The Weekender Aug 2nd Edition by BusinessDay

Saturday, 08 August 2020

WEEKENDER

EDITION 2

8 AUGUST 2020

STAYCATION SPOTS THAT WILL TRANSPORT YOU ABROAD LAGOS EDITION

THE COVID HERO Discussing impactful and life-changing moments with Lekki Food Bank - BANKY W

Businessday.ng

@Businessdayng

EXCLUSIVE “...as a matter of fact, I strongly believe that Nigeria is more of a gas nation than an oil nation.” - ABDULAHI HASKE

Saturday, 08 August 2020

WEEKENDER

PUBLISHER/EDITOR IN CHIEF Frank Aigbogun

Editorial

Editor’s Note By Lehlé Balde | AUG 2020

elcome to the second edition of the BusinessDay Weekender, every Saturday brought to you online. I hope you are reading this in good health and in a place where you feel safe in these trying yet very interesting times. Thank you to all of you who to took the time to give us feedback on our premiere weekender edition.

MANAGING DIRECTOR Ogho Okiti EDITOR BUSINESSDAY Patrick Atunaya EDITOR BUSINESSDAY SATURDAY Lehlé Balde EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, STRATEGY, INNOVATION & PARTNERSHIPS Vwoke Ighure MANAGER, CONFERENCES & EVENTS Obiora Onyeaso MANAGER, ADVERTS Ijeoma Ude

The news cycle is ever changing, even for me it can be a task to catch up! Here is what you can expect in our carefully curated news roundup this week: Africa’s largest food retailer, Shoprite Group of Companies, said in its operational and voluntary trading update released on Monday that it will discontinue its operations in Nigeria, 15 years after the company’s ﬁrst store was opened in Lagos in December 2005.

BUSINESS DEVELOPMENT MANAGER (South East, South South) Patrick Ijegbai

More than a month ago, Nigeria received approval for a whooping $3.4bn loan support from the International Monetary Fund, IMF, our report analyses what that means for Nigeria.

DIGITAL SALES MANAGER Linda Ochugbua

Over in Ivory Coast, Alassane Ouattara is courting trouble for his country by seeking re-election for a third term, in October after the death last month of the ruling party’s candidate, former Prime Minister Amadou Gon Coulibaly. Nigeria is gearing up for the resumption of international flights and understandably, excitement is building up among the country’s elite population. But who will be the first to get on the plane when that day comes? Our lead story this week will immerse you into a world where you can feel like in Santorini or Tulum Mexico on any given day. There seems to be a sense of precipitation for many to return back to the new normal, and while I perfectly understand this and have experienced this as well, I urge everyone to exercise caution and personal hygiene measures. Protect yourself first and foremost. Staycations seem to be becoming the new normal in Nigeria, however the virus is still very much out there and numbers are rising. Restaurants in Lagos will now be open at 50 % capacity from August 14th so it will be interesting to see how that pans out… Which places are you going to first? Also, inside this edition discover our 5 discoveries of the week, learn about how to effectively negotiate in all your relationships, the future of human resources from our South African contributor, learn about the evolution of digital music and how one of our contributors thinks adulting is a scam. As usual you will find our column Culinary delights’ which tells a story of a restaurant took feedback so well that they have become one of my favourite places to visit in Lagos and much more. In this week’s edition of The BusinessDay Weekender enjoy some refreshing content from a pool of some of Nigeria’s brightest corporates, entrepreneurs and creatives. Thank you for reading. With gratitude

COPY SALES MANAGER Florence Kadiri

GM BUSINESS DEVELOPMENT (North) Bashir Ibrahim Hassan GM BUSINESS DEVELOPMENT (South) Ignatius Chukwu HEAD, HUMAN RESOURCES Adeola Obisesan HEAD OF TECHNOLOGY Onyinye Eze Creative Lead Doyin Philip Design and Art Direction iSixty Contributors Olufikayo Owoeye Anthony Nlebem Vumile Msweli Nike Anani Faruq Suaad Jessica Fortune Tochukwu Macfoy. Dr Foy The Luxury Network Nigeria Jadesola Omobolaji Onaolapo Art X Fikayo Babatunde Steph Anyamele Adedoyin Jaiyesimi Eni “Tiger Fire Rose” Nadia Marth Enquiries +234 812 587 9675 http://www.businessday.ng/

Lehlé Balde is the Editor of Business Day Weekender email: lehle.balde@businesssday.ng | social: @lehlelalumiere

The Brook, 6 Point Road, GRA, Apapa, Lagos, Nigeria. 01-2799100 Legal Advisers The Law Union

Businessday.ng

@Businessdayng

Saturday, 08 August 2020

WEEKENDER

News Summary

News Roundup By Olufikayo Owoeye

though that economy has been in recession since the beginning of the year. The xenophobic inspired attacks in September 2019 saw 14 Nigerian malls with Shoprite as its anchor tenant looted and damaged. This worsened sales growth and led to a 59% reduction in weekly customer visits according to their 2019 result presentation.

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time,” With this new announcement, Shoprite joins two other South African retailers, Mr. Price and Woolworths who have also announced exits from Nigeria due to a harsh operating environment. Shoprite Nigeria operates about 26 outlets across the country and employs about 2000 employees who are 99% Nigerians. A divestment means it will sell its holdings to another investor who will continue to run the business. Nigeria’s retail market faced a myriad of challenges in the aftermath of 2016 economic contraction provoking a loss of confidence in the market as investors suspended their large exciting retail projects and a handful of retailers exited the country. With a slowdown in retail developments, Shoprite, who serve as the go-to anchor tenant in Nigeria’s major malls found it difficult to expand. Segment sales growth in Nigeria since June 2019 have been unimpressive compared to Shoprite’s home market in South Africa, even

Businessday.ng

@Businessdayng

Charge Rates:  Deﬁnition Areas Before Now  O w n e r- O c c u p i e d R e s i d e n t i a l Property 0.076% to 0.0394%  Industrial Premises of Manufacturing Concerns 0.256% to 0.132%  Residential Property/Private School (Owner & 3rd Party) 0.256% to 0.132%

• Residential Property (Without Owner

n what came as a shock to many, South African retailer, Shoprite International Limited earlier in the week announced that it is considering a potential divestment from its Nigerian operation – Retail Supermarkets Nigeria Limited. The company in a releases said “Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.

• A 48% reduction in the Annual

in residence) 0.76% to 0.394%

• Commercial property (Used by the

occupier for Business Purposes) 0.76% to 0.394% Vacant Properties and open empty Land 0.076% to 0.0394%

agos State Government has offi c i a l l y a n n o u n ce d t h e cancellation of the 2018 Land Use Charge and reverted to p r e - 2 0 1 8 r a t e s . Th e s t a t e Commissioner for Finance, Rabiu Olowo and his Information and Strategy counterpart, Gbenga Omotoso, on Wednesday, announced this at a media briefing in Alausa, Ikeja. The government also announced a waiver for penalties on land use charge for 2017, 2018 and 2019, which Olowo estimated at a loss of revenue totalling N5.6 billion. According to the new guideline, property owned and occupied by pensioners are exempted from paying the LUC. The definition of Pensioner, according to the state, has been expanded to include all retirees from private and public institutions in the state or any person that has attained the age of sixty (60) years and has ceased to be actively engaged in any activity or business for remuneration. Meanwhile profit oriented cemeteries and burial grounds are no longer exempted from payment of Land Use Charge. Private Libraries are also no longer exempted from paying Land Use Charge.

Annual charge rate for Agricultural land was reduced from 0.076% to 0.01%. This is an 87% reduction from the old rate. Penalties for Land Use Charge for Year 2017,2018 and 2019 have also been waived. This translates to N 5 , 7 5 2 , 1 6 8 , 4 1 1 . 0 3 p o te n t ia l revenue waived by the State. In addition to the reintroduction of the 15% early payment discount, an additional COVID 19 incentive of 10% will be granted on the total amount payable. This makes the total discount for early payment 25% if payment is made before the due date The penalty for obstruction of officials and damage to property identification plague has been reduced from N250,000 to N100,000 The penalty for inciting a person to refuse to pay LUC has been reduced from N250,000 to N100,000 The 2020 LUC Law introduced a 10% and 20% special relief for Vacant properties and Open empty land, respectively. The right of enforcement has been reduced from notification of three (3) default notices to (2) default notices.

Reductions of penalties and rates

• Days Outstanding Before Now

45-75 days from 25% to 10%  75-105 days from 50% to 20%  105-135 days from 100% to 50%

ho will be first to fly Nigeria is gearing up for the resumption of international ﬂights and understandably, excitement

WEEKENDER

is building up among the country’s elite population. But who will be the first to get on the plane when that day comes? Which airline will be the first to operate when the restriction if finally lifted? It could happen in weeks according to the presidential taskforce on covid-19. Some have predicted that it could be Emirates which will be hoping to take Nigerians to one of their favourite destinations, Dubai. What kind of fares will we be seeing when the flights resume? And for the many that had bought tickets before international flights were put on hold, how will the airlines treat them? Many questions and very few answers.

Saturday, 08 August 2020

News Summary

arely 24 hours after Air Peace sacked 75 pilots, Bristow Helicopters terminated the contract of over 100 pilots and engineers in its operations. Some of the affected workers, in collaboration with the National Association of Aircraft Pilots and Engineers (NAAPE), had on Monday embarked on indefinite strike, picketing the airline office in Lagos over welfare issues and alleged infractions.    Apparently displeased with the actions, the management fired the majority of

he Board of Directors of Custodian Investment PLC has announced that a binding agreement has been signed with UAC of Nigeria PLC (UAC)The list, which was pooled by Reputation Poll for Custodian to purchase a 51 percent equity interest in UACN Property Development Company PLC (UPDC) from UAC, the parent company.

The agre ement, according to a statement signed by Wole Oshin, Group Managing Director, Custodian Investment PLC, marks the beginning of a partnership between Custodian and UAC that will achieve both companies’ respective objectives in the real estate industry. It also marks a signiﬁcant milestone aligned with UAC’s strategy to focus on its core businesses. Major highlights of the transaction

ollowing a 142% rise in Jumia's shares year-to-date, Teleco-giant, MTN is reportedly looking to sell its $243 million stake in the e-commerce giant.MTN has been trying to dispose of its non-core assets as part of the business strategy to minimize debt and open new markets. MTN Group also has about a 29% stake in IHS Towers, which could be put for sale. MTN Group by footprint has generated about $812 million in asset sales that included selling its towers holdings in Ghana and Uganda to American Towers Inc. Africa’s biggest carrier plans to bid for a license to enter Ethiopia, one of Africa’s largest markets that have not yet privatized its telecoms industry. Jumia, Africa’s largest online retailer, is operational in 14 African countries including Nigeria. Jumia Technologies AG is headquartered in Germany and run by its two French founders, Sacha Poignonnec and Jeremy Hodara

the staﬀers including some expatriates, with an oﬀer of three-month salary as redundancy compensation.

Sale of 9,465,584,668 UPDC ordinary shares (“Sale Shares”) held by UAC, representing 51% of UPDC’s issued share capital, to Custodian.

Bristow in a statement said the spread of the coronavirus had severely impacted all sectors in the aviation industry, including its market, which primarily serves the Nigerian oil and gas sector. In addition, “the ongoing downturn in the global oil and gas market continues to influence and determine the demand for our services. The combined effects of these ‘arisings’ have resulted in very significant reductions to our business, particularly a reduction in the number of contracted aircraft in Nigeria. As a result, the company must now restructure all aspects of its business model, both rotary and fixed wing, including an extensive review of its operations, and we continue to drive efficiencies, but with zero compromise to safety and our core values,”

Sale Shares will be sold in two tranches: an initial sale of 946,558,467 shares, representing 5.10% of the issued share capital of UPDC, on execution of binding transaction agreements and subsequent sale representing 45.90% of the issued share capital of UPDC upon receipt of requisite approvals. Completion of the sale is subject to regulatory approvals from the Nigerian Stock Exchange and the Federal Competition and Consumer Protection Commission. of 8,519,026.201 shares

o fewer than 37 people were reportedly killed and 5,000 w o u n d e d i n a m a s s i v e explosion that shook Beirut on Tuesday.. As at the time of writing this story, it's still unclear what led to the

Businessday.ng

@Businessdayng

WEEKENDER

explosion. According to Lebanon's prime minister an investigation would focus on an estimated 2,750 metric tons of the explosive ammonium nitrate stored at a warehouse. Hundreds have been reported missing, raising fears that the death toll will rise, t h e h e a l t h m i n i s t e r s a i d Wednesday. More than 300,000 people have been displaced from their homes. Authorities declared Beirut a "disaster city" and imposed a two-week state of emergency.

Economic growth is expected to slow to 0.8% in 2020, if the fallout from the coronavirus pandemic persists until the end of the year, said Ouattara, who will run against several former allies, including Henri Konan Bedie, 86, who withdrew his party from the ruling coalition in 2018. Ex-rebel leader Guillaume Soro, 48, whose troops helped Ouattara assume the presidency in 2011, announced his candidacy from France, where he now lives after being charged with planning a coup in 2017. He has denied the allegations.

s the Ivorian bubble about to burst?. Some say Ivory Coast President Alassane Ouattara is re the women coming or are courting trouble for his country by they not? There is considerable seeking re-election for a third term, in buzz in the corporate October after the death last month of the ruling party’s candidate, former community in Lagos following the P r i m e M i n i s t e r A m a d o u G o n release this week of a groundbreaking Top 20 Gender diversity scorecard by Coulibaly. the women advocacy group, According to a report by Bloomberg, professional women roundtable led by Ouattara’s candidacy upends his Ivanna Osagie who until her current announcement in March that he would incarnation, worked with Notore. The step down this year after a decade survey examined the gender diversity leading the world’s biggest cocoa levels of the boards of the top 20 grower. Gon Coulibaly, whom Ouattara companies listed on the Nigerian stock had handpicked to succeed him, exchange and found that of a total of suddenly died July 8. 230 board seats, only 48 are held by “I am a candidate at the pre sidential women, that is a mere 20.9%. The rest, election,” Ouattara said Thursday, a 1982 or 79.1% were held by you know week after delegates of the Rally of who, men.

Houphouë tists for Democracy and Peace picked him as their candidate for the Oct. 31 polls. “The risk that the country reverses its gains after so much effort and sacrifice could be compromised if I don’t stand again.”Tensions are bound to rise further in Ivorian cities in the weeks to follow and on Thursday police fired tear-gas at opposition protesters who marched against a third-term bid before Ouattara’s acceptance speech.

Saturday, 08 August 2020

News Summary

According to the report, 30% of the NSE’s top 20 companies by market capitalization have at least 30% female representation on their board. In the UK where the government advocates a 30% female board representation target for listed firms, 33% of FTSE 100 companies have 30% of their board seats occupied by women. Fifty per cent of the banks surveyed as being among the top 20 firms, have at least 30% of their board seats occupied by Since coming to power in 2011, 78- w o m e n . Th e C B N s t i p u l a t e s a year-old Ouattara presided over annual minimum of 30%. economic growth of at least 7% from Of the twenty boards interrogated, only 2012, his first full year in office. His three are chaired by women, that is presidency ushered in a period of 15%. The scorecard placed Access Bank stability for Ivory Coast, where with 42.9% of its board seats held by elections have historically been fraught. women at the top of its ranking and While the law imposes a two-term limit, followed by Stanbic IBTC Holdings he has argued the adoption of a new with 40% and Lafarge Cement in the constitution in 2016 allows him to run third position with 36.4% of its board again. seats held by women.

Coming 20th in the ranking is Notore, Osagie’s former employer where no board seat is held by women. BusinessDay understands that the next report by the group will expand to include other companies and will also have a sector split to include all banks. So, watch out. The women are coming!

hasing a World Bank loan. Nigeria is learning some new lessons as the government of Africa’s biggest economy waits patiently for a key World Bank meeting to review a slew of support requests pending before the board of the Brenton Wood lender. More than a month ago, Nigeria received approval for a whooping $ 3 . 4 b n l o a n su p p o r t f r o m t h e International Monetary Fund, IMF. This approval came after commitments the continent’s most populous nation will begin to behave better by enthroning measures to enhance prudence in the fiscal and monetary space. These commitments include mounting a cost reflective power tariff, so Nigerians pay for the power they use; quit the wasteful petrol subsidy regime and exit another subsidy - that of foreign exchange which, inexplicably allows some of us to buy dollars at some ridiculous rates via so-called windows open to a few.The IMF loan has since been disbursed and received by the CBN which had hoped that the World Bank will follow suit by sending out the approved $750m to support Nigeria’s power sector reform and another $1.5bn by way of a budget support loan to help Nigeria ease through the debilitating fiscal crisis it is in. By yesterday, BusinessDay broke the news that board members of the World Bank are yet to be fully persuaded that the big men in Abuja have come on board. So they called off their planned meeting on Nigeria’s requests which may now have to wait anxiously till the lords in Washington come back from their summer vacation. The CBN which perhaps will be the greatest beneficiary of the dollar inflow as it rebuilds its battered reserves, would also now have to wait. And also to wait are disparate businesses struggling to meet their FX requirements. The wait will be painful and could cost some Nigerians their jobs, but now Nigeria would have to learn that if it is not to waste the opportunity of the COVID-19crisis, its government will do the needful, which is to reform and reform and reform its economy away from years of suboptimal growth. Too long have we been speaking of Nigeria’s potentials. It is time to bring out some of the best hidden in her.

Businessday.ng

@Businessdayng

Culinary Delights

Saturday, 08 August 2020

WEEKENDER

Culinary Delights By Lehlé Balde

Godaif Village- Serenity now has a location in Lagos Lehlé Balde AUG 2020

I almost didn’t want to leave my house, but Vivian had been raving about this place on Banana island road for a while and we ﬁnally decided to all go there at the same time. When we arrived at Godaif village, I was enthusiastic because the space is reminiscent of a location you can easily ﬁnd in the Caribbean, somewhere in the Bahamas or Barbados.

elcome to another edition of Culinary Delights’. I hope you all had a great week. As restaurant’s open back up on August 14th at 50 % capacity, I am very excited to share a spot that has easily become one of my favorite places in Lagos... Before I tell you how amazing Godaif Village is, I think it is also important that I also share the experience I had the first time I went there and how incredibly impressed I am by how well they have taken feedback since then. I am starting to realize that perfect dining experiences are nice but what is even more amazing is when a restaurant acknowledges a negative situation and continues to improve each and every time you go. I can wholeheartedly that this has been my experience at Godaif village. I typically don’t write about not so great experiences at restaurants, because I understand that my interpretation of negative experience does not necessarily mean that the restaurant is bad. I also believe it is important to give people the benefit of the doubt and I am very much against the emerging “cancel” culture and I believe that even the greatest restaurant can have a bad day or moment, just like the greatest person on the earth can have a bad day. A bad experience can often stem from a myriad of factors and one of the ethos of my writing is to ensure to uplift entrepreneurs through the platforms made available to me so I hope you stick around to read how truly amazing the place is. he first time I went to Godaif village I was with my friends Temi and Vivian, and I will never forget this day because it was a very rainy day and typically I don’t like to leave the house when it's raining.

Businessday.ng

@Businessdayng

Located in the heart of Ikoyi close to Banana Island road is Godaif Village a chic café/restaurant that encompasses everything I think a dining/ café experience should be. You walk in and you are greeted by a lush garden-like atmosphere, large, tall trees reminiscent of a tropical forest/ garden. I love the space because it is segmented into 3 main sections, the poolside bar/restaurant, the indoor café, and the jungle gym/park (perfect for children.) It is a serene environment and a great place to relax, get work done, catch up with friends, swim, walk around, and be surrounded by overall good vibes. We started out at the café, had some pastries and some delicious farm to cup tea. Godaif has a blend of tea from all around the world. You can choose from imported classic English breakfast, rooibos, chai, chamomile, Turkish apple blend, green, citrus, and much more. You can also get a great blend of coffee: espresso, cappuccino, latte, macchiato amongst others. After about one hour in the café we headed to the poolside and It was such a good vibe. Relaxing with a great mix of music played in the background. The café menu and poolside menu are different from the café menu so as a culinary enthusiast I decided to order the grilled croaker fish. I had been craving fish all week so I was really looking forward to it. As always when you are out with friends, time passed by very fast and before we knew it a few had passed and our fish still hadn’t come. After making an inquiry about what happened it turns out there was a miscommunication and the order wasn’t placed. My fellow foodies will understand…

Culinary Delights

Saturday, 08 August 2020

WEEKENDER

Culinary Delights By Lehlé Balde

Can you imagine having such a great time, sitting for two hours dreaming about how great the fish was going to taste? only to find out the order was not placed. For lack of a better word, I felt defeated. We had a frank conversation with the management, and they were able to get our fish out in 30 minutes. They were very apologetic and tried to understand our frustrations to the best of their abilities and to be honest, I don't think I have experienced the level of follow up and customer service after placing complaint at a restaurant. The fish was incredible by the way, marinated just right, not too spicy and soft. We just wish we didn't have to wait two hours to eat it.... but was it worth the wait? Absolutely! their menu is diverse you can have anything from salads, light bites such as beef empanadas, grilled polenta cake. Dishes such as grilled salmon, grilled croaker, tilapia, bbq chicken, beef and chicken suya, an assortment of pasta, injera, pizza and much more. I believe in second chances and I am so glad I returned to Godaif village the next week after that and have probably been there 10 times after that and will absolutely keep returning. I feel at ease knowing that feedback is important to the management and the staff as well. I would much rather go to a restaurant that acknowledges their wrongs and rectifies it, than one who messes up and doesn't recognize their wrongdoing. Their staff is very well trained, pleasant, and helpful. They are willing to go out of their way to make the customer feel at comfortable and to ensure the experience is top-notch. You will not regret going there. Trust me.

Businessday.ng

@Businessdayng

Whole grilled croaker ﬁsh N 6,000 Hot cross bun chai N1700 Butter milk chicken wings N5500 Plaint croissant N 1100 Cheesecake N3300 Quinoa salad N 4900 Total. N22,500 Contact details Godaif Village +23409070042361 www.instagram.com/godaifvillage

Saturday, 08 August 2020

WEEKENDER

Interview

The COVID Hero LEKKI Food Bank The Luxury Network AUG 2020

It is a pleasure to meet you, Banky W. Shout out to the Luxury Network and Business Day Nigeria. Thank you for coming to hang out with us at the Lekki Food Bank. It’s been an amazing journey thus far. We’ve experienced impactful and life-changing moments with Lekki Food Bank. And I’m the only male leader among five amazing leaders. Blessed am I amongst women… (Chuckles). The lockdown was a blessing in disguise as it spurred us to start the Lekki Food Bank. It’s ironic to know that Nigeria has thousands of people that are hungry and without jobs in affluent neighbourhoods. This tragic fact was exposed amid the lockdown due to the shutdown experienced by the economy- Businesses stopped and people whose daily feeding were dependent on their to and fro activities suddenly had no means to put food on their table. So, we came together, called a few friends and family who lived in Lekki, and decided to embark on a donation project to feed the hungry. In the bid to do this, we formed a WhatApp group for donors and volunteers. Perhaps, I should introduce one of my partners, Taiwo, who has a few things to share regarding the Lekki Food Bank Project. How many packages have we distributed thus far, Taiwo? Taiwo: Hello to you out there, it feels good to be here. And it is exciting to know that in the past few weeks to date, we’ve been able to distribute over 50, 000 packages of food to diverse homes in Lekki. Banky W: Yes! And each package of food distributed can serve a family of six for one or two weeks. Thus, the food bank project has distributed 100, 000 to 200, 000 meals within the Lekki communities. Isn’t it great to know the much we can achieve if individuals, companies, and communities contribute towards making a difference in their residential areas in Nigeria? Taiwo, give us a hint on how you feel about the Lekki Food Bank? Taiwo: I feel awesome and grateful for the security agencies. We have the police, the local neighbourhood watchmen, the military, LASTMA, leaders, and volunteers. These are people who do not need to commit to these things but have decided to risk their lives for the welfare of the community amid the global pandemic. Banky W: Taiwo is right. There is no doubt that collaboration is the success of this project. And I think that’s the message of the

Businessday.ng

@Businessdayng

Interview

Saturday, 08 August 2020

“

We know that Nigeria has her problems, but wouldn’t be great if individuals, companies, and communities contribute towards making a diﬀerence in their residential areas in Nigeria a little better than it was yesterday?

”

WEEKENDER

Consider this as two questions: What’s next for Lekki Food Bank and how can people who want to offer a helping hand go about it? Banky W: We were inspired by the lockdown but we have continued and maintained our efforts, regardless because we’ve realised that our targeted families needed this support long before the lockdown, and are still in need of our support. During the lockdown, we were doing it every day, but now we have restricted it to just weekends, where we distribute bulky food boxes per family so that it’s enough to sustain them for a week. We are hoping to sustain this project, grow, and operate in multiple communities that need our support. And we can only achieve this via more support, volunteers, and donations. Taiwo, please could you share how people can reach us? Taiwo: You can reach us through lekkifoodbank@gmail.com. We are also currently in the process of building our website to show you that we have plans to sustain this. We are here to stay and are even finalizing our CAC registration. You can follow us for updates on social media, @lekkifoodbank on twitter, and Instagram. Please volunteer or donate to be a part of the Lekki Food Bank love project. Is there an expected amount for the donation or is it a random donation that permits people to donate anything? Taiwo: We receive donations in cash and kind and are in partnership with the Lagos State Ministry of Agriculture. We must say that their support for food donations has been great. Apart from the support of the Lagos State Ministry of Agriculture, has there been help from other external sources? Noella: Yes, we have the support of a few organizations that span from financial institutions to private sectors in Nigeria.

Lekki Food Bank to the Nigerian society. Our problems in Nigeria can only be solved if we come together as one family to make our diﬀerent places in Nigeria a little better than it was yesterday. Hopefully, Lekki Food Bank will inspire other communities to do the same. There should be food banks all over Lagos and Nigeria. What challenges have you faced in handling this huge project? Banky W: Okay, permit me to introduce Noella, one of our partners, and co-leaders for the Lekki Food Bank. She would be able to tell you the most challenging and rewarding part of what we’re doing at Lekki Food Bank? Noella: Hello people, thanks for the opportunity to share. I think the most challenging part is organizing the people to queue up and maintain social distancing at the same time while we give out the food. But we’ve had a lot of help from the community leaders, and our volunteers concerning this. It is also challenging to raise funds, as we need more people to donate towards this project to ensure sustainability and a wider reach. The rewarding part is knowing that the little that we’ve done and are still doing has fed thousands of families and given hope to thousands of people who had no hope about where the next meal would come from, especially during the lockdown. Knowing this is what makes us happy.

Businessday.ng

@Businessdayng

Banky W: To add to that, I would like to say that I do not see myself as a hero. I see myself as a steward and think we should all see ourselves as stewards of our time and resources. We are stewards of what we can control. The unfortunate truth is that none of us know when our stories would end or when God would say: “Time up!” And I think that the minute you die, everything that you own suddenly goes to someone else. Nothing you own will go with you when you die. In other words, you own nothing on earth. Just make the most of your time while you are here. God has blessed you to be a blessing to others and not just for yourself and your family. You are a solution to somebody’s problem or the stepping stone to somebody’s success or empowerment. I don’t know when I will be done here on earth, but as long as I breathe, I would live every day to make my world a bit brighter than it was a day before. That’s what this is about for me. If you could have superpowers, what would it be? Banky W: I would say being omnipresent because one of the challenges that I have is time management and the inability to multi-task without burning out. So, if I can be in many places at the same time, with boundless energy to get the work done, I would be glad. Are there other things that you would like to share with us? Nothing that you haven’t asked me, but just for emphasis, we need more donations, personal protective equipment, and more volunteers. The funny thing about the food bank project is that you come into it thinking you want to be a blessing to somebody, and soon realise how much you are being blessed. I want to encourage you out there to be a part of something bigger than you - Be it Lekki Food Bank or not, because that’s where true fulﬁllment, peace, and satisfaction lies. If wealth, success, and fame were the sole keys to happiness, then there won’t be suicidal billionaires in our world.

Saturday, 08 August 2020

WEEKENDER

Polo Towers, 166 Ozumba Mbadiwe, Victoria Island, Lagos Transcorp Hilton Hotel, Ground Floor, FCT, Abuja The Palms Shopping Mall, Shop 43, Lekki Expressway, Victoria Island, Lagos

Businessday.ng

@Businessdayng

WEEKENDER

Image of the Week

Saturday, 08 August 2020

Image of the Week

Soji Adesina, White Hair, 2020

Businessday.ng

@Businessdayng

Interview

Saturday, 08 August 2020

WEEKENDER

Diary of a Young Executive I am out of my house for a 5-mile power walk. I am back home by 6:50am, take a quick shower, have a cup of coﬀee, and start my day reading highlights from my daily news subscriptions. Who is your guru? Dr. Ngozi Okonjo-Iweala - A seasoned economist and international development expert with experience in the Public and Private sector. I admire her for her transparency and commitment to economic development in Nigeria and on the Continent. She led the growth of the economy while she was Minister of Finance. She is also credited with developing reform programs that helped improve governmental transparency and stabilizing the economy. What do you crave at the end of the day?

Tosin Faniro-Dada Head, Startups (Lagos Innovates) What was the last thing you did that required some courage? I recently got accepted into INSEAD’s Advanced Management Program for senior executives. I didn’t think I was an ideal candidate as the program requires significant senior executive and general management experience. However, I learned that the impact of your work, leadership achievements, and commitment to learning and selfdevelopment is very valuable, and as important as the length of your working experience. What have you done for the first time? The current COVID19 pandemic has enabled me to spend more time at home and reset my holistic priorities. I have spent more time with my family in the past 5 months than I have in the last decade, and the entire experience has been revealing yet humbling. I reconnected with them and learned more about their passions and interests. What makes the biggest difference in your life? The motivation to always be a better version of myself, and ensuring the impact of anything I do make the biggest difference in my life. I love challenging and stretching myself. I also enjoy connecting with people and connecting them to resources that can help them achieve their personal and professional goals. Giving my time and expertise to very early stage founders and watching them thrive is very fulfilling. What apps do you use the most? I use my social media Apps the most, probably WhatsApp and Instagram. They help me stay connected and up to date on general and industry news. First thing you do in the morning? I am usually up by 5am. I say a thank you prayer, take a quick look at my WhatsApp messages and emails. I sleep early so; I usually have a little bit of catching up to do when I wake up. By 5:30am,

Businessday.ng

@Businessdayng

I enjoy putting my feet up, eating popcorn and watching an old sitcom like The Fresh Prince of Bel-Air or Friends. Which song is currently in your head? Whitney Houston – Exhale (always a classic!) What’s something you wish you understood more about? I have always wondered why some people are neophobic and afraid of trying new things. Heraclitus once said, “the only constant in life is change”. You will never know if you are good at something if you don’t try. Thus, I marvel at why people are so unwilling to take risks and try new things. A willingness to undertake this journey often leads to finding one’s purpose. I might do a PhD on this someday ☺ How do you define Success? Success is living your life’s purpose, becoming resilient and joyful in your journey, while impacting and empowering other people to achieve their own goals and dreams. What is an idea you can’t seem to shake off? I can’t stop thinking about how to improve the lives of people at the grassroots, including the large informal sector. Prior to joining Lagos State Employment Trust Fund (LSETF), I worked in the private sector and only dealt with institutional clients. Since then, I have interacted with people from the grassroots, informal sectors, startups, etc. heard and appreciate their challenges and frustrations. I can’t stop thinking about a ‘revolutionary solution’ that will truly improve their lives and help them create wealth – an affordable solution that will be easy for them to access and adopt. Last box set or Netflix binge? Big Bang Theory, I love sitcoms. My days are always long and intense, I look forward to relaxing and laughing with sitcoms. What’s worth paying for? Education and self-development. They give you a catalytic power that aids you in achieving your goals. To whom did you address your last handwritten letter or note? I don’t write notes often, but I wrote a note to one of the founders I mentor and support, to encourage them to keep the faith regardless of present difficulties.

Cover Story

WEEKENDER

Saturday, 08 August 2020

Cover Story

Staycation spots in Lagos that will transport you abroad: Lagos Edition Ministry of Enjoyment AUG 2020

Watch the sunset from the beach while sipping a sundowner, your dinner alternates between a three-course menu and a BBQ feast then finish off the day with a fireside drink at the fire pit.

If you’re not familiar with the term “Staycation”, it is simply a holiday spent in one's home country rather than abroad, or one spent at home and involving day trips to local attractions.

Wake up to the sound of waves from the Atlantic Ocean and awaken your senses with a cup of coﬀee on your own ocean-facing balcony. Enjoy your breakfast on a ﬂoating basket in a swimming pool just like in Bali and relax in a cabana on Jara’s own private beach.

ince we can’t travel outside the country for vacation till “maybe” October, we have put together a list of 4 staycation spots in Lagos that you can visit, enjoy a holiday and make you feel like you are abroad and indeed on that vacation.

Here is a curated list in no order of ranking. 1. Love Turks & Caicos? Try Jara Beach Resort Jara is Nigeria’s premier all-inclusive oceanfront beach resort located in Museyo, next to Eleko Beach Lagos which is an hour drive from Lekki Phase 1. This all-inclusive resort is growing to be Lagos’s most desired resort that covers your accommodation, three meals daily, soft drinks, most alcoholic drinks, and access to resort facilities in the price of your booking. Here is what your indulgent experience will look like: Check in to one of the six exquisitely ﬁnished en-suite bedrooms just in time for lunch which is an international favorite a meal with a local twist.

Jara offers multiple nights discounts and it’s great for singles, couples or families with fun activities to do which includes volleyball, table tennis, dart, board games and sand games like French ball. For booking information, kindly visit www.jarabeachresort.com 2. Love Santorini? Try Sencillo Lagos This minimal ultra-modern beach house is an exclusive 3 en-suite bedroom property that is rented exclusively as a whole to guests. Located in Ilashe, 30 to 45mins by boat from Lekki Phase 1, the beach house offers the perfect escape from the hustle and bustle from the city. If you love the vibe of Santorini, you will definitely love the vibe at Sencillo with its white walls, floors, and blue water outdoor swimming pool finish.

Businessday.ng

@Businessdayng

Cover Story

Saturday, 08 August 2020

WEEKENDER

Sencillo offers every guest a lovely ocean view from the balcony, beachfront access, and a lounge area to relax, play snooker, or table tennis. Other lovely attractions in Sencillo include the outdoor Jacuzzi, Sand, and Fire Pit, uniquely designed Sunbeds and Cabana to chill by the pool. Activities include Quad Bike rides which can be pre-arranged with your booking. Sencillo is a VIBE and should be added to your staycation bucket list. For booking information, kindly visit www.sencillolagos.com 3. Love Tulum, Mexico? Try HOV Beach Resort This six-bedroom oceanfront beach house offers you a rustic elegance which a great place to unwind and and unplug just like in Tulum, Mexico. Located in Ilashe, 30 to 45mins from Lekki Phase 1 by boat, HOV Beach resort is rented as whole and exclusive to guests. The rustic-inspired theme of this beach property is one to love from brown wooden panels, rustic interiors to the thatched roofs. The beach house offers a self-catering option using the kitchen or pre-booked meals to guests. The lounge is a great place to chill with friends a view of the Atlantic Ocean from the balcony. Facilities at this property include Outdoor Bar, Swimming Pool, Sunbeds, Volleyball, Outdoor grill, Quad bikes on request. For booking information, kindly visit https:// www.instagram.com/hovbeachresort 4. Love Rwanda? Try Lakowe Lakes Golf & Country Estate The captivating natural landscapes blanketed with lush greenery and a lake view in Lakowe will definitely make you feel like you are tucked in a resort in Lake Kivu, Rwanda. Lakowe Lakes Golf & Country Estate is located in Lakowe, 30 to 45mins by road from Lekki Phase 1 and it is a great escape for singles, couples, families, or corporate teams. This golf estate holds a beautifully designed 18-hole golf course, one of the most pristine in West Africa. Lakowe offers these accommodation types - Balinese inspired cottages with breakfast in bed, vacation rented lofts with a self-catering option, and corporate lodges which includes a conference hall, banquet hall, and boardrooms. Activities for guests include Golf Course Tour, Golf Clinic, Pedal Boat Riding, Fishing, Cycling, Garden Games and Spa services. For more booking information, kindly visit www.lakowelakes.com/ Na Money Remain.

Businessday.ng

@Businessdayng

Saturday, 08 August 2020

WEEKENDER

Businessday.ng

@Businessdayng

Wealth Building

Saturday, 08 August 2020

WEEKENDER

Wealth & Money By Nike Anani

Sustaining Wealth Across Generations Nike Anani AUG 2020

here are approximately 145,000 high net worth individuals (“HNWIs”) in Africa, with combined wealth holdings of approximately $800billion. This number is expected to grow by approximately 36% over the next decade. Despite this large amount of wealth on the continent, most business families struggle to transfer their businesses and wealth across generations: only 2% of Nigerian family businesses survive beyond generation one, compared to 33% globally. In aiming for multigenerational wealth, business families face high level of uncertainty surrounding their business environment, juxtaposed against a conflicting desire for long-term legacy wealth. Furthermore, the family typically grows exponentially over time, as members of the next generation get married and have children of their own, yet concurrently the business that is a generation old, may be entering a season of maturity, characterized by declining revenues and profitability. It is therefore critical that the family is able to diversify in the business and in its wealth to generate sufficient returns to sustain the expanding family.

To do so, families crossing the generational bridge need to focus more on strategic direction: The most enterprising families globally are those where each generation adds a layer of entrepreneurial contributions to that of the previous, resulting in increasingly complex structures. Therefore the next generation will need to emerge as entrepreneurial leaders able to contribute to the existing business. These contributions may include new businesses, new products or services, new regions, new partnerships and/or new technologies. Furthermore the family can diversify such that they build a robust wealth management system. Emphasis needs to be made on the family’s wealth management structure, such that proﬁts are extracted from the operating businesses and invested in liquid, performing investment portfolios that have a low correlation with the underlying operating

Businessday.ng

@Businessdayng

business, in terms of asset type, industry, geography and currency, paying particular attention to the opportunities that are viable in our future fourth industrial revolution world, characterized by artificial intelligence, block-chain, big data and mobile. This two-pronged diversification strategy enables the family to build its long-term resilience, such that it can bounce back from setbacks, achieving sustainability. Diversification is like a weapon one prepares for the day of adversity, by sharpening one’s spear. The more diversified the family is, the more potent its weapon is, moving from a reactive defensive state to a proactive attacking state. Family businesses are the engine of our economies and as such their sustainability is important to our economic development. Despite huge amounts of wealth being generated in Africa, statistically most of the wealth will be lost within a generation. Families can be intentional about fool-proofing the future of their family businesses and wealth by being clinical about diversifying. Despite many businesses having been adversely affected by negative setbacks, it is possible to rebuild on a stronger foundation, having had clarity on this framework.

Nike Anani is a Speaker, Author and Mentor for NextGens that seek to be effective change agents in their Family Enterprises. She is a guide and a sparkplug for action: helping NextGens identify and implement new opportunities, shortening the journey from identification to impact. She fuses her 9 years’ experience as a NextGen executive in her Family Enterprise and as a Chartered Accountant, to bring practical solutions to the table. She is the co-founder of African Family Firms, a pan-African association of family businesses: here, they build community for family businesses, founders and NextGens alike.She is a member of Family Firm Institute and a fellow of the Institute of Management Consultants. She sits on the boards of several companies, including ARM Harith Infrastructure Fund and Mixta Real Estate Plc. Nike loves working with NextGens who are ambitious and passionate about their Family Businesses and need some guidance in precipitating change. email: na@nikeanani.com

WEEKENDER

Saturday, 08 August 2020

YUP!

YUP! is dedicated to showcasing the exceptional individuals’ propensity to combine multiple passions in one successfully. We celebrate Young Urban Professionals who have thriving 'Side Hustles’ and are too much to be given one label.

There’s More to You

email: info@isixtyvisual.com | social: we.are.yup

Doyin Philip AUG 2020

Yup! It’s

Cassie Daves! I

’m Cassie Daves, a Medical Doctor turned Content creator/strategist, story teller and creative entrepreneur. When I’m not obsessing over the next destination to travel to, or creating communications/content strategy at my 9 - 5, I run an online fashion and lifestyle platform cassiedaves.com that exists to help people embrace their true authentic selves, and be the best version they can be especially with their style, brand, and creative expressions. I also work with/brands as an Doctor Actor inﬂuencer to help them reach a wider audience.

HOW DO YOU FIND BALANCE? For me, it’s all about ﬁnding the right balance, and I do this by planning ahead. I have a system that works for me, where I not only write my daily to do lists but I try to break them down into three broad groups - “Create”, “Learn”, and “Do” . This way, I get to not only be clear about my daily tasks, but also ensure that I create something daily, even if it’s as little as just taking a picture for my gram. I also utilize my weekends to batch shoot a lot of my content creating work, so I don’t carry a lot of that into my work week. The key really is realizing what is priority and planning like your life depends on it, because for me it does.

HOW HAS CORONA VIRUS IMPACTED YOU PERSONALLY? Asides from the mental exhaustion and anxiety that comes with the current uncertainty of it all and constantly worrying about doing all the right things to not get the virus, COVID 19 has practically trashed all the travel plans that I made. Travel is one of my means of escape, and unfortunately with the pandemic, I’ve had to put that on hold till there’s probably a COVID 19 Vaccine.

DO YOU HAVE ANY ADVICE FOR PEOPLE WHO MIGHT FIND THEMSELVES IN A SIMILAR SITUATION? Plan like a mutha-eﬀer! And trust the process always.

Businessday.ng

@Businessdayng

Personal Branding

Saturday, 08 August 2020

WEEKENDER

Four things to do to improve your digital footprint Adedoyin Jaiyesimi AUG 2020

he reality of the world we currently live in is that certain opportunities will only come your way if you are visible. The sad truth, however, is that the most competent and skilled people are not the most visible online. That often limits their growth potential. If you haven’t taken your digital presence seriously, now is the time to do something about it. The four practical tips I will share will help you to signiﬁcantly improve your digital footprint. It is however important to note that consistency is key. Don’t adopt a haphazard approach. Be committed to turning around your digital presence by implementing these tips:

Create a blog or website. This is always my ﬁrst advice to

people who want to make their digital footprint stronger. Creating a blog or website allows you to develop content that you care about which can be pulled by Google. Another reason why it works is because blogging or creating your website allows you to do Search Engine Optimization so that when people search for your or your niche, your website will be part of the top results that will come up. That means you will use keywords strategically on your website and as you write every blog post. For example, you’ll need to add your name (as you want people to search for it on Google) to the tags and within the body of your posts as discreetly as possible. You also need to ensure that the content you share is one that will be valuable. What are your interests? What tips can you share? What professional knowledge do you have that others can beneﬁt from? Those are examples of the kind of content you can share. Find platforms you can contribute to. Another good way to

improve your digital footprint is to guest post for other platforms. Don’t be too focused on the big platforms if you are just starting out. Start with the platforms that are open to featuring your kind of content. As you do this consistently, opportunities to contribute articles to bigger platforms will arise.

Adedoyin Jaiyesimi

Businessday.ng

There are several platforms that are looking for guest writers and contributors with diverse expertise. As you post on your blog, also ensure that you distribute your content to other platforms, both online and offline. Over the years, my articles (on different topics) have been featured on a range of platforms including Y! Africa, Connect Nigeria, 234Finance, Leading Ladies Africa, Pride Magazine Nigeria, amongst others. As a side note, please ensure that you send in a well-written profile of yourself and use your name as a keyword strategically in the content you send in. Share a signature content on social media. While it is not

impossible to build a strong digital footprint without using the popular social media platforms, they make it easier for you to do so. I agree that it may be tedious to handle 3-4 social media platforms and post content regularly on those platforms. The key to this is to select at least one platform where you want to be very active and share signature content there consistently. Don’t get tired of reading that word. Your signature content is content that will be linked to you and will provide top of mind awareness in the mind of your audience. This content can be quotes, tips, hacks from your chosen ﬁeld, industry insights or news etc. You determine what it should be but make sure you are consistent with it. Track your digital footprint. A good way to stay on top of your digital footprint is to make sure you track it. Google yourself periodically and set up Google Alert for your name. When a platform re-shares content from your blog on their website or someone mentions you on their platform, it may come out in the Google search results but you won’t know if you are not tracking your digital footprint. Tracking also allows you to stay on top of any negative news that may come out and you can address it quickly. Make the decision to improve your digital footprint in this season and start with any of the tips you are comfortable with.

Adedoyin Jaiyesimi is the Chief Communications Consultant at The Comms Avenue, a capacity building and knowledge exchange platform for leading and innovative communications professionals across the world. The Comms Avenue offers highlevel knowledge sharing meetings and training programs for communications professionals and corporate organizations. She has vast experience consulting for international organizations and top corporate executives and specializes in providing strategic communications consulting for development,

@Businessdayng

philanthropic and corporate organizations, helping them to develop and implement a robust communications strategy. Adedoyin has successfully executed projects for the W Community, Women in Business, Management and Public Service (WIMBIZ), Leading Ladies Africa, Heritage Bank, African Philanthropy Forum amongst others. She has been profiled on She Leads Africa, Leadership Newspaper and Lionesses of Africa. She was also featured as one of The Spark’s Visionary Women in 2019.

Boomerang

Saturday, 08 August 2020

WEEKENDER

Boomerang

The future of Human Resources

Vumile Msweli AUG 2020

he world of work has evolved rapidly in the past century having faced several revolutions. The ﬁrst industrial revolution began in the 18th century and resulted in mechanization, enabling access to energy produced by steam engines. Whilst the 19th century gave us a new source of energy brought to being by gas; oil and electricity making the combustion engine possible, in so doing changing the means of transport across the globe. The 1960’s led us into the third industrial revolution bringing us electronics and introducing us to the computing power of robotics. Whist the past few decades has created an information age which has driven globalisation, established the knowledge economy and changed the face of work forever. The landscape of the future will no doubt have the biggest impact on human capital and those who care-take it. In the sphere of low-medium technology within the next decade futurists have already described new roles: Distraction Prevention Coach and Enablement Coach. The Distraction Prevention Coach seems pretty self-explanatory as a role but its impact cannot be overstated with most employees spending an average of two and a half hours checking their phones, this excludes actual usage of the phone just the checking of it. The impact of which has ramiﬁcations long after the smartphone is put away. An example of this taking 11 minutes after reading a message to regain concentration and focus on the task at hand. Furthermore the reading of text can double the error rate of completing the most basic of tasks. The ability to remain focused is not only due to technology but also prolonged periods of stress which result in cortisol and adrenalin hormone production. These hormones which produced over the long term can result in reduced focus and productivity.

Vumile Msweli

Businessday.ng

The role of the Distraction Prevention Coach is to assist in increasing focus and productivity as well as aid employees in stress management in order to be healthy and produce their best quality work for their organisation. The focus on employee wellbeing in the future is anticipated to also give rise to the role of an Employee Enablement Coach. This position will support employees from when they are hired until they retire to ensure that they are valued, their contributions recognized, fairly remunerated, participate socially, have beneficial work , the freedom to innovate and have a healthy work live integration. In essence the employee enablement coach advocates for employees who are engaged, productive and committed to the success of the organisation as a whole by creating tailor made individual enablement strategies and plans for all staff. From the 18th century every revolution has brought with its advancements as well as challenges to humanity the fourth revolution will be no different. It is clear that the future of work isn’t just awaiting the fourth industrial revolution’s technological advancements but also its impact on humankind. How to prepare from a human capital management perspective to ensure both the productivity as well as sustainability of our work force is a question that should be at the forefront of many leaders’ minds. To lead the workforce the role of Human Resources has to evolve from traditional functionality to include being experts in technology, understanding futuristic tends, human behaviour and productivity. The agility in both thought and execution must extend not just to customers but also employee in order to effectively acquire the attention of our staff.

Vumile Msweli is a multi-award winning career coach, international speaker and the Chief Executive officer for Hesed Consulting. Hesed is a consulting firm specializing in; career coaching; leadership acceleration; facilitation and training with presence in South Africa; Rwanda; Botswana and Nigeria. She has previously worked for reputable multi-national institutions such as Barclays, Investec, Nedbank, First National Bank and Vodafone and led global teams in Africa (Nigeria; Kenya; Democratic Republic of Congo; Zambia; Lesotho; Ghana; Tanzania; Mozambique and South Africa); and Europe (Scotland; Isle of Man and England). Vumile is an international speaker having spoken in conferences; expos; workshops around the globe on topics such as leadership; women empowerment; finance matters and conducting business in Africa. She is the host of Vumi and Veuve host Women in Commerce as well as has her own regular radio slot in Botswana’s Duma FM and South Africa’s Kaya FM.

@Businessdayng

WEEKENDER

Saturday, 08 August 2020

Small Business

Know When To Disappoint Others Instead Of Yourself Stephanie Anyamele AUG 2020

came across an excerpt from a book which read, “Every time you’re given a choice between disappointing someone else and disappointing yourself, your duty is to disappoint that someone else. Your job, throughout your entire life, is to disappoint as many people as it takes to avoid disappointing yourself”, and it really got me thinking about how often some of us, myself included, CHOOSE to disappoint ourselves instead of others and often to the detriment of our peace, goals, reputation and even our integrity.

The morning I read that excerpt, I had been struggling internally with a decision. I was to host a workshop later that day for small business owners, I wasn’t as ready as I would have liked and I really needed a bit more prep time. The challenge, however, was that I had an already scheduled client call but proceeding with that call would have left me inadequately prepared for the workshop. Now, this call could easily be rescheduled and I knew the client wouldn’t have minded but I continued to wrestle with the thought that I would be disappointing them if I did reschedule. I even considered lying that I had a “family emergency” so that I’d get a sympathy exit and not feel too bad about dumping the meeting but this approach was grossly misaligned with my personal values. On the ﬂip side, I knew that I’d lose much more if I failed to deliver a solid workshop – the knock-on eﬀects on my brand reputation and potential clientele would leave me with too many regrets I may not be able to move past. I didn’t want to disappoint myself and certainly not in this way. So when I read that excerpt that fateful morning, it became clear as day that I needed to CHOOSE to disappoint the client.

When I informed them, they weren’t even disappointed. My request was granted with zero fuss, my conscience was clear and I was able to ﬁnish my workshop preparations. Why is this story important? In business, and in life too, you’re often faced with scenarios that need you to choose whether to disappoint yourself or others. Nonetheless, it remains your responsibility to set criteria that can help you decide. Here are some questions I personally use to evaluate such scenarios: What was my promise and am I breaking that? It’s very important to do what you said you would do – this is known as integrity. So if you there was a clear agreement with the other party especially where there is a value exchange, you cannot choose to disappoint the other person. You have to make it work. Can I create a win-win outcome? Yes, I may need to disappoint the other party but if I can present alternative solutions to mitigate the disappointment, everybody stays happy. What do I stand to lose? Compare the cost - time, money, peace of mind, reputation, relationship etc.- of disappointing either yourself or the other party. Whichever option is likely to cost you more, avoid it. The regret is rarely palatable. Could my personal values be violated by this? Values are one of the most underrated guides in decision-making and every time we go against those values, we don’t feel too good about it. Good luck !

Stephanie Anyamele is a Small Business Consultant & Chartered Accountant with over 7 years’ experience in financial advisory, operations management and business strategy. She is the Founder & Principal Consultant of Charles Ardor & Company, a boutique management consulting firm working with owners, leaders and managers of small businesses to improve their financial and operational performance. She is also the Founder of "What Next, Coach?", a business support membership platform that prepares small businesses to grow into medium-scale enterprises. email: s.anyamele@charlesardor.com | social: @stephanyamele | linkedin: Stephanie Anyamele

Businessday.ng

@Businessdayng

Cool Things We Found

Saturday, 08 August 2020

things we discovered this week

Busola Dakolo Photography

WEEKENDER

“The world without photography will be meaningless to us if there is no light and color, which opens up our minds and expresses passion.” Bukola Dakola. The multitalented entrepreneur, advocate and photographer has a prestigious degree from the New York Film Academy NYFA, Bukola is the proud owner of Bukola Dakolo Photography. Her style is a combination between photojournalism and fine-art photography with a touch of fashion and creative lighting. Her photos are inspired by light, color, techniques from black & white processing, vintage photos, creative perspective, and of

course, most importantly, the personalities of the people she photographs. To book a session visit https:// busoladakoloimages.com/contact-us/.

This list is curated by Lehlé Balde

Plentywaka

Lifestores Pharmacy

Plentywaka is changing the way people get around. The app allows commuters to book and pay for fast and convenient trips in real-time. Plentywaka identifies busy routes in Nigerian cities in partnership with state

Health and well-being have always been

governments and transport stakeholders. By partnering

important but I think the pandemic has

with vehicle owners and fleet managers to

highlighted our need to stay health and

provide to register their vehicles on

our platform for free. Partners on Plentywaka then earn

fit. I have probably visited the pharmacy more than usual to stock up on masks, vitamins

an above-market ROI

etc. Lifestores is building

while we provide

a world with equal

everyday commuters

access to essential

with a convenient and effective

primary healthcare regardless of who

commuting

you are, what you

experience with

earn or where you

our app. Think of

live. Community

it like ride/bus

pharmacies are

sharing app aimed

often the first port

at professionals.

of call for healthcare

Talk about

in emerging markets,

convenience and

but face myriad

effective driving experience and cuttingtechnology. Also a cool way to money if ride sharing tickles your

challenges including

edge

procurement inefficiencies,

make extra

outdated systems and

fancy. Download

inconsistent service levels. Lifestores

the app on the play or IOS Store.

is tackling these challenges head-on, leveraging its proprietary pharmacy management software and experience managing pharmacies in Nigeria to deliver a range of tailored services and programs for community pharmacies. They have locations across Lagos. Visit http://

lifestorespharmacy.com/.

Garlick Lagos Food truck and delivery Garlick is a fabulous food truck I came across while on a night out and while I was unable to taste the food that particular night, I had in mind to check it out at some point in the future. Thankfully the

Look Art Me Beauty

future came quickly as during the lockdown I was able to order a delicious beef burger with fries and

Women, young and old have had to battle age old assumptions of how they should look. This has unfortunately created a generation of women that have had to look to society and the mainstream media for notions of beauty. Fortunately, this narrative is being challenged. Women today are encouraged to defy toxic societal norms of beauty. Popular beauty and media entrepreneur, Chinonso Arubayi, happens to be at the forefront of this movement with her LOOKARTME Lipvolution collection. Chinonso expertly redefines the notion of beauty and recognizes the “beautiful light” within every woman and the power of makeup to advance that light; “Within all of us is a beautiful light, we hope to give expression to that inner light using our choice selection of product colours.The brand looks beyond the superficial aspect of makeup and takes notes of the power it has on a woman’s psychology health. This aspect is very important to its founder. For more details visit http://lookartmenow.com/ and follow on Instagram https://instagram.com/lookartmebeauty and on Facebook https:// facebook.com/lookartmebeauty.

Businessday.ng

@Businessdayng

chicken wings. Can you spell D-E-L-I-C-I-O-U-S? Sandra Obrutse, is the

owner of Garlick Lagos a mobile food truck located in Lagos Nigeria. Her

love for burgers and hosting BBQ events inspired me to venture in the food truck business. She took a course in Italy learning how to make Italian ice cream (gelato) and some recipe classes to finesse her grilling skills. Garlick Lagos is a unique style food truck established in the heart of Lagos, this establishment brings a blend of street food (burgers, sandwiches, prawns, chicken wings, etc.) Infused with freshly made artisan gelato milkshakes to the streets of Lagos. Garlick started operations in December 2019 and is currently taking orders for delivery. Make sure you order, you won’t regret it. Call them on +234 8052271937 or follow them on Instagram They are open Tuesday through Sunday.

WEEKENDER

Saturday, 08 August 2020

Sports

Sports By Anthony Nlebem

Intensity, tension build As champions League Football returns Anthony Nlebem AUG 2020

he Uefa Champions League made a return after a. prolonged break due to COVID-19. The last 16 matches were postponed since the coronavirus shutdown in March which not only aﬀected the world of football but almost every other sport. While the European leagues have now been completed, the focus shifts onto the Champions League which commenced from August 7.

While in recent years Napoli have maintained a solid defensive record, spearheaded by Kalidou Koulibaly, cracks have shown this year as they have conceded their most amount of goals in a Serie A season for ﬁve years. With Barcelona claiming an away goal in Naples, Napoli will have to be weary of goal threat that Messi and Luis Suarez give La Blaugrana.

After a long gap due to the outbreak of coronavirus, sports is ﬁnally taking baby steps towards return but in empty stadiums. Fans are only witnessing the contests virtually as sports is being played behind closed doors, which is always better than no sports at all.

Barcelona have been shaky at the back this year conceding 38 times in the league - that's more eighth-placed Getafe conceded. This does not speak of a terrifying Barcelona team of old, and plenty of teams have enjoyed success against them this season.

Chelsea trail Bayern 3-0 as they head to Germany for the return game. Barcelona struggled to get a 1-1 draw against Napoli as they play at home.

They were recently beaten at home by mid-table Osasuna and have lost a total of six times in LaLiga this season. Despite being 35 games unbeaten in Europe at the Nou Camp, with the attacking options Napoli are blessed with, Gennaro Gattuso's men will be conﬁdent of causing an upset.

Lisbon, Portugal will host the Champions League games from the quarterfinal stage onwards. Chelsea, meanwhile, put in arguably one of their best performances of the season to defeat Manchester United 3-1 in the other semi-final. The Blues suffocated the Red Devils and claimed a deserved victory, with strikes from Olivier Giroud, Mason Mount and an own goal from Harry Maguire. Chelsea will be looking to win the FA Cup for a ninth time, with their most recent success arriving in 2018 when they defeated Manchester United 1-0 in the final. Manager Frank Lampard believes reaching the FA Cup final is a sign of his side’s improvement. “It is a great achievement for us to get there,” Lampard explained. “To win a semi is a great thing but to win a final is the thing. We are progressing, we are getting better. There have been recent bumps but [the semi-final win] was a performance of huge character and personality, work ethic and quality.” Barcelona v Napoli Barcelona restart their campaign with a visit from Napoli team who, despite winning their first trophy in six years in June, have struggled to find any real consistency this season. Barcelona endured a difficult league campaign this year. Despite leading LaLiga before the break, they capitulated upon a return to football and were unable to secure a third successive league title, as they finished five points behind rivals Real Madrid, They will seek redemption for their league failings by lifting their fifth UEFA Champions League trophy.

Star to watch (Lionel Messi) While his goal tally has dropped slightly this season, he is still a goal poacher, breaking the 20 mark in both goals and assists in LaLiga. The Stats Napoli’s two previous away Champions League knockout matches have ended in defeat, losing 1-4 to Chelsea in March 2012 and 1-3 to Real Madrid in February 2017. Barcelona have progressed from each of their last 19 Champions League knockout ties after avoiding defeat in the ﬁrst leg away from home. Napoli have won just one of their last 10 away Champions League games (D4 L5). Napoli are unbeaten in all three away games this season (W1 D2). Barcelona’s run of 35 home Champions League games without defeat (W31 D4) is the second-longest in the history of the European Cup.

Businessday.ng

@Businessdayng

WEEKENDER

Saturday, 08 August 2020

Sports

Napoli’s Dries Mertens has scored six Champions League goals this season, one shy of the record for goals in a single season in UEFA competition for the club. Lionel Messi has been directly involved in 11 goals in his last five home Champions League knockout matches at Camp Nou (8 goals, 3 assists). Napoli have failed to progress from 9 of their last 10 UEFA European knockout ties when failing to win the first leg. Verdicts The game may genuinely be defined by Lionel Messi. With such reliance on his creativity for goals for Barcelona, Napoli's first task will be to stifle his threat. If they can successfully manage that then they may stand a chance in the tie.

Stopping the brilliance of Messi is of course no mean feat, many teams have tried and many teams have failed. With Napoli's defence being far from impenetrable, coupled with the need for them to score an away goal, it may be too difficult for them to stop Messi. Barcelona's form post lockdown will certainly be a concern for Quique Setién. They were firm favourites to wrap up another title for a significant portion of the season but struggled upon the restart and handed the league to their rivals. With growing concerns about the future of the club and the players, it might be the perfect time for this Napoli side to visit the Nou Camp. Bayern Munich v Chelsea Since Hansi Flick took the helm at Bayern back in April, Die Roten have been a team possessed, winning 11 games on the bounce after football's return this summer, Bayern come into this game in frightening form, winning 25 of their last 26 games in all competitions – a run that stretches all the way back to December and Poland international Robert Lewandowski has been arguably the world's best player this season. The 31-year old has found the net 51 times in 43 appearances, and has failed to register a goal or an assist in only six games. Frank Lampard's side have had mixed fortunes since the restart. They finished the season with seven wins from their final ten league games - enough to secure a Champions League place for next season. However, they missed out on the chance to lift a trophy. Olivier Giroud has been singled out for praise lately. The World Cup winner has scored eight and assisted one in his last ten starts for the Blues.The German side are narrow second-favourites with most bookies and their pursuit of a famous treble is well and truly on. Star to watch (Robert Lewandowski)

No doubt about it, Robert Lewandowski. The Polish hitman has been in ludicrous form this season, scoring 51 goals in 43 appearances for Die Roten. At 31 he's no spring chicken, but if anything he's getting better with age. The Polish international has netted 11 goals in six Champions League appearances so far and, with Erling Haaland out of the competition, he's nailed on to finish as top scorer. The Stats Chelsea and Bayern last faced in the Allianz Arena in the 2012 Champions League final, with the Blues victorious on penalties after a 1-1 draw. In the entire history of the European Cup and Champions League, no team has ever won by three or more goals in the first leg of a knockout match away from home and failed to progress. Chelsea are winless in their last seven away Champions League matches in the knockout stages (D4 L3).

Bayern have won their first seven Champions League games this season, scoring 27 goals and conceding just five. Bayern Munich manager Hans Dieter-Flick is looking to become the third manager in Champions League history to win his first five matches in charge. Chelsea have conceded 12 Champions League goals this season. Robert Lewandowski has scored 11 goals and assisted two more in six Champions League appearances this season, averaging a goal or assist every 41 minutes. Verdicts It’s difficult to see a comeback for Chelsea, especially with a number of big names missing out. The Blues conceded 54 goals in the league - the most in the top half of the Premier League. Hansi Flick's Bayern have been the most impressive team in Europe who remain in the competition. They have lost just two of their 32 competitive games since he took charge, both back in 2019, and are on a run of 25 wins and one draw from 26 games.

Businessday.ng

@Businessdayng

Resources

Saturday, 08 August 2020

Resources

World Bank Group Africa Fellowship Program

Businessday.ng

@Businessdayng

WEEKENDER

Media

Saturday, 08 August 2020

Streams, Beams and Ultra-Light things: The Evolution of Music in Digital Technology Dr. Foy AUG 2020

he global recorded music industry experienced a drastic shift in 1999. This shift which poised as growth lasted for quarter of a century and long before there was Spotify, Apple Music, YouTube Music or anything that survived on the backbone of streaming through the internet, music was distributed through cassettes and record stores.

The business model that empowered the progress of the music industry before the internet was a bit complicated as it took a longer time for the product to get the consumer. The distribution channel of the product had to go through a lot of processes and the time lag delayed the growth of the music industry. Although the medium at which music was distributed was effective. Record labels had to create alliances with radio stations, night clubs, record stores and other mediums. If the product (music) was good enough, it will become a big bang in the marketplace and record labels will invest in the promotion but if it wasn’t well, the record label might probably just drop the project and move on to a more profitable artist. It’s just business. Since the inception of record labels and the music business this was how it was until the music business experienced an innovation. This innovation was and is the internet. The internet gave the music industry what it needed. An opportunity to shorten the music distribution process, eradicate physical distribution, reach out to a large number of persons in an instant and also an ease of entry into the marketplace. To give you a clear and better perspective of how much this innovation has been a driving force, let’s look at the numbers. As of 2018, The Global Music Industry was worth $19.1 Billion rising by 10% from the previous year. Out of this $19.1 Billion, $11.2 Billion comes from digital revenue. That is, the digital technology industry accounts for 59% of the entire industry. As impressive as these numbers are, the music industry never really grasp digital technology until Shawn Fanning (at the time a student at Northeastern University in Boston) would ignite the turbulent process that eventually became the dawn of an evolution. Shawn Fanning created a platform which was called Napster that permitted clients to download and share music without remunerating the perceived rights holders. Napster was decently fast sued by the music business foundation and was in the end compelled to close down the administration. The Rise of iTune, Netflix and the streaming business model.

After the rise and sudden fall of Napster, Steve Jobs and Apple inc introduced iPods and iTunes into the market place which launched the music industry into a new dimension. The “1,000 songs in your pocket” innovative device introduced the entertainment industry to a new business model - The Platform Business Model whereby consumers pay a ridiculous fee to have instant access to listen to their favorite artist. This innovation disrupted the whole music industry. It helped make artists closer to their fans, it took the long process of distribution and make music an accessible commodity in the marketplace. Due to the situation of things in the world, there is a slim chance that we will go back to the days of concerts and gatherings so the medium through which concerts will take place will definitely change. Just recently Logic launched his retirement album, No Pressure, and it was live streamed via Twicth. Jonny Drill took the lead some months back and had a live concert. The Movie industry is no different. The consumers are in search of comfort and connectivity. They want to have the cinematic experience and to see a movie with their loved one. Reed Hastings and Marc Randolph saw the future of the movie industry and decided to create a platform for the future - Netflix. With 160 million paying customers , Netflix just like iTunes has redefined the entertainment industry. What is the future of this industry? It’s not hard to tell that technology will keep on driving this industry into greater heights. We can see this happening already as Elon Musk through his Neuralink brain chip technology. It was reported that with the brain chip technology music can be streamed directly to the brain. Gbedu will finally burst brain. Over the years the production, delivery and distribution of music has evolved and through technology innovation has been a close relative to the music industry. Innovation itself is not the introduction of something new but improvement or a slight change of an existing system into something better. It is about creating a better option as compared to what is already in existence. Can you look into the future using data and statistics and build a platform or technology for the future that can be accessible to millions in an instant while you create profit through it? Because as a people we’ve not scratched the evolution of music in the digital technology era.

Dr. Foy is a content development and entertainment project management professional, with seven plus years’ experience in television, advertising, marketing consulting, international cable networks and the digital economy. My background as a trained medical doctor gives me unique cross-functional competence. I believe in enduring positive contributions and enjoy working with visionary individuals and companies. social: @drfoy

Businessday.ng

@Businessdayng

Saturday, 08 August 2020

Mompreneurship

WEEKENDER

Mompreneur Article 002 - NEGOTIATION - THE UNSPOKEN LINGUA FRANCA TigerFIreRose AUG 2020

like to think of Life as a nice smoothie of predictable m o m e n t s s w e e t e n e d b y t h e g u t- w r e n c h i n g unpredictable moments that max out your heart speedometer. Just when you think you have conquered the final level and can now reign in wisdom over your Kingdom, Surprise! New level unlocked and you go to battle all over again. I am recently learning that the sub sections of our lives can sometimes be both a parallel and a reflection of one another at the same time. For example, the simple act of negotiation. It seems like something reserved for just the business world or the economic market place. You read all the books and articles addressing the art of negotiation and how to broker that ’billion dollar deal’ without breaking a sweat. But I am learning that sometimes, life is teaching you in real time exactly what some of those books are trying to tell you but we are just not paying attention. As a mom, wife and business owner, you learn that life is just a microcosm of negotiations spread across different pockets and the outcome of one most times greatly influences the results of another. Even your friendships are negotiations. How much of a friends character traits you address or ignore per time? - Accept my nonchalance and we won’t address your narcissism. Your diet plan is a lifelong negotiation - 5 days of greens for 5 minutes of sugary, cream based dairy and all its relatives. Time management is the biggest negotiation of all - Work an extra 2 hours borrowed from my sleep time just so I can watch 30 minutes of my favourite sitcom (Absolutely worth it!... Most times). Nobody ever tells you one of the major languages of life is ’Negotiation’.

Businessday.ng

@Businessdayng

As a businesswoman, your negotiation skills need to be topnotch. If you cannot negotiate, I strongly advise you either hire or partner with someone who can (while you develop your negotiation skills) if not, your business would be buried in a coffin you built and sealed with terrible deals negotiated by you. The good thing about bad negotiation in business is you see the effects almost immediately and you are allowed to walk away from a bad business deal. Will there be consequences? As with all actions, YES - sometimes it will come dressed in legal garb, other times, its your pretty reputation that gets a black eye. If only it were that simple on the Mom front. With kids, your negotiation skills needs a healthy backing of emotional intelligence and thinking forward on how the results of this would affect future interactions, character traits and the all round development of your child. Unlike with business deals where you get your results in real time, with kids, its a series of small negotiations building into long term investments where the ROI can only be seen years down the line. You wonder why your kid does not understand the concept of ’No’ at 25 and you stroll down memory lane and remember the first deal that was brokered between you and your child at the tender age of 2.

ever tells you one of “Nobody the major languages of life is ‘Negotiation’

”

Saturday, 08 August 2020

Mompreneurship

The child presented his offer, ’I want a cookie’, you gave your response to the offer, ’No, you’ve already had 3’, your child gives you a counter offer - tears. You give your counter, counter offer - ’NO’, the child gives the counter, counter, counter offer - Tears amplified by 5.1 surround sound internal speakers. The heat is on. You stand your ground. Both parties are unwilling to cave. Until, you start to wonder... How can something so tiny make this much noise? Before you know it, the tears are pulling at your heartstrings, the noise is giving you a headache. All this because of a cookie? Its just one more, can’t hurt. ’Here, take the cookie’. After all, Its just a cookie. Deal sealed, Cookie in hand, the child goes away with a pattern and a new knowledge Drama seals the deal and No is only a precursor to getting what I want. Now I am sure the next question would be, ’So what’s the best way to negotiate with your child and get them to understand and accept the word ’NO’. Whenever you find out, please let me know because I am still currently testing out theories. However, my takeaway from my daily life negotiations across all spheres so far has been: 1. Negotiation is an unspoken Lingua Franca that is shaping this world. You cannot run away from it no matter how much you try. You will meet it some way somehow and you will engage whether you are willing to or not.

WEEKENDER

2. Delegation is great but some negotiations are specific to you and no other person. So better shake away your phobia and hatred for negotiation and make sure you get the best deal you can for you and your loved ones. 3. Never apply a general formula for all your negotiations. Each negotiation is unique to the person, the deal being brokered and the desired results so build up your emotional intelligence and your power of perception alongside your negotiation skills. 4. When you find yourself in a badly negotiated business deal, its okay to walk away if re-negotiation isn’t an option. If walking away would save your business from an early grave, it is better to be alive and healing than dead and done. ‘There’s an African proverb I love and it goes thus – ‘Until the lion can tell his own story, every tale will glorify the hunter’. I have a strong desire to be able to tell African stories. There is a current explosion in the Nigerian film-making industry, and in Africa as a whole, and I see this as a marvellous platform to showcase our rich heritage to the global world by telling the original stories that define and describe us’.

TigerFireRose is the Chief Executive Officer of TigerFireRose Media. She has cut her teeth in the Visual Content Production industry, having spent time learning and running projects for various production houses commissioned by Africa Magic. Her versatility and creativity has taken her swiftly across the media space, rising in ranks and positions in a short amount of time from Content writer, to Associate Producer, to Production Manager and eventually Executive Producing her own content. She is a born leader who inspires her team to be all they can be, no holds barred!

Businessday.ng

@Businessdayng

WEEKENDER

Saturday, 08 August 2020

Feature Interview

Nigeria needs regulation on how it manages its Excess Crude Account Interview AUG 2020

bdullahi Haske is the founder and Chief Executive Officer of AA&R Investments, an indigenous oil exploration major, credited with finding oil in Bauchi State. He is also involved in marine services, aviation, engineering and agriculture investments. In this exclusive interview with BusinessDay Weekender, he addresses a multitude of concerns: lower excess crude account, impact of lower oil price, looming food crisis, slump in the aviation sector and the biggest of them all, how gas will transform Nigeria. 1) A bleak future without petrodollars is something Nigeria has been warned about for years, yet the day of reckoning has caught the government unprepared. Oil prices have fallen below the budget benchmark. What will be your short and long term pieces of advice to the government? In all honesty, any person who understands the international oil market trends for the past few years ought to have known that we were heading down this road. Policymakers have not been able to come up with the right policies to curb the situation. Now to answer your question – in the short term the government must apply effective austerity measures and do away with the excessive and unnecessary recurrent expenditures to reduce the impact of the economic downturn which is inevitable, but with public confidence low, accepting any form of austerity will be difficult but then again it’s the only way out. For the long term, the government has no choice but to take the issue of diversifying the economy away from oil very seriously by generating revenue from non-oil related sectors of the economy. While doing that, the government should also work on how to become energy independent, adequate food security by investing in the entire agriculture value chain, and building critical infrastructure. Similarly, boost regional and continental trade agreement by exporting minerals and agricultural products.

In essence, the government has to spend more on critical infrastructure but even more importantly is developing and building human capacity, through education and providing an enabling environment for local businesses to thrive. 2) Nigeria’s Excess Crude Account is currently at $71.81m. What went wrong and how can we boost this account to save for the rainy day? Poor management of the excess crude account and lack of planning by policymakers not thinking of saving for rainy days. Now to boost the account we need regulation on how to manage the account, the National Assembly must pass a regulation on how to manage the account and how it is funded. Because the government just deeps their hand at will into excess crude without any checks and balances. Nigeria is vulnerable to a prolonged period of low oil prices – but some stakeholders have said the country should take the opportunity to deregulate downstream and allow the free market to determine the price of petrol. What's your take? I think the government should take its hands off the downstream sector to a very large extent and allow market forces to determine the prices. However, they must play the role of consumer protection through quality control to prevent price exploitation by industry players who might take advantage of the free market policy and hike prices of products which the government cannot afford because it will lead to a cyclical ripple effect where you have prices of food, transport and other basic necessities shooting up. Therefore government must play a critical role of ‘big brother’ but should also allow the market to move freely 3) What can Nigeria do to attract more investment to its idle oil fields scattered around Nigeria? Government needs to provide clear cut policies, for example, today we talk of the Petroleum Industry Bill, but we are not sure what will come out from the bill and when it will eventually be passed.

Businessday.ng

@Businessdayng

WEEKENDER

Saturday, 08 August 2020

Feature Interview

Secondly, the government needs to be transparent concerning taxes and royalties, when is it due, who is paying or who is not paying because now there isn’t transparency with regards to this. We also need to be transparent with regards to knowing our actual daily productions which will go a long way in boosting investor confidence. 4) Most oil-dependent countries are preparing for life beyond crude oil, some are looking at renewable energy. Where do you see the future for Nigeria? In my opinion, I see the future in gas, as a matter of fact, I strongly believe that Nigeria is more of a gas nation than an oil nation. Gas can 100percent replace oil and its uses for this country from the automotive industry to manufacturing industries to power generation, Petro-chemicals and even fertilizer production. Just look at Qatar who left the Organisation of Petroleum Exporting Countries (OPEC) to go and focus on developing its gas sector. You can see that they are doing well as the largest exporter of LNG and it has one of the highest GDP per capita. 5) Nigeria is believed to have more potential in gas than in oil, especially if diversity in global energy consumption is considered. The nation’s gas reserves estimated as the largest on the African continent have been assessed at three times the value of her crude oil reserves. How can we transfer this to economic growth? First, the product and sector must be given a priority by the government by ensuring that they provide a favourable commercial term which clearly spells out terms of engagement to develop the gas sector. This will encourage producers (IOCs) and other investors to go into the sector and develop it. I will give you an example: an International Oil Company working on a field today will come across gas and will not look at it. Instead, they will go to look for crude because there are no government terms or policies on how to invest in gas. After defining the terms of operations the next step is to make it (gas) the centre of every government project, basically to allow the utilization or use of gas in all projects power projects, agriculture infrastructure such as fertilizer production, road construction, manufacturing e.t.c. This will boost the economy and provide a means of generating foreign revenue through LNG, LPG etc 6) Nigeria’s huge gas finds is at an estimated value of $462.5 billion which have been left trapped and unproductive for decades, on account of lethargy by a government that is unable to create the policy environment to turn this huge resource into a prosperity dividend for the country and its people. What are your recommendations to the government? The first recommendation as stated earlier is to make it a priority by establishing favourable gas policies for investors and the government, which should serve as a front burner for every government national project.

“

”

Also, because gas production is mainly in one region of the country (Niger-delta) how do you get the transmission and distribution to other regions of the country? Therefore, the government needs to open the distribution part of the sector to allow for investments in this area. Government also needs to look for additional gas ﬁelds in other regions around the Benue trough and other throughs to allow for development of gas facilities in those areas. 8) The rapid spread of the coronavirus pandemic in the northern parts of the country could trigger scarcity of food in Nigeria, what proactive measures can the government take to mitigate the severity of a looming food crisis?

7) Nigeria struggles to meet its electricity needs despite having the reputation as owner of the ninthlargest proven gas reserves in the world. How can Nigeria solve its power challenges using gas?

The ﬁrst and most important is to ensure they try as much possible to contain the spread of the disease. The second is to ensure they give support to the health care sector and those in the frontline by providing the necessary resources to ﬁght the pandemic

The major challenge in power today is transmission and distribution. Now we have an installed capacity of over 12,000 megawatts. That notwithstanding we have gas power plants but are idle because they don’t get supply of gas to feed these plants largely due to the lack of infrastructure such as pipelines that will connect to the gas plants.

The third is to support the producers (farmers) to increase their production through technical and ﬁnancial support. This is also the time for the government to invest in other value chains of food production such as storage systems to minimize wastage and eﬀective transportation or distribution channels.

Businessday.ng

@Businessdayng

WEEKENDER

Saturday, 08 August 2020

Feature Interview

9) The International Air Transport Association (IATA) released an updated analysis showing that the COVID-19 crisis will see airline passenger revenues drop by $314 billion in 2020, a 55 percent decline compared to 2019. What can the government do to save the aviation sector from total collapse? This pandemic is a global crisis, and if it persists, the aviation sector will remain aground. The only thing that can be done is to wait and see the end of the pandemic and how they will pick up from there. To this end, the government should consider waiving taxes, removing some charges on them and because most airlines are ﬁnancially exposed and highly geared. Also, the government should look at how they can help restructure their debt services because it a big sector which is critical to the economy not just because it connects people and businesses but it employs thousands of people who are at risk of losing their jobs should the industry collapse. 10)What are some of the biggest challenges you have faced in the last 10 years as a businessman? You know we live in a very tough and challenging business environment, that will test your ability to endure these challenges and honestly, I was ready for anything challenge that would come my way because it is hard establishing a business especially in the oil and gas sector but even much harder is sustaining the business. So for me, the biggest challenge was convincing business partners and my employees to share in my vision and believe in it. Most people think we are being too ambitious and never believed that we would achieve what we have today, but I knew that if I kept trying and knocking, one the day the doors will open. You see you get turned down or fail a million times in this business, but the one million and one times might be the turning point. 11) Where should we be expecting from you in the next 10 years? Continuous expansion of our business interest to become a reputable well-known group of companies that add meaningful value to the country and its people. I have just launched my charity foundation which we hope to use as a medium to help people not just to become better but to reveal to them their true potential. This I hope to achieve in the next 10 years because it is only in this way, we can prove our sincerity to God our creator.

Most people think we are being too ambitious and never believed that we would achieve what we have today, but I knew that if I kept trying and knocking, one the day the doors will open.

“ ” Businessday.ng

@Businessdayng

Saturday, 08 August 2020

Relationship

WEEKENDER

Adulthood is a Scam No one told us ! Jessica Fortune AUG 2020

rowing up, all I wanted to be was an adult. Somehow I came to the conclusion that once I became an adult, all my troubles would be over and I could live life on my own terms. Now I am an adult, and all I want to do is scream, adulthood is a scam! Worse, I feel like those who came before us had a role to play in this deceit. I mean, what happened to looking after your junior ones? What happened to telling us the truth and saving us from this brutal reality? I say us, because from discussions with my peers, I am not the only one who feels this way. But as usual, they always say, “nobody told us too”, right? We know that tune too well already. Whereas, I have decided to be the bigger person and save lives. I refuse to be part of the deceit and in my good conscience, I will reveal all there is to know about life as an adult, starting from the beginning, “adulthood is a scam”. According to the dictionary, you are described as an adult from age 18, for most countries, it is also when a child becomes legal. It is usually an exciting time for everyone to be sincere, you are opportune to have a party celebrating this new stage of life, parents are happy to say, “You are now a man or woman”, aunties and uncles tapping your back to say, “Well-done”, friends are happy for you and you are elated to have “freedom”. Freedom is in quote because nobody is ever really free, and that my friend, is the ﬁrst scam. The truth is, your parents are happy to release you into the world knowing that you will most likely ﬁnd a new master who would drill you, making you too tired to bother them. The aunties and uncles, unfortunately, are in on the deceit too, calculating how much they get to save from not having to tip you regularly. For the friends, they don’t know any better and like you, are being deceived too, let’s spare them.

You are now a man or woman”, aunties and uncles tapping your back to say, “Well-done

Now you know the truth, that is one huddle down and many more to go ranging from money, to career, friendships, marriages, etc., so save your energy, we have only just began.

Ok, I am sorry if I have frightened you, it was never my intention. I am not some old person with grey hair all over; I am another young adult like you. I have been an adult for a few years and it has been a rollercoaster, some days are really good and other days so bad I wish I could go back in time. So if you are reading this before you reach adulthood, congratulations, please enjoy your freedom, because that’s the real deal. If you just reached this stage, welcome, I will do my best to share every detail with you so you are well equipped and can avoid some pit holes. If like me, you have been on this journey for a while now, great to meet you! It gives me pleasure that I am not alone and I have those who can relate. Whatever stage you are at, be of good fate and pass this on to the next person who needs it, tell them it is a letter from adulthood. Till next time, bye!

Jessica Fortune is a writer and the host of Twenty Somethings Rant, an independent podcast that caters to the lifestyle of young adults in their Twenties. She is on a mission to create a safe space where young adult feel seen, heard and understood. Jessica is also a lifestyle blogger, communication specialist and Podcast producer. Instagram & Twitter : @jessicafortunes | Facebook : @Oguh Fortune

Businessday.ng

@Businessdayng

“ ”

WEEKENDER

Saturday, 08 August 2020

Family

Facing the New Normal in Air Travel Nadia Marth AUG 2020

f one thing is thriving during this pandemic, it’s the earth. We have been forced to take a step back and re-evaluate how we contribute to our communities, economy and the natural environment. While travel across most of western Europe will soon start to emerge, the rest of the world has a long way to go. It’s important to understand that while travelling will always be a part of who we are, how and where we travel will certainly be different. What will the “new normal” look like? Let’s unpack what travel may look like once the pandemic of COVID-19 subsides and flights are able to resume. How might travel be safer? More stringent health and safety measures at airports. Short-term, this could result in longer queues at check-in counters and border gates, especially for international flights. The general consensus is to create a touchless experience, with the likely inclusion of biometrics and automated e-gates. All travellers and staff will be required to wear face masks. You might just swap out the snacks for hand sanitizer as PPE vending machines become the new normal. Airports are definitely stepping up their role in social distancing and sanitization with Abu Dhabi Airport currently trialling voice-activated kiosks to monitor passenger temperatures and respiratory rates; while Hong Kong Airport is doing lots of AI testing around sanitization methods. If you land in the UK, you might just be greeted by a friendly hound, trained to sniff out any respiratory diseases. Outside of the airport, we could see an extension of times in drop-off and pick-up zones.

Limited physical contact on flights. Airlines are ideating ways to make for a safer flying experience for their customers. For example, Easyjet is proposing to leave middle seats free, while Italian airline seat manufacturer, Aviointeriors, share their latest cabin designs with built-in shields. Some airlines are taking heavier precautions than others, with the likes of Qatar Airways kitting out their cabin crew in full-body PPE suits, including safety goggles, gloves and masks. Hot food services could be a thing of the past, being replaced by pre-packaged cold meals. With ramped-up efforts on self-service procedures, inflight entertainment could pivot into a full mobile Smartphone experience or AI integration of touchless tracking-based interface. The jury’s still out on this one. Enhanced mobile integration. If you think your phone is working overtime now, things are about to get a whole lot more digital. In a way to limit human contact, airlines are most likely to send flight updates straight to your phone, including when to arrive at security and boarding gates. Take note that flight schedules could be unpredictable as borders slowly start opening up, so be on the lookout for last-minute cancellations. Don’t skip travel insurance. Travel insurance is likely to become the new normal when booking future travel. With the outbreak of COVID-19, many airlines and hotel groups modified their policies to accompany the cancellation and rebooking of travellers affected by the outbreak. While many travellers see travel insurance as an unnecessary add-on, we believe customers will start to realise its value, regardless of whether you’re travelling locally or overseas.

Businessday.ng

@Businessdayng

WEEKENDER

Saturday, 08 August 2020

Family

Travel tips to keep in mind: Stick to the reliable, well-known brands: Some deals are too good to be true, so stick to the trusted companies you know when booking your trips. What to pack: Essentials like hand sanitizers and/or wipes and face masks will become the norm to pack in your carryon bags or handbag when travelling. Step up your hygiene regime: Wear a mask, regularly wash your hands, avoid touching your eyes, nose and mouth and keep a social distance in queues. Educate yourself: Stay up to date with the ongoing regulations and travel requirements. Some positive effects of lockdown While COVID-19 is an unforeseen wreaking ball, there have been a few positives to come out of the global lockdowns. China’s air pollution was at an all-time low, and cities like New York, London, Paris, Rome and Los Angeles saw declines of 28-53% in traﬃc congestion. What travel trends can we expect? Sustainable tourism is the silver lining. Sustainable travel is now at the forefront of local tourism. Supporting local businesses and minimising our environmental impact is crucial to our survival. This pandemic has certainly given rise to a more conscious way of living and travelling.

Italy. Italy is renown as one of the most beautiful countries in the world, but it’s no secret that it was one of the worst-hit by the COVID-19 pandemic. During the country’s lockdown, Venice came to a halt and the canals started to clear up, showing thriving life underwater, something long forgotten since overtourism left the canals crowded and murky.

Maintaining health and safety is now a priority. Traveller’s minds will be engraved with precautions to travel safe. Hand sanitizers, face masks and protective gear will be the new normal long into the future. Whether you like it or not, this regimen will become second nature, from the moment you step into an airport or train station. And be sure to keep a bottle of sanitizer or wet wipes on you at all times.

The UK. In a time where climate change was at the forefront of 2020 discussions, the UK saw the biggest drop in carbon emissions. In a city like London decorated with concrete towers and architectural beauty, it’s almost impossible to imagine wildlife roaming the streets. Yet, just last month deer were documented taking over the abandoned streets of Harold Hill.

Future trips will be longer and more meaningful. As soon as travel bans are lifted, family reunions will be top of the list. You’re bound to appreciate your holiday just a little more. Allinclusive holiday packages will, no doubt, be a big hit as people search for more bang for their buck. Don’t expect rock-bottom prices just yet. The global drop of more than 4,6 billion passengers this year alone has resulted in huge ﬁnancial losses across airlines. While planes need to be at least 77% full just to break even (Hoeller, Insider), we can expect that fewer passengers due to social distancing will inevitably push up the price of plane tickets. Direct and digital will pave the way forward. From the moment you book your trip online to the second you land back home, we predict that digital systems will drive the majority of your trip. Digital paper trails, travel documents stored on a cloud and apps to make your travel a little easier will feature even more so in this new normal of future travel trends.

Top countries to travel to after COVID-19: Travel bans across many parts of the world are gradually being lifted from June onwards. Here are our top places to travel to, based on future travel trends. 1. UAE, Dubai. Did someone say shopping? Dubai’s tourism sector is preparing to open up to international visitors from July and its malls and restaurants are open for business under strict health and safety guidelines. Once you’ve had your retail fix, why not head out of the city for a more reflective and relaxing experience surrounded by peace and quiet? A popular option is renting out private villas that can accommodate larger families. Desert resorts in the Hajar Mountains and airstream trailers in Hatta are incredible spots to get away from it all. However you choose to visit Dubai, do it a little differently for a memorable experience. 2. Ireland. Ireland is one of the most beautiful countries in the world to escape back in time. We’re talking cobble streets straight out of an 1800s novel. Travel to a surreal world where the history enthusiasts can visit a place that has a wealth of castles, museums and bohemian markets. Nature lovers have the opportunity to enjoy a slow hiking trip and appreciate the green blankets of neverending landscape in Connemara. This environment shows off its beauty from sunrise to sunset where a brown pollution belt has since disappeared.

Businessday.ng

@Businessdayng

WEEKENDER

Saturday, 08 August 2020

Family

3. Turkey. Turkey is expected to bounce back pretty quickly from the pandemic. The country is launching international ﬂights from mid-June with business and domestic travel already showing a rebound. Hotels and resorts are committed to implementing safety measures around their facilities like their pools, beaches and dining areas. While Istanbul is a tourist hotspot, consider escaping the crowds to beautiful places like Cappadocia, Bodrum and Antalya. Get those Insta-snaps ready! Countries across Europe are expected to open their borders in June for essential and limited travel. These countries include: Austria, Belgium, Cyprus, France, Finland, Germany, Greece, Iceland, Italy, Switzerland and Turkey. The new normal of air travel paints a diﬀerent picture of how we are currently used to travelling. As travel trends emerge and airlines devise innovative ways to create a safe space for their passengers, we look forward to the runway ahead.

Businessday.ng

@Businessdayng

Saturday, 08 August 2020

Lifestyle

WEEKENDER

Health and Wellness; What’s Love got to do with it? Jadesola Omobolaji Onaolapo AUG 2020

agos is buzzing with an intense amount of business energy, as a matter of fact, you could call it the business central of our great nation Nigeria. It boasts of different kinds of people with different mentalities and beliefs, especially when it comes to health and wellness. A lot of people I have encountered here, have this belief that makes them perceive slim people as fit and healthy people who must either have been lucky to be born with such great physiques or they spend ages in some gym somewhere, working out and refusing to eat “normal” food to make it happen. Both of those beliefs are limiting beliefs, excuses that we’ve been conditioned to believe as truths to justify our lack of understanding of what great health truly means.

The result is a group of people chasing after quick fixes where their health and general fitness is concerned, as opposed to taking the time and effort to figure out where their issue really is and the effective and safe way to resolve it while making it a continuous habit. Those who pay close attention to their health, taking out time to work on being conscious of what they eat and when, how they use their bodies and take care of it, day in day out, do it out of LOVE.

They love themselves enough to know that we only have this one body and once it packs up and stops working, that’s it! Enough to understand quick ﬁxes will only do more damage than good, enough to know that with dedication and the right approach and guidance, it’s a transformation worth investing in. Health and wellness shouldn’t be a daunting task for anyone, in fact it isn’t, once we stop paying attention to the fads and unrealistic standards set by society. Having a slim physique doesn’t necessarily mean that one is healthy, and it also doesn’t mean that one isn’t. A healthy body is one in which every single organ, big or small functions the way it should for the overall purpose of keeping the body together in a state ﬁt to carry out our daily tasks, no matter what those are. In a city where it seems we pay a huge amount of attention to the way we dress, the way we speak, how many people follow us on social media and what they think about us, why is it that we seem to ignore the one big thing that helps us carry out these daunting tasks? Our health. Best regards, RunningPal™ Team

Jadesola Omobolaji Onaolapo is a successful businesswoman, in varying fields such as coaching and training, fashion, leather crafts and even carpentry, professionally trained as an engineer with multiple degrees. She is a process development consultant, and an expert at systems design, having previously worked in the oil and gas sector for more than 12 years before deciding to launch her own business as well as an entrepreneurial project management consultancy. She is a masterclass coach and mentor, certified as an epic outcomes matrix result coach and performance consultant for entrepreneurs, especially micro businesses. She currently runs multiple businesses, one of which is as the creative director and owner of the international Fashion Label: NIIFFE. She also co-owns a UK registered charity organisation called HeedAfrica where they provide free medical checks, consultation and treatment to those who don’t have easy and ready access to it in Nigeria. Instagram: @yourrunningpal

Businessday.ng

@Businessdayng

WEEKENDER

Media

Saturday, 08 August 2020

How Much do You Love Yourself ? Faruq Suaad AUG 2020

few days ago, my mum’s friend asked to speak with me over the phone, my surprise couldn’t last too long as I had to take the phone to speak with her. As was expected, she asked how my “boyfriends” were doing, as was the pattern of most conversations now. I laughed in answer as I had no words and she went along to pray for me about finding a man and how she’d like to meet “him” soon. My timid uncle said hello to me as I got back from a long day at work and then asked, hope “the men” are not giving you any trouble?” Again, I laughed in answer, as still, I had no words. My friend’s dad said to me, “When next you are coming around, bring “him” along. I’d like to meet him” This time I did have the words, I asked “who sir?” Then we both burst out laughing. These unwanted comments and questions have literally no effect on me, the moment I laugh it off, that’s it. Almost as if they never happened. How am I not affected by them, how am I not yet desperate, how am I not questioning myself like they all are? I wonder sometimes, and every one of those times, I say to myself, “You do want to find someone to spend your life with, you absolutely want someone to show off to the world, and you most definitely want to have an answer when next someone asks “how is he”. But will you find him at the risk of losing yourself? No. Will you endure misery just so you can have an answer the next time? No. Will you settle for less than you absolutely know you deserve? No. Many women are pressured into settling for someone who treats them like they are doing them a favour by being with them as their “time” is running out. Many women stay in miserable relationships just because they’ve endured such relationship for too long and are now scared they won’t find someone else in time to get married. Many women have no idea there are other ways they can be truly loved as they have not been patient enough to find that person who will do justice to their soul. But the next question is, how do you find this, when you don’t even know it is missing?

How do you know it’s missing when you haven’t experienced it before? How will you experience it if you haven’t felt it for your own self? Finding someone to be with should never be about filling a void. That was never the point. You, as a person should be whole, complete and full, and then meet someone who will compliment your wholeness. This way, you can tell when someone is taking from you and not adding to you. This way, you can truly know what you deserve and leave when it’s not being offered. This way, you can know you love yourself enough to b e e n o u g h a n d y o u r pa r t n e r w i l l o n ly b e a n accompaniment. You can laugh away the pressure because nothing will make you settle for less than you are certain you deserve. You can tell them it’s okay, your person is out there and it’s only taking some time to find him. Remember, your mum’s friend, your timid uncle and your friend’s dad have no stake in your life, they will celebrate your wedding and bid their farewell. If you do choose to please them by settling for the next “hello” you get, they will be long gone in the darkest hours of the night when you are even lonelier than you were before you settled. They will be long gone when it dawns on you; you’ve got the rest of your life to be with someone you are not sure why you chose. They will be long gone by the time the silence becomes deafening and the emptiness starts to echo. So, do you love yourself enough to laugh away the curiosity and block away the pressure? Do you love yourself enough to wait for the one they wouldn’t have to ask before you announce to the world he’s here? Do you love yourself enough to take your time, live your life, fill yourself and have him meet you at the best place you could possibly be; Mentally, Spiritually, Financially and every way possible. How Much Do You Love Yourself?

Faruq Suaad is a young lady from Nigeria. She obtained her Bachelors degree in International Relations and Diplomacy from Afe Babalola University, Ado Ekiti. She is a youth partner for Well-being for women foundation. She has an inspirational and lifestyle blog which has many readers across the globe and inspires everyone that comes across it. Also, Faruq Suaad volunteers with the MOB foundation; a Nongovernmental organization that advocates for the girl child and human rights in general. She works as a sales executive at Travel Port Nigeria while running her personal business; a clothing brand named Susultana. She is passionate about the girl child, women rights, loving yourself and humanity as a whole.

Businessday.ng

@Businessdayng

Saturday, 08 August 2020

Businessday.ng

WEEKENDER

@Businessdayng