BusinessDay 31 May 2019

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Exporters, importers bleed over off-the-record charges

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he Nigeria Customs Service (NCS) has recreated the misery and frustration already established at Apapa, Nigeria’s busiest port, at the reopened Ikorodu Barged

Lighter Container Terminal which ought to provide a viable alternative for the movement of cargoes, reduce container congestion and eliminate logjam within Apapa Port arena.

Exporters and importers moving their containers and bagged exports in barges from

BD Investigative Series the Ikorodu Lighter Terminal into the Apapa seaport for export or conveying imported containers to Ikorodu Lighter Terminal for haulage to other parts of the country are being subjected to outrageous illegal charges from

6M

Customs officers, after paying discriminatory fees.

The Federal Government through the Nigeria Ports Authority (NPA), in collaboration with some critical stakeholders, flagged off the movement of containers in barges in FebruContinues on page 34

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Undercover: Customs recreates Apapa misery at Ikorodu Lighter Terminal MIKE OCHONMA & TEMITAYO AYETOTO

fgn bonds

Treasury bills

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APAPA GRIDLOCK

58 Governor Babajide Sanwo-Olu’s promise: “I will rid Apapa of gridlock in the first 60 days of my government.”

Industrial court orders Gwarzo’s reinstatement as SEC DG … asks FG to pay him all entitlements Iheanyi Nwachukwu

L-R: Oscar Onyema, CEO, Nigerian Stock Exchange (NSE); Joseph Makoju, group managing director, Dangote Cement plc; Olakunle Alake, group managing director, Dangote Industries Limited; Guillaume Moyen, group chief financial officer, Dangote Cement plc, and Ndidi Nnoli, governance officer, Dangote Industries Limited, at the closing gong ceremony to launch the 2018 Dangote Cement Sustainability Report at the maiden edition of Facts Behind the Sustainability Report, at the exchange in Lagos, yesterday.

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arely six weeks after the Federal High Court in Abuja dismissed corruption charges against Mounir Continues on page 34

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news Tough times for Nigeria-Namibia travellers as carrier suspends services …South Africa Airlines gets more patronage IFEOMA OKEKE

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igerians travelling to Namibia and Namibians coming to Nigeria are facing tough times after Air Namibia suspended operations in Nigeria last week.

The carrier on last week announced the suspension of its flight on Windhoek-Lagos-Accra routes effective from May 24 over alleged diplomatic rows between Nigeria and Namibia.

This development is coming few weeks after Namibia opened its visa desk in Lagos.

The airline which operates in Lagos four times a week (Mondays, Wednesdays, Fridays and Sundays) has seen received patronage from both Nigerians and Namibians until the ban on issuance of Nigerian visas to Namibians by Nigerian High Commissioner to Namibia in February.

Nigerians who have bought their tickets and

were supposed to travel with the airline have been transferred to South African Airlines, while those who are not interested in this arrangement have asked for refunds.

Those affected by this s u d d e n d e v e l o p m e nt have had to spend more money to connect flight using South African Airlines or other airlines.

“I was supposed to travel to Namibia on 25th of May but on getting to the airport, I was informed that the flight has been suspended. They told us we can be transferred to fly South Africa Airlines but this will only cost us more time and money,” a lady who identified herself as Sandra told BusinessDay. Wimpie van Vuuren, acting general manager, commercial services of the airline, in a statement in Abuja said the ban on issuance of Nigerian visas to Namibians by Nigerian High Commissioner to Namibia in February led Continues on page 35

Nigeria spends N11trn on subsidy claims in 6 years – Senate .... approves N129bn payment to 67 oil marketers OWEDE AGBAJILEKE, Abuja

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igeria has spent over N11 trillion as payment for outstanding fuel subsidy claims in the last six years, Kabir Marafa (APC, Zamfara), chairman, Senate Committee on Petroleum Dow nstream, said on Thursday.

This comes as the upper legislative chamber on Thursday approved the payment of N129 billion as subsidy arrears claims to 67 petroleum marketers.

The Senate also adjourned till June 6 for its valedictory session.

The approval of the subsidy payment followed the adoption of the report of the Senate Committee on Petroleum Downstream on the Promissory Note Programme and a Bond Issuance for Oil Marketers Outstanding Claims.

Presenting his report, Ma ra f a sa i d t h i s ha s brought closure to the issue of subsidy arrears

claims by oil marketing companies.

Some of the oil marketers are AA Rano, ASCON, Aiteo, Total, MRS Oil & Gas Limited, Sahara Energy, Oando plc, A-Z Petroleum, Masters Energy, Northwest Petroleum, Fresh Energy, Forte Oil, Integrated Oil, among others.

The upper legislative chamber had on Tuesday approved the sum of N69 billion as oil subsidy claim for Premium Motor Spirit for 19 oil marketers.

Marafa on Thursday observed that there were differences in submissions made by the Federal Ministry of Finance, Petroleum Products Pricing Regulatory Agency (PPPRA) and oil marketers.

Th e Ma ra f a re p o r t pointed out that all the subsidy arrears claims were based on three interrelated elements: subsidy, forex differentials and bank interests on unpaid Continues on page 35 www.businessday.ng

L-R: Adedamola Kuti, controller, Federal Ministry of Works; Babajide Sanwo-Olu, governor, Lagos State; Obafemi Hamzat, deputy governor; Kayode Opeifa, former commissioner of transport, and Ivan Bekker, managing director, HITECH, during the governor’s Pic by Olawale Amoo visit to Apapa Wharf in Lagos, yesterday.

Sanwo-Olu in Apapa, assures of improvement in gridlock within 1 month …says permanent solution lies in Badagry, Lekki ports devt CHUKA UROKO & JOSHUA BASSEY

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s a demonstration of his concern for the plight of Apapa residents and businesses over the suffocating congestion and grinding gridlock in the port city, Babajide Sanwo-Olu, the Lagos State governor, visited Apapa within his first day in office and assured of his commitment to finding solution to the problems.

The governor said that, in the immediate to short term, precisely in the next one month, there would be improvement in the Apapa situation resulting from collaborative efforts of the federal and state governments.

He noted, however, that

the permanent solution to the congestion and gridlock in Apapa would come from the development of the dry port in Badagry and the deep seaport in Lekki, explaining that these would help to decongest Apapa by moving traffic away from that side of town.

The new governor, who was at the Lilypond Container Terminal, the Apapa Port and the Tin Can Trailer Park in the course of his visit, noted further that Apapa problem was multi-faceted and so required combined efforts of the federal and state governments, the security agencies and other stakeholders.

Sanwo-Olu was not particularly happy with the occupation of the 2.3-kilome-

tre Wharf Road which was reconstructed recently by Dangote Group, Nigerian Ports Authority (NPA) and Flour Mill Nigeria, saying the road was no longer serving its purpose or adding any value to motorists.

He hoped that when the Tin Can Trailer Park was completed and opened to trucks in June as promised, there would be improvement in the traffic situation in Apapa. The trailer park which has been under construction since 2010 is expected to accommodate 400 trucks, and that will be a big relief.

Perhaps, Apapa situation would not have been as messy as it is today if the right things were done. The governor was told by relevant

stakeholders that there was a disconnect among the NPA, the terminal operators, the truck owners and the shipping companies, especially with the call-up system.

It was observed that each of them worked in silos or all worked at cross-purposes. While the truck drivers rushed to bring back empty containers to avoid paying demurrage, the shipping companies, especially AP Moller, do not open their gates to the truckers, forcing them to park indiscriminately on the road.

But Sanwo-Olu assured that the state government would work closely with the Federal Government and the private sector operators Continues on page 35

Chinelo Anohu-Amazu, ex-PenCom DG, gets Board appointment in UK

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hinelo AnohuAmazu, former director general of the National Pe n si o n Co m m i ssi o n (PenCom), has been appointed on the board of the University of Edinburgh Business School, Scotland.

The University said on its website that Anohu-Amazu was appointe d a l o n g s i d e Jo a n n e O’Callaghan, vice president of State Street Global Services.

“Chinelo Anohu is a lawyer and immediate past Director General and CEO

of the National Pension Commission (PenCom), Nigeria,” her bio on the website read.

“She currently advises multilateral policy institutions as well as the private sector on the strategic deployment of finance for impact, and serves on the London Stock Exchange

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Africa Advisory Group.

“Chinelo has already worked with the Business School’s Sustainable Business Initative in the embedding of sustainability principles and practice in the investment of pension funds in Africa.”

Commenting on the appointment, Wendy Loretto, dean of the Business School, said: “Our International Advisory Board provides independent advice, ensuring we remain outward-looking and innovative. We were delighted to hear from Chinelo and Joanne at @Businessdayng

their recent first meeting of the board.

“Our board now comprises 14 external members, almost half of whom are women. We look forward to benefiting from their deep and international experience at senior level.”

Anohu-Amazu’s was axed from PenCom leadership on April 13, 2017 against the rules and regulations on her appointment.

The former PenCom boss was succeeded by Aisha Dahir-Umar who has been at the helm of affairs in an acting capacity.

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NEWS ‘Buhari’s achievements surpass previous govts in South South’ OWEDE AGBAJILEKE, Abuja

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enator representing Delta Central in the National Assembly, Ovie Omo-Agege, says his constituents benefited immensely from President Muhammadu Buhari’s first term in office like no other administration had done.

The APC lawmaker, who is also contending for the position of Deputy Senate President in the incoming ninth Assembly, congratulated the President on his swearing-in for second term in office.

A s t at e m e nt by Bi l l y Egbe, on behalf the senator’s office on Wednesday in Abuja, listed some of the achievements of Buhari in the last four years in the South South geopolitical zone to include: Federal University of Petroleum Resources, Effurun (FUPRE); payment of pensions to former staff of Delta Steel Company (DSC); ongoing dualisation of the AmukpeEku-Agbor-Ewu expressway; funding of the Federal Maritime University, Okerenkoko; construction and successful commissioning of the Itakpe-Ujevwu (Udu)

standard gauge railway line and implementation of the government’s Social Investment Programmes (SIPs).

“S e nat o r O m o -A g e g e notes with a great sense of gratitude that Mr. President’s first tenure has been markedly beneficial to our people. In terms of infrastructural development, attention to progressive and peoples-uplifting policies, and upholding integrity as a necessary element of good governance, no federal government in the recent past has shown fidelity to its promises to the Urhobos and the South South in general like the government of President Buhari.

“While wishing Mr. President and our very dear Vice President Yemi Osinbajo, GCON, (SAN) a very successful second term in office, it is our prayer that the good expectations of our people and all Nigerians would be realized in the NEXT LEVEL. “For sure, our support for your leadership is iron-cast because we infinitely trust your patriotism, sense of integrity and fine character as a statesman and President,” the statement read.

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Forgery: Appeal Court sets aside judgment African stars take centre stage at UEFA Champions League final disqualifying Adeleke’s candidacy old has played 12 Champions Anthony Nlebem Felix Omohomhion, Abuja

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buja Division of Court of Appeal, Thursday, set aside the judgment of an FCT High Court sitting in Bwari, which nullified the candidacy of Ademola Adeleke, the Peoples Democratic Party (PDP) candidate in the September 22, 2018, Osun State governorship election.

Justice Emmanuel Agim, who read the judgment, said Bwari FCT High Court lacked territorial jurisdiction to entertain the case.

Justice Othman Musa of the FCT High Court Abuja, had on April 2, 2019, invalidated Adeleke’s status as PDP governorship candidate following a suit challenging the authenticity of the credentials Adeleke presented to the electoral body.

Wahab Raheem and Adam Habeeb, both of the Osun chapter of All Progressives Congress (APC), instituted the suit, accusing Adeleke of not possessing the requisite educational qualification.

Justice Musa had upheld their submission, averring that Adeleke presented forged certificate to his party and the Independent National Electoral Commission (INEC) for the purpose of the governorship election.

However, in Thursday’s judgment, the Appeal Court said aside the fact that the trial court lacked

territorial jurisdiction, the suit was filed out of time and judgment given outside the mandatory 180 days.

“I hold that the appeal is clearly spent, the trial court lacked territorial jurisdiction to entertain the case, so the appeal is resolved in favour of appellant.

“Only Osun State High Court has the jurisdiction to trial the case. The case is filed out of time and judgment given outside the mandatory 180 days,” the court held.

Justice Agim held, “For the fact that INEC has its headquarters in Abuja, where Adeleke’s name was presented for the election, does not confine jurisdiction on an FCT High Court.”

On the issue of certificate forgery, the Appeal Court said the trial court failed to evaluate properly the evidence presented before it by the applicant (Adeleke).

Agim held that a trial cannot be fair and just when a judge ignores and fails to valuate evidence properly.

According to Agim, the judge of the lower court was wrong to have relied on few evidence to arrive at his conclusion.

He said with facts before the court, Adeleke attended Ede Muslim School, Oshogbo, and obtained the mandatory West Africa Examination Certificate (WAEC).

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he power of African football will be on display on Saturday when Liverpool take on Tottenham Hotspur in the final of the UEFA Champions League (UCL), the world’s most prestigious club competition.

Liverpool boast the trio of Egypt’s Mohamed ‘Mo’ Salah, Senegal’s Sadio Mane and Cameroon’s Joel Matip, who will lead the charge for what will be the Reds’ sixth victory in the competition and the second since being renamed the UEFA Champions League.

Mane and Salah, who both got 22 Premier League goals, form two-thirds of Liverpool’s dreaded front three, while Matip is the other half of the muchcelebrated central defensive partnership with Holland’s Virgil van Dijk.

Salah will hope to banish the hurt suffered in last year’s final, when he suffered a shoulder injury early in the game, a development that affected his performance at the 2018 World Cup with Pharaohs in Russia. The Egyptian superstar has only four goals in 11 Champions League games this season.

Mane, Senegal’s speed and goal demon was impressive in the Premier League. The 27-year-

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League matches, scoring four goals. Matip has risen from a bit-part player to an integral part of the team, which conceded the fewest number of goals in the Premier League, is likely to start the final.

On Spurs’ side will Cote d’Ivoire’s Serge Aurier and Kenya’s Victor Wanyama, who have not been used regularly in the Champions League this season.

The match billed for Atletico Madrid’s 67,000-capacity Wanda Metropolitano Stadium and scheduled for live broadcast on all DStv packages as well as GOtv Max and Plus packages, will see Africa’s biggest soccer exports on both sides.

Aurier, a vastly experienced right-back, has played only five Champions League games, while Wanyama, a defensive midfielder, has been on the pitch for only 292 minutes, but may get a game on Saturday as he will be expected to keep Mane.

The UEFA Champions League final broadcast will include half hour highlights of the four semi-final games; the official UEFA Champions League preview show at 6:00pm; the studio build-up including crossings from Madrid at 6:30pm; and then the live match from 8:00pm.

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Making hardware a little softer: Notes from hardware Lagos’ datasheet conference

Chuma Asuzu

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bout four years ago, I acquired a 3D printer to assist my mechanical design work and listed it online for potential clients to send me design files to be produced.

At that time, there were only two people in Nigeria doing this: Stampar3D in Isheri, Lagos and my outfit in Yaba.

In the same year, two colleagues and I started to develop a sensor that could measure the amount of fuel in any automobile and send those results to a mobile phone. Our solution was a response to fuel meter tampering at filling stations. We wanted clients to know exactly – in litres – how much fuel they bought. Our technology had its flaws, but it worked really well.

What we didn’t know how to do was develop that prototype to a product

that could be manufactured.

The reasons for this can be summed up in one statement: making proprietary hardware is hard, but in Nigeria it can be almost impossible.

I recall a sunny afternoon walking through a spare parts market looking for an M2.5 screw (a screw with a diameter of 2.5mm) and no one had it.

We were lucky to go to Nairobi to show our technology at the American Society of Mechanical Engineers’ Innovation Showcase and saw Kenya’s hardware development scene up close. It was different: there were a maker spaces available to help wouldbe inventors’ prototype parts and even investors funding hardware development. When we got back to Lagos we knew we had to do something to improve the outlook.

We called it Hardware Lagos, a community of makers and entrepreneurs attending meetups. In three years, we have organized eight events and have grown from 12 people attending the first one to running out of seats at Capital Square, Ikoyi – who hosted us for many of our meetups.

In the earlier meetups, the conversation focused on technical details.

How could we make products or prototypes with the tools we had? Who had special tools? What resources were available in the community?

In the later meetups, the conversations have changed. Now, members of the community are concerned with manufacturing, developing relationships with overseas partners, market sizes and market research.

There are other things that have shaped the conversations. We have seen members of the community get jobs and internships as a result of attending events and networking, and we have seen startups come to the event to attract talent. We have also seen would-be founders look for partners.

In April 2019, we organized our first conference which ran for three days from Thursday, April 4th until Saturday, April 6th.

The first two days were dedicated to technical workshops: Developing IoT Mesh Networks, Urethane Casting, Managing a Makerspace and Building off-grid solar power. The workshops were given by technical experts from outfits like Lumkani, the South African company producing alarm systems, and SunHive, the Nigerian solar energy engineering provider.

On Saturday, the focus was different. Business development but for hardware businesses was the theme of the sessions. Here, we listened to a range of speakers. Starting with Ses-

‘

In the later meetups, the conversations have changed.

Now, members of the community are concerned with manufacturing, developing relationships with overseas partners, market sizes and market research

inam Dagadu of SnooCODE telling us about the location-mapping technology which has been used by Ghana’s National Ambulance Service and is being developed to power drones, to Kolawole Akinboye of Rensource Energy giving behind-the-scenes details of their project empowering SME clusters in the Kano with microutilities.

Hardware product development is still pretty tough, especially in Nigeria.

Last year, we ran a survey among our members and saw that while it’s easier to build a prototype than before, it is still painful to move forward with that prototype to a product.

One of the ways we think could help is a mentorship programme where hardware developers are paired with an experienced mentor. The programme will run in yearly cycles with a minimum time commitment for both mentor and mentee. We call it Advisory Board.

Applications are currently open to anyone in Nigeria building a hardware product and has a proof of concept with the plan to go to market. While there is a long way to go for hardware, we want to make its development softer.

Asuzu (@CaptainUnibrow) is a design engineer and co-organizer ofHardware Lagos.

Of debtors, law enforcers, Nigerian banking and international perception Femi Abimbola

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London based economic and political risk analyst that I have known for more than 10 years reached out to me a couple of weeks ago to ask this poignant question: “What’s going on in your country’s banking industry?” I wasn’t sure what he was after this time as he often calls me up to catch up on political and economic developments in Nigeria, whenever he was researching to do a report for clients.

“What are you on about this time around?”

I asked him. “I’m doing a risk assessment for clients who are looking at making some money available to the banking industry and I have come across a lot of reports where the police are being used by debtors to prevent legitimate debt obligations being carried out by the banks.

This is odd and is not good for your country.”

He explained his observation.

In the last few months, there appears to have emerged a new trend where the relationship between some banks and their debtor-customers goes awry over the latter’s failure to keep up with debt obligations. What is even stranger, and this was what the London economic and political risk analyst was alluding to, is that it would appear that the debtors, many of whom have been established to be chronic defaulters, take refuge in some law enforcement agencies, such as the police, the Economic and Financial Crimes Commission (EFCC), the courts, among others. I have seen and followed cases of these agencies appearing to completely ignore the issue of indebtedness of the chronic debtors and then go after banks, particularly their chief executives; in a manner often bothering on harassment and criminalization.

It was only 10 years ago that the world was hit by a global financial crisis, which reverberated in Nigeria and led to some drastic measures being taken, including the setting up of the Asset Management Corporation of Nigeria (AMCON) to take over delinquent debt-assets

from the books of banks to keep some of them afloat. Some banks did not survive the crisis, and even now, the financial system and some parts of the economy are still reeling from its aftermath. The peculiarity of the Nigerian financial crisis, which hit the banking industry hard, was largely due to huge loans gone bad that were given to customers, many of who simply refused to pay because they considered themselves the untouchables in society, who should get away with not observing the obligations that come with borrowing money from the banks.

Law enforcement agencies cannot, 10 years later, after all the noise that went down with the development, claim to have just forgotten or do not now understand that there are obligations tied to loans or bank advancements that are given to individuals and organisations. They cannot have forgotten the thousands of jobs that were lost in the banking industry because of the crisis that resulted from the many debt defaults on account of this behaviour. It would seem that the new tactics being applied is to create as much embarrassment as possible for banking executives, especially their chief executives, with a view to forcing the hands of these banks. The goal, it is now clear, is to force the banks to stand down from pushing forward with collecting what a chronic debtor owes. This cannot be what the various law enforcement agencies involved in this act want to see themselves being used for at this time of Nigeria’s development. It leads to asking the question, how much of the matter do these enforcement agencies really know in the cases between banks and debtor-customers before they step in to invite bank executives for the purpose of this orchestrated harassment?

It is obvious that there is a less than adequate understanding on the part of different law enforcement agencies about the issues involved in the matter between the two parties, especially the simple matter of customer obligation over loans taken from banks. Or they are deliberately choosing not to understand them with that strangeness of the Nigerian kind. Here is a simple scenario. A customer

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walks into a bank for a facility, which is availed to him with certain obligations to perform. A loan agreement is signed with all parties, including lawyers present and counter-signing, and clearly stated actions the lender can take to recover its money when the debtor fails to meet the obligation. What is now playing out is that at the point where the bank is exercising these actions, some law enforcement agencies are showing up with a chronic debtor to accuse, not just the bank, but its executives (obviously aimed at maximum embarrassment), of some indiscretion. In logic this would fall under some fallacies.

There is something particularly unwholesome that this development brings for the Nigerian economy, the banking industry and the executives who run banks. It is unhealthy for the economy because we are having law enforcement agencies appearing to provide a cushion and take sides with recalcitrant and chronic bank debtors, providing them a platform to avoid fulfilling their obligations on loans they obtained with their eyes wide open.

For the economy, it is important that this situation should immediately attract the attention of its managers and the relevant authorities as it could easily lead to a gradual build up to the crisis of 10 years ago.

The international financial community feeds on information and information shapes perception. This new method of handling chronic debt matters, where the debtors appear to enlist the police, courts and others, sometimes including the EFCC, on their side so as not to meet their obligations is veritable ground for negative scores on the reputation table for Nigeria, its economy, its banking industry and its bank executives who are supposed to relate with their counterparts across the world on deal negotiation tables. While we are here hyping some banks, their CEOs and other executives as some of the best in the world for their performances, the stories the world is reading and seeing especially on social media are that they are routinely invited based on some rather strange charges raised by debtor-customers before law enforcement agencies. In many cases

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they are accused of such a serious reputation damaging act as theft of their debtors’ goods.

Some credit scores are damaged by this kind of information and they come into play in different global board rooms when determining whether an on-lending facility should come to Nigeria or go elsewhere. If a CEO who has been harassed in this manner, because he or she has been accused by a chronic debtor, whose collateral has been exercised for falling behind on his obligation, is sitting in a board room in London or New York or Hong Kong trying to negotiate an on-lending facility for his or her bank, how is he or she expected to look when asked to explain a report of theft contained in a risk analyst’s report? He will look small and embarrassed, of course! And that would rub off on Nigeria.

It is, therefore, being advocated here that this is a matter the relevant authorities must look at seriously. While the authorities are yet to wake up to this developing danger to Nigeria’s economy and its reputation, the group being directly targeted by this, the banking industry, has an onerous responsibility to act. Chronic, defaulting debtors who go from one bank to another throwing their political, economic connections and supposed business weights around to secure loans are well known. But the lack of cooperation among banks, driven by the cut-throat competition among them, is allowing this to carry on. It, therefore, calls for cooperation and collaboration to identify and blacklist such well known loan offenders, who think they can use law enforcement agencies to avoid meeting their obligations. Cooperation and collaboration will allow for a list to be developed, a black book, more or less, with banks sharing information, and refusing to lend to these types of borrowers who are fund of hopping from one bank to another, once they are caught out by one financial institution or the other.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Abimbola, an economic analyst writes from Abuja.

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How democracies die THE NEW WEALTH OF NATIONS

Obadiah Mailafia

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t takes years to build an architectural masterpiece but only hours to destroy it. The same can be said of democracy. Democracy has been described by the British political philosopher Michael Oakeshott as a part of “the great conversation of mankind”.

A rather awkward and sometimes chaotic conversation. War-time British Prime Minister Winston Churchill described it as “the worst system of government – except for the others”.

Two scholars from Harvard’s revered Department of Government, Steven Levistky and Daniel Ziblatt, have tried to show us how to kill a democracy be degrees: How Democracies Die (Penguin 2019). The key message is that twentyfirst century democracies are in mortal danger. The rise of populism in Europe and the emergence of Donald Trump in the United States spell trouble for democracy as we’ve known it in the liberal West. The authors draw insightful lessons from Pinochet in Chile to Hugo Chavez in Venezuela and Erdogan in Turkey to paint a grim tapestry of how democracies are killed by authoritarian leaders.

In the twentieth century fascist demagogues like Adolf Hitler in Germany and Benito Mussolini in Italy used the democratic process to climb up the greasy pole of power, after which they kicked away the ladder. In the case of Germany, the pre-

war Weimar Constitution, according to historian Golo Mann, was one of the best constitutional documents in the annals of civil government. But constitutional writs in themselves do not protect against tyranny. In January 1933 Hitler and the National Socialists won elections through a democratic process and then proceeded to dismantle all democratic institutions, muzzling the process and bullying opponents into submission.

One of the first people who saw through the entire evil scheme was a young theologian barely in his twenties by the name of Dietrich Bonhoeffer. In a radio broadcast in Berlin the young Bonhoeffer denounced the Nazi Fuhrerprinzip as a godless ideology that could only end in idolatry. Before he could finish his broadcast his voice was cut off. In April 1945 Bonhoeffer was among those executed by the Nazis for plotting to remove Adolf Hitler.

Democracies die from bad leaders who come into power through democratic means while working up the people to a crescendo of frenzy through charisma and populist rhetoric. Populist leaders always claim to be fighting corruption; a subterfuge for power-grabbing and enforcement of a culture of silence over state and society.

Hugo Chavez, for example, was a young officer from the lower middle classes of oil-rich Venezuela. He had staged a failed coup in February 1992.

He was on trial awaiting execution when his populist tongue-lashing against the ruling oligarchs drew the mobs to his side: “It is difficult to ask the people to sacrifice themselves for freedom and democracy when they think that freedom and democracy are incapable of giving them food to eat, of preventing the astronomical rise in the cost of subsistence, or of placing a definitive end to the terrible scourge of corruption, that in the eyes of the entire world, is eating away at the in-

stitutions of Venezuela each passing day”.

The greatest danger faced by democracy in our time is not only the rise of political Islam and Salafi fascism; it is also the rise of leaders who camouflage their wickedness in the pernicious grammar of assent: fear, the cult of personality, populism, appeasement and pandering to the demons of Global Jihad.

Levitsy and Ziblatt point to the erosion of what they term “the guardrails of democracy”, such as the Electoral College in the United States which was put in place

by America’s Founding Fathers to guide against the emergence of demagogues.

They show how these “guardrails” are failing; as exemplified by the emergence of Donald Trump, a xenophobe who has taken America away from the path of multilateralism that made the United States the leader of the free world since Woodrow Wilson, John Fitzgerald Kennedy and Barack Obama. Under Trump, the enduring civic virtues of American democracy have been weakened while the rules of the game and the civility of adversarial politics are being turned into a form of warfare. Trump has implicitly encouraged racism and personal attacks on opponents as fair game. The liberal media is also being muzzled.

The roots of democratic collapse lie in poor leadership, institutional-structural factors, and, of course, the original sin of corruption. During Nigeria’s First Republic, the factors that contributed to the collapse of Nigeria’s first republic during 1960-1966 were: the unwieldy federal structure in which the Northern Region dominated the “tripod”; undermining the first rule of federalism, i.e., that no one region should be as powerful as to overwhelm the others. Secondly, the violence and insecurity in the West that was partly encouraged by the central government. Intrigues and nepotism within the military and civil service and corruption, were another factor. The im-

‘

The greatest danger faced by democracy in our time .... is the rise of leaders who camouflage their wickedness in the pernicious grammar of assent: fear, the cult of personality, populism...

prisonment of Chief Obafemi Awolowo under trumped up charges was another determinant, in addition to widespread rumours – whether real or imaginary -- about a coming genocide against the Middle Belt and the South to pave the way for the declaration of a Sharia state.

In 1983, very much the same process virtually repeated itself. Shehu Shagari was a weak leader who handed over the reins of power to the likes of Umaru Dikko, his powerful minister of transport.

Federal buildings were going up in flames to cover up grand larceny by politically connected persons. There was great suspicion that the presidential elections were massively rigged. The police under Inspector-General Sunday Adewusi killed thousands of innocent citizens. Nigerians were groaning for a Moses to come and rescue them from captivity. Obafemi Awolowo himself retreated to his Ikenne hometown, taking refuge in mysticism; bleakly prophesying that the ship of state was “heading towards a rock”.

In the year of our Lord 2019, Nigeria’s fledgling democracy is in greater danger than it was in 1966 and 1983. A young Hausa-Fulani Muslim woman recently laments that democracy under the present dispensation is nothing less than a “curse”.

We have become like disembodied ghosts that wander aimlessly in the primeval savannah. There is an epidemic of suicide by patriots who have given up hope entirely.

The youth are all plotting how to relocate to Canada.

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

Culturally yours

Olamide Balogun

S

ome years ago Steve Jobs said: “Your work is going to be a large part of your life and the only way to be fully satisfied is to do what you consider is great work and the only way to do what is great work is to love what you do. If you have not found it yet keep looking, don’t settle.

As with matters of the heart you will know when you find it. And like any great relationship, it just gets better and better as the years roll on and so keep looking until you find it, don’t settle.”

Without a doubt people are the ones who make a great company not the machines or products. A great company builds a team of people committed to the same purpose and passion, which we can also call culture.

To build a great company culture is a lot of work. As we said the last time , if you don’t build by deliberate design , the company will take on by default the personality of your most vocal employee.

Define your values and try not to have them include innovation, team work, striving for excellence, integrity and passion. A change management guru once described the above values as very unimaginative, uninspiring and bland. These words don’t work because people don’t internalize these things. A free tip here. Dig deeper, think differently when crafting your culture.

A company once did a reality show experiment to help define and ingrain their culture. They told

their employees that they would be filmed every minute of every work day for a month and there would be no audio just actions. They then told them what values they wanted them to be known for. They then chose three people who best embodied these values on film and it was a film that was watched often by all staff thereby ingraining it into their DNA. Are your values distinguishable, are they different? Are you obsessed with them? Will these values outlive you? Can you actually live them everyday? Are you willing to sacrifice profit to protect your values?

Clearly you need to be hiring for your values.

Culture fit must come before skills fit. We always say in the recruitment world that you usually hire for skills but fire for attitude. You have to be careful not to hire complainers and you can know who these are by careful questioning during the interview.

Have a matrix. High level performers and low level performers. High level performers who live the values and those who don’t live the values.

Low level performers who don’t live the values and those who live the values. Obviously high level achievers who live the values are the ideal.

Low level ones who live the values can be coached.

For sure the high level achievers who don’t live the company values need to be shown the door.

They will skew the culture you have taken so much trouble to build Live your values every day. There is a company that communication and transparency is a value and so they have a meeting everyday at the same time for a short length of time. A selected person gives the report for the unit. Everybody therefore knows exactly what is going on in each department all the time. There are no silos or information gaps.

People who need to be celebrated are celebrated publicly.Hmmm I wonder!

There are always benefits to have an element of fun in your culture. Many people thrive with hu-

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mor and it is good for wellness. Value continuous improvement, imbibe a learning culture.

Also make sure that you give meaningful rewards. So there is the Google example. Most organisations have a bring your children to work day. However Google realized that most of their employees were very young and had not started their own families. So instead of having a bring your child to work day, they instituted a bring your parent to work day.

Create a sub group within the organisation that is the custodian of the company culture. They have their jobs but this will be a committee that sits to decide the suppliers to use that will align with the company values. This committee will be in charge of planning company events and CSR if the organization does any.

The average person spends more waking hours at work than anywhere else. They would rather be in a place that feeds them rather than a place that depletes their energy.

So a five step culture development plan in a nutshell. First is that the entrepreneur or leadership of the organisation should define which type of people they want to be around and a values model with reciprocal behavior.

Hire players who have both competence and values Develop a very strong model for accountability and reward people who are doing a good job for the organisation.

There must be an understanding that their people are their brand and as I have said before it must be a continuous improvement model.

Leaders drive the values of an organisation.

These values drive behavior and the behavior becomes culture.

So there are many stories of amazing cultures.

Take one from South West airlines in the United States. A man’s grandson was in an accident and likely to die so his daughter (the mother of the boy) asked him to fly down to see him before the

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life support machine was turned off.

He rushed but missed the flight but when the airline heard the story, they flew him alone on a plane because they wanted to make sure he got to his grandson on time. The over forty thousand airline staff live the value of the golden rule which says do unto others as you would want them to do to you.

There is another story of a baby that was born missing part of his brain. The young mother knowing that she could not care for him, gave him up for fostering. One of the nurses took a leave of absence to take the baby home to care for him till he died. She was later employed by a company that had the value of compassionate care of people.

Another story was the front desk officer of a hotel chain that took the clothes of a guest home when she closed and laundered them and brought them back in the morning so the guest who had an important meeting that morning but his luggage did not arrive with him on his flight and the shops were closed. This was clearly above the call of duty but the value of the hotel chain was to meet the needs of their guest at any cost.

There are many stories of where the culture of the organisation was well defined and ingrained into each member of staff. Organizations need to know that employees will no longer settle for mediocrity and boredom. When things are not properly articulated such organisations don’t last and are very stressful to run.

What is your culture.? Don’t leave it to chance or luck.

Congratulations on another inauguration week. Where there is life there is hope.

I apologize for inter changing between company and organisation. They mean the same thing.

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

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Friday 31 May 2019

BUSINESS DAY

Editorial Publisher/CEO

Frank Aigbogun editor Patrick Atuanya DEPUTY EDITORS John Osadolor, Abuja Bill Okonedo NEWS EDITOR Chuks Oluigbo EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, STRATEGY, INNOVATION & PARTNERSHIPS Oghenevwoke Ighure GENERAL MANAGER, ADVERT Adeola Ajewole ADVERT MANAGER Ijeoma Ude FINANCE MANAGER Emeka Ifeanyi MANAGER, CONFERENCES & EVENTS Obiora Onyeaso BUSINESS DEVELOPMENT MANAGER (South East, South South) Patrick Ijegbai CIRCULATION MANAGER John Okpaire DIGITAL SALES MANAGER Linda Ochugbua

When success is a crime: MTN and EFCC harassment

N

igeria has an uncanny proclivity for pressing the ‘self-destruct’ button anytime it appears the countr y is making progress. That is the how best to describe the recent harassment of MTN by the Economic and Financial Crimes Commission.

It was not long ago that the Nigerian government and regulatory agencies descended on South African telecommunication mobile giant, perhaps, the only most successful and biggest non-oil investor in Nigeria till date, with a raft of disproportionately severe fines and sanctions seen mostly in the international investment circles as an attempt to chase away the most successful foreign investor in the country. But it appears, the government or its agencies have decided the company would know

no peace operating in Nigeria and have again resorted to another round of harassment and intimidation often based on some spurious allegations that are not too difficult to dismiss.

Last week, the EFCC invaded and shut down the headquarters of the company in Ikoyi ostensibly to investigate allegations of share price manipulation by the company.

Pray, how do you investigate share price manipulation by shutting down the office of a company? Why don’t they go to the Nigerian Stock Exchange (NSE) where the stocks are listed, or the Securities and Exchange Commission (SEC), the regulator or even stock brokers’ offices where the alleged crimes, if any, were committed? This shows a lack of professionalism and little understanding on how the system works. What is more, MTN’s trading shares and in-

vestors are known and public knowledge; so why the undue harassment?

This cannot do Nigeria any good. Despite the low ratings of the country on the ease of doing business index, the reality of companies and factories closing shop due to the harsh business environment, loss of tax revenues from departing firms is making Nigeria loose huge foreign investments. Yet, the government continues to demonise perhaps the only most successful non-oil sector investor that has shown a determination to do business in Nigeria’s difficult environment. Despite its contribution to both government revenue and the economic development of the country.

Pray, how do you convince investors to return to or even come to a country where one of the few successful foreign businesses is being vilified daily and unduly harassed by the government and its

parastatals?

Thankfully, Nigeria now has such a brand in Dangote investing in other African countries. If positions are flipped, how would Nigeria feel should Dangote be harassed in other countries where he has investments because of his successes?

MTN’s success in Nigeria has become its greatest undoing. True, no company is permitted to flout the country’s rules in the course of doing business in the country. The government and the necessary industry regulators must ensure strict compliance of extant rules and apply sanctions where necessary.

However, the government must not consistently vilify a company doing legitimate business in Nigeria in such a manner as to scare off potential investors, especially at this time when the Nigeria is desperate for investors and is doing everything to attract them.

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Time keeping and timeliness in Nigeria Tales from the main road

Eugenia Abu

I

have recently been talking a lot at different fora about timekeeping and timeliness in Nigeria. I have spoken about it to university undergraduates, civil servants, corporate organisations and non-governmental organisations. I have unfortunately been caught in the middle when this discussion gets in the circle of the international community but I am going ahead of myself.

I am at my wits end when I arrive at an event on time and as soon as I begin to complain about how everyone is late, I am told in more words than one that in fact I am the one who is too early because, you know, someone laughs, you must take into consideration African time. I am incensed and truly offended. Saying you ought to be late because of African time makes us all sound retarded.

I do not believe it when people say it with a grin and a mild chuckle which drives me insane. What exactly is African time? It is meaningless nonsense used to shroud inefficiency and indiscipline. My difficulty is that we bask in it and celebrate it. We arrive at events one hour late and we are waving and cheering and disruptive.

Then we insist on seating upfront instead of shamefully sitting at the back. My father, bless his soul, used to say if you arrive anywhere sit in the back until they invite you upfront. He says and wisely too that if you sit upfront, they might send you to the back and embarrass you. But I digress.

I have observed without let how Nigerians think that arriving late at an event deserves a trophy. It is incredible how airlines have taken us for granted. I wonder why they bother to even schedule their flights because domestic airlines hardly leave on time. I have had the indignity of having several delayed flights from Abuja to Lagos and missing important meetings that have been pre-scheduled. Airlines have formed the habit of not informing you of a delay, not explaining the delay and not apologising. We shout and malign everyone else but ourselves. Nigeria has no critical mass and these things which look innocuous to so many are the things that define us as a nation.

We are in the grip of self-destruction and we are constantly going to Afghanistan to explain away our problems. No one holds anyone accountable. When you step forward to complain or demand an explanation, Nigerians shout you down, shoo you or tell you the delay is God’s will. We are now translating our ineptitude to God. My goodness!

And so one good afternoon, an airline now famous for unbelievable delays set out in its traditional delay tactics and kept us at the Abuja airport twiddling our thumbs for four hours. When the flight was finally

called, hours after its scheduled departure, I was mad as a hatter and had complained to the flight desk throughout the delay. The rest of my compatriots seemed drugged and were good it would seem with the delay. As I boarded I complained to whoever would listen that I had now missed the first day of my meeting. It was clear to me that no other passenger cared as much about the delay except one lady who told me she had constantly experienced the same thing from the same airline.

When I said I would now write a complaint letter to the airline because I had had enough, she guffawed. Bristling with anger, I asked her why she was laughing and she said she had written them and no reply was forthcoming since she wrote four months prior. I was even more upset. Then I asked her what she did for a living. This was for me to buy time to process what she just told me. But the worst was to come.

I held my breath as she responded.”

I am the Namibian High commissioner to Nigeria” It was humbling.

I immediately wore the toga of the Nigerian airline and felt a deep and overwhelming sense of shame. This is what we lack in today’s Nigeria. We have lost our sense of shame and so nothing embarrasses us anymore.

As an airline what qualifies you to remain in operation if you have no sense of time, no sense of shame and no customer service? Your customers are spending hard earned money to keep you afloat and the least they expect from you is to take them to their destination on time. You provided

‘

I have met with many members of the international community... who tell me that doing business with Nigeria at several levels is not recommended because any nation that does not understand that time is money cannot move on to do great things

the schedule which you cannot keep.

More worrisome is the fact that there is a myriad of aviation regulatory agencies, whose job is to ensure the airlines do the needful. More distressing is that Nigerian citizens are ready to take rubbish from every service provider and assign delays and crass inefficiency to God. Time consciousness is one of Nigeria’s biggest banes and reduces our esteem in the sight of other nations. I have met with many members of the international community in my area of field who tell me that doing business with Nigeria at several levels is not recommended because any nation who does not understand that time is money cannot move on to do great things. They add that any nation that wastes hours waiting for an event to start is not worth its weight in gold, any nation who has to wait for a big man for 2 hours before an event starts cannot be taken seriously by the comity of nations. Then they add that the most respected and successful nations keep time.

As a high level moderator, I would often arrive at my duty post one hour or more ahead of the programme start. That is the professional thing to do. Usually there will be no one in the hall, except the DJ. At 15 minutes to the event, much to my embarrassment, people will begin to hang backdrops. Where were they two hours ago? African time? Such arrant nonsense!

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

A beautiful soul and the black dog: A review of the book ‘Dust to Dew’ by Betty Irabor HumanAngle

Femi olugbile

B

etty Irabor is a winsome lady who is well-known in celebrity circles in Nigeria. She is a journalist, and the publisher of the well-regarded magazine ‘Genevieve’. She is a powerful influencer among the young, especially the females, who see her as a pace- setter. The one person she reminds you of, reading her book, is a lady whom she mentions in the book as one of her own influencers - May Elen Ezekiel, or ‘MEE’ to countless Nigerians. MEE was like everyone’s naughty, brilliant sister. One of the most courageous people you ever met, she routinely said things that other women would rather die than say. She wrote beautifully, and when she flashed that smile that showed off a gap in the side of her teeth,everybody – even the hidebound barely literate military brass who ruled the Nigeria of the day, shook their heads and left her well alone. A major MEE weapon was her readiness for self-disclosure. When she wrote casually in her column that before she finally found the love of her life - RMD, she carried a condom in her handbag as she went about her daily business, just in case, not even

the most puritanical Christian or the most stiff upper lip male chauvinist could attack her.

She was MEE, and she was just being practical and honest. Her reading audience lapped up everything that she wrote, and always looked in every piece for the nugget of salacious self-disclosure. Most of the time there was nothing salacious, just common-sense practical self-help of a Nigerian girl trying to make her way in the world. Expectedly, MEE cut right up through the ranks like a hot knife through butter, eventually founding her own magazine which she called Classique. Sadly, she died early.

But this is not a review of MEE’s life, or the book she never wrote.

This is a review of ‘Dust To Dew’, a book by Betty Irabor. Betty started the ‘Genevieve Pink Ball’ initiative to create awareness about the scourge of Breast Cancer, and she is the publisher of the longest-enduring glossy lifestyle magazine in Nigeria.

The thread that runs through ‘Dust To Dew’ is Betty’s struggle over several years with ‘the black dog’ of depression. The illness started soon after her fiftieth birthday, and the story of her life from then was a struggle to get her life back.

The Foreword by Kadaria Ahmed, and the ‘Afterword’, by Betty’s husband, Sony, give the picture of a woman who has made her way in society, generating much affection and admiration along the way. At the time Betty first succumbed to depression, she had all the appurtenances of success. She had founded her dream magazine, which was flourishing.

She had a doting husband and loving children. www.businessday.ng

Her friends adored her. Journalists jostled to photograph her when she walked the red carpet in society functions.

When depression took over, she would spend entire days in bed, the duvet pulled over her head, and the curtains drawn to avoid any ray of sunlight. Sleep was impossible. She lost a massive amount of weight. She felt disconnected from all the things she loved - her work, her social life, even God. She avoided her friends.

On a particular birthday she locked the gate of her house and instructed her security-man not to open for anyone, on the pain of a sack.

She made the round of hospitals and doctors, including psychiatrists, but she was generally discontented by the way they treated her. Nobody, she felt, really understood. Nobody was truly listening to her.

But ‘Dust to Dew’ is not just one gloomy story of depression. It is also the story of a ‘Lagos girl’ who made good. Born to a policeman father who lived in Obalende barracks, she spent the early part of her life walking to school and happily running errands or playing with her friends in the neighbourhood. She attended Methodist Girls High School, Yaba, where she discovered a talent for the Hurdles.

She won a Lagos State competition and was chosen to represent Lagos in a national athletics competition in Jos. A man came along and told her she was an Osagie from Bendel State and she should be competing for her ‘native’ state. He offered her a scholarship to switch allegiance. She was a Lagosian, she averred, and she already has a scholarship.

There are the not-so-happy details of her

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childhood – the separation of her parents, going to live with her mum in a one-room ‘face-me-I-face-you’ apartment in Ebute Metta, wanting but not succeeding to have a relationship with her father, and the death of her brother Eddy in a Sickle Cell crisis.

What comes through in Betty’s book is an uncowed spirit fighting through a dark corridor to wrest her life back from the grip of a disease that troubles up to one fifth of all mankind at some point. Eventually she found a female psychiatrist who was a good listener and with whom she was able to connect.

And now?

Betty is back, on the red carpet, on the celebrity pages of newspapers, and among her doting family.

‘Dust to Dew’ is a story of survival. It helps to demystify depression by describing it from within. Betty is effectively taking on the role of ‘Ambassador for mental health’ and should be acknowledged as such even by the mental health establishment. Her story and her reach would help with the anti-stigma campaign.

Nollywood films, which are filled with depictions of mental illness that send the wrong message, could be a starting point for public education.

Betty, and the group of people like her known as (service-) ‘users’ are, all over the world, taking the driving seat in shaping the message of Hope.

Dust to Dew published by Quramo Publishers, is recommended for general reading.

Femi Olugbile is a Writer and Psychiatrist.

Comments to synthesiz@gmail.com’

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Friday 31 May 2019

BUSINESS DAY

cityfile PLWD appeal for recognition in Oyo REMI FEYISIPO, Ibadan

P

No compliance: Despite the order from the presidency, the truck drivers are still adamant, occupying the Ijora/Apapa Bridge yesterday. Pic by David Apara

state.

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state,” he said, adding

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donates to Stolen son reunited with Group sickle cell patient parents after 7 years IDRIS UMAR MOMOH, Benin

T

he police in Anambra say they have recovered and reunited a child identified as Mmerichukwu, who was stolen at the age of seven in 2012 with its parents.

Spokesperson of the police in Anambra, Haruna Mohammed, said that the child was stolen from the biological mother, Jennifer Azubuike.

“On May 29, at about 06:30a.m., following intelligence report, police detectives attached to the

command’s Special AntiRobbery Squad (SARS) arrested one Ifeyinwa Ezename, 50, and Caroline Mbonu, 75.”

Mohammed said the two suspects had in 2012 conspired with one David Nwachukwu, now in prison custody and stole one Mmerichukwu Okoli, male, seven years old from his biological mother, Azubuike Jennifer.

“Consequently, the stolen child was recovered and reunited with his parents,” Mohammed stated.

He added that another

eight-year child simply identified as Ifeoma was equally rescued from the suspects, who could not give satisfactory account of the child.

In another development, Mohammed said the command also arrested a ‘one-chance’ armed robbery suspect inside a commercial tricycle and recovered a fabricated revolver pistol and one life ammunition.

“On May 28, at about 10:22p.m., police operatives attached to ‘Operation Puff Adder’ in con-

junction with a patrol team attached to Awada division arrested one Stanley Ekegbobe, 31.

He added that the suspect was intercepted inside a Keke NAPEP during a stop-and-search at Ezeiweka road by NEPA junction, Onitsha.

“On sighting the police, the suspect took to his heels but was overpowered and arrested,” he said.

Mohammed said all the suspects would be prosecuted in court after investigations are concluded in the cases.

FCT villages lament absent of public school, power supply

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esidents of Kpaduma and Kobi villages, Asokoro extension, Abuja have called on the government to provide schools and electricity in their communities.

The residents spoke on Wednesday, as part of their expectations for the second tenure of President Muhammadu Buhari.

Abdullahi Mohammed, a resident of the area said he had been living in the community for over 20 years without enjoying any form of government presence.

“Despite the fact that the community is within the metropolis of the Federal Capital Territory (FCT), we have never enjoyed the benefits of the government.

He decried the absence of public secondary school in the area, a situation that forces the children to trek a long as Barracks and Maitama to acquire education.

Mohammed therefore called on the government not to use this second tenure to focus on infrastructure development in communities that lacked www.businessday.ng

adequate government presence.

Another resident, Irimiya Sunday, blamed the high rate of school dropouts, teenage pregnancy and crime in the community, to the absence of schools.

“If we had schools, a lot of children will be engaged, and there will be no time to engage in criminal or immoral activities. It will also reduce the hardship on the parents in the community, who are mostly farmers, petty traders and labourers.

Juliana Musa, also a res-

ident, appealed for power supply in Kpaduma, as it would improve their lives and businesses.

“Our appeal is that President Buhari, political representatives and electricity company should put an end to this darkness.”

Also speaking, Blessing David, said “we have to walk far distances to fetch water from a river or buy from people, who drilled borehole. The government should come to our aid.

We need, schools, electricity, water and healthcare facilities,” she said.

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R

eprieve is gradually coming to a blind sickle cell patient, Uyiosa Efinonayi, as a Benin-based socio-cultural organisation, Benin Indigenous People Assembly, (BIPA) has donated N300,000 for his medical treatment.

The 31-year indigent patient, who was recently diagnosed of avascular necrosis, needs N5 million to undergo hip replacement surgery.

Speaking with newsmen after receiving a cheque of N300,000 from his benefactors, Uyiosa said he started suffering from the ailment in June 2018.

Th e 2 0 1 4 g ra d u at e of University of Benin, w h o h a i l e d f ro m Is i , Orhionmwon local government area of Edo, said the surgery is to correct the dead bones around his hip joints.

He commended BIPA for the gesture, even as he appealed to the state @Businessdayng

government and other well-meaning Nigerians to come to his aid.

Earlier while presenting the cheque, Solomon Arase, a former Inspector-General of Police and a patron of the organisation, described Uyiosa’s condition as pathetic.

Arase said the N300,000 donation was t o g i ng e r o t h e r w e l l meaning Nigerians, particularly Edo people and the state government, to contribute to the medica l w e l l - b e i ng o f t h e patient.

“The purpose of this event is to attract other people to contribute to the project. We are going to continue to appeal to other public-spirited individuals to assist this young man. We really want to assist him.

On his part, the general secretary of BIPA, Orobosa Omo-Ojo, said the group heard about the patient’s plight, and as a socio-cultural organisation geared towards promoting the well-being of Benin people, decided to lend a helping hand.

Friday 31 May 2019

BUSINESS DAY

COMPANIES & MARKETS

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Comercio partners Huawei to increase awareness on Cloud computing

COMPANY NEWS ANALYSIS INSIGHT

Pg. 16

MARKET

How NSE biggest companies fared during Buhari’s first term in office biggest companies performed shows that fourteen stocks appreciated, one remained unchanged, while fifteen fell in value. These companies make up the NSE 30. NSE 30 is the price index that tracks the market’s top 30 companies in terms of market capitalisation and liquidity.

For the purpose of this analysis, the companies were reviewed based on their closing prices at the end of trading on May 28, 2015, and May 28, 2019.

These make the opening and closing prices for respective stocks during President Muhammadu Buhari’s first term in office.

Interestingly, four of these companies comprising Dangote Flour Plc, Okomu Oil Palm Plc, Nascon Allied Industries Plc and Dangote Sugar increased

OLUWASEGUN OLAKOYENIKAN

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h e p e r f o rmance of stocks listed on the Nigerian Stock Exchange (NSE) was generally unimpressive in the last four years. But in spite of this downturn, some big companies delivered remarkable value for their shareholders, while some others plunged their market value.

The benchmark index of the NSE, the AllShare Index (ASI), which opened at 34,310.37 points on May 29, 2015, was down 8.75 percent to close at 31,307 points on May 28, 2019. The ASI tracks the general market movement of all listed stocks on the Nigeria’s stock market.

A review of how the share pr ices of NSE

investors’ wealth by more than double in the period under review.

Dangote Flour grew by 302.9 percent from May 29, 2015, to close at N16.60 on Tuesday, May 28, 2019, Okomu Oil Palm trailed with a capital appreciation of 151.27 percent to N74 per share, Nascon Allied Industries gained 123.75 percent to N17.90, while Dangote Sugar rose by 105.84 percent to close at N13.40.

The share price of International Breweries Plc remained unchanged for the period.

Although there were movements in the company’s share price within the period.

Wapco lost 88.27 percent to N10.45, Forte Oil fell by 84 percent to settle at N28, while Oando shed 74 percent to close at N4.65.

Oil & GAS

Seplat denies allegation on $1.8bn, N8.8bn unremitted royalty to FG OLUFIKAYO OWOEYE

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eplat Petroleum Development Company Plc has denied allegations that it failed to remit complete dues on royalty oil, gas, concessional rental and gas flare penalty from 2013 through 2017.

The company in a release to the exchange noted that it is up to date on all statutory payments to the government, vowing to “vigorously defend its position”.

Special Presidential Investigation Panel on the Recovery of Public Property (SPIPRPP) earlier accused the Nigerian Petroleum Development Company Ltd and one of its Joint Venture partners, Seplat of short-changing the Federal Government by $1.8bn and N8.8bn from 2013 to 2017 The Okoi Obono-Obla-led panel in its report said its yearlong investigation revealed that the sums of money which represents the royalties on oil and gas, concessional rental and gas flaring penalty due to the Federal Government but which the NPDC and Seplat refused to remit.

A copy of the executive summary of the report stated that apart from Seplat, other JV partners operating various

Oil Mining Licences had also under-remitted funds to the Federal Government.

As part of the findings of its panel’s investigation, the report stated, “Analysis of recovered records and other documents collected including statements revealed as follows: “That NPDC has Joint Venture agreements with the following nine companies to operate Oil Mining Leases: Seplat/NPDC JV (OML 4, 38 and 41); ND Western (OML 34); Elcrest /NPDC JV (OML 40); Neconde/NPDC JV (OML 42); NAOC (Nig. Agip Oil Coy)/ NPDC JV (OML 60, 63); FHN (First Hydrocarbon Nigeria)/ NPDC (OML 26); Abura/ Oredo/Oziengbe (OML 65, 111); Okono/Okpoho/NPDC JV; and Shoreline/NPDC JV (OML 30).

“The NPDC and its JV partners have failed to remit to the Federal Government its complete due on royalty (oil); royalty (gas); concessional rental; and gas flared penalty.”

According to the report of the total sum of $1,824,469,208.36 allegedly not remitted to the Federal Government, the NPDC owes $1,791,045,591,18, while Seplat owes $33,423,617.18.

The report added that of the N8,825,778,039.61 due

to be paid to the Federal Government, the NPDC was allegedly responsible for N7,523,749,610.15, while Seplat owed N1,302,028,429.46.

The report recommended, “Recovery of $1,824,469,208.36 and N8,825,778,039.61 underpaid assets from NPDC and Seplat Nigeria Limited The recovery of all underpaid assets from regulators and operators of OPLs and OMLs (government and private).”

The report also recommended to the SPIPRPP to follow through “on all further enquiry activities contained in paragraph 4.0 above.”

In the said paragraph, the report stated, among others, that the Department of Petroleum Resources should shed light on the outstanding royalty payments for divested assets amounting to $745,462,045.00.

It added that the Department of Petroleum Resources would also need to explain the defrayal of Nigeria Agip Oil Company’s royalty oil payments using the balance of NAOC’s ‘good and valuable’ consideration valued at $293,102,181.93 The report stated, “It is imperative for the Managing Directors of all the following regulators, and operators of

OMLs to be interviewed by the SPIP and also avail the panel with records of oil and gas royalty payments; gas flaring penalty payments; and concessional rental payment for analysis, among others: “The regulator–Department of Petroleum Resources; government Operators of OMLs – NAPIMS and NPDC; JV, PSA and PSC Operators of OMLs; NPDC and Seplat are to attend to the SPIP and agree on terms of paying the underpaid assets from 2013 to

2017 to the government.

“The Department of Petroleum Resources is required by the SPIP to shed more light on the agreement and the approval to defray Shell Petroleum Development Company’s outstanding royalty payments for divested assets amounting to $745,462,045.00 (Atlantic Lifting).

“In addition, the DPR should also explain the defrayal of Nigeria Agip Oil Company’s royalty oil payments using the balance of NAOC’s ‘good

and valuable’ consideration valued at $293,102,181.93.”

Seplat, an indigenous oil and gas company, that explores, develops, and produces oil and gas in Nigeria. The company operates a portfolio of assets in the Niger Delta region, including a 45% interest in the OML 4 that covers an area of 267 square kilometers; a 45% interest in OML 38 that covers an area of 2,094 square kilometers; and a 45% interest in OML 41 that covers an area of 291 square kilometers.

L-R: Deji Rahman, group head of strategy, Nosak Group; Osagie Ogunbor, group executive director, corporate services, Nosak Group; Osaro Omogiade, MD, Nosak Distilleries Limited, and Olaoluwa Bamikole, CEO, Zenith Agroethanol Nigeria Limited, at the 4th Cassava & Starch Africa Summit in Accra, Ghana recently.

Editor: LOLADE AKINMURELE (lolade.akinmurele@businessdayonline.com) Graphics: David Ogar

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Friday 31 May 2019

BUSINESS DAY

COMPANIES&MARKETS

Business Event

COMPANY

Comercio partners Huawei to increase awareness on Cloud computing ANTHONIA OBOKOH

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igeria’s Comercio Cloud Computing Limited, the first enterprise cloud platform, in partnership with Huawei is pushing the Cloud agenda in the country for people to be aware on how cloud can contribute to the business transformation in Nigeria.

“Cloud is a cost saving strategy for companies and for their technology. It’s a way of maintaining the same technology and more at a much lower cost than in house implementation of technology,” said Aderemi Adejumo, chief technical director, Comercio Cloud Computing Limited In terms of plan, Adejumo said the organisation aim is to set agenda and the foundation for people to be aware that we have that capability on ground

as oppose to going out of the country when we have the same facility in Nigeria.

“Nigeria is a country of over 200 million people and it’s a huge shame that a lot of our businesses are going outside the country. We can grow our economy faster than even the western world. We must grow our local technology and there is a lot of local technology and it’s an ecosystem even within the technology space,” he said.

He explained that Cloud Computing is the future. 70 percent of CTO in the world are focusing on cloud computing as a cost saving and as way of improving their businesses so, that is a key thing to look out for.

“The first thing is to create the environment, the awareness, to let people understand what we are talking about, how to move a business in house into the cloud so, by doing that, they will save a lot

of money that will enable the company spend money on other things rather than having to spend more on the same thing,” Adejumo said.

On his part, Cai Qiong, IT Solution Director, Huawei, said, “Huawei business fusion fare for this kind of selfdeveloped cloud OS. We are very competitive vendor in the Nigeria market and also, we already serve our customers and also our enterprise partners already using Huawei terminology.

On Huawei partnership with Commercio, he said, “we have been cooperating with them for almost two years.

We have cooperation in this kind of infrastructure. They are much solidified about our service and in the past two years, we have had no issues.

Our engineers are always on ground ready to support anytime, anyplace in Nigeria.

L-R: Emmanuel Oriakhi, marketing director, NB Plc; Sarah Agha, portfolio manager, premium brands, NB Plc; Uche Unigwe, sales director NB Plc, and Mfon Bassey, senior brand manager Heineken, at the unveil of the upgraded Heineken House in Lagos.

IT SERVICES

CWG announces partnership deals with three banks for ATM services MODESTUS ANAESORONYE

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igeria’s CWG Plc said it has sealed a partnership deal with three Nigerian banks on the ATM as a Service concept, which it deployed about two years ago; giving the banks the needed freedom to focus on their core banking operations whilst CWG handles their ATM businesses.

The banks at the fore of this roll-out with ATMs deployed across the nation are; United Bank of Africa (UBA), Unity Bank and Rolez Microfinance Banks, with Ecobank on the verge of being fully integrated as well.

These banks are giving their customers access to enjoy better financial technology with this deployment, ensuing the gap to customers on financial inclusion are further closed with participation in this concept.

The pilot phase of the first sets of ATM deployment already

commenced in Oyo State with Rolez Micro Finance Bank. UBA is set to launching their batch within the ATM as a Service platform in a few days,” the largest System Integration Company in Nigeria, CWG, announced in a statement emailed to Journalists.

CWG is driving the ATM as a Service concept in Nigeria with the GRG-ATM brand, which promotes their biometrics innovation in Nigeria as the first successful and working technology that runs on the Windows 10 Operating System.

Recently, CWG disclosed that it had an outright sale of GRG ATMs in Nigeria to an undisclosed bank. “We sold our first 100 GRG H22N model ATMs to a bank in July 2018. This is the first bank to buy as much GRG ATMs in Nigeria since the OEM came back in 2015,” it revealed.

Some of the key features in the GRG ATMs are; a reliable Cash Dispenser unit, a GRG in-

built technology, which has been tested, CEN L Safe, availability of three (3) cameras to capture (User Face, Cash Load & Cash Out) – this can also be extended to have up to five (5) different cameras as the configuration requires.

Other features are uninterrupted power supply, which can be configured to plan proper shutdown of the ATMs when there is no power supply to avoid the system being shut down during a customer’s transactions, 2D Barcode scanners, Contactless/ RF Smart card reader, Fingerprint Identification device (Dermalog Technology).

Meanwhile, CWG said it is currently conducting Proof of Concept of the GRG brandswith other banks like Union Bank, Polaris Bank and Keystone Bank.

While the technology has also been successfully integrated and tested with United Bank for Africa (UBA).

L-R: Niyi Adebiyi, director, corporate communications, Visa West Africa; Steve Judo, GM/chairman planning committee, Channels Kids Cup; Tijani Ibrahim, winner, Visa Player Escort Program to AFCON 2019; Osidele Elijah, winner, Visa Player Escort Program to AFCON 2019, and Kemi Okusanya, vice president, Visa West Africa, at the ticket presentation to the winners at the Channels TV Grassroot soccer final in Lagos recently.

COMPANY RELEASE

Regus dynamic work space environment deepens productivity for entrepreneurs, professionals KELECHI EWUZIE

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eading global workspace provider Regus says it is committed to boost the productivity level of professionals and entrepreneurs in Nigeria through its new dynamic coworking environment.

Ayo Akinmade, vice chairman, Regus says people are recognising that they are far more productive and successful in a dynamic working environment, while businesses are waking up to the financial and strategic benefits.

Speaking at the official opening of Regus Lekki office hub, Akinmade said the company is helping to supply this demand and drive a workspace revolution in Lekki and beyond.

Located in Lekki Phase 1,

this high-class office building offers a tailor-made space for everyone from small businesses to larger, established corporations. Including private offices, shared co-working spaces and meeting rooms, the space is designed to work for every business facilitating ideas sharing and networking all under one roof.

Akinmade observes that as part of one of Nigeria’s best performing regions, Lekki’s economy is thriving and has become a major commercial hub, residential area and tourist attraction centre in Lagos, making it the hottest location in demand.

According to him, “Notwithstanding the effect of the nation’s economic downturn on investments in the real eswww.businessday.ng

tate industry in recent past, the rental market has remained vibrant with the emergence of co-working space stations for businesses and entrepreneurs”.

He further said that the company have built an unparalleled network of office, co-working and meeting spaces for companies to use in every city in the world.

“It’s a global infrastructure built for businesses to support every opportunity.

Our network of workspaces enables businesses to operate anywhere, without the need for set-up costs or capital investment. It provides our customers with immediate cost benefits and the opportunity to fully outsource their office portfolio”, he said.

L-R: Oluwole Rawa, GM, consumer marketing, MTN Nigeria; Aniebet Ezekiah, head girl, Ireti Primary School; Lynda Saint-Nwafor, chief enterprise business officer, MTN Nigeria; Chidinma Ekile, MTN ambassador; Victory Yusuf, head boy, Ireti Primary School, and Rahul De, chief marketing officer, MTN Nigeria, at the donation of a refurbished playground by MTN to Ireti Primary School, Ikoyi, Lagos in celebration of Children’s Day

itel mobile gifts distribution to the less privileged nationwide during the Children’s day celebration

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Friday 31 May 2019

BUSINESS DAY

MONEYINSIGHT

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Nigeria like businesses needs STEM to make the economic pie bigger

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dams Smith, father of modern economics in his 1776 classic, ‘The Wealth of Nations’ argued that the prosperity of any nation is a function of the dexterity of its workmen and invention of a great number of machines which makes it possible for one man to do the work of many.

Today, science, technology, engineering and mathematics (STEM) education provides the kind of formation needed to groom dexterous knowledge economy workers, who would create machines needed to serve the many.

STEM is problem based, hands on learning for students and brings real life implication and application to the classroom.

It allows for the development of 21st century skills required for the current and future workplace. Development of these skills set from early childhood lays the foundation for the creativity, innovation and future economic benefits for a nation and its citizens.

To achieve this, a new set of skills is needed, which include learning skills such as critical thinking, creative thinking, communication, collaboration; literacy skills such as information literacy, media literacy, technology literacy and life skills: flexibility, initiative, social skills, productivity and

Jadesola Adedeji

leadership.

According to a World Economic Forum Report, “Education and work in Sub-Saharan Africa will determine the livelihoods of nearly a billion people in the region and drive growth and development for generations to come”.

The Problem The mismatch between the output of our educational system i.e. the quality of our graduates, and the skills required for the current and future workplace is more glaring than ever. There has been a decline in the quality of our educational system due to outdated curricula, a lack of invest-

ment in education and inadequate educational planning and as such, we have a largely underdeveloped workforce and economy.

With 70 percent of our population under the age of 30, Nigeria finds itself with a young, educated but largely “unskilled” labour market with “employment ready” skills such as creativity, critical thinking and problem solving largely absent.

These 21st century skills set rank high with employers seeking innovative minds in this knowledge based, technology driven economy and majority of our graduates have fallen behind the

rest of the world. Nigeria ranks 2.8/7.0 in the quality of education system and 49 percent in the human capital index, which measures the extent to which countries and economies optimise their human capital through education and skills development, compared to a regional average of 55 percent and global average of 65 percent.

One cannot ignore the fall out of the Fourth Industrial Revolution which is upon us with digitalization and tech advancement changing traditional jobs and skills set demand for high level skills.

This certainly creates a problem in the talent pool as less than 6 percent of our workforce are employed in high skilled jobs and only 15 percent of our working age population have tertiary education, 42 percent have secondary education and 18 percent have primary school education and 25 percent with no formal qualifications – this means majority of our population only have access to low skill, low paying jobs ensuring a lifetime in the poverty cycle.

A Solution There are a number of levers for creating stronger education systems of which ensuring the “future-readiness” of curricula especially through a focus on STEM fields is one.

STEM Education brings hands on; minds on project based interactive approach both into the class room and through out of class enrichment programmes. Outcomes of STEM based programs include: Actively engages students in practical application of knowledge, reinforces the concept of ‘learning by dong”, develops multidisciplinary skills, brings real life environment into the classroom, encouraging practical application of theory being learned, skills learned are transferable to non-STEM related careers Key findings from the WEF report suggest that in order to build a pipeline of future ready skills, our educators need to design futureready curricula that encourage critical thinking, creativity and emotional intelligence as opposed to rote learning, as well as accelerate acquisition of digital and STEM skills to match the way people will work and collaborate in the Fourth Industrial Revolution.

Jadesola Adedeji is the CEO of STEM METS Resources Ltd, a company that provides 21st skills training to children ages 3-16 using a suite of world class, award winning STEM enrichment programmes including Bricks4kidz and The Little Engineer. She can be reached at jadedeji@stemmets.com.

Why Nigerians are not keen on bitcoin mining FRANK ELEANYA

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his question is often asked at most cryptocurrency events in Nigeria. The curiosity is undoubtedly driven by the popularity bitcoin has gained in recent years. Price of bitcoin has repeatedly surpassed market expectations and also dashed some hopes along the way. But recent resurgence and increased institutional patronage has investors full of optimism for the future of the market.

Mining is one of the major ways of earning bitcoin. The others include buying from someone who owns bitcoin and getting it as payment for service rendered.

Bitcoin mining essentially is the backbone of the bitcoin network. Mining with regards to bitcoin is the process that helps the cryptocurrency function as intended. Bitcoin miners are network participants that perform extra tasks. Specifically, they chronologically order transactions by including them in bitcoin blocks they find ensuring that users do not spend the same bitcoin twice.

Bitcoinmagzine.com describes

the process as a network lottery.

For each attempt to try and find a new block, which is basically a random guess for a lucky number, a miner has to spend a tiny amount of energy. If most of the attempts fail a miner would have wasted that energy. Only once every ten minutes will a miner somewhere succeed and thus add a new block to the blockchain.

Unlocking a bitcoin requires an intense amount of computational power, says Katrina KellyPitou a researcher who studies www.businessday.ng

clean energy.

“Think of bitcoin as sort of hidden currency code where its value is derived by solving a programmable puzzle,” she wrote in the qz.com. “Getting through this puzzle requires computer brainpower.”

90 per cent of the cost of mining bitcoin comes from electricity. As such, bitcoin mining uses an exorbitant amount of power, somewhere between an estimated 30 terrawatt hours alone in 2017 alone. To be sure, a terawatt is

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equal to one trillion watts and for proper context, global energy use of all types (including fuels) is about 18 terrawatts today. 1 terrawatt could power about 10 billion 100-watt lightbulbs at the same time.

As things stand with energy consumption, it is impossible for bitcoin mining activities to be carried out in Nigeria. The average per hour data on electricity consumption in Nigeria was reported at 3,270.000MWh in March 2019 which is nowhere near the amount of power requirements from mining bitcoin.

This is why bitcoin miners have traditionally preferred China where coal supplies 60 per cent of the country’s electricity. There are also growing interest in the Pacific Northwest where power is mainly cheap due to abundant access to hydropower. Iceland is also becoming a popular place for bitcoin mining given the country’s nearly 100 per cent reliance on renewable sources for its electricity production.

Apart from electricity, bitcoin mining is naturally resource intensive and difficult in order to maintain stability of the number @Businessdayng

of blocks found each day by miners. Hence, bitcoin mining is done by specialized computers. As a rule, the individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other bitcoin nodes each time they receive a block.

Proof of work prevents miners from creating bitcoins out of thin air as they must have burned real energy to earn them. Secondly, proof of work also solidified bitcoin’s history, in that an attacker would need to redo all of the work that has been done if he or she plans to change a transaction that happened in the past.

Over the years, bitcoin mining has become so specialised that it is mostly done by dedicated professionals with specialised hardware, cheap electricity and often big data centres.

But while Nigerian generally ignore mining, they are pulling their weight on trading as searches on Google Trends have shown in recent times. A research conducted by Luno has also found that majority of Nigerians see bitcoin as an investment asset instead of a mining prospect.

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Friday 31 May 2019

BUSINESS DAY

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Friday 31 May 2019

BUSINESS DAY

19

LEADINGWOMAN

Abimbola Fashola’s initiative organise event for students to mark children’s day RUTH UDEMBA

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.E.A.R.N The Leadership Empowerment and Resource Network (L.E.A.R.N), a non-profit organisation committed to guiding youths to be confident, focused, learned, leaders and socially responsible held an event themed ‘Learning is Fun’ on the 27th of May, 2019.

The event organised by the Founder, Abimbola Fashola took place at the National Arts Theatre in Lagos and it hosted children from various public and private secondary institutions to learn in an engaging yet educative environment.

The event featured quiz and spelling competitions, inspirational talks from renowned personalities like ‘Kenny Blind’ (as he is known and called) and even gave the children a chance to exhibit their talents through singing, sharing their views of what they would do if they were made the governor of Lagos state, some shared on how to prepare their favourite meals among other activities of the day.

The children’s day event was centred on enhancing the children’s knowledge both educational and character wise, while teaching them about respect, the importance of parent child relationships, role models, public speaking, team work

and most importantly diseases such as measles which rendered the inspirational speaker Kenny Blind at the age of 9.

The program positively impacted the children in every way and allowed them open up about their difficulties in a thrilling and nonjudgemental way that left them feeling assured about what they wanted

to become and what they would do to achieve it.

One of the children when asked what she would do if she was the Governor of Lagos state said “If I am the Governor of Lagos state, I will end drug abuse because it is a very terrible thing and it has happened to me so I don’t want it to happen to anybody”. This she said in

between tears as she told her story to an audience that responded with a standing ovation.

Fashola concluded by urging the students to choose to be educated and pick their role models wisely as they are needed to play a role in the future they have chosen for themselves. She encouraged them not to pick role models who engage in

illicit activities and show off wealth gotten through fraudulent practices.

“Your parents should also be your role models because they are the reason why you are in school; you need to respect your elders and keep the right posture when talking to your elders because this was the way we were taught when we were younger and we came out better people. Respect for your elders is essential”. She said.

She also advised against the use of words like ‘murder’, ‘theft’, ‘hate’ or even ‘suicide’. According to her, “You have not fully lived life, suicide is real but should not be a word mentioned from your mouth, you have more to experience in life so do not give up”. Abimbola admonished.

Finally, she encouraged the students to impact the nation positively and not just focus on acquiring earthly wealth at such a young age.

For her, education is key and focusing on that will help the students in the future because when they get educated, graduate and become great in the future, they will be able to buy what they need. This was after one of the students said he wanted to be a musician so he could buy a G-Wagon.

After the first, second and third winners were presented with their cheques and gifts; every child present received goodie packs, took pictures and thanked Abimbola Fashola for a day well spent and an event worth attending.

Raliat Abe wins TAMS Nigeria’s employee of the year award KEMI AJUMOBI

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AMS just had the re-branded Nigeria’s Employee of the Year Award (NEYA) in celebration of the most productive and punctual employees in Nigeria. Previously known as TAMS Ambassadors, the award is designed to promote accountability of time and resources in Nigeria’s workplaces, with the intended outcome of advancing a culture of timeliness, resourcefulness and productivity.

They also just newly introduced Nigeria’s HR Manager of the Year Award in recognition of the crucial role HR Managers play in creating enabling workplaces for employees to contribute to the success of the organisation and grow their careers.

Since 2016, the top three winners have enjoyed all-expense paid trips and other fantastic prizes. This year, the top three

nominees in each category will enjoy an all-expense paid trip to Dubai and Abu Dhabi, in addition to other fantastic prizes.

Raliat Abe is the 2019 winner of the TAMS Nigeria’s Employee www.businessday.ng

of the Year Award.

She is the Retail Operations Manager of House of Tara International responsible for overseeing the revenue, people and operational activities in twenty

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two branches within the country, and ensuring the achievement of sales targets and customer service standards in the company’s retail outlets.

She has spent nine years in the company, having started as an intern and risen through the ranks in different roles including Retail Artist, Training School Instructor, Branch Coordinator, and Regional Retail Manager supervising Northern branches.

Raliat was responsible for initiating three branches in Abuja and fostering the growth of retail outlets in the Northern Region while also leading the region’s staff to exceed the regional sales target and also improve customer experience index in the retail outlets. She has over the years built competences in Retail Marketing, Customer Experience Management, Product and Business Development, and People Management.

She is a recipient of the com-

pany’s Exceptional Leadership Award in 2017.

Raliat is a graduate of French from the University of Jos, and an alumnus of The Enterprise Development Centre of Pan African University with a Certificate in Entrepreneurship Management. She has attended trainings and earned professional certifications in Makeup Artistry both nationally and internationally including Certificate in Advanced Make-up by BTP 2015 in Atlanta, USA; Bridal & Photography Makeup training, Certificate in HD Airbrushing Make-up, and Advanced Certificate in Make-up Artistry by House of Tara International.

She was recently nominated as the most valuable employee in her Organisation, House of Tara International, a nomination which qualified her as a candidate for the TAMS Nigeria’s Employee of the Year Award, which she eventually won.

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Friday 31 May 2019

BUSINESS DAY

HEALTH BUSINESS&LIFE

Experts urge Sanwo-Olu to prioritise healthcare fund releases, attract private capital ANTHONIA OBOKOH

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agos State is one of the most populated cities in Nigeria, meaning that the governor Babajide Olusola Sanwo-Olu must invest more, attract private capital, prioritise and declare emergency in the sector, critical observers in the health sector have said.

Statistics from the Healthcare Facilities Monitoring and Accreditation Agency, HEFAMAA, shows that in Lagos, as a mega city of more than 23 million people there are 26 registered General Hospitals, 256 public healthcare centers, 2, 886 private hospitals or specialist clinics and laboratories or diagnostic centers in addition to an estimated 160 tradomedical centers.

“The expectation from Sanwo-Olu is to look at the efficiency of Lagos State health sector from the lower level,” Doyin Odubanjo, chairman, Association of Public Health Physicians of Nigeria, Lagos chapter, told BusinessDay in a telephone interview.

The Abuja Declaration states that 15 per cent of the budget is to be allocated to health, but Lagos State, in the 2018 budget allocated about 8.6 per cent to health, says

Ayo Adebusoye, co-chairman, and Lagos State Accountability Mechanism for Maternal & New Born Child Health (LASAM).

“I am urging the new governor to prioritise health budget releases; it is not useful that we are having billions on papers in the budget if we don’t access the fund. The maternal mortality rate in Lagos state is unacceptably high. This budget is about life and death,” Adebusoye, said.

However, even with the high number of the health facilities in Lagos state, problems of crowded emergency wards, strikes by tertiary hospital, sharing room in hospi-

tal and some hospitals have become elevated mortuaries as health practitioners’ work with limited facilities and funding, while the poor die in these hospitals every day.

Odubanjo of the Association of Public Health Physicians of Nigeria, Lagos Chapter, explained that it is necessary for the governor to know what they need at the primary healthcare centres, which is closer to the people.

“So we need to look at state health system and strengthen it in general, which involves human and material resources management in terms of communication, health financing and not just the

teaching hospitals alone,” he said.

He said the governor must quickly address professionals’ migration and strike as it worsens what is already on ground. “There have been no serious moves on addressing that,” he added.

Meanwhile the Lagos State Health Scheme was signed into Law in May 2015, became necessary due to the State’s population and the pressing need to ensure all and sundry are captured in the State’s health care system.

The essence of this scheme is to ensure every citizen has access to equitable healthcare service, thereby contributing to the improvement of health conditions of Lagosians. According to Jide Idris the State Commissioner for Health, the scheme takes care of a family 6 with a total of N40, 000 (Forty Thousand Naira).

Idris further added that gradual contribution through health insurance will provide sufficient financial protection so that no household is overburdened or impoverished in the process of seeking health care.

Lagos state on the quality of healthcare provided to their citizens. Many investors are interested in the state’s healthcare sector.

People with disabilities beg for ministry in new Oyo administration REMI FEYISIPO, Ibadan.

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eople living with disabilities in Oyo State have urged the new governor, Seyi Makinde to make sure that he include the physically challenge people into his government.

The ministry, they said will go a long way to address various issues affecting the physically challenged in Oyo State.

Addressing journalists at the Adamashingba Stadium Complex Ibadan, the Publicity Relation Officer of the Movement for the Disabled, a Computer graduate from The Polythecnic

of Ibadan, Wasiu Nurudeen Adanla, said, “we have over five hundred thousand people living with disabilities in Oyo State and we may be physically challenged but we are very brilliant in terms of ideas, and I can say that anybody can become disabled at any giving time in life, so we need a ministry that will be responsible for their well-being.

According to him, we have office of the Special Assistant to the Governor on disabled matters, but this office is a personal political emolument which has limited functions, but if the incoming governor

can create a ministry for the disabled, this will go a long way in solving the numerous issues we have.

“We have once b e en paired with the ministry of Women Affairs but we have on several occasions been denied of our rights from the ministry just because they said the ministry belongs to only women that are able, and that is the truth of the matter.

He further said that “we have in our midst the people that are into sports, education, music and entertainment but we don’t have people that can support us or our ambitions,

though we are disabled but that does not mean that we are unable to do a lot of things that can make life more meaningful to the society.

“This ministry will help us to showcase our talents to the world at large through various programmes until the ministry is eventually created.”

“The incoming governor should note that we all cast our votes for him just because we knew that he is a kind hearted person, and he will be the first Governor to do such, and I can guarantee him of our bulk votes anytime.

Adanla explained.

Oyo establishes response team on sexual offences, gender based violence REMI FEYISIPP, Ibadan.

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he Oyo State Government has established a Sexual Offences and Gender Based Violence (SGBV) Response Team in the Ministry of Justice to serve as a nimble quick responder to sexual and Gender based offences.

Oluseun Abimbola, the immediate past Attorney General and Commissioner for Justice, disclosed that SGBV will serve as a first responder unit to address complaints arising from Sexual and Gender based violence.

At the inauguration of the SGBV team, Abimbola stated that the Governor had earlier signed into law the Violence Against Women Prohibition

law in Oyo state, to curb the increasing incidence of child defilement, domestic violence, and related offences.

He noted that the establishment of the SGBV team would give fire and bite to the enforcement mechanism for this law and other related laws against such offences in the state.

According to the Attorney General, “it has become clear that dealing with sexual based offences would require an intervention beyond the traditional structures to be able to provide counsel to victims, provide professional medical assistance to extract evidence timorously, offer legal services and a shelter where necessary for victims, among other www.businessday.ng

things.

“The SGBV team will serve as a one-stop shop to deal with the multiple issues arising from such offences,” Abimbola said.

He charged the team to hit the ground running by immediately setting up a help line for quick alerts by complainants, open a sex offenders register to document and deter these heinous crimes and ultimately midwife the establishment of a Sexual Offences and Gender Based Violence Referral Center which would eventually house the unit and warehouse all the offered services.

Abimbola said that the team is a collaboration of ministries and agencies including

Ministries of Justice, Women Affairs & Child Welfare, Health, the Nigerian Police, Legal Aid Council, Civil Society, NBA, and the Media, with representatives drawn from these agencies and MDAs on the team.

The Attorney General urged the team to shun traditional and cultural nuances that may hamper the work of the team, but to be decisive and courageous in implementing the laws on the subject matter in order to cure the mischief.

In her comments, the coordinator of the team, Modupe Awosemusi thanked the Governor for approving the establishment of the team, promising to discharge their responsibilities judiciously.

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Menstrual Hygiene Day- Water Aid calls for an end to stigmatisation in menstruation ANTHONIA OBOKOH

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s the world marks the Menstrual Hygiene Day, WaterAid is encouraging people around the world, whatever their gender or age, to challenge stigma around periods by dropping euphemisms and embracing clearer language and communication around menstruation.

“It is not right that a significant issue like menstruation be shrouded with so much silence and taboo. Sadly, that is the common place in many parts of the country, forcing women and girls to bear the brunt of these persisting practices in the society,” Oluseyi Abdulmalik, WaterAid Nigeria’s Communications and Media Manager, said.

Abdulmalik explained that from the experiences shared in our recent study on menstruation across Bauchi, Benue and Plateau states, major contributing factors to poor menstrual hygiene practices include poor knowledge about menstruation, unavailable and unaffordable sanitary materials and a lack of access to clean water, decent toilets and good hygiene facilities at home, schools, markets and other public spaces.

“No woman and girl should live without these basic needs. Poor menstrual hygiene affects their health, livelihoods and education as well as hampers opportunities to make the most of their potential,” she stressed.

In many parts of the world, a squeamishness around talking about periods holds women and girls back from being able to ask for the facilities and support they need – including decent, private toilets with water and soap available – to deal with their menstruation with dignity and comfort.

Every day, approximately, 800 million women and girls are on their periods, yet one-third of this population don’t have access to a decent toilet to manage their periods safely, and with dignity.

Sadly, the shame and stigma around periods prevents women and girls from engaging in conversations on the importance of toilets in schools and in public

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places for menstrual hygiene management.

Water Aid further noted that Euphemisms for periods are common in many cultures, and are part of the secrecy and shame surrounding the natural bodily function that is a monthly occurrence for around half the world’s population during their lifetime.

“In Nigeria, euphemisms like ‘Our monthly friend’, ‘It’s that time of the month’, ‘Women matter’, ‘I am flagging’, ‘It has started’, are ways of avoiding saying the words ‘period’ or ‘menstruation’.

While some of the code words or names used for periods may be amusing, others support the notion that menstruation is a taboo and shameful.

“Persisting taboos around menstruation, including the belief that a menstruating girl or woman is cursed or possessed by evil spirits, results in the exclusion of women and girls from socio-economic activities.”

Additionally, inadequate access to clean water, female friendly and inclusive decent toilets as well as good hygiene facilities has further devastating effects on their education, self-esteem and health. These impacts ultimately threaten the overarching aim of the Sustainable Development Goals (SDGs) – leave no one behind.

This year’s Menstrual Hygiene Day theme ‘It’s Time for Action’ emphasises the urgency of poor menstrual management as a public health issue and highlights the transfo r mat i ve p ow e r of improved menstrual hygiene to empower the world’s women and girls, and unlock their economic and educational opportunities.

WaterAid is calling on government, development par tners and key stakeholders to step up commitments and take necessary action to e ducate more women and girls on safe menstrual hygiene practices ; end negative social practices and challeng e the stigmas by creating an enabling environment and ensure that women and girls, everywhere have access to hygienic menstrual products including clean water, decent toilets and good hygiene services.

Friday 31 May 2019

BUSINESS DAY

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HEALTH BUSINESS&LIFE ‘Interventional radiology can move Nigeria’s health sector forward’ HAMMED NINALOWO is a United States-trained Vascular and Interventional Radiologist with subspecialty in interventional oncology. He is the first U.S.-trained physician to offer the full spectrum of vascular and interventional radiology services in Nigeria. In this interview with ANTHONIA OBOKOH, Ninalowo speaks about access to minimally invasive therapies, medical tourism and how the medical sector can move forward in Nigeria. Excerpts:

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ou performed the first liver bypassed surgery without cutting, which is the first of its kind in this part of the world, how does it feel to be the first healthcare organisation to bring this procedure to Nigeria?

It is exciting to be able to perform the first trans-jugulars intrahepatic shunt (TIPS) procedure in Nigeria. With various techniques such as angiography, angioplasty, stenting, thrombolysis, embolisation and ablation, we are happy to provide an alternative procedure for patients, one that is favourable for the patient.

This is the first TIPS procedure successfully performed in subSahara Africa, otherwise known as a minimally invasive liver surgery carried out in EuraCare Multi- Specialist Hospital in Lagos, Nigeria.

The procedure is about creating a bypass; it is basically a liver bypass which is done by an interventional radiologist. A stent graft (tube) is paced to bypass the obstruction in the liver, bridging the portal vein and hepatic vein and the benefit is no cutting or major surgery is involved, but we do it in a tiny hole in the neck where the entire procedure is done instead of having a major surgery and the patient can go home about 12 hours later.

Other conditions can be treated with this procedure because it is applicable in any patients with a history of liver disease band portal hypertension which may be caused

by Hepatitis B infection, alcoholic liver disease and non-alcoholic fatty liver disease.

For me, it is quite an achievement because I never taught I could achieve something like this in my early career in Nigeria. I did this procedure in my second work trip to the country, so it is quit laudable to do it in the country because I always ask myself a question: if I don’t do it, who will do?

Interventional radiologist right

Hammed Ninalowo

now at the complex level; we just do not have a lot of people in the country practicing this. So, it is a big achievement for me, much more achieving because I was able to treat a girl who does not have her life for over three years; could not go to school over five years but now would be able to say I am going back to school to get my education back and that is the achievement.

What is vascular and interventional radiologist?

Vascular and interventional radiologist is a sub-specialty of radiology where we use minimally –invasive image –guided techniques to diagnose and treat diseases using the least invasive techniques in order to minimise risk and improve health outcomes.

Through interventional radiology we can get anywhere in the bodies with minimally invasive imageguide technology and do things that were previously unimaginable.

However, all patients can be treated in interventional radiology.

In western countries; IR is involved in the care of nearly every patient taken care of by any other specialty, we collaborate with other physicians to diagnose and treat primary disease and address medical or surgical complications.

Other disease conditions treated by interventional radiology are enlarged prostate, infertility in women opening up blocked fallopian tubes, vascular problems of the arteries and veins including narrowing or enlargement and also stopping internal bleeding in patients of trauma, car accidents, bleeding from any source of the body, more of this can be done.

What do you think can be done to have more of such surgeries carried out in Nigeria?

There are so many very talented Nigerians doctors that have left this country recently and the reason they leave is because they are forced to and not respected by the system.

And then, there are very competent and young doctors in America and London that they have come to Nigeria to increase the level of medical practise in the country.

What Nigeria could do to have more of this type of surgeries and not only the Trans- jugulars Intrahepatic Shunt (TIPS) procedure like we did? There are things that are not available in the country, instead of referring patients to India or other countries. It is better Nigeria grows its healthcare sector to the point where you could call one Centre

in Lagos, Ibadan or Abuja to ask if this treatment is available before patients are transferred.

But frankly, most of my colleagues will not take the risk I am taking now to give back to the country. And there is the reason of insecurity, no power supply to do their work and even if they have the skills, there is no equipment to do the work.

The Government can make it easier to get loans in the healthcare sector. But it is unfortunate that we could only get loans that have 20 percent interest rate. You can’t treat people in medicine that way not alone improving medical care with the interest rate that high.

We need the government to make things easier in the health sector and people also need to stop looking at medicine as a cash- cow how much will I get if I put into it. Obviously, we are not asking for free money but we are asking that, make special provision for medical practitioners to be able to get loans that are reasonable so we can take care of people.

Investing in the healthcare, collaboration and partnership will expand the sector. One hospital can’t get all the expertise needed in this country; working together with the tertiary institution, private hospitals is the only way is forward and not backward for this sector.

What are some of the challenges introducing an innovative procedure like this to Nigeria?

One of the biggest challenges is the supply chain to do my work; I bring in supplies and bags when I am travelling which is not really ideal in a sustainable environment. I have talked to a lot of manufactures in America and Europe to come sale products to us in Nigeria, but they basically say we cannot come to Nigeria because your country is too corrupt and it is very hard to register products and it is almost impossible to do business in Nigeria.

Until the Nigeria government start looking at regulations to make things easier especially for the field

of medicine where it is so unique that is very hard to get these products any other way than to bring them from outside the country for now.

Government should put regulations in place to give individuals special privileges to bring these products, get these manufacturers, and make the regulations more lenient for manufactures to come into the country to sell us this product so we can take of our own people because people are dying every day from just incompetence of people who are unwilling to make things easier for us.

It is estimated that about N400 billion is being lost to medical tourism in Nigeria.

To what extent do you think your coming back to Nigeria will arrest or control it?

This is not what one can do alone but requires teamwork. Many people are already doing a great job. I think with medical tourism, we will do basically what we one can bit at a time. But what is more important is we are the experts. We could do very complex things in Nigeria; we need to let patients know that these treatments are possible in Nigeria.

It is also possible to provide the care at the same level or even better than they will get in places like India or America even in some cases. But what we are doing is trying to practise at the same standard that is used in America for people like me coming back, and if we continue to show results and then let patients know that these treatments are available locally, I think we could change the tide of medical tourism in Nigeria and we actually want to reverse it.

We want people to come to Lagos for medical treatment. I am personally on a mission to provide minimal invasive, intensive care and improve minimum intensive care to patients here in Nigeria and this has been my personal mission for the last decade.

And now, I am starting to realise that dream even very early in my career and really there is no much that will stop me from making this happen at this moment.

Researchers close in on a new depression mechanism

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ne key characteristic of clinical depression is anhedonia, the complete lack of pleasure in things and activities that used to be rewarding. A new study in rats has now uncovered an important biological factor that contributes to this state.

The World Health Organization (WHO) state that across the world, more than 300 million people of all ages live with depression. Moreover, the WHO add, this condition is also “the leading cause of disability worldwide.”

In the United States, more than 16.1 million adults have received an official diagnosis of major depressive disorder, according to the Anxiety and Depression Association of America.

Living with depression can significantly affect a person’s quality of life. In part, this is because a

HBL TEAM

primary trait of depression is anhedonia — the inability to enjoy experiences that used to offer a sense of pleasure, such as eating good food, participating in hobbies, or having sexual intercourse.

Recognized, approved drugs are available to treat the symptoms of depression, the most common of which are selective serotonin reuptake inhibitors, or SSRIs. However, SSRIs can take a long time to start being effective, and many people with depression do not experience any improvements after taking these antidepressants.

Now, a team of researchers from the Department of Human Physiology at the University Of Malaga Faculty Of Medicine in Spain has identified a new mechanism that seems to contribute significantly to anhedonia.

The results of this study, which

the investigators conducted in rats, appear in the Journal of Psychopharmacology. The authors believe that their findings may, in the future, lead to new therapies for depression.

Potential ‘for endless therapeutic strategies’ In the study, the researchers focused on the role that a neuronal signaling molecule (a neuropeptide) called galanin plays in regulating emotion.

According to previous animal studies, the team notes in the study paper, galanin contributes to mechanisms relating to anxiety, as well as to depression-inducing mechanisms.

For the new research, the investigators wanted to find out whether galanin also plays a role in facilitating anhedonia. More specifically, they focused on a particular fragment of galanin: GAL (1-15).

“We have verified through dif-

ferent experiments how animals modify their response to highreinforcement appetitive stimuli, such as saccharine or sexual attraction, after the administration of the galanin fragment,” explains co-author Carmelo Millón.

The team found that administering GAL (1-15) at a concentration of 3 nanomoles led to the animals developing strong behaviors and symptoms of anhedonia. For example, they no longer seemed to desire to mate or to appreciate saccharine, which they usually respond to well.

The researchers identified an association between these changes and alterations in the brain system that is responsible for releasing dopamine, a hormone and neurotransmitter that is a key component in the reward response of the brain. This brain “program” stimulates individuals to engage

in behaviors that promote survival, such as eating and having sex.

GAL (1-15) seemed to reduce the activity of the reward circuit in rats, rendering these animals much less responsive to normally appetizing food and the promise of mating.

While this may be a relatively minor discovery, the researchers believe that if they gain a good enough understanding of how galanin works in the brain, this could lead to new treatments not just for depression but also for addiction disorders. A malfunctioning reward circuit also characterizes these conditions.

“The understanding of these mechanisms opens the way for endless therapeutic strategies, hence its importance.”Carmelo Millón.

Culled From Medical News Today

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

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Friday 31 May 2019

BUSINESS DAY

Harvard Business Review

MANAGEMENTDIGEST

The Big Idea: Business in the age of Computational Propaganda and Deep Fakes — Part 1 SCOTT BERINATO

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here it was, video of former President Barack Obama saying, “Stay woke, b----s.” But it wasn’t him, of course. It was Obama’s face, with comedian Jordan Peele’s mouth — and voice — superimposed seamlessly.

The purpose of this stunt was to raise awareness — that the false-news phenomenon was coming to video and that the creations, though not entirely convincing, could look alarmingly real.

Experts studying false news have anticipated this kind of activity for some time. Last year they held a summit, in Silicon Valley, of leading technologists, cybersecurity specialists, social media and platform company experts, researchers, journalists, human rights activists and other experts on video and verification. Their aim was to talk about strategies to combat malicious use of these “deep fakes” and other “synthetic media,” which have the potential to cast further doubt on electronic information, including information by and about firms that rely on their reputations and the public trust to do business.

One of the meeting organizers was Sam Gregory, the award-winning program director of WITNESS, a human rights group focused on how information and documentary material about oppression are distributed on visual media and social networks. Gregory supervises initiatives on innovation in eyewitness video for human rights — and on trust, credibility and images. He also oversees WITNESS’s Tech + Advocacy effort, helping technology companies understand how their platforms are used by human rights advocates.

He has been involved in campaigns in Latin America and Asia, and his work has contributed to changes in policy and law in the U.S. Congress, the U.K.’s Parliament and the United Nations.

While Gregory sees the Obama/Peele video as a wakeup call, his concerns extend beyond the broadly viral, largescale fakes. He worries about “digital wildfires” — small, targeted deep fakes, aimed at specific populations, that have a more limited but still influential reach. He says businesses need to understand that deep fakes and other forms of synthetic media are not merely political games — and that these activities will target any organization that relies on trust or maintains a reputation.

“This isn’t trivial,” he says.

HBR spoke with Gregory about deep fakes and what he calls computational propaganda. Here are some excerpts from that conversation, edited for length and clarity.

Let’s start with the term “deep fake.” How do you define it?

I know the term means many different things to different people, but it’s the use of machine learning and artificial intelligence to manipulate media. Specifically, it allows you to put one person’s face on another’s. So, I could record you speaking but superimpose another person on you to make it look like someone else is saying what you’re saying. Or, if it helps, think of it the other way: I could film someone else impersonating you saying, “I make up the content in my arti-

cles” and swap in your face, so it looked like you were saying it. Or eventually, I could even generate a fake audio recording that sounds like you and place it on a video impersonating you.

And you can do this without the cooperation of the person being faked?

Yes. The most famous example so far is the video of Jordan Peele imitating President Obama.

This is how we define deep fake. But it’s important to think of it as part of a broader set of advances in AI-generated content that will allow for the creation of any number of synthetic media. It’s getting easier to edit and personalize audio and video, simulate facial expressions and more.

So this is more than someone who’s really good with photo editing or video editing, or someone who can imitate your voice well?

Definitely. Much of the latest synthetic media is driven by advances in machine learning — specifically, a technique called “generative adversarial networks.” You basically pitch two neural networks against each other on the same data.

One network’s job is to generate something — say, believable fake images. The other’s job is

to distinguish between real images and fakes. This speeds up learning — turning it into an ongoing cat-and-mouse game — and makes the networks much better at generating fakes.

I should mention that there are positive uses of this technology that could be powerful; I think that’s underreported.

In the case of augmented reality and virtual reality, the ability to superimpose people on content could be useful. For instance, someone suffering from ALS can create a voice bank for when they lose the ability to speak. There is a range of potential good uses, but we still have to consider the negative ones carefully.

That Jordan Peele video is startling, but it doesn’t look quite real. Do deep fakes that are indistinguishable from reality exist yet?

It depends on what you’re doing. In most cases, face transplants can be recognized.

You’ll see small inconsistencies in mouth movement and nose movement. If the background is distracting, it might not work well. This is advanced stuff. Today’s generative adversarial networks still require a lot: a powerful processor, a good graphics card, good training data in terms of the images you feed in — and patience. But we’ve already come a long way from this being the preserve of Hollywood studio CGI. As computing power and the networks advance, it will evolve — and the threat may shift to mobile, but not quite yet.

So this still isn’t for amateurs?

Well, not every amateur. But the threat model will evolve as the technology improves. There are already significantly fewer barriers to entry in creating deep fakes. The code for deep fakes was released publicly, and people have been building on it.

But you still need some smarts, even for knowing what images to pick and use. And the really sophisticated face swap isn’t what I’m most concerned with

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

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from a threat perspective anyway.

What is more concerning?

Three things. One, small edits. Adding or removing elements in the background or foreground of a video, for example, will soon become a lot easier to do and can completely change the meaning of a visual or a video. Adding a controversial flag that wasn’t in the frame, removing a key witness who’s involved in an event, or deleting a gun on the ground, for example.

Two, it’s not clear that a deep fake even has to be that good to have some effect. In the porn industry, deep fakes are a genre, putting a famous person in pornography, and they don’t have to be realistic to attract an audience. More to the point in the mainstream world, in my experience in human rights, we’ve seen attacks on credibility and truth with reasonably bad deep fakes. For instance, a video that purported to show a female journalist in India engaged in sexual activity didn’t have to be convincing to have a deleterious effect on her and to lead to serious threats against her. The key seems to be the personalization of the media more than the believability of the fake.

I also think about digital wildfires, when maliciously targeted footage is shared — often in a closed-messaging app — to devastating, rapid local effect. It may not be a public figure inciting violence, but it’s a viral breakthrough into the mainstream, with a reasonably low-res deep fake targeted at a community of people who want to believe the lie. We just had an incident like that in India, where an edited video making claims of child kidnapping led to the lynching of two men — and that’s a threat model that synthetic media will enhance. I worry about this in politics and human rights — but in business, too.

Scott Berinato is a senior editor at Harvard Business Review.

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Send in Commentaries to caleb.ojewale@businessdayonline.com

Rice producing states seek buyers, millers Poor farm practices that limit crop productivity CALEB OJEWALE Twiiter: @calebtinolu

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takeholders in the rice value chain of some producing states are saying they are unable to find enough buyers for their rice; either milled or paddy, a development which may seem strange to those who find more ‘foreign rice’ in markets around them.

From Abakaliki, in Ebonyi to Patigi in Kwara, and even Kebbi state, rice farmers say they have more paddy than buyers who will mill it, and even those who have milled the rice, they say bulk traders/consumers are not forthcoming, as they would like. Yet, the price of rice is gradually declining in many of these riceproducing communities, even though the same is hardly experienced in cities like Lagos and Port Harcourt.

“As I speak, we have so much rice in the stores yet unsold,” said Moses Nomeh, commissioner for agriculture and natural resources, Ebonyi State, in a recent interview.

Three years ago, a bushel of rice (about 22 kg) was sold around N9,000 in Ebonyi, but this month during a visit to the state, it was sold at an average of N5,000.

According to Nomeh, there is a lot of improvement in rice production.

“However, the off taker arrangement is where there is still some problems. We still need more off takers for our rice,” he said. Traders at the milling cluster reiterated this view, like wise rice farmers.

Joseph Ununu, who was chairman, Abakaliki Rice Mill Owners Industrial Association when this reporter last visited the state

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in 2016, had complained of low patronage at the cluster, a situation still in existence three years later.

In Kwara state, some farmers also say they are struggling to find market for their paddy rice.

“Even though imported rice is no longer available, still, there isn’t market for our (local) rice as we want it. Till today, people want to sell their (paddy) rice, but no market at Lade,” said Abubakar Haruna, the village head of DukuLade, who also stressed, “Be it private or government owned if there is a rice mill in Lade, it will help us a lot.”

Siddik Abdulahi, chairman, Rice Farmers Association of Nigeria, Kwara state chapter, also emphasised that if a rice mill can be sited in any of the rice producing communities, farmers will benefit a lot because there will be an improvement in price.

“With a rice mill here in Lafiagi, we believe there will be increase in money going to farmers, and with that, they will increase their production. The price paddy is bought sometimes discourages farmers,” he

said According to the Fo o d a n d A g r i c u l t u re O r g a n i s a t i o n ( FA O ) , Nigeria’s rice production reached 7 million tonnes (4.2 million tonnes, milled basis) in 2017, up 12 per cent from 6.3 million tonnes (3.8 million tonnes, milled basis) in 2015. The growth according to FAO, was encouraged by high local prices and inputs assistance programmes under the country’s self-sufficiency drive. Curiously, the 4.2 million tonnes milled rice in 2017, is 2.1 million tonnes below Nigeria’s 6.3 million tonne annual demand, noted in the Agriculture Promotion Policy document of 2016. By 2017, demand surely would have even increased, indicating local rice production might still be far from being adequate, even though 2018 data is not yet available.

Data is a challeng e and one has to decide if it is a risk worth taking to commit towards investing in the rice business in any of these locations where there appears to be an ‘abundance of rice’.

In addition, going

by observations this reporter made in a 2016 trip to Abakaliki, some caution is recommended in transacting with rice producers at the Abakaliki rice mill cluster as some of the market practices leave much to be desired.

It was observed that three main grades of rice are milled and bagged in the Abakaliki rice mill cluster; R8, 306, and Mass. R8 is the least in the grade, with short, lean grains, followed by 306 which is longer, while Mass is the highest grade, having long, thick grains. At the market, rice is heaped on the floor from where it is measured for interested buyers, but it was revealed that for the higher grades of rice, some sellers have the lower grades of rice hidden underneath the heaps.

In essence, lower grades get mixed up with the preferred higher grades of rice. Also, as people not familiar with the grades of rice may be unable to tell the difference, other sharp practices include out rightly bagging lower quality grades of rice and selling them at the price of the highest grade.

Group advocates investments to boost cocoa farming in Niger Delta YOMI AYELESO, AKURE

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he Foundation for Partnership Initiatives in the Niger Delta (PIND) says it has put a mechanism in place towards ensuring states in the Niger Delta region are better positioned in the production of cocoa in Nigeria.

Dara Akala, executive director of PIND, said during a stakeholders round table discussion on developing strategies to improve the competitiveness and growth of Niger Delta’s cocoa value chain, that it is imperative to engage stakeholders on how to work together to attract new investments into the cocoa sector and increase

profitability.

Represented by James Elekwachi, the economic development manager of PIND, Akala, lamented the dearth of quality data and information on the sector as well as the absence of a well-articulated feedback mechanism between the demand side (off-takers/ buyers) and supply side (producers).

“We at PIND Foundation and in collaboration with our esteemed partners organized this roundtable as a platform for stakeholders to share their experience and dialogue on ways to collectively grow the Cocoa sector in Nigeria.

“Nigerian cocoa beans www.businessday.ng

are being sold at a discount price in the international market, resulting in low profitability for actors in the value chain especially the farmers,” he said.

He a l s o n o t e d t h a t a value chain study had revealed low productivity and profitability of the cocoa business could be attributed to the poor yields and poor quality cocoa beans.

Segun Odusanya, acting permanent secretary, Ondo State Ministry of Agriculture, note d at the me eting, that the government had approved the establishment of a hybrid cocoa plantation in the state. The plantation is to be located at Ijugbere town in Owo council area

of the state.

Odusanya stated that four productive “cocoa seed banks” which included hybrid cocoa seeds, high yielding, early maturing and resistant to drought were domiciled in the state.

On his part, Adeola Adegoke, the National Secretary of Cocoa Farmers Association of Nigeria lamented lack of clear cut policies to regulate the cocoa sector in the country.

Adegoke while commending PIND for bringing stakeholders together, urged President Muhammadu Buhari to do everything possible to revive the country’s cocoa industry.

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ithin the last few years, agriculture i n Nig e r i a ha s experienced a massive growth. More people are beginning to cultivate and grow their own food as well as starting livestock or crop farms for profit. This implies that more farmers are paying more attention to the level of crop productivity on their farms.

Notwithstanding the impressive results, some farmers are still experiencing a downfall in crop yield year after year because of the poor farming techniques they apply unknowingly while cultivating crops.

The method of crop c u l t i v a t i o n f ro m l a n d preparation to the end of the farm cycle determines the quality and quantity of farm produce that would be harvested.

Crop productivity is an essential part of ever y farmer’s journey, so if you are disappointed at harvest because of a decrease in your farm produce, one of these highlighted points you are about to read might be the reason.

1. Soil Type & Quality: There are different types of soil – Loamy, clay and sandy soil.

Every crop type requires its own particular soil texture to produce optimum yield.

You cannot plant rice in a dry land with little rainfall or means of irrigation, else it would not germinate.

Neither would maize germinate properly when planted in cold, wet soil except the soil temperature reaches 60°F. Farming is more than just the seeds in your hands, it requires a fertile soil which contains the required amount of nutrients needed for the desired growth.

2. Planting Method: The best planting method is one that allows seeds to be placed at the correct depth, which provides good contact between the seed and soil. When the seeds are carelessly planted, there is the tendency for seed predators such as birds and squirrels to eat or dig up the seeds while searching for food. They could even be washed off easily by flood or irrigation. Also, when planted too deep, the stalk and leaves could be inside the soil while the plant germinate. The solution is @Businessdayng

to plant seeds according to the measurement required for the crop type.

3. Planting Time: The time of sowing seeds is one of the major causes of low crop yield. When the land is prepared long before planting is done (except in cases where this is required), there is every tendency for weeds to have an advantage over the crops.

You end up spending more time weeding to give crops enough space to germinate.

Timing in crop farming is key. Also, planting seasons s h o u l d b e c o n s i d e re d as well as the weather condition at the time of planting. Not all crops are cultivated yearlong.

4. Poor Quality Seed Selection: An important factor to ensure optimum crop productivity is seed selection. Not all seeds are of high quality.

Sometimes rough handling or placement of the seeds before planting can destroy its nutrients and moisture, t h u s re s u l t i n g i n l o w productivity at harvest time.

Before planting, the texture and colour of the seeds should be well examined.

Ensure that the seeds are well handled and stored in a safe place with the right temperature.

5. Irrigation: To improve crop yield, a regular supply of water is needed. When this is not available or done at a particular time in the crop cycle, yield is likely to be impacted negatively during harvest. Adequate preparation on how to avoid water shortage during crop planting should be made.

6. Application of Fertilizer: Th e t y p e o f f e r t i l i z e r, amount of fertilizer and time of fertilizer application could contribute to low crop productivity. It is required that fertilizer is applied in a balanced amount with standard methods at the appropriate time.

The knowledge of best farming practices to adopt cannot be overemphasized.

When you use the best methods in cultivating your food crops, you reap a bountiful harvest and when you do not, you get little or nothing at all. It is the responsibility of every farmer to care for their farm in and out of planting season.

Hannah is the Lead SEO/ Content Development at Farmcrowdy.

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Friday 31 May 2019

BUSINESS DAY

Hotels

Chef Hadi and his creative fingers at Circa Privé OBINNA EMELIKE

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

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f you are a regular patron at one of the numerous restaurants and stylish lounges along Admiralty Way, in Lekki Phase 1, Lagos, there is yet another place to visit and savour its exciting offerings.

Of course, Circa Privé is worth visiting for multisensory culinary experience amid the most astonishing ambiance and fresh air courtesy of the imposing Lagos Lagoon.

The new upscale restaurant is set in Circa Nonpareil, an aesthetic space that is becoming the address for those who desire experiential culinary indulgence.

While Circa is famous for its luxurious lunch, dinner and wine pairing offerings, the restaurant further stands out within few weeks of its opening because of Chef Hadi Bazan, the executive chef.

Chef Hadi, as fondly called by satisfied guests, brings his creative fingers to bear in the preparation, design and presentation of the food menu at the restaurant.

Describing the restaurant, Chef Hadi says though Circa Privé is a restaurant, it is a lot more different from others in town because of the ambiance, the unique food offering , the way it takes care of customers, the quality of food, how they are prepared, and commitment to maintain standard every day.

There is an in-house wine specialist to ensure perfect food and wine pairing for the guests.

“The menu is special. It takes me a lot of time like six months to create the unique menu here to satisfy all types of guests .Whether Nigerian, Lebanese, Italian, French or Chinese, Circa has all it takes to satisfy your tastes, from prawns, chicken, steaks, salads, appetizers and more”.

Explaining further, the chef says the restaurant is international semi casual dining. “We have intercontinental food with a twist of the Nigerian touch. Also in our menu, we have some Nigerian side plates like jellof rice, fried rice, coconut rice, plantain, yam, among others”.

For Chef Hadi, what makes the restaurant unique is the seaside area because it

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

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

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

Tel: +234 9 4603900, +234 805 7522500

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

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

offers the best of ambiance, very low music, particularly jazz, that enables guests to relax, get their drinks and enjoy their food while appreciating the seaview. “We have all the elements to make you happy”.

As well, the restaurant is a seafood hub and the technique the chef uses in preparing the seafood, especially lobster is what stands out seafood on the menu list for guests.

Moreover, the Lebaneseborn chef comes with 14 years experience spanning over seven countries and in world-class outlets such as Le Royal Hotel Lebanon, T.G.I. Friday’s worldwide Lebanon, American casual dining cheesecake factory Lebanon, House of Roses Lebanese cuisine, in Iraq, Presidential Palace, Iraq Kempenski Qatar, Utopia Restaurant, Victoria Island among others.

Chef Hadi confesses that his job and passion is cooking and being a chef. “Any day I wake up, I feel to cook, I need to do my recopies, checks and update and be creative”.

His creativity is obvious in the way he creates or recreates a model of Nigewww.businessday.ng

rian food that appeals to international guests at Circa Privé. All he does is to take a Nigerian food and create different tastes, different presentations and guests beyond Nigerians are happy to enjoy it. “I have been able to satisfy my customers with my special culinary creations. For instance, I have done something creative with Egusi Soup. I added some flavors to it, and it tastes better, comes in a better presentation, and gives people opportunity to try something new”.

If you wonder how the chef gets the right recipes for his Nigerian menu, he says it is simple, first because the Nigerian food is not complicated. “For me, it is easy when you have chefs under you who have full base of the Nigerian recipes. With that sorted out, all I do is to add the flavours, more aroma and better presentation of the food”, says Chef Hadi who can cook Chinese, Mexican, French, American, Italian and the Mediterranean cuisines.

His versatility in food creation, according to him, comes from the base. “I have a good base and while in the culinary school I studied

under chefs from different countries; France, Lebanon, Italian among others. It is all about creativity and passion you have and nothing is impossible if you do it the right way and maintain quality and standard.

A major part of his success beyond the right recipes, better preparation and presentation is having a passionate and well-motivated team.

“I have about 18 people in my team who are very professional and can maintain the standard of the quality of any dish they are doing even if I am not around”.

On patronage so far, Chef Hadi says it has been impressive since opening. “Everybody is talking about the food, the presentation and ambiance. So, if you have a very good food, good presentation, good ambiance and good customer service, customers will come and they are coming here everyday”, Chef Hadi explains.

Going with the many reservations for buffet, he assures of a new brunch on Sundays after church service because the restaurant has a good area at the seaside where guests can do brunch, amid lots of exciting offerings including local dishes.

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

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

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

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

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

Friday 31 May 2019

BUSINESS DAY

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Friday 31 May 2019

BUSINESS DAY

entertainment

Music publishing business gains traction with UMG Nigeria, MPAN partnership OBINNA EMELIKE

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n May 1 0 , 2019, Music Publishers Association o f Ni g e r i a (MPAN) held its first town hall meeting in partnership with Universal Music Group Nigeria. Themed ‘The Music Publishing Business in Nigeria - Regulations, Challenges and the Future’ key players in Nigeria’s music industry convened to discuss the issues plaguing the Nigerian music industry and enable stakeholders collectively develop solutions to the challenges.

MPAN is an association of copyright catalog owners, both locally and internationally. The event was attended by key industry figures including; Barthélémy Blanc, deputy to the Delegate of the Re-

Some of the stakeholders at the town hall meeting

gional Economic Dept in Lagos, A&R Executive, Bizzle Osikoya, Olisa Adibua, programme director, Beat 99.9FM, Aibee Abidoye, general manager, Chocolate City, Perruzi, a recording artiste, as well as, members of the American

Business Council, songwriters, artiste managers and content creators. It provided an opportunity for delegates to review the current state of affairs of the industry, its challenges, as well as, revenue opportunities for music creators.

Isioma Idigbe, a seasoned media and entertainment lawyer, provided an overview of music publishing and highlighted its importance within the music industry, while Olumide Mustapha, chairman, MPAN who doubles

as a technology and entertainment attorney, explained the avoidable loss of revenue due to lack of industry knowledge and know-how around music publishing. Ibukun Ibidoye, executive president, Chocolate City, gave an insightful presentation on the future of music publishing in Nigeria.

MPAN members and attendees reviewed current policies and regulations, agreeing that measures must be put in place to protect the interests of creators within the industry.

The ongoing COSON crisis was also heavily debated, with stakeholders suggesting useful solutions to restructuring the collective society, and four petitions intended to achieve this were signed at the meeting. The meeting also gave members a better perspective of the music publishing

business and the extent of revenue loss from the absence of a proper music publishing structure.

Ezegozie Eze, general manager, Universal Music Group Nigeria & Anglophone West Africa, stated, “UMG is pleased to have been a part of the first MPAN town hall meeting, which was well attended by industry stakeholders.

The meeting provides an opportunity for key stakeholders, within the industry to come together to discuss the challenges currently being faced with music publishing in Nigeria.

Our aim is to work with the relevant bodies to ensure that we put structures in place that not only aids the growth of the music ecosystem, but protects and compensates music creators. This meeting was definitely a step towards the right direction.”

Folake Olowofoyeku Nigerian-British actress, to play lead role in US TV show Jonathan Aderoju

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igerian-British actress, Folake Olowofoyeku will play lead role opposite Billy Gardell in the newly announced CBS show, ‘Bob Hearts Abishola’.

Reports say that the comedy shows will be written and executive produced by ‘The Big Bang Theory’s Chuck Lorre.

Announcing the show on their official website, CBS wrote, “From awardwinning creator, executive producer and writer Chuck Lorre, Bob Hearts Abishola

is a love story about a middle-aged compression sock businessman from Detroit.

CBS says “He unexpectedly falls for his cardiac nurse, a Nigerian immigrant, while recovering from a heart attack and sets his sights on winning her over.

“Undaunted by Abishola’s (Folake Olowofoyeku) lack of initial interest or the vast differences in their backgrounds, Bob (Billy Gardell) is determined to win Abishola’s heart, in this comedic examination of immigrant life in America.

“Chuck Lorre, Eddie Gorodetsky, Al Higgins and Beth McCarthy-Miller (pilot

Folake Olowofoyeku, Nigerian-British actress www.businessday.ng

only) are executive producers for Chuck Lorre Productions in association with Warner Bros.

“McCarthy-Miller directed the pilot from a script by Lorre, Gorodetsky, Higgins and Gina Yashere.”

The network also released a trailer for the show which showed the relatable dynamics in Abishola’s family, including a judgmental aunty and a hapless uncle.

It showed Abishola’s cousin who just wants to cut loose (more than Nigerian parents will allow).

Viewers also get to meet Bob’s doting mom, who thinks the world revolves

around her son.

Confirming the news, Olowofoyeku shared photographs from the show on her Instagram page @the. folake with the caption, “My TV family. Abishola”.

Reports say that ‘Bob Hearts Abishola’ will premiere sometime in September.

Growing up in Nigeria, Folake the youngest of twenty children, she always dreamt of delving into the arts.

Folake’s parents; Babatunji and Felicia Olowofoyeku, however, insisted on the family profession of law and politics. On an opportune summer vacation to New York City, Folake, unbeknownst to her family began her undergraduate studies in the arts; eventually leading to her Bachelor of Arts (Honors) in Theatre, a Diploma in Audio Engineering and Self-Teachings on Guitar.

While at university, she also developed a love for basketball; competing with CCNY’s Beavers in the NCAA Leagues. She earned a Best Actress Award for her lead role in “When They Could Fly” at the prestigious ReelHeART International Film Festival in Toronto, Canada; and, Best Actress In A Fashion Film for her lead role in “Central & Broadway” at CinéFashion Film Awards, Los Angeles.

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

AFRIMA joins the continent in celebrating World Africa Day 2019

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frica Day is intended to celebrate and acknowledge the successes of the Organisation of African Unity (OAU), now known as African Union (AU) from its creation in May 25, 1963 in the fight against colonialism and apartheid, as well as, the progress that Africa has made, while reflecting upon the common challenges that the continent face in a global environment.

All Africa Music Awards (AFRIMA) felicities with the AU on the celebration and is poised to promoting the positive narratives of Africa to the world through the @Businessdayng

richness of her arts and culture, showcasing the myriad of African artistes from the old to the new generation.

AFRIMA’s portal for entry submission for the Sixth All Africa Music Awards is open and entries are already flooding in from African artistes and musicians across the globe.

This is a big opportunity for dedicated African artistes, producers, video directors, record label owners, Dj’s and choreographers.

Artistes can submit their songs/videos through the link below and in our bio : http://bit.ly/6thAFRIMAentry.

Friday 31 May 2019

BUSINESS DAY

entertainment

Are you chewing gum?

Business etiquette

J

Janet Adetu

ust as I entered the hall I conducted a quick self- image audit from my hair down to my shoes. Once I was satisfied I then continued my walk into the venue. Being a formal gathering I was not surprised by the number of people in attendance. The first speaker was introduced and subsequently ushered on to the stage. From a professional stand point I commended her for her ability to portrait the right presence for her stage presentation.

As expected she kick started her speech with her welcome address the rolled right into her presentation.

The speaker was not into her second sentence when we could see her chewing gum in between her words.

There and then my impression of this elegantly looking speaker dropped immediately, most especially as she unconsciously started chewing as she went along.

Now did she forget that she was chewing gum before going up onto the stage? How should she have instantly cautioned herself without sabotaging her image? It was obvious she did not conduct a self-image audit before going into the hall.

Chewing gum is not the real issue here because researchers and scientists will tell you that chewing the right gum is actually good for the health of your teeth, your gum and your breath. If for that reason alone then everyone should be chewing gum.

I guess it is all about how you chew the gum that makes all the difference. At some point we all have that tendency to want to chew gu

for various individual reasons. We see it all the time how some people chew with all their mouths open. It gets worse when you actually see the gum in their mouths as they speak. Just imagine yet again sitting in church seeing very well dressed women chewing gum profusely, not a pleasant or complimentary site. It is also poor etiquette to be sitting in front of someone listening to every chewing sound from behind. If not addressed it can easily be overlooked and tarnish ones impression.

Let’s look at it in more detail: How do you chew gum?

Do you chew with all your mouth?

-This suggests that you are not so self –aware of your environment.

Your image is everything which you must guard like an egg. Gum should not be chewed for all to see but discretionally.

Are you Loud and lousy? – Making sure that you chew to the hearing of others is rude and impolite.

Nobody needs to know that you are chewing especially when it is gum.

Snippets at a time? - It may look like you are not chewing anything but

when this is done at the wrong place, time and occasion this can be more detrimental. Be conscious of your surroundings and act with caution.

Do you bubble pop? - This we know is act left to those feeling young at heart without a care in the world.

You have no business as an adult popping gum in public, not only will you turn heads but raise eyebrows too, all sending negative messages

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to you.

Enough chewing what next?

Do you stick under the table? – Have you once in your lifetime stuck gum under the table or the arm of your chair? Just think how unhygienic it would be when someone accidentally places their hand on the sticky gum. It is quite common placed and is considered indecent, impolite and an act of misconduct. The simple thing to do is to dispose of your worn out gum appropriately.

Do you casually drop on the floor? - This is an act of carelessness as there is no thought for your fellow human-beings. Stepping on gum can be a daunting experience, also quite embarrassing. Why litter the environment, good behaviour as well as good attitude would always caution such acts. There are some countries that consider the chewing of gum in public places and on public transport a punishable offence, as such place heavy fines on such breach of conduct. Avoid casually disposing of your gum.

Do you Wrap it up? - The ideal situation is if you must chew gum then always make it a practice to neatly wrap up in anything disposable before discarding in the trash can. This should be a spontaneous act especially in the public environs it goes without saying.

If you must chew do not chew here 1. Places of worship: This is not a place to be caught eating or chewing, it is a sacred place for prayer.

Eating here or chewing is rude and inconsiderate, caution should be taken not to give off a negative image of yourself. Some chew to stay awake occasionally, ensure it is not an obvious act, be discreet.

2. During a presentation by you: While on stage all eyes are on you every message you portray will be judged. Be careful to recognize cameras will also be focused on you, including all those listening. Let your body language speak positively in your favour.

‘

Chewing gum is not the real issue here because researchers and scientists will tell you that chewing the right gum is actually good for the health of your teeth, your gum and your breath

3. In your workplace: The worst place to chew gum is in the board room or at a VIP meeting, this will sabotage your professional image.

4. On TV: You may be on a TV interview and forget that you are on air chewing gum. Immediately you notice do not attempt to remove it immediately just stop chewing.

5. On Radio: Your chewing vibes will be heard in air clearly if you are not conscious of the gum in your mouth.

6. At a meeting: It is an image saboteur to be caught chewing at a meeting especially with a VIP client.

7. At a wedding: If you are part of a bridal train you can not be seen chewing gum.

8. At a formal event: When you are formally dressed in a suit, a tuxedo, a long gown or traditional attire chewing gum will compromise your executive presence.

9. When meeting someone for the first time: Remember first impressions go a long way. Chewing gum to greet someone does not give a good impression 10. During a training / lecture session: Sitting in a training session is for learning and acquiring knowledge. As much as chewing gum is common let it be minimized 11. At a dinner: Dinner time is for food, it is wring to chew gum before, during or after dinner.

Finally, some will tell you that they completely dislike the act of chewing gum at any point in time, while others will tend to choose the places as to when and where. Chewing gum is therefore neither wrong nor right depending on the individual circumstance. Just to put into perspective if you feel the urge to chew gum, then take note of the following areas to avoid if only to protect you and your personal brand: Janet.adetu@jsketiquetteconsortium.com @janetadetu @jsketiquetteconsortium @peakperformancecoach www.jsketiquetteconsortium.com

The Bling Lagosians are here

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ave you ever thought about what it would like to walk in the shoes and delve into the lives of the elites even for just one day?! #TheBlingLagosians are here; Bolanle Austen Peters has her directorial debut with “The Bling Lagosians” having successfully showcased critically acclaimed stage plays such as Saro the Musical, Wakaa the Musical, Fela and most recently, the Kalakuta Queens.

The movie is a powerful story and gives a glimpse into the lifestyle of Lagos’ high society; the “big men”, “big madams’ and their inner circle of the ruling elite. They are super rich and they do not feel guilty about it one bit! In the film, you step into the world of the elites who are truly in charge of Lagos; these folks have immense power. These are the 1 percent of the 1 percent in Nigeria and they put everyone in the shade with their lavish display of wealth. They may have the wealth, the luxuries and, of course, “The Bling” lifestyle, but have they mastered their pursuit of happiness?

Austen-Peter’s vision for the film is to create something reflective of her experience in Lagos. The Movie tells the story of “The Holloways”, a powerful Lagos socialite circle whose matriarch never disappoints when

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it comes to flaunting her families extreme wealth. She is resolute on having her 51st birthday become the year’s biggest society event – however things take a turn when her family’s huge dept verges on being exposed.

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How will the family cover it up when she is 100 percent reluctant to cut back on her extravagant lifestyle?

The trailer reveals the party preparations, showing the formidable cast, which includes: Elvina Ibru, Toyin Abraham, Jide Kosoko, Bisola Aiyeola, Denola Grey, Monalisa Chinda, Osas Ighodaro Ajibade, Sharon Ooja, Helen Paul, Alex Ekubo and more.

While it does not give too much of the plot away, it is clear that the film is going to be very scandalous, and if you live in Lagos, this should come as no real surprise to you. The movie is a must watch with enough drama, twists and turns, giving us a detailed in road in to ‘the magic circle’ with whom on the surface everything seems to work for, everything they touch turns to GOLD, until it does not. Even though they may hide behind very high walls, exclusive estates, tinted cars and security details, for how long will they continue to keep up appearances?

The exciting movie opens in cinemas across the country on June 28, 2019.

@Businessdayng

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Friday 31 May 2019

BUSINESS DAY

Sports Champions League final: 5 things to expect as Liverpool battle Tottenham Stories by Anthony Nlebem

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fter months of upsets, drama and nailbiting moments, the European soccer season comes to a climax with the UEFA Champions League final this Saturday, taking place in the city of Madrid.

Last season runners-up, Liverpool take on Tottenham Hotspurs in an all-English cracker at the famous Atletico Madrid’s Wanda Metropolitano stadium.

Tottenham are in their first ever Champions League final while Liverpool are last season’s runners-up and will be hoping to clinch their sixth European title.

Both teams mounted spectacular semi-final comebacks to reach the final, each recovering from three goals down.

While Liverpool won 4-0 in their second leg against Barcelona at Anfield to progress 4-3 on aggregate, Lucas Moura’s second-half hat-trick at the Johan Cruyff Arena gave Spurs a 3-2 victory at Ajax, and an away-goals success.

In terms of head-to-head, Tottenham and Liverpool have met in 170 previous matches across all competitions. However, the Reds have dominated the rivalry, claiming 79 wins compared to 48 for Spurs, while 43 matches have been drawn.

Here we analyze the possible outcomes from this weekend’s UEFA Champions League final.

Sixth European Cup for Liverpool Jurgen Klopp’s Liverpool side are bidding to win their sixth European Cup and the first since the unforgettable night in Istanbul in 2005. Should they triumph, Liverpool will go above Bayern Munich and Barcelona on the list of winners, behind only AC Milan with 7 wins and Real Madrid holding 13 wins.

Harry Kane Absence Tottenham will be without their star player

Harry Kane. The England captain has not played since an ankle ligament injury suffered against Manchester City on April 9. Whether he will be ready to start in a game of such intensity is another matter. Spurs manager, Mauricio Pochettino, says it is a decision he is giving a lot of thought because he knows it could define the game.

Liverpool’s Rock Solid Defense Liverpool’s defence, marshaled by Premier League player of the year, Virgil Van Dijk, will be ready to stop the attacking assault from Tottenham.

Van Dijk has been in fine form this season and helped his side keep a clean sheet against aBarcelona side that parade Lionel Messi and Luis Suarez.

Liverpool’s energetic fullbacks have been a constant feature in Liverpool’s thrilling season.

Trent Alexander-Arnold, at right-back, and Andrew Robertson, on the left, are aggressive in defence and consistently produce excellent deliveries for their attackers. In the semi-final victory over Barcelona, both played their part.

Eyes on the Trophy

After losing one match all season, accumulating 97 points and still finishing second behind Manchester City, Liverpool could be forgiven for being unlucky to win the Premier league title.

The club also reached the Champions League final last season, only to lose to Real Madrid.

In its run to the Champions League final this season, Liverpool may feel fate is on its side.

Few gave it hope after losing the first leg of the semi-final to Barcelona 3-0 at the Camp Nou, but Liverpool did exactly what was needed in the second leg. Many will feel the club deserves a trophy for their performances this season.

Spurs seeking to make history It’s been a difficult season for Spurs with a delayed stadium move and no new signings.

Yet, they finished fourth on the Premier League table and the run to the Champions League final is a dream bonus. Spurs were five minutes from being eliminated in the group stage but went on to defeat Borussia Dortmund and, in dramatic fashion, Manchester City and Ajax. Spurs may never get a better chance to win European club soccer’s biggest prize.

Spurs have never won Europe’s premier club competition. It won the UEFA Cup (now Europa League) twice, in 1972 and 1984, but this is the club’s first appearance in a Champions League final. Should it triumph, Spurs will be the sixth English side to win the European Cup, joining Liverpool, Manchester United, Nottingham Forest, Chelsea and Aston Villa.

Summary Spurs have won only one of its last 14 matches against Liverpool in all competitions this season.

Liverpool boss, Jurgen Klopp has again proved himself a master of motivation this season. His side kept pace with Manchester City until the final game and overcame Bayern Munich and Barcelona enroute to the Champions League final.

Pochettino is playing down Spurs’ chances, pointing out it is the underdog and on a different level financially. Of course, five years since he joined the club, Pochettino will be desperate to see his excellent work rewarded with a trophy and will be ready to inspire his team.

Super Falcons to play Slovakia in friendly

AJ defends heavyweight bout against Ruiz

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… Bout live and exclusive on KFS and Kwesé iflix

he Super Falcons will travel from their Avita Resort camp in Bad Tatzmannsdorf to Slovakia on Sunday for a friendly against their Slovakian counterparts – the second time both teams would be meeting this year.

On 1st March 2019 at the Cyprus Women’s Cup in March, the nine –time African champions edged a seven –goal thriller against the Slovakians, with goals from midfielder Rita Chikwelu (a brace), defender Osinachi Ohale and forward Anam Imo. Sunday’s game comes up five days after the Falcons travelled to Hungary to defeat Hungarian top division team Haladas Viktoria 5-1 in their first friendly since arriving at the Avita Resort for a two –week residential camping ahead of the 8th FIFA Women’s World Cup finals in France, starting next week Friday.

In the match played at the Kiraly Sports Centre in Szombathely, Hungary, Viktoria

took the lead in the 14th minute as goalkeeper Tochukwu Oluehi slipped while trying to punch the ball.

From then on, it was all Nigeria, with China –based Chinwendu Ihezuo equalizing in the 32nd minute from a pass by fellow China –based forward Francisca Ordega to make it 1-1 at half time.

Ordega turned scorer in the 52nd minute, off a corner kick by Ngozi Okobi, before Asisat Oshoala made it 3-1 in the 70th minute by capitalizing on a pass from Chinaza Uchendu.

Oshoala got her second and Nigeria’s fourth two minutes later, benefitting from Uchenna Kanu’s pass, and Ogonna Chukwudi rounded off matters in the 84th minute off a pass from Anam Imo. On return from Hungary, the Falcons will train on Monday, before flying to France on Tuesday ahead of their first match of the FIFA World Cup against Norway in Reims on Saturday, 8th June.

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he international boxing community will hold their breath on Sunday, 2 June as they witness Anthony “AJ” Joshua defend his world titles against Andy Ruiz Jr in a heavyweight boxing bout slated to be held at the Madison Square Garden in New York City.

Joshua, the Unified World Heavyweight Champion with the IBO, WBA, IBF and WBO heavyweight titles, returns to the ring following his victory over Alexander Povetkin in September 2018.

AJ will be fighting on American soil for the first time as he defends his titles against Ruiz Jr aka “The Destroyer”. This will be another big night for British boxing, one that boxing lovers will not want to miss. “The Destroyer” replaces Jarell Miller who failed several drug tests to lose his shot at heavyweight gold.

Ruiz Jr is no walkover with 33 bouts under his belt. Of his 32 wins, 21 were by TKO. Since his only recorded defeat against Joseph Parker in a WBO world title fight in 2016, Ruiz has been on a winning streak which he hopes to maintain. Joshua makes his US debut with a record of 22-0, 21 by KO. Kwesé will deliver all the ringside action live from New York. Undercards featuring Katie Taylor, Callum Smith and Joshua Buatsi will lead up to the main fight. The undercards are billed to kick-off at midnight, and the ring walk for the main fight is projected to begin

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at 4am local time.

Boxing fans can enjoy live blow-by-blow action on all Kwesé devices. Catch the fight on TV on Kwesé Free Sports ch. 285 or UHF 32 Lagos, or live stream on your Kwesé Play Roku device. You can also watch on-the-go with the Kwesé iflix app on your mobile devices.

The Kwesé iflix app can be downloaded from the link, http://bit.ly/2EbtzK1

@Businessdayng

Friday 31 May 2019

BUSINESS DAY

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Friday 31 May 2019

BUSINESS DAY

FINTECH News

Products Review

Technology Review

Personality Review

Company Review

Technology Review

“Come back in 8 working days,” How Nigerian banks frustrate their customers Stories by FRANK ELEANYA

“

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ou can go,” the female bank customer relations officer said to Okundaye, a 31-year-old administrative staff of one of the largest recruitment firms in Nigeria.

“Really? Should I expect a resolution today?” Okundaye asked the officer who was now starring at the monitor in front of her with a serious look. For nearly a minute she ignored his question. When she finally did lift her head to answer, the smile on her face screamed “fake” but she managed it well.

“Come back in 8 working days.”

A cold chill swept through Okundaye’s body. His company, for some reason, was migrating the entire staff salary accounts to a new bank and needed everyone to open an account with the new bank.

The memo sent to his email had made it clear that anyone who does not have a new account with the bank will not be paid.

The new bank however was proving difficult, insisting there will not be any account opening for those whose name on the Bank Verification Number (BVN) did not correspond with the one on a ‘valid’ ID. A valid ID in Nigeria includes an international passport, national identity card, drivers’ license, and voter’s card.

Unfortunately for Okundaye, the new bank had called him shortly after he submitted the bank opening form to inform him of the new predicament.

First the old bank had requested for an affidavit, a change of name in a national newspaper and his passport before they could commence the process of adding the name. Okundaye thought it was too much to ask for until he had to wait 8 working days and his company’s payday was three days away.

The nightmare continued as 8 days turned to 14 days and when he reached out to the bank on their social media channels, the answer he kept receiving was, “We apologize for this inconvenience, your complaint is receiving attention and you will be updated with a resolution shortly.”

The resolution later came 22 days after. He nearly missed the next month’s payday.

Why does a bank with all the details of the customer already on its system courtesy of BVN have difficult protocols just to add a name to an already existing BVN?

What would it cost for the new bank to place a friendly call to the old bank and get the problem resolved? Why put the customer through so much inconvenience?

“I had to threaten them with an intention to petition Consumer Protection Council (CBN) and CBN before, before they solved the problem. By then, I have borrowed nearly the entire salary to take care of my family,” Okundaye told BusinessDay. Millions of bank customers face Okundaye’s dilemma on a daily basis. Whether it is a transaction gone wrong and you want the bank to stop, or you were debited for a failed PoS transaction, or a simple request for bank statement, or getting feedback on bank overcharge, delays have become inevitable.

Small business loan seekers have seen the different sides of banks’ “come back in…working days.” Sometimes it stretches till infinitum. Often

they get too frustrated and move on to other things.

“You will think that adopting technology will make everything easier, but maybe banks should just stick to banking and leave fintech alone, because they are frustrating people who want to embrace these innovations,” Okundaye said.

To be fair a lot has improved with banks embracing financial technology. In fact the growth of fintech in Nigeria has more to do with banks’ contributions than any individual’s effort. It was banks’ involvement through companies like Unified Payment and Interswitch that led to the deployment of Automated Teller Machines (ATM), Point of Sale (PoS) and card transactions. Banks patronage of eTranzact also facilitated the invention of USSD payment and mobile money services.

Today’s banks have become first movers in financial technology (Fintech) pioneer-

ing innovations like WhatsApp banking and have elevated chatbot banking from Nigeria to the global stage.

But “It appears the banks are becoming too distracted by digitalization and ignoring the most important person in the value chain – the customer,” a fintech expert who chose to remain anonymous said.

Although banks’ fintech products have significantly reduced the inconvenience customers would have faced interfacing with human elements, it has also created new pain points.

For instance, most banks’ mobile applications now enable customers to recharge their phones on any network.

In recent times, a lot of complaints has emanated from banks not being quick enough to respond when transactions fail. It is similar to complaints about PoS transaction failures and many bills payments.

On September 23, 2018, the Central Bank of Nigeria (CBN) had in response to growing complaints of nonreversal of customers’ fund, issued the Regulation on Instant (Interbank-Bank) Electronic Funds Transfer Services in Nigeria. The regulation among other things provided that it is the responsibility of banks and other financial entities to; “Refund into customer’s account full proceeds of failed transactions returned by receiving entity within 10 minutes; Refund into customer’s account full proceeds of transaction which the Sending Entity is unable to process within one (1) hour after the next settlement closure… Where

it is impracticable for the Receiving Entity to credit the customer’s account within 60 seconds, due to scarcity, system or other considerations, the Receiving Entity shall notify the Sending Entity, beneficiary and or the EFT service provider(s) shall be notified of the issue with the assurance that pending credits will be applied as soon as the issue is resolved but not exceeding 24 hours.”

Going by the CBN’s guideline, no reversal should exceed 24 hours no matter what the situation is, but this is hardly the reality. Visits to most banks’ social media handles have shown that customers continue to wait days and even weeks before getting their issues resolved.

It also appears that there is disconnect between the customer relations officers inside the bank branches and the people handling the social media platforms as complaints laid at the physical branches never return with feedbacks unless the customer who made the complaint revisits the branch.

“There is the problem of poor technology infrastructure that is affecting the banks as well,” says a CEO of one of the switching companies that services most of the Nigerian banks. “The CBN can issue guidelines as many times as they like but until you address the infrastructure side of electronic payment you will continue to have payment and reversal lapses.”

Nonetheless, fintech or not, banks must make a commitment to continuously train their staff on management of customers’ expectation.

Why Emefiele’s second-coming needs to prioritize fintech firms for a change

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odwin Emefiele’s first five years as Central Bank of Nigeria (CBN) governor saw major progress made in terms of guidelines for electronic payment and digital banking services in Nigeria. There were about 20 guidelines and circulars issued under his watch which in various ways impacted payment electronic services in the country.

Some of the regulatory guidelines issued under him include the Exposure Draft of the Guidelines on Instant (Inter-bank) Electronic Funds Transfer Services in Nigeria; Sanctions on Erring Banks e-Payments Service Providers for infractions of Payments System Rules and Regulations; The Circular on the Regulatory Framework for the Use of Unstructured Supplementary Service Data (USSD) in the www.businessday.ng

Nigerian Financial System; Circular on the Exposure Draft of New CBN Licensing Regime (License Tering) for Payment System Providers; and Exposure Draft for the Operation of Indirect Participants in the Payments System among other guidelines.

Although Emefiele’s CBN on a few occasions appeared proactive, many of the times it was reactionary. There was also the sense by stakehold-

ers in the payment space, that Emefiele’s guidelines was made to protect Nigerian banks against the new players – fintech firms. The guidelines on different occasions rubbed off the wrong way on fintech startups because of stringent capital requirements.

Emefiele’s protectionist guidelines may be understood on the premise of previous assumptions that fintech start-

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ups represented existential threats to banks. However, time has since put those assumptions to bed and it has shown that banks and fintech firms can exist alongside and even complement each other.

Thus, Emefiele has nothing to fear from fintech firms rather he needs them to ensure his second-coming ends on a high note.

For instance, the cashless Nigeria project which aims to @Businessdayng

drive development and modernization of payment system in line with Nigeria’s vision 2020 goal of being among the top 20 economies by the year 2020, depends more on the success of these firms than the banks. With barely one year left to make that dream a reality, Emefiele will do well to prioritise creating an enabling environment where fintech firms will thrive, in order to drive financial inclusion.

Friday 31 May 2019

BUSINESS DAY

31

FIXING NIGERIA Sectoral challenges

What government needs to do

Insurance

Insurers expect more commitment to the sector in Buhari’s second term MODESTUS ANAESORONYE

F

ollowing the inauguration of President Muhammadu Buhari for his second term in office, practitioners in the insurance industry, want the ‘next level’ to be one where the President will appreciate the role of insurance in driving economic policies. They also wish government will understand the role of insurance as a catalyst for economic growth.

According to industry experts, no advanced economy anywhere in the world has developed without a strong insurance industry. It remains a major mobilizer of long-term funds for infrastructure development, as well as an effective means of risk management that enables other businesses to survive.

In Nigeria, the insurance industry has been a major source of foreign direct investment having received global insurance investors like Old Mutual, Sanlam, AXA, Allianz, and SUNU among others who continue to strengthen their positions in Nigeria.

A President that understand these roles will give the insurance industry priority, by not only ensuring that government insures its assets, but also that premiums are paid adequately and as when due, while also creating a conducive environment that will enable the industry to grow.

A situation where government and its agencies fail to insure their assets adequately, fail to pay premium on employees group life insurance spanning several months, is not only a sign of negligence, it also shows lack of commitment. There is a need for policies that will drive insurance uptake, such as compulsory insurance which is not unique to Nigeria. Enforcement of compulsory insurance has not crystallised, and it is an area government has a critical role to play.

In Nigeria today, five types of insurance are made compulsory under different laws, which government identifies as necessarily good to enable people have peace of mind in pursuing their daily economic activities.

The five compulsory insurance covers are: Group Life Insurance in line with the Pension Reform Act 2004 as amended in 2014; Buildings Under Construction-section 64 of the Insurance Act 2003; and Occupiers Liability Insurance –section 65 of the Insurance

Act 2003. Others are Motor Third Party Insurance –section 68 of the Insurance Act 2003 and Health Care Professional Indemnity Insurance - section 45 of the NHIS Act 1999.

The insurance industry had expected the Buhari government, when it came to power for the first term of four years in May 2015, to give the Drafted Consolidated Insurance Bill a priority to enable the sector achieve speedy growth. The consolidated Insurance Law is expected to address a

lot of the challenges facing the industry, as well as capacity of the regulator to enforce certain issues that dragged the growth of the industry.

Kemi Adeosun, as minister of finance, had constituted a committee to review the Draft Insurance (Consolidated) Bill, with a view to making it a framework or principle-based legislation. The committee was also to carry out a comparative review of the bill to align it with the powers of other financial regulators in the country, as well as a thorough examination of current market problems and recommendation of appropriate regulatory powers to allow the insurance regulatory authority act appropriately.

All of these, unfortunately, ended without meaningful outcome to date.

Paul Odah, an insurance practitioner, explained that the role of insurance in any economy, particularly in mobilisation of long-term funds, cannot be taken for granted in the pursuit for economic growth and development in any nation.

Odah in a presentation said insurance has enhanced the confidence of businesses to become adventurous knowing there is a back-up plan in the event of any mishap – be it corporate or individual.

The confidence of secure savings will reduce the possibility of corruption in preparation for retirement or associated anxiety, the expert stated.

Banking

Access to affordable capital, infrastructure, FI, top expectations in banking sector HOPE MOSES-ASHIKE

T

he expectations of stakeholders are high in terms of addressing the challenges confronting the banking and finance sector of the economy, as President Muhammadu Buhari assumes office for a second term.

Some of the challenges are infrastructure deficit, which heightens the cost of operations of deposit money banks and other finance institutions, access to credit, fiscal and monetary policy conflict, and foreign exchange issues.

“There should be deliberate actions on the part of government to ensure that fiscal and monetary policies are complementary rather than conflicting”, Taiwo Oyedele, head, Tax and Regulatory Services, PWC, said.

He expects to see Harmonisation of exchange rates and the various windows to eliminate the potential for abuse and undue discretion.

However, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has said Nigeria does not operate multiple exchange rate but has multiple foreign exchange window.

For Oyedele, easing of restrictions regarding access to foreign exchange, in particular the gradual phasing out of the list of ineligible transactions, should be an agenda for the new

administration. The CBN encouraged manufacturers to consider local options in sourcing their raw materials, by restricting access to foreign exchange on 41 items (now increased to 43). Four of these items alone constitute over N1 trillion of the nation’s annual import bill.

Oyedele expects introduction of policies to promote access to capital at affordable and competitive terms particularly for Micro Small and Medium Enterprises (MSMEs) by reducing discriminatory advantages conferred on government instruments relative to private sector lending and investment.

The CBN after the Monetary Policy Committee (MPC) meeting in May, resolved to restrict the appetite of banks for government securities.

Bismarck Rewane, managing director/chief executive officer of Financial Derivatives Company Limited said, “By setting up a policy that will limit banks from investing in financial securities, will mean Nigeria has moved from a situation of moral suasion to moral bullying. However, we have seen cooperates raising debt, this will go a long way in helping to spread credit across the real sector”.

The banking sector credit to the economy declined 2.9 per cent from N15.6tn in Q3 2018 to N15.1tn in Q4 2018. Similarly, the number of customers borrowing from commercial www.businessday.ng

banks also headed south, according to the data from the National Bureau of Statistics (NBS).

In 2017, which happens to be the latest data released by the statistical agency, the number of customers borrowing from banks stood at 2.3 million, a 23 per cent decline from the 3 million figure in 2014.

Uche Uwaleke, chairman, Chartered Institute of Bankers of Nigeria, https://www.facebook.com/businessdayng

Abuja, said the major challenge of the Banking and Finance sector in Nigeria remains the issue of infrastructure deficit. The incoming administration should continue to address the problem posed by inadequate provision of electricity in particular which contributes to the high cost of doing business by financial institutions thereby making it difficult for them to carry out the function of financial @Businessdayng

intermediation. The sector is equally affected by insecurity in the country and so every effort should be made to tackle this. On his part, Victor Etuokwu, executive director, personal banking, Access Bank plc, said “this government will move on to the next level as they have said. I expect banks to thrive, though the environment will be challenging. You will see higher profitability in the next four years than ever seen.”

He attributes this to Financial inclusion, as it is expected that more people; the underserved and under banked will come into the financial sector. What will be left is for banks to position themselves to corner these potential customers.

This could ride on the January 17, 2019, unveiling of the CBN National Financial Inclusion Strategy (NFIS), designed to ensure that at least 80 per cent of Nigerians have access to banking and other financial services.

In 2016, 58.4 percent of Nigeria’s 96.4 million adults were financially served leaving 41.6 percent financially excluded. The proportion of those who were banked was 38.3 percent, those in the formal other category was 10.3 percent and those served by informal sector 9.8 percent. This shows that only 48.6 percent used formal services compared with 70 percent that is targeted in 2020.

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Friday 31 May 2019

BUSINESS DAY

CULINARY DELIGHTS

I

Circa Non Pareil the unmatched luxury dining experience in Lekki Phase 1

f you have passed by Admiralty Way lately, you most definitely have noticed a black building close to the Lekki waterside, not too far from the Ikoyi link Bridge. This majestic building that commands attention is Circa Non Pareil, the latest addition to the Lekki restaurant and nightlife scene. Circa Non Pareil is actually very befitting of its name.

we went back inside and ordered our meals. The menu at Circa Non-Pareil is exotic, it is exciting and mouth watering to say the least. They have everything from exotic steak cuts, shrimp-based dishes, chicken-based dishes and an array of smaller starters and drink options.

The menu item that deserves a wow factor award is the N 90,000 24 carat gold plated Toma-

plated tamahawk. Our meals were fresh and they came out on time. The decoration and plating of the food was stellar. Here is what Uche had to say about her meal ‘I really enjoyed my time at Circa Non Pareil, the food was delicious, the drinks were tasty and the service was impeccable. The view was spectacular and I will definitely be back’.

Uche Uzoebo.

@lehlelalumiere Lehle works at BusinessDay in Strategy Innovation and Partnerships, she is also a financial inclusion advocate and radio anchor.

Originally from Senegal Lehle has a passion for food and culinary experiences and enjoys discovering new restaurants in Lagos.

GUEST

UCHE UZOEBO Head, Distribution & Engagement at SANEF (Shared Agent Network Expansion Facilities

RATING 5 In French the word pareil means ‘the same’, so my expectation for a restaurant called Circa Non Pareil is that there would be no restaurant quite like it, an un matched experience so to speak, and after my dining experience, I have to say the restaurant is befitting of its name. My friend Bukky Karibi Whyte recommended the place to me and I’m glad she did.

On this occasion, I went to Circa Non Pareil located on 12E Admirty Way for a dinner with someone who I look up to and admire Uche Uzoebo. She is the Head, Distribution & Engagement at SANEF (Shared Agent Network Expansion Facilities. Uche is a woman who is truly making a difference in the financial inclusion ecisystem in Nigeria. It is always great catching up with her.

From the moment we drove into Circa Non Pareil, I took note of the warm and professional nature of each member of staff. From the guard at front gate who greeted us, to the hostess who led us to the restaurant section of the building, to the waitress of who took our orders and the ground staff who went out of their way to make sure we were comfortable sitting by the outside terrace as we wanted to watch the sunset. The staff is very well trained and guest experience is key. Circa Non Pareil overlooks the beautiful lagoon facing the Lekki Ikoyi Bridge and the sunsets can be quite breathtaking. Following the beautiful sun set,

hawk, served with truffle, mashed potatoes, caramalised asparagus. Although I didn’t order it, out of curioisty I had to inquire about how often the item is ordered, and according to the waitress it is ordered at least once a day. According to research this is the most expensive single menu item in Lagos. The equivalent of a $300 for a one of a kind gold plated tamahawk.

The executive chef Hadi Bazan is the mastermind behind the menu and we had the opportunity to talk to him towards the end of our meal. He is clearly passionate about luxury food experiences and I have a strong feeling that customers will keep coming back. His food is absolutely delicious.

The menu has so many options and after some deliberation, I had the buffalo chicken wings to start and Uche had the snails. The chicken wings tasted just right and had the right amount of buffalo sauce. I am not the biggest fan of snails or escargot as it’s also called, but I actually enjoyed the small bite I had from Uche’s plate. I decided to have the ribeye steak as my main meal which was very good. It was 500 grams of ribeye cooked to perfection topped with mason butter rosemary and it was served with caramelized asparagus and potatoes wedges.

Uche had Circa’s tamahawk steak which was served with French fries and salad. She thoroughly enjoyed it. This meal is different from the gold

Circa Non Pareil is a multidimensional space split up into 3 sections, the indoor dining room which is on the ground floor, a second section that is more of a lounge area and the top floor rooftop which is one of their biggest attractions.

Circa is right in the heart of Lekki near the link bridge and overlooks the beautiful Lekki waterway. It’s perfect for a birthday celebration, a hang out with friends, a special event or even quiet meal by yourself or with loved ones. It also has perfect backdrops for the most beautiful pictures.

You can follow Circa Non Pareil on Instagram @ circa_nonpareil I want to thank Mary Kay Obi who is the PR manager at Circa Non Pareil. She graciously assisted me with my reservation. You can follow her on Instagram @mknonpareil. I would also like to thank Dzifa Abequaye who is the customer relations manager, who was ever so gracious and kind to my guests and I and also last but not least Chef Hadi Bazan for the mouth watering dishes.

The entire staff at Circa Non Pareil is well trained and professional. I have a feeling I will be back sooner than later.

Please let me know when you visit Circa Non Pareil and tell me about your experience!

Look out for our review next Frdiay and in the meantime follow us on Instagram @Bdculinarydelights

Chicken wings N5500 Snails N5200 Calamari strips N5500 Rib eye N19500 Circa’s tomahawk steak N32 000 Total N 67,700 Reservations 08179999960

To make recommendations or for collaborations please send an email to lehle.balde@businessday.ng www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Contact: Follow us on Instagram @bdculinarydelights

Friday 31 May 2019

BUSINESS DAY

news Public trust in four major institutions in Nigeria fell 24% - survey … government suffers highest distrust level Daniel Obi

N

igerians’ level of trust and expectations in four major institutions – government, business, NGOs and media in Nigeria fell by 24 percent in 2019, according to Edelman Trust Barometer report just released in Lagos.

Edelman is an American public relations and marketing consultancy firm.

Overall level of trust by Nigerians on these institutions stood at 66 percent in 2018. Public trust on government was more affected, as citizens trust level on government stood at a poor rate of 16 percent while media rate stood at 41 percent.

Edelman report further said trust on NGOs and business in Nigeria stood at neutral level of 55 percent and 56 percent, respectively. The trust index is the average percentage trust on these institutions in Nigeria.

In Africa, Angola, Ethiopia, Tanzania and Ghana enjoy highest trust level among the 10 countries surveyed while South Africa, Nigeria, Cote D’Ivoire, Egypt and Morocco are the countries that face distrust among their citizens. Kenya has a neutral record.

Presenting the report, Jordan Rittenberry of Edelman, said the level of trust in each market was a function of economic performance and delivery.

Edelman, which surveyed 27 markets between October 19 and November 16, 2018, with 1,150 respondents per market, said in Nigeria, online media suffer the highest distrust among Nigerians. Search engine enjoy the highest trust followed by owned media, social media and traditional media.

Citing the role of trust in the last elections in Nigeria, Israel Opayemi, CEO of Chain Reactions, a member of Edelman, said trust played an important role in those who won or lost elections. “Trust is built by what people say or do.”

He cautioned Nigerian government whose trust level was low that this was an auspicious time that presented government officials and agents to think about investing in asset of trust in Nigeria in order to win the heart of Nigerians in the next four years.

Looking at what can be described as unstructured communication, the communication expert challenged the government to rethink its communication architecture by adopting ways that could help

www.businessday.ng

government earn trust of the people.

He also challenged the media, businesses and NGOs to weave trust of the people in their operations for long survival of the business.

On voices of credibility, the report showed that celebrities were less rated at 20 percent.

Journalists are rated 34 percent, religious leaders 36 percent, CEOs 37 percent, academic expert enjoy 46 percent credibility trust level, while technical expert are rated 46 percent.

On fake news, the report also showed that globally 73 percent of the world population are worried about false information or fake news. In a panel discussion, Funke Treasure Durodola, assistant director, programmes, Federal Radio Corporation of Nigeria, Lagos, said journalists should live up to their responsibility of being truth and honest in the discharge of their functions in order to remain credible.

The report entitled, Trust at Work showed 87 percent of the respondents, saying CEOs should ensure that companies produce high quality products and services to earn trust while 80 percent said that CEOs should ensure that business decisions reflected company values.

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@Businessdayng

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Friday 31 May 2019

BUSINESS DAY

news Undercover: Customs recreates Apapa...

Continued from page 1

ary last year to diffuse the

worsening gridlock in and around Apapa seaport. The menace of container-laden trucks besieging roads had become a recurring decimal and an embarrassment to the government, coupled with failed attempts to bring sanity within the corridor.

But more than one year after the initiative, operators at the Ikorodu Lighter Terminal are overwhelmed by what they described as a very difficult and uneasy way of doing business.

They envisage their entrepreneurial drive dying should this corruption continue unabated. They also see the government’s rhetoric on diversifying the economy away from petro-dollars through agricultural exports, solid minerals or manufacturing as a sheer joke.

This is coming at a time when the economy is struggling with a sluggish pace of growth and the Federal Government is striving to improve the ease of doing business mainly by restoring sanity at the Apapa port arena.

An undercover investigation by BusinessDay reveals that the Nigeria Customs boss at Ikorodu oversees the collection of an off-the-record levy on every size of commodityladen container that an importer or exporter attempts to move through the terminal.

For every 20-foot and 40foot container billed for export, the officers now demand a fresh benchmark price of N5,000 and N10,000, respectively.

However, these charges are subject to haggling, and depending on the bargaining skills and the volume of export or import, an exporter

could get a concession as low as N2,000 or N4,000 while an importer could really struggle.

The terminal moves about 2,000 containers monthly and makes about three trips to move imports from Apapa Port to Ikorodu for onward transportation to other parts of the country, and exports back to Apapa.

If the N5,000 and N10,000 get a strong footing, an estimated N750,000 could be painfully coughed out of businesses on a daily basis into the personal pockets of Customs officers.

The negotiation was previously undertaken by companies providing logistics services to clients. But that stopped six weeks ago when the Customs officers suspected that the logistics handlers could be collecting more and remitting less. The Customs believes interfacing directly with clients would raise their daily illegal profit.

Disguising the core intent, the official reason offered by the Ikorodu Customs boss was that since logistics handlers were not officially recognised by the Customs authority as clearing agents, it was an aberration to allow them clear clients’ goods with the Customs.

At exactly 12:53 pm on Friday, May 24, BusinessDay’s sting operation team walked into the Customs boss office, in the company of representatives of a particular large exporter that operates within Port-Harcourt and Calabar.

They had about 25 containers to move on the evening of that day but the concern about the increase in illegal charges moved them to come for a physical negotiation.

Feigning to be newbies interested in the official requirements needed for exporting cocoa beans via the

terminal, BusinessDay was at the meeting to witness a live and hands-on negotiation go on between the client and the Nigeria Customs Service (NCS) boss at the Ikorodu Lighter Terminal.

Reginald: So they (logistics provider) have told us what it (moving containers) entails in terms of the customs and agency side. We have said we should come ourselves, let it not be that they (logistics provider) will just come to you and the agency will feel that we have given them more.

They told us the standard rate which we have agreed to comply but because of the logistics side, we may not be coming with them. They will be our face here.

Customs boss: I think your agent should be the one that should work with the Customs. Customs deal with agents, not transporters. They (logistics providers) were the people doing it before, but right now, we don’t allow it.

An agent is the person that gives report, not a transporter.

If now there is an issue, this man will claim that he is not a transporter.

Reginald: Okay, no problem. We are loading this evening actually. If not for the traffic problem at Apapa, we wouldn’t be here.

So Oga, the other madam has explained to us but we actually want to plead that we can be given a little bit of concession. We have more than 5,000 workers. If you go to Port Harcourt, we are on ground; go to Calabar, we are there.

So if you look at it, it is not easy paying salaries these days. So, we have come to also beg that you should please give us a reduction so that it will be easy for us. Now we are moving 25 containers and, in fact, it is going to be a continuous process and it is a big project.

Customs boss: Nowwetin you wan do for us? Na you go talk am.

Reginald: Actually they told us N1,500 for 20-foot cargo.

Customs Boss: One wetin?

(At this point, the logistics service representative quickly intervened saying, “Na N2,500 for 20-ft, N5,000 for 40ft.”)

Reginald: Okay.

Customs boss: Is it much?

N5,000?

Reginald: It is much.

Customs boss: There is somebody that is carrying 40 pieces and they pay N3,000, (referring to 20ft).

Reginald: You can’t compare them to us. We are very big.

Customs boss: I’m talking about the volume. So we will reduce it. You will pay N2,000 (20-ft), N4,000 (40ft).

Reginald: Okay. We appreciate that. Thank you and God bless you, sir.

Reginald, referring to a BusinessDay reporter, said, “Madam, let me not speak on your behalf. You can talk your own.”

Customs boss: (Addressing the reporter): You too na the same?

Reporter: We are Adlan Ocean Group.

The reporter explained that she wanted to officially find out the procedure to start export and the requirements.

The Customs boss explained briefly before the reporter asked if she could also get a concession.

Reporter: Will you also be giving us concession?

Customs boss: Your own is export now. Dey no dey give concession for export. What are you people carrying?

Reporter: We want to do cocoa.

Customs boss: C o m e first. You never come, you are looking for a concession. Even

when you are working, it is after you have established a relationship with the people.

The conversation returned to Reginald, who was now ready to make his payment.

Reginald: So Oga, should we do the needful here or outside?

Customs boss: No, there is somebody that is in the office to your right.

“Thank you, sir,” Reginald and his team chorused, for the kind consideration as they moved to the office of the subordinate whose office is attached to the reception.

And that day, the subordinate functioned as both receptionist and secretary. When it was time to attend to matters of the open secret of money charges, he left the reception for the other room.

Immediately, one of Reginald’s men dashed his hands into his trousers pocket, fetching a bale of N500 notes.

After scrutinising the team’s papers, the subordinate noticed some irregularities and asked them to effect corrections first before he could take the money.

In a matter of hours, one of the team members was back with the right papers and money. The deal was sealed.

The growing menace has built a wall of fear in business owners who thought the Ikorodu Lighter Terminal could be a place of refuge.

A certain logistics provider who in 2018 testified that containerised and bulk cargo haulage had grown from so few to an estimated 2,000 could not say the same when it spoke with BusinessDay. The logistics firm’s marketer said clients who are blue-chip companies, multinationals, fast-moving consumer goods traders and manufacturing companies moving goods such as solid minerals or agricultural com-

Industrial court orders Gwarzo’s...

Continued from page 1

Gwarzo, suspended direc-

tor-general of the Securities and Exchange Commission (SEC), the Industrial Court on Thursday ordered his reinstatement.

The Industrial Court also ordered the Federal Government to pay Gwarzo all entitlements.

Justice Sanusi Kado of the Industrial Court in his judgment held that the former minister of finance, Kemi Adeosun, named as the second defendant in the suit lacked the power to suspend the claimant.

On November 29, Adeosun suspended Gwarzo and set up an administrative panel of inquiry to investigate allegations of financial impropriety levelled against him.

Gwarzo was accused of collecting severance package worth N104.85 million while still in service in violation of the civil service rules.

The minister said Gwarzo was suspended from office to allow for an unhindered investigation.

Kado, who dismissed three

issues raised by defence counsel through preliminary objection, ruled that the suit was not status barred.

The judge further held that the issue in dispute was not about the position of the claimant as to the DG of the commission, but that the bone of contention was who had the power to suspend him.

The judge held that the second defendant (minister of finance) did not have the power to suspend the claimant since he was not an employee of the commission.

He said that the minister, in the absence of the board, only had supervisory power, which does not include disciplinary power to suspend the DG. Kado held that it was only the permanent secretary in the Ministry of Finance, on the directive of the President, who had the power of suspension.

“The minister’s role was that of recommendation,” he said.

Kado, in addition, said the administrative panel of inquiry that indicted the claimant was www.businessday.ng

modities suspend further discussion at the mention of Customs and charges in the same sentence. They do not just want to imagine that a replication of Apapa will be encountered at Ikorodu.

“I have a client that can do 500 containers weekly for 40-ft but does not want to deal with Customs. I have another that can do 100 containers of both 20ft and 40ft, yet won’t work with us,” the marketer complained bitterly.

“If logistics rates are too high, people won’t be able to properly trade because someone in Korea will not understand why it is taking you maybe a month to get into the port after you are even done with clearing,” he said.

Bottlenecks to trading across borders, such as this, positioned Nigeria as 125th in the league of 137 countries ranked by the World Economic Forum’s Global Competitiveness Indices between 2017 and 2018. The indices measure national competitiveness by the set of institutions, policies and factors that determine the level of productivity.

The World Bank Group’s 2019 Doing Business Flagship Report, comparing business regulation for domestic firms in 190 economies, ranked Nigeria 146th.

Regulatory environment for entry affects a wide range of economic outcomes including productivity, growth and employment.

Research shows that the positive effects of improved business regulation such as fewer procedures and lower levels of minimum capital, for example, are positively associated with the ease of doing business. Where procedures are more complex or unclear, the likelihood of corruption is higher.

L-R: Bola Onadele. Koko, MD/ CEO, FMDQ OTC Securities Exchange; Doyin Salami, faculty member, Economics, Lagos Business School (LBS); Patience Oniha, director-general, Debt Mnanagement Office (DMO), and Ibrahim Dikko, chairman, Comercio Partners Limited, at the TradeFi Investors Conference themed ‘Fostering Financial Inclusion through Innovation’, at FMDQ office in Lagos, yesterday.

Pic by David Apara

notacourtofthelaw,neitherwas it a quasi-judicial body, but just a bodysetupforafact-findingduty.

He, therefore, declared that the suspension of the claimant was null, void and of no effect.

Kado also declared that the recommendation of the

administrative panel of inquiry set up by the second defendant be set aside.

The judge then ordered the reinstatement of the claimant as the DG of SEC to complete his five-year tenure.

He further ordered that

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the claimant’s salaries, allowances and entitlements accrued be paid to him in full.

Recall that on Tuesday, April 16, 2019, the High Court of the Federal Capital Territory, Maitama, Abuja had dismissed corruption charges involving @Businessdayng

alleged mismanagement of about N115 million public fund preferred against the suspended director-general of the Security and Exchange Commission, Mounir Gwarzo, and a commissioner of the commission, Zakwanu Garuba.

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news Nigeria spends N11trn on subsidy claims...

Continued from page 2

claims.

The report seen by BusinessDay noted as follows: “That the recent request computation is based on one of the already identified elements (forex differential).

“That due to scarcity of forex within the period, Oil Marketing Companies were allowed to source forex outside CBN rate to enable them meet the country’s petroleum products demand.

“That NNPC Retail get their petroleum product allocation directly from PPPMC at already subsidised rate and so does not require forex to transact its business.”

Some of the oil marketers and the amount approved for them include Total Nigeria plc N13.7 billion, Northwest Petroleum N11.4 billion, Masters Energy N10 billion, MRS Oil plc N8.8 billion, and Sahara Energy N8.4 billion.

Others are MRS Oil & Gas Limited N6.3 billion, NIPCO plc N4.2 billion,

Forte Oil N3.9 billion, DEEJONES Petroleum & Gas N4.1 billion, Emadeb N4 billion, among others.

In their separate contributions, lawmakers submitted that Nigeria was bleeding paying outstanding subsidy claims and this was hurting the nation’s economy. They, therefore, called for the building of new refineries to finally put an end to fuel subsidy payment.

Matthew Urhoghide (PDP, Edo), chairman, Senate Public Accounts Committee, expressed concern that more subsidy requests would come in the incoming Ninth Assembly because “the computations were not properly done”.

Deputy Senate President Ike Ekweremadu, who presided over the session, lamented that the Nigerian National Petroleum Corporation (NNPC) now charges subsidy claims on the Consolidated Revenue Fund of the Federation, a development he described as unconstitutional.

“I am also happy to

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note that we are coming to a closure on the issue of this outstanding payment on subsidy claims and then begin to think of the best way to deal with the subsidy issues. And the frightening aspect of it is that the NNPC now charges subsidy on the Consolidated Revenue Fund of the Federation.

What they do is that the issue of subsidy is now in the first-line charge on our oil revenue, which is extremely dangerous because that is completely unknown to our constitution,” Ekweremadu said.

“But the implication, therefore, is that those expenditures are never appropriated. So it is a possible area of conflict between the Executive and the Parliament. I do hope that the next Assembly will be able to sit down with the Executive in order to address this issue without creating unnecessary tension. And NNPC needs to also caution itself in that respect so that it doesn’t encroach on the appropriation responsibilities of the National Assembly,” he said.

Tough times for Nigeria-Namibia...

Sanwo-Olu in...

Continued from page 2

Continued from page 2

to the decision to suspend the airline’s operation to Nigeria.

Vuuren said the ban could be linked to allegations that Nigerians were normally ill-treated by Namibian border control officials at Hosea Kutako International Airport when arriving or transiting through Windhoek.

He said that Air Namibia consulted various stakeholders to mitigate the diplomatic standoff, but all efforts proved futile.

According to him, the load factor performance of the route dropped from average 55 percent attained during June 2018 to January 2019 to between 35 percent and 38 percent during February to April 2019.

“Air Namibia launched t h e rou t e Wi n d h o e kLagos-Accra at the end of June 2018. The route started off very well in terms of passenger numbers and revenue generation, and within two months the route was making a positive con-

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tribution to the airline’s route network.

“During Februar y 2019, the Nigerian High Commissioner to Namibia banned the issuing of visa’s to Namibian passport holders.

In addition, there are messages circulating in Nigeria about Namibia being ‘anti-Nigeria’, with travellers being urged to avoid visiting Namibia, as well as avoid using Windhoek as a transit point when travelling to South Africa,” he said.

BusinessDay’s checks show that attractions for Nigerians in Nambia are its tourist attractions which serve as one of its fastest growing industries providing significant employment opportunities.

With a population of 2.4 million people, Namibia enjoys the status of a nature-based tourism destination. The country enjoys a wide variety of wildlife, the world’s oldest desert, the world’s tallest sand dunes as well as community-based nature conservancies.

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to ensure that the problems were solved, promising that he would be visiting the port city from time to time to make sure that given directives were followed through.

The governor had, during his electioneering campaign, promised the Apapa community and, indeed, the entire Lagos residents who are also affected indirectly by the mess in Apapa, that he would, within his first 60 days in office, find solution to Apapa gridlock.

Apapa as Nigeria’s premier port city has garnered some notoriety for its unfriendly and suffocating environment reflected in congestion and gridlock arising from the unwholesome activities of truckers who, against every sane reasoning and international best practice, have made roads and bridges leading to Apapa their parking bay.

These are not only weighing down on the bridges, but also denying other road users, particularly residents and business owners, access to their homes and business premises.

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news Primero Transport raises N16.50bn series 1 notes of its N100bn MTN programme …by securitising its BRT receivables SEGUN ADAMS

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riday, May 24, 2019 saw the formal signing for the first series of the N100 billion Bus Rapid Transit Systems (BRTS) securitisation transaction sponsored by Primero Transport Services Limited.

The event, which held at the Lagos Oriental Hotel, had in attendance the executive directors of the sponsor, led

by Ademola Seriki, board chairman, and Fola Tinubu, managing director. Also in attendance were the representatives of the professional parties to the transaction comprising DLM Advisory Partners – financial adviser, lead issuing house/arranger and structurer.

The first series comprised N16.5 billion, 7-year bonds paying semi-annual coupons at a fixed rate of 17 percent per annum. The bonds are solely backed by BRT receivables, they are amortising and have an investment grade

rating from all three rating agencies.

The chairman in opening the signing event highlighted the significance of the Series 1 Bonds in what he considers to be the best solution designed

by DLM Advisory Partners in being able to connect longterm capital to the urban transportation sector using securitisation technology. He further emphasised the commitment of Primero in ensuring that the proceeds of the bond issue are judiciously utilized.

“As a company we do not take lightly the confidence that our investors, the SEC, DLM, other Issuing Houses and all other parties in the transaction have shown us.

We shall not let them down and will do all it takes to maintain that confidence,” he said.

Fola Tinubu corroborated the chairman’s statement, saying the bond proceeds would be utilised to meet Primero’s working capital requirements which will signifi-

cantly improve the company’s daily operations to ensure a lot more buses can be put on the corridor to ease the suffering of Lagosians.

Kennedy Ighodaro, executive director of DLM Advisory Partners, reiterated the company’s commitment to developing the Nigerian capital markets by introducing bespoke financing products for its clients.

“This transaction represents another securitisation solution that DLM has come to be known for in the domestic capital market. By this transaction we have successfully proven we can connect the urban mass transit system of Lagos State to the Debt Capital Markets. For sure, this sort of innovative financing solutions have come to stay,” he said.

Primero Transport Service Limited is Nigeria’s largest private intra-city transport company, with a current fleet of 434 buses. Other co-issuing houses to the transaction were GTL and SCM Limited.

Lagos Assembly recommends forceful removal of abandoned vehicle Iniobong Iwok

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he Lagos State House of Assembly (LAHA) has recommended that any vehicle abandoned on the highway should be removed by relevant agencies after thirty minutes.

This became the resolution of the House after the report of the House Committee on Transportation on a Bill for a Law to Amend the Lagos State Transport Sector Reform Law 2018 was presented for deliberation.

In the Amendment, it was stated that where a motor vehicle was stationary or abandoned on a highway or street or near private premises, any officer of the authority may cause the vehicle to be removed to a

designated vehicle if.

This, they said should be done if the officer had reasonable grounds for believing that the location of the vehicle was in contravention of the provisions of a Law or regulation relating to the parking of vehicles.

The Amendment had it further that where the vehicle was found not to have been abandoned but left on the highway for an unreasonable long time; the owner shall bear the cost of towing the vehicle to a designated vehicle park and shall be liable on conviction to a fine of N50,000 or to any non-custodial sentence.

Speaker of the House, Mudashiru Obasa, said there were some roads that were categorised and that if vehicles were

stationed or abandoned on such roads the vehicles would be towed.

The Speaker however urged residents to alert the relevant authorities if they noticed that a vehicle was abandoned in their area for a long time.

According to the amendment, there is urgent need to further strengthen the proposed law by removing the overlapping functions between LAMATA and LBSL. It was added that LAMATA should concentrate on regulatory functions and providing infrastructure in the transport sector while LBSL should deal with matters relating to operation for better service delivery to the people and for effective and efficient workability of the law.

Access Bank facilitates capacity training to support SMEs

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ccess Bank plc, through its business club initiative, is building the managerial capacity of entrepreneurs to the level they can easily succeed in their respective businesses using information technology.

The programme, which held recently at the Las Vencedoras Gardens in Port Harcourt, witnessed a lot of SMEs from all walks of life and covered topical areas in capacity building.

Victor Etuokwu, head, retail banking, Access Bank, reiterated the commitment of the bank to impact small and medium enterprises positively.

“It is something we have to do and take as our primary role in the economy, we are providing a lot of benefits targeted at dewww.businessday.ng

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veloping the macroeconomic landscape of the country.

“The Access Bank business club is designed for SMEs to meet and network with each other in a relaxed atmosphere outside the banking hall which has significantly helped business owners grow their network whilst increasing the bank’s customer base,” Etuokwu said.

In his keynote address, information technology investor, Hyacinth Iheanachor, advised Nigerians entrepreneurs to keep up with changing trends in technological innovation to grow their businesses and to avoid being displaced by “disruptive technology”.

Iheanachor, who explained disruptive technology as im@Businessdayng

proved innovation, which displaces old ways of doing business, said the trend had put many entrepreneurs, caught unguarded, out of business and misery. He said, “The commonest experience we can share in Nigeria was the introduction of GSM or mobile phones which almost immediately collapsed the dependence on landlines and analogue phones.

“We must realise that disruptive technology is not about negativity. It has improved efficiency in banking, education, media, and virtually all facets of our lives. All businesses need to maximise its benefits. In a world ruled by technology, you either shape up or fall out in your business.”

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news Chinese government commences second phase of free satellite TV to Nigerian villages JOSEPH MAURICE OGU

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n a bid to enhance digital life, Chinese government in partnership with StarTimes Nigeria, a provider of digital satellite, has commenced installation of satellite TV to some villages in Lagos to kick off the second phase of connecting Nigerian rural communities to digital TV. Two years after piloting the first phase in rural communities in Abuja, and being satisfied with the outcome, StarTimes commenced the second phase by installing satellite TVs to some villages in Lagos.

During the China-Africa Cooperation Summit in Johannesburg, South Africa, Xi Jinping, president of China, announced that his country would provide satellite TV to 10,000 African villages as part of the efforts to boost African, Chinese relations.

Known as “Access to Satellite TV for 10,000 African villages,” and being executed by StarTimes, the project is aimed at providing 10,000 villages across Africa the opportunity of being connected to the digital world of TV programming.

During the formal launch of the programme in Nigeria,

Justin Zhang, formal CEO of StarTimes Nigeria, said 1,000 villages across Nigeria would benefit from the programme.

Ishagira-Elete, a riverine community in Ojo Local Government Area, Lagos, is one of the benefiting villages in Lagos.

Samuel Idowu, the Baale (community head), said he was excited and grateful to the Nigerian and Chinese governments and to StarTimes for connecting his village to the world global village through the installation of digital satellite televisions.

With the installation of the television, his village could now be known nationally and globally, he said.

Besides putting IshagiraElete village in the global map, the villagers too will have the opportunity of knowing a lot more of things happening in Nigeria and around the world.

“I thank the Chinese government and StarTimes for linking my villagers to the world,” he said passionately.

Samuel Opeifa, the spokesman for the community, told BusinessDay it was a carnivallike ceremony when the equipment were brought to the community for installation, as one of the benefiting villages not only in Nigeria, but in Africa.

Senate rejects planned closure of Enugu Airport OWEDE AGBAJILEKE, Abuja

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he Senate has rejected the planned closure of the Akanu Ibiam International Airport, Enugu, by the Federal Government.

The upper legislative chamber insisted that such a move would hurt the economy of the South East and other neighbouring states in the South South and North Central.

It also urged the Federal Government to rehabilitate the runway of the airport to ensure safety of passengers and aircraft.

The Federal Government was also urged to take steps in completing the new terminal building of the airport and put it to use by local and foreign airlines.

In a motion moved by Victor Umeh and 16 other senators at Thursday plenary, lawmakers pleaded with the Federal Government to, through the Ministry of Aviation, develop a water source with the nearby Ekulu River for the use of the airport.

Deputy Senate president, Ike Ekweremadu, who pre-

sided over the session, said the poor condition of the airport was a source of worry to air travellers in the area.

He further said that the abandonment of the airport was hurting the economy of the entire five states of the South East, saying fixing it would not only impact the region, but every Nigerian.

Umeh in his motion lamented that since the launch of the airport as an international facility in 2013, not much had been done in giving the airport a facelift that befits an international airport in terms of standard structures and other facilities that would enhance smooth operations.

It would be recalled that the Federal Government had said it would downgrade the airport from handling international operations because of its inability to expand the runway.

Immediate past Minister of State for Aviation, Hadi Sirika, made the disclosure at the 6th Aviation Stakeholders Forum in Lagos, saying there were some developments around the airport that posed security and safety threat to flight operations.

Century Group awards Arik Air crew on safety, extends awards to safety-conscious organisations Obinna Emelike

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n line with its commitment to health, safety and environment, Century Group, a multi-operational company with interests in oil and non-oil sectors, has rewarded Arik Air crew members for compliance to safetyintheiroperationsandsafeguarding lives, hope and future of passengers during an averted air mishap last year.

The award presentation ceremony, which took place at the Century Group office, Ibukun House, Lekki Phase 1, Lagos, witnessed cash awards being presented to the crew members of the Arik Air Flight W3 745 of October28,2018thatsafelyconveyed passengers from Port Harcourt to Lagos, despite the challenge of flying through the unusual turbulence that day.

The awardees included Grant Onokah, flight officer, Ijeoma Onah,seniorcabincrew,EnejoJacob, and Oluwafadekemi Afolabi.

While Onokah received a cash award of N1.5 million, the rest three got N500,000 each for their individual and collective efforts that saw to the safe landing of the embattled aircraft last October.

Speaking at the presentation, Alaba Owoyemi, group executive director, Century Group, noted thatthegroupwashappytoidentifywiththerecipientsoftheawards

because they exhibited the spirit and character that Century brand stood for in the execution of their mandate.

Beyond Arik crew, Owoyemi assured that Century Group was on the lookout for organisations that give safety the needed priority in their operations and would be recognised and rewarded accordingly.

Sharing the testimony as an eyewitness, Ere Ebikekeme, an executive of Century Group, who was on Flight W3 745, said the situation was near-death but the crewmembers were handy, especially in calming the situation and ensuring passengers complied with safety rules.

He also commended the pilot who brought his experience to bear in regaining control of the aircraft and the courage of the crewmembers. For him, the courage and courteousness in the face of challenges attest to the importanceoftrainingandrecruitingthe right personnel, which he thinks Arik Air has done over the years.

Sharing his experience, Onokah, a flight officer, who was barley nine months on the job when the incident happened, noted that pilots were not super humans, but trained to put away fears and stay focused in the face of challenges such as turbulence among other bad weather conditions in the air.

Oando JV hosts R&D forum, exhibition on emerging technologies

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L-R: Shina Atilola, divisional head, retail and consumer banking, Sterling Bank; Brent Omdahl, commercial counsellor, US Department of Commerce; Toyin Akomolafe, national president, Nigerian-American Chamber of Commerce, and Emeka Ugwu-Oju, member of the board, NACC, during the African Food and Products Exhibition sponsored by Sterling Bank in Lagos.

Taskforce underway as FG plans ban on illegal wildlife trafficking CHUKA UROKO

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he Federal Government says it is planning to set up a taskforce that will tackle illegal trade in any species of wild flora and fauna.

Illegal trade in wild life species has become alarming. This was reflected in the embarrassing seizure of pangolin and ivory, which were believed to have passed through Nigeria as transit route to other countries.

With a value of between $7 billion and $23 billion each year, illegal wildlife trafficking is the fourth most lucrative global crime after

drugs, humans and arms.

Trophy hunting is estimated to generate about $200 million in annual revenue. Regrettably, only 3 percent of the fees paid for the hunts reach local communities.

The lives of many wild animal species are now at risk because of this illegal trading. Between 2007 and 2013, rhino poaching in South Africa increased by 7,700 percent. Rhinos, which are poached for their horn, aren’t the only victims of this illicit trade.

The trade is driving many wild animal species and plants into extinction. Elephants are poached for www.businessday.ng

ivory, tigers and leopards for their skin, pangolins for meat and scales, and iguanas are caught for the pet trade. Rare timber is targeted for hardwood furniture.

“We would soon establish a task force on illegal trafficking of wildlife species,” assured Adejo Andrew, director, department of forestry, Federal Ministry of Environment, who spoke at a workshop in Lagos.

The workshop with the theme, ‘Combating the West African Illegal Trade In Threatened Vulture And Their Parts For Belief-Based Use’ was organised by the

Nigerian Conser vation Foundation (NCF).

The taskforce is expected to take care of both domestic trafficking of wildlife species as well as international trafficking, as Nigeria is being used as transit route to other destinations.

Of all the endangered species, vulture is noted as the most threatened. The measure of threat to the creature is even more frightening given that it is not traded illegally for export but traded and used locally on the belief in the efficacy of its parts being used in different traditional belief systems.

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e live in an age of unprecedented innovation. Innovation drives economic growth. But what fuels innovation? At the heart of it is, researchanddevelopment(R&D) activities, which allow scientists and researchers develop new knowledge, techniques and technologies.

This cuts across various sectors in the economy including the health sector, banking, agriculture, and oil and gas sector. For example, banks worldwide are exploring new technologies and business models that can help them compete in the digital age using innovations such as robo advisors and open APIs to block chain technology.

In the health sector,genomics, telehealth, vertical integrations, 3D printing, health wearables to name a few are transforming the sector. The agriculture sector isn’t left out; the sector has witnessed a massive technological shift of late, evident in the innovative agricultural practices and technologies thatarechangingtheworld.These includegeneticediting,thedrones and the bees, urban agriculture, smartdesignandverticalfarming.

Without these innovations, it’s worth mentioning that climate change’s effect on crop growth and the threat of overpopulation could decimate the human race.

Innovation in agriculture isn’t just interesting; it is essential to our survival!

These advancements wouldn’thavebeenpossiblewithout investment in R&D, which is crucial to the growth and advancement of any nation. Global spending on R&D has reached a record high of almost $1.7 trillion.

About 10 countries account for @Businessdayng

80% of spending, none of them, African.

The United States currently outperforms many Organisation for Economic Co-operation and Development (OECD) nations in R&D intensity with 2.7% of its GDP spent on R&D followed by China, Japan, Germany and the Republic of Korea that spent 2.1%; 3.1%; 2.9% and 4.2%, respectively.

Interestingly, the African Union has set a target of 1% of GDP invested on R&D, but data available to the UNESCO Institute for Statistic (UIS) show that only three sub-SaharanAfricancountriesare close to this target: South Africa, Kenya and Senegal (around 0.8% in all three countries).

To change the Nigerian narrative and build a culture that supports innovation, Oando and its JointVenture(JV)Partners,Nigeria AGIP Oil Company (NAOC) and the Nigerian National Petroleum Corporation (NNPC) held the second edition of its of R&D Exhibition themed “Research and Development Forum/Exhibition of EmergingTechnologies”inAbuja.

The event aimed at enabling the JV review and update its threeyear R&D plan as envisaged in the NOGICD Act and firm up implementation strategy, had in attendance the big wigs of the oil and gas sector including; Simbi Wabote, executive secretary, Nigeria Content Development and Monitoring Board (NCDMB); Maitanki Baur, group managing director, NNPC; Lorenzo Fiorillo, vice chairman, NAOC, and Ainojie Irune, chief operating officer, Oando Energy Resources, who was represented by Akinbambo Ibidapo-Obe, general manager, commercial, Oando Energy Resources.

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Sanwo-Olu signs executive order on environment, traffic management Joshua Bassey

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agos State governor, Babajide Sanwo-Olu, on Thursday, signed an executive order to restore sanity to chaotic Lagos traffic situation and to improve environmental sanitation.

The executive order, according to Sanwo-Olu, will start the process of restoring stability and a culture of accountability in which all the citizens become active stakeholdersinbringingaboutthe necessary changes.

Tagged ‘Enforcement of law and order in respect of Traffic and sanitation matters’ henceforth, there shall be zero tolerance for environmentalabuse,includingillegalandindiscriminatedumping

of refuse, construction on drainage points and setbacks.

In line with this, all LASTMA officials shall effectively carry out their functions by ensuring strict enforcement and compliance with all extant traffic rules and regulations, while LASTMA officialswillimmediatelybeginwork on a shift basis, in which road and traffic management operations willbeontill11pmonadailybasis.

Also, the Lagos State Public Works Corporation will immediatelycommencetheidentification andrepairsofallpotholesandbad roads within the state.

Meanwhile, the governor has also met with civil servants in the state, and charged them to be up and doing, promising to see to their welfare.

Children’s Day: Unity Bank holds spelling BEE competition

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n line with the financial literacy initiativesoftheCentralBankof Nigeria (CBN), Unity Bank has hostedaspellingBEEcompetition to mark Children’s Day for secondary school students.

The competition was held simultaneously in Lagos, Abuja and Port Harcourt to promote youth engagement, create shared value and drive sustainable development initiatives.

Over the years, the bank has consistently provided financial literacy programmes to schools, but this initiative is even more important as the CBN and other stakeholders have worked out framework for inclusion of financial literacy into secondary schools’ education curriculum.

Commenting on the Children’s Day event, Olufunwa Ak-

inmade, group head, Retail and SME, Unity Bank, stated, “As a financialinstitution,itisimportant to positively reflect on the survival of the Nigerian Child from infantile helplessness to independent adulthood.

“The Spelling BEE Competition was conceptualized as an engagement platform to mentor the students for leadership, business and professional responsibility in an atmosphere of fun, excitement and relaxation.”

According to Akinmade, the ultimate goal has always been to provide students with tools that wouldenablethembecomemore conversantwithfinancialservices, savingscultureandfinancialmanagement,sayingtheprogrammeis designed to effectively stimulate the students with quality entertainment.

Africa microfinance experts brainstorm on funding strategies for operators IDRIS UMAR MOMOH, Benin

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xperts in the business of microfinance and institutions in Africa have gathered in Benin City, the Edo state capital, to again brainstorm on better funding strategies for operatorsinthebankingindustrysub-sector.

The workshop is the third International Microfinance Workshop organised by the Benin City Microfinance Leadership Forum and sponsored by LAPO Institute for Microfinance and Enterprise Development.

Experts at the event include Godwin Ehigiamusoe, managing director/CEO, LAPO Microfinance Bank Limited, Nigeria; Rene Azokly, COO/ representative of PAMIGA for West and Central Africa; Kimanthi Mutua, founder/CEO, K-Rep Group, Kenya.

Others are Julius Mcharo, managing director, Victoria Finance plc, Tanzania;MohammedAttanda,executive director, Microfinance African Institutions Network (MAIN); Biodun Adedipe, chief consultant, B.Adedipe Associates Limited; El Mansour Magah, director of investment, PAMIGA; Tony Okpanachi, managing director/CEO, Development Bank of Nigeria (DBN), andRogersNwoke,president,National Association of Microfinance Banks (NAMBs), Nigeria, among others.

The workshop with the theme, ‘Funding Strategies for Microfinance Institutions,’ focuses on positioning microfinance banks and institutions forfunding,workingwithinvestorsand providingsolutionstomicrofinanceinstitutionfundingchallenges,whichhas beenfuelledbytheincreasingliquidity

needs, inadequate capital base, weak corporate governance, ineffective risk management practice, among others.

In his welcome address, Godwin Ehigiamusoe noted that stringent conditionsattachedtoaccesstoforeign debtshadledtoveryfewinstitutionsas recipients.

Ehigiamusoesaidthecaseoffunding for microfinance, especially in Africa, had remained that of “water, water everywhere but not a drop available for many.”

He said to attain desired scale in the operations of microfinance in the continent,financingofvariousoptions and instruments such as affordable debts,equity,bondsandotherfinancial instruments were required.

According to Ehigiamusoe, the reality is that in the funding space, there is so much money available for microfinance institutions and banks inAfrica.Butthechallengeisthatthose funds do come with some conditions, andthoseconditionsinsomecasesare quite tough, but they are not what you cannot address.

“The essence of the workshop is therefore to first of all create awareness that these funds are available. The secondthingistoalsocreateawareness on steps that institutions can take to be able to access those funds.

“We are going to consider some practical example. One example is LAPO. For more than 10 years, we have been able to access funding in the international funding space and we have done it successfully without any issue. We are ready to share the lessons we learnt with others,” he said. www.businessday.ng

L-R: Femi Osinubi and Kikelomo Asuelime, both board members of Institute of Internal Auditors (IIA) Nigeria; Richard Chambers, president/ chairman, IIA Global; Uduak N.Udoh, president/chairman, IIA Nigeria/chief audit executive, FirstBank, and Humphrey Okorie, CEO, IIA Nigeria, at the 6th African Federation of Institutes of Internal Auditors (AFIIA) conference, in Gaborone, Botswana.

Edo harps on urgent measures to check tobacco consumption … as housing agency to sell reclaimed properties at BDPA Estate, Ugbowo

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do State governor, Godwin Obaseki, has stressed the need for effective policy framework to check tobacco consumption and reduce the risks of cardiovascular diseases.

The governor said this in commemoration of the World No Tobacco Day marked by the World Health Organisation (WHO) and other organs of the United Nations to raise awareness and check the consumption of tobacco.

The governor said appropriate measures, which include effective policies, were needed to complement efforts by health workers, civil society organisations and relevant non-governmental organisations (NGOs), in raising awareness and sensitisation on the dangers of tobacco consumption.

He noted, “Urgent policy frameworks must be put in place to

check the consumption of tobacco.

This will contribute to reducing the associated cardiovascular risks tobacco users are exposed to. As a government, we will continue to support policies to check the increase in cardiovascular diseases associated with the consumption of tobacco.

“Through the Edo Healthcare Improvement Programme (EdoHIP), the proposed health insurance scheme and other health interventions will assist in providing access to quality and affordable healthcare services. However, we will continue to support initiatives that reduce people’s vulnerability to cardiovascular diseases.”

This year’s theme for the commemoration “Tobacco and Lung Health” calls for urgent measures to interrogate the implications of tobacco use and cardiovascular

Committee of banks’ CEOs condemns bad debtors’ smear campaign Hope Moses-Ashike

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ommittee of banks’ CEOs in Nigeria has condemned the action of bad debtors who now resort to smear campaigns against banks and their chief executives in order to either delay repaying loans or avoid meeting their debt obligations completely.

The Committee, at a meeting in Lagos to review what it calls the “harassment and criminalisation of banks’ CEOs by law enforcement agencies,” noted that chronic bank debtors were now in the habit of enlisting law enforcement agencies including the police, judiciary and state security service to harass and criminalise banks’ CEO, saying this was unacceptable.

These loan defaulters are known to have abused court processes as well as using social media to propagate their smear campaign against the banks.

A communiqué issued following the meeting noted that these activities by the law enforcement agencies and the bank debt defaulters were capable of adversely affecting the banking system vis-à-vis

the CEOs reputation among international banks, destroy the economy, and called for these to be checked and managed.

In order to tackle what they see as an emerging threat to banking business in Nigeria, the Committee therefore outlined a five-step resolution of actions that banks would need to take.

The resolutions were arrived at after members discussed and considered different options for dealing with the issue.

Specifically, the banks’ CEOs said there was an urgent need for all banks to cooperate and collaborate to identify and excommunicate chronic debt defaulters, noting, “This goes beyond publishing names of such defaulters in national media (which is inevitable), but involves all banks speaking with ‘one voice’ and sharing information about those entities, and refusing to do further business with them until they settle their obligations.”

To avoid the kind of crisis that rocked the banking sector 10 years ago, the CEOs urged all agencies and stakeholders to step up and help fight the inherent menace of chronic loan defaulters.

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conditions, which must be placed on the front burner in campaigns against tobacco use, he said.

According to the World Health Organisation, “The focus of World No Tobacco Day 2019 is on tobacco and lung health. The campaign will increase awareness on: The negative impact that tobacco has on people’s lung health, from cancer to chronic respiratory disease, and the fundamental role lungs play for the health and well-being of all people.

“The campaign also serves as a call to action in advocating for effective policies to reduce tobacco consumption and engaging stakeholders across multiple sectors in the fight for tobacco control.”

Meanwhile, after concluding the reclamation of some abandoned properties at the BDPA Housing Estate in Ugbowo, the Edo Development and Property Agency

(EDPA) has set modalities for the sale of the properties to interested members of the public.

Executive chairman, EDPA, Isoken Omo, in a statement, said the buildings were discovered during the recertification exercise, after which the ownerships of the properties were revoked as they posed a nuisance and had become locations for anti-social activities in the estate.

The agency is making the sale of the properties public in line with the state government’s stance on transparency, she said, noting, “EDPA discovered some abandoned properties within the EDPA Housing Estate during our recertification exercise and commenced the revocation process as the properties posed nuisance and were locations for anti-social activities.

Global air cargo records low demand in April 2019 IFEOMA OKEKE

I

nternational Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometres (FTKs), fell 4.7 percent in April 2019, compared with the same period the year before. This continued the negative trend in year-on-year demand that began in January.

Freight capacity, measured in available freight tonne kilometres (AFTKs), grew by 2.6 percent year-on-year in April 2019. Capacity growth has now outpaced that of demand for the last 12 months. Air cargo volumes have been volatile in 2019, due to the timing of Chinese New Year and Easter, but the trend is clearly downwards, with volumes around 3 percent below the August 2018 peak.

Brexit-related trade uncertainty in Europe and trade tensions between the US and China have contributed to declining new export orders. In month-onmonth terms, export orders have increased only three times in the past 15 months and the global @Businessdayng

measure has been indicating negative export demand since September. The continued weakness is likely to lead to further subdued annual FTK growth in coming months.

“April saw a sharp decline in air cargo growth and the trend is clearly negative this year. Cost inputs are rising, trade tensions are affecting confidence, and global trade is weakening. Airlines are adjusting their capacity growth to try and fall into line with the dip in global trade since the end of 2018. It all adds up to a challenging year ahead for the cargo business. Governments should respond by easing trade barriers in order to drive economic activity,” Alexandre de Juniac, IATA’s director-general/CEO, said.

African carriers posted growth in April 2019 of 4.4 percent compared to the same period a year earlier. The strong FTK growth in late 2016 and into 2017 has been only partly unwound, and international FTKs for African carriers are still more than 30 percent higher than their level of three years ago. Capacity grew 12.6 percent year-on-year.

43

Wednesday 29 May 2019

BUSINESS DAY

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Be a non conformist when it comes to business - Rotimi Williams Introduction: ROTIMI WILLIAMS is the founder of Kereksuk Rice Farm, the second largest Nigerian rice farm by land size. After working as a financial journalist for years, Rotimi decides to venture into agriculture after noticing it was core to the country’s economic development. This week the non-conformist shares his biggest mistake in business, which is definitely something to learn from.

M

y na m e i s Rotimi Williams, I’m a r ice far me r, I o w n Kereksuk Rice farms. Typically we grow rice, we do not process rice. We grow rice for the agric industries, for the processors, because in Nigeria today we have a lot of processing companies that don’t necessarily have the raw material; so our business is essentially to supply the raw material which is rice.

We’ve been in existence for four years now and running.

The total size of the farm is 45000 hectares, of which a thousand hectares have been utilized and currently we are expanding.

MY LIGHTBULB MOMENT I trained as a journalist in London, I was a financial journalist; I covered Africa, and I had the opportunity to travel around Africa during this job. I have been to Kenya, Rwanda, Zambia, South Africa, Ghana and the one thing I realised traveling everywhere including Nigeria by the way, was that Agriculture was at the very core of the economy. Each of these countries, with everything they did, be it mining or whatever, Agriculture remained at the core of their economy. That wasn’t the case in Nigeria, in Nigeria, the core of the economy was Oil and Gas and all these countries must have seen something, they must be doing something right to pick Agriculture as their focus industry. So that for me was my own light bulb moment, I narrowed it down at that point that when I come home, what I want to get involved in is Agriculture because it is going to be the next big thing, because everyone else is doing it and Nigeria still had not picked up on that.

LESSONS LEARNED IN BUSINESS So my biggest lesson in busi-

end, but the journey in between has to involve everybody, it’s a journey you can’t go on your own, it has to be encompassing and I involve the people, the entire community and ensuring that if they do the right things then I cannot fail, Because if they know how to grow rice, I’m in business.

ness so far will have to be basically not listening to people and just trying to do the impossible because when I was trying to get into agriculture, a lot of people told me it wouldn’t work. There were a lot of negative comments.

They thought I was crazy trying to leave the banking industry, to go into an industry at that point, there was no focus on and I typically just proved them wrong because they said I didn’t study agriculture. So I went on Google, every professor in this world in agriculture has written an article that ended up on Google, so I printed everything, I downloaded everything, I printed everything, I took my time, digested it, read it over and over again and then I went out to the fields and basically just tried, and it worked. So for me, if I listened to people then this wouldn’t be happening, so I guess my own advice to any entrepreneur or aspiring entrepreneur out there will be, don’t let anyone tell you what you can and cannot do, try it first if you believe in it, it will work. That for me I guess is my advice.

When we acquired the land, I was so eager to start business, obviously for rice you need a lot of water and my farm is 50 meters away from River Benue, so typically I just got the guys to start clearing the land without actually consulting an irrigation expert and because there was a slight gradient on the land, we cleared the land and started planting too close to the river, so once Cameroon opens their dam and the river starts flooding, the first place it hits is my farm, so three years ago we took a hit on the entire thousand hectares, which wiped off the entire investment, just because we did not consult the irrigation expert on where to start developing the land from and that cost us a lot. So I’m guessing that, my own advice again to any aspiring entrepreneur is, before you do anything, consult the experts. Because even with the fact that I downloaded a lot of articles and I read them, I still work with an agronomist because I don’t know everything, these guys are trained to see things that I don’t see.

THE BIG MISTAKE

BREAKING BOUNDA-

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RIES MOMENT My breaking boundary moment has to be, a particular day when I got to the farm, in the morning at about 7 o’clock, I met about a hundred people outside my farm, a hundred Fulani women outside my farm with their parents and their husbands waiting for me, just to say thank you, thank you for the opportunity given to their children and their wives to learn about agriculture, for the employment opportunity, because that has never happened to them before.

This group of Fulani women, a group of marginalised women within another marginalised group, which are women themselves; so it is unprecedented that anyone would go and farm and hire purely Fulani women to do a certain chore on the farm. It was at that point I realised that what I was doing was much bigger than me. It meant moving people from a point of poverty to a point where they could be in charge of their own destiny.

As an entrepreneur, I guess for my own industry, the one thing I’ve realised is yes you know where you’re starting from, you know where to @Businessdayng

MY MANTRA I guess when I die, later; I want to be remembered as that guy that did it his own way, basically, I hate to conform to the norm. If there are ten people in a room, I’ll be the one guy standing on one side and can move to the other side. It’s the same reason I’m in agriculture, it is the same reason I chose rice and it’s what I want to be remembered for, the guy who did it differently but did it right. This is my mantra because I believe as an entrepreneur, you have to do things your own way and be different. If everyone is doing cassava, you do rice because rice has more value. If everybody is doing beans, you do something else, you always have to be different to create that value for yourself.

About Aim Higher Africa Ignite Your Passion The Aim Higher Africa Ignite Your Passion Series is an edutainment web-program under the Aim Higher nonprofit organization. This series shines a light on millennial entrepreneurial leaders in different industries who have overcome economic challenges and built businesses that are transforming their communities as well as making global economic impact. With the vision of bridging the gap between poverty and prosperity, we hope that through this series, aspiring entrepreneurs will be able to identify their passion and turn them into business ventures that will in turn enrich their communities by creating employment opportunities.

44

Friday 31 May 2019

BUSINESS DAY

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Friday 31 May 2019

BUSINESS DAY

45

Live @ The Exchanges Market Statistics as at Thursday 30 May 2019

Top Gainers/Losers as at Thursday 30 May 2019 LOSERS

GAINERS Company

Opening

Closing

Change

Company

Opening

Closing

Change

NESTLE

N1450

N1454.5

4.5

UNILEVER

N33.7

N31

-2.7

MTNN

N132.55

N136

3.45

DANGCEM

N201.6

N199.8

-1.8

N42.25

N43

0.75

FO

N28

N26.9

-1.1

UBA

N6.25

N6.6

0.35

GUARANTY

N33

N32

-1

N12.1

N11.15

-0.95

JBERGER

N23.5

N23.85

0.35

STANBIC

ETI

ASI (Points)

31,254.19

DEALS (Numbers) VOLUME (Numbers)

Global market indicators

4,549.00 376,802,134.00

VALUE (N billion) MARKET CAP (N Trn

5.891 13.766

FTSE 100 Index 7,218.16GBP +32.86+0.46% S&P 500 Index 2,785.33USD +2.31+0.08% Generic 1st ‘DM’ Future 25,120.00USD +11.00+0.04%

Deutsche Boerse AG German Stock Index DAX 11,902.08EUR +64.27+0.54% Nikkei 225 20,942.53JPY -60.84-0.29% Shanghai Stock Exchange Composite Index 2,905.81CNY -8.89-0.31%

Stock investors lose N23bn as market resumes after inauguration holiday

Dangote Cement unveils new Sustainability Report

Stories by Iheanyi Nwachukwu

angote Cement Plc (DCP), the largest listed company on The Nigerian Stock Exchange (NSE) and the leading cement conglomerate in Africa, has released its 2018 Dangote Cement Sustainability Report, outlining its sustainability initiatives, activities and achievements during the 2018 financial year.

The report was unveiled on Thursday, 30 May 2019, at the maiden edition of ‘Facts Behind the Sustainability Report’ (FBSR), an interactive forum created

by The Nigerian Stock Exchange to further promote Environmental, Social and Governance (ESG) performance and reporting among listed companies in Nigeria, in line with its newly introduced NSE Sustainability Disclosures Guidelines.

Dangote Cement Plc, Nigeria’s biggest indigenous company, aims to make the culture of sustainability a business imperative through its 7-Pillar approach to Sustainability, called “The Dangote Way”.

With major operations in three locations in Nigeria and across 14 African countries, the organisation is enhancing its positive impact on the economy, environment and society through an integrated approach that mainstreams sustainability across the entire business.

This process includes publishing its maiden GRI-Standards compliant sustainability report.

DCP is also committed to aligning its operations with the group-wide sustainability vision, driven by its 7 Sustainability Pillars, through extensive engagements with internal and external stakeholders. The 2018 DCP sustainability report is structured according to these Pillars and covers the financial and nonfinancial performance in four countries, namely Nigeria, Ethiopia, Senegal and South Africa.

O

n Thursday May 30, investors in the Nigerian stock market booked loss of about N23billion as at 2:30pm closing time on the trading floor of the Bourse.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.17percent while the Year-to-Date (ytd) return stood at -0.56percent.

The All Share Index closed at 31,254.19points as against the preceding day close of 31,307points while Market Capitalisation closed at N13.766 trillion as against preceding day close of N13.789 trillion.

The stock market resumed to negative trad-

ing after the inauguration holiday on Wednesday May 29. The negative was recorded because investors were quick to take profit on select stocks following gains recorded in the prior trading sessions.

Unilever Nigeria Plc

Portland Paints grows revenue, profit

P

ortland Paints and Products Nigeria Plc, a subsidiary of UAC of Nigeria Plc, recorded improvements in its performance as bold moves to increase the business profitability yield results.

Speaking at the Company’s Annual General Meeting held on May 30, 2019 in Lagos, the Chairman of the Company, Esosa Balogun told shareholders that “Despite the ongoing challenges within the economy, your Company recorded a turnover of N2.83 billion as at December 31, 2018 which represents an increase of 22percent over 2017 and a profit after tax of N207 million. We hope to sustain this trend and further improve on the performance of the Company in 2019.”

She further stated that “on the strength of this performance, the Board has recommended a dividend of N39.67 mil-

lion representing 5kobo for every 50kobo ordinary share to shareholders on the Register of Members at close of business on 6 May to 10 May 2019 for consideration and approval.

On the outlook for 2019, the Chairman emphasized that the Company will consolidate and build on the gains achieved in 2018, especially in the execution of the route-to-market strategy as well as new business development initiatives. The Company will expand its footprints in the Marine and Protective coatings space in the Nigerian Oil and Gas sector.

She also highlighted that the year 2018 started with a challenging operating environment. However, the Company navigated this difficult business terrain by recovering its costs through cost reduction initiatives and improved efficiencies. www.businessday.ng

led the losers table after its share price declined from N33.7 to N31, losing N2.7 or 8.01percent.

Dangote Cement Plc was also down, from N201.6 to N199.8, losing N1.8 or 0.89percent.

Forte Oil Plc declined

from N28 to N26.9, down

by N1.1 or 3.93percent.

The share price of GTBank Plc was down by N1 or 3.03percent, from N33 to N32. ETI Plc lost 95kobo, from N12.1 to N11.15, down by 7.85percent.

Nestle Nigeria Plc advanced most, from N1450 to N1454.5, adding N4.5 or 0.31percent; followed

by MTNN which went up from N132.55 to N136, adding N3.45 or 2.60percent.

Stanbic IBTC Holdings Plc rose from N42.25 to N43, up 75kobo or 1.78percent. The volume of stock traded increased by 9.44percent, from 344.3million to 376.8million, while the total value of stocks traded decreased by 18.97percent, from N7.27billion to N5.89billion in 43,615 deals.

SEC commences verification of Dantata Success

T

he Securities and Exchange Commission (SEC) has concluded plans to commence a verification exercise for Nigerians who ‘invested’ monies with Dantata Success and Profitable Company, Kano.

Recall that The Securities and Exchange Commission (the Commission), pursuant to its powers under section 13(w) of the Investments and Securities Act 2007, on February 6, 2019 sealed up the business premises of Dantata Success and Profitable Company (DSPC).

The company had been involved in unlawful solicitation of funds from the public with a promise of inexplicable high returns to investors. The action taken by the Commission was with a view to protecting investors.

According to the SEC, as part of the arrangements to commence a refund of their monies, the verification exercise will take place from Friday

May 31 to Sunday June 2 from 9am to 4pm daily, to ascertain the level of their commitment to the company.

The Commission also informed and reassured investors in Dantata Success and Profitable Company that it is finalising plans for the repayment of investors’ funds (from assets so far being recovered from the company).

The ‘investors’ are required to go along with the following documents: original receipt evidencing their payment or bank teller for deposit into the company’s account; valid means of identification (voters card, National Driving License, National Identity Card, international Passport etc) and investors bank account details.

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…Adopts GRI, NSE Guidelines

D

@Businessdayng

By aligning with the 7 Pillars (institutional, cultural, operational and environmental, economic, social, financial), the cement giant ensures that every aspect of its business is run in line with global sustainability principles; thereby embedding sustainability - beyond issues of risk management and compliance – in its day-to-day business operations.

Speaking during the event, Group Managing Director, Dangote Cement Plc, Joseph Makoju said, “we have identified and are leveraging sustainability to drive regulatory compliance, proactive risk management and building trust and goodwill in the countries, markets and communities where we operate.”

The Chief Executive Officer of the NSE, Oscar N. Onyema, said “better ESG reporting is key to strengthening capital markets and achieving a sustainable global economy. The Exchange is strategically positioned to influence the adoption of globally recognised sustainability standards by Nigerian businesses and we continue to highlight the importance of sustainable business practices in delivering value to our listed companies and investing public to support economic growth”.

“To consolidate our efforts of partnering listed companies to create value through reporting, we are happy to launch the NSE Facts Behind the Sustainability Report to facilitate more meaningful engagement between investors and listed companies on ESG risks and opportunities.

We welcome the Executive Management of Dangote Cement Plc for the maiden edition of FBSR to brief the investing community on details of their first ever standalone sustainability report”, he said.

46

Friday 31 May 2019

BUSINESS DAY

Live @ The STOCK Exchanges Prices for Securities Traded as of Thursday 30 May 2019 Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 222,157.66 6.25 -1.57 327 34,378,742 UNITED BANK FOR AFRICA PLC 225,716.18 6.60 5.60 436 42,607,015 ZENITH BANK PLC 645,197.95 20.55 -1.91 521 39,114,067 1,284 116,099,824 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 256,651.34 7.15 -3.38 244 23,366,480 244 23,366,480 1,528 139,466,304 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,768,213.77 136.00 2.60 412 21,279,372 412 21,279,372 412 21,279,372 BUILDING MATERIALS DANGOTE CEMENT PLC 3,404,693.38 199.80 -0.89 79 530,017 LAFARGE AFRICA PLC. 172,353.41 10.70 2.39 115 7,218,078 194 7,748,095 194 7,748,095 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 323,585.66 549.90 - 9 1,147 9 1,147 9 1,147 2,143 168,494,918 REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC 1,710.00 85.50 - 0 0 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,175.81 40.70 - 0 0 UPDC REAL ESTATE INVESTMENT TRUST 14,408.66 5.40 - 1 20 1 20 1 20 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 0 0 VALUEALLIANCE VALUE FUND 3,312.39 103.20 - 0 0 0 0 0 0 1 20 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 0 0 OKOMU OIL PALM PLC. 70,589.34 74.00 - 13 24,010 PRESCO PLC 58,000.00 58.00 - 17 247,979 30 271,989 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 511.20 4.26 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,770.00 0.59 9.26 15 1,055,379 15 1,055,379 45 1,327,368 DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. 794.19 0.30 - 2 1,725 182.90 0.47 - 1 697 JOHN HOLT PLC. S C O A NIG. PLC. 1,903.99 2.93 - 1 110 47,964.63 1.18 0.85 47 5,108,072 TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. 20,169.08 7.00 0.72 89 14,144,938 140 19,255,542 140 19,255,542 BUILDING CONSTRUCTION ARBICO PLC. 711.32 4.79 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 31,482.00 23.85 1.49 30 261,858 ROADS NIG PLC. 165.00 6.60 - 0 0 30 261,858 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 3,897.59 1.50 - 6 81,943 6 81,943 36 343,801 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 8,612.45 1.10 - 8 113,825 GOLDEN GUINEA BREW. PLC. 242.22 0.89 - 0 0 GUINNESS NIG PLC 110,614.33 50.50 - 46 199,811 INTERNATIONAL BREWERIES PLC. 171,917.24 20.00 - 7 65,100 NIGERIAN BREW. PLC. 479,814.12 60.00 - 133 692,985 194 1,071,721 FOOD PRODUCTS DANGOTE FLOUR MILLS PLC 80,000.00 16.00 -3.61 82 2,021,303 DANGOTE SUGAR REFINERY PLC 160,200.00 13.35 -0.37 107 2,867,669 FLOUR MILLS NIG. PLC. 54,945.09 13.40 0.37 130 2,777,775 HONEYWELL FLOUR MILL PLC 9,040.43 1.14 4.59 37 863,999 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 0 0 NASCON ALLIED INDUSTRIES PLC 47,689.89 18.00 0.56 14 119,378 3,321.07 12.15 - 1 100 UNION DICON SALT PLC. 371 8,650,224 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 20,566.31 10.95 - 13 43,830 NESTLE NIGERIA PLC. 1,152,918.52 1,454.50 0.31 70 289,384 83 333,214 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 1 5 VITAFOAM NIG PLC. 5,316.09 4.25 - 12 87,756 13 87,761 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 32,160.86 8.10 - 22 48,942 UNILEVER NIGERIA PLC. 178,095.17 31.00 -8.01 24 780,960 46 829,902 707 10,972,822 BANKING ECOBANK TRANSNATIONAL INCORPORATED 204,597.50 11.15 -7.85 51 591,516 FIDELITY BANK PLC 50,995.64 1.76 -0.56 117 15,118,160 GUARANTY TRUST BANK PLC. 941,797.74 32.00 -3.03 208 9,014,094 JAIZ BANK PLC 13,553.55 0.46 -4.17 22 3,148,400 SKYE BANK PLC 10,687.83 0.77 - 0 0 STERLING BANK PLC. 64,778.44 2.25 8.70 69 24,737,099 UNION BANK NIG.PLC. 199,477.16 6.85 -2.84 17 151,073 UNITY BANK PLC 8,299.43 0.71 - 11 349,202 25,459.15 0.66 6.45 32 1,961,412 WEMA BANK PLC. 527 55,070,956 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 0 0 AIICO INSURANCE PLC. 4,504.63 0.65 -4.41 38 3,558,808 18,900.00 1.80 - 2 10,100 AXAMANSARD INSURANCE PLC CONSOLIDATED HALLMARK INSURANCE PLC 1,869.90 0.23 - 4 53,050 CONTINENTAL REINSURANCE PLC 19,811.94 1.91 - 0 0 CORNERSTONE INSURANCE PLC 2,945.90 0.20 - 1 500 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 0 0 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 2,197.03 0.30 - 8 650,560 LAW UNION AND ROCK INS. PLC. 2,062.24 0.48 9.09 6 29,577,142 LINKAGE ASSURANCE PLC 3,840.00 0.48 - 2 6,000 MUTUAL BENEFITS ASSURANCE PLC. 2,458.00 0.22 4.76 5 116,500 NEM INSURANCE PLC 12,461.99 2.36 - 9 38,050 NIGER INSURANCE PLC 1,547.90 0.20 - 2 11,399 PRESTIGE ASSURANCE PLC 2,691.28 0.50 - 1 50 REGENCY ASSURANCE PLC 1,333.75 0.20 5.00 38 5,801,042 SOVEREIGN TRUST INSURANCE PLC 1,918.39 0.23 -8.00 12 5,020,000 STACO INSURANCE PLC 4,483.72 0.48 - 0 0 STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 1 100 SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 1 5,000 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 0 0 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 1 25,000 WAPIC INSURANCE PLC 5,486.92 0.41 - 13 41,751 144 44,915,052

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MICRO-FINANCE BANKS FORTIS MICROFINANCE BANK PLC 11,799.67 2.58 - 0 0 NPF MICROFINANCE BANK PLC 3,086.96 1.35 - 7 403,900 7 403,900 MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 3,780.00 0.90 - 0 0 ASO SAVINGS AND LOANS PLC 7,370.87 0.50 - 0 0 INFINITY TRUST MORTGAGE BANK PLC 5,796.93 1.39 - 0 0 RESORT SAVINGS & LOANS PLC 2,265.95 0.20 - 0 0 UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 0 0 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 7,080.00 3.54 -0.56 120 5,671,511 CUSTODIAN INVESTMENT PLC 35,585.28 6.05 - 5 93,870 DEAP CAPITAL MANAGEMENT & TRUST PLC 660.00 0.44 - 0 0 FCMB GROUP PLC. 32,674.47 1.65 1.21 83 7,355,859 ROYAL EXCHANGE PLC. 1,131.98 0.22 - 1 10 STANBIC IBTC HOLDINGS PLC 440,343.78 43.00 1.78 53 3,213,763 UNITED CAPITAL PLC 13,800.00 2.30 1.32 80 3,463,052 342 19,798,065 1,020 120,187,973 HEALTHCARE PROVIDERS EKOCORP PLC. 1,680.29 3.37 - 0 0 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 852.75 0.24 - 7 43,362,474 7 43,362,474 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 593.50 0.60 - 1 6,326 1 6,326 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 7,575.00 5.05 - 5 999 GLAXO SMITHKLINE CONSUMER NIG. PLC. 10,164.95 8.50 - 15 69,129 MAY & BAKER NIGERIA PLC. 3,933.54 2.28 - 12 65,434 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 1,063.53 0.56 - 7 9,769 NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 325.23 1.50 - 1 600 40 145,931 48 43,514,731 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 816.96 0.23 - 3 126,000 3 126,000 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 1,470.89 0.50 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 1 200 648.00 6.00 - 1 2,100 NCR (NIGERIA) PLC. TRIPPLE GEE AND COMPANY PLC. 346.47 0.70 - 0 0 2 2,300 PROCESSING SYSTEMS CHAMS PLC 1,784.50 0.38 5.56 20 3,099,496 9,996.00 2.38 - 1 5,000 E-TRANZACT INTERNATIONAL PLC 21 3,104,496 26 3,232,796 BUILDING MATERIALS BERGER PAINTS PLC 1,927.33 6.65 -9.52 35 317,179 21,770.00 31.10 - 12 60,592 CAP PLC CEMENT CO. OF NORTH.NIG. PLC 184,009.01 14.00 - 16 155,005 FIRST ALUMINIUM NIGERIA PLC 844.14 0.40 - 0 0 MEYER PLC. 313.43 0.59 - 1 50 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,959.74 2.47 - 0 0 1,156.20 9.40 - 0 0 PREMIER PAINTS PLC. 64 532,826 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,256.91 2.09 - 0 0 CUTIX PLC. 2,818.12 1.60 -3.03 6 300,369 6 300,369 PACKAGING/CONTAINERS BETA GLASS PLC. 37,497.90 75.00 - 6 666 GREIF NIGERIA PLC 388.02 9.10 - 0 0 6 666 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 0 0 76 833,861 CHEMICALS B.O.C. GASES PLC. 1,731.58 4.16 - 3 7,731 3 7,731 METALS ALUMINIUM EXTRUSION IND. PLC. 1,803.64 8.20 - 0 0 0 0 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 0 0 0 0 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 88.00 0.40 - 0 0 0 0 3 7,731 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,690.93 0.27 -10.00 47 4,360,783 47 4,360,783 INTEGRATED OIL AND GAS SERVICES OANDO PLC 57,806.07 4.65 1.08 76 1,545,649 76 1,545,649 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 63,104.17 175.00 - 5 11,093 15,266.95 22.00 - 34 118,447 CONOIL PLC ETERNA PLC. 4,760.13 3.65 - 19 288,688 FORTE OIL PLC. 35,036.74 26.90 -3.93 26 1,117,478 MRS OIL NIGERIA PLC. 6,354.80 20.85 - 2 1,480 TOTAL NIGERIA PLC. 55,002.54 162.00 - 20 5,461 106 1,542,647 229 7,449,079 ADVERTISING AFROMEDIA PLC 1,820.01 0.41 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 17,551.17 1.80 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 341.14 0.29 - 0 0 0 0 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 3,242.23 5.50 - 3 1,292 TRANS-NATIONWIDE EXPRESS PLC. 342.26 0.73 - 1 500 4 1,792 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 0 0 0 0 HOTELS/LODGING CAPITAL HOTEL PLC 4,723.78 3.05 - 0 0 IKEJA HOTEL PLC 3,014.25 1.45 - 1 10,000 TOURIST COMPANY OF NIGERIA PLC. 7,862.53 3.50 - 0 0 TRANSCORP HOTELS PLC 41,042.18 5.40 - 0 0 1 10,000 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 4,800.00 0.40 - 1 100 1 100 PRINTING/PUBLISHING ACADEMY PRESS PLC. 151.20 0.25 - 0 0 LEARN AFRICA PLC 941.17 1.22 - 7 31,000 STUDIO PRESS (NIG) PLC. 1,183.82 1.99 - 0 0 UNIVERSITY PRESS PLC. 776.54 1.80 - 4 85,160 11 116,160 ROAD TRANSPORTATION ASSOCIATED BUS COMPANY PLC 464.16 0.28 - 4 40,450

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@Businessdayng

Friday 31 May 2019

FT

BUSINESS DAY

47

FINANCIAL TIMES

World Business Newspaper

MEHUL SRIVASTAVA

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enjamin Netanyahu, Israel’s prime minister, was facing the unprecedented prospect of a second election race in a single year on Thursday morning after he failed to create a new coalition and engineered a fresh vote.

Mr Netanyahu’s Likud party and its allies moved to dissolve parliament after failing to persuade Avigdor Lieberman, leader of the Israel Our Home party, to add its five seats to the 60 won by the prime minister’s rightwing bloc in April. Mr Netanyahu needed 61 seats to form a government.

The Netanyahu camp acted in order to prevent handing opposition leader Benny Gantz, a retired military chief, a chance to form the next government.

A visibly angry Mr Netanyahu blamed the fresh elections on Mr Lieberman’s “demands, demands and more demands” on the conscription of ultraorthodox Jews, and vowed to win the September 17 polls more decisively.

But he will be seeking reelection just a month before he is due to present an initial defence in October against allegations of corruption, fraud and breach of trust that have cast a shadow over his premiership. The prime

Netanyahu plunges Israel into new election Attempt to block rival from forming next government triggers second vote in a year

minister’s legal team will seek an adjournment to delay a final hearing due to the timing of the new elections, according to Hebrew media.

Yair Lapid, the leader of a centrist political party that folded itself into Mr Gantz’s coalition, said: “The myth that Netanyahu can get whatever he wants collapsed tonight.

Netanyahu capitulated, he was extorted and in the end he failed.”

“He failed to form a government and dragged the country into another (unnecessary) election campaign which will cost us billions. These elections have only one aim and that is to save him from prison.”

Mr Netanyahu has denied the allegations against him and negotiations with potential coalition partners were complicated by his demands that they quickly pass laws granting him and members of the Knesset immunity from prosecution while in office.

The prime minister and his partners dissolved parliament on Wednesday night minutes after the expiration of a deadline that would have given Reuven Rivlin, Israel’s president, the legal authority to ask Mr Gantz to cobble together a coalition. His Blue and

SoftBank’s Vision Fund looks to borrow $4bn against tech stakes Investment arm of the Japanese conglomerate aims to hand back cash to investors

ROBERT SMITH AND ARASH MASSOUDI AND LAURA NOONAN

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oftBank’s Vision Fund plans to borrow $4bn against its stakes in Uber and two other Silicon Valley groups, as the investment arm of the Japanese conglomerate looks to hand back cash to investors in its $100bn fund.

The fund is in discussions with banks, including Goldman Sachs, to arrange a loan secured against its holdings in Uber, which listed this month, and Guardant Health as well as its stake in soon-to-befloated Slack, according to people directly involved in the deal. If the value of those stakes falls beyond a certain threshold, the fund will be obliged to stump up more cash, the people said.

Since the inception of the Saudi Arabia and Abu Dhabi-backed fund in 2016, attention has focused on the dozens of investments made

by SoftBank founder Masayoshi Son and the fund’s chief executive, Rajeev Misra, a former Deutsche Bank debt trader.

These deals have largely taken place in private markets, but the wave of technology stock market listings over the past few months has created the potential for the Vision Fund to cash out from some of its investments.

By borrowing against the value of publicly traded shares, SoftBank

a prisoner of a legal fortress, trying to avoid prison.”

Mr Rivlin had earlier vowed to stop repeat elections — the first time Israel will hold two national ballots in a single year — but Mr Netanyahu’s parliamentary ploy denied him the opportunity to exercise his authority.

The 42-day marathon coalition negotiations hinged on a demand by Mr Lieberman that a new government pass a bill that would increase the conscription

of the ultraorthodox into the military. Israel’s Supreme Court has demanded that any future administration replace an earlier law that had allowed exemptions for the ultraorthodox based on a letter written to the community’s rabbis in 1948, the year Israel was founded.

Mr Lieberman’s requests were a red line for Mr Netanyahu’s ultraorthodox allies, who together control 16 seats and have fought off similar demands for decades.

Brazil’s shrinking GDP fuels recession fears Latin America’s largest economy suffers first-quarter contraction in blow to Bolsonaro

can return capital to its investors in the fund while bypassing “lock-up” periods that prevent shareholders from selling stakes in newly-listed businesses.

SoftBank’s Vision Fund is the largest shareholder in Uber, which went public earlier in May, in the largest initial public offering in the US technology sector since the flotation of China’s Alibaba. SoftBank sold a small portion of its position in the listing, but still owns a 13 per cent stake in the ride-hailing company.

Uber listed at an equity valuation of around $82bn. The stock has since slumped more than 10 per cent, although this still represents a gain for SoftBank on its late 2017 investment in the ride-hailing company.

Guardant Health, a blood-testing company in which the fund owned a 30 per cent stake at the end of the first quarter, went public in October last year. It presently has a market capitalisation of about $7bn. SoftBank’s stake in Slack was recently valued at around $950m in a private transaction. The workplace messaging company plans to pursue a direct listing next month.

The combined value of the stakes should cover the loan more than three times over, according to one of the people involved in the deal.

Margin loans in the US are required to have coverage of at least two times. www.businessday.ng

White alliance equalled Likud’s haul of 35 seats.

“A few weeks ago the Israeli public clearly, unanimously decided,” Mr Netanyahu told reporters. “It determined that I will be the prime minister, that the Likud will lead the government, a rightwing government. The public chose me to lead the state of Israel.”

“Bibi has proven again that it is Bibi over everything, not Israel before all,” Mr Gantz tweeted, using Mr Netanyahu’s nickname. “Bibi is

BRYAN HARRIS AND ANDRES SCHIPANI

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razil’s economy shrunk in the first quarter of this year, data on Thursday showed, in a damaging blow to President Jair Bolsonaro and his plans to kick-start growth in Latin America’s largest country.

The development — marking the first contraction since 2016 — has raised fears that Brazil could return to recession less than two years after emerging from a brutal years-long downturn.

More than 13m people in Brazil are currently unemployed, and millions more are underemployed.

About 55m people — more than a quarter of the population — now live below the poverty line, up from 52m in 2016.

With investment lagging, much of the nation’s infrastructure and many public services are in decay.

“The picture is worrying and the risk of a recession is concrete,” said Zeina Latif, chief economist at XP Investimentos in São Paulo.

“A central issue . . . is the decline of business confidence as a result of changing signals from the government and the political errors the administration has been accumulating.”

The growing pessimism will be a blow to Mr Bolsonaro, who in October was elected by mostly middle- and upper-income Brazilians who be-

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lieved his liberal economic agenda would attract investment and reignite growth in Latin America’s largest economy.

Following the vote, business optimism jumped and the stock market soared on hopes that Mr Bolsonaro, and his economic team led by minister Paulo Guedes, would pass a crucial pensions reform widely seen as necessary to restore confidence and spur economic growth.

But while the reform is still poised to pass later this year, a host of weakening economic indicators, as well as unrelenting political infighting in Brasília, have begun to weigh on broader sentiment and outlook.

“In this political environment I am just afraid Brasília is going to blow everything up again. I am going to wait until I get a clear signal from Brasília that we are going in the right direction,” said a senior banker in São Paulo.

“People need a higher level of confidence to invest in the real economy.”

On Thursday, official government data showed a contraction in gross domestic product of 0.2 per cent in the first quarter. This follows the release of a host of weakening indicators, including industrial production, down 2.2 per cent in the first quarter, and the overall service sector, which has slowed 1.7 per cent.

Economic growth for the year is now forecast at 1.2 per cent, down from @Businessdayng

an estimated 2.6 per cent in January, according to the Focus Bulletin published by Brazil’s central bank.

“We only see cuts in education and health. Businesses need employees but they are not hiring in order to reduce costs. It is a situation in which social inequality only increases,” said Vanderley Moretto, who has been unemployed since November.

Tony Volpon, chief economist at UBS in São Paulo, attributed the quarterly contraction to “negative shocks . . . like the crisis in Argentina, the global slowdown especially in manufacturing and the Vale dam disaster in Brumadinho.”

But he pointed out that Brazil was stuck in a “low-growth equilibrium” due to a lack of investment.

“What everyone has been waiting for the last two years is some normalisation of investments, [for investments] to start crawling back to pre-recessionary levels, and that has not happened,” he said.

Much of this corporate reticence stems from concerns over Brazil’s precarious fiscal position — a situation Mr Guedes is hoping his pension reform proposal can address.

Battered by a plethora of social welfare obligations, Brazil’s fiscal deficit has ballooned in recent years, and gross public debt is forecast to hit 90 per cent of GDP this year, according to the IMF.

48 BUSINESS DAY

FT

Friday 31 May 2019

NATIONAL NEWS

Icahn sues Occidental Petroleum over $55bn Anadarko takeover Activist investor says oil group should have put itself up for sale instead ORTENCA ALIAJ, JAMES FONTANELLA-KHAN AND ED CROOKS

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illionaire activist investor Carl Icahn has sued Occidental Petroleum for overpaying the acquisition of rival oil company Anadarko, in a move that risks derailing the $55bn takeover.

Mr Icahn, who built a $1.6bn stake in Occidental, is seeking access to documents relating to the oil producer’s acquisition of Anadarko, which his investment firm described in a lawsuit filed on Thursday as “fundamentally misguided and hugely overpriced”.

“It is [the Plaintiffs’] belief that Occidental should never have tried pursuing Anadarko and instead should have put itself up for sale,” according to the lawsuit.

Mr Icahn warned that the deal put Occidental in danger if oil prices fell further, and said there was a “substantial risk” that it might have to cut its dividend if crude prices dropped to $45 a barrel or lower.

The New York investor said Occidental had botched the financing of the acquisition by striking a $10bn deal with Warren Buffett’s Berkshire Hathaway at an 8 per cent dividend that will cost the company $800m per year. Occidental also paid Berkshire a $50m signing fee, according to the lawsuit.

Mr Icahn has requested documents related to the sale of the preferred stock to Berkshire and details related to the sale of Anadarko’s African assets to Total, as well as information on whether Occidental’s management had considered a sale of the company prior to the acquisition.

JPMorgan pays $5m in settlement over paternity leave Wall Street fathers score historic win in effort to equalise policies for time off LAURA NOONAN

W

all Street dads have secured a historic $5m settlement with JPMorgan Chase over the bank’s failure to uphold policies giving men and women equal access to parental leave.

The settlement, the highest recorded in a parental leave discrimination case according to the plaintiff’s lawyers, followed a 2017 suit by a JPMorgan employee who claimed he was told he could not be his child’s “primary caregiver” because he is a man.

The American Civil Liberties Union took the case on behalf of JPMorgan employee Derek Rotondo and other fathers who said their gender was also used as a reason to deny them the 16week paid leave JPMorgan offers primary caregivers.

The ACLU objected on the grounds of illegal sexual discrimination and filed charges with the Equal Employment Opportunity Commission, resulting in the landmark settlement, which will be used to compensate fathers who were denied leave, as well as covering legal and administration costs.

The case was an embarrassment for JPMorgan, which holds itself up as a progressive, family-friendly employer with policies more generous than most rivals, and last year increased non-primary caregiver leave to six weeks at full pay. The bank argued that its policies were meant to be gender neutral but were incorrectly applied.

It also changed its decision in Mr Rotondo’s case and gave him the full 16 weeks of leave.

“We are pleased to have reached an agreement in this matter and look forward to more effectively communicating the

policy so that all men and women employees are aware of their benefits,” said Reid Broda, JPMorgan’s associate general counsel. “We thank Mr Rotondo for bringing the matter to our attention.” The bank did not admit liability in the settlement.

JPMorgan has already given staff additional training to make sure that primary caregiver leave is granted to any parent whose partner is incapacitated, in fulltime work or otherwise not in a position to be the child’s primary caregiver, according to a person familiar with the situation.

Peter Romer-Friedman, an Outten & Golden civil-rights attorney who worked on the case on behalf of the plaintiffs, said the victory “will benefit thousands of families” who have faced similar obstacles.

“Even as some companies like Chase expand the amount of paid leave to their employees, it is important for all to remember that these policies must follow our historic civil-rights laws,” he added.

Citigroup offers 16 weeks paid leave to birth mothers in the US, and eight weeks paid “parental bonding leave” to all other parents, including parents of adopted children. Wells Fargo said its policies were “gender neutral” and include 16 weeks for the primary caregiver and four weeks for non-primaries. The other big Wall Street banks did not immediately respond to requests for details of their policies.

Galen Sherwin, senior staff attorney with the ACLU’s Women’s Rights Project, acknowledged that while JPMorgan’s parental leave policies were “quite generous”, it was crucial that leave was offered “on an equal basis to men and women”. www.businessday.ng

Robert Mueller, special counsel, said justice department policy meant he would never have been able to indict a sitting president © Jim Bourg/Reuters

Mueller statement raises pressure for Trump impeachment More Democratic presidential hopefuls call for House speaker Pelosi to begin proceedings KADHIM SHUBBER AND COURTNEY WEAVER

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ancy Pelosi, the Democratic speaker of the US House of Representatives, is facing intensifying pressure to launch impeachment proceedings against Donald Trump after the dramatic public intervention of Robert Mueller, the special counsel who investigated Russian interference in the 2016 presidential election.

Two Democratic presidential candidates added their voices to a chorus of grassroots demands for Mr Trump to be charged by Congress, while a third candidate, the early frontrunner Joe Biden, said impeachment proceedings may be unavoidable.

So far Ms Pelosi has successfully fended off calls by a growing number of Democratic members of the House to impeach the president, arguing that doing so will give Mr Trump exactly what he wants and hurt the party’s chances in the 2020 election.

But Mr Mueller’s televised statement has given fresh urgency to the internal struggle within the party.

“It’s going to be awfully difficult for the speaker to avoid going down the road of impeachment,” said Jim Manley, who served as an aide to Harry Reid, the former Democratic leader of the Senate. “Why? As far

as I’m concerned the big takeaway from Mueller is that’s exactly what he’s asking Congress to do.”

Mr Trump denounced the impeachment chatter on Thursday morning, telling reporters that it was “a dirty, filthy, disgusting word . . . it’s a giant presidential harassment.”

On Wednesday, Mr Mueller, a former FBI director, gave a brief account of his work. In his own, at-times raspy voice, he gave life to the extensive and detailed 448page report he wrote following a 22-month investigation into Russia’s role in the 2016 presidential election and Mr Trump’s actions in response to the probe.

The facts were the same as in the report. Mr Mueller said he had not found sufficient evidence to allege a criminal conspiracy between the Trump campaign and Russia. He had not determined whether the president committed an obstruction of justice crime, but justice department policy meant he would never have been able to indict a sitting president. He had not exonerated Mr Trump, either.

“If we had confidence that the president clearly did not commit a crime, we would have said that,” said Mr Mueller. The justice department’s longstanding legal position is that “the constitution requires a process other than the criminal

justice system to formally accuse a sitting president of wrongdoing”, he said.

Kamala Harris, the Democratic senator running for president, said the signal was unmistakable. “What Robert Mueller basically did was return an impeachment referral.

Now it is up to Congress to hold this president accountable,” she said.

Ms Harris had already called for impeachment to begin, following the lead of another presidential candidate, Senator Elizabeth Warren. On Wednesday, Senators Cory Booker and Kirsten Gillibrand said for the first time that they agreed.

Mr Biden’s campaign struck a more cautious stance, saying he agreed with Ms Pelosi that “no one would relish what would certainly be a divisive impeachment process, but that it may be unavoidable if this administration continues on its path”. The White House has been refusing to assist with House investigations into the issues raised

by Mr Mueller or to comply with Congressional subpoenas.

Mr Trump faces little chance of removal by a Republican-controlled Senate, which would need to support his impeachment by a two-thirds majority. Polling on impeachment has shown that while it is favoured by Democrat voters, it is opposed by Republicans and a majority of independents.

KPMG loses veteran female partners over male colleague’s conduct Partners with combined experience of 40 years quit the firm SARAH O’CONNOR AND MADISON MARRIAGE

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wo of KPMG’s high-flying female partners have quit their jobs in response to the way the Big Four accounting firm has dealt with concerns about alleged bullying by a senior male partner in the UK. The departures have caused shock and dismay among staff at the firm, which has already faced a bruising period following a series of accounting controversies that have sparked criticism of its culture and values.

Maggie Brereton, who was head of UK transaction services and a nonexecutive UK board member, and Ina Kjaer, former head of UK integration in the deal advisory team, resigned in February.

The pair had 40 years of experi-

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ence between them at KPMG and were highly respected as two of its most talented partners, according to current and former employees of the firm.

The two women resigned because they felt KPMG had failed to respond adequately to concerns raised last year about alleged bullying by a senior male partner.

A former KPMG partner said it was “very striking” that the firm had lost two prominent female partners as a result of its handling of the matter. “Given the imbalance between male and female partners, these firms never want to lose their star female partners,” he said.

Another former KPMG insider described Ms Brereton as a “prized asset” who was “really, really good at her job”.

Ms Brereton and Ms Kjaer, whose @Businessdayng

LinkedIn profiles state they are on gardening leave, did not respond to a request for comment.

Concerns about the male partner’s communication style were raised with his line manager in October. Separately, an anonymous complaint was made formally via a whistleblowing hotline in the same month about his conduct in a meeting. KPMG investigated the whistleblower’s complaint, which involved questioning various staff about the male partner’s conduct.

The investigation resulted in January in the partner apologising to certain employees and agreeing to undertake leadership coaching.

KPMG also changed the partner’s reporting channels in February.

The firm concluded that the male partner’s behaviour did not amount to bullying.

Friday 31 May 2019

BUSINESS DAY

49

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

HSBC to cut hundreds of investment bank jobs

Cost control tightens as group braces for pressure on revenues and deteriorating outlook STEPHEN MORRIS

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SBC is planning several hundred job cuts at its investment bank as it tightens its control on costs and braces for pressure on revenues and a deteriorating economic outlook.

The redundancies, which will start in June and should be completed by the end of the year, will be focused on underperforming businesses across the trading, capital markets and advisory divisions, according to a person briefed on the plan. Details of the plan are still being finalised and have not been announced internally.

The cost drive at the investment bank is part of HSBC’s “Project Oak,” which is trying to shift resources to the most profitable business lines, said the person.

While hundreds of staff will be cut from the investment bank, overall headcount should remain flat because of hiring elsewhere.

Earlier this month, John Flint, chief executive, promised a tighter rein on costs to keep the bank on track to hit its 2020 financial targets, while contending with a “more uncertain economic outlook”. The pressure is most acute in Asia, where HSBC makes more than 80 per cent of its profit, and which is starting to feel the effects of Donald Trump’s escalating trade war against China.

“Business and function lines constantly re-evaluate their needs to ensure they have the right roles in the right locations to deliver for

our customers and stakeholders,” HSBC said. The job cuts were first reported by Bloomberg News.

Pushing through the redundancies will be Greg Guyett, the JPMorgan veteran who is in charge of global banking, and Georges Elhedery, a 14-year HSBC veteran who was promoted in January to run global markets, the division that houses the bank’s equities, bonds and currency trading operations.

It has been a tough few years for HSBC’s investment bank, including the high-profile departure of Matthew Westerman, a former Goldman Sachs banker who left his job as co-head of the business at the end of 2017 after only 18 months.

The bank was then rocked last autumn by an incendiary memo purportedly written by anonymous HSBC executives who claimed the investment bank’s performance was “appalling” and that the company’s strategy for the business had “utterly failed”.

Last year, Mr Flint disappointed investors over HSBC’s inability to increase revenue while containing costs. Its adjusted “jaws ratio” for 2018 — which measures income versus cost growth — came in at minus 1.2 per cent. The problems continued in the first quarter when operating expenses rose 3.2 per cent to $8.1bn.

The investment bank accounts for around 48,500 of HSBC’s 238,000 employees and contributes about a third of group revenue.

US and European stocks steady to ease off two-month lows Equities head for year’s biggest monthly decline SARAH PROVAN AND SIDDARTH SHRIKANTH

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S and European equities rebounded on Thursday but were still heading for their biggest monthly decline of the year as concerns have mounted over a global slowdown in the face of an intensifying US-China dispute over trade.

S&P 500 rose 0.4 per cent in early trading in New York, advancing from its lowest close since early March.

Yields on US 10-year Treasury notes steadied after they had dropped sharply on Wednesday to their lowest level since September 2017. Bond yields fall as their prices rise.

Europe’s benchmark Stoxx 600 climbed 0.5 per cent on the penultimate day of the month from its lowest close since March 25. The index has fallen nearly 5 per cent in May, heading for its worst month this year.

London’s FTSE 100 was little changed on Thursday, easing off its lowest level since May 13.

Conflicts over trade and technology between the US and China have shown no signs of abating while expectations of slowing growth in

the world’s biggest economies have mounted. Brazil’s economy meanwhile contracted for the first time in more than two years.

Latin America’s largest economy shrank in the three months to March for the first time since 2016. Gross domestic product fell 0.2 per cent in the first quarter, the first quarterly contraction since the final three months of 2016. The Brazilian real was steady, with $1 buying R3.9754.

Volumes were thin on Thursday in many European markets as some countries, such as France and Germany, observed a public holiday for Ascension day. About 1.1bn shares had been traded in early afternoon compared with 1.6bn as the average daily volume over the past 30 days at the same time, Bloomberg data showed. German and French markets were open though, with the Dax and CAC40 indices up 0.5 per cent apiece.

Italy plans to sell as much as €6bn of medium-term sovereign debt on Thursday. “The auction is rather small, which should limit pressure in the current market environment, which is dominated by spread volatility,” said analysts from UniCredit. www.businessday.ng

Sterling falls below $1.26 for first time since January MAMTA BADKAR

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he British pound fell below $1.26 on Thursday for the first time since the ‘flash fall’ in early January amid tension over Brexit and domestic politics.

Sterling slid 0.3 per cent to $1.2586 — the lowest level since January 3, when a shortlived tumble saw it drop as low as $1.2441.

The decline also comes as the US dollar held on to its gains, with the dollar index, a gauge of the buck against a weighted basket of peers, edged up 0.1 per cent to 98.24.

The weakness in the pound comes amid persistent uncertainty surrounding Britain’s departure from the EU amid the Brexit party’s sweeping victory in the European

Parliament elections this week. The win has sparked panic through the ruling Conservative party and has ramped up pressure for Britain to leave the EU without a deal.

Against the euro, one British pound brought €1.1314, a fall of 0.2 per cent. Earlier this month, sterling clocked its longest losing streak against the single currency, declining for 14 consecutive sessions.

The surprising rise of private capital Institutional money continues to flow away into real estate, infrastructure and PE GILLIAN TETT

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hen financiers gathered at the Milken conference last month, a chart was passed around that should make policymakers, voters and investors rethink the nature of modern capitalism.

The chart showed that between 2000 and 2018 the number of private equity-backed companies in America rose from less than 2,000 to nearly 8,000. Publicly listed companies in this period, by contrast, fell from 7,000 to about 4,000.

To be fair, the aggregate value of those private equity-backed companies is still “only” $5tn — far less than the combined $30tn value of US public companies. But that $5tn number is striking, not least because it excludes a vast swath of other privately held groups.

What is doubly notable is that the explosion of private activity is not restricted to equities. In the past decade, private debt markets have expanded at a striking clip, totalling more than $600bn today.

Private infrastructure and real estate investment is also expanding.Indeed, Willis Towers Watson calculated a couple of years ago that global asset owners have now placed about 14 per cent of their assets in private markets (mostly private equity and real estate), up from virtually nothing a couple of decades ago. They predict this will rise to 20 per cent in 10 years.

Some observers, such as Henry Fernandez, chief executive of MSCI, think it could be consider-

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ably higher. MSCI is so convinced that this drift toward private finance is here to stay that it is quietly developing indices and portfolio tools to help investors track these private securities and assets. The group thinks that this could be one of the hottest new frontiers of finance in the coming years. That is notable given that MSCI has forged a name for itself as a champion for public markets, expanding its equity and bond indices around the world.

“Historically investments were about private markets. In the last century that changed and institutional money went into public markets,” Mr Fernandez says.

“Maybe we should ask if . . . we are reverting more to the historical norm?”

If so, that would overturn many of the current presumptions about modern finance. In the 20th century, it was often assumed that public markets were the epitome of financial capitalism; indeed, the idea was so deeply ingrained that policymakers and financiers tended to assume that financial evolution went in one direction: from private to public.

But today the trend towards private finance is being driven by “pull” and “push” factors. On the one hand, private equity, real estate and debt investments have often offered better returns than public equity in the past decade.

And while these sectors used to be run like cottage industries, they are maturing — or at least aping some elements of public markets @Businessdayng

with slightly better reporting.

Hence the desire of MSCI and others to jump in.

At the same time, the raison d’être for public markets is faltering. They used to be seen as a more democratic and inclusive form of capitalism (because securities owners had a voice), offering more transparency (since there was more reporting) and liquidity (with more trading). It was also thought that if corporate managers faced the wisdom of (shareholder) crowds, companies would be better run.

But the spread of dual class listings, which give a few owners disproportionate power, is undermining the idea of shareholder democracy. Meanwhile, critics argue that the rise of activist investors and quarterly corporate reporting has fostered a more short-term corporate culture. Liquidity in public equity and bond markets has sharply declined since 2008, while financing for private deals has grown.

Maybe this is just a fad, driven by cheap money. It is unclear how the recent boom in private finance will perform if (or when) the credit cycle turns. “The returns on private equity do not look sustainable — they are already falling,” points out William Lee, chief economist at Milken. This is not reassuring, particularly since no amount of hype about new “investor friendly” tools and indices can change the fact that private finance is private — and thus prone to be opaque and illiquid.

50

Friday 31 May 2019

BUSINESS DAY

ANALYSIS

FT Federal Reserve vice-chair open to rate cuts if outlook dims

In change of tone, Richard Clarida says central bank must be ‘nimble’ to sustain US growth SAM FLEMING

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top Federal Reserve official has said the central bank could cut rates if the outlook takes an unexpected turn for the worse as he vowed to be “nimble” in ensuring the US expansion continues.

Richard Clarida, the Fed’s vice-chairman, said policymakers judged in their latest meeting that the current level of official interest rates is appropriate at 2.25-2.5 per cent, because they expect weak inflation to be transitory.

But taking questions after a speech in New York he said the Fed was “very attuned” to the risks to the outlook and if they crystallised it could be a reason for more “accommodative” monetary policy.

“If the incoming data were to show a persistent shortfall in inflation below our 2 per cent objective or were it to indicate

below those consistent with the committee’s 2 per cent objective.

In his remarks Mr Clarida said that longer-term inflation expectations were sitting at the low end of the range he considered to be consistent with the Fed’s pricestability mandate.

Market and business confidence remains vulnerable to further setbacks in trade talks between the US and China. Since the Fed’s latest policy meeting on April 30 and May 1, the Trump administration has announced increases in tariffs on $200bn of Chinese imports, prompting a response by Beijing. The US has also unsettled markets with its actions against Chinese telecommunications equipment maker Huawei.

Treasury yields sank into the New York afternoon on Thursday, having earlier found some support following data that showed US growth was on a firm footing

Richard Clarida, the Fed’s vice-chairman, said longer-term inflation expectations were sitting at the low end of the range he considered to be consistent with the central bank’s pricestability mandate © Bloomberg

that global economic and financial developments present a material downside risk to our baseline outlook, then these are developments that the committee would take into account in assessing the appropriate stance for monetary policy,” Mr Clarida said in his speech.

The comments come following a sell-off in equity markets and surge in US government bond prices as investors become more anxious about the impact of USChina trade hostilities.

US growth remains robust, with the economy expanding at a revised annualised pace of 3.1 per cent in the first quarter, according to the latest official data, but other countries around the world have slowed and US inflation has repeatedly undershot the Fed’s 2 per cent goal despite low unemployment.

Mr Clarida’s willingness to discuss the possibility of rate reductions marks a change of tone from the Fed’s recent communications, where the central bank has emphasised its “patient” stance.

Minutes to the Fed’s most recent rate-setting meeting did not record an explicit discussion about the possibility of lowering rates.

However, the minutes noted that several participants commented that if consumer prices did not show signs of moving up over coming quarters, there was a risk that inflation expectations could become anchored at levels

in the first quarter — before trade tensions between the US and China escalated. The benchmark 10-year Treasury yield moved two basis points lower to 2.24 per cent, in line with levels seen in September 2017. Stocks rose after midday, with the S&P 500 up 0.3 per cent.

Mr Clarida said the US economy remains in a “very good place”, while adding that the Fed needed to be “nimble” as it seeks to sustain the economic expansion as long as possible.

“Let me be very clear that we are attuned to potential risks to the outlook and if we saw a downside risk to the outlook then that would be a factor that could call for a more accommodative policy. That is definitely something in the risk-management area that we would think about,” he said in the question and answer session at the Economic Club of New York.

Asked in particular about the recent inversion of the yield curve, in which yields on shortterm government debt exceed longer-term yields — a move that has heralded recessions in the past — Mr Clarida did not downplay the phenomenon. “It is certainly something that is relevant as we consider appropriate policy,” he said.

The difference between threemonth and 10-year Treasury yields remained negative at minus 12 basis points on Thursday. www.businessday.ng

Pollution: the race to clean up the shipping industry New rules aim to reduce sulphur emissions from one of the world’s most polluting sectors but higher fuel prices are likely ANJLI RAVAL AND JOSH SPERO

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amish Norton, a shipping executive at US-listed Star Bulk Carriers, is as prepared as he can be. Over the past year, his company has begun installing exhaust gas cleaning units on 100 vessels — almost all of its fleet — to meet new environmental rules that are set to change the industry.

“It’s certainly a pretty disruptive event,” says Mr Norton, adding it will cost the company $170m to fit so-called scrubbers on to its ships, which carry commodities such as bauxite and iron ore. “It’s a massive amount, particularly as profitability has not been great.”

Shipping is the lifeblood of the global economy and 90 per cent of trade is seaborne. But it is also one of the world’s most polluting industries. More than 90,000 ships crisscrossed oceans last year, burning nearly 2bn barrels of the heaviest fuel oil made from the dirtiest dregs of a barrel of crude and carrying oil and gas, chemicals, metals and other goods.

Vessels belch out large quantities of pollutants into the air, principally in the form of sulphur dioxide, nitrogen oxides and particulate matter, which have been steadily rising and endangering human health especially along key shipping routes.

They also create between 2 and 3 per cent of the world’s total greenhouse gas emissions such as carbon dioxide, contributing to global warming and extreme weather effects.

Map showing carbon dioxide emissions by ships in 2015 “The reason the health impact of these fuels is not a front-page scandal is simply that those impacted tend to be people living along developing country coastlines and ports in Asia, rather than people in western capitals,” says one shipping consultant.

From 2020, shipowners must clean up their act as part of sweeping plans designed to reduce the industry’s greenhouse gas emissions by at least 50 per cent by 2050 compared with 2008. In January a sulphur cap will be adopted and later carbon emissions will be tackled. While industries such as road transport, power and even aviation have made environmental progress, shipping is one of the last bastions of the old fossil-fuel world order.

Shipping fuel contains sulphur concentrations more than 3,500 times greater than the diesel that triggered the emissions testing scandal at carmaker Volkswagen.

The International Maritime Organisation, a UN agency, has been working for 12 years to get an agreement on introducing measures to limit sulphur content in fuels from

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3.5 to 0.5 per cent from 2020. While the Paris climate agreement set goals, the shipping agreement is the most significant binding worldwide environmental regulation mandated in decades.

S&P Global Platts analysts say the rule change could cost the global economy $1tn over five years.

Environmentalists say the impact of shipping pollution on the world is far costlier.

After much foot-dragging, shipping companies, oil traders, refiners and energy players are priming themselves. Most shipowners will switch to lower-sulphur fuel oil while others, such as Mr Norton’s company, are installing exhaust scrubbers to strip out the sulphur from their vessels’ emissions. While some systems store the waste on board until it can be treated on land, others discharge it into the ocean.

One of Star Bulk’s biggest ships — the Star Leo — has recently had a scrubber installed. It does 90-day journeys from Brazil to China carrying iron ore, the raw material used to make steel. The bulk carrier goes around the Cape of Good Hope, then the Strait of Malacca to ports on the east coast of China — along the most polluted tanker superhighways in the world.

“Do you care more about the quality of your air or water? Do you want to breathe in scrubbed fumes or unscrubbed?,” asks Mr Norton, spelling out the dilemma, as he sees it, for shipowners who are still primarily thinking about costs and hedging themselves for swings in fuel prices.

With just over six months left before the sulphur cap takes effect, huge uncertainties remain. Are companies prepared for big shifts in fuel demand? Will governments enforce the rule and shipowners comply? And will it be enough to reduce air pollution as well as shipping’s contribution to global warming?

“After sulphur, regulators will go after carbon, that’s part of the plan. But there are very few ways to dramatically cut carbon emissions as of right now,” says Mr Norton. “No company is going to ask for stricter regulation.”

The maritime sector has functioned for decades as a vast waste disposal system for the oil industry. As refineries became more sophisticated, producing higher quality petrol for cars, for example, the worst bits of the barrel ended up in the engines of ships.

Exhaust gases transformed into toxic particles that pollute coastal regions. The pollutants drift inland beyond busy shipping routes, causing major respiratory illnesses and other health hazards as well as polluting lakes and streams and causing crop damage, especially in south-east Asia, say climate activists.

A 2018 study led by James Cor@Businessdayng

bett found that ship pollution causes about 14m cases of childhood asthma and 400,000 premature deaths a year — from lung cancer to cardiovascular disease. That is more than 1,000 deaths a day, although other estimates are lower. The research found that the use of lower sulphur fuels could cut by more than a third the number of deaths attributed to shipping.

Mr Corbett has calculated that 200 of the largest ships produce as much sulphur as all the world’s cars.

The International Council on Clean Transportation found that while road vehicles make up 64 per cent of transport-attributable pollutionrelated deaths, ships out at sea still account for 16 per cent.

Some health experts do not think the new rules go far enough: “With lower-sulphur fuel you could have a greater number of particles even if their mass is reduced,” says the University of Southampton’s Dr Matthew Loxham, who specialises in air pollution. Smaller particles remaining in the air, he says, “will [still] have health consequences”.

The debate over who is responsible for cleaning up the global shipping industry has been a long one and the ambiguity has been used by some to avoid accepting their role in causing the pollution. Is it the oil companies who produce the fuel, the shipowners who burn it in their vessels, the sellers of the products held on those ships or the buyers of the goods?

And then there is regional responsibility. Unlike environmental rules for other sectors that can be governed at a country level, the IMO must negotiate with 174 member nations. In a sign of its complexity, the sulphur ruling is only taking effect 12 years after an agreement on draft regulations was reached and decades after the worst effects of these emissions were realised.

“We can only go so far as our members want us to go,” says Edmund Hughes, head of air pollution at the IMO. While France, Germany, Sweden and the UK have been among countries pushing for reform, others, such as Saudi Arabia — which produces higher sulphur crude — have opposed it. “You need to have a political agreement,” says Mr Hughes. “This is not always understood by those that want us to go faster.”

Despite several years’ notice about the sulphur cap, there are fears that some companies are illprepared. Others expect to do well from the ruling. International energy companies such as BP and Royal Dutch Shell have improved their refineries to make the most of the legislative change and analysts say their refining earnings may double in 2020. Producers of lighter crudes such as the US and Nigeria will benefit too.

Friday 31 May 2019

BUSINESS DAY

51

POLITICS & POLICY Sacked LG chairmen in Oyo adamant, say sack undemocratic, illegal Remi Feyisipo, Ibadan

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ollowing the diss olution of all councils and the Local Council Development Areas (LCDA), the affected council bosses have described their sack as undemocratic and illegal.

Seyi Makinde, the governor, had through his Chief of Staff, Bisi Ilaka directed that “all local government authorities, Local Council Development Authorities be dissolved with immediate effect few hours after the governor was inaugurated.

Led by the Chairman of chairmen, Ayodeji AbassAlesinloye of Oluyole Local Government, the visibly angry chairmen alleged the new governor is putting a wrong footing forward, vowing to remain in office.

In an address read by

Seyi Makinde

Abass-Alesinloye, the LG bosses said, the militarylike statement issued by the governor that the council be dissolved with immediate effect amounted to a familiar jackboot statement of the

military era.

Titled, ‘Public statement on the purported dissolution of democratically elected local government in Oyo State

by Governor Seyi Makinde,’ described the statement as a

Group urges FG to drop plans to set up radio station for Fulani language IFEOMA OKEKE

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he President General of Urhobo Progress Union, Olorogun Moses Taiga, has urged the Federal Government to jettison plans to set up a radio station devoted solely to broadcast in Fulani language.

In a press statement he personally signed, the UPU PG said “The Urhobo Nation is appalled by the setting up of a Fulani Radio. Whatever the argument the government might put forward, this radio station is ill-timed and insensitive to the feelings of the Urhobo people and other ethnic nationalities in Nigeria, whose portions of land, towns and villages the Fulani herdsmen have force-

fully taken over.

“The UPU appreciates the need to promote the speaking of indigenous languages, but any government effort should either be holistic or each ethnic nationality should be left to preserve its culture and language. The selective promotion of the Fulani language has heightened tension among ethnic nationalities in the country and the project should be jettisoned at once.”

Taiga also lamented “worsening insecurity in Nigeria, including Urhobo land. The condition in Urhobo land is worsened by the activities of herdsmen by the massive destruction of our farms, which is the mainstay of our people.

Urhobo towns and villages, such as Abraka, Eku, Uwheru, Ethiope West, Ethiope East, Ughelli North, Ughelli South

and many more communities continue to be under siege by Fulani herdsmen. We reiterate our earlier for these herdsmen to be brought to book.”

The UPU PG also reiterated the UPU’s earlier call for fiscal federalism. “While we believe in one Nigeria, the Nigerian federal system, as currently constituted, is not functional. The Urhobo nation demands true federalism where the component units will in control of their resources and pay taxes to the federal government.

Taiga assured that “the Urhobo Nation that the UPU is working hard to ensure there is peace and security in Urhobo land. We are peaceloving people and the UPU will continue to work towards ensuring that peace reigns in Urhoboland.”

Appeal Court reinstates Nwaoboshi as Delta North Senator-elect Felix Omohomhion, Abuja

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he Court of Appeal sitting in Abuja on Thursday voided Abuja Federal High Court judgment that sacked Senator Peter Nwaoboshi as the senator-elect for Delta North senatorial election held on February 23.

A High court in Abuja in April this year nullified Nwaoboshi’s election and declared Hon. Ned Nwoko as the winner of the said Peoples Democratic Party primary election.

The Court of Appeal in a unanimous judgment, yes-

terday, set aside the judgment of Federal High Court delivered by Justice Ahmed Mohammed and struck out Nwoko’s suit for being statute barred at the time the suit was filed at the lower court.

Delivering the lead judgment , Justice Mohammed Baba Idris held that :”By the time the matter was instituted the action was statute barred, having commenced outside the 14 days allowed by the law” “This appeal is allowed, consequently the order of the lower court is set aside and the suit is struck out.”

Justice Idris also dismiss e d the preliminar y www.businessday.ng

objection filed by Nwoko challenging the competent of appeal .

He said the objection lacked merit. Equally struck out was the notice filed by Nwoko counsel Ahmed Raji SAN who wanted to give further reasons why Justice Mohammed should be upheld .

The Court of Appeal said that the notice was filed out of time.

The Court of Appeal had on May 23 reserved the judgment after Sen. Nwaoboshi’s l aw y e r A n t h o n y I d i g b e (SAN ) and Hon. Nwoko lawyer Ahmed Raji (SAN) adopted their briefs.

sad throwback to that betterforgotten years of military dictatorship.

Addressing journalists at the Nigeria Union of Journalists secretariat, Iyaganku Ibadan, he noted that “this is unexpected and quite unfortunate in a democracy.”

The statement came out less than 12 hours after Governor Makinde was swornin, they therefore, vowed to remain in office.

The governor had earlier asked the chairmen to hand over to their Heads of Local Government Administration or the most senior directors in their local government areas and councils.

He further placed embargo on all local and state government accounts until further directives and also directed that all boards of parastatals and corporations be dissolved, with immediate effect.

I support Buhari’s anti-graft war - Babarabe Musa Iniobong Iwok

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abarabe Musa, a Second Republic governor of Kaduna State has urged President Muhammadu Buhari to sustain his administration ant-graft war in his second term, saying that the country could not make any meaningful progress with the current level of corruption.

Anti-graft war was a major focus of President Buhari’s first tenure; several high profile politicians were arrested and prosecuted by the Economy and Financial Crime Commission (EFCC), while some were settled through plea bargaining.

However, the anti-graft war has been criticised by some sections of Nigerians who accused him of targeting opposition politicians.

But reacting to Buhari’s inauguration for a second term in office, in a telephone interview with BusinessDay, Thursday, Musa noted that

the country needed a radical individual who would checkmate the elite who have put the country in its present mess.

According to him, “I am in support of the President’s anti-graft war; we need someone that can check the elite, political leaders that created the system. They are responsible for the negative state of the country; they are the ones that put us here.” On the refusal of the President to give an inaugural speech, the former governor, however, urged Nigerians to wait for the President speech on June12, saying that the President speech on such day was more important.

“Nigerians should wait for Buhari’s speech on June 12, he would speak; that is the main day that he has declared.

“We should give Buhari benefit of doubt; I believe the June 12 speech would be all encompassing. That is a day that is significant to our democracy that is worth celebrating,” Musa added

Why I was not at Makinde’s inauguration, by Ladoja Remi Feyisipo, Ibadan

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former Governor of Oyo State, Rashidi Ladoja yesterday explained why he did not attend the swearing-in of new Governor, Seyi Makinde on Wednesday.

Ladoja, who was part of the coalition that eventually led to the success of Makinde, did not attend the inauguration of the new governor held at the Obafemi Awolowo stadium.

A press statement by Ladoja’s media aide, Lanre Latinwo, said he was mourning and adequately put Makinde in the know, when he (governor) visited him, 24 hours to

his inauguration.

According to the statement, the former Governor stayed away from the inauguration venue in order not to dampen the spirit of the celebration.

“The death of 31-year-old Debola Ladoja, a promising son of the former governor exactly five years on 29th of May this year was responsible for the absence of the Ibadan high Chief, Rashidi Ladoja”.

The former governor according to Latinwo, “kept the reason to himself in order not to dampen the high spirit of the people around him, who had prepared ahead of the inauguration.

“This fact was made known to the governor himself when he visited the Osi Olubadan on Tuesday evening. People should therefore, stop insinuating wrong impression here and there,” Latinwo warned.

People had insinuated that all may not be well with Ladoja and Makinde, weeks after the former spearheaded a coalition that ousted the former ruling party, All Progressives Congress (APC).

Two former governors of the state, Omololu Olunloyo and Adebayo Alao-Akala were however, in attendance as well as former Governors Olagunsoye Oyinlola (Osun), Ayo Fayose (Ekiti).

Sowore asks court to discharge order restraining his chairmanship of AAC Felix Omohomhion, Abuja

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he presidential candidate of the African A c t i o n C o n g re s s (AAC) in the February presidential election, Omoyele Sowore, has asked the court to discharge the interim order restraining him from parading himself as the national chairman of the party.

Sowore also asked the court to restrain the party national executive from holding a national convention in the name of AAC until the determination of the suit before the court.

Sowore also filed a motion on notice, urging the court to grant an interlocutory injunction, restraining Leonard Nzenwa from functioning as acting national chairman of the AAC. The party’s National Executive Committee (NEC) had on

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March 13 removed Sowore as National Chairman of the AAC for alleged corruption.

The party had in his stead appointed Nzenwa as the acting national chairman.

Comrade Oladele Ade, acting director communication, in a statement said Nzenwa was until then the national secretary of the party.

The party recalled that at its second NEC meeting in Abuja, Sowore and nine other NEC members of the party were accused of corruption and anti-party activities, hence their suspension.

To give effect to the suspension of Sowore and others, Nzenwa, through ex-parte motion, asked Justice Iyang Ekwo of the Federal High Court in Abuja, to restrain the suspended Sowore from parading himself as the national chairman of the party. @Businessdayng

The court gave the interim order also against the deputy national chairman of the party, Malcolm Fabiyi, to stop parading himself as deputy national chairman.

The court also restrained the Independent National Electoral Commission from further recognising the suspended Chairman, pending the determination of the motion on notice.

In the order, the court restrained Sowore and Fabiyi from further exercising any power or function relating to the offices pending the hearing and determination of the motion on notice.

In the affidavit in support of the motion on notice, the party alleged that Sowore failed to fulfill the mandatory statutory requirement of holding the National Executive Committee meeting of the party quarterly.

Women in Business

BUSINESS DAY Friday 31 May 2019

By Kemi Ajumobi

www.businessday.ng

LBS women hit double, with two profs

Professor Enase Okonedo

Professor Olayinka David-West

Dean, Lagos Business School (LBS)

Academic Director, Lagos Business School (LBS)

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rofessor Enase Okonedo is the Dean of Lagos Business School where she teaches courses in decision making, corporate financial management and financial strategy. Okonedo sets the strategic direction for the School and oversees its academic and administrative affairs, as the chair of its management board.

As LBS Dean, Okonedo refocused the School’s vision from addressing the Nigerian business environment to addressing Africa through the research agenda, programme structure and forging international alliances that has led to high-level collaboration with renowned institutions With over 30 years’ experience in the financial services and management education sectors, Okonedo serves as Secretary-Treasurer of AACSB International Board of Directors (The Association to Advance Collegiate School of Business) and is a member of the academic advisory board of the Global Business School Network (GBSN). She is also a member of the Panel of Advisors, Africa Initiative for Governance, a member of the International Advisory Board of Porto Business School, as well as a member of the Academic Advisory Board, Blavatnik School of Government, University of Oxford.

Okonedo is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) as well as a Fellow of the International Academy of Management (IAM). In November 2015, she became a Fellow of the Society of Corporate Governance Nigeria (SCGN) in recognition of her exemplary leadership and contributions to good governance in the Nigerian education sector.

When she started her career as an intern with a bank during her sophomore year at university, she knew from that moment she was destined for greatness.

Driven by a vision for excellence at Lagos Business School (LBS) and being consistent in following that vision till date, Okonedo is certainly championing the course for the propagation of the importance of quality edu-

cation in Nigeria.

She will readily tell you that Dr Christopher Kolade has had the greatest impact on her career. “I started my career in the School working with him. I think he’s very focused and has an unwavering commitment to the values and principles he stands for.” She speaks convincingly about him.

Ever busy Okonedo never misses the opportunity to create time for family. “I spend time with my family. When I’m with them, I shut out the world because I’m a strong advocate of work-life balance. Then again, I’m a bit of a bookworm so I also relax with books on management and human psychology.”

Okonedo said.

Very passionate about Nigeria, her views are truly intriguing. She says “I think we need to build our system of governance and strengthen our institutions. If this is achieved and our governments can be accountable to the people they’re meant to serve, the continent will be a lot better off.”

Okonedo’s views on Nigeria’s potential to become a higher education hub for Africa is truly enlightening. In her words, “There is a great deal of potential. There are currently more private universities than public ones, and the number is constantly growing. Foreign universities are also interested in coming here; however, there are currently certain constraints in the regulations preventing foreign universities from setting up stand-alone campuses.

Foreign universities are inclined to come and partner with a local university in Nigeria and that has the potential to strengthen the quality of the offering in the country. There is great potential, especially given that, by 2050, Africa will have the largest population of college-age students in the world.” she revealed.

Professor Enase Okonedo holds a bachelor’s degree in Accounting from the University of Benin, Nigeria; an MBA from IESE Business School, Barcelona, an Executive MBA from Lagos Business School and a Doctorate in Business Administration from International School of Management (ISM), Paris.

P

rofessor Olayinka David-West is the Academic Director and a Senior Fellow in the Operations, Information Systems and Marketing Division of Lagos Business School (LBS). She is also a member of the LBS Management Board.

With a career in the information systems industry spanning nearly three decades; she has engaged in various roles in systems/technology consulting, systems development and integration and electronic banking management.

Professor David-West currently directs the Sustainable and Inclusive Digital Financial Services (SIDFS) initiative of the Lagos Business School. Under her leadership, SIDFS has in the last three years conducted research; convened stakeholders from the financial services ecosystem across the operators and regulatory segments; articulated policy amendments all with an aim to enhance the creation and delivery of Digital Financial Services in Nigeria.

SIDFS also works with development and philanthropic agencies such as Bill and Melinda Gates Foundation and Mastercard Center for Inclusive Growth on initiatives to enhance the creation and delivery of Digital Financial Services as well as enhancement of entrepreneurship in Nigeria.

Her research interests are centred around the managerial practices in support of information systems in business including, but not limited to systems planning, development, management, governance and effective use.

She is the author of numerous academic papers and case studies. She has also presented her research findings in local and international conferences.

Prof David-West combines her teaching and research interests with industry consulting engagements in the areas of strategic IS planning, IT personnel selection, IT assessment & review/due diligence, e-business, business planning, software selection & management, systems implementation, project & change

management, business process improvement and systems design.

She has been vocal on her views about enhancing Financial Inclusion with Technology, for instance, through taking banking to the grassroots.

When Lagos Business School (LBS) and Bill & Melinda Gates Foundation partnered on how best to provide financial services to the poor through multiple channels and technology, Professor David-West was actively involved.

In the first part of the project, they decided to do an in-depth consumer analysis to profile who the consumers are for digital financial services and mobile money.

According to her, the purpose of the research was to unravel who the customer is.

“We, therefore, took data from all the financial inclusion data that have been done previously.

We looked at researches by Enhancing Financial Innovation & Access (EFInA) and the World Bank Global Index study that we ran in 2011 and 2013. So, taking all those data, we began to ask the same questions on what the data says about the Nigerian consumer,” she said.

For David-West, “one thing we want is to have 80 per cent target on financial inclusion by 2020. However, we are lagging behind in achieving those goals.”

Professor David-West holds a Doctorate in Business Administration (DBA) from Manchester Business School; an MSc in Business Systems Analysis and Design from City University, London; and a BSc in Computer Science from the University of Lagos. She is a Certified Information Systems Auditor (CISA), Certified in the Governance of Enterprise IT (CGEIT), and the academic advocate to the Information Systems Audit and Control Association (ISACA). She is also a qualified practitioner of the Skills Framework for the Information Age (SFIA), and a digital money specialist certified by Digital Frontiers Institute and the Fletcher School of Law and Diplomacy, Tufts University.

She is a governing council member of the Fintech Association of Nigeria.

Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Advert Hotline: 08034743892. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Patrick Atuanya. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.