Banks shun meeting with NCC over Etisalat …accuse Etisalat Group of abandoning obligations …as information emerges of a similar exit in Tanzania LOLADE AKINMURELE munications Commission (NCC) According to one of the CEOs only interested in protecting the brought before it and in a man- igerian banks owed by accusing it of pursuing an agenda of the banks, “there was no point debtors at Etisalat.” ner that showed that they at the Etisalat have shunned a aimed to “shield a debtor from attending the meeting because The bank chief said it was unfair NCC have no interest whatsoever meeting with the regu- creditors” which are exposed to we did not want to play into their for the commission to enter into a Nlator, the Nigerian Com- the tune of $1.3 billion. hands. It is clear that the NCC is matter that has not been formally Continues on page 33 MARKETS AND COMMODITIES MONITOR FMDQ Close (Rate & Prices) COMMODITIES EXCHANGE RATE FMDQ Close (Rate & Prices) Oil US $45.57 NSE Close BDC TRAVELEX Foreign Exchange Treasury bills FGN Bonds) $-N366.00 367.00 Market Spot $/N 3M 6M 5Y 10Y 20Y GOLD $1,251.30 -549.45 £-N463.00 465.00 I&E FX Window 363.00 0.46 0.32 0.00 -0.09 -0.07 COCOA $ 1,817.00 32,928.44 €-N410.00 410.00 CBN SMISWindow 320.00 18.99 19.17 16.17 16.29 15.96 NEWS YOU CAN TRUST I **FRIDAY 23 JUNE 2017 I VOL. 14, NO 380 I N300 @ g Inside Outbound Investors target Nigeria’s summer bookings soar on stable fares $1bn medical tourism market P. 4 ISAAC ANYAOGU & ANTHONIA OBOKOHABUJA FG allays nvestors are targeting Ni- … $500 million new 500-bed hospitals underway fears of geria’s estimated $1 billion hospital projects to be located ance Plc are planning hospital Abraaj is billed to spend gridlock over medical tourism market in Lagos state. projects that “will reduce the up to $500 million in start-up as two major investors Dubai-based emerging mar- need to fly abroad for medical capital for a mid-tier hospital Apapa road ket investment fund, Abraaj treatment,” says Doyin Oduban- plan a US$500 million in- Continues on page 4 repairs Ivestment on two new 500-bed Group and AXA Mansard Insur- jo, a public health expert. P. 3 3 Finally, FG to kick-start asset sales as it reconstitutes council on privatisation P. 3 5 Can you lead effectively in Africa? Glory Enyinnaya L-R: Omobolanle Victor-Laniyan, head sustainability, Access Bank Plc; Herbert Wigwe, GMD/CEO, Access Bank Plc and Nicolas Terraz, MD/CEO, Total Exploration and Production Nigeria Limited, during the inaugural board meeting of the Nigerian Business Coalition Against P. 10 AIDS held at the Access Bank Plc in Lagos, yesterday. 2 Friday 23 June 2017 Friday 23 June 2017 3 4 BUSINESS DAY C002D5556 Friday 23 June 2017 NEWS Outbound summer bookings soar on stable fares OBINNA EMELIKE to Durban in South Africa, but the difficulty in getting visa and the ith sustained …threaten gains on domestic front relatively higher airfare made me change my mind because Kenya stability in dol- 80 percent of the bookings so are even cheaper than flying to economy, unlike this time last lar/naira foreign is cheaper and offers even more far, are to destinations that are Gambia and Senegal because of year, when the economy was deep enthralling wildlife experience exchange rates , offering visa on arrival, particu- the difficulty in connecting West into recession. many outbound than South Africa”, Bello said. larly Dubai and Seychelles. Also Africa by air. “This year is better than last Like Bello, Awhana explained tourW operators and travel agents attributing the development to Efetobo Awhana, managing year, the dollar is more stable, that Nigerian visitors are often are beginning to witness impres- cheaper fares, Aniga noted that director, Avantgarde Tours, who rates are much lower, airlines are sive bookings from their Nigerian drawn to destinations such as this time last year, a return ticket has also recorded an impres- fully back to business, as no one is Dubai, Kenya and even Rwanda, clients for the summer holiday to London cost between N700,000 sive increase in summer book- talking of leaving Nigeria, unlike abroad, than was the case this now, because of cost and the visa and N1 million. Today, it has gone ings, attributed the increasing this time last year, when a few left. on arrival policies of these desti- time last year. down to N400,000. The likes of outbound bookings for summer So, Nigerians are back to the air”, The improving performance nations. However, the news of the Dubai, South Africa, according holidays to stable dollar/naira Awhana said. increasing volume of outbound of the naira against the US dollar, to him, cost from N200,000 while rates, settlement of the feud the Mayegun Bello, a telecoms en- has also induced cheaper airfares, tours for summer from Nigeria, Kenya, Rwanda and Seychelles over debts owned airlines and gineer, preferred East African des- is not well-received by some in- competitive accommodation are far cheaper now, compared the subsequent stability in the tinations to South Africa because options and pocket-friendly tour bound tour operators. with the fares last summer. Some airfares across board, as well as of the cheaper flights and visa on Jemi Alade, CEO, Jemi Alade packages, especially for would- of these East African destinations the recent improvement in the arrival. “My wife wanted us to go be holiday makers who booked Tours, noted that domestic tour- ahead, in the fear of the possibil- ism has started picking up and Ni- ity of volatility in exchange rates gerians should in the spirit of buy- during summer. ing made-in-Nigeria goods and Comparing the volume of services, patronise these domestic bookings from clients this time destinations, to further sustain the last year, with this year’s record, gains it made at the peak of dollar major outbound travel and tour volatility last summer. operators note that they have Alade, who recently took 20 recovered over 40 percent of their Chinese tourists to Bida in Niger clients who couldn’t travel last State for Durbar festival, insisted summer, in the wake of the most that Nigeria has enough attrac- astounding dollar volatility in the tions to host her citizens and for- history of their businesses. eigners but that the fad for foreign “I lost over N7 million last destination has not allowed them summer, to cancellations result- to explore these destinations. ing from the inability of clients “About 80 percent of my busi- to buy dollars at N500 then. ness is inbound, and I earn foreign Even those who we thought were exchange doing so. What is miss- super-rich slowed it down and we ing is government inviting people were left at the mercy of partner to come and explore the country’s hotels and airlines that were bent tourism potential and not only on collecting cancellation fees”, business trips”, Alade said. said Magnus Aniga, a Lagos- Ikechi Uko, CEO, Akwaaba based travel agent. African Travel Market, noted As at June 20, 2017, Aniga’s that though outbound tours are Greenhill Tours has received full increasing, the development payment from 62 clients for tours would not impact domestic tour- in Dubai, London, Seychelles, ism, which according to him, has Trinidad and Tobago, among Isma’ila Muhammadu Zakari, president, Institute of Chartered Accountant of Nigeria (ICAN), (r), with Kabir taken off with speed. other destinations for the sum- Mohammed, past president/special guest of honour, at the 46th Association of Accounting Technicians West “I have 20 products that are be- mer holiday. He noted that over Africa (AATWA) induction ceremony for new members in Lagos, yesterday. Pic by Olawale Amoo ing marketed across the country this Sallah holiday and there are Continued from page 1 many young tour operators who Investors target Nigeria’s $1bn medical... are focusing only on domestic business, tapping into demand besides its own cash, Abraaj was for a 20 percent equity stake, from existing buildings, which tours. They are leaving outbound from the continent’s emerging looking to attract a similar sums to support the green-field de- will be demolished. to older tour operators and are middle class. from other investors, meaning velopment, construction and The project sponsor has also getting more Nigerians to travel Sev Vettivetpillai, a partner that the first four target cities operation of the hospital. Also, partnered with Healthshare within the country than ever at Abraaj, said the group was were likely to absorb at least $1 Africa Capital Alliance (ACA), a Health Solutions Ltd, a South before. Domestic tourism is truly well on the way to securing land billion between them in the next private equity fund is consider- African hospital operator with gaining traction”, Uko concluded. for a 350-bed multi-speciality five years, he said. ing investing in the project for a international hospital develop- Ayo Olumoko, CEO, Infogem, hospital in Lagos, Nigeria’s com- Similarly, AXA Mansard In- 40 percent stake. ment and management experi- the marketers of the annual Osun mercial capital, as well as buying surance Plc, is poised to secure The hospital will be built on ence to manage and operate the Osogbo festival and deputy vice several hospitals in Nairobi, Ken- funding for a 150 bed hospital a 20,000 square meter parcel of hospital. president, Federation of Tourism ya, to form a healthcare ‘cluster.’ and two clinics; one within the land purchased by AXA Mansard In addition to Healthshare’s Association of Nigeria (FTAN), “We’re looking to build from mainland and the other on Lagos in Ikate Elegushi, Lekki, along management role, Healthshare’s noted that hoteliers in Osogbo the ground up because the as- Island, serving as feeders, from the Lagos/Epe Expressway, La- parent company, EOH Holding and tour operators are working sets do not exist,” Vettivetpillai its partners, the International gos State.