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Frequent Health Travels Raise Questions Over Buhari Fitness for Office

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Frequent Health Travels Raise Questions Over Buhari Fitness for Office businessday market monitor Commodities NSE Bitcoin E verdon Bureau De Change FMDQ Close Brent Oil Biggest Gainer Biggest Loser BUY SELL FOREIGN EXCHANGE TREASURY BILLS FGN BONDS FO 3,398,037.71 -0.33pc $74.45 Mobil $-N N188 4.21pc N40.85 -5.00pc 360.00 363.00 Market Spot $/N 3M 6M 5 Years 10 Years 20 Years Cocoa Powered by £-N 493 .00 503.00 -0.10% 0.16% 0.00% 41,155.80 I&E FX Window 360.64 0.81 -0.59 US $2,773.00 €-N 425.00 435.00 CBN Official Rate 305.75 11.52 12.60 13.15% 13.30% 13.02% NEWS YOU CAN TRUST I **WEDNESDAY 09 MAY 2018 I VOL. 15, NO 50 I N300 @ g Oil volatility FG codeine ban, seen as Trump Emzor Pharma withdraws US from closure a knee jerk Iran nuclear deal response – experts DIPO OLADEHINDE, with agency reports … Open season for smuggling and black-market operations ANTHONIA OBOKOH he recent ban on codeine- containing cough syrup Tby the Federal Govern- ment, shutting down Emzor Pharmaceuticals Ind. Ltd., Peace Standard Pharmaceutical Lim- n what marked the most ited and Bioraj Pharmaceutical significant foreign policy Limited is a knee jerk response Imove of his presidency, US to the drug abuse problem ex- President Donald Trump has perts have said. announced the pulling out of the The ban is echoing in the pub- Iran nuclear deal saying he will lic space over the drastic mea- reinstate economic sanctions on sure. Experts want a more logical the Islamic Republic. and comprehensive policy to “If I allowed this deal to stand, Continues on page 38 Continues on page 38 Retraction esterday, we carried a lead story titled ‘Solvency ratio Frequent health travels raise questions Yof 5 insurers below regu- latory threshold. The solvency ratio is a measure of the risk an insurer faces of claims that it Continues on page 38 over Buhari fitness for office Noah’s Ark emerges Political risk, economic uncertainty heighten Africa’s Ad Agency of CHRIS AKOR & INIOBONG IWOK are now questioning his fitness really are. The cloud of uncer- 2015, President Buhari medical to remain in office, his decision tainty over the president’s health trips to the United Kingdom has the Year P. 4 resident Buhari’s to stand for re-election in 2019, puts a cost on both political and become routine. frequent trips to the and the wider implication for business decisions. We are all in On June 6, 2016, Buhari took United Kingdom for effective governance in a chal- dark and that comes at a signifi- ten days leave to go treat an ear Ambode calls for medical treatment is lenging economy. cant cost to the economy,” said infection in London, the United restructuring to rescue raising the country’s “No one is sure of what illness a banker who did not want his Kingdom. In January 2017, he Ppolitical risk and economic the president is suffering from. name mentioned. Nigeria P. 3 9 uncertainty as economic agents No one is sure how bad things Since coming to power in Continues on page 4 2 BUSINESS DAY Wednesday 09 May 2018 Wednesday 09 May 2018 BUSINESS DAY 3 4 BUSINESS DAY C002D5556 Wednesday 09 May 2018 NEWS Noah’s Ark emerges Africa’s Azura will only add to Nigeria’s Ad Agency of the Year DANIEL OBI mitment of the Agency’s team to stranded power challenge – Fashola the 5C’s core values of the Agency igerian creative agencies -Curiosity, Courage, Candour, Ca- are stepping up their maraderie and Compassion. OLUSOLA BELLO We need more capital invested is an already existing template on the distribution and trans- that they could work with. game in the global adver- “Indeed, this is a very big ac- mission side of the business, Fashola said the government tising market dominated colade for us as an Agency espe- he expected addition Nby Western countries as foremost cially winning against some of so that we can make the whole is doing everything possible to of 459MW of electric- creative advertising agency, Noah’s the biggest Agencies out of Africa ity to the national grid business venture worth the remove transmission bottle- while. If people are producing necks that the country is facing Ark Communications Limited, has including South Africa, Morocco from the Azura Power once again proved its mettle in and Kenya. This is also like an icing Project will only com- what people cannot sell, then the just as it is also working to see business will struggle.” the problems of distribution is the industry by emerging Africa’s on the cake coming after a back to Tplicate the country’s current Agency of the Year at the 2018 back Grand Prix win at the LAIF Despite the success achieved resolved. challenge with stranded power, African Cristal Awards held in Mar- Award,” he said. according to Nigeria’s Minister in delivering the 459MW Azura But industry experts have power project ahead of sched- suggested that what the coun- rakesh, Morocco. Also speaking on the feat of Power Works and Housing Noah’s Ark edged other Adver- achieved by the Agency, the Execu- Babatunde Fashola. ule, the prospect of replicating try needs is sweeping market the model to expand Nigeria’s reforms in the power sector to tising power houses across Africa tive Creative Director, Noah’s Ark Stranded power is generated to win the most coveted accolade Communications Limited, Abolaji power that cannot be distributed. power generation capacity sig- give the electricity industry a nificantly is slim. much-needed face lift. Agency of The Year ranking. Alausa noted that Noah’s Ark is the “Azura would start commer- To lead the ranking as the Agen- first black African Agency to be cial operations sometime in Fashola said that the country They said efforts should be would have to wait a while in or- made to fix the fundamentals cy of the Year at the 2018 edition of named Agency of the year in the June, that is 459MW that would the prestigious award, Noah’s Ark history of the African Cristal Festival. be added to the 2000MW of the der to experience another large of the electricity market so that power project like Azura. This is every megawatt that is generated won a total of 10 medals including Alausa said “To be declared already stranded power in the the Festival Grand Prix (The Grand African Cristal Festival Agency system. In addition to this, Afam because of the challenges that has value by fixing a market- the country is facing in expand- determined tariff, enough to pay Cristal) for ‘Prayer Warrior’ TVC Ad of the Year is no small feat con- is coming with 240MW,” Fashola for Airtel, another Grand Prix in the sidering the fact that at that level told the media while on a visit to ing its transmission and distribu- for power and gas. tion capacity, which is needed to They note that without the African Culture category, 3 Gold, 2 you compete against the best of Ikorodu yesterday to commis- Silver and 3 bronze medals. Agencies across the continent, the sion a transmission substation. evacuate generated power. needed market reforms, Africa’s The early completion of Azura largest economy will continue to Other campaigns that won achievement is not for Noah’s Ark He disclosed that despite the laurels for the agency include; alone, it is indeed for the Nigerian fact the country currently has a had raised hopes that the model build idle power plants. could be replicated to expand Edu Okeke, deputy managing Ruth, a short film, Monitoring Advertising industry” capacity to transmit 7000MW, spirit (Whatchu doing??) for Airtel, The African Cristal Festival is the distribution companies can the country power’s genera- director of Azura Power, who tion capacity which is stuck at spoke to BusinessDay for an Pure Love Challenge for Hypo, an award designed to reward the only absorb 5,000MW leaving a Peak Unstoppables for Friesland best advertising campaigns created balance of 2000MW of electricity 12,000MW nameplate capac- earlier story had noted that one ity even though just about one of the ways Nigeria can build Campina WAMCO, Whatever and broadcasted over the African that is lost. Works Out-Fitness Challenge for continent on any media. “Unfortunately you can’t fourth of that gets to homes more viable projects like Azura, and businesses. Self-generated is that it should be private sector- Three Crowns Milk. The objective of the festival is store power, what is generated Speaking on the award, the Man- to promote the African advertising is lost down the line,” he said. power remains the biggest cost driven. item on the books of many busi- If government insists on driv- aging Director/Chief Creative Of- creativity and showcase a variety What the country needs, he ficer, Noah’s Ark Communications of international and regional work said, is more capacity in the im- nesses in the country, and acts as ing the electricity market, it must one of the biggest hindrances to fully take the responsibility of Limited, Lanre Adisa described the from the industry through the mediate term in the distribution feat as a very bold step forward for meeting of agencies and advertis- and transmission sides of the innovation. financing the projects, he said. Fashola stated that transmis- “What Azura project has done the Agency towards the actualiza- ers in a mixed jury. power value chain. tion of its dream to put Nigeria on The event afforded partici- “So in my view, where in- sion and distribution remain the is to create a template that both biggest inhibitor for investors in local and international lenders the global map of Advertising.
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