Net channels across the MultiChoice platform to reach African audiences on the DStv and GOtv platforms. Upon graduation from the MultiChoice Talent Factory Academy, the MTF student will leave with the knowledge and skills to contribute professionally to Africa’s film and television industry.

Friday 31 August 2018

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BUSINESS DAY

Business Etiquette

Movie Review - EQUALIZER 2 (2018)

t was so nice to see one of my favorites actors back again in this brand new episode of Equalizer, this time it had a new twist and loads of action. If you remember the first episode of Equalizer 2014, which was action packed, this new episode was even better, and more deadly. Denzel totally killed this role and made sure he took out anyone who was cruel and wouldn’t want to change. In this episode we saw Denzel who was referred to as “Robert Mccall” fight for the less privileged and anyone who was victimized. They had a very nice simple storyline with amazing action scenes from start to finish. It was nice to see the prescreening and presently I have seen it twice already to show how good the movie is, although some critics think that this movie doesn’t deserve high scores I am of the contrary opinion because I totally enjoy it. The movie was directed by Antoine Fuqua and written by Richard Wenk, they did have well written script and story, with a bit of twist and suspense, most of us had no clue, the way it was going to end again this time, when they killed Susan his only remaining friend, we knew they were going to get it even hotter. Robert had so much passion as always and he made the entire movie one to be happy about. The production was really good, the effects and action scenes were amazing and yet didn’t look unrealistic, except for some aspects of the movie towards the tail end. The locations choose were awesome and the actors killed their roles. A snippet to the movie the movie started with Robert trying to get to the root of the cartel that kidnapped a little girl from her mother, at first they were proving stubborn till Robert showed them, he was in for business and then the leader exposed the hiding spot of the child, when he got her he quietly returned her to the station. In this new episode, Robert was an Uber driver, he carried people from one location to another and as he did, he listened in and watched closed to see if there was anyone that was distressed. Whenever he

with Janet Adetu

WhatsApp “Staying Connected”

Cast: Denzel Washington, Pedro Pascal, Ashton Sanders, Bill Pullman, Melissa Leo, Jonathan Scarfe, Sakina Jaffrey, Caroline Day, Orson Bean and Abigail Marlowe Genre: Action & Adventure, Mystery & Suspense Director: Antoine Fuqua Ratings: R (for brutal violence throughout, language, and some drug content) Written by: Richard Wenk Runtime: 129 mins Studio: Columbia Pictures found someone who was victimized and in need of protection or help, he always took it upon himself to fight for them, till they gained justice, some of them wouldn’t even know that he went back to fight for them. Robert was doing an amazing job in the city, helping those who had no one to help them. He had a young boy in his neighborhood, who decided to assist. One he got a very disturbing and heart breaking news that his only friend, had just being killed. He was so bitter and in pain, but decided that he wouldn’t rest till he unraveled the case and killed all who were involved in her death, whether directly and indirectly, little did he know that his former team mate and colleague had joined a bad group and was assigned to kill Susan. The best scenes were at the tail end where he had to lure the other team to his country home, so they could have a good fight, this fight was so intense and he struggled till he killed them all one after the other. The storm at the water side also made the

fight quiet difficult. It was a very good fight when he defeated his former team member and save the guy who was kidnapped by the bad guys. I was so excited about the way he deceived them and killed them all. To my verdict I would score this movie a fantastic 9/10 , they did put out go a very good show in this movie, the action scenes were a lot, but were ok, nice production, location and storyline, it would be difficult to tell if there would be another episode in 4 years’ time again, but then you never can tell, if Denzel is up to it, then why not, I am sure a lot of fans like myself will flock to the cinema again to see the new movie. For the action and suspense movie lovers then, this is absolutely your kind of movie and a sure 100% recommendation from me. Feel free to review any movie of your choice in not more than 200 words, please send us a mail to linda@businessdayonline.com and stand a chance to win a free movie ticket Linda Ochugbua @lindaochugbua

ne platform that resonates well with many in these days of constantly evolving technology is the chat platform “WhatsApp“. Both young and the elderly are permanently preoccupied with staying connected on WhatsApp with family, friends, colleagues, groups, and all those they know. I guess it is because it is quite a good user friendly social media app that does not require too much techiness. Personally, I am very comfortable using WhatsApp, given the speed with which messages are transmitted, the ease of adding and forwarding pictures and messages as well as how easily you can delete what you don’t want. WhatApp is a necessity, however it can easily be a pure nuisance if you do not handle well. I was recently on a flight where my phone was off for the duration, unknown to me a new WhatsApp group was formed representing an old Alumni reunion. As I disembarked the aircraft I switched on my phone, to my huge surprise 700 WhatsApp messages were waiting to be read. I was totally shocked and could not immediately understand where they had all come from. The ordeal of having to read so many messages is one major reason why some people are distracted or disapprove of using WhatsApp for connecting. Well in everything you do in life it requires acts of responsibility, diligence, determination and deliberation. What are the Pros of WhatsApp that could hinder the regular use of WhatsApp to connect. The following are some of what I consider a WhatsApp Dilemmas:1. You are visible to all your contacts once they have the App on their mobile devices. 2. Privacy is deprived in many instances. 3. Unsolicited information drops automatically to your device. 4. Disapproving pictures, videos, data are also sent without approval. 5. Excessively long messages sent without warning. 6. Chain mails forwarded with no relevance 7. The platform can be time consuming and addictive. 8. No laws governing information posted. 9. Lingering conservations with no ending. I 0. Occupying too much space on your device. I can go on and on with the numerous negative experiences WhatsApp tends to show up. Having said that “WhatsApp “is still a great instant way to connect; to your nearest, dear-

est and distant relationships. Though people do not need your permission to add you to a group or to send you a message, you can choose when you want to read a message, delete a message or exit from any group you so choose. Given the serious issues raised around WhatsApp content stored on your phone and how unsolicited messages can implicate you, it requires some sensible protocol to manage your WhatsApp application or your device. I have gathered a few “WhatsApp Etiquette” strategies you may find useful to avoid offending another or being offended by others. WhatsApp Etiquette A. Watch what you say. Fortunately things said that you do not like can instantly be deleted and totally withdrawn before one gets to read it within a certain time frame. It is important that you are mindful of what you say in response to certain messages. Avoid unnecessary bickering and backering when you want to respond. Be

clear and concise, only start a conversation you can defend. B. Watch what you forward. It is unfair to send and forward every message you receive, without caution. Some messages are received multiple times, even on the same platform. Be on track and stay connected to avoid sending what others have already seen. The length of your message must be taken into consideration, not everyone has the time and patience to read very long message, it is a burden and you can become a nuisance to others. Videos take up a lot of data just like pictures, be conscious of what you re-forward or what you send. C. Watch out for sensitive information. Though no permission is required when sending sensitive data, act again with caution even when you feel you are sending important information. Many people seriously do not have the wear with all to view gory pictures or watch gory videos that you send. Avoid clogging up other people’s inboxes with data that impacts their feelings, psychology, state of mind and sensitivity. D. Watch the Size of your group. As much as you may need to include all the members of

a certain group, stay within a reasonable number. Follow on congratulatory messages for anniversaries, birthdays and the like simply clog up the platform too. There is a limited number of chats that is acceptable by WhatsApp, after which you would have exhausted the standard requirement. Messages from large groups create anxiety because of the numerous messages that seem to drop each day. Avoid being too regular with posting messages and surely not a daily affair. E. Watch the timing of your post. Monday morning is not the time to be social on social media; you must respect people’s time and be sensitive to business hours and post at a time that people are free or early before the day starts. Avoid posting late at night especially if it involves a conversation. Respect family time, rest time and dinner time when posting. Anything after midnight is a complete No No. F. Watch who you are sending to.

It is possible you send a message accidentally to the wrong person, unless that person is kind enough to tell you, you may just never know. Double check before you send your message ensuring the right people are tagged. Confidential information is at risk if you do not take caution. G. Watch your grammar. With the new technology phones, the phone has a brain of its own and many a times when you spell what you thought you spelt correctly, the phone on auto will change it. Always re-read your message, tidy up your grammatical errors and typo mistakes, be satisfied before you send that message. It is just a click away and it happens before you know it. How many times have you automatically sent a message; just to discover how many errors were in it? Yes it can be embarrassing, fortunately you can immediately delete today and resend a corrected message. However watch how often you delete in a WhatsApp message it can sabotage perceptions and the image one has of you. Good luck!!!!! Janet.adetu@jsketiquetteconsortium.com

BUSINESS DAY

Friday 31 August 2018

INTERVIEW ‘Urban agriculture can contribute to food security’ In the contemporary agricultural sector of this millennium is the avante garde and innovative outfit known as Gartner Callaway Farms, a commercial indoor farm. This is on account of the uniqueness the largely urban agricultural outfit has brought into the sector. Bosun Ariyo, the Deputy Group Chief Executive Officer of Gartner Callaway Farms in this interview with BusinessDay analyst, Endurance okafor, spoke extensively on how the specialized farms came to be, and how this is contributing to urban food security. Excerpts: What is Gartner Callaway Farms all about, and why indoor agriculture? ur model is built on the three main pillars of sustainability, where we create economically sound business models that utilize natural resources efficiently, have an economic impact and improve social welfare and our grow systems and business models allow us achieve all these three with so many other advantages. We also build and guide individuals and organizations through the design, implementation, and operation of greenhouses, open air suspended greenhouses and vertical farms, as part of our commitment to a progressive paradigm of urban agriculture. Through a personalized commitment to each project, we believe we can strengthen the current community of farmers and entrepreneurs, and contribute to urban food security. Our job is to jump-start your knowledge of urban agriculture, help you navigate barriers to entry, make connections, and mitigate risk.

Farms intend to explore opportunities in the other regular commercial farm practice? Anything is possible and if we find any other regular commercial farm practice plausible and feasible, we would definitely infuse aspects of our modern day technology into such a venture.

Bosun Ariyo

For how long have you officially been in the business, and what has been the response considering this is relatively new in this part of the world? Our company is a year and a half old now, and the response to what we are engaged in has been overwhelmingly positive and encouraging. People genuinely appreciate what we have created and done, because it solves a fundamental need and requirement of our everyday life, which is eating healthy without worrying about side effects, such as cancer, affecting you later in life as an example. Also the fact that you can see the transparency of how your food is grown down to the last input, accessibility to our flagship farm all give immense comfort to our current customers and we are sure our future customers will feel the same. What challenges have you encountered so far, and how have you been able stay above water? The biggest challenge is availability of human capital,

and we have realized that we have to invest in developing the much-needed human capital for this growing industry through various inhouse CSR initiatives and collaborations with other private and public companies. What do you think is the edge enjoyed by indoor agriculture over the regular agricultural methods? We operate open air suspension greenhouses which is an outdoor recirculating hydroponic system that also takes advantage of nature while benefiting from all the advantages of growing hydroponically and vertically. The rising expense of traditional farming is quickly narrowing the cost gap. For example, when vertical farms are located strategically in urban areas, it would be possible to sell produce directly to the consumer, reducing transportation costs by removing the intermediary, which can constitute up to 60 percent of costs. Vertical farms also utilize advanced technolo-

gies and intensive farming methods that can exponentially increase production. In addition, vertical farming provides an opportunity to support the local economy. Abandoned urban buildings can be converted into vertical farms to provide healthy food in neighborhoods where fresh produce is scarce. Additionally, the high-tech environment of indoor farming can make it fun to farm. Hence, a technology-savvy younger generation has been enticed by the practice, grooming a new breed of farmers. Further, vertical farming provides impetus in the development of innovative agricultural technologies. Finally, it could reconnect city dwellers with nature through the activity of farming. Gartner Callaway Farms is more into livestock production, fruits and vegetables, oil seeds and the likes; can you tell me more about other agricultural products on your stable? We have a growth road map

we are executing in phases and livestock production oil seeds are in our future plans but currently our focus is expanding our capacity and product range within the fruit and vegetable, herbs and spices market segments What is your assessment of government interventions in Agriculture and how do you think government can support indoor agriculture? We believe the government

...we see ourselves having city farms all over Nigeria through creation of our own farms and empowering other farmers and aspiring farmers through our build

is doing their best to encourage agriculture but it is no small feat rehabilitating a fragmented sector and market that relies on physical infrastructure such as good roads, railway system, certified warehousing, cold storage and the likes but are practically non-existent. There is a lot to be done especially human capital and it will not be done overnight. We believe that companies such as ourselves that have taken the initiative to create something new tailored to the African condition, showing capacity by creating financially sound commercial operational models should be supported with funds for more research and development, creation of community projects jointly for youth and women empowerment and general business expansion because it would create jobs, build human capital through knowledge transfer and help the fight towards our food security. Aside indoor agriculture, does Gartner Callaway

Do you have any advice for any investor hoping to venture into indoor agriculture? It is a fantastic space to be in and this is evident with all the VC funding going into the Ag- Tech sector on a global level. For example recently Crop One Holdings, a Silicon Valley food startup, and Emirates Flight Catering (EKFC), one of the world’s largest airline catering operators, plan build a 130,000-square-foot vertical farm in Dubai. The greens and herbs will be used for in-flight meals at Dubai International Airport, the world’s largest by international passenger traffic and this is one of many examples. Due to the technical nature of our industry and changing consumer patterns investors need to just make sure they do their homework in terms of what kind of grow model is being operated, how versatile is the system in terms of different types of crops that can be grown and more. Do you think the practice of indoor agriculture is solely for the privileged people? How expensive is it to set up this kind of business? You have different categories of products. Commercial systems are definitely not for everyone but there are cheaper systems and models that can be sold at affordable rates. We realized this from inception and created a product range that every income bracket can afford Where do you see Gartner Callaway Farms in the next 5 years? By the Grace of God we see ourselves having city farms all over Nigeria through creation of our own farms and empowering other farmers and aspiring farmers through our build, operate and transfer model for third parties.

Friday 31 August 2018

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BUSINESS DAY

FEATURE

Partnering for growth in Africa Many African economies offer huge growth opportunities for local companies and global players alike. Tapping this potential and promoting growth and prosperity on the African continent according to Joe Kaeser requires new, strong partnerships across borders. Europe can play a crucial role in this. However, that requires new ways of thinking, new ways of politics and strong, trustful collaboration with African societies. It requires African solutions that create value in Africa for Africa.

ccording to an African proverb, “in the moment of crisis, the wise build bridges and the foolish build dams.” There is no denying that we live in times of uncertainty and growing insecurity, in times that are increasingly shaped by nationalism and exclusion, by narrow interests and populism. These are also particularly critical times for Africa’s development. Nevertheless, Africa is a continent on the rise. African nations offer huge growth opportunities for local companies and global players alike. Even countries that are not rich in natural resources have a big chance to drive solid future growth by forging local partnerships in infrastructure investment, using digital technologies, and – above all – ensuring sustainable skills development. Building – in a symbolic sense – strong, sustainable bridges between Europe and Africa can make a major contribution toward meeting this goal. Yet, Europeans too often ignore that this is the time to go for Africa, that this is the time to build new and stronger partnerships. But fulfilling this partnership role requires a new way of thinking, new policies and strong collaboration with African societies. Africa needs solutions that create value in Africa for Africa. For example, the continent has voracious demand for electrification and infrastructure. The urban population, for instance, is growing faster in Africa than it is elsewhere. As late as 1990, only 28 percent of the population of sub-Saharan Africa was living in urban areas. By 2018, however, this figure had already climbed to 40 percent – and forecasts anticipate that more than one out of every two people will be a city dweller by 2050. In other words: 30 years from now, more than 1.2 billion people in subSaharan Africa will be living in cities. The infrastructure in place today was not designed to support so many people. Ultimately, the task here will be to drive urban development in a way that is intelligent and sustainable – and make electricity and infrastructures affordable. The journey to this destination will frequently involve co-development between the private and public sectors. There are very good reasons to make business in Africa. This continent is home to some of the world’s most dynamic markets. And Africa’s workforce is young. Half of the people living on the continent are under the age of 25. According to projections, Africa will be home to one in five of the planet’s young people by 2040, and the size of its labor force will exceed 1.1 billion by then. With a work-

Joe Kaeser

force of this magnitude, Africa has the potential to become one of the key players within the geo-economic order – provided that Africans can acquire the skills needed to actively shape this change. In Africa, beyond the investments we make in our own employees, we closely collaborate with schools and universities across the length and breadth of the continent. We will continue our commitment to Africa, ensuring that students are able to train on the most advanced Siemens technology available, such as industrial software. Only recently, we announced various hand-overs of Siemens technology related to industrial automation. Such grants are providing 13 engineering faculties at universities and schools in countries including Nigeria, Ivory Coast, Ghana, Senegal, Tanzania, Kenya and South Africa with integrated engineering capabilities. Making this cooperation possible is part of our commitment to contributing toward sustainable skills development throughout the continent. Unlike some others, we share our knowledge and expertise, and we train and educate young people. In other words: We invest for the long

term and believe that playing an active role in skills development could enable locally engineered solutions to catalyze the industrialization of many African economies and trigger growth on an unprecedented scale. In West Africa, for instance, we must help develop and enhance young people’s technical and entrepreneurial skills to prepare them to hold their own in tomorrow’s digital, knowledge-based global economy. Another key challenge for West Africa is climate change. Its impact is likely to be more severe in Africa, where regional weather patterns could be affected by global climate change. Phenomena like heat waves, draughts and floodings may cause substantial harm to African societies. Nevertheless, the fight against climate change could open up new opportunities for West African countries while improving their access to electricity. With courage, clear decisions, strong partners and appropriate investments, these nations could become forerunners of a more sustainable economy, for example by deploying state-of-the-art environmental technologies in addition to highly efficient gas turbines. These efforts could help ensure a sustain-

able and reliable energy supply while improving the energy mix in many West African countries. Here, too, the countries of this region can count on Siemens as a trusted partner. There’s a lot we can do to secure our common future. In 2017, our technologies enabled customers worldwide to reduce their carbondioxide emissions by 570 million metric tons. That’s more than twice the total carbon-dioxide emissions of West Africa. As a leader in climate protection, we use these technologies ourselves. Siemens was the first major industrial company to commit to being carbon neutral by 2030. And we are well on our way toward reaching this ambitious goal. Yet, reducing emissions is not the only motivation for us to ensure a sustainable energy supply for West Africa. Powering the countries of this region is imperative for us, because energy provides a basis for the region’s economic growth. Prosperity always begins with energy. This resource is then followed by infrastructure in areas such as mobility and urban development. The third element is industrialization, and the fourth is services. However, all four of these elements are interrelated. They each represent one component of a

successful, prosperous society. An outstanding example of the growing economic and social impact of the fourth element – the service sector – is the Siemens Service Center in Port Harcourt, Nigeria. The center is a high-tech facility that not only helps meet customer needs in the region and beyond, but also provides high-skilled employment opportunities for the Nigerian population. It provides field services to customers in Nigeria, other parts of Africa and the rest of the world. Only recently, the center received an order from one of the top five International Oil Companies, which is being supported with advanced digitalization solutions such as remote diagnostic services. After all, one key trend that applies to Germany and Europe is prevalent in West Africa as well: Digitalization is transforming every industry and every society. This transformation will no doubt bring about further challenges for all African countries: According to the McKinsey Global Institute report “Harnessing automation for a future that works”, 46 percent of all work activities in Nigeria might be susceptible to automation – as is the case with 51 percent in Ghana, 52 percent in Senegal, 44 percent in Ivory Coast. The experts estimate the automation potential for Kenya at 52 percent, and for South Africa at 41 percent. On the other hand, these changes also create, especially in Africa, the opportunity to embrace new and exponential technologies combined with human talent to accelerate industrialization and drive economic growth. In other words, electrification, automation and digitalization open up enormous potential for technological and societal progress in Africa. Siemens is the world’s most advanced digital industrial company and helps customers all over the world make use of digitalization’s potential – whether in energy, manufacturing, mobility, infrastructure, or healthcare. From my point of view, every business has the responsibility to serve society – not just in the short term, but in a lasting way, for the benefit of future generations. We call this approach “Business to Society.” Of course, pursuing this objective in Africa requires a unique understanding of the challenges being faced across the continent and in each nation. At Siemens, we have this understanding. We aspire to “build bridges” instead of dams – and serve society throughout Africa. Joe Kaeser is the President and CEO of Siemens AG

BUSINESS DAY

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Friday 31 August 2018

BUSINESS SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

NACCIMA president lauds Princess Medicals Centre for promoting world class medical tourism, redefining hospital business EFEGADIRIM MADU, Port Harcourt

ational president of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Alaba Lawson has described the newly opened Princess Medical Centre, Port Harcourt, a multi-specialty signature hospital, as laudable world class health facility that is promoting medical tourism in Nigeria. The NACCIMA boss also said the hospital owned and operated by Emi MembereOtaji, a medical doctor and the incumbent president of Port Harcourt Chamber of Commerce and Industry (PHCCIMA), as redefining hospital business w ithin Rivers State and also the South–South, an oil producing region. Lawson, the first woman national president of NACCIMA and the 19th president of the association, while leading a delegation of national chamber executive members, on a facility visit to Princess Medical Centre, said the centre has upped Nigeria’s ante, thereby projecting the country as one of the countries where good health care services can be gotten. Pe nu lt imate w e ek, t he NACCIMA national executive committee was in Port Ha rc o u r t t o h o l d i t s 3 rd quarterly council meeting, which was hosted by the Port Harcourt chamber of commerce. She expressed confidence that with a collection of advanced medical equipment and a hospital concept that tends to prom o t e t h e m e d i c a l t o u rism industry, the Princess Medical Centre has put in place sustainable investment that would add value and contribute immensely to Nigeria’s health sector. The NACCIMA national president also commended the management of Princess Medical, and the individuals behind the successful hospital project.

A cross-section of Bayelsa State students at Abia Poly

L-R NAWORG Rivers State chairperson, Jovita Patricks; Pricess Medicals Centre director, Onyiye Ugochukwu; NACCIMA director-general, Ayoola Olukanni; PHCCIMA president, Emi Membere-Otaji and wife Bisi; NACCIMA national president, Alaba Lawson; NACCIMA 1st national deputy president, Saratu Aliyu, a guest; chief operating officer of the Hospital, Ademolu Owoyele; 2nd deputy national president, NACCIMA, Ide John Udeagbala and PHCCIMA treasurer, Uche Maraizu during the NACCIMA executive committee’s visit to the Hospital in Port Harcourt, Rivers State

Princess Medical Centre, Port Harcourt

The Hospital’s chief operating officer (COO), Ademolu Owoyele, said with the launching of Princess Medical Centre, the organization with its 30 years’ experience in health care s e r v i c e s, i s t a k i n g s t e p s towards improving medical tourism through operating a world-class hospital that meets global ratings with advanced medical facility. “We have set up an InV i t ro Fe r t i l i z a t i o n ( I V F ) complex, and the most advanced medical equipment that enable quick and accurate diagnostics. We a l s o hav e t o p - n o t c h o p erating theatres equipped with systems that facilitate reduction in pain, shortens the healing process, eases postoperative scarring, reduces patient’s recovery time and return to an active life,” Owoyele said. He said their medical f a c i l i t y ’s f a c i l i t i e s a n d care also lowers the risk of complications, lessens the length of hospital stay and improves health outcomes. The COO informed that their hospital is poised to

contribute its quota towards reversing the over $1 billion lost annually as capital flight spent by hundreds of Nigerians who embark on foreign medical trips. But Owoyele said they, through their Princess Medical operations attempt to reduce this capital flight by “c re at i ng a n e f f e c t i ve and efficient health system that addresses health care for all.” The medical director of the multi-specialty health facility and a Consultant Cardiologist, Onyiye Ugochukwu, noted that over 60 per cent of the money lost by Nigeria to medical tourism is spent on four major clinical areas, which are: cardiac, renal, Ugochukwu informed the NACCIMA national executive members that they at P r i n c e s s Me d i ca l C e nt re have taken a bold step to make facility a centre of medical excellence in two of the specialties – cardiac and renal, which she said they been providing since inception of the centre.

C002D5556

Friday 31 August 2018

Friesland Campina wins Remita Corporate Champions Cup

riesland Campina, the producers of Peak Milk have emerged winners of the Remita Corporate Champions Cup 2018 after an impressive final with FCMB, at YabaTech Sports Pavilion on Sunday, 26th of August 2018. A lone goal scored by Daniel Okoronkwo in the second half of the game placed the highly coveted RC3 Koenig Trophy—Trophy for Kings—in the hands of Friesland Campina, forcing FCMB to settle for second place. The 2018 Remita Cup started with eight teams drawn from winners and runners-up in Banking, FMCG, Telecoms, and Insurance Games. While 9Moblie, Credit Direct, Unilever and IHS Towers went home in the quarterfinals, Leadway Assurance secured third place, defeating last year’s runner-up, First Bank, two goals to nil. The Managing Director of SystemSpecs, John Obaro, who did the ceremonial kick-off for the final match between FCMB and Friesland Campina said the programme is getting more interesting each year. “This is our fourth year, and clearly, it is at a much higher level than we’ve ever had it. Everybody is excited and energized. It has been an opportunity to get families together within our organisation, SystemSpecs, and also our customer organisations. We are preaching work-life balance, we believe that people will be more productive when they have a balanced

work-life, which is part of our culture at SystemSpecs.” Deremi Atanda, the Executive Director of SystemSpecs, added, “This has been the best edition so far in terms of participation. We are quite happy to be part of making this happen in corporate Nigeria.” Before the main event kicked off, SystemSpecs once again demonstrated its commitment to social investment by commissioning newly renovated toilet facilities at the YabaTech Sports Pavilion. Commenting on this, Obaro said, SystemSpecs values good education and sound health, and supports a number of projects within those two areas. “Coming to the YabaTech Sports Pavilion for the Remita Cup, we noticed that the quality of the toilet facility is not supportive of good health, even for the students, and that was how we thought of cleaning up the place and re-equipping the facility. People have been very excited about it,” he said. The Remita Cup tournament ambassador, Peter Rufai, fondly called Dodo Mayana bragged to the cheering crowd that age has not affected his goal-keeping skills and proved it by saving some goals during a celebrity penalty shoot-out featuring some captains of industries. “Remita deserves all the accolades for their laudable effort on ensuring that Corporate bodies engage in sports.

BUSINESS DAY

he Head Coach of the U20 Women National Team, Chris Danjuma, has described as utter falsehood a story in one online publication that an official of his team claimed players and officials were not paid their entitlements before and during the FIFA U20 Women’s World Cup finals in France. “I see this as a silly, mischievous story. I have spoken to my assistants and backroom staff and they all denied talking to the reporter. We were paid our entitlements for the camping in Austria and at the FIFA World Cup, and no money was lost as claimed in the story. “From the very first day I saw the reporter in our camp prior to our departure to the final training camp in Austria, I observed he was a very funny figure just looking for negative stuff to report. It is unfortunate that some persons commit their lives to trying to cause mischief and trouble wherever they see there is peace.” Danjuma said the claim by the reporter that the team was ‘suffering’ before the Sports Minister arrived and gave them personal cash was incorrect. “We had been paid our entitle-

T Nigeria wins ICC U-19 championship

igeria U-19 Cricket National Team on Tuesday, August 28th, 2018 at the Senwes Park, Potchefstroom beat Sierra Leone by 137 runs in the finals to emerge champions at the finals of the International Cricket Council Under-19 World Cup Qualifier Africa Division Two concluded in South Africa.The win has sealed Nigeria’s place at the ICC Africa Division cadre along with a World Cup space in 2020. President of the Nigeria Cricket Federation, Professor Yahaya Ukwneya said the Nigerian team deserved all accolades for the sterling show throughout championship. He congratulated the Coaches led by Uthe Ogbimi and Tamuno John for prosecuting a successful outing. “The boys were very dedicated and were disciplined all though the stages of the event. It is not time to celebrate because we have Division One Qualifiers, Inter Continental Qualifiers before the World Cup Proper

where we would face countries like England, India, Pakistan, South Africa and other top nations”, he said. “The victory is a testimonial to the plans outlined by the present board when we took office last year and we are glad they are beginning to yield. What is next is to step up other developmental agenda in this respect.” He added. The Junior Yellow Greens convincingly defeated Mozambique, Lesotho and Ghana in Group B to go unbeaten before dispatching Tanzania by 35 runs in the Semifinal, which earned her the much touted match against Sierra Leone book who also saw off the challenge of Mozambique by 71 runs. The Captain Slyvester Okpe, side batted first scoring 242 runs for loss of 9 wickets in 50 overs with standout performer being opening batsman Olayinka Olaleye, posting 110 runs off 124 balls, Samuel Mba 62 runs and hero of Semi Final SegunOgundipe who added 29 runs in a high scoring.

Sports

Falconets coach denies report of unpaid allowances

ments before the Sports Minister came. I am surprised at what the reporter was out to achieve. Was the reporter in Austria with the team to ascertain we were ‘suffering?’ “No member of the Falconets’ technical crew or the playing body has any negative thing to say about the NFF. They did their very best for us and supported the team at each point during the qualifying series, the training camp and the FIFA World Cup.”

2019 AFCON: Seychelles confirms date for Nigeria match

L-R: John Obaro, MD, SystemSpecs Ltd, owners of Remita; Chigozie Nduka, Captain, Friesland Campina; Peter Rufai, Tournament Ambassador and Deremi Atanda, ED, SystemSpecs Ltd at the 2018 Remita Corporate Champions Cup final.

he Seychelles Football Federation has confirmed that the 2019 Africa Cup of Nations (AFCON) qualifying series Matchday 2 encounter between the Super Eagles and the Seychelles National Team, known as Pirates, will take place on Saturday, 8th September, as against the widely circulated date of Friday, 7th September. Georges Bibi, the Chief Executive Officer/General Secretary of the Seychelles Football Federation, in a mail to NFF’s Director of Competitions, Mr. Ayobola Oyeyode, also disclosed that the match will be played at the Stade Linite on the Mahe island (home to the capital city, Victoria), starting from 4.30pm Seychelles time (1.30pm Nigeria time). Seychelles is an archipelago of 115 islands on the western Indian Ocean, off East Africa, and is home to about 100,000 people.

Next week’s clash is crucial to both the Eagles and the Pirates, both teams having lost their opening games in the series. The Eagles lost 0-2 to South Africa in Uyo on June 10, 2017. A day earlier, the Pirates were poleaxed 5-1 by Libya’s Mediterranean Knights at the Stade Chedly Zouiten in Tunisia’s capital. Presently, Libya’s Knights top the Group E, followed by South Africa’s Bafana Bafana, with the Eagles in third place and the Pirates bottom. At its meeting inside the NFF Secretariat, Abuja, the NFF Executive Committee resolved, among other decisions, that “for ease of logistics and in consideration of convenience… the players (as well as team officials not based in Nigeria) fly direct into Seychelles from their bases in Europe while the one player from Nigeria and Nigeria –based match officials fly from Nigeria aboard commercial aircraft.”

On her part, Team Administrator Modupe Shabi was in shock about the claim that Head of Women’s Football, Ruth David misplaced the sum of Euro10,000. “That is fallacy. Miss David handed every money that was meant for the team to me and I did the payment to the players and officials. She did not pay anyone directly and certainly did not misplace any Euro10,000. The entire story is the imagination of the reporter or something he saw in his dream.”

Vettel gears up to overhaul Hamilton dominance

ebastian Vettel can close the gap, or even overhaul it, when he takes on championship leader Lewis Hamilton this weekend in what should be a supercharged Italian Grand Prix. Just days after his convincing victory in Belgium, where Hamilton admitted his Mercedes was “blown away” by the power and straightline speed of Vettel’s Ferrari, Vettel should enjoy the scarlet scuderia’s homecoming. On Ferrari’s local track and in front of the tifosi, at the famous old Autodromo Nazionale, the four-time champion German can also equal Stirling Moss’s 1950s record of winning at Monza with three different teams if he delivers Ferrari’s first home win since 2010. Another victory this weekend would draw him level with Hamilton on four wins and, if the Briton suffers ill fortune, could also catapult Vettel into the lead of the drivers’ championship. Hamilton, who has been on pole at Monza for the last four years and five in six, is ahead by 17 points, but it is Vettel who has the confidence and momentum. “I think we have done everything right at Spa, but I think it’s a huge compliment if people praise our engine now because for the last five years people didn’t praise anything other than Mercedes engines,” said Vettel. “Now, we have a good car that seems to work everywhere so, hopefully, we can carry that momentum and speed to Monza.”

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BUSINESS DAY

Glo’s Slasher cuts rates to over 200 destinations

lobacom has cut call rates to about 200 international destinations around the globe. Accordingtoapressstatementmade available to reporters from the company’sheadquartersinLagos onThursday,theofferispackaged in its new IDD product called Glo Slasher. The company explained that Glo Slasher was designed in line with its commitment to provide affordable telecommunication services to its subscribers. “We have empowered our subscribers to make calls to friends, family members and business associates…” to any of the designated destinations, Globacom stated. Throwing more light on the product, Globacom said with a monthly subscription of N200, the subscriber could have access to discounts from 5 percent up to 85 percent, depending on the destination of call. For example, while calls to China, India, US and UK (fixed lines) attract 40 percent discount,

calls to Dominica, Italy, Japan and Spainarechargedat85percent,60 percent,50percentand55percent discounts, respectively. Other high traffic countries covered by the offer include Belgium, Australia, Brazil, Benin Republic, Cameroon, Denmark, France, Germany, Ghana, Hong Kong, India and Israel. Others are Kenya, Kuwait, Netherlands, Poland, Portugal, Romania, Russia, Saudi Arabia, Seychelles, Sierra Leone, Angola, Australia, Argentina, South Africa, South Korea, Switzerland, United Arab Emirates and Singapore. Customers who wish to subscribe to the offer are advised to dial *777# select ‘int’l call offers’ andselect‘IDDcallSlasherMenu’ and should have sufficient main account balance to make international calls at the discounted rates. All subscriptions will be renewedautomaticallyeverymonth except the subscriber opts out by dialling *777# and selecting ‘int’l call offers’ and the ‘IDD call Slasher Menu.

L-R: Tony Fadaka, registrar/chief executive, Nigerian Institute of Management (NIM) (Chartered); Olukunle Iyanda, president/chairman of council, and Pat Anabor, deputy president, during a press conference to announce 2018 NIM annual national management conference, with the theme “Re-Engineering Leadership for National Transformation” in Lagos, yesterday. Pic by Olawale Amoo

Law, institutions and the prosperity of nations Continued from back page

tragic events was crucial to the new thinking that emerged with the seminal work by the economic historian Michael Polanyi. His book, The Great Transformation, argued that the global capitalist system was inherently unstable by its very nature. There was therefore need to invent both domestic and international institutions that regulate the system and ensure a new global equilibrium. The famous 1944 international conference at Bretton Woods, led by Britain and America, was central to the construction of the post-war international economic order. The new institutions that emerged were principally the International Monetary Fund (IMF), whose mandate is to ensure are stable global financial and monetary system; and the International Bank for Reconstruction and Development (IBRD), popularly known as the World Bank. The role of the World Bank is provision of capital and financial resources for economic development and reconstruction of the wartorn countries. The negotiations on the emergence of an International Trade Organisation (ITO) were less successful, principally because the American Congress repudiated a treaty that they believed would hamstring America’s role in global trade. They settled for a less ambitious arrangement by way of the General Agreement on Tariffs and Trade (GATT). Keynesianism was the reigning paradigm of the post-war years. Keynes advocated state intervention in the macroeconomy to ensure stabilisation as well as provision of welfare for the most impoverished groups in society. By the late seventies, the advanced industrial countries were experiencing stagflation – a combination of high inflation and unemployment. Keynesianism was

blamed for these predicaments. Ronald Reagan and the republican conservatives in the United States famously declared that government was not the solution, but, in fact, the problem. Margaret Thatcher became the champion of the new thinking in Britain and the rest of Europe. It was Keynes who also famously declared that, “Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back”. .The great economic thinker behind these new ideas was the Chicago economist and Nobel laureate Milton Friedman. Friedman argued that the solution to the problem of stagflation is to cut back heavily on government spending and to reduce the role of government in the economy as a whole. The new gospel of liberalisation and deregulation was taken up by the Bretton Woods Institutions. The structural adjustment programmes that were imposed on the debt-ridden nations of Africa and the rest of the developing world were anchored on privatisation, deregulation and liberalisation. The results were disastrous. Instead of owning up in humility that they had been deceived by the devil, they began to look for excuses as to why the medicine did not work. The main culprit was the quality and adequacy of institutions. They also blamed poor leadership, corruption and governance – all of which is true. Today, there is broad consensus that governance and institutions do matter. The debate today is not on whether institutions are needed; it is about what type of institutions and how they are to be built. The lazy man’s approach is to import them

hook, line and sinker. A more effective approach is to study the unique circumstances and economic trajectory of a country and to design institutions that fit with those needs, circumstances and trajectories. There is also what is termed today as a “Global Standard”. The elements of the “Global Standard” include such things as an independent central bank; respect for intellectual property; protection for international investments; property rights and so on. The task of institutional reform in our day must be anchored on a firm understanding of the deontology of the state in our twentyfirst century. The principal task of the state is to secure the lives, properties and liberties of all its citizens. It also requires effective governance, strong leadership, an effective machinery of civil administration, provision of public goods such as infrastructures, education, welfare and public health. From the viewpoint of emerging economies such as ours, it also entails the existence of a developmentalentrepreneurial state, with a leadership committed to ensuring accelerated growth, economic development and prosperity for all. At the heart of it is strong leadership that upholds global standards, the rule of law, democracy, social justice and equity. For a country with the size, resources and innate potentials of Nigeria, progress can only come about through the forging of a new consensus among the ruling elites from across the country’s key constituencies. Many economists do not realise that this was a major factor in the emergence of the so-called ‘Asian Tigers’ in the seventies and eighties. This would be a herculean task, given that we are a tragically divided people. What is crucial, in my view, is commitment to the

A young African leader to watch creation of a developmental state that would accelerate the process of economic growth and wealth-creation. In contemporary development economics discourse, when scholars use the term ‘the developmental state’, they are generally referring to a country where the government has assumed the driver’s seat in propelling the course of economic growth and social transformation. According to the American scholar Peter Lewis, developmental states are those that have “successfully provided the collective goods for high growth and competitiveness”. The Great Recession that was triggered by the subprime crisis in Wall Street in 2008 has exposed the fallacies of the free-market prescriptions that were forced down our throats not too long ago. To be sure, markets will continue to be paramount. But they would have to be complimented by intervention by ‘smart states’ in those critical areas that would help rejuvenate growth and ensure long-term structural transformation. Free markets and the price mechanism are central to economic progress, but these must be accompanied by policies that enhance national competitiveness in an institutional ecosystem anchored on good governance, strong leadership and progressive reforms. The accumulated wisdom of the last hundred years of world development, from Karl Polanyi and Friedrich Hayek and Joseph Stiglitz, makes it clear that leadership and institutions matter; and that a stable environment with effective economic management is the prime determinant of economic success and the prosperity of nations. •Being the Text of a Lecture Delivered at Business Law Session of the Nigerian Bar Association Conference, International Conference Centre, Abuja, Wednesday 29 August, 2018.

Continued from back page

pia hosts the headquarters of the African Union. A lot of ‘modernization’ is going on in the cities, especially Addis Ababa. Significantly, governmentowned Ethiopia Airways is the most viable and profitable national carrier on the continent. Since taking the mantle of leadership, Abiy has taken some bold initiatives which have caught the eyes of observers. He has lifted the state of emergency and released thousands of political prisoners. He has removed the ‘Terrorist’ label previously applied to many organizations that were in opposition to government. He has undertaken a whirlwind tour of the Ethiopian diaspora and moved to heal the rift within the Ethiopian Orthodox Church – one of the oldest churches in the world, older by far than the Anglican Church. He has also taken the reconciliation message to Muslim groups that were previously at loggerheads with one another and with government. Most telling of all, he has undertaken a whirlwind diplomatic effort that has resulted in a historic visit to Asmara to sign a peace treaty and bring an end to the long-running, debilitating war between Ethiopia and Eritrea. How does one end a stupid, endless war that does no good to anyone, and that nobody really wants to fight? Simple. Go to the ‘enemy’ and shake his hand. It was a bold, risky move by Abiy. It was a move that only a young man without a long memory could make. It was probably made in the teeth of opposition from the grandees of his own party, and the Generals of his army, who for long have been mouthing the slogans of ‘patriotism’ and ‘national interest’. The gain of Abiy’s action is not just to free Ethiopia and Eritrea to thrive – by stopping the expenditure of millions of dollars they don’t have on arms, ammunition and soldiers permanently manning hostile

borders. It also introduces the psychology of can-do afresh to African governance, a sense that – just the fact that people have always done something one way doesn’t mean a good leader cannot look to think out of the box and take another tack. Leadership surely requires the courage to walk away from old ways and pains, and to create opportunity to give the people a fresh start. Abiy, a former insurgent who fought against Mengistu, and then served in the army and intelligence, is a leader from the minority Omoro people who has caught the popular imagination of the youths of his nation. These days he is something of a cult figure in Addis Ababa, with t-shirts and posters, as well as books about his life – some of them authored by him, on prominent display. At the street level, people speak kindly of him. That is not to say his approval is universal. A few weeks ago, at a public ceremony, he survived an assassination attempt, when someone threw a grenade at him from a police car at close quarters. Two people died in the incident, and the Deputy Chief of Police and other people were subsequently fingered. From time to time, there is still reports of violent protesters and arrests in different parts of the country. It is not certain if Abiy will survive in power. It is not certain if his tendency to de-mystify old shibboleths will not be his undoing. And the enthusiastic ‘Abiy-mania’ visible on the streets of Addis may point to the beginning of a personality-cult, an all-too-familiar development with African leaders, unfortunately often ultimately attended with disastrous consequences. For all that, Abiy Ahmed is a breath of fresh air in the African leadership space. Nigerians talk wistfully about how a young leader could make a difference to age-old problems. Abiy is a young African leader they may wish to watch.

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Saraki joins 2019 race as APC opts for direct... Continued from page 1

fice of the President under the platform of the People’s Democratic Party (PDP). As Saraki, joined the

L-R: Hadiza Mohammed Abubakar, wife of Bauchi State governor; Dolapo Osinbajo, wife of the Vice President; President Muhammadu Buhari; Aisha Buhari, wife of the President, and Mary Ekpere-Eta, director-general, National Centre for Women Development (NCWD), at the APC Women Political Aspirants Advocacy Summit in Abuja, yesterday. NAN

MTN, banks deny CBN ‘sallegations of improper... Continued from page 2

with the CBN, in relation to the issues it has raised. They assured customers that the fine does not impact on their ability to continue to conduct various business and corporate transactions with Stanbic IBTC Holdings or any of its subsidiaries, including the Bank. MTN also denied the allegations, stating that no dividend has been declared or paid by MTN Nigeria other than pursuant to Certificate of Capital Importation (CCI) issued by the banks and with the approval of the CBN as required by law. The latest setback “is very strange,” MTN Chief Executive Officer Rob Shuter said on a call with investors before the market opened on Thursday, explaining that the CBN is fixated on dividends the company withdrew from its Nigerian unit after years of capital investments. “Why should the dividends, be paid to the central bank and not the company that paid them in the first place?” he asked, adding that MTN is refuting all claims and that due process was followed. An immediate concern for investors is that Johannesburg-based MTN won’t be able to repatriate funds out of Nigeria while the dispute is unresolved, meaning the company may have to cut thedividendcompletely,AlastairJones, a London-based analyst at New Street Research, said in a note. “Clearly, there is going to be, perhaps lengthy, process whereby this issue is resolved.” The latest attacks on Businesses in the country is making a mockery of Nigeria’s hunt for foreign investments as investors question the government’s commitment to economic freedom and free markets. “MTN can’t seem to get a break with the Nigerian government, it (MTN) is often treated like a fraudulent briefcase investor that irritates the government and gets into regulatory troubles more often than Donald Trump uses twitter,” an investor at the 2018 Africa Singapore Business Forum, (where Yewande Sadiku, CEO of the Nigerian Investment Promotion Commission led a delegation), told BusinessDay. “It must be tough for people like Ms Sadiku, the Minister for Investment and others, who appreciate the role of private capital in an economy and go out hunting for investment from around the world, but their ideologies are being contradicted back home,” the investor said. The demand from the CBN has raised worries about doing business in Nigeria,whosefinanceshavebeenhitby a weak economy and volatile oil prices. “One wonders why this wasn’t brought to MTN’s attention years ago. You just can’t do business in an environment where these type of things are going to happen,” said Greg Davies

of boutique investment house Cratos Capital in Johannesburg. The fines also comes ahead of next year’s presidential election in Nigeria in which President Muhammadu Buhari, who swept to power on promises of tougher regulations, is seeking re-election. “This smells like a central bank that is not independent from a government that has big fiscal issues,” said Byron Lotter, an analyst at Vestact in Johannesburg. “This is another huge step backwards for Nigeria.” An investment analyst from South Africa who held meeting Thursday following the news of the fines said sentiment is that Nigeria is cash strapped and wants to use MTN to boost its dollar reserves. Since becoming the first telecoms company to launch in Nigeria in 2001, under the administration of former President Olusegun Obasanjo, MTN has thrived, rising to become the most dominant player in a telecoms sector that has blossomed and served as the posterchildfortheperksofprivatisation. But in the last two years, MTN has been embroiled in a seemingly unending war with regulators. Critics condemn the government for repeatedly trying to demonise MTN which has invested billions in network infrastructure in the country and employs thousands of Nigerians, and many fear that the authorities will only spook foreign investors and deter economic growth in the country as it seeks to grow sustainably while snapping an over reliance on oil exports. “Nigerian authorities must be careful,” said Wayne McCurrie, a senior portfolio manager at South-Africa basedMomentumAssetmanagement. “A short term gain like the MTN fine and now this, leads to longer term pain, as who wants to invest in Nigeria after episodes like these?” McCurrie, who is responsible for managing the momentum funds and various retirement fund portfolios said. Data already shows that Nigeria is losing out to its African peers as a destination for Foreign Direct Investment. According to state statistics agency, the National Bureau of Statistics (NBS), FDI inflows to Nigeria fell to $981.7 million in 2017, less than a third of South Africa’s $3.2 billion FDI inflow and seven times less than the $7.4 billion flows mustered by Egypt, the continent’s top FDI destination that year. Ghana, the second largest economy in West Africa that is the size of Lagos in populationterms,attracted$3billion,the chief of the Ghanaian Investment Promotion Commission said at the Africa Singapore Business Forum Thursday. That gives Nigeria an FDI per head of $5.4 million, compared to Egypt’s $77.8 million and South Africa’s $58 million, given the three countries’ 180 million, 95 million and 55 million

population respectively, it underscores the need for increased foreign investment in Nigeria, projected to be the world’s most populous nation after India and China by 2050. Separately, MTN missed its initial public offering target at its Ghana unit, managing to only raise 1.14 billion cedis ($238.5 million) instead of 3.47 billion cedis. “The timing is peculiar and bad as the Ghana IPO didn’t raise as much money as they could have and this Nigerian saga may have spooked investors,” Cratos Capital’s Davies said. Anotheruncertaintyfortheeconomy is that highest amount of capital inflows intothecountryenteredthroughthefour affectedbanksinthelastquarter.AccordingtoNationalBureauofStatistics,about 81.3 percent of capital importation in Q2 was done by Stanbic IBTC, Citibank, StandChart and Diamond bank. Capital importation through all banks during the first half of the year was $11.8 billion. The market uncertainty caused by the fines will likely significantly hurt both foreign and local investment inflows into the banking and telecommunication sectors, analysts say. Both sectors are engines for growth in most developing countries and are systematically important to the Nigerian economy which makes the latest development quite worrisome. The financing taps may now be temporarily shut for the two sectors which received a total of $306 million in foreign investments in Q2, putting their economic performance in the second half of the year at risk. Telecoms surged to its highest growth in a decade in the second quarter of 2018, rising 11.5 percent year on yearfrom-1.9percentayearbefore.The strong growth was in part due to a surge in subscriber base for MTN, which increased by 2.9 million to 55 million. Growth performance of Finance and insurance fell from 13.3 percent in Q1 to 1.28 percent in Q2 meaning the new uncertainty could hurt their next quarter output. If regulators haunt both industries,thesmoothflowofmoneyin Nigeria could be under threat as banks are needed to receive and lend money while the telecos are needed to wirelessly transfer money from one bank accounttoanotheraccountbothwithin and outside the country. Low investor confidence will translate into higher cost of capital for these companies if there are still investors willing to take the risk. Investors have already knocked off billions from bank stocks so that gives us an idea of their thoughts on investing in banks right now. None of the big mobile operators are publicly listed on the local bourse. However, MTN Nigeria which was expected to do an initial public offering (IPO) may now be reconsidering listing this year as investors’ confidence may have taken a significant hit after news of fresh sanctions.

presidential race, the All Progressives Congress (APC) also reached a decision to adopt direct primaries to pick their presidential candidate, a move many say favours the emergence of President Muhammadu Buhari as the party’s candidate in 2019. Saraki said on Thursday in Abuja that he would be contesting for Presidency while speaking at a dialogue with youth and young aspirants. He said his decision to contest was in response to calls by teeming youths who asked him to run for President. The development comes a month after the former Kwara State governor defected from the governing All Progressives Congress (APC) to the main opposition Peoples Democratic Party (PDP). Addressing the young aspirants, the Senate President said the nation’s economy is in need of urgent revival, adding that the ‘harsh conditions of extreme poverty faced by the people, fuels the state of insecurity all over the country’. “My plan is to secure Nigeria by redesigning our national security architecture, while adequately equipping our security agencies to fulfil their primary role of protecting lives and property.” “I will address our infrastructural deficit through aggressive financing initiatives including mutually beneficial PPP arrangements, regular floating of bonds and other financial instruments, which will ensure stable, adequate and reliable funding

to see to the completion of core projects especially road, rail and power.” “My plan is to protect all Nigerians and defend their constitutional rights and freedoms. I will stand for and uphold at all times the principle of the rule of law, which is the bedrock of democratic governance.” “Ours will not be a selective fight against corruption. The emphasis will be on strengthening institutions, with a particular focus on deterrence. We cannot afford to compromise our institutions with proxy wars against perceived political opponents. We see the fight against corruption as crucial to Nigeria’s economic development.” “I offer leadership driven by empathy. Where leaders are responsive to the citizens. Where they know that government cares. We will not be indifferent or turn a blind eye to the real concerns of our people. Every single Nigerian life matters.” The PDP presidential primary is billed for October 5 and 6, 2018. Besides Saraki, there are 11 other PDP aspirants jostling for the party’s presidentialticket.Theyinclude:former Vice President, Atiku Abubakar; former governor of Kano State, Rabiu Kwankwaso; ex-chairman PDP National Caretaker Committee, Ahmed Makarfi as well as former governors Ibrahim Shekarau (Kano), Jonah Jang (Plateau) and Attahiru Bafarawa (Sokoto). Others are: incumbent Sokoto State governor, Aminu Tambuwal; his Gombe State counterpart Ibrahim Dankwanbo; former Jigawa State governor Sule Lamido; Datti BabaAhmed and Kabiru Tanimu Turaki.

•Continues online at www.businessdayonline.com

As Teleology closes 9mobile deal analysts say... Continued from page 1

the drawn out sale process, as the Nigerian Communications Commission (NCC) drags its feet on the deal even after due diligence carried out on Teleology, the preferred bidder. Although earlier news reports suggest that final approval to seal the deal has been granted by

the telecommunications regulator, after BusinessDay confirmed from one of the creditor banks that it received a letter of “No objection,” the NCC maintains that the deal is yet to be closed. “The NCC has carried out its due diligence on Teleology to ascertain the company’s technical capabilities and financial strength to take over 9mobile but has not granted any form of final approval to close the deal. The NCC board has to sit and agree before a decision will be communicated to the interim board of 9mobile, Teleology Holdings Limited and Barclays Africa. The NCC does not need to communicate anything with the banks, as they already have their representatives on the 9mobile interim board, and as far as the regulator is concerned, there is no official or unofficial information on this issue,” a source close to the NCC told BusinessDay. The continuous back and forth and postponement of the sale of the debt ridden telecommunications company which is constantly losing subscribers and is experiencing revenue downturn has in many ways affected the stance of Nigeria’s telecommunications sector on global stage. “Right now, the drawn out process will send out wrong signals to likely and future investors. The uncertainty, doubt surrounding the way and manner that this is being managed may already set in fears that Nigeria is becoming a very difficult and very risky investment environment,” Olu-

sola Teniola, President, Association of Telecommunications Companies of Nigeria (ATCON) told Businessday in a telephone interview. According to Teniola, there are 195 different countries in the world seeking funding from investors, and although we have a large population, other countries with same population size or greater, are more attractive in terms of doing business. “Consolidation is more likely to happen, as the lack of funding and squeeze on available capital to match long term projects in the industry is a major cause for concern and an opportunity for further restructuring to occur in the near-to-medium term,” he added. As at 2017, figures in 9mobile’s data room showed that the company had a drastic reduction in subscriber numbers to 13 million subscribers, down from 21 million subscribers and 14 percent market share recorded by the NCC before the 9mobile (formerly Etisalat) takeover. Industry stakeholders are worried about the future of 9mobile and the possible impact of these huge loses not just to the industry, but to the Nigerian economy. “At the time that we went in to pitch for 9mobile, because we were also interested in buying the company, the figures in their data room show that the company had only 13 million subscribers in December 2017 due to the crisis. This is a big drop from the about 21 million subscribers that the telco recorded in past years. 9mobile have lost more than 7million subscribers and they have a network built for at least 21 million subscribers, what will happen to all this capacity, will they ever be able to gather that many subscribers without some sort of consolidation or partnership?” Ernest Akinlola, CEO of nTel told BusinessDay in an interview.

•Continues online at www.businessdayonline.com

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Tope Adebayo LLP, a look at the law firm in charge of MTN’s... Continued from page 1

from a ‘Lagos based law firm’ last year. Sources tell BusinessDay that the law firm was registered in 2008 as Tope Adebayo & Co. before re-registering in 2011 as Tope Adebayo LLP. Tope Adebayo, a senior partner of the firm is a member of the National Pros-

ecution Co-ordinating Committee set up by the presidenttomanagetheprosecutionofhighprofile cases in the country. Adebayo alongside Oladipo Okpeseyi also the lawyers that were said to have been engaged for the repatriation of Abacha loot. Their involvement in that case has become controversial as it is being alleged that they received as much as $17 million as ‘commission’ for performing an already completed job in the return of $321 million carted away from Nigeria’s treasury by former military dictator, Sani Abacha with $1.5 million interest by the Swiss government. Ridingononeofhiscampaignpromisesbefore taking over power, it was former president Olusegun Obasanjo who initiated actions to ensure the return of $321 million carted away from Nigeria’s coffers by late military ruler, Sani Abacha as the Obasanjoadministrationengagedtheservicesofa Switzerlandlawyer,EnricoMonfrinitooverseethe procedures for the return of the money. Enrico Monfrini has been called “the man who dictators fear the most”. He is renowned for his skill in tracking down billions of dollars

salted away by corrupt leaders and their cronies. After series of discussion and negotiations, the Swiss lawyer Enrico Monfrini completed the Luxemburg part of the job in 2014 as the looted funds were then domiciled with the Attorney-General of Switzerland, until the signing of a Memorandum of Understanding between Nigeria and Swiss government which was supposed to be as a commitment that the funds would be appropriately utilised. Long before Malami came on board, the Nigeria government is said to have paid Enrico Monfrini his full legal fees having completed the procedure for the full recovery as clarified by the Swiss lawyer himself in a stated communication with the Cable online newspaper. After the lawyers were employed, the Attorney-General demanded the payment of $16.9 million (N7 Billion) for the services of the two lawyers, an amount far higher than what Monfrini was reported to have been paid in the original contract. “I don’t know why the federal government of Nigeria decided to appoint other lawyers,” Monfrini was quoted to have said as at that time. The Swiss lawyer explained that since September 1999, there had been no breach in the agreement he signed with the Nigerian government. Reacting to the reported controversies trailing the appointment of the lawyers and a law suit instituted after repeated Freedom of Information Requests on the matter by the Cable Foundation, the Attorney general claimed the fresh contract was created because Monfrini charged Nigeria 20

per cent of the recovered sum as against the expected five per cent for the execution of the return. But Monfrini is reported to have denied claims that he was asking for extra payment to complete the job, insisting that the recovery had been finalised and that all that was left was for the attorney general to write a letter to the Swiss government. “I never had the audacity to claim for additional fees. This figure of 20 per cent is simply invented,” Monfrini was quoted as saying. A senior official of the ministry of justice told The Cable that “this is a case of re-looting Abacha loot.” “A simple letter from the office of our attorney-general of the federation to the Swiss attorney-general requesting the repatriation of the funds to Nigeria consequent upon the signing of an MoU was all that was required to consummate the deal,” the official said. “From nowhere, Malami went and appointed another set of lawyers to do his job for him, and for few million dollars too.” Cable Newspaper Journalism Foundation (CNJF), a not-for-profit media organisation had sent a Freedom of Information to Malami to make available copies of the agreements signed with Monfrini, but the attorney-general did not respond to the request. Also, CNJF asked Kemi Adeosun, the minister of finance, to explain the N7bn payment to Nigerian lawyers. In a Freedom of Information request, the foundation wants to be furnished with a breakdown of the amount approved and released for the lawyers since they were appointed in 2016, in addition to records showing payment timeline for the services of the Swiss lawyer, Enrico

BUSINESS DAY

Monfrini, who completed the recoveries in 2014. As far back as 2011, the Tope Adebayo LLP Law firm represented the then General Buhari in a suit no. ID/837/2011 in a case instituted by Buhari against former special adviser to former President Goodluck Jonathan on Media and Publicity Reuben Abati, accusing him of libel –based on an article titled “For the attention of General Buhari” published on the 22nd of April, 2011 in the Guardian Newspaper. In the said article, Abati alleged that the president made careless statement which led to post-election violence. It is also interesting to note that the connection of the firm to the presidency dates back to the days of Congress for Progressive Change (CPC), the party under which President Buhari previously contested. The firm was a counsel to CPC at a time when both the president and Malami were members of the legacy party. To further buttress this point, both Malami and Tope Adebayo acted as counsel to the first respondent (Congress for Progressive Change) in suit number SC. 272/2011 (CON) before the Supreme Court. The matter relates to the 2011 presidential election that was challenged by the party. Asides acting for the president and CPC, the firm also represented the Save Nigeria Group in 2012inamatterinstitutedagainstformerPresident Goodluck Jonathan and the Attorney General of the Federation. The matter was filed to challenge the withdrawal of N2.587 trillion from the ConsolidatedRevenueFund,insteadofN245billionbeing the amount allocated for payment of petroleum subsidy by the 2011 Appropriation Act.

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NEWS

What next now that Buhari withholds assent to PIGB? STEPHEN ONYEKWELU

eventeen years late in coming, the Petroleum Industry and Governance Bill (PIGB) hit a cul-de-sac when President Muhammadu Buhari declined assent to the bill, alleging it whittles down his powers. The only option available is for the National Assembly to overrule the President. This would require a two-third majority of members present and voting in both houses of the Assembly. In view of the current political climate, this does not seem likely. People with deep knowledge of the oil and gas industry in Nigeria and across Africa have said one of the major reasons for not assenting to the PIGB is the President’s loss of power to “award and renew oil licences, award marginal fields, and appoint board members to the Nigeria Petroleum Regulatory Commission (NPRC),” Dolapo Oni, an energy expert with both global and local experience tweeted August 30. In an earlier report, Busi-

nessDay stated that Nigeria risked losing a pile of money spent on international consultants, organising public hearings and thousands of hours work on the Petroleum Industry Bills (PIB), as the race for 2019 elections takes the shine away from important legislations that will stop an estimated $15 billion annual investment loss to the economy. These concerns were after all not unfounded. It was difficult passing an omnibus petroleum industry bill in the past 17 years until it was broken down into four aspects: the Petroleum Industry Governance Bill (PIGB), the Fiscal Regime Bill, the Upstream and Midstream Administration Bill and the Petroleum Revenue Bill, otherwise known as the host community aspect – with a decision to pass the less controversial ones first. “Continued delay sends a wrong signal to current and would-be investors,” Ayodele Oni, energy partner at Lagosbased Bloomfield Law Practice, said. “It is either government wants to amend the

laws regulating oil and gas or they don’t and whatever it is, they should come out clear.” In a press release signed by Ita Enang, presidential liaison to the National Assembly, Senate, the President raised three points of concern - the first of which was “that the provision of the Bill permitting the Petroleum Regulatory commission to retain as much as 10 percent of the revenue generated unduly increases the funds accruing to the Petroleum Regulatory commission to the detriment of the revenue available to the Federal, states, and local governments in the country.” On funding the NPRC, however, article 24, subsection 3 of the PIGB reads “Such moneys which shall be ten percent of the revenue generated by the Commission for the Government of the Federation as may be determined and appropriated to the Commission by the National Assembly.” So, the appropriation of 10 percent of the revenue generated by the commission is subject to the National Assembly’s determination.

Elections budget: National Assembly overrules Buhari on source of funding, slashes INEC budget by N200m OWEDE AGBAJILEKE, Abuja

he National Assembly Joint Committee on INEC on Thursday overruled President Muhammadu Buhari by recommending that the sources of funding the 2019 elections budget should come from Service Wide Vote. The joint committee also reduced the 2019 INEC budget by N200,272,500. In a letter dated July 11, 2018, President Buhari had called on the National Assembly to vire the sum of N228.8 billion, which includes funds for the conduct of the election and other critical projects, from new projects allegedly inserted into the 2018 budget worth

N578.3 billion. The document was read on the floor of the Senate on July 17, 2018 before both chambers of the National Assembly proceeded on a twomonth annual recess. But briefing newsmen on Thursday in Abuja, chairman of the joint committee, Suleiman Nazif, asked the President to source the fund from Service Wide Votes. Service Wide Vote is a special intervention fund for the Presidency to intervene in special projects at its discretion. Checks by BusinessDay revealed that the sum of N943,573,457,911 was allocated to Service Wide Votes in the N9.120 trillion 2018 budget.

Speaking at the briefing, Nazif revealed that the Committee slashed the first component of INEC budget from N143,512,529,455 to N143,312,256,955, signifying a reduction of N200,272,500. He said the committee’s recommendations would be forwarded to the Appropriations Committee and the National Assembly leadership for further legislative action. He said: “These reductions covers items Nos 64, 74, 125 and 167 respectively. Therefore, the reviewed figures of N143,312,256,955.13, as reached is the recommendation of the Joint Committee that will be rewarded to both the Leadership and Appropriation Committee for further Legislative consideration.

UK to assist Nigeria, others with £16m to boost energy for small businesses INNOCENT ODOH, ABUJA

nited Kingdom is launching a new round of the Africa Enterprise Challenge Fund (AECF, £16m) to provide grants, loans and business development support to small businesses in order to create innovative household solar products and appliances in Nigeria and four other subSaharan African countries. According a statement issued on Thursday by the senior communications officer press and public affairs unit of the British High Commis-

sion in Nigeria, Atinuoluwake Adelegan, said this development emerged as part of the deal, which followed the visit of the UK Prime Minister Theresa May to Nigeria on Wednesday. This according to the statement will help up to 1.5 million poor people in the benefitting sub-Saharan African countries (Nigeria, Ghana, Somalia, Senegal and Ethiopia) by 2022, with a focus on women and children, access clean, affordable modern energy. “Support to Department For International Development (DFID’s) Clean Energy

Technical Assistance Facility (£15.5m) will work across 14 countries in Sub-Saharan Africa, including Nigeria and Kenya, to create a regulatory environment in which solar companies can flourish, increasing access to modern energy for 10 million poor people, with a focus on women and children. “An additional £1.6 million of capital to the Energise Africa platform will work alongside partners such as Virgin Unite to crowd investment from 1,500 new small UK investors, and connect at least 125,000 more people to clean, reliable energy.

BUSINESS DAY

A2 BUSINESS DAY NEWS Apapa gridlock persists one month after Osinbajo’s intervention AMAKA ANAGOR-EWUZIE

ore than one month after Vice President Yemi Osinbajo visited the ports in Lagos and ordered a 72-hour joint operation by security operatives to clear the gridlock in Apapa, very little progress has been achieved. Osinbajo, who paid an unscheduled visit to Apapa at the peak of the gridlock on July 20, directed relevant government agencies to embark on the decongestion of the Wharf Road and the ApapaOshodi-Expressway to allow for free flow of traffic. Less than a week after, the Vice President accompanied by the Governor of Lagos State, Akinwunmi Ambode, and minister of transportation, Rotimi Amaechi, on July 26, held a meeting with stakeholders on the traffic management mechanisms

at the Western Naval Command, Apapa. However, a visit to the Lagos Port Complex (LPC) Apapa on Wednesday revealed that several cargoes and containers remain trapped inside the port despite the deployment of over 1,000 security personnel by the Lagos State Police Command and others in an operation tagged ‘Operation Restore Sanity.’ Godwin Onyekachi, president, Nigerian Importers Integrity Association (NIIA), described the Vice President’s order as “cosmetic,” arguing that a lasting solution lied in addressing the core problems that led to the gridlock. According to Onyekachi, “Deploying security operatives in their large number was an interim measure that cannot address the major problem.” He said the major problem was the collapse of the Apapa–Oshodi Expressway,

the major entry and exit points for the ports that had been neglected for several years by the Federal Government. This situation, he noted, forces truckers to use the Apapa-Ijora-Wharf road, which is very narrow and has been under construction for more than a year. “Traffic on the Apapa-Ijora-Wharf road has been further compounded due to the closure of the outbound lane of the Apapa-Ijora Bridge. “As we speak, the top layers of the bridge have removed and the job abandoned for more than two months. Consequently, truckers are restricted to the Leventis exit lane to exit Apapa. “The Leventis lane is very narrow and is filled with potholes and locked down by high traffic because of several truck garages and heavy oil tanker traffic on it,” he said. Some truck drivers, who expressed frustration, said a lot more effort was required

by officials of the Nigerian Navy, who now lead the traffic management effort in Apapa, to improve the situation. One of the truck drivers, who identified himself as Saheed Ahmed, said he spent four days to move from Costain to Marine Bridge, Apapa – a journey that is typically less than 15 minutes under normal circumstances. He said, “I have been on this queue for the past four days from Costain to get to the tail end of the Marine Bridge (in Apapa). There are other truck drivers who are still stuck in traffic and they have spent close to two weeks. I also had to part with some money to be able to get here.” Several other truck drivers expressed frustration at the modus operandi of the Nigerian Navy and other traffic control officials, accusing them of seeing their task force as opportunity to make quick money.

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TBY gives chapter to entertainment in 2019 edition

iven its impact on changing the country’s global image and its huge potential to bring major economic benefits, Nigeria’s entertainment sector is proving to be a vital piece of its economic puzzle. In light of this, TBY, a leading global media group specialising in economic resources and business intelligence across emerging and dynamic markets, says it will dedicate a full chapter to the entertainment sector in its upcoming edition on Nigeria’s economy, The Business Year: Nigeria 2019, its fifthanniversary edition on the West African country. TBY has only partly covered Nigeria’s music industry in previous editions; however, it has now recognised that the entire entertainment sector has enormous potential to bring significant economic benefits to the country through appropriate policies, and that given its far-reaching influence, entertainment is today one of the country’s main expressions of soft power, a country’s persuasive approach to international relations through its economic, cultural, and media influence in order to gain positive attraction. Silvia Lambiase, country editor at TBY, Nigeria, stated: “With Nigeria often being the subject of negative news headlines concerning securi-

ty challenges, corruption, and vices, we believe the country’s international reputation does not always reflect the reality. “There are always two sides to the story, and we want to tell the world the untold one. Lagos is Africa’s true megacity; its energy, its vibrant lifestyle, and its high concentration of unique artistic talent are becoming increasingly influential abroad.” She concluded: “from Johannesburg to London, people are increasingly hungry for the Nigerian sound, meaning the entertainment sector’s potential to change the country’s image and play a bigger role in the economy can no longer be neglected. At TBY, this year we are excited to provide a first-hand insight into the current dynamics of the sector.” Worth over $5 billion and producing more films than Hollywood, Nollywood is today the second-largest movie industry in the world by volume after Bollywood, and contributes 5% to Nigeria’s GDP. It is also the second-largest employer in the country, proving its huge socio-economic impact. Cinema screens and Netflix in every corner of the continent and beyond feature Nollywood movies, thanks to which Nigerians have been able to influence viewers and export “Nigerianness”: their culture, their lifestyle and even their accent.

FirstBank digital lab convenes second fireside chat

L-R: Ayodeji Adewale, interim chief finance officer; Chukwurah Ejidoh, interim chief operation officer; Chukwuka Monye, interim chief executive officer; Adegbite Ogunmokun, chief medical officer, and Blessing Chukwukelu, deputy medical officer and director of training, all of Eko Hospital, during the press conference to announce the major success recorded in the first phase of the hospital transformation in Lagos. Pic by Pius Okeosisi

Dangote emerges most valuable brand in Top 50 Brands survey SEYI JOHN SALAU

or the first time since the advent of the Top 50 Brands survey in Nigeria, Dangote, a wholly Nigerian brand, has been voted the most overall valuable brand in the 2018 Top 50 Brands, replacing MTN Nigeria at the top with 87.4 points against 80.8 point from MTN. Dangote had in previous editions held the position of most valuable Nigerian brand, but having emerged the most valuable brand overall, that automatically places Dangote as the most valuable Nigerian brand displacing MTN Nigeria from the top, howbeit, maintaining its most valuable multinational status. Other top brands apart from Dangote and MTN include Glo -77.94, GTBank - 77.59, Coca-Cola Nigeria

- 73-69.2, First Bank - 69.2, Unilever plc - 67.5, UBA 66, Zenith Bank – 65.9, and Dufil Prima Foods - 65.1. Out of the 50 top brands in Nigeria, 23 of them are Nigerians while 37 are multinationals. This means that 46 percent of wholly Nigerian brands make the 2018 chart while multinationals amass 54 percent. This year survey also saw Promasidor (makers of cowbell milk) becoming the highest gainer by jumping 15 points upward, while second highest gainers are BUA, 9mobile and Olam with 12 points upward each. Another significant feature in 2018 survey is the entry of Fidelity Bank as the first time entrant in the survey chart. And on the chart, Conoil, Channels TV, Union Bank, Access Bank, Chi, Toyota and GTBank all maintained 2017 positions this year.

Flooding: Edo assesses impact, distributes relief materials

overnor of Edo State Godwin Obaseki, on Thursday, dispatched a team of officials, headed by his special adviser on special duties, Yakubu Gowon, to take a tour of areas affected by flash floods occasioned by the heavy and persistent rainfall in the state. The assessment, according to the government, is to ascertain the degree of destruction caused by the flood and deploy intervention to mitigate the impact of future rainfall. Places visited by the state government’s team include: Erediauwa Road linking Upper Sokponba and Sapele roads in Ikpoba-Okha Local Government Area, Ivbiotor, and Ehigiamusoe streets also in Ikpoba-Okha LGA. Others are Akugbe and Edebiri in Ikpoba-Okha as well as Idumwunowina

on Auchi Road. Speaking to residents in areas hit by flood, Gowon explained that the governor shares in their pain and loss and assured that relief materials would be delivered to them to cushion the effect of the disaster. “The state government is aware of your plight and will send relief materials to reduce the effect of the havoc caused by the heavy rainfall. We are here to assess the degree of the damage caused by the heavy downpour,” he added and urged the victims to be calm as help is on the way. He explained that some roads and drainage systems in the state have been awarded to contractors for reconstruction, and called on all those affected to stay calm as the government will surely come to their aid by providing relief materials.

irstBank Digital Lab will convene for its second Fireside chat on Friday, August 31. The bank’s digital lab would play host to the event with the topic “Artificial Intelligence in Banking & Payments,” facilitated by Ope Adeoye, managing partner, 2iLabs. The FirstBank Digital Lab Fireside chat is a public conversation that brings together active players in the technology community to have thought-provoking discussions, revealing new perspectives on a range of discussion points, pulling out genuinely relevant insights. The topic for this edition is in recognition of the extensive

and growing impact Artificial Intelligence (AI) is having on the modus operandi of the Nigerian banking industry as a basis for competitive advantage in service delivery by industry players and its culminating influence in the experience by end users, customers. The monthly series, which debuted July 27, 2018, highlights FirstBank’s digital-centric approach to business as it aims to promote fintech penetration amongst its stakeholders. The engagement provides a vantage forum for practitioners to have experience of success stories and foster the exchange of ideas on trends in the industry.

Nova Merchant Bank CEO resigns HOPE MOSES-ASHIKE

hinedu Ikwudinma has resigned his position as the managing director/ CEO of Nova Merchant Bank Limited. A source close to the bank disclosed to BusinessDay that his resignation was by mutual agreement. Nova Merchant Bank officially commenced operations February 1, 2018, with a focus on wholesale and investment banking. For the first eight months

of its operations, which ended December 31, 2017, the bank under the leadership of Ikwudinma recorded gross earnings of N1.22 billion as a result of prudence and efficiency in its financial activities. Total assets stood at N17.99 billion, while the bank also reported shareholders’ funds of N16.51 billion. Phillips Oduoza, chairman of the bank, confirmed the resignation last night, saying the bank would make formal announcement of the new CEO, perhaps very soon.

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FINANCIAL TIMES

World Business Newspaper

Theresa May pledges to help Kenya fight corruption

Stolen Kenya cash found in UK banks will be used for development, UK prime minister says Henry Mance

heresa May has pledged greater co-operation with Kenya on fighting corruption and tracking paedophiles, as she became the first British prime minister to visit the country since Margaret Thatcher in 1988. Public money stolen in Kenya that is found in UK banks and assets will be made available to development projects, part of an initiative by Britain’s Department for International Development to track so-called dirty money. The move echoes similar arrangements between Kenya and Switzerland. Under a separate agreement, Mrs May said that the UK would help to enable Kenyan authorities to receive information on child sexual abuse from US technology companies. No cost was given for the initiative, which will be located in an existing child protection unit that the UK helped to set up in 2015. Kenya is the third and final stop on Mrs May’s three-day tour of Africa, which is intended to reorient the UK’s approach towards trade and private sector investment. Her trip has been seen as a catch-up exercise, after both China and France, under Em-

manuel Macron, stepped up diplomacy to the continent in recent years. Mrs May called for “a partnership for opportunity [and] for our shared security” between the UK and Kenya, a nod to the country’s young population as well as the terrorist activities of Al Shabaab, based in neighbouring Somalia. Uhuru Kenyatta, the Kenyan president, shrugged off the fact that no British prime minister had visited Kenya for three decades, saying, “I don’t want to dwell on the past.” He also expressed confidence that the UK could continue the trading agreements that the EU currently has with Kenya after Brexit. “I don’t see Brexit as meaning anything detrimental towards the strong trade ties we already have,” he said. At a press conference in Nairobi, Mr Kenyatta appeared to forget the surname of the former British foreign secretary, referring to “Boris- Boris- Boris Johnson. The bicycle guy.” Mr Johnson, who visited Kenya last year, resigned as foreign secretary in July. Mrs May declined to back a UN Security Council seat for Kenya next year, saying: “The UK never reveals how it votes on these matters.”

Deputy governor of Turkey’s central bank quits Erkan Kilimci’s resignation follows drop in lira exacerbated by US sanctions Laura Pitel

deputy governor of Turkey’s central bank has stepped down from his role two weeks before a critical interest rate decision. Erkan Kilimci was one of four deputies to central bank governor Murat Cetinkaya and also sits on the bank’s monetary policy committee. The committee is facing calls to announce a radical rate rise when it next meets on September 13 to bolster the plunging lira, which suffered a fresh decline on Thursday.

The currency was down 4.2 per cent in late European trading, a sell-off that echoed its crash earlier this month. The drop to TL6.80 against the dollar marked a new low for the week and approached the historic trough of TL7.2149 reached earlier in August. The currency has tumbled more than 11 per cent this week as local investors have returned following a four-and-a-half day closure for Eid al-Adha. It is down by more than a quarter for August, a record fall for the “new Continues on page A4

Argentina raises interest rate to 60% Central bank acts after peso’s sharp sell-off resumes in morning trading Colby Smith and Benedict Mander

rgentina’s central bank pumped up interest rates by 15 percentage points to 60 per cent on Thursday after the peso resumed its plunge in early trading. The peso dropped by 15 per cent in its opening moments in New York trading, building on Wednesday’s 7 per cent drop — the most severe since the currency floated in 2015. Thursday’s sell-off leaves the dollar trading at around 39 pesos, although trading is volatile. Marcos Peña, Argentina’s cabinet chief, had attempted to project calm before the central bank acted, denying that President Mauricio Macri was considering a cabinet reshuffle. “We are not facing an economic failure,” Mr Peña said on Thursday morning. “This is a transformation, not a failure. In that transformation there are more difficult moments, and moments when

it seems that things are going more easily.” The two-day sell-off was triggered after Mr Macri on Wednesday asked the International Monetary Fund to speed up the disbursement of its $50bn bailout package to shore up next year’s budget. Nicolás Dujovne, the economy minister, sought to calm markets late on Wednesday by insisting the government would create a “ceiling” for this year’s budget deficit of 1.3 per cent of economic output. He said the “only way” to return to normality is to keep reducing the deficit. But Walter Stoeppelwerth, head of research at local investment bank Balanz Capital, said the IMF would likely demand tougher austerity in exchange for the sped-up lending. “I expect the IMF to demand an even lower primary deficit in 2019, and social unrest will undoubtedly increase,” he said. The price to hedge against

a default on Argentina’s debt also increased markedly on Thursday, with the five year credit-default swap spread jumping 60 basis points to 715.8 bps, according to data from IHS Markit. Emerging markets were already facing pressure during the European trading day. Turkey’s lira tumbled as much as 5.5 per cent with worries continuing to swirl over the country’s economy and financial markets. Other actively traded EM currencies were also caught in the fray. The South African rand dropped 2 per cent against the US dollar, with Mexico’s peso down 1 per cent. Equities were also under broad pressure, with MSCI’s closely tracked EM stocks gauge down 0.91 per cent in early Wall Street trade. The peso is the world’s worst performing currency this year, having weakened more than 50 per cent against the dollar since the end of 2017.

Telecoms group MTN in renewed dispute with Nigerian central bank The mobile-phone operator denied allegations it illegally took $8.1bn out of Nigeria Joseph Cotterill

TN, Africa’s biggest mobile-phone operator by subscribers, denied allegations by Nigeria’s central bank that it illegally took $8.1bn out of the country as its shares dropped by nearly 20 per cent on Thursday. Johannesburg-listed MTN said it “strongly refuted” the call for a refund from the central bank, which said the company’s Nigerian unit failed to gain

proper approval to repatriate dividends between 2007 and 2015. MTN’s banks have also been levied fines. Shares in MTN fell up to 19 per cent during Thursday trading, near an eight-year low. The refund order, equivalent to over half its market value, has reignited a long-running dispute for MTN in its biggest single market, which accounts for 54m of its 221m worldwide subscribers. Last year MTN agreed to pay $1bn and list its local opera-

tions on the Lagos stock market to settle earlier claims that the repatriation was illegal under FX regulations. “The re-emergence of these issues is regrettable as it damages investor confidence and, by extension, inhibits the growth and development of the Nigerian economy,” MTN said on Thursday. It added that it would “engage with the relevant authorities and vigorously defend our position on this matter.”

BUSINESS DAY

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NATIONAL NEWS

FT Deputy governor of Turkey’s central bank...

Campbell Soup to sell its fresh food and international businesses

Continued from page A3

US company reveals divestment plans in face of pressure from activist Daniel Loeb

lira”, which came into being after a re-denomination in 2005. This month’s drop is the biggest for Turkey’s national currency since the economic crisis in 2001, according to Reuters data. The sell-off has been exacerbated by the decision of Donald Trump’s administration to slap sanctions on Turkish officials over the detention of an American pastor. Mr Kilimci, whose departure was originally reported by Reuters, will join Turkey’s development bank, which is 99 per cent owned by the Turkish treasury. Mr Kilimci joined the central bank in 2013 and was promoted to the position of deputy governor in May 2016. His replacement will be chosen solely by Recep Tayyip Erdogan, Turkey’s president, who is a self-declared “enemy” of high interest rates. He is viewed by many investors as having hampered the central bank’s ability to raise rates in recent months, even as inflation soared to almost 16 per cent and the currency hit record lows. Mr Erdogan gained sweeping new powers in June after his victory in that month’s elections triggered the transition to a muscular new executive presidency. The changes ushered in under the new system include the right to directly appoint the central bank governor and his deputies. A presidential decree also reduced the previous 10-year minimum experience requirement for deputy governors. In its decision to downgrade Turkey’s sovereign debt rating earlier this month, rating agency Moody’s cited the changes to central bank appointments as evidence of its concerns about “a further decline in the predictability and effectiveness of economic policy”. It said: “Since the elections, the central bank has refrained from raising policy rates despite significantly increasing its inflation forecasts for this year and next. The discrepancy between the central bank’s inflation forecasts and targets and its unwillingness to pursue an appropriate policy to achieve those targets further undermines the central bank’s credibility.” Turkish officials insist that the central bank is independent and have suggested that they will tackle inflation using tighter fiscal policy. Mr Erdogan first exercised his new powers earlier this month by appointing Ugur Namik Kucuk, a former chief economist at Garanti, Turkey’s second-largest private bank. Mr Kucuk first joined the central bank in 2017 as an adviser and two weeks ago was appointed a deputy governor.

Alistair Gray

Republican critics change tune to retain seat at Trump’s table Jeff Sessions offers cautionary tale to Lindsey Graham in dealing with US president Edward Luce

t was Lindsey Graham who most memorably summarised the choice between Donald Trump and Ted Cruz at the close of the 2016 Republican primary elections: did voters want to be shot or poisoned? Republicans opted to be shot. But that was not before Mr Graham had called Mr Trump a “race-baiting xenophobic bigot” — and much else besides. Today, the South Carolina Republican is among Mr Trump’s most brazen flatterers. He was among the first to suggest that the US president might deserve a Nobel Prize for his North Korea diplomacy. The Russia probe is a sham and Hillary Clinton should be in jail, he believes. Meanwhile, Mr Graham now says there is no evidence to suggest Mr Trump is racist. What happened? The unenlightening answer is that Mr Trump won. That is why other Trump detractors such as Marco Rubio, Rand Paul and Mr Cruz flipped from enmity to sycophancy in a

heartbeat. Some of their roads to Damascus were even stranger than Mr Graham’s. Mike Huckabee, for example, called the New York property developer every name imaginable. Now the former Arkansas governor — and father of White House spokesperson, Sarah Huckabee Sanders — compares Mr Trump with Winston Churchill. Career politicians gravitate to power. But in Mr Trump’s case they must do so conspicuously. Anything short of nonstop praise will go unnoticed. Politicians who once shunned Lyndon Baines Johnson changed their tune after John F Kennedy was assassinated. But they did not have to broadcast their allegiance every day. They feared LBJ’s capacity to be ruthless. But he judged them on how they acted, not by the lavishness of their praise. For Mr Trump, the flattery must be directly proportional to the scorn for which you are atoning. Since Mr Trump attracts atypical contempt, converts must show outsized contrition. Only selfabasement will do. The smartest,

such as Mr Graham, know that it must always be fed. But what do they get in return? In Mr Graham’s case it may earn Mr Trump’s support when he runs for re-election in 2020. Mr Trump’s endorsement is more influential even than LBJ’s. Frequent golf outings may give Mr Graham the illusion of influencing Mr Trump on foreign policy. He may also be auditioning for a job. Mr Graham this week said that Mr Trump’s relationship with Jeff Sessions, the attorney-general, was “beyond repair”. Perhaps he wants to replace Mr Sessions. But loyalty is a one-way street. While other Republicans were heaping obloquy on Mr Trump, Mr Sessions was the first US senator to endorse him. It was a risky gamble. Yet he is now the target of Mr Trump’s near daily humiliation. Once Mr Sessions resigns, or is fired, whoever replaces him will have one job — to close down Robert Mueller’s Russian investigation. Flattery may gain you admittance. But you must check in your integrity at the door.

Can Theresa May build a ‘new partnership’ with Africa post-Brexit? Fast-growing continent is no match for lost opportunities in Europe, say critics David Pilling

heresa May’s three-nation tour of Africa, the first visit by a UK prime minister to the continent in five years, began in Cape Town on Tuesday where Harold Macmillan gave his famous “winds of change” speech in 1960. Just as when the then British leader acknowledged the need to recalibrate a relationship with countries demanding independence, so Mrs May spoke of a “fundamental shift” and a “new partnership”. She sought to convince her hosts that a post-Brexit Britain could deepen ties with nations that are seeking a more commercially driven engagement with the world. As if to underline what analysts say is a new urgency to engage with Africa, Mrs May’s trip — to South Africa, Nigeria and Kenya, where she is the first British prime minister to visit in 30 years — came as Angela Merkel set off on her own African tour. Since June, Narendra Modi, India’s prime minister, Recep Erdogan, president of Turkey, and

Xi Jinping, president of China, have all made African forays. Emmanuel Macron, president of France, has visited the continent three times since November. PM highlights commercial opportunities In her Cape Town speech, Mrs May spoke of an Africa that was “very different to the stereotypes”, a continent that, she said, boasted five of the world’s fastest-growing economies — though none of them was on her itinerary. She won praise for cautiously backing land reform in South Africa, a stark contrast to Donald Trump, the US president, who last week charged into the debate with an inaccurate tweet about land seizures. As well as sketching out commercial opportunities in a continent whose output, Mrs May said, could double by 2030 and where one in four people — “a quarter of the world’s consumers” as she put it — would be living by 2050, she also defended the role of aid. Pledging to continue spending 0.7 per cent of Britain’s gross domestic product, she said aid not only helped vulnerable people. It

also furthered Britain’s national interest by creating stronger commercial partners — ones less likely, she implied, to export terrorists or illegal immigrants. Although she conceded that Britain could not match the “economic might” of China or the US, she emphasised the “quality and breadth” of its offering. The 29-strong business delegation accompanying her included companies such as Energise Africa, an off-grid solar company, and Farm. ink, whose chatbot helps farmers raise yields. Aly-Khan Satchu, a financial analyst in Nairobi, described the “mood music” around the trip as “quite sweet”. One of the few commentators to praise the prime minister’s dancing in Cape Town, he said Britain’s colonial history gave it strong “brand equity” on the continent. Andrew Mitchell, a former UK international development secretary, said: “We looked as though we’d been neglecting Africa, so this offers a chance to put that right.” Brexit Britain’s hopes met with scepticism

ampbell Soup has set out plans to shed billions of dollars worth of assets as part of a revival strategy, but stopped short of putting the entire group up for sale as demanded by activist Daniel Loeb. The New York-listed company, which has a market capitalisation of $12.3bn, said it planned to sell its overseas and fresh food businesses, which together account for about a quarter of group sales. The turnround plan would refocus the company on two core areas in North America: meals and beverages, including Campbell’s eponymous line of canned soups, and its faster-growing snacks business. The company has been battling declining sales as shoppers shun processed foods. Rising costs for packaging, ingredients and transport have added to the pressure. Shares in Campbell have fallen more than a third over the past two years. The shake-up announced on Thursday marks a sharp change in strategy for Campbell and highlights how the food and beverage sector is grappling with how to deal with shifting consumer tastes. The company also left the door open to an even more radical overhaul, including an outright sale. But the changes are unlikely to go far enough to placate Mr Loeb, potentially setting up a proxy battle at the group. This month his Third Point hedge fund called on Campbell to put itself up for sale, criticising management’s “abysmal oversight”. It has teamed up with George Strawbridge, a descendant of the company’s founder, to push for change. Together they have amassed a combined 8.5 per cent stake. Presenting the results of a strategic review on Thursday, interim chief executive Keith McLoughlin said directors had “considered a full slate” of options, including pursuing a sale of the group. But he added: “The board concluded that, at this time, the best path forward to drive shareholder value is to focus the company on two core businesses in the North American market. “Importantly, the board remains open and committed to evaluating all strategic options to enhance value in the future.” Campbell’s chief executive of seven years, Denise Morrison, who departed in May, had championed a shift into fresher and healthier alternatives. But now Campbell Fresh — including Bolthouse Farms, Garden Fresh Gourmet and the company’s refrigerated soup business — is set to be jettisoned. Campbell International — which comprises Arnott’s and the Kelsen Group, manufacturing operations in Indonesia and Malaysia and businesses in Hong Kong and Japan — is also on the chopping block. The group has engaged bankers at Goldman Sachs and Centerview Partners to make the divestitures. Proceeds would be used to reduce Campbell’s total debt burden, which leapt from $3.5bn a year ago to $9.9bn after the group bought snack maker Snyder’s-Lance in March this year.

Friday 31 August 2018

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FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Apple looks beyond iPhone in annual product revamp New line-up next month to include redesigns for iPad and Watch range Tim Bradshaw

pple is expected to unveil a bumper collection of upgrades to its iPhone, iPad and Watch at its next launch event, which has been scheduled for September 12. Invitations were sent out on Thursday morning for the event, which will be the second flagship launch to be held at the Steve Jobs Theatre at its new Cupertino headquarters. Apple’s invitation asked attendees to “gather round”, showing a bronze-coloured icon resembling its ring-shaped headquarters. The company has been investing heavily ahead of next month’s event, with capital expenditure in its most recent quarter jumping by 30 per cent from a year ago to $5.3bn. Analysts say that points to new launches right across Apple’s product range, after a largely iPhone-focused event on the product’s 10-year anniversary a year ago. Three new iPhones are expected to debut, including one with a supersized screen and a more affordable model that uses cheaper materials, such as a lower-resolution LCD display. All are expected to dispense with the physical, circular home button that has been part of the iPhone’s iconic design for more than a decade. Replacing it across the line-up will be its Face ID sensors and software designed for swiping gestures. After the iPhone X was priced at upwards of $1,000 last year, some analysts predict the newer, larger iPhone might be even more expensive. Apple’s arch-rival Samsung pioneered larger, more expensive phones with its Galaxy Note range. The latest Note 9 was released last week, sporting a bigger battery, faster processor and enhanced “S Pen” stylus. The highest-capacity 512Gb memory version of the Note 9 runs to as much as $1,250. Yet while Samsung’s smartphone sales have underwhelmed in recent months amid a slower smartphone market, Apple’s gam-

ble on higher iPhone prices has paid off. Apple’s revenues increased 20 per cent $53.3bn in the June quarter, beating Wall Street’s expectations when Apple reported its results in July. That helped fuel Apple’s rise to become the first company with a market capitalisation exceeding $1tn earlier this month. Yet with a less radical leap forward than last year’s iPhone X expected for its flagship device this year, Apple’s continued growth increasingly depends on a wider array of products and services. An “edgeless” display and facerecognition technology similar to that found in the iPhone X is likely to make its way to a new high-end iPad next month, in what promises to be the product’s most radical redesign since its introduction in 2010. Sales of the iPad suffered years of decline after 2014 as customers switched to bigger-screen iPhones. In recent quarters, the device has staged a modest recovery, with revenues up 2 per cent in the nine months to June, thanks to a combination of lower prices for the basic model and a higher-end iPad Pro that has been positioned as a laptop substitute. Alongside the iPhone and iPad, a new version of the Apple Watch will squeeze a larger screen into the compact smartwatch. Sales of Apple’s “wearables”, including Watches, AirPods and Beats headphones, totalled $10bn in the last four quarters combined. Wearables are providing a vital source of new income to supplement the iPhone, which still made up 63 per cent of Apple’s revenues in the first nine months of its current financial year. As ever, Apple has not commented on its product plans but on July’s quarterly earnings call with analysts, chief executive Tim Cook said: “Looking ahead, we couldn’t be more excited about the products and services in our pipeline, as well as limitless applications for augmented reality and machine learning technology.”

Cobalt 27 says $5m worth of cobalt stolen from Rotterdam warehouse Henry Sanderson

obalt 27, a Canadian company that has stockpiled thousands of tonnes of battery material cobalt, said 76 tonnes were stolen from a warehouse in Rotterdam last month. The theft from the Vollers warehouse would be worth around $4.9m at current cobalt prices. “All cobalt was fully insured for fair market value at the time of theft,” Cobalt 27 said. Cobalt is a critical ingredient for lithium-ion batteries used in smartphones and electric cars. Its

price more than doubled in 2017 due to growing electric car sales and a lack of supply. Over 60 per cent of the world’s cobalt comes from the Democratic Republic of Congo. A total of 112 tonnes of cobalt were taken during the theft in early July, from Cobalt 27 and others, according to Metal Bulletin. Cobalt 27 has a stockpile of 2,982 tonnes of cobalt in warehouses in Baltimore, Rotterdam and Antwerp, worth $265m. Vollers did not immediately reply to an email seeking comment on the theft.

Mark Read to be unveiled as new WPP chief executive next week Co-COO and internal favourite to replace Martin Sorrell had run digital agency Wunderman Matthew Garrahan

ark Read will be revealed as the new chief executive of WPP next week, succeeding Martin Sorrell at the top of the world’s largest advertising group and the owner of companies such as Group M, Ogilvy & Mather and J Walter Thompson. Mr Read, the internal favourite for the job, previously ran Wunderman, a WPP digital agency. He has been running WPP as co-chief operating officer alongside Andrew Scott since April when Sir Martin abruptly resigned. His appointment could be confirmed as early as Tuesday, when WPP reports interim results, according to several people briefed on the process. WPP declined to be drawn on the precise timing of the announcement or the identity of the likely new chief executive, but confirmed that news was expected in September. Sir Martin left WPP following an investigation into a misconduct allegation. His exit

sparked a global search for his replacement, with several top media names considered as a successor. With Sir Martin out of the picture, Roberto Quarta, the group’s non-executive chairman, became executive chairman on a temporary basis. He is expected to move back to a non-executive role upon Mr Read’s appointment. WPP faces multiple challenges in a rapidly evolving media environment. Big consultancies such as Accenture and Deloitte are increasingly encroaching on to turf occupied by WPP and other advertising holding companies such as Publicis, offering advertising alongside their core services. Meanwhile, Facebook and Google have given brands a direct route to vast numbers of consumers without having to use a middleman. WPP is also facing pressure from its biggest clients to simplify its internal structure and the operations of its dozens of companies, which offer services for brands such as creative cam-

paigns, media buying and data analytics. Mr Read sounded a confident note about WPP’s prospects in an April interview with the FT. “I think we’ve got fantastic assets and tremendous people — and clients want more of what we can do for them,” he said. “The key task is to restore growth in the business and that is what we will focus on.” He and his colleagues will also be keeping a close eye on Sir Martin, who has begun assembling a new advertising group since leaving WPP. He launched his new company, S4 Capital, weeks after leaving WPP with backing from a range of investors, including Jacob Rothschild, the chairman of RIT Capital Partners. In July, Sir Martin completed the acquisition of MediaMonks, a Netherlands-based digital production company for a purchase price that could reach €300m. He saw off rival interest in MediaMonks from WPP and Accenture Interactive, according to a person briefed on the sale.

Xaar shares plunge after second profit warning of the summer Printing group plans eyes ‘cost actions’ to restructure business as demand falls Colm Fulton

hares in Xaar, the industrial printing group, dropped by almost a third on Thursday after it issued its second profit warning of the summer. The Cambridgeshire-based company, which employs nearly 650 people, announced that it expects revenue for the first half of 2018 to be £35m, compared to £44m for the same period last year. Xaar will publish its full results for the first six months of the year next week. The company said the decline in demand for printers for ceramics “continues to be aggressive” and that sales of a flagship product have been “significantly slower than expected”. At its last profit warning at the end of June, Xaar announced that

sales in its ceramics business for the year to date were lower than expected and its full-year targets were unlikely to be achieved. The company said at the time that it would take “cost actions” to restructure its business in line with “expected future demand”. Xaar confirmed on Thursday that these actions will include some job losses in the UK and that further information will be available in next week’s results. According to investment bank Jefferies, a reduction in temporary and permanent headcount could result in £3m-£4m of annual savings, with a possible £2m benefit for this year. In autumn 2014, Xaar cut about 160 jobs in the UK — a fifth of its total workforce — after demand for ceramic printers fell in China.

The company had its best year in 2013 when revenues reached £137m, as a construction boom in China boosted sales of its decorative laminates and printing on ceramics products. In 2015, incoming chief executive Doug Edwards, announced the company planned to reduce its reliance on ceramics by investing in new markets such as 3D printing and specialist printers that can be customised. Andy Douglas, an analyst at Jefferies, said the latest profit warning was “more challenging than we feared”, but he was encouraged to hear that the flagship product had been well received by customers. He added that “adoption rates [for new technologies] remain out of the control of Xaar’s management”.

BUSINESS DAY

Friday 31 August 2018

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Friday 31 August 2018

BUSINESS DAY

Live @ The Exchanges Top Gainers/Losers as at Thursday 30 August 2018 GAINERS Company

LOSERS Opening

Closing

Change

N90

N95

NEM

N3.3

FBNH

AIICO UBA

GUINNESS

Market Statistics as at Thursday 30 August 2018

Opening

Closing

Change

WAPCO

Company

N25.5

N23.7

-1.8

0.3

N21.7

N20

-1.7

N9.1

0.1

STANBIC

N48.5

N47.25

-1.25

N0.7

N0.75

0.05

GUARANTY

N39.05

N38

-1.05

N8.05

N8.1

0.05

DANGCEM

N229

N228

-1

ASI (Points) DEALS (Numbers) VOLUME (Numbers)

Stories by Iheanyi Nwachukwu

ABC Orjiako, chairman Seplat Petroleum Development Company Plc with the British Prime Minister, Theresa May during her visit to Lagos recently.

by inflationary pressure on our raw material costs. However, this was more than offset by reduced distribution and administration costs and resulted in operating margin improving 130basis points (bps). Marketing spend increased 18percent, ahead of revenue growth, as we continue to invest behind our brands.” “Improved operating performance combined with lower finance charges helped us deliver an overall PAT increase of 249percent during year”. “The execution of our strategy is working as we delivered both top line growth and margin expansion while also increasing investment behind our brands. Looking forward, we will continue to focus on the three strategic pillars of

productivity, expansion of our portfolio, as well as the execution of the commercial footprint initiatives to drive the business forward. Whilst we remain optimistic about the execution of our strategy, we note that the operating and competitive environment is likely to continue to be challenging in the 2019 financial year.” Babatunde Savage, Chairman of the Board of Guinness Nigeria Plc, said, “Guinness Nigeria has confidence in the Nigerian economy and will remain a major player in the country by continually investing, developing capacity and growing a portfolio that most suit the consumers’ needs for celebration and relaxation.

NSE lifts suspension on trading in shares of Standard Alliance Insurance

he Nigerian Stock Exchange (NSE) has lifted effective Wednesday August 29, the suspension it earlier placed on the shares of Standard Alliance Insurance Plc. In a circular issued at the Lagos Bourse, signed by Godstime Iwenekhai, Head, Listings Regulation Department, the Exchange referred to its Market Bulletin dated July 5, 2018 where it notified

the investing public of the suspension of Standard Alliance Insurance Plc for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules). The Rule provide that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: send to the Issuer a “Sec-

ond Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within twentyfour (24) hours of the suspension.” According to the NSE, “Standard Alliance Insurance Plc (the Company) has submitted its Audited Financial Statement for the

284,596,153.00 3.444

MARKET CAP (N Trn

…declares 184kobo final dividend

sults, Baker Magunda, Managing Director/CEO, Guinness Nigeria Plc, said: “Over the year ending 30 June 2018, despite continued challenges in the operating environment, Guinness Nigeria delivered a strong performance. Revenue increased by 14percent as both beer and mainstream spirits’ net sales grew doubledigit. In beer, Guinness, our largest brand, saw strong growth as it benefitted from increased marketing activations around football. Mainstream spirits also delivered double-digit growth driven by innovation launches and new formats.” “During the year, gross margin was down 4percent to 34percent largely driven

3,303.00

VALUE (N billion)

Guinness full year earnings impress market as stock leads advancers uinness Nigeria Plc impressed the market with solid performance in the financial year ended June 30, 2018. Revenue increased by 14percent from N125.92 billion in June 2017 to N142.98 billion. Operating profit increased by 31percent to N13.4billion. The company recorded 54percent reduction in finance costs following the rights issue; while profit after tax was up by 249percent. The results, which were released to the Nigerian Stock Exchange (NSE), also showed improved operating margin, as benefits from the company’s productivity programme more than offset sustained cost pressures. Guinness stock rallied most on the Lagos Bourse on Thursday August 30, from N90 to N95, adding N5 or 5.56percent. The stock market All Share Index (ASI) declined by 0.77percent as only 11 companied gained as against 27 losers. Guinness Nigeria Plc has proposed the payment of 184kobo per share as final dividend to shareholders whose names appear in the register of members at the close of business on September 21, 2018. The company holds its annual general meeting on October 24, it stated in its corporate actions announcement at the NSE. Commenting on the re-

35,086.67

year ended 31 December 2017.” In view of the submission of its accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange”.

12.809

Protecting our capital market from political tension Patrick Ezeagu & Sam Onukwue

he Association of Stockbroking Houses of Nigeria (ASHON) is constrained to observe that the unguarded activities and unrestrained utterances of our politicians are heating up the polity with dire consequences on the economy as a whole and the capital market in particular and wish to appeal for caution. Perhaps we may remind the political class that uncertainties and all sorts of insecurities that currently pervade our country affect investors’ sentiments, asset valuations, market and country risk profile and portfolio allocation decisions. In recent times, trading statistics on the securities markets in Nigeria have been reflecting investors’ apathy to unprecedented level of tension that portends likely breakdown of law and order in the 2019 general elections. It is an unassailable investor-behaviour that bad news trigger market panic and investors overreact to such news. As the country’s economic barometers, the securities markets in Nigeria have continued to reflect investors’ apprehensions to instability in the political and economic landscape through all their indices. This has largely accounted for the inability of our market to fully recover from the effects of the 2008 financial crisis, notwithstanding the efforts made by the regulators and operators to fully revive the market. There is clear and present danger if the trend continues. Our market is bleeding. Foreign portfolio Investors and their indigenous counterparts have embarked on massive sell down of shares and other financial instruments with attendant effect of gross erosion of values despite stellar performances of many listed securities. For instance, The Nigerian Stock Exchange’s All Share index has been sliding since the beginning of the year, returning negative year-to-date performance of 7.4 percent as at

Monday, August 13, 2018. Innocent investors watch helplessly as their investments are plundered by the bearish market exacerbated by prevailing uncertainties in the polity created by the political class. There is a reported significant drop in the nation’s reserve position to a four-month low of $47m as at the end of July which is wholly attributed to capital repatriation by foreign portfolio investors. It has been proven that there is a correlation between the development of the capital market and economic growth and development of any country. As stockbrokers, trained to create wealth and manage investments, we hasten to say that projections cannot be made under the prevailing atmosphere of systematic risk. Consequently, this increases the country’s risk profile while investment decision is obviously threatened. This explains why investors are panicky. As the current worrisome operating environment that characterizes our financial markets deepens, we appeal to the political class to moderate their activities and utterances by acting in such a manner as will engender investors’ confidence in the Nigerian economy and by implication our capital market. This becomes compelling as we approach general elections next year. We wish to express our appreciation to numerous investors in our markets for their resilience and confidence in the Nigerian economy and urge them not to panic. We are confident that the ongoing downswing on the securities markets will be short -lived as our market fundamentals remain strong. Shares of many listed companies are undervalued, selling below their intrinsic values. There can be no better time to beef up portfolios in anticipation of superior Return On Investment (ROI). Patrick Ezeagu is the chairman of Association of Stockbroking Houses of Nigeria while Sam Onukwue is the General Secretary

Politics & Policy

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Friday 31 August 2018

2019: APC to use direct/indirect, consensus primaries …Undecided on the cost of nomination forms JAMES KWEN, Abuja

he ruling All Progressives Congress (APC) has resolved to adopt both the direct and indirect as well as consensus primaries to nominate candidates for the 2019 general election. APC also resolved that the use of direct and indirect primaries shall however depend on the peculiarity and need of a given state. The party made the resolutions Thursday at the end of its National Executive Committee, NEC meeting in Abuja. The use of the direct, indirect and consensus primaries however, preclude the nomination of the presidential candidate. The resolutions read, “In each case, the state Executive Committee shall in consulta-

tion with critical stakeholders of the party in a given state identify and forward for the consideration and approval by the National Working Committee (NWC) for the mode of election to be adopted. “The adopted mode shall now be applied to all categories of the party’s primary elections i. e state Assembly, Senate, House of Representatives and for the governorship elections. “The request for the selection of mode of election must be signed by all members of the executive committee in attendance at the meeting where such resolution is reached”. Briefing journalists at the end of the meeting, Simon Lalung, Plateau State governor explained that, “the constitution of the party provides for either direct, indirect or consensus but for the presi-

Simon Lalung

dential election we all agreed that we will adopt direct primaries for the presidential election”. Lalung said: “Also a recommendation was made by the NWC that the other states should adopt the indirect

mode but there may be situations that this might be difficult in the state looking at their peculiarities. So if there are such difficulties they can apply following the process”. The cost of nomination forms was however, not de-

Implication of the development for defectors, returnees INIOBONG IWOK

he National E xecutive Committee (NEC) meeting of the All Progressives Congress (APC) ended in Abuja yesterday with the adoption of direct/indirect and consensus primaries to nominate candidates for the 2019 general election. In direct method, every card-carrying member of the party will participate in the process of nominating the flag bearer of the party. It is termed the most democratic way to conduct such election. It is believed that the more party members are allowed to participate in the process of nominating candidates, the more it removes the issues of “corruption or monetising the processes of nominating aging candidates, in addition to party members having a sense of

ownership of the outcome of the exercise”. Under indirect method of selection, delegates are involved. These delegates decide who emerges the candidate. This is the popular method used in the country, although it breeds a lot of rancour. Over time, allegations of bribery and other forms of

ANALYSIS inducement of delegates by aspirants, which on many occasions have ended in enthroning wrong candidates, who may have spent more than any other aspirant on delegates. The question now is, where does this leave the defectors and returnees to the APC fold, who are aspiring for one position or the other? Existing members will find it difficult to support returning or defecting members

for two clear reasons. One is anger for coming to take what ordinarily belongs to them or what they see as ‘love’s labour lost’, having been toiling for the party while those people were enjoying in their former places of comfort only to return when the tide was no longer in their favour to edge them out. In that case, the party is not being fair to them for not considering them for their past efforts that helped to keep the party together all this while. To them, that is a case of robbing Peter to pay Paul. This is however, different from a consensus arrangement, which is a situation where the aspirants themselves decide among themselves to allow one of them to become the candidate without any vote. Speaking on the implication of the new method adopted by the party, the Vice-chairman South of the

Durotoye to fly PACT’s presidential flag in 2019 election …Moghalu, Sowore, others concede KELECHI EWUZIE

ela Durotoye has emerged as the 2019 presidential consensus candidate on the umbrella of the Presidential Aspirants Coming Together (PACT). PACT, which is a coalition of political parties seeking generational power shift, unanimously elected him as their consensus candidate after an election among 11 presidential aspirants who participated in the consensus process.

Durotoye, 47, will be flying the flag of Alliance for New Nigeria (ANN) on behalf of 10 other aspirants in the 2019 general election. The candidates initially involved in the coalition included Kingsley Moghalu, Yele Sowore, Thomas-Wilson Ikubese, Ahmed Buhari, Tope Fasua, and Sina FagbenroByron. Others are Eragbe Anslem, Jaye Gaskia, Mathias Tsado, Victor Ani-Laju, Alistair Soyode, Godstime Sidney Iroabuchi, Clement Jimbo, and Elishama Ideh.

The election was monitored and observed by Oby Ezekwezili, Nigeria’s former Minister of Education, who described the process as transparent and credible. In his acceptance speech, Durutoye said he takes this nomination as a Consensus Candidate with great sense of responsibility; knowing that our generation has been entrusted with a mandate to show Nigerians the kind of leadership they truly desire and deserve and to inspire the hope of a better future; a New Nigeria.

APC in Lagos State, Funsho Ologunde, stated that the new arrangement would confer on party members power and a voice in the party, rather than some few elected delegates. Ologunde stressed that with the new arrangement the party hopes to reduce disagreement that may emerge after the party’s primary. “ T h e d i re c t m e t h o d means that party members would now be responsible in electing our candidates. In the case of the electing a presidential primary; party members across the different wards in the country would vote for who they want as their candidate. “But unlike indirect method where delegates are elected to go to vote and choose candidates during elections. We hope this new method would stamp out agitations and bring sanity to the party,” Ologunde said.

cided during the NEC as anticipated while the meeting remained silent on the time table for the primaries. This is as Lalung said, “The cost of nomination, we debated that and I think we left it again to the NWC taking into view some of the views that were expressed to come out with a reasonable figure. And any figure will be accepted we don’t need to come back to NEC to rectify”. The Plateau State Governor further disclosed that, the NEC did not discussed the issue of automatic ticket but considered that patriotic and loyal members should be rewarded but not necessarily with automatic ticket. “We are saying some senators, our senators who are patriotic, who are supposed to be taken away were kept in the party. So all states should look at and then we will find ways of rewarding them. But

election is giving option to everybody to contest election. Yahaya Bello, Kogi State Governor while speaking on the issue of automatic ticket said, “People refer to issue of automatic ticket to governors and legislators. In our party we have reward system. You surely not throw away a loyal party man. You will not punish a loyal party man. “We will always support and reward those legislature who were supposed to have been taken away in a deceitful manner but stood by Mr. President, with those country, those that are patriotic to this party and this country surely will be rewarded in one way or the other but we don’t refer to it as automatic ticket because there is internal democracy and we are going to follow every letter and intent of our constitution,” Bello stated.

Voter registration: INEC denies ordering Muslim women to remove hijab INIOBONG IWOK

he Independent National Electoral Commission (INEC) has denied report that it was ordering Muslim women to remove their hijab before they could be registered in any of its centres in the on-going Continuous Voter Registration (CVR) across the country. In a statement to the media by INEC Lagos office and signed by its Public Relation Officer (PRO), Femi Akinbiyi, the commission disagreed with a recent media statement by the Muslim Rights Concern (MURIC), which stated that thousands of women in the Southwestern part of the country may be disenfranchised in the 2019 general election due to the trend. The commission stated

that it had adopted a special measure which enables Muslim women wearing hijab to be captured in a special confinement set aside for the purpose, stressing that several women have been registered across the country through this process. The commission stated it was not against any religion in the country, noting that such statement was capable of further dividing the country and heating up the polity ahead of next year’s elections. “It should be stated here that the statement is not true. A lot of Muslim women in hijab across the twenty local government areas of Lagos State have been captured and still capturing since the commencement of the exercise. The records are there to support our claims.

Osun 2018: We’ll support electorate not governorship candidates - US BOLADALE BAMIGBOLA, Osogbo

tuart Synington, an ambassador of the United States to Nigeria, on Thursday, declared that people of Nigeria are the main concerns of the Americans in either September 22, governorship poll in Osun state or in the general election slated for next year. Synington, who met behind closed doors at his Ede country home, of the People’s Democratic Party (PDP), governorship candidate, Ademola Adeleke ahead of governorship poll said that US is not

interested in any candidate but after deepening democracy and conduct of elections that would be acceptable to all. “We have no candidate in any election. Our only candidate is the people of Nigeria and the process of democracy. After the voting, the citizens must work together to make life much better. I have another chance now to meet with candidate of another party. You will make a difference that would last with the interest of your daughters and sons,” he said. According to him, “Everything good in Nigeria will be done by Nigerians, not by us.

Only Nigerians can make a difference. Election is coming, and that election should absolutely be peaceful, they should do something more between now and then, the conversation should be about what is going to be done. What we hope to achieve and how are we going to achieve it?” When asked about what transpired at the meeting, Adeleke said the envoy asked him about the governorship election, adding that Synington also stated the readiness of his country to ensure that the governorship election is free and fair.

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NEWS YOU CAN TRUST I FRIDAY 31 AUGUST 2018

Opinion Law, institutions and the prosperity of nations

consider it a privilege to address such an august body of learned lawyers. As a development economist, I have always been interested in the role of law in the development process. Law is the key instrumentality in the regulation of economic life – in setting as well as enforcing the rules for the conduct of economic business. I have always believed that a free market economy without adequate rules is like playing Hamlet without the Prince of Denmark. Some of you may have read the World Bank’s World Development Report for 2017 whose focus is on the theme of “Governance and the Law”. Its key message is that governance and law are central to economic growth and development. Law is the moral backbone of economic order; a mechanism by which to promote growth, social justice and collective welfare. In the words of the World Bank report: “Law is a powerful instrument for reshaping the policy arena…a device that provides a particular language, structure, and formality for ordering things, and this characteristic gives it the potential to become a force independent of the initial powers and intentions behind it”. The story of the success and failures of economic reform in Nigeria is familiar, at least in

large part, to the literate public in our country. The Nigerian economy enjoyed a decade of sustained growth during the years 2004-2014. This was followed by a major recession, from which we are only beginning to recover. In spite of the fact that the Nigerian economy has enjoyed a period of sustained growth in the past, poor governance, chaos and disorder have truncated that growth and limited the prospects of long-term sustainable development. The insurgency in the North-East has been particularly devastating as has been the activities of militants in the Niger Delta and the current atrocities by rampaging herdsmen in the Middle Belt. We may not be quite the failed state that many have described, but it is evident that we suffer from some of its symptoms, the most important being the phenomenon that the Harvard political scientist Samuel Huntington described as ‘political decay’. This situation arises when national institutions lack the capacity to maintain political order; when government lacks legitimacy and when the avenues for political participation are closed while poverty and chaos take over. Those among you who are students of economic history

will know that the nineteenth century witnessed the era of classical international liberal order. Britain, as you all know, was the pioneer industrial nation -- the factory of the world. British naval and imperial supremacy guaranteed international order. Capital, goods, services and even people moved freely across borders. Indeed, the great economist John Maynard Keynes could write that, as late as 1900: “The inhabitant of London

‘

For a country with the size, resources and innate potentials of Nigeria, progress can only come about through the forging of a new consensus among the ruling elites from across the country’s key constituencies

could order by telephone, sipping his morning tea in bed, the various products of the whole earth, in such quantity as he might see fit, and reasonably expect their early delivery upon his doorstep; he could at the same moment and by the same means adventure his wealth in the natural resources and new enterprises of any quarter of the world, and share, without exertion or even trouble, in their prospective fruits

HumanAngle FEMI OLUGBILE Physician, psycho-profiler and essayist

n a continent where the mention of the word ‘leader’ evokes an instant cynical response, something new is brewing from unexpected quarters. No, this is not about Paul Kagame of Rwanda, whose achievements have become something of an over-flogged topic in circles of Africans desperate to have living exemplars of good governance. Why, for instance, is the man so keen to cling to power? Why is he so hard on the opposition? Luckily for Kagame, Donald Trump has unwittingly come to his help to shore up his street-cred. Kagame decided to impose stiff tariffs on imported ‘second-hand’ clothing from the United States of America. President Trump, clearly irritated by his gumption, sees it as a hostile act against America. He has threatened to retaliate. Rwandans have, over the years, like their Nige-

and advantages; or he could decide to couple the security of his fortunes with the good faith of the townspeople of any substantial municipality in any continent that fancy or information might recommend. He could secure forthwith, if he wished it, cheap and comfortable means of transit to any country or climate without passport or other formality...” During this period the German sociologist Max Weber pointed to the Protestant Ethic

together with the prevalence of law and legal rationality as the principal factor in the economic prosperity of nations. Whereas the Protestant Ethic provided the discipline that enabled capitalists to accumulate wealth and invest in long-term projects that generated wealth, the application of legal-rational principles provided for the sanctity of contracts, respect for property rights and a general framework

King Solomon in the Old Testament. More recently the empire was embodied by Emperor Haile Selassie, who was deposed and killed by a ‘red-eyed’ revolutionary named Mengistu Haile Mariam. Mengistu proceeded to form a government, known as the ‘Derg’, which

A young African leader to watch rian counterparts, made fortunes from the lucrative ‘bend-bend’ market. Kagame has come out to say that wearing other people’s cast-off clothes is injurious to the self-esteem of Rwandans, and Africans at large, and he intends to stamp out the trade, ultimately. But this stor y is not about Kagame. It is about the youngest head of state in Africa. Abiy Ahmed was born on fifteenth August 1976. He became Prime Minister of Ethiopia on 22nd February 2018, at the age of forty-one. Ethiopia has a longer history as a single nation than any other African country. It was the first country on the continent to join the League of Nations and the United Nations. It has a rich and colourful history from biblical

wreaked havoc on the country and killed and pauperized many of its citizens. All of this was done in the high-minded drive to turn Ethiopia into a communist paradise, on the model of the Soviet Union. In 1991, Mengistu and his ‘Derg’were mercifully swept off the scene. The ‘revolutionary’ killer escaped into comfortable exile in Zimbabwe as guest of Robert Mugabe, with whom h e c l e a r l y s h a re d many points of ideology concerning the limits of ‘freedom’ times, and a description of the wealth and opulence of its empire can be gleaned from the story of the visit of the Queen of Sheba to

and ‘democracy’. There followed a series of efforts to build a democratic system in an Ethiopia riven by internal strife, eth-

that made for predictability and a more rational ordering of business transactions between economic actors. World War I (1914-1918) was the first imperialist war, as the Russian revolutionary leader V. I. Lenin described it. The breakdown of the international liberal order owed in much part to the failure of the balance of power politics that had managed to keep the peace for much of the nineteenth century. The Versailles Treaty 1919 and its harshly punitive sanctions against Germany sowed the seeds of bitterness were eventually to lead to worse catastrophe. A young Cambridge economist by the name of John Maynard Keynes who was an adviser to the British delegation in Paris resigned in disgust. He later wrote The Economic Consequences of the Peace that made him an instant international celebrity. Beginning from the infamous Wall Street Crash of 1929 and the ensuing global depression, the world changed. Speculative mania, greed and fear combined to plunge global markets into a spin that led to a secular downward spiral. Beggar-thy-neighbour trade policies did not help. Britain, the main anchor for the liberal international order, had been in steep imperial decline. The young American republic, with

nic and religious divisions, and the scourge of periodic famine. Political turbulence followed disputed elections in 2005, with many opposition parties crying foul. The long-term leader who tried to navigate the turbulence – Meles Zenawi, died suddenly in 2012. His deputy – Hailemariam Desalegn ran the country until the 2015

‘

And the enthusiastic ‘Abiy-mania’ visible on the streets of Addis may point to the beginning of a personality-cult, an all-too-familiar development with African leaders, unfortunately often ultimately attended with disastrous consequences

elections, but still there was no peace in the land. The ruling party went on to win the elections again. The body-count of slain protesters in the Oromo Region and elsewhere piled

THE NEW WEALTH OF NATIONS

OBADIAH MAILAFIA Dr. Mailafia is a former Deputy Governor of the Central Bank of Nigeria, a development economist and public finance expert with a DPhil from Oxford obmailafia@gmail.com; 08036590990 (text messages only) its decidedly insular temper, was in no position to take up the reins of global leadership. This unlucky conjuncture of events led to hyper-inflation in Germany and economic decline in Europe and the United States. Economic crisis led to political crisis, as Adolf Hitler and the Nazis seized power in Germany. World War II, the second imperialist war lasting from 1939 to 1945, was even more destructive than the first. The unfolding of these Continues on page 33

up rapidly. At h i s w i t s e n d , t h e Prime Minister decided to take a step that caught most observers by surprise. He stepped down. This was the point at which‘young’ Abiy Ahmed Ali assumed the reins of power as Prime Minister. It is less than a year since Abiy came to power. By speech, action, and body language, he seems to be a man destined for higher things. Ethiopia has a long history of repressive governance. Between Emperor Haile Selassie- ‘the Lion of Judah’ – who was a living god to Rastafarians in the African diaspora in the Caribbeans - they worshipped him with solemn Reggae music even as they consumed endless wraps of cannabis, to the ‘revolutionary’ Mengistu Haile Mariam – Ethiopians have suffered under powerful leaders whose eyes were focused on ‘the big picture’, and who were totally disdainful of the little man on the street. Ethiopians have been killed, imprisoned and harried from time immemorial. Tens of thousands have died in droughts and other natural disasters. On the ‘plus’ side, EthioContinues on page 33

Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Ghana Office: Business Day Ghana Ltd; ABC Junction, near Guinness Ghana Limited, Achimota – Accra, Ghana. Tel: +233243226596: email: mail@businessdayonline.com Advert Hotline: 08034743892. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Anthony Osae-Brown. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.

Womenâ&#x20AC;&#x2122;s Hub Friday 31 August 2018

BUSINESS DAY

AbiUnswerving mbola, allegianceUgochi to selfless service & Sharon

In the blooming business of hair extensions

2 BUSINESS DAY

Editor’s note

t is another edition of Women’s Hub this week and our Leading Women are three front liners in hair extension business. They share their views on the industry and give advices to women on what to look out for before purchasing one. The recent shutdown of Third Mainland Bridge caused a lot of frustration and chaos even as commuters got stranded. Desmond shares his personal experience. Nneamaka Anyanwu is an amazing lady encouraging the participation of young girls in basketball. Her story and reason for this is worth your time. Temitope Olukoya is your personal transport. Wondering what that means? Find out in this edition. Seyi Oluyole has been through tough times however, through her experience, she has now become a beacon of hope to the helpless. Read up on this, her story will inspire you. These and more we have for your reading pleasure. Enjoy!

Kemi Ajumobi kemi@businessdayonline.com

Graphics by David Ogar

Leading Woman

Friday 31 August 2018

Women’s Hub

Sharon Ademefun Founder, The Rona Beauty Centre

haron Ademefun is an entrepreneur and the founder of the Rona Beauty Centre. She specializes in making wigs and is one of the most sought after Wig Makers in Nigeria; She also runs a micro-blog called Rona Diary of An Inner Fat Girl, where she chronicles her journey with weight loss and keeping a healthy lifestyle. She completed a BSc in Mass Communications with a concentration in Public Relations and a Masters of Arts Advertising Marketing from the University of Leeds. Sharon is married with two sons. When and why did you go into the hair business? Back in 2014 I was on bed rest during my pregnancy with my first child, and I was bored out of my mind. I was tired of waiting for my wig maker to get my wigs across to me so I decided to take matters into my own hands. I studied a few YouTube videos (they had very little content on wig making at the time) and I started experimenting. As I improved, I started making wigs for myself, friends and family, and was soon encouraged to turn it into a business. The rest is history. Would you say investing in weaves is a worthy investment? It comes down to buying good quality hair from the right source. If you have a lifestyle of using human hair or wearing wigs then investing in high quality human hair is a great investment. It can enhance your looks; it lasts for years and can be reused many times. How has the patronage been from inception till date? I thank God we have always been able to cover our expenses and even provide benefits to our employees. So while profits vary from month to month, we have a reputation associated with quality and great customer service and I believe that is what keeps the customers coming. What separates your wigs from others? Before any hair or wigs are introduced to my customers, I test the hair quality for three to six months so that if a customer comes to me with a concern or observation, nine times out of ten, I too experienced it during my testing period and I can advise accordingly. How do you marry your other ventures with the wig business? Rona has some sub-categories within the business such as a developing Rona Beauty line, which is the hair care products that walk hand in hand with wigs. We also have Gele on the Go, which is our auto-gele line that is still a covering for the head though it is not wig related we have seen significant growth in patronage. Finally we have Body by Rona, this is a non-surgical body sculpting studio that we launched last year, it still within the beauty industry but it more geared towards weight loss, which is something I am also very passionate about. By God’s grace, I am able to do all of these through the grace of God and commitment to fulfilling my purpose. Challenges? MONEY, MONEY, MONEY!!! As a small medium enterprise, money is always a challenge, it has taken me years to really establish discipline to ensure that we have enough money to maintain the running of the business. Hair business is capital intensive because it requires you to keep a large volume of human hair in stock at any given time in order to keep up with demand, but sometimes you have more stock than demand. Another challenge is keeping yourself relevant in a very saturated market, marketing and reinventing your brand is also challenging. What are the errors wig owners make that destroys their weaves quickly? They don’t come to Ronawigs! Lol… No just joking, there are a number of things you can do to reduce the life of your wig. One of them is sleeping with your wig on, believe it or not, sleeping with your wigs wear out your units and significantly thin out your hair. Dyeing your weaves excessively damages the hair and strips the follicles of the hair and can lead to weak, tangled hair. Blow drying your wig with a roller brush can cause excessive shedding as it pulls the hair out.

Sharon

Ugochi

Abimbola

Abimbola, Ugochi & Sharon , in the blooming business of hair extensions The human hair business used as hair extensions, wigs and braids is an industry that is thriving in Nigeria. SHARON ADEMEFUN, UGOCHI JOHN and Abimbola Fasoranti have stories to tell on the challenges, how lucrative and worthwhile the business is. They share these and more with KEMI AJUMOBI. Excerpts. What is your take on people using all sorts for bonding? what do you advice? There is nothing wrong with using glue or adhesive if you know how to use it correctly, and more importantly, remove the adhesive properly. Final words Understand that whatever is worth having is worth fighting for. Establishing a business is a process that requires (for lack of a better word) “sticktoitiveness”, even when it gets challenging keep moving forward and understand that growth takes time. Ugochi John CEO/Founder, Hary By Ugo & The Hair Laundry

gochi John, is the CEO of Hair by Ugo, and the Founder of the Hair Laundry, Nigeria’s foremost female hair laundry boutique. She is a wife and mother to three lovely kids. She likes to describe herself as a hair consultant as she believes that she is very knowledgeable about the industry. She is a graduate of English and literature and Alumni of Lagos

business school. She started the hair laundry after she had been in the hair business for a while. She realized a problem in the industry where by a lot of women had problems with getting maximum value from their hair after use. She had discovered a solution to this with The Hair Laundry.

all part of it. The massive confidence with which she aced that business meeting is all part of the return on investment.

Remaining on top of your business I know it sounds cliché, but it has been God! God working through my repeat clients and the referrals they keep sending my way. But on staying How lucrative has your business been? relevant, I would say, we keep evolving, the hair Well, My business has been very lucrative, that’s industry changes daily and we pay attention to the reason I am still here. We record growth, this change, we also stay innovative, to match up significant growth every year. This is the reason with the trend and that’s how we have strived. why business has been better than fantastic for me. Hair Laundry Yes, repairing weaves and turning them into Weaves as investment? brand-new is what we do and much more. We do I have been asked this question a lot of times, not believe there is anything such as bad hair. It and my answer has always remained the same. simply is what you have and our core business is I absolutely believe that your weave is an invest- to give you value for your hair irrespective of the ment. While a few people argue that the weave source. We are like Drs, and our patients are your can’t be resold for a higher value, in cash, I used weaves. We consult, diagnose and based on always insist that those people have not propwhat we diagnose, we recommend a treatment. erly kept a record of their recurring expenses Sometimes, cutting a long hair short could be the on bad hair. One must also bear in mind that a solution. The hair laundry is my baby. It is a busireturn on investment must not be in cash. For ness I started with great passion and zero account example, that relationship that has blossomed balance. I can talk about it all day. because of your glam look on the last date is Who is the Hair By Ugo Woman?

The hair by Ugo woman is someone I like to describe as the woman who goes from the boardroom to the TV screen, then to also being a wife, mother, and sister. This woman is the type who pushes her limit daily. She excels and confidently takes over territories both in her workplace and at home. These are the kind of women that patronize the Hair by Ugo brand. Business Decision? I recently celebrated my 5th year in this business and the funny thing is how I stumbled upon the business. It was purely by chance. Opportunity met preparedness and here I am today. Viola! What ladies should look out for before buying weaves A lot, but this would depend also on the type of hair and budget. However, the most important thing is the credibility of the brand. The most practical thing to do would be a background check of the vendor depending on how you met the vendor. Social media has also helped a lot in the aspect of reading reviews. How can a good weave spark up your look? Didn’t the Bible describe a woman’s hair as her glory? A good hair does not just spark your look from zero to 100; it enhances your confidence level. When you are stunning, you just know! A good hair, well done, sure does make a lady look effortlessly beautiful!

Abimbola Fasoranti CEO, Hair by Beesroots

bimbola Fasoranti is the CEO of Hair by Beesroots. They specialize in providing 100% quality hair extensions and wigs at affordable prices. Hair by Beesroots was born out of her passion to provide women with better quality hair extensions. She started in 2010 selling hair from her car and it has since grown into a physical hair studio with a staff strength of 5 while still maintaining 100% quality delivery. Reason for establishing your business I went into the business in 2010; just after my University during my NYSC. While looking for a job, I needed a

source of income. My love for hair just made the business ideal. Is it financially rewarding? It’s financially rewarding if you do your homework. It’s a business that has a lot of back room work. What you see on the outside is the result of a lot of research, losses and heavy investments. It’s a business that requires a lot of financial commitment which can result in profit if you are ready for the work and have self-discipline. Where are your clients from? I have clients from all over the world but a majority of my clients are Nigerians. They also cut across various demographics. Pricey? I believe hair extensions are pricey. It’s not just the investment in the hair itself but the investment in what it can do for you, its function. Hair extensions become a part your identity. It’s a variation of a crown and you are best wearing the right and quality crown. How important is it to buy original hair? Longevity. The money you spend should be on hair that you can get good use out of no matter how you manipulate it. With good care, you should be able to wear your hair for at least five years and more. How can you identify fake hair from original? To be honest, with the China market continuing to innovate, it may be difficult for the client to differentiate. There are many variations and copy’s available in the market. That a weave is inexpensive, does it mean it is not original? Affordability is relative hence what is inexpensive to one client may not be to the other. Quality is not determined by price but rather longevity. I personally provide affordability, quality and longevity in my hair extensions. Final words To the young entrepreneur out there, be consistent, stay true to yourself; Always strive to give the best in every situation and Don’t give up!

Friday 31 August 2018

BUSINESS DAY

Women’s Hub

tories, they say, shape our perspective to life, and perspective shapes reality. This then accrues power to stories. This power and its attendant effect was the colour that beautified and made memorable The Women With Stories Conference, TWWSCON, at the Landmark Towers, Victoria Island, Lagos. The conference began on Friday with a cocktail and conversation, and ended on Sunday with a master-class with Atlanta based bestselling authors, Desiree Lee and Robyn Robbins on how women can turn their stories into a bestseller, and enabled them discover the hidden ‘gift’ in their stories, hence the theme “Your Story is Your Gift”. This year’s conference had fourteen women speak about their unique life stories to all attendants which led to outbursts of emotions. “We are on a mission to empower women to own their unique stories, find their cure and serve others. We want women to understand that whatever they have gone through and survived has given them a cure and the cure is not just for them. The cure is for them to serve humanity. There is no life without service. Truly living life comes from a place of serving others, and you can only serve others out of the richness of what you have,” said Naomi Osemedua, the convener. According to Osemedua who is also described as the ‘Chief Story Teller’, one of the promises for the conference was for women to come and find out how to discover the gift in their stories by equipping them with practical tools they can apply. “I believe so far, with the feedback and all the amazing sessions with the phenomenal speakers both local and international, we’ve done well to a great extent. There has been a lot of light-bulb moment, a lot of eye-opening moments, and a lot of reawaken-

Naomi Osemedua

Women discover hidden power in their stories Stories by Desmond Okon ing. We didn’t just want to inspire people or make them feel good, we wanted them to go with practical tools that they can begin to apply in their lives, and that for us is our greatest joy,” she said.

Explaining how women could profit from their stories, she said when a woman owns her story, and discovers that she has a purpose in the pain that she has gone through, then she can begin to help and coach others with it. “For instance, after one of our

speakers had gone through her journey of healing and wholeness, she has gotten to a place now where she is able to help other women struggling with that same thing. From there, she’s created an e-book, an online course and she’s coaching women and they are paying and thanking her for bringing joy back to their marriages. She has discovered that her story is her gift and she’s profiting from it and serving other women,” she told Women’s Hub. Winnie Mabena, from Zambia who shared her story said women living with HIV could still be all that they want to be. “…one thing I have acknowledged and have lived by is first understanding that life is about choices and decisions. That’s one thing people need to understand, that you have to make a choice

whether you want to stay in a cocoon where you feel the pain, and start to believe and embrace it and feel vulnerable for yourself or you want to get to the other side where you utilize the pain to gain experience for the life that you desire. Because most of the things that you go through make you competent for the next level you are about to get to. “So it is not a coincidence, but the thing that is different between you who is HIV positive and the one who is negative is only a status and that status was told to you by a doctor. That status was only a test that was conducted. So it doesn’t change anything, it doesn’t change your genetics as a human being or anything about you. You still remain and you can still be you even with the status,” she said.

Third Mainland Bridge shutdown: Frustration, chaos as commuters were stranded

ast Friday, Lagosians experienced the worst kind of traffic lockdown and transportation difficulty which was a consequence of the shutting down of The Third Mainland Bridge for maintenance. The traffic jam further led to chaotic scenes and frustration as commuters scrambled for transportation to various destinations, even as some were stranded on Saturday, the third day of closure. At the Tafawa Balewa Square, TBS, BRT terminal, at about 8pm, hundreds of people were seen queuing for tickets, amidst shoving. Women carrying babies on their backs and in front were not spared as they stood for hours in a

sluggish queue. “I’ve been here for a long time and I’ve not gotten a ticket,” one commuter told me. Also, many people were confused as to where to queue up, why there were buses driving in and out without obvious reduction in the crowd, and especially where to get tickets. Efforts to ascertain the reason for this didn’t yield much results, although from my position, no ticketer was in sight. The Fight As the hassle continued, a fight broke out between two

men at the back, seven people away from me. The two men had been locked in an argument, perhaps over whose rightful spot it was. Before people could wade in to understand the argument, one of the men threw the first slap then they started exchanging blows from adjacent queues. “I don’t really know what happened, but they were arguing, the next thing he just slapped the man. He was wrong,” another woman said. This particular woman played a huge role in determining who was at fault through her constant shout of “that’s not right to slap this man”. It took the security operatives to break both men free. This was around 9 O’clock. Stranded commuters On Saturday, at 10pm, another set of commuters gathered seeking to get home via the ‘only available’ and safe means of transportation at that time, but they ended up being stranded without knowing it, at first. After waiting for another hour since I got there, no bus drove in after the last one that went with a few people going to Ikorodu. Soon, the staff were seen closing their offices without any explanation as to why they were leaving about a hundred passengers behind. As passengers protested for a reason for their behaviour, threatening to storm the only bus which has been there ‘sedentary’ for several hours before this time, a voice echoed through the speakers, “Dear commuters, we are sorry we just got a call that no bus will be coming anymore. We are really sorry”. The lights went out immediately. “I thought that since they will be closing the bridge, this will be our only means of transportation? Why are they doing this?” a tired man said. Eventually opened Finally, the third mainland bridge is opened, what a sigh of relief!

BUSINESS DAY

Friday 24 August 2018

Nneamaka Anyanwu encouraging the participation of young girls in basketball

Temitope Olukoya your personal transport at your service

Kemi Ajumobi

emitope Olukoya is the CEO of Personal Transport Sales and Services. She is from Ogun State, and the second child among 5 children. She studied Philosophy at University of Lagos. “I never worked for anyone before, I started off buying and selling anything I feel will sell. I didn’t have a focus. I was trying to find my part. With consistent research, I was able to build business contacts abroad and usually buy things for people on request.” She said. Temitope further tried clothing business but was not satisfied with the money she was making so she kept sourcing for unique products to sell. Then Hoverboard came and a friend told her about it. She sourced for it and she ordered 4 Hoverboards for people on request. She turned her profit over and being the first to do the business in Lagos, she was selling fast with consistent marketing. “I was able to raise enough capital to expand. I sold on Instagram with my personal page and at a point, I knew this is my line, this is my part, there is a future here. I looked for a name to call the business. I picked a name that won’t limit me just incase Hoverboard stops trending. So my friend and I came up with Personal Transport. I opened a page and registered the company and from there I started sourcing for more rides and focused on leisure rides. Personal Transport just clocked three years, from four Hoverboards, consistent marketing, dedication, focus, setting priorities right, I am where I am today and still striving for greater heights” Temitope says. Types of rides We have variety of rides, some are quite affordable and some are on the high side. It all depends on what our clients can afford. Challenges The challenges I have in business is with Cargo/logistics in general in Nigeria. We import our product by sea and sometimes consignments are delayed in terms of clearing at the Nigerian port. We try to plan ahead of time ahead just in case there is delay. We don’t want a situation it is festive period and our products gets stranded at the port. We also send goods to clients across Nigeria and the logistics we use are quite effective but occasionally delay may arise due to unforeseen circumstances. Response from customers We have good response from Nigerians especially when it comes to trust. People are always sceptical when it comes to “payment before delivery” but for us, our clients don’t even ask, they just trust us and pay. I think it’s because of my transparency on social media. I don’t only advertise the products but I advertise all the process from container arrival, assembling, I show my office, I make videos always, I model myself, I motivate my online followers, I tell my story, I connect with my social media followers. I also think being a lady showcasing her hard-work contributes to the warm acceptance in the market. Products We have so many products for kids and adults. The fastest selling products are cars for little kids. For kids we have Ride on kids cars, Electric Bikes, Scooters, Go kart, Dirt Bike, Drifting Bikes and so on. For adults, we have Harley Motorbike, Quad Bike, Go kart, Dirt Bike and lots more. We just introduced electronic wheel chairs for special people. We are also planning to introduce the fastest tricycle in the world for adults. We have leisure rides for all age range from a baby that can sit, even if the child can’t ride, the parent can use remote control to control movement for the child. For adults, we have four wheelers that is easy to ride and two wheelers. For special people or aged people, we have electronic wheel chair. We have something for everyone. Clients My clients are mostly parents buying something for their kids or fathers who need the adult’s rides for their leisure time. Projection for your business I see my business having showrooms across the nation in a few years. We are currently looking into Abuja and hopefully by God’s Grace we will accomplish it. Parting shot To all upcoming Entrepreneurs, you can start small and grow like I did. Stay consistent, hardworking, dedicated and always set your priorities right. Most importantly be trustworthy and transparent, don’t involve yourself with anything negative that will hinder your blessings.

Orji to be honoured at Street Style festival Desmond Okon

vonne Orji, Nigerian-American actress will be honoured at the Essence Street Style festival coming up in September this year. She will be honoured alongside celebrity chef and music superstar Kelis and lifestyle influencer and Youtube star Kellie Brown. Yvonne Orji is a Nigerian-American actress best known for her role as Molly in the HBO series “Insecure” Orji was born in Port Harcourt, Rivers State, Nigeria, and grew up in Maryland, US. The style festival will be hosted by actress and comedienne Amanda Seales in Brooklyn, New York and will feature performances by Nigeria’s “Afrobeat Queen” Yemi Alade, and R&B songstress Teyana Taylor. The event which intends to celebrate fashion also presents an opportunity to discover new brands at the Street Style shops, meet with and greet Essence editors and style experts, as well as experience the Essence Eats food zone which will be featuring local food trucks. Essence is a monthly magazine for African-American women between the ages of 18 and 49.

Women’s Hub 5

neamaka (Maka) Anyanwu holds a BS degree in Interdisciplinary Studies with a minor in Development Sociology, Cornell University, Ithaca, NY. She later attended Business School, in which she received a Master’s Degree in International Business Management from Kingston University, London, United Kingdom. She is a former Division 1 Basketball player, Maka played for Cal State Fullerton University and Cornell University. In Brooklyn, NY, she was Assistant Coach at Sheepshead Bay High School, for the Boys Basketball Team during the 2012-2013 seasons. She has also coached in camps and clinics throughout her collegiate career in Ithaca, NY, Oakland, CA and Vincennes, IN. Nneamaka has an extensive background working with NGOs over the past 7 years. She started her experience with City Year New York, and served as a Corps Member empowering underperforming, at risk youth through education. She helped them to bridge the educational gap through hard work and dedication. Nneamaka also mentored and guided her students through their internal and external challenges. Next, she led Kechie’s Project as Program Director, an NGO that focuses on empowering young girls through education in Harlem, New York and Nigeria. Later, Nneamaka joined the historical Catholic Charities, New York, in which she was Purchasing Associate. Her work consisted of procurement, finance and administrative duties. She was responsible for overseeing contracts of over 200 programs within the organization. Lastly, she was instrumental in the start-up of Semperfi Childcare Initiative, Lagos, an NGO that provides education and healthcare assistance to indigent students in Nigeria. Her role as Chief Executive Officer enabled her to understand the challenges NGOs face in Nigeria. Her passion for service has proven impeccable. For Nneamaka, this is just the beginning. Girls Basketball Champions Series is a year round initiative that will have multiple sessions throughout the year.

Reason for the initiative I have dedicated my years to serving others and when I moved to Nigeria, I noticed a big gap in female empowerment and girls’ basketball. Therefore, I decided to start my first initiative that serves the underprivileged girl-child. I realized I could be doing so many other things, like working in Corporate America, but I decided life is more fulfilling when giving back to others. With, Girls Basketball Champions Series, I hope to build up future female leaders and empower them through basketball, education and service. My goal is to use the organisation to build up improvised communities through the work of the girls. I also want to give the girls international exposure and opportunities to live out their basketball dreams. What are the dates of the program? What happens when the program is over? Girls Basketball Champions Series is a year round initiative that will have multiple sessions throughout the year. The sessions are as follows: Two Day Clinic Launch: August 31st and September, 1st, 2018 Session 1: September 4th- September, 29th 2018 Session 2: October 23rd - November 23rd, 2018 Session 3: January 15th – February 16th, 2019 Session 4: March 5th – April 6th, 2019 Session 5: May 7th to June 1th, 2019 Summer Camp: TBA The following academic year 2019-2020 will have similar dates, the program is designed to parallel the academic school year. There will also be summer camps that will be announced in the near future. How can they participate and what is the age range? We are looking for girls ages 11-17 to participate in our clinic launch and to join our program. They can register online at SGELITE.ORG, it will take them less than 5 minutes to fill out the

questionnaire. Worthy of mention Girls Basketball Champion Series goes beyond basketball we are empowering the girls to become future leaders. We will teach them the value of serving and reaching out to improvised communities. They will have mentors, academic tutors, coaches and staff building them up to be respectable young ladies. We need the community to support the initiative, an initiative driven by sound principles and integrity. The’ Girl Champion’ is the future. We need support from the community, public and private sector, and Nigerian Basketball Federation.

6 Friday 31 August 2018

BUSINESS DAY

Seyi Oluyole, been through it all, yet a beacon of hope to the helpless Kemi Ajumobi

eyi Oluyole is a 27 year old dance choreographer, film maker and humanitarian. She is the founder and executive director of the Dream Nurture Foundation. She is also the founder of the The Dream Catchers Dance Academy - an initiative that uses dance to keep street kids in school. Seyi Oluyole also houses some of these kids and provides them welfare, healthcare, clothing and educational opportunities. She believes every child deserves an opportunity to succeed irrespective of their background. And she is dedicated to saving as many underserved children as possible. Where it all Began Growing up was interesting. I grew up in a middle class family but when I was 10, my family suffered a financial crisis and we were displaced for a while. I experienced some form of hardship and I wished that a benefactor would come. No one came. This made me decide to work hard to make something of myself so I can be the hope for underserved kids. I wanted to be the person I had wished someone else was to me during my hard time. Dream Nurture Foundation The Dream Nurture Foundation is a registered NGO in Nigeria that provides educational opportunities for despondent children. It was established so that we can reach as many children who are out of school and encourage them to be in school and aspire to be great. Every year, we offer free summer classes to children in slums and give them back to school materials. So far, we have reached over 1,000 kids. We have seen kids go back to school and kids whose resolve to stay in school has been strengthened. Our goal is to have proper Community Centre where underserved kids can come in and learn and have fun. The Dream Catchers Dance Academy The Dream Catchers Dance Academy was born after my experience from living close to slums. After about 3 years of financial crisis with my family, we were able to rent a house close to a slum. I discovered that in the area, people lived in wooden house beside the beach. They did not have bathrooms and the children barely went to school. The highest achievement was JSS3 for the boys and the girls usually dropped out before JSS3 due to pregnancy. I wanted to changed things, so I started a dance group, Victorious Dancers, to take kids, some of which were my mates, others a year older, out of the slum and back to school. One year later, star actress Omotola Jalade-Ekeinde was holding a fundraising concert and I was able to get Victorious Dancers to perform. I told the kids that if they wanted to perform with the group, they’d have to go back to school, they agreed, and this was the beginning of me getting indigent kids back to school. Later on, I was able to convince my parents to have some of the kids come live with us and continue their education, with the consent of the kids’ parents. Success story My success story is definitely seeing these kids have a better life. I have kids who have passed through the academy and are now in the university. One of them graduated last year. The kids who were in the slum are now better individuals. It is my hope that I can do the

same with this current set. Desire I want the Dream Catchers to be on stage with celebrities like Janet Jackson, Rihanna and Beyonce. To perform at the Grammy’s, VMA’s. BET and even Coachella. I want them to remain a beacon of hope to kids who are in the slum and still in the street. My goal is to help as many kids as I can. To have a structured academy around the world where we can empower underserved kids and help them fulfil their potentials. Why the passion for children? I am passionate about children because they are very easy to influence and they are the foundation of all that is good and bad. It is easy to mould children into great adults. Also, as children we don’t get to choose. We find ourselves in certain situations that we have to live through. I want to give children an opportunity at a better life. Their innocence is very endearing. How are you able to raise finance to support this initiative? I usually do crowd funding on social media. I also use my salary and a few times when we get paid for dance. Meeting their health needs I make sure they feed well and I also try to give them Vitamin C every day. I also pray a lot. Whenever I notice any sign of illness, I immediately take them to see a doctor. What assistance do you seek to make this initiative bigger?

I seek financial assistance to be able to build a proper centre so that the Dream Catchers Dance Academy can admit as many kids as possible. It would be free for the kids because the initiative is for kids from poor homes and from the street. We need the support of everyone to help us build a proper Academy and a home for the kids. This way, we can cater to as many of them as possible. Share on your filmmaking background and achievements in this light I began film making when I was 21. I fell in love with the art and begun to take classes and work on my craft. I write for Africa Magic’s Soap Opera – Tinsel. I also wrote, directed and produced a short film that got notable nominations and went on to win best short film at Eko Film Festival 2018. How did you get into dance choreography? I fell in love with dance when I was a child. I loved seeing Janet Jackson and Jennifer Lopez dance. I also loved the movie ‘Honey’. I used to watch these videos and copy the moves I saw. Unforgettable day The day I would never forget was when one of my boys got into JSS1. He couldn’t read or speak English and was never in school until he was 10 years old. He used to cry a lot and believed he could never read. I encouraged him a lot and he began to get better. He started to learn to read. Then in Primary 4, he tried 3 entrance exams and he did very well at everyone. He has remained the best student in his class. Wrap it up Start now. In your little corner, do whatever you can to SAVE THE CHILDREN. No matter how little, it will go a long way. And never give up. Believe in your dream and work towards it.!

BUSINESS DAY

Friday 31 August 2018

Women’s Hub

Do you know that ‘style’ can aid hair loss? Agility U. Obi-Ihesie

e love to make a statement with our hair styles which may range from the simple to the exotic and sometimes complex with admirers often left wondering at the dexterity of the style. However, the primary goal of hair styling is convenience as this allows women to look good for longer periods without having to visit the hair stylist regularly. Styles are often worn for two weeks to four months at a stretch depending on individual preferences. In African and indeed Nigerian women, hair styling remains the largest cause of preventable hair loss especially when it is accompanied by unhealthy practices. A commonly used phrase is “protective styling” which means styling the hair in a manner that protects against hair loss. Common protective styles include braiding, using weaves and wigs, and wearing the hair in a bun or ponytail. Protective styling can become destructive if there is damage to the hair strands and hair follicles. This is often noticeable within the first few hours after installation of a new hair style. Can you relate to your hair being pulled so tightly by the stylist so that it will be “fine and neat” that you cannot move your neck for the first few hours after you are done, being unable to sleep for a few days, or having to take pain killers, and “press” your scalp with hot water? On close examination of the hair around the hairline, there may be swelling and small red “pimple-like” bumps. Under these circumstances, the hair will most likely be pulled off because of the tight style and this is what leads to traction alopecia. Young children have DELICATE hair follicles and may be forced by their parents to make unsuitable styles such as using attachment, fixing weaves and sometimes even using hair glue/ bond. These cause excessive pulling of the scalp, damage the hair follicles and often result in permanent hair loss. The reasons why parents choose unsuitable styles for their kids are largely due to ignorance as they want styles that last hence the addition of attachments and extensions; they also desire that their girls look good. More women today desire a sleek, laid, and natural look and a seamless finish to hair styling and hair glue/ bonds are used, especially for human hair weaves and lace wigs. The glue is commonly applied to the edges and these areas suffer the greatest damage. Apart from the fact that some women

have allergies to the latex in the glue which can react with the hair follicles and cause the hair to fall off, the take-down usually involves pulling off the weave and in the process, hair is forcibly pulled out and the hair follicles are damaged, sometimes permanently too. Another destructive hair practice is applying relaxer and braiding or fixing on the same day. Even though it may sound convenient, the potential for damage is doubled as the hair is weakened both by the relaxer and the attachment. It is advisable to wait for 2 weeks after a retouch before installing a hairstyle. Use of excessive direct heat on the hair such as flat irons and blow drying at high temperatures are also a major but subtle cause of hair loss. The intense heat damages and dries out the hair and causes breakage. It is healthy to air dry the hair or use warm air occasionally. You know how it is when you see a sizzling hair style that seems to be calling your name and screaming ‘make me’? I know, I have been there. Before you answer that call, examine the style critically to ensure that neither your hair strands nor your scalp will be compromised. If you have a favourite hairstyle you also want to ensure that you do not repeat it back to back to avoid sustained tension to one part of your scalp. Visit only stylists who practice HEALTHY hairstyling, this can be a major game changer in your protective styling. The adage “Beauty is pain” is not true when it comes to hair styling. Keep it simple, safe, painless while achieving the slayed look.

Foundation tasks women to speak up about abuse Desmond Okon

he D&Ksuomi Foundation has organised a conference in a bid to break the silence on sexual violence, Saturday, at Muson Centre. The conference was the fourth edition and first to be held in

Nigeria. Women, who are most often considered victims of abuse were told to always muster the courage to speak up inspite of unpalatable odds that may be against them.

What prompted the conference? The founder, CEO of the foundation, Deborah Funmi Mupapa revealed that the conference and the foundation was born from her own personal story and history. “I was rejected at the age of two. Growing up as a rejected child was not easy and I know that a lot of women as well are going through the same thing, and I just want to break it down. A lot of women are going through the same thing and can’t come out to express themselves that’s why we are breaking the silence on sexual violence,” she said. “I want all women to be able to express themselves and speak up about their abuse, to not keep silent, to be unabashed about their situation. They have to come out of their shells and speak up about these things so that help will come. “I hope to empower women with this event, and we are also trying to educate boys as well to create a balance. Because people say women are abused, but who is abusing the women? The men! So we need to educate them” she told me. The event had a packed line up of high profile personalities talk about their stories, what they went through and what they have become today and how they became it. It was also capped with an award ceremony to promote humanitarian efforts, and appreciate those who have selflessly given their time and resources to humanity. Kelechi Oghene, Kimberly Jones, and Aramide Oikelome were a few recipients.