FMDQ Clear joins forces with Frontclear to deliver clearing structure for OTC market

Iheanyi Nwachukwu to significantly improve access to repos, interest rate, currency derivatives MDQ Clear Limited and liquidity. with the support of a settlement FMDQ OTC Securities Exchange, nation of a long-standing working Frontclear are jointly fa- Agreement for this first in the guarantee fund. and Frontclear, is a Netherlands- relationship focused on improving cilitating a clearing struc- Nigerian market has been signed FMDQ Clear Limited (FMDQ based development finance com- how the Nigerian OTC financial ture to strengthen the and it will enhance Nigeria’s first Clear) is a wholly-owned clear- pany. market functions and follows-on Over-The-CounterF (OTC) market central clearing house structure, ing and settlement subsidiary of The collaboration is the culmi- Continues on page 34

news you can trust I ** FRIDAY 01 JUNE 2018 I vol. 15, no 67 I N300 @ g Stanbic Africa Holdings pays over N60bn for additional 1.1bn shares in Stanbic IBTC Holdings …lower free float may push stock higher Iheanyi Nwachukwu tanbic Africa Holdings Inside Limited, the majority shareholder in Nigeria list- ed Stanbic IBTC Holdings SPlc has increased its stake in the Tolu financial institution through an ‘Toolz’ “off-market” transaction valued in excess of N63billion. Oniru - By acquisition of an additional Demuren Continues on page 34 Buhari signs ‘Not Vice President Osinbajo (l) during a keynote interview with David Pilling of Financial Times, at the too young to We want to win the World Financial Times Nigerian Summit, with the theme ‘Dispelling Uncertainty and Building Resilience’ Cup for Nigeria - Mikel in Lagos. run’ bill P. 3 5 FG still looking at selling stakes in oil joint ventures, signing AFCTA Osinbajo trade deal garners support as Nigeria’s 180-day grace period nears

ODINAKA ANUDU & MICHEAL ANI its stake in its joint venture did not explain further on how since then, the process has not sell down its stakes in the Joint with oil companies. far the process has gone. moved forward as no financial Ventures, the Federal Govern- ice President Yemi “We have not given up on it, a In November 2017, Nigeria advisers have been announced ment was looking at replicating Osinbajo has said lot of consultations are ongoing” first muted the idea of funding or any update given on how the the successful NLNG model that the federal Osinbajo said in a response to a the 2018 budget from restructur- process will proceed. where the FG stake is fixed at government has question from BusinessDay at ing the nation’s shareholdings A top source in government just 49 percent. The govern- not given up on its the ongoing FT Summit in Eko in joint venture (JV) companies had disclosed to BusinessDay plansV of selling down part of Hotel Lagos. However, Osinbajo and sale of non-oil assets. But last year that in considering to Continues on page 4 2 BUSINESS DAY C002D5556 Friday 01 June 2018 NEWS Poverty reduction: Dangote tasks private sector on women empowerment … lifts 13,000 women in Nasarawa resident of Dangote income generation. ciaries in the state, so they can Group, Aliko Dan- “This we believe will help be issued with customised gote has urged pri- the beneficiaries meet their debit cards. vate sector operators livelihood needs,” he added. He said the essence was Pand Government at all lev- He explained that the to introduce banking to the els to adequately empower scheme, which was launched beneficiaries in their local women as a means of poverty a few years back, was targeted communities. reduction. at a minimum of 1,000 wom- According to him, the Dangote said once our en in each of the 774 Local beneficiaries’ accounts have women have been success- Government Areas (LGAs) of been credited with the grant fully enabled to support their the country. and that the bank’s agents homes and families, poverty “It is estimated that we have been adequately trained will gradually become a thing will spend about N10 billion and mobilised to provide the of the past in the country. on the scheme, some states beneficiaries with the basic Speaking while flag- with large population will get banking activities. ging-off the disbursement a little bit more than others,” “The foundation and the of N130million to 13,000 he said. Access bank team will be go- women in Lafia, Nasarawa Dangote said he started ing to each of the 13 LGAs in state under the Aliko Dan- the foundation in 1993 with the state to distribute the cards gote Foundation micro-grant the belief that by supporting to the selected beneficiaries scheme, Dangote promised social and economic changes in order to be able to redeem to do all within his power to through strategic investment their cash,” Dangote said. spread his wealth across the and interventions that im- Also speaking, Gov. Umaru country, towards reduction of prove the lives of the less priv- Al-Makura thanked Dongote poverty in the country. ileged he would make a posi- for the gesture describing it The Micro grant scheme, tive difference in the growth as strategic, considering the according to Dangote was of the country’s economy. hardship currently pervading one of the components of He said the four major the society. the economic empowerment goals of the foundation are “The efforts of the foun- programme of the foundation. -health and nutrition, edu- dation is in tandem with the He said the grant was cation, economic empower- Federal Government’s social aimed at providing the dis- ment and disaster relief. investment programme aimed advantaged and vulnerable in He said the foundation at providing succor to the the society with an uncondi- was partnering with Access aged, vulnerable groups and tional N10, 000 cash transfer bank to open bank accounts the poorest of the poor in the to boost their household for the all the 13,000 benefi- society,” he said. Friday 01 June 2018 BUSINESS DAY 3 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 NESTLE 2,726,227.23 -+0.97 pc $77.44 SEPLAT $-N N743.2 1.16pc N1472.5 -4.38pc 361.00 363.50 Market Spot $/N 3M 6M 5 Years 10 Years 20 Years Cocoa Powered by £-N 486.00 496.00 -0.18% 0.05% -0.00% 38,104.54 I&E FX Window 360.97 -0.20 0.00 US $2,528.00 €-N 416.50 426.50 CBN Official Rate 305.95 11.93 12.12 13.24% 13.31% 13.43%

4 BUSINESS DAY C002D5556 Friday 01 June 2018 FG still looking at selling stakes in oil Joint... Continued from page 1 cal zones in the country. ment earns billions yearly from The private sector, notably the NLNG in dividends despite Lagos Chamber of Commerce being a minority shareholder. and Industry (LCCI), has sur- This is compared to the losses prisingly backed the deal, stating declared yearly by the Nigerian that if smaller African countries National Petroleum Corporation are not afraid of it, Nigeria with (NNPC), which is owned 100 198 million people and humon- percent by the government. The gous $430 billion GDP has no federal government currently business shying away from ink- owns an average of 55 percent to ing the deal. 60 percent in the joint ventures “I don’t see anything to be with oil majors including; Mobil, afraid of,” Babatunde Paul Ru- Chevron, Total, Agip, Elf and wase, president of LCCI, said in Panocean. Lagos. In the initial plan put by the “If smaller countries are not government to sell down its afraid of it, we should have no stakes in the JVs, captured in the fear to be there,” Ruwase said, Economic Growth and Recovery adding that it was wrong for the Plan (EGRP) it had projected to federal government to have gone earn as much as N710 billion on this ‘beautiful project’ alone from restructuring of govern- at the outset only to return to the ment’s equity in the Joint Ven- private sector when it was time tures and N306 billion from sale to sign. Ruwase pointed out, how- L-R: Pat Utomi, founder, Centre for Values in Leadership (CVL)/chairman of the occasion; Uche Val Obi, of non-oil assets which together managing partner, Alliance Law Firm/author of a book titled ‘Class Action in Nigeria’, his wife Ella; Ejembi is projected to raise over N1 tril- ever, that the opposition from other private sector players were Eko, representing chief justice of Nigeria (CJN); Dotun Sulaiman, chairman, Financial Reporting Council of lion in 2018. The proceeds from Nigeria/lead speaker; Fabian Ajogwu, founding partner, Kenna Partners, and Oluwatoyin Sanni, MD/GCEO, the sales was supposed to help legitimate as the poor state of infrastructure made manufac- United Capital, at the maiden lecture series, luncheon and book presentation in Lagos, yesterday. the government fund the deficit Pic by Olawale Amoo in the 2018 budget. turers uncompetitive, stressing The government is yet to the need for the government to give any update on these plans make the business environment with many analysts fearing that more competitive for investors. planned sales may have been The AfCFTA is easily the largest trade agreement since OMO auction: CBN mops up abandoned now that oil prices are on the upward trend again. the World Trade Organisation Oil prices are forecast to stay (WTO) in 1994. It is targeted above US$70 per barrel this year. at creating a single market for This means that the govern- Africa’s 1.2 billion people and exposing each country to a $3.4 N800bn from banking system ment’s oil revenues, which in good times fund as much as 70 trillion opportunity. around same levels in the The CBN on Wednesday percent of the budget is looking The AfCFTA expects that the HOPE MOSES-ASHIKE & AGNES IBOROMA secondary market. injected a total of $210 mil- good and therefore the incentive deal will raise Africa’s nominal “If this persists, the CBN lion to boost liquidity in the to sell down its stakes in the oil GDP to $6.7 trillion by 2030 if all he Central Bank of may be force to make the foreign exchange market. majors will not be strong, ana- African countries sign up. Nigeria (CBN) on rates more attractive to The bank offered the sum of lysts say. The treaty will liberalise 90 Thursday mopped achieve its objective of man- $100 million to authorized But Osinbajo said at the FT percent of products produced up excess liquidity aging system liquidity as well dealers in the wholesale seg- Summit that the government in the continent. This means in the banking sys- that a country that is bound by as reduce pressure on the ment of the market, while is still committed to the sale Ttem to the tune of N800 billion interest in the Small and Me- foreign exchange market,” process and the privatisation the AfCFTA can only protect 10 via Open Market Operation he said in an emailed note dium Enterprise (SMEs) seg- exercise and that potential com- percent of its local industries. (OMO) with longer term in- to BusinessDay. ment received the sum of $55 panies that will be privatised are It is expected to establish a strument undersubscribed. The mop up follows in- million. Also the sum of $55 still being listed. single customs union across the OMO is a monetary policy flows from Wednesday ma- million was appointed to in- “We have already listed four continent and allow free move- instrument used by the CBN to turing FGN May 2018 bond visibles such as, tuition fees, airports to concession,” Osin- ment of goods and persons. Ni- control the volume of money (N300.0bn) as well as N176.3 medical payments and Basic bajo said. The vice president geria has 180 days to sign the deal in the banking and finance billion OMO and N99.2 bil- Travel Allowance (BTA). also explained why President or risk starting afresh to negotiate sector of the economy. lion T-Bills maturity, which As a way to confirm if the Muhammadu Buhari declined all over, a move analysts say could The breakdown of the OMO hit the system on Thursday. deposit money banks are ac- to sign the African Continental hurt the economy, robbing the auction shows that N650 bil- Last week, there was an tually following the directives Free Trade Agreement (AFCTA) country of free trade benefits and lion was offered for 231 days inflow from Federation Ac- given by the CBN on fgorex despite the fact that the country worsening smuggling. tenor at the spot rate of 12.15 count Allocation Commit- sales to customers, Business was in the forefront of drafting it. Data shows that African percent. The instrument tee (FAAC) allocation to the Day went out to visit some “We felt that sufficient con- countries have an average tariff which matures on January 17, States and local governments banks including, Zenith, Ac- sultation has not been done. The of 6.1 percent. Forty-four Af- 2019 was undersubscribed as estimated at about N250.0 cess, Keystone and Fidelity Manufacturers Association of rican countries met in Kigali in a total sale of N560 billion was billion. On Thursday last bank, to find out about the Nigeria (MAN) wanted to be get March to pen the deal, but South recorded. week, a total of N267.0 bil- sale of foreign currency to more details. The president felt Africa and a few other countries For the 112 days tenor lion worth of maturing OMO customers. it would be wrong to go ahead chose to temporarily opt out of which matures on September instruments hit the system. The investigation shows to sign without first considering it pending when local consulta- 20, 2018, the CBN offered a This resulted in the de- that banks that have dollars their views.” tions were ended. total of N150 billion in trea- cline of Open Buy-back to sell are requesting for in- He said that Nigeria will still “Even though we have con- sury bills at the spot rate of (OBB) and Overnight (OVN) ternational passport, VISA for sign the AFCTA but will first cerns as a nation, if we choose 11.05 percent. The offer was rates by 8.9ppts and 10ppts BTA and directing customers look at how it would affect the not to go ahead, Africa will move oversubscribed with a total to 7.8 percent and 8.4 per- to open account in order to private sector. “We are currently on,” said Bamidele Ayemibo, sale of N 348.70 billion. cent respectively. access forex for school fees. looking at the nitty and gritty of lead consultant at 3T Impex Ayodeji Ebo, managing At the foreign exchange However, some of the banks the framework that was signed.” Trade Academy and chairman director, Afrinvest Securities market, naira further ap- did not have dollars for sale. Nigeria has 180 days to decide of LCCI Export Group. limited, explained that the preciated by N1.00k to N363 The CBN had recently or- whether it will be part of the “We should be the major bene- reason for the undersub- per dollar from N364/$ trad- dered banks not to deny genu- imminent African Continental ficiary. Most of the issues like rules scription at the OMO auc- ed the previous day at the ine travellers Personal Travel Free Trade Area (AfCFTA) or of origin have been taken care of, tion on Thursday was on the black market. Naira last week Allowance (PTA) and Business not, as Chiedu Osakwe-led team and we still have 10 percent to back of the attractive yields weakened to N367/$ from Travel Allowance (BTA) as concludes its sensitisation pro- negotiate,” Ayemibo added. in the T-Bills secondary mar- N362/$. there are enough dollar sup- gramme across the six geopoliti- Continues on wwwbusinessday online ket. Similar maturities trade plies to meet the demand. Friday 01 June 2018 BUSINESS DAY 5 6 BUSINESS DAY C002D5556 Friday 01 June 2018 NEWS ICAN commits to developing professionals to meet dynamic market realities KELECHI EWUZIE not just arrive at this point of a new syllabus for our professional he Institute of Chartered examinations. The governing Accountants of Nigeria council set up a syllabus review T(ICAN) says it is committed technical Committee with mem- to investing in the development bership drawn from its student of accounting professionals that affairs and professional examina- can function in the ever- chang- tions committees”. ing market realities of today. Innocent Okposa, chairman, ICAN says investment of re- ICAN professional examination sources in the review of its syl- committee, said accountants labus is a move geared towards operate in what we consider to be safeguarding the integrity of the a dynamic environment where profession, updating course situation affecting businesses contents and ensuring that the change from time to time and institute’s certificates remain there is a need for ICAN to keep globally competitive. pace with such development. Isma’ila Zakari, president Okposa reiterated that the of ICAN, said the contents of essence of the review is to make the new syllabus have been re- sure that the professional train- structured and re-arranged to ing in which the accountants adequately capture and present undergo keeps pace with the contemporary issues in the pro- development in the environment Babatunde Fashola, minister of power, works & housing, (4th r); Kemi Adeosun, minister of finance, (4th l); Patience Oniha, director- fession in a more easy-to-under- in which it operates. general, Debt Management Office, (2nd l); Louis Edozien, permanent secretary, power, (2nd r); Zhang Xuguang, executive vice president, stand manner. Also, the review He said what ICAN has done China Development Bank, (m), and others in a group photograph shortly after a meeting on key infrastructure projects in Nigeria with has so far reduced the number with the syllabus is to bench China Development Bank officials in China recently. of subjects in the syllabus to 15 mark it with eight international from 16. accountancy professional bod- Zakari, while speaking at the ies, looked at what their syllabus Contributors lost on process as pension unveiling of the new 2019 profes- looks like and try to adapt to our Nigeria’s GDP per capita to decline sional examinations syllabus in own local environment. multi-fund investment structure begins July 1 Lagos, said the review takes place “We did this knowing that the further till 2023—IMF MODESTUS ANAESORONYE match the four funds. every five years, thus, the action chartered accountants that oper- “Fund I is targeted at people of is overtly profound, since the ates in Nigeria, operates in a wide BUNMI BAILEY GDP growth rate of 1.42 percent head of the planned take-off 49 years and below who want higher extant syllabus of the Institute’s sector that cover both public and for the eight years 2016 to 2023. of the Multi-Fund Invest- returns and are willing to take higher Professional Examinations was private sectors, so it is designed in igeria’s per capita income Recall that Nigeria’s population is Ament Structure in the na- risks. Membership into this fund is unveiled in 2014. such a way as to equip the profes- Nis set for further decline till growing at 2.6 percent per annum tion’s pension industry on July 1, strictly based on request. Fund 2 is He said the reviewed syllabus sional accountants with those 2023, according to a forecast while the economy is expected to 2018, contributors are still lost on the aimed at people who are aged 49 would take effect from November necessary skills that will enable made by the International Mon- grow at an average of 1.42 percent sign-off process with Pension Fund years and below and still working 2019. them operate across those sec- etary Fund (IMF). per annum. Administrators (PFAs). but are satisfied with moderate According to him, “We did tors”, he said. According to IMF, Nigeria’s “With a population growth “The process of communicat- returns and levels of risks. Fund 3 population is projected to hit rate higher than the economic ing with my PFA on which fund I targets people 50 years and above 400 million people by 2050 from growth rate, the per capita GDP want to move my money to is still but still working and have very low its current figure of 198 million which is a function of the size of Ekiti APC stakeholders, Fayemi not very clear yet”, says a contributor. risk appetite. While Fund 4 are retir- people, making it the third most the GDP and the population size ees who have the lowest risk profile populous nation on earth behind will certainly deteriorate. In effect, “I don’t know whether I will pick Egbeyemi as running mate only India and China. The rising if nothing is done to accelerate need to visit my PFA or make a tele- of all categories.” on behalf of the JKF Campaign phone call to request for movement He further stated that the most JAMES KWEN, Abuja population growth could, if not the country’s economic growth Organisation, said the Ekiti APC checked, plunge the country into, rate, the incidence of poverty in of the fund in my Retirement Sav- outstanding feature of this scheme, ings Account (RSA) to a particular apart from diversification of pension he All Progressive Congress deputy governorship candidate at least, eight years of declining Nigeria will worsen between 2016 was a founding member and lead- income per capita. and 2023,” Chukwu said. investment level”, he added. fund portfolio, is the resolution of (APC) stakeholders in Ekiti This is a painful squeeze for According to BusinessDay Multi-Fund Structure is a new risk appetite based on the various state and Kayode Fayemi, er of the defunct Action Congress in T Ado-Ekiti Local Government and Africa’s largest economy as its per analysis of IMF per capita income investment guideline being intro- categories of funds. the party’s governorship candidate, currently a foremost leader of APC capita income has consistently data, Nigeria’s per capita income duced by the National Pension “For PFAs, the multi-fund struc- have nominated Adebisi Egbey- been on the decline for three rose from $2,365 in 2010 to $2,582 Commission to bring flexibility in ture provides considerable flexibility emi, former chairman of Ado-Ekiti in Ekiti State. According to the statement, consecutive years (2015-2017). in 2011 and further rose to $3,268 the investment and risk appetite of in terms of risks associated with the Local Government Council, as the “The statement by IMF that in 2014. Thereafter, it trended contributors and retirees based on four classifications. We shall speak deputy governorship candidate Egbeyemi, who is an indigene of Ado-Ekiti, was born on May 8, 1944 Nigeria’s GDP per capita will downward to $2,763 in 2015. By their age and preference. more on this during the course of for the July gubernatorial election. decline for eight straight years 2017, Nigeria’s income per capita Eric Fajemisin, Managing di- this forum.” Egbeyemi was Wednesday to the family of the late Egbeyemi starting from 2016 to 2023 is pred- fell by 10.7 per cent to $1,994 from Alade and late Madamppp Tinubu rector/CEO, Stanbic Ibtc Pension Glory Etaduovie, managing picked as APC deputy governor- icated on their forecast of very $2,207 recorded in 2016. Managers Limited, said “I believe director/CEO, IEI-Anchor Pen- Egbeyemi. He started his educa- low GDP growth rates in Nigeria’s IMF attributed this situation ship candidate after party leaders that PenCom and the operators sion Managers Ltd said PFAs met for long hours to consider tion at the Holy Trinity Anglican immediate to short-term future, to lack of economic diversifi- School, Ilawe-Ekiti and Baptist will come up with a sign-off process are expected to invest in such a who was best suited to pair with ranging from 2.1 percent in 2018, cation. Despite the country’s way that the actual exposure to School, Ado-Ekiti, after which 1.9 percent in 2019, 2.1 percent before the commencement date of the former Ekiti State governor and rapidly growing population, it variable income instruments in he attended Harding Memorial in 2020 and 2.0 percent from has not been able to diversify July 1, 2018.” immediate past Minister of Mines I want to also believe that there Fund I is higher than the expo- and Steel Development, Fayemi, to Modern School, Ado-Ekiti. 2021 to 2023,” Johnson Chukwu, the economy like it did in such Egbeyemi studied privately CEO, Cowry Asset Management years as 2010 when GDP growth will be a documentation process be- sure in Fund II. Likewise, the ex- fly the party’s flag in the governor- fore a PFA will honour contributor’s posure in Fund II shall be higher ship contest. while working as a Laboratory Limited said on phone. rate was 7.8 per cent, 4.9 per Assistant at Ekitiparapo College, “With the above projections cent in 2011, 4.3 per cent in request. There should be a formal than the exposure in Fund III. His choice also came after and taken together with actual 2012, 5.4 per cent in 2013, 6.3 process I believe, the CEO stated. Accordingly, the minimum speculations that certain eminent Ido-Ekiti, and while working as a Bursar at Notre Dame Grammar GDP figures for 2016 which was per cent in 2014 and 2.7 per Fajemisin elaborating further exposure to variable income indigenes of the state had already a negative of 1.58 percent and cent in 2015. said the Multi Fund Structure cat- instruments by Fund Type shall been picked to fly the ticket with School, Usi-Ekiti, Egbeyemi sat as a private student to pass both the the tepid recovery of 0.83 percent A huge number of people are egorizes pension fund investments be: Fund I: 20 percent; Fund II: Fayemi. recorded in 2017, you end up being trapped either in agricul- into four funds by aligning the age 10 percent; Fund III: 5 percent Wole Olujobi, in a statement GCE O’Level and Advanced Level examinations. with an average projected annual ture or low skilled service jobs. and risk profile of RSA holders to and Fund IV: 0 percent. Nigeria’s $10bn FDI target achievable despite election risks BUNMI BAILEY mestic and foreign invest- and infrastructures in the any part of the world”, Doyin confidence in a country. ment gets its act together. ments is seen to be positive country. So, yes, it is pos- Salami of the Faculty at the “Nigeria clearly lacks un- Government policies and due to the 119.6 per cent rise sible, especially in the area Lagos Business School, said. derstanding about articulat- reforms will attract foreign igeria’s posi- in capital importation from of ease of doing business People familiar with the ing a foreign exchange policy direct investments.” Dolapo tive outlook for $5.1 billion recorded in 2016 which is looking good”, Yemi matter say during general and as we head into an elec- Ashiru, a stockbroker, said. foreign invest- and $12.2 billion in 2017. Kale, Statistician General, elections, FDI has a wait and tion period, we will definitely Some of the policies that ments flows into During the world eco- National Bureau of Statistics see approach. “I expect it to experiencing reduction of have capacity to change the its economy nomic forum held in January, (NBS) said. slow down in the second, capital inflows”, Salami said. business environment and isN on course but there are Udoma Udo Udoma, the Bud- As 2019 elections approach, third, and the rest of the year. “People want to invest in improve the ease of doing risks as general elections get and National Planning investors might be cautious We will see a slight decline Nigeria. The country is very business in Africa’s most approach, which will make Minister, said that the govern- about pumping investments in foreign inflows because marketable and profitable. populous country include, investors cautious. ment is targeting to achieve into the country despite posi- people will want to see if If the pace of the current better regulatory oversight, Foreign investments dur- $10 billion in Foreign Direct tive outlook on crude oil prices there will be crisis or chaos” polices are sustained, infra- “sale of government para- ing the previous elections investments (FDI) and be and production. Kale said structures fully implemented statals like NNPC, deregulat- reduced by 53.5 per cent from among the top 100 in the ease “Nigeria has election in The trend observed during and making the environment ing downstream oil and gas $20.7 billion to $9.6 billion in of doing business by 2020 2019 which therefore reduces the 2015 general elections conductive for businesses, sector, unbundling govern- 2014 and 2015 respectively, “It is a forecast that is do- her attraction in the inter- might reoccur in the coming more inflows will come in”, ment stake in Gencos, sale according to the National Bu- able but conditioned on how national economic scene. It elections and when there is Kale said or concessioning of national reau of Statistics report (NBS). quickly we are able to com- is not because it happens in unstable political environ- “We can even do more theatre, stadiums, and oil The outlook on both do- plete the process of reforms Nigeria but that is how it is in ment it reduces investors’ than that, once the govern- pipelines” Ashiru added. Friday 01 June 2018 C002D5556 BUSINESS DAY 7 NEWS Grain mop-up: We raised funds from N200bn African countries dominate entries to solve Manufacturing PMI at 56.6 shows Commercial Agriculture Credit Scheme - CBN Armyworm invasion with technology sluggish expansion in May the special programme of grain KEHINDE AKINTOLA, Abuja mop up. plants including rice, sorghum, The transportation equipment; CALEB OJEWALE HOPE MOSES-ASHIKE fabricated metal products; “As to the status of the loan, millet, sugarcane, vegetable crops he Central Bank of Nigeria non-metallic mineral prod- the loan was given to the four and cotton. In sub-Saharan (CBN) on Thursday dis- igeria’s maize production Africa, over 200 million people ucts; and furniture and related banks in December 2016 and closed that it raised funds which, in the past, suffered depend on maize for food se- he Manufacturing sector products subsectors declined fully paid up between October fromT the N200 billion Commer- Nfrom army worm invasion curity as it is a staple cereal crop Purchasing Managers in the review month. and November 2017. cial Agriculture Credit Scheme that caused many farmers to lose grown by farmers. TIndex (PMI) stood at 56.5 At 58.8 points, the produc- “On source of funding, as index points in the month of to implement the 2016 grain their investments, is getting some The Fall Army Worm (FAW) tion level index for the manu- stated by us at our first appear- attention as developers of different May, indicating sluggish ex- mop-up scheme, with the view poses a serious threat to Africa’s facturing sector grew for the ance at this public hearing, we digital solutions put in entries in a pansion in the sector for the to avert looming food insecurity. food security and although there fifteenth consecutive month in are bankers to the government, contest that seeks to end the losses. fourteenth consecutive month. May 2018. The index indicated Dipo Fatokun, CBN’s director, are solutions, the steps to take we maintain government ac- Nesta, on behalf of Feed the The PMI declined by -0.4 a faster growth in the current Banking and Finance, who spoke are different in each region. So counts and we act on mandates Future, announced that 228 ap- far, the infestation, which started points over the level of 56.9 month, when compared to its at the on-going investigative received from government just plications were received, mostly in 2016, has resulted in some index points in the month of level in the preceding month. public hearing into the activities as commercial banks act on from Africa, for the global Fall containment measures being April, the Central Bank of Ni- The manufacturing sup- of National Emergency Manage- mandates received from their Armyworm Tech Prize. It aims undertaken, but none is long- geria (CBN) noted in the PMI plier delivery time index stood ment Agency (NEMA), explained released on Thursday. customers. to find digital solutions to iden- term or sustainable. at 57.5 points in May 2018, in- that the scheme was initiated by The Manufacturing and “The Ministry of Finance tify, track and protect crops from Innovation and technology is dicating faster supplier delivery Federal Government. the pest, which has devastated Non-Manufacturing PMI Re- and the office of the Accountant believed to be crucial to finding time for the twelfth consecutive According to him, being the agricultural produce across the port on businesses is based on General of the Federation (AGF) solutions that can help mitigate month. monitor of country’s economic continent. survey responses, indicating The Manufacturing sector will be in a better position to the risk of decreasing food secu- system, the apex bank took It was noted in a statement rity in Africa. The value of small the changes in the level of inventories index grew for the throw light on that,” he told the steps to prevent an imminent that over 80 percent of the entries innovations means that farmers business activities in the cur- fourteenth consecutive month Committee. food security danger due to ris- came from Africa. The five coun- can start tackling the issue before rent month compared with the in May 2018. At 58.7 points, Under the arrangement, ing inflation, price increase of tries with the highest number of it’s too late. preceding month. the index grew at a slower rate the bank engaged four com- commodities and falling value entries were Uganda: 52; Nigeria: In order to control the spread The report revealed that when compared to its level in panies to mop-up food grains new orders and inventories of naira as well as the need to 25; USA: 23; Ghana 22; Kenya: 21. of the pest, smallholder farmers the previous month. across the country as part of “We are thrilled with this re- grew at a slower rate; produc- encourage local farmers and need improved access to im- In the non-manufacturing its intervention scheme for sult as it’s a tremendous response. tion level, supplier delivery spare the country of the conse- mediate, accurate and actionable PMI report, Business activity, the specific year, adding that We are also pleased that over 80% time and employment level new orders, and inventories quences of the activities of the information on how to treat and all the participating compa- of the entries came from across grew at a faster rate in May grew at a slower rate; while foreign companies. protect their crops. nies were fully paid for the Africa. It indicates that the people So far, 51 of the 54 African na- 2018. employment grew at a faster While reacting to the assertion loan they sourced from com- of Africa want to find solutions to tions have been affected. Given The index show that 10 rate in May 2018. that the fund was credited to an mercial banks to execute the the fall armyworm threat,” said the rate of outbreak, interventions out of the 14 subsectors sur- The composite PMI for the Infrastructure Euro bond, Fatokun project. Bhavik Doshi, Research and are needed at a transnational veyed reported growth in the non-manufacturing sector discloses that the loan was raised review month. These include When a asked why the letter Impact Coordinator for Nesta. level. Information on how to stood at 57.3 points in May by the Debt Management Office petroleum and coal products; for the Minister of Finance had The armyworm flies nearly treat the pest needs to be quickly 2018, indicating expansion in (DMO) as a debt for CBN from 1,000 miles in just 30 hours and paper products; plastics and to write to CBN for the payment transmitted to farmers and those the Non-manufacturing PMI the N200 billion Commercial can easily migrate to neighbour- rubber products; electrical of the participating companies who advise them. The problem for the thirteenth consecutive Agriculture Credit Scheme. ing countries. The female moth equipment; food, beverage month. The index grew at a instead of the AGF, Mahmud requires digital tools and ap- “These companies were se- can lay up to 1,000 eggs in her life- proaches that source, analyse and tobacco products; ce- slower rate when compared to Isa-Dutse, Permanent Secretary lected because they were big time, and in its larvae stage, can and translate data for farmers ment; chemical and pharma- that in April 2018. Federal Ministry of Finance, ticket off takers and known by cause significant damage to crops and relevant stakeholders to ceutical products; primary At 55.9 points, new orders explained that there must have grain farmers. That’s why they if not managed appropriately. make timely and accurate deci- metal; printing and related index grew for the fourteenth been discussion that necessitated support activities; and textile, were invited to participate in It has a taste for maize but also sions to combat the spread of the consecutive month in May that move. feeds on more than 80 species of armyworm. apparel, leather and footwear. 2018, the report stated. Melaye asks Buhari to apologise over ‘offensive’ remarks OWEDE AGBAJILEKE, Abuja For the president of the Federal Republic of Nigeria to so speak in low tunes about the National day after his resump- Assembly, I begin to ask myself tion of plenary, con- if Donald Trump will address troversial lawmaker, the Congress or the senate of Dino Melaye, has de- the United States of America in Amanded an apology from Presi- like manner. dent Muhammadu Buhari for “Such derogatory state- questioning the role of ranking ments and insults on the Na- lawmakers. tional Assembly should not be Rising on Order 14 of the allowed to go unnoticed. Senate Standing Orders, 2015 “I want to call that President, (as amended) on Thursday, the Muhammadu Buhari for using controversial senator who re- this un-parliamentary, uncon- sumed plenary on Wednesday, stitutional language on the a month after he was arrested, national assembly, apologise detained and arraigned by the to the National Assembly and police for alleged gun running, that is where most of their ap- said he found the president’s pointees draw inspiration from. remarks offensive. That is why they disregard the According to him, the presi- National Assembly and even dent’s comments were not only refuse to accept summon. un-presidential but an assault “We must also as an institu- on the institution of the Na- tion take a decision where heads tional Assembly. of parastatals, ministries and L-R: Frank Aigbogun, publisher/chief executive officer, BusinessDay Media Limited; Bismarck Rewane, chief executive Melaye, who also presented agencies of government will video CDs of the president’s re- officer, Financial Derivatives Company Limited; Aminu Ismail, executive director operations, Asset Management Corporation continue to involve themselves of Nigeria (AMCON); Tajudeen Ahmed, head, real estate and construction, AMCON and Olugbenga Ataiyero, chief finance marks, insisted that the National in politics when by their calling Assembly has been carrying out officer, AMCON, at the high-level analysts meeting over AMCON Audited 2017 Financials, which held at AMCON Lagos, by their oath of office they are yesterday. its constitutional duties effectively. not supposed to,” he said. He said it was wrong for the Comptroller-General of Customs, Hameed Ali, to lead a delegation Okorocha suffers defeat as S/E APC endorses Izunaso, others of Buhari Support Organisation to South East endorsed one of his pening in the state was com- the president, pointing out that as JAMES KWEN, Abuja arch political enemy, Osita Izu- mon in any democratic setting. head of a paramilitary organisa- naso, for a second term as APC On his part, Ogbonaya tion, he should be non-partisan. ochas Okorocha, Imo national organising secretary. Onuh, minister of science “Last week, the president in State governor and South East APC zonal stake- and technology, said the en- the Presidential Villa, while ad- leader of APC in the holders met in Abuja Thurs- dorsement was reward for dressing a delegation of the Buhari South East geopolitical day where they unanimously hard work to members of Campaign Organisation, said he zone,R has been defeated in the endorsed Izunaso and other APC National Officials from doesn’t know what we are do- battle for political supremacy. national officers of the party. the South East, adding that ing in the National Assembly. Okorocha has been in po- Addressing newsmen after stakeholders from the zone He said some of us had been in litical storm recently due to the meeting which was attend- have strongly resolve to en- the National Assembly for over dissenting views against the ed by all notable APC stalwarts sure the party win South-East 10 years and we have nothing chairman of APC Governors except Okorocha, Orji Kalu, landslide. to show for it. And I felt this Forum, who have been ac- former Abia State governor, However, Anchor Ihim, statement is not only unpresi- cused of sabotaging the efforts said the endorsement was for speaker, Imo state House dential but an assault on my to make the party rooted in the the consolidation of efforts to of Assembly, described the person and the institution of South East. win the 2019 general elections. endorsement as fraudulent the National Assembly where I Though Okorocha was ob- Kalu, however, dismissed as there were no Congresses am proudly a member. viously fighting to survive the insinuation that the endorse- in Imo hence no need to “I am very proud to be a political war, he was finally de- ment was targeted at Imo state endorse an official from the member of the National As- feated when APC leaders in the governor, saying what was hap- state. sembly. I have been for 11 years. A8 BUSINESS DAY C002D5556 Friday 01 June 2018

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to buttress how previous administrations, with the People’s Bank of China (PBoC), in his words, “lacked imagination in the making Nigeria, the third country in Africa management of the economy.” (after South Africa and Egypt) to sign such a deal with China.

Buharinomics - Nigerians POLL RESULTS:

poorer three years’ after The Poll question: When @MTNNG goes public in June in what is said to be It is three years today since the most anticipated IPO lists in the @ MTN Ghana makes history with Muhammadu Buhari was sworn in as nsenigeria, Do you see buying MTN shares president after a tension soaked campaign first mobile money-based IPO as a good investment? in which he emerged victorious against an The results show that 59% see MTN incumbent president. MTN Ghana, the largest telecom shares as good investment. The other 41% operator in Ghana opened a historic Initial don’t want to invest in MTN shares. Could Public Offering (IPO) in the country that ignorance be a reason for their answer? will see it raise as much as US$743 million in fresh capital or an equivalent of N264 ‘Understanding the Nigeria- Write us with your opinion at digital@ billion. China swap deal’ businessdayonline.com to let us know what your preference is. TThe Central Bank of Nigeria (CBN) Party congress, foreign signed a $2.5bn bilateral currency swap investors’ repatriation put pressure on naira Poll of the week Nigeria’s currency is seeing sell pressure gradually building against it as a result of political activities and foreign portfolio investors repatriating their investment proceeds.

BusinessDay fact check shows Buhari’s claims on economy, TNigerian President Muhammadu past leaders mostly wrong, Buhari Tuesday dished out some numbers

Tweet of the week Cartoon of the week Video of the week Friday 01 June 2018 BUSINESS DAY 9 10 BUSINESS DAY C002D5556 Friday 01 June 2018 comment is free COMMENT Send 800word comments to [email protected] The robots are coming? at the beginning, however AI is not Governments should 2030? Will there be mass unemploy- can also support AI through procure- as new as most think as it has existed ment and how will we deal with it? ment programs that provide incen- for over 60 years and formed part of collaborate with businesses, Predicting the future is extremely tives to speed the development and our lives – silently helping us with technology companies, difficult - In a country like Nigeria adoption of AI-based innovation. our daily as it has been embedded where unemployment is already This public-sector led approach to RIMINI HARAYA MAKAMA in mainstream technology. AI was civil society and academic at 18%, that’s roughly 16 million AI related project will drive growth originally defined to mimic human unemployed people and a sizable and boost the economy. Haraya Makama is Government Affairs researchers to shape policies Director, Microsoft Emerging Markets – intelligence, as a result, it is incorpo- percentage of the population under It will be important in the on- Middle East and Africa rated in most of your devices to aid that will help realize the 35 should we be worried? The reality coming year to ensure that healthy, productivity. Practically, we have is many jobs will vanish but many frequent debate on how AI can en- seen the Power Point slide become broad benefits of AI. This more will appear. As the gig economy rich our lives and society take place ollywood has since more visually pleasing with AI, voice joint effort will ensure continues to grow many more jobs and be top of mind. Calling out and re-imagined a world assistants on devices and control which require new skills sets will profiling local AI innovation, sharing where robots or forms hubs in your home are all power by that we can identify and emerge. Governments should focus best practices, proper advocacy and of artificial intelligence AI. Increasingly we are seeing more prioritize issues of societal on reskilling the workforce and cre- education of AI should be priority will replace humans, and more useful AI applications with ating a healthy learning economy to for governments and regulators to Hthe usual scenario sees them over- potential to positively impact our so- importance as AI continues build the new digital one. ensure that no misunderstandings riding our systems and take over the ciety and economy being developed to evolve, enable sharing of Governments should collaborate arise which will lead to regulations world leaving us doomed and in some and will only increase between now with businesses, technology com- that can stifle the innovation. state of mass hysteria like an episode and 2030. best practices and motivate panies, civil society and academic We live in an exciting time, one of ‘Black Mirror’. AI is often spoken One of my favorite examples is an further research and researchers to shape policies that will that easily be over taken by fear of about like some form of magic, alas, application for the visually impaired help realize the broad benefits of AI. things that may not happen. In the real is life is not as exciting as the mov- or those with low vision. The camera development of solutions as This joint effort will ensure that we coming years AI will feature heavily ies. If it were, I would have access to simply scans the environment and can identify and prioritize issues of in all forms of technology, as the time travel and live permanently in narrates to the user what it sees, be new problems emerge societal importance as AI continues power of computing improves, and 1998.In a 2016 report ‘100 Year study it a person, currency or text. This is to evolve, enable sharing of best prac- more data sets get analyzed AI will on Artificial Intelligence’, the Study the power of AI. Transportation will example is Nigerian startup Kudi.ai. tices and motivate further research get more intelligent and solve more Panel found no cause for concern improve with the introduction of It is chatbot that allows users to make and development of solutions as new complex problems. It will bring regarding AI, stating that AI does not self-driving automobiles. Machines payments and send money to friends problems emerge. many opportunities, it will not al- present an imminent threat to hu- trained to know how to abide by and family in Nigeria via messaging. Governments can help drive ways be easy as opportunity comes mankind. The report stated, ‘no ma- proper road laws and not make The company is a graduate of the adoption of AI by creating cloud with challenges which must be over- chines with self-sustaining long-term emotional based driving decisions YCombinator Winter 2017 batch. They friendly policies and projects that come but believe me, none of the goals and intent have been developed, which often compromise safety. use AI to understand customer trends, take advantage of the cloud. This will problems involve an evil robot from nor are they likely to be developed in Imagine how the lives of the elderly habits and prevent fraud. require hiring a whole new skillset West world taking over humanity. the near future’. will be transformed or how traffic A question on many governments’ comprising of data scientists and AI Every modern technology is intro- in mega cities like Lagos will be minds when it comes to AI is the future subject matter experts to work on Send reactions to: duced and received with great fanfare drastically reduced. A local based of work. What jobs will still exist come government projects. Government comment@businessdayonline.

ONYINYECHI AKAGHA Risks and challenges in the Nigerian electronic and mobile money payments system Legal Practitioner/Research Assistant it currently has the highest number also part of the USSD mobile money channel blamed it on network issues. operators want licenses to operate the Christopher Kolade Center for Research in Leadership and Ethics (CKCRLE) of users amongst its Nigerian com- payments system because of the con- Another user complained that the USSD communication technologies petitors. One fundamental issue that venience and ease of doing banking USSD communication protocol did independent of the financial institu- arose during the decision to adopt transactions provided by the mobile not generate receipts or notifications tions like the Safaricom’s M-Pesa in n recent times, the Nigerian finan- DYA in the research was whether money platform. which can be used as evidence to Kenya, while the financial institutions cial space has become inundated DYA can be classified as a platform or However, the multiplicity of USSD show transfers or payments made. Yet want to protect their core business with the consciousness of the a digital platform? There were some channels has raised issues of concern another user complained that aware- of providing financial services from need for ‘financial inclusion’. Al- people who had the view that the in terms of risks and threats without ness of the mobile money platforms being over-taken by stakeholders like Ithough this article is not wholly about mobile payment service is a platform, uniform standard for all. The CBN re- was limited to the cities and mainly MNOs and also want a harmoniza- financial inclusion, financial inclusion while another set of people were leased a regulatory framework for USSD conducted in English language and tion of the USSD codes. It is true that as well as governance have come to opposed to the idea of DYA being for financial services on April 17, 2018 to wanted the awareness to spread the volume of financial transactions feature as critical realities during the categorized as a platform. Another take effect on June 1, 2018. The aim is to more to the rural areas, especially has increased, likewise the number course of my research work on digital group believed that DYA was a plat- ‘enhance the security of electronic pay- to women. A major drawback to the of bank accounts established via the platforms. form, but not a digital platform. Thus, ments system in Nigeria’. It is laudable USSD mobile money system and other USSD channels because of the wide Not long ago, I was involved in a the following questions then arose; that the CBN released this regulatory digital platforms is the poor quality of coverage of telecommunication net- data collection exercise while work- What is a platform? What is a digital framework which tried to address some education given to users in respect of works over bank coverage. Moreso, it ing on a project for IT for Change. IT platform? Can DYA be classified as a of the vulnerabilities, risks and threats their rights and obligations regarding is cost-effective and cheaper for banks for Change is a non-governmental digital platform? The meaning of the which my interviewees complained data protection and user privacy when to partner with MNOs to provide organisation based in India with the word ‘platform’ varies depending about during the interview sessions. using the USSD channels and other financial services than spend money aim of using digital technologies to on the context in which it is being For instance, some individuals are forms of digital platforms to carry out to build brick and mortar banks. Thus, positively influence and cater for is- used. For purposes of our research, worried about security. In extreme financial services. Some people are there is need for both the telecom- sues relating to or affecting humanity. platforms are anything you can build cases, the DYA agent caged himself still suspicious of the efficiency of the munications and banking institutions Taking part in the research project was upon. If it is accepted that platforms in his kiosk with iron protectors in a USSD communication protocol and to find an optimum balance that will an opportunity for me to learn more are not just software products, then bid to secure himself against burglars. prefer going to the banks or an ATM favour Nigerians and the institutions. about “platformization” in Nigeria. DYA which is a bank-led service Anagent who was, however, unfortu- to make transfers or carry out financial In a bid to achieve this balance, the The design or structure of the research (with several products) that uses nate to have been burgled about three transactions. There is a huge trust issue NCC signed an MOU with the CBN on concept necessitated that the research USSD (Unstructured Supplementary times, pleaded that security operatives regarding the mobile money platforms payment systems with the objective problem be investigated using both Service Data) can be categorised as should consider their plight and be and its susceptibility to hacking or of driving financial inclusion and the quantitative and qualitative research a platform. DYA can also be catego- more concerted when handling cases fraud. Even though the USSD plat- cashless policy/operations, improving methods. As part of the qualitative rized as a mobile digital platform that of mobile money agents. In some cases, forms seem simplified to encourage mobile money penetration and en- research approach, I actively partici- facilitates financial services exchange agents were frustrated out of using self-service or in other words, permit hancing inclusive participation in the pated in the conduct of interviews and or transactions between two or more the mobile money USSD channel be- a situation of ‘do it yourself’, most of the digital economy within the country. focus group sessions. The heart of the inter-dependent groups. cause of network issues of the USSD persons interviewed abandoned the The CBN has also released a Draft on research project being inclusion and In line with the CBN’s FSS-2020, communication protocol and were USSD communication protocols at the Nigerian Payment systems Risk and governance in platforms operating in the essence of the innovation of DYA, interested in mobile network opera- least encounter with challenges while Information Security Management Nigeria, the research probes/questions and other mobile payments services tors and stakeholders in the telecoms using the USSD channels. It would be framework for review and comments were solidly grounded on the two pillars like Glo’s Xchange, Gtb’s 737, First sector improving their infrastructure. an interesting outcome if mobile net- by the public and stakeholders on or of inclusion and governance. My focus Bank’s 894 (Firstmonie) and so on, Some other users complained about the work operators(MNOs)and financial before May 31, 2018. It will be a great was on Diamond Y’ello Account (DYA) is to reach out to the unbanked in dispute or complaint resolution system institutions conductstatistics of cur- service to our nation if stakeholders (a bank-led mobile money payments the society. Particularly, the products saying that their complaints were not rent active users of their USSD mobile and the ‘enlightened’ public make out service that is operated jointly by a bank, targeted vulnerable persons like the handled properly. For example, one of money channels and alsoconduct an time to thoroughly examine the 26- Diamond Bank, and a mobile network aged, physically challenged, low the users transferred money for a client analysis ofthe USSD active users in page draft and make inputs that will operator, MTN) vis-a-vis other Nigerian income earners, uneducated and and the said money was not received. order to derive the number of the ‘truly be beneficial to the Nigerian financial mobile money platforms. persons that do not have access to After several complaints and reporting, unbanked’users of their USSD mobile sector and digital economy. When DYA was first introduced, it banks by virtue of physical distance the transfer was neither received by money channels. was the first of its kind before the emer- barriers. Although the target persons the beneficiary nor was it reversed to The business model angle also has Send reactions to: gence of other bank-led products and were the unbanked, the banked are the agent. The operators of the USSD its challenges. The mobile network [email protected] Friday 01 June 2018 C002D5556 BUSINESS DAY 11 comment is free COMMENT Send 800word comments to [email protected] How much is your organization learning the art of doing things differently? Thinking differently starts To paint a clearer picture of what means we need to be different in all thinking differently should mean to areas of our business (we need to be when we begin to question organizations, we need to realize that perceived differently and better) and in our various organizations, there that is the only time we shall stand out the old ways of doings that are strategies that are not working, as an organization of choice. ‘UJU ONWUZULIKE have not yielded expected marketing initiatives that are not Points to ponder: Uju Onwuzulike is Nigeria’s leading authority on Systems producing the numbers, activities • As organizations, are we encour- WITH Thinking and Strategic Management. He was a Steve Haines trained strategy and systems thinking expert and results and begin to push the a former global partner of Haines Centre for Strategic that are not worthwhile and gener- aging our people to think differently, Management, California, USA. He is the founder and Chief Results Officer of MCL – a strategy and outstanding perfor- ally things that are not working for to try out new ways of doing things, to mance specialist firm. He can be reached on 09091142093 boundaries and think in new or [email protected]. the organization. Thinking differently approach tasks, issues from a differ- ways that lead to improved starts when we begin to question ent worldview? Or do we always want the old ways of doings that have not them to accept the norm and never to t is possible for people to have necessarily do so many things for our results. Thinking differently is yielded expected results and begin challenge the status quo even when different reasons for setting customers in terms of quantity, but akin to committing to make a to push the boundaries and think it is obvious to do so? up businesses. The same ap- we need to begin to do things differ- in new ways that lead to improved • Do we believe that better and plies to small businesses or ently for them. We might just focus difference results. Thinking differently is akin new results come when we do things big corporations. Regardless of on doing one particular thing differ- to committing to make a difference. differently? Iwhatever reason(s) any business was ently for them. The other time I was In order words, organizations that • What have you done differently established, the desire to achieve bet- discussing with an executive whose world, if you keep doing your business are thinking differently want to in your organization in the last one ter result will always play out. Then, company has spent so much money the same way you have done it for five make a difference in the lives of their month that will make you stand out again, achieving better result to most on transformation, and I realized one years; you will never even achieve customers and employees. It is this from the competitors? organizations is characterized by key thing that was lacking – attitudinal the old results that you are used to, committing to a make a difference Final note: increased in profitability. Desiring an change. For an organization to think but rather below what you have been that brings improved and sustainable It is by thinking and doing things increased in profitability is an accept- differently and achieve its transfor- achieving. That goes to show that to results for the shareholders. differently that our organization able proclivity for organizations as a mation goals, attention must be paid desire improved results in all facets When we begin to think differ- can stand out. Real organizational result of the services being rendered to develop the right attitude of its of business operations, we must have ently, we would realize that there is success and growth do not come as and paid for. But, the harsh reality workforce first and foremost. This is a paradigm shift, and that comes by no just one way of doing things. Of a surprise (or by wishful thinking), is that no organization can achieve because one person with a wrong at- thinking differently. The truth of the course, it is a red signal to assume they come as a result of seeing what increased profitability by desiring or titude can sabotage and make a mess matter is that sometimes, we know there is only one way of doing things. others have seen, but thinking in a wishing for it alone except by doing of all the transformation effort. Yes, I why our organization is performing so Employees must begin to ask optimal different way. With the knowledge of things differently. know I am not writing about attitudi- badly, but we are stuck to the old ways questions in order to have optimal the fact that we cannot solve tomor- After hearing for the first time that: nal change, but then right attitude is of doing things – and we are not ready answers. Questions like: why are we row’s problem with today’s thinking, “you don’t need to think more, you like a lubricant that will oil the wheels to try something new. All organizations not achieving our desired results? there is a need for all of us to think just need to think differently”, I had a of “thinking differently”. that are stuck to the old ways of doing Why are we not having enough cus- and do things differently on a daily different worldview about thinking. Unbelievably, and despite the fact things that have not yielded them better tomers to patronize our business? basis – because what brings success It made me to realize that we do not that most organizations are doing the results will end up becoming “Defend- Why do our customers complain? today may not tomorrow. need to think more (haphazardly) same thing year in year out, using the ers of Decline” instead “Architect of the Are there things we are not doing just for thinking sake, we need to same business strategy and initiatives future”( example is Apple Inc. vs. oth- well? How can we be different from Note: the rest of this article continues think differently with the result in that have not worked, and yet they ers). Apple succeeded in becoming the the competitors? The fact is that in the online edition of Business Day @https://businessdayonline.com/ mind – we need to think strategically. expect to have different and better “architect of the future” while others are when we blend in to what others The same applies to organizations, results (that is impossible). With busy defending the decline, little won- are doing, we may not be able to Send reactions to: to achieve better results, we may not the stiff competition in the business der Apple’s slogan is “Think Different”. stand out with a different result. That [email protected] The end of US internationalism How Trump’s ditching of the Iran nuclear deal affirms American Unipolarity - with Obama’s help By the same token, the other key In a typical unipolar move, the companies for Iran business, it will not receive the Senate’s advice and signatories of the nuclear deal - UK, Trump administration is extending sanctions firms from Asia as well. consent. But such “political commit- France, and Germany, and Russia - sanctions over to EU firms that have In the 2003 Iraq War, President ments” are not seen as binding. As say the deal will be sustained. done business in and with Iran since Trump’s new National Security a result, the US will withdraw if the DAN STEINBOCK Breaking Iran by sanctioning the 2015 nuclear deal, thus raising Advisor John Bolton relied on false Iran deal is not renegotiated. EU and Asian companies risks for their U.S. access. As Treas- data from U.S.-based Iraqi exiles. Ironically, it was the President Dr. Dan Steinbock is an internationally American internationalism be- ury Secretary Steven Mnuchin says, Since last fall, Bolton has been urg- Obama who created the opportu- recognized strategist of the multipolar world and the founder of Difference gan a century ago, when President EU-Iran business agreements will be ing the US to implement a similar nity for such strategic maneuvering. Group. He has served as research Woodrow Wilson purported to voided as “the existing licenses will regime change with Mojahedin-e When his administration con- director at the India, China and make “the world safe for democ- be revoked.” Khalq (MEK), which was de-listed cluded the JCPOA, it considered America Institute (USA) and visiting racy.” That’s no longer the goal (if Along with Renault, PSA Peugeot as a terrorist group by Secretary of the plan of action a non-binding fellow at the Shanghai Institutes for it ever was). Rather, the objective Citroen and Sanofi, French compa- State Hillary Clinton in the early political commitment, which al- International Studies (China) and the is now to ensure US unipolarity nies have huge stakes in the deal, 2010s. MEK is an Iranian opposi- lows the Trump administration EU Center (Singapore). For more, see in a multipolar era, by any means thanks to the $21 billion Airbus tion group which has lucratively to argue it has ability to withdraw https://www.differencegroup.net/ necessary. contract and the oil giant Total’s $2 financed and then been lobbied by from the JCPOA. True, on 2015, Regionally, Trump’s quest for billion deal to develop the South former heads of the CIA, FBI and the Security Council unanimously primacy leans on Saudi Arabia Pars oil field. Some 120 German the Homeland. adopted resolution 2231 endorsing or three years, the com- for economic and geopolitical companies, including Volkswagen Bolton wants a new regime in the Iran deal. So Trump’s critics prehensive nuclear accord support, as evidenced by the $110 and Siemens, operate in Iran and Tehran before February 2019 - the could argue that the resolution (JCPOA) has offered Iran billion arms deal with Riyadh a another 10,000 do business with 50th anniversary of the revolution. converted at least some provisions relief from US, UN and year ago, and reinforced security Iran. Royal Dutch Shell would be How Obama paved the way to in the JCPOA into obligations that Fmultilateral sanctions on energy, ties with Israel, as reflected by US adversely affected. Trump’s withdrawals are binding under international law financial, shipping, automotive recognition of Jerusalem as capital Economic pressure could harm With his pledges to withdraw which would mean a complex and and other sectors. But recently that of Israel - another fatal policy mis- significantly Iran’s oil industry which from the climate and nuclear ac- long debate. era came to a halt. “The United take that reversed decades of US is the fourth largest reserve holder cords and America’s key trade Yet, today such critics seem to be States will withdraw from the Iran foreign policy. of crude oil in the world and whose agreements (e.g., North American largely absent. When Obama con- nuclear deal,” President Trump said Now America also plans to largest buyers include China, South NAFTA, Asia-Pacific TPP, and US- cluded the Iran talks, most Demo- on May 8. “apply unprecedented financial Korea, Turkey, Japan, Italy and India. EU TTIP), Trump has electrified crats hailed the accord. Yet, most Two weeks later, Secretary of pressure on the Iranian regime,” as During the sanctions era, Iran the historical debate on the legality Democrats turned their coats in State Mike Pompeo, the ultra-con- Pompeo said. The administration’s shifted toward Asia and it has a vi- of US withdrawal from treaties and late 2016, the Senate and the House servative former head of the CIA, objective is to restore primary sanc- tal role in the China-led One Road other international agreements. of Representatives unanimously said Washington will impose “the tions that were lifted after the Inter- One Belt initiative. Indeed, through While the US constitution sets extended the Iran Sanctions Act for strongest sanctions in history [on national Atomic Energy Agency’s the worst days of the 2010-16 sanc- forth a process whereby the execu- a decade. Iran] once they come into full force.” (IAEA) certification in January 2016 tions, Asian countries remained tive has the power to make treaties In contrast, Chinese Foreign that Iran had complied with the engaged in Iran’s economy. In the with the advise and consent of the Note: the rest of this article continues Minister Wang Yi has reiterated Bei- agreement. As secondary sanctions coming years, these countries hope Senate, it does not specify how such in the online edition of Business Day @https://businessdayonline.com/ jing’s support for the deal. “China on firms have remained in place, to support Iran to become a major treaties can be terminated. The will continue to work to maintain along with sanctions applying to regional trading hub and to diversify nature of the agreement matters the deal,” Wang said, stressing that US companies, including banks, its economy away from oil and gas. as well. When the president enters Send reactions to: the agreement was “hard-earned.” the White House will fortify them. But if the White House sanctions EU into executive agreements, these do [email protected]

Note: the rest of this article continues in the online edition of Business Day @https://businessdayonline.com/ 12 BUSINESS DAY C002D5556 Friday 01 June 2018 Editorial

PUBLISHER/CEO Frank Aigbogun Transportation in a megacity EDITOR-IN-CHIEF Prof. Onwuchekwa Jemie lanning for future gestions. It is estimated that the and the Brown Line – from Mile and buy back the concession, needs of the society state loses over N250 billion to 12 to Marina (20 kilometres). what assurances can it provide EDITOR is the hallmark of traffic annually. Hence the deci- However, the huge financial to investors that their invest- Anthony Osae-Brown an effective govern- sion of the state government to outlay forced the Lagos state gov- ments are secure from govern- ment. It ensures the come up with a transportation ernment to prioritise the project ment flip flops? Truth is; due to DEPUTY EDITORS Porderly growth, progress and master plan as far back as 2006 and begin with the 27-kilome- policy flip-flops, discontinui- John Osadolor, Abuja development of the society to provide a framework for the tre Badagry line running from ties and reversals, the country Bill Okonedo with few discomforts and dis- effective management of trans- Okokomaiko to Marina via Iddo. has become one of the riskiest NEWS EDITOR ruptions. However, there are portation in Lagos state. The The contract was awarded to the place to invest and investors are Patrick Atuanya other societies that have no transportation master plan aims Chinese Civil Engineering Con- now preferring other low yields business with planning and are to integrate road, water, rail and struction Company (CCECC) in but with stable and predictable EXECUTIVE DIRECTOR, always reactive to problems. cable car mode of transportation 2008 at the cost of $1.2 billion and policy environment. SALES AND MARKETING Planning is alien to them and to end the city’s transportation was to be due in 2011. To further deepen the pains Kola Garuba even if, for political or publicity woes. However, since then, the de- of already pulverised people reasons they draw up a plan, The key however, was known livery dates have continued to who spend a chunk of their time EXECUTIVE DIRECTOR, OPERATIONS the plan ends up just as a plan to be the rail transportation shift right. From 2011 it was shift- on traffic gridlocks daily, the Fabian Akagha and never gets implemented. system. Captured under the In- ed to 2012, then 2013, then 2014, Lagos state commissioner for EXECUTIVE DIRECTOR, DIGITAL SERVICES Sadly that is the case with tegrated Rail Transport System, all to no avail. Upon the inception transport, last year, announced Oghenevwoke Ighure Lagos, which frequently claims the plan was to link the major of the Ambode administration, that the full implementation to harbour the dream of be- population and activity centres the governor himself promised of the Lagos State Strategic ADVERT MANAGER coming a mega city, like New in Lagos state under seven lines. that the line will be completed Transport Masterplan (STMP) Adeola Ajewole York, Vancouver, Tokyo, Mos- These include: Red line from in December 2016. But just like has been postponed from 2020 MANAGER, SYSTEMS & CONTROL cow, Los Angeles, Cairo among Agbado to Marina (31 kilome- before, a month to the comple- to 2030. He said the postpone- Emeka Ifeanyi others. Of course, one of the tres long), Red Line extension (6 tion date, the government or its ment was to perfect plans for major problems of all meg- kilometres) to local and interna- minders again have said it could the project and to allow all mass MANAGER, CONFERENCES & EVENTS acities is that of transporta- tional wings of the Murtala Mo- not be completed at that date and transit schemes to take off. The Obiora Onyeaso tion and traffic management. hammed International Airport, cited financial and other logisti- new transport plan of this ad- These cities therefore have Lagos, Blue Line on Badagry cal reasons for the delay. ministration, according to the SUBSCRIPTIONS MANAGER transportation master plans Expressway from Okokomaiko The government has been governor, is to flood the streets Patrick Ijegbai to help them organise effective to Marina via Iddo (27 kilome- at pains to stress that it is yet with modern buses. What this CIRCULATION MANAGER and efficient transportation for tres), Green Line from Marina to secure the buy-in of the pri- means in simple language is that John Okpaire millions of the city’s dwellers to to the proposed Lekki Airport vate sector and investors in the this administration is not ready prevent unnecessary sufferings (26 kilometres), Yello Line from project. But how would right- to implement the transport GM, BUSINESS DEVELOPMENT (North) and loss of man-hours result- Otta (Ogun state)/MM Airport thinking investors invest in a master plan and the residents of Bashir Ibrahim Hassan ing from traffic congestions. to Iddo (34 kilometres), Purple country where policy summer- the state will have to continue to Lagos, the most populous Line – from Redemption Camp sault is the norm? If the Lagos endure the terrible traffic grid- GM, BUSINESS DEVELOPMENT (South) city in Africa with an estimated (in Ogun state) to Lagos State state government, despite all locks until a government willing Ignatius Chukwu population of over 20 million, University, Ojo (60 kilometres, the efforts it took it to negotiate to implement it comes on board. HEAD, HUMAN RESOURCES is renowned for its severe and Orange Line – from Redemption the Lekki-Epe Expressway road So much for the often trumpeted Adeola Obisesan business-crippling traffic con- Camp to Marina (42 kilometres), project could still turn round megacity status of Lagos!

EDITORIAL ADVISORY BOARD Dick Kramer - Chairman Imo Itsueli Mohammed Hayatudeen Albert Alos Funke Osibodu Afolabi Oladele Dayo Lawuyi Vincent Maduka Maneesh Garg Keith Richards Opeyemi Agbaje Amina Oyagbola Bolanle Onagoruwa Fola Laoye Chuka Mordi Sim Shagaya Mezuo Nwuneli Emeka Emuwa Charles Anudu Tunji Adegbesan

ENQUIRIES NEWS ROOM 08022238495 Lagos 08034009034 } 08033160837 Abuja

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Stories By FRANK ELEANYA high commissions and heavy regu- latory pressure. The average cost he global remittance for sending $200 using traditional market is growing and remittances in the fourth quarter of becoming a major rev- 2017 was 7.09 percent according to enue source for emerg- the World Bank. ing markets. The World Remittances which refer to trans- TBank’s report released recently fer of money by a foreign worker to estimates that global remittance an individual in his or her home reached $596 billion in 2017, out country depend largely on the use of of which developing countries like money transfer operators (MTOs). Nigeria received $450 billion. For example, Yusuf Aliyu who The World Bank projects that lives in the United Kingdom wishes global remittances will grow to $616 to send money to his sister in Ni- billion in 2018 - up from $601 billion geria. In very few cases, he walks in 2016, out of this, low and middle- directly into a branch of Western income countries are expected to Union (a Remittance Software Pro- account for $466 billion. vider) and hands his money over to Nigerians in Diaspora sent home the cashier at the available exchange $22 billion in 2017 representing rate. Western Union commences the highest of any country in the the process to send the money to sub-Saharan Africa region. Notwith- Nigeria; it charges Yusuf for the standing, many experts have said at service which is determined by the it will require a change from one ently. It is also important to note that through the network is easily traced various times that Nigeria is yet to current exchange rate. currency to another. there are currently an estimated 20 as it travels, building on the inherent scratch the surface with Diaspora In most cases, Yusuf does not go Regulation of remittances in million cryptocurrency users com- features of blockchain technology. remittances. directly to Western Union but finds Nigeria often comes across very pared with hundreds of millions of Some cryptocurrency firms offer Driving the growth in Diaspora a frontend agent close to him. The stringent due to the regulators’ customers for traditional banks. MTO services that ensure custom- remittances are new financial inno- agent charges for the services but it need to curb money laundering and Nigeria is one of the countries ers send and receive money without vations such as cryptocurrrencies. needs to use the service, software, financial crime. This constitutes a with the largest mobile phone pen- any additional overhead fees. All the Despite many regulators’ unfavour- and system provided by bigger re- significant barrier for players and etration on the continent and high details of the transactions, including able disposition towards cryptocur- mittance software providers (RSP) contributes to the cost of services. unbanked population numbers. the customer’s know your customer rencies like bitcoin, Ethereum, etc, or Money Transfer Operator (MTO) There is also the near monopoly of Cryptocurrencies are well suited to (KYC) and other anti-money laun- for various reasons many people like Western Union or MoneyGram. the space by few MTOs like Western the evolving mobile phone culture. dering necessities are stored in a living outside their home countries In order to pay for the RSP’s services, Union, MoneyGram, World Remit A mobile app for instance enables secure and low-cost blockchain continue to use it to send money the agent will need to charge the and RIA. quick crypto remittances with just database. back home. In Nigeria, cryptocur- end-user more. The use of cryptocurrencies a few aps. Already, some cryptocurrency rency firms like Luno have seen Apart from high commissions, however reduces most of these They are also suitable for un- companies that have developed a cross-border transactions increase the presence of many intermedi- challenges for the end-users. Re- stable countries where local banks blockchain-based global payment their revenue margin significantly. aries also guarantees that Yusuf’s ducing the cost of remittance us- and local currency may not be network which allows fast – one The attraction of cryptocurren- transfer will not be delivered on ing blockchain technology which trusted. Cryptocurrencies also en- day instead of a week – and much cies or virtual currencies emanate time. To complete a transfer, agents, cryptocurrencies like bitcoin run ables transparency in remittance. cheaper transactions have opened from three pressing problems of RSPs, and more than one bank must on is miles cheaper than the cost All pricing and fees can be dis- shops in Nigeria and other Africa the global remittance market which be serviced and fees are charged of remittances in the market pres- played upfront, and the money sent countries. includes number of intermediaries, every step of the way. Sometimes, Huawei, Xiaomi win as smartphone sales return to profit in Q1 he global shipment and continue in the years to come, but produces smartphones in the low sales of smartphones the move toward building up local midtier and entry-level categories recovered slightly in the production has certainly caught the saw the most growths. Huawei first quarter of 2018, re- eye of many in the industry.” shipments and sales grew by over 6 cording a 1.3 percent Although Samsung still topped million units to a total of 40.4 million Tprofit, compared to the same pe- the charts with total shipments of units, ensuring that it now controls riod in 2017. The market suffered a 78.56 million, the mobile manufac- 10.5 percent of the smartphone decline in 2017 of about 0.3 percent. turer saw a decline of 0.21 million market compared to the 9 percent A new report from research and when compared to the first quarter it held in 2017. advisory firm Gartner, revealed that of 2017. As a result of increasing Xiaomi more than doubled its nearly 384 million smartphones competition in the mid-tier mar- shipments, adding an extra 16 mil- were sold in the first quarter of 2018, ket, the company’s overall market lion units, representing a total of 28 representing 84 percent of total mo- share dropped by 0.3 percent to million and grabbing 7.4 percent bile phones sold. 20.5 percent. market share. The IDC had reported that total “Demand for premium and According to Gartner, Xiaomi smartphone shipments and sales high-end smartphones continued was the clear winner of the first went down to 1.465 billion from to suffer due to marginal incre- quarter, achieving a growth of 124 1.469 billion it was in 2016. mental benefits during upgrade,” percent year on year and clinching Experts see aggressive competition Andshul Gupta, research director the number 4 spot globally. in the Chinese market which dropped focal point for many given that it India is now grabbing headlines and at Gartner said. “Demand for entry- Apple which shares the top two by 5 percent in 2017 as largely respon- consumes roughly 30 percent of the the market itself is going through level smartphones (sub-$100) and spots with Samsung also saw a few sible for the instability in the market world’s smartphones,” Ryan Reith, some rapid transformation. Local low midtier smartphones (sub- gains, selling a little over 2 million and predicts that a big recovery is may program vice president with IDC’s India manufacturing continues to $150) improved due to better- more smartphones than it did in not be possible in 2018. Worldwide Quarterly Mobile Device ramp up, despite still having a heavy quality models.” Q1 2017. It was enough to increase “Even though it declined 5 per- Trackers, “But plenty of pockets of dependence on China for compo- Chinese mobile phones com- its market share from 13.7 percent cent in 2017, China remains the growth can be found beyond China. nents. The boom in India is likely to panies Huawei and Xiaomi which to 14.1 percent in 2018. 14 BUSINESS DAY C002D5556 Friday 01 June 2018

Policy Investments Market Insight Influencers

NEWS Solar, wind power can be cheaper in Nigeria - research he Sustainable with Nigeria’s Renewable the RE infrastructure and Energy Practitio- and Energy Efficient Policy local content enhancement ners Association (REEP) is the Renewable within an agreed timeline.” of Nigeria (SE- Energy for Green Growth SEPAN further explained PAN) has shared Nigeria (REGG-NIG) – a that: “Finance structure of anT excerpt of a recent re- SEPAN-led recent research the programme is expected search it conducted from outcome and due for public to embody a blend of conces- which it suggested that the presentation,” it added. sional and non-concessional cost of solar and wind based According to it: “It is a funds. The concessional electricity in Nigeria could structured renewable en- fund is expected to facilitate be cheaper than the current ergy access and security REGG-NIG implementation cost globally. programme envisioned to by catering to preliminary It said this was part of its accelerate the deployment of market stimulating activities Renewable Energy for Green RE systems in critical public such as resource mapping Growth Nigeria (REGG-NIG) and private institutions in and energy audit, standards research, and that the cost line with plans, policies and development and adoption, of procuring a kilowatt hour incentives. The programme and in-country local content (kWh) of renewable electric- involves financing, pro- enhancement. ity could be done at $0.05, curement and installations, “The non-concessional while that of a kilowatt (kW) as well as management of fund is expected as loan or could cost $2,300. the installed RE systems in equity and would cater to the According to online off agreement with the benefit- market-driven dimension of grid website, Offgrid Nige- ing organisation. REGG-NIG. The deployment ria, the research findings “Furthermore, the pro- technology of choice will further stated that this was gramme aims at helping include mini, off-grids and competitive when compared Muhammadu Buhari made ing gas flaring by 2030, gen- these commitments in our organisations to transition to standalone systems, while with the global standard of an ambitious commitment eration of renewable energies national budget and EGRP RE and increase energy-re- the management approach $0.08/kWh. It was obtained to the promotion of low especially off-grid solar PV of is very necessary to our sus- lated operational efficiency will be market-based. from the President of SEPAN, carbon development for 13GW (1300MW), utilisation tainable development drive. and productivity without “REGG-NIG will empha- Magnus Onuoha. Nigeria. His commitment of of efficient gas generators, The revenue yielding, em- the huge initial capital in- sise solar and wind systems SEPAN said it conducted mitigation objectives, first drive towards two per cent ployment generating, and vestment required for such deployment with a portfolio the research to buttress Ni- unconditional reduction energy efficiency per year poverty alleviating oppor- energy transitioning. In ad- standard of 62.5 per cent geria’s commitment to the of emission by 20 per cent – translating to 30 per cent tunities of these are legion. dition, the programme will PV systems (125 MW) and Paris Climate Change Agree- and conditional reduction energy efficiency by 2030, “In line with these, it is provide participating insti- 37.5 per cent wind system ment, as well as support the of emission of 45 per cent, ensuring transportation shift only natural that Nigeria tutions with other neces- (75MW). REGG-NIG has a country’s Economic Growth bears eloquent testimony to from cars to buses, improved should develop roadmaps sary supports such as power total cost/kW of $2,300.00 Recovery Plan (EGRP). this fact.” electricity grid and climate towards domestication and resource mapping, energy and cost/kWh of $0.05 which It said: “At the Paris “The key measures for this smart agriculture and refor- effective implementation of audit, and RE systems stan- is highly competitive com- Agreement in 2015, Nigeria commitment is that Nigeria estation. the agreement. One potent dardization, adaptation of pared to the global standard represented by President will be working towards end- “In effect, mainstreaming window which also is in line existing energy systems into of $0.08.”

INSIGHT Receivables financing – the true revolution that will power Africa ome 600 million people problem and cash-strapped just financing the electrification hands of the householder and able – the more households From the customer perspec- in Sub Saharan Africa, Governments have been un- but also at a consumer level, fi- expecting to be paid back over you deploy power to the more tive, it is a complete end-to-end and approximately 90 able to invest the huge quanti- nancing the capital of the items a period of years. But PayGo households you can finance. solution, not just an enabling million Nigerians lack ties of cash needed to simply that will use that electricity. companies are not banks and Although the idea of Re- technology. Saccess to electricity. It’s a prob- roll out the grid continentwide. Fortunately, there is a quiet cannot easily raise the massive ceivables Financing has been It does seem that this ap- lem that is progressively be- So why is it so hard and how are revolution underway that will finance needed to tackle the around for many years, it is only proach to service provision ing fixed in other parts of the the private financial and service solve this problem. It started in wider problem. recently that leading PayGo is the way forwards. Pros- world but in Africa as a whole, sectors bringing a dramatically 2011, with the introduction of companies have been able to pering a new generation of the increased demand from different solution? pay-as-you-go (PayGo) solar Enter Receivables Financing demonstrate the required track knowledge-savvy households, population growth continues When we think of electricity, powered devices. Here, instead As PayGo companies have record to attract commercial where householders pay for to outstrip the collective efforts we think of a large power station of requiring a grid connection, become more successful, a investors. An example is Azuri the services they get rather of Governments to bring power and the grid to bring the power consumers are able to get their number have been able to Technologies, who announced than the items that make up to off-grid households. to households. But in rural own micro power station in the demonstrate strong customer an industry-leading $20M re- that service. In this way, the As noted recently by the Africa, with huge land masses form of a solar panel and battery repayment histories, often bet- ceivables financing facility in complexity and risk of creat- Minister of Power, Works and and relatively low population storage, coupled with the de- ter than those achieved by the January 2018. ing your own solutions is Housing at a conference sub- densities, the cost of simply vices it will drive such as lights, microfinance industry. Leading While it is still early days, transferred from the end cus- themed, ‘The Interplay of Tech- wiring up households is much radio, TV and in the future PayGo companies such as Azuri Receivables Financing has the tomer to the service provider, nology, Economics and Law,’ to higher than in cities. Couple fridges, hair clippers, irons and Technologies have now been potential to revolutionise the driving unparalleled levels of make electricity available to all this with modest household in- so on. The key to PayGo is, the able to use this track record off-grid power sector. It ben- customer service (because if Nigerians, efforts must be con- comes from rural pursuits such customer is not required to find to create Receivables Financ- efits from a virtuous circle: the the service does not work, the centrated to develop renewable as agriculture or small traders up - front capital but instead ing investments. Receivables more finance, the more track customer does not pay). And energy along with conventional and the math simply does not can get a system that is paid for financing is essentially like a record, the more finance. And this revolution in customer power plants to maintain a add up. The cost of connecting as it is used and after a period mortgage: institutions provide unlike finance for grid exten- service, is driving the very balanced energy in the short, the customer outweighs the of time, typically 1-3 years, the debt finance secured against sion, Receivables Financing revolution in payment track medium and long-term. Re- future revenues from that cus- system is unlocked and the the asset, in this case not the would enable PayGo solutions record that enables Receiv- newable energies arewere the tomer and that makes financing future power is free. PayGo solar products them- and that includes not just the ables Financing. fastest power plants that can conventional grid extension PayGo solar power has un- selves but the expected future power but also the devices it At last a good news story be deployed as the technolo- very difficult. locked over 2 million house- customer revenues. Just like enables. For example, Azuri’s for the finance industry, on gies required are compatible Added to this, is the custom- holds in Africa in the last 5 years. a mortgage, it is now possible AzuriTV offering delivers a 24” how a mix of technology, with what he described as the er dimension - a power socket But that still leaves 118 million to cover the cost of providing TV with Startimes satellite sub- finance innovation and hard nation’s decentralized, stand- is only useful if you have the households without power. solar power using commercial scription, offering 33 channels work is transforming life for alone ideal for local, rural com- money to pay for the electricity In part, that is an execution debt finance that is secured on of content, plus lights, radio millions of households. munities. you use and the devices you problem but it’s also a finance the future customer revenues and other appliances coupled At its heart, providing energy want to power (like a TV and problem. A PayGo company from those solar power systems. with all the solar power and By - Azuri Technologies, is a financial, not a technical lights). So, the problem is not is deploying an asset in the In effect it is indefinitely scal- storage needed to drive them. Nigeria Isaac Anyaogu, Email: [email protected], 07037817378, Graphics: Joel Samson Friday 01 June 2018 C002D5556 BUSINESS DAY 15

COMPANIES Allianz Group acquires 8% stake in Africa Re & MARKETS Pg. 16 Company news analysis and insight Wapic Insurance PAT up 161% to N1.53bn …pays 3.2billion on claims

pion the course in sustainable in- Modestus Anaesoronye Financial highlights surance, in accordance with global best practice.” Adekoya stated further that nderwriting firm, “business sustainability remains Wapic Insurance Plc focal to our business, as Wapic rec- during the financial ognises that customers are crucial year ended 31st De- to this, and therefore, will remain cember 2017 recorded dedicated to ensuring customer aU Profit After Tax (PAT) of N1.53 as satisfaction, leveraging on technol- against N586.02 million, indicating ogy to create various touch points a 161.2 percent increase. While the through which the company can Profit Before Tax (PBT) during the interact with, listen to, understand same period rose 36 percent, mov- and anticipate customer needs and ing from N1.193 billion in 2016 to go about providing solution in ways N1.622 billion at the end of 2017. that guarantee premium customer Aigboje Aig-Imoukhuede, fulfillment through a firm strategy chairman of the Company who which ensures that Wapic becomes disclosed the performance of the the ‘most enjoyable company’ to do Company during its 59th Annual business with.” General Meeting in Lagos said According to her, consistent with risk selection. concentrate her equity investments percent of group revenue. Wapic Insurance gross earnings the strategic intentions of becoming “This positively impacted our in sectors which it understands and “We will intensify efforts to rose 9.9 percent, from N12.39 bil- the employer choice, and as part of Underwriting Profit which grew businesses with strong long-term diversify our revenue base by lion in 2016 to N13.62 billion in the the Company’s ongoing transforma- 304 percent from N381 million to growth prospects. strengthening our Ghana opera- review year. This is as gross written tion agenda to sustain insurance N1.5 billion. We recorded a strong He further stated, “with proac- tions.” premium appreciated 22.5 percent, leadership position in Sub-Sahara investment performance during the tive planning and astute timing, Adeyinka Adekoya, managing from N8.01 billion in the previous Africa, Wapic will continue to invest period, growing investment income we continue to make the needed director/CEO of the Company said year to N9.81 billion in 2017. in human capital development as a 23 percent year on year despite a financial investments to support in line with the Company’s vision Aig-Imoukhuede said “In 2017 means to attract, recruit and retain significant drop in the exchange rate our growth plans whilst keeping to ‘transform and illuminate the we grew our gross written premium the best talent, as well as grow the gains which we enjoyed in 2016.” a lid on expenses which grew 7 insurance industry for the benefit by 23 percent exceeding our annual most investment goals. He also noted that contribu- percent (less than the annual rate of our customers and other stake- growth target of 20 percent. “We are prepared to take advan- tions from its associate company of inflation). holders’, transformational leader- According to him, claims in- tage of the opportunities present Coronation Merchant Bank Limited According to him, its Nigerian ship and sustainability remains curred totaled N3.1billion in 2017 in retail business to further our remained strong validating her in- business comprising the life and Wapic’s core focus in 2018. against N2.9 billion records in 2016 expansion, Adekoya said. vestment strategy to strategically non-life franchise accounted for 87 “The company aims to cham- due to improved underwriting and

MultiChoice moves to deepen Nigeria’s over N240bn film industry Trustfund engages informal … creates talent factory in Nigeria, Kenya, Zambia sector on micro pension at furnishing 20 deserving, be provided with skillsets to dard films and tell African nar- ing Director, Trustfund Plc, at Daniel Obi young, talented Nigerians who develop their talent, connect ratives. In Nigeria, MultiChoice JOSHUA BASSEY a senstisation programme it want to work and innovate in with industry professionals and is partnering with Pan Atlantic organised in collaboration with National Union of Textile, Gar- igeria’s entertain- film and television production. tell authentic African stories University to deliver content head of the expected ment and Tailoring Workers of ment industry The applicants who must be through a comprehensive cur- and ensure the success of the guidelines for the take- Nigeria, in Lagos, explained the which contributed below 25 years must demon- riculum comprising theoretical programme. off of the micro pen- rationale of the sensitisation, 2.3 percent (about strate passion for any aspect knowledge and hands-on ex- “The African development sion scheme, Trust- NN239biliion) to Nigeria’s Gross of the industry. Those who perience in cinematography, story has long been defined by noting that it was to open up Afund Plc, one of the top Pension the minds of people within the Domestic Product (GDP) in are slightly above 25 years but editing, audio production and investment in the vast mineral Fund Administrators (PFA) has informal sector to beauty of the 2016 is receiving further lift have strong passion may be storytelling. wealth on the continent, leaving begun the sensitisation of self pension scheme. from MultiChoice Africa. The considered. The programme will be our creative industries to fend employed and other players in Da-Souza, represented by video entertainment services While Nigerian talent fac- overseen by acclaimed local for themselves on the fringes informal sector on the desir- Musa Nasir, executive direc- provider said it is investing in tory will also draw students from film & TV industry experts, of economic development for ability of keying into the pension tor, Business and Personnel Talent Factory aimed at igniting other West African countries, the Academy Directors: Njoki far too long. As a result, the film arrangement. of Trustfund, also highlighted and growing the industry into factory will also be established Muhoho in the Eastern Hub; and television industries have National Pension Commis- the long standing relationship vibrant, economic centre. in Kenya and Zambia with 20 Femi Odugbemi in the Western not developed at the same rate sion (PenCom) which regulates of Trustfund with workers and The MultiChoice Talent students each for those regions, Hub and Berry Lwando in the as other industries on the conti- the over N7 trillion Nigerian the commitment to continued Factory will involve acad- making a total of 60 students Southern Hub. nent, and not for a lack of talent, pension industry is at the verge service to contributors whether emies and Masterclasses. The passion or imagination,” says of making public the guidelines across Africa. The idea of the programme in the formal or informal sectors academy is a 12-month edu- for the micro pension scheme. MultiChoice said that the is to develop talents to produce John Ugbe, Managing Director, of the economy. The guidelines will specify the cational programme aimed MTF Academy students will quality and international stan- MultiChoice Nigeria. “Our relationship with work- modus operandi of the micro ers represented in organised pension which got introduced labour movement puts on the into the Contributory Pension Abia Poly sets up bakery, table water plant to boost IGR burden to sensitise workers in Scheme (CPS) Act 2014, as the informal sector to enable institution. that the institution has signed of Bachelor of Science (BSC) amended. them make the right choice with GODFREY OFURUM, Aba Ezionye Eboh, a professor a Memorandum of Under- degree for deserving students, It is targeted not only at regard to the micro pension,” and acting rector of the Poly- standing (MoU) with ICT as well as off-shore training expanding the scope of the CPS said Da-Souza. he management of technic, who disclosed this, University of Louisiana in for lecturers, funded by the but more importantly to allow John Adagi, president of the Abia State Polytech- while addressing staff, during the United States of America university. the largely unreached informal textile workers’ union, and Isa nic, Aba, says it has their monthly solemn assem- (USA) for an exchange pro- Eboh also revealed that sector players: artisans, tailors, Aremu, the general secretary, established a bakery bly, explained that the facilities gramme for lecturers and the university is setting up an traders, mechanics, fashion who also spoke at the event, Tand table water bottling plant, have started operation after a students. electronic library (e-library) designers etc, to benefit the lauded Trustfund’s consistent to shore up the internally gen- successful test run. The programme according for online tutorial and research pension scheme. collaboration with workers. erated revenue (IGR) of the The Rector also disclosed to him, would lead to the award resources. Helen Da-Souza, Manag- 16 BUSINESS DAY C002D5556 Friday 01 June 2018 COMPANIES & MARKETS Allianz Group acquires 8% stake in Africa Re …transaction valued at $81million

Modestus Anaesoronye in agriculture and the emerg- ers and asset managers with ing field of cyber insurance, more than 88 million retail will definitely strengthen and corporate customers. Al- llianz Group has Africa Re’s capacity to offer lianz customers benefit from signed an agree- its clients services of higher a broad range of personal ment to acquire quality,” Corneille Karekezi, and corporate insurance ser- 8 percent in Af- Africa Re’s group managing vices, ranging from property, rica’s leading director/ CEO said. life and health insurance to Areinsurer Africa Re. Under The partnership, built on assistance services to credit the terms of the agreement, mutual business support, insurance and global busi- the total cash consideration will enable co-operation in ness insurance. Allianz is payable at closing would areas of reinsurance, busi- one of the world’s largest amount to $ 81 million (Euro ness development, sharing of investors, managing over 650 69 million). best practices, risk manage- billion euros on behalf of its Niran Peiris, Member of ment tools, as well as training insurance customers while the Board of Management and technical support, espe- our asset managers Allianz of Allianz SE, responsible cially in emerging areas and Global Investors and PIMCO for Global Insurance Lines & underserved markets. manage an additional 1.4 Anglo Markets, Reinsurance, Africa Re, after 42 years trillion euros of third-party Middle East, Africa, said of operational experience on assets. the transaction, “Having the continent, has in-depth Africa Re, founded in identified Africa as one of business knowledge of the 1976 by the member states the future growth markets, African markets and an of the African Union and we continue to invest step- expansive network across African Development Bank by- step in the continent. This both regions and linguistic (ADB), has operations across investment in Africa Re is a communities, allowing it the continent. It has a diver- L-R: O’Yoma Ukueku, greenlight operations manager Nigeria, Uber; Yemi Osinbajo, vice president major milestone for Allianz’s unmatched proximity to its sified set of shareholders, in- of the federal republic of Nigeria, and Lola Kassim, general manager West Africa, Uber at the long-term growth strategy in clients. “This partnership cluding 44 African states (35 official visit of the Vice President to the Uber Greenlight Hub in Abuja recently. Africa.” Through cooperation with Africa Re is a strategi- percent), over 110 African and innovation in various ar- cally complementary one insurance and reinsurance eas, Allianz and Africa Re aim for both companies, as well companies (34 percent), the countries and territories. (Ethiopia). net income of 73 million to jointly support insurance as being beneficial to our ADB (8 percent) and non-Af- It has physical presence in Africa Re is rated “A” (Ex- euros in 2017. The Lagos- penetration in Africa and clients on the continent, rican investors (23 percent). eight locations including cellent) by AM Best and headquartered company the economic development who can rely on the support, The premier Reinsurer Lagos (Nigeria), Casablanca “A-” (Strong) by Standards has a strong share of the re- of the continent experience, and cooperation in Africa is dedicated to the (Morocco), Nairobi (Kenya), & Poor’s both with stable insurance market across the “This partnership with of both Allianz and Africa Re,” African continent and open Abidjan (Ivory Coast), Jo- outlooks. Africa Re is a grow- African continent, notably Allianz Group, a reliable Niran Peiris said. to selected markets in Asia hannesburg (South Africa), ing and profitable company in countries identified as key and strong partner with a The Allianz Group is one and Middle East. It conducts Ebene (Mauritius), Cairo with gross written premiums priorities for Allianz, such as global network, particularly of the world’s leading insur- business in more than 60 (Egypt) and Addis Ababa of 622 million euros and Kenya and Nigeria.

FrieslandCampina WAMCO partners Imperial Gaming kicks off online, in-store lotto on dairy nutrition campaign online and in-store games and Health Lottery operating to as low as 100 Naira spend, it Ifeoma Okeke has way better odds than any distribute revenue to support has also been reported that FrieslandCampina WAMCO other lotto company. health-related charities and the odds for their 5/90 game Odinaka Anudu is helping to combat non- mperial Gaming Limited, The Super Lotto brand will causes. Globally, it is a system combination is the best in communicable diseases that an online gaming compa- also offer exciting E-Games of enriching the public while the decades-long history of riesland Campina are linked to inadequate ny which was established similar to those available on raising funds to do major char- lotto in Nigeria. Thousands WAMCO, in partner- nutrition and strengthen to carry out Public Online mobile devices which offers ity projects. of potential punters are look- LotteryI business in Nigeria cash rewards to players; a While today’s Nigeria has ing forward to trying their ship with the Nutri- food security by making tion Society of Nige- milk, one of nature’s most has announced the launch of facet that has never been seen its fair share of lottery op- luck on their products; e- riaF (NSN), is spearheading comprehensive nutritional Super Lotto. seen in the gambling com- erators, it appears that a higher games, live games and the Imperial Gaming has been munity. They currently have odd lotto is being introduced regular lotto to be offered an awareness campaign for sources, more accessible to Nigerians. operating primarily in Lagos 3 e-games on their website by Super Lotto; a socially con- on the company’s soon to be dairy nutrition in celebration and they promise to add new scious organization that offers launched website. “We know that solutions State, under the supervision of this year’s World Milk Day and control of the Lagos State games each week. medical benefits, educational These category of punt- to the challenges that sur- today. Lotteries Board, with the trad- Lotteries have been in ex- scholarships and other em- ers are particularly excited World Milk Day hold round nutrition, like micro- ing name “Super Lotto”. istence for many years world- powerment programmes to that Super Lotto games can June 1 of every year, with nutrient deficiencies, lie in Super Lotto is a new wide. The modern history of its partners. be played both online and this year’s theme as ‘Raise building strong collabora- ground-breaking lotto com- lottery dates back to 1994 in Apart from a staggering in retails outlets around the a Glass.’ tions with key stakeholders pany which offers exciting the United Kingdom with The win of 46 million Naira with country. Ben Langat, managing and partners. Therefore, to director, FrieslandCampi- celebrate the World Milk Day na WAMCO said, “The this year, we are partnering Binatone offers product gift to market 6-decades of successful business acknowledgement of the with the NSN and frontlin- ers in healthcare in Nigeria inatone Internation- Binatone has developed much heat on the wrong type Every Binatone iron will be importance of milk in the al is giving out free the Binatone Magi-cloth of cloth can spoil your beauti- pre-packed with the Binatone to drive advocacy to raise global food system by WHO gifts to it numerous which they are giving away ful clothes, especially dark co- Magi-cloth. and FAO connects with the nutritional status of Ni- customers across the free to anyone who buys an loured garments where a burnt “With two-year Warranty FrieslandCampina WAM- gerians through education Bworld in commemoration of iron (steam iron or dry iron) shine can be clearly visible as and the limited period exclu- CO’s conviction that dairy on the combined benefits of the celebration of its 60th an- this year. The Binatone Magi- a result of overheating, stating sive 10 percent discount Nige- plays an important role in nutrition and daily exercise,” niversary this year. cloth has been specially de- that is what this new product rian consumers could not have supplying essential nutri- he said. Prasun Banerjee, managing signed to absorb the extra heat will help to address. a better time to buy a Binatone ents for daily wellbeing for He also assured that the director of Global Appliances that would otherwise spoil According to Banerjee, Bi- iron.A generous 10 percent all stages of life.” company would continue to (Nigeria) Ltd, sole distributors an expensive, dress, shirt or natone currently offers its Nige- discount on almost the entire Langat said that the com- enhance the local milk value of Binatone in Nigeria said suit, prolonging its life.” he rian customers 11 iron models range of Binatone products pany’s mission statement chain and promote its ‘Grass the special free gift known as disclosed. to select from, a situation which being enjoyed by customers via of ‘nourishing Nigerians to Glass’ philosophy through “Binatone Magi-cloth” is meant “It is commonly known that he said gives the consumers an leading retailers such as Game, with quality dairy nutri- its Dairy Development Pro- to say “Thank you” to all its loyal any pressing iron can damage enviable choice stressing that Shoprite, Spar, Cash & Carry tion’ finds expression in how gramme (DDP). customers. clothes if used incorrectly. Too during this anniversary year, and others. Friday 01 June 2018 C002D5556 BUSINESS DAY 17 COMPANIES & MARKETS Tru-DATA is solution to identity Business Event theft –says Tripple Gee boss The Executive Vice Chairman, Chief Gbade Giwa Tripple Gee & Company Plc, a Central Bank of Nigeria licensed security printing firm recently unveiled a new product called Tru -Data that prevents identity theft, protects brands among other thing. Its executive vice chairman, Gbade Giwa in this interview with journalist shares his thought on the new product. Excerpt: How would describe the until there are problems when level of electronic frauds your letter heads have been and identity theft in Nigeria? forged and used to defraud he level of elec- your customers. L-R: Iyke Ejimofor, executive secretary, Nigeria South Africa Chamber of Commerce; Kikelomo tronic fraud and Tripple Gee appears to Longe, principal, Capital Alliance of Nigeria Limited; Azwianewi Mbezi, vice-consul, South African identity theft in the only security-printing High Commission; Japhet Duru, acting MD, Old Mutual General Insurance Company Nigeria Nigeria is assum- company listed on the Ni- Limited; Bola Adegbonmire, CEO, Lemuel Technologies Ltd and the former business group leader ing alarming pro- gerian Stock Exchange. How for africa collaboration, Cisco Systems; Bobby Moroe, acting South African High Commissioner Tportion in relation to the has experience been? to Nigeria; Foluso Phillips, chairman, Nigeria South Africa Chamber of Commerce; Darkey Africa, growth of digital era in our Tripple Gee & Company consul general of South Africa to Nigeria; Chris Kapanga, group CEO, Old Mutual West Africa, day to day life. In addition and Keith Alford, MD/CEO, Old Mutual Life Assurance Company Limited, at the NSACC breakfast Plc was one of the first in- forum sponsored by Old Mutual. to that is the falsification of digenous security printers university degree certificates, accredited by Central Bank birth certificates, NYSC cer- of Nigeria (CBN). Tripple Gee tificates and so on. Gbade Giwa has also been a member of In- What do you think en- ternational Security Printers courages people to embark ment. So that if Mr. Y steals Mr. Association for over 20 years. on this kind of crime? Z’s certificate, it is only Mr. Z’s It is not surprising therefore, Generally speaking, picture that will pop up when that we are the only one in this criminals often weigh their our reader app – which can be category currently listed in the chances of success before downloaded from Goggle Play NSE. Our experience over the embarking on criminal activi- Store for free- is used to scan years has been good and we ties. To discourage criminal the document. are glad to say that we have attacks, efforts should be This product is a revolu- complied with all the post list- made on eliminating success tionary product and unique. ing requirements of the NSE. rate of criminal attacks on It also serves to protect brands What are some of the identity theft. of product, for example, it challenges you face as an How can we reduce or can be used to encrypt the indigenous company? eliminate identity theft? authenticity of Fast Moving Challenges are there for L-R: Tasiu Gidari-Wudil, vice president, Nigerian Society of Engineers (NSE); Ademola Olorunfemi, There are several ways, Consumer Goods (FMCG) every organisation to pass former president of the Society; Adekunke Mokuolu, president, Nigerian Society of Engineers and one way which Tripple by encrypting and confirm- through whether indigenous (NSE); Kola Balogun, chairman, Momas Electricity Metering Manufacturing Company Limited Gee & Company Plc has pi- ing the genuineness of the or foreign; though indigenous (MEMMCOL), and Chinyere Igwegbe, national executive committee member, Nigerian Society of loted, is to take the important product, expiry dates and companies may have greater Engineers, during the commissioning of the new Momas Metering School held at the MEMMCOL factory, Orimerunmu Village, Mowe, Ogun State. data in the documents which other information you may challenges. Having been in es- are often subjects of attacks wish the product to carry. tablishment for over 40 years, to higher level by encrypting This verification is possible we can confidently say, we are this critical data on the sensi- on the spot. You do not need here to stay. tive documents. Such that if any data or internet connec- How can the govern- Mr. A. steals or fraudulently tion to get instant result. It ment assist to improve the attacks the document of Mr. is highly recommended for performance of companies B, which is encrypted with those interested in protecting like yours? tru-DATA software, Mr. A will their products or do product The federal government be shamed at the point he verification. has started well by passing wants to take value, when the Are there no similar the Local Content Law, which encryption is now decrypt- products already in the enables certain jobs in oil and ed by tru-DATA, which will market. What makes this gas industry to be given to clearly show the face of Mr. B. product unique? indigenous companies. The In other words, if all issuers of To the best of my knowl- problem areas are with the sensitive documents such as edge as at today, there are no various government agencies universities, tertiary institu- similar products of the same which have refused to change tions, NYSC, or even national capacity in the market. tru- their ways. For example, I identity cards are encrypted DATA has 172 times greater cannot see the reason why From left (back role) Mrs kemi Aina, Head, Customer Experience Management; Mrs Funmilayo with tru-DATA software, it capacity than HD Barcode Independent National Elec- Falola, Head, Brand and Marketing Communications; Mr Moruf Oseni, Executive Director, Retail will be impossible for identity toral Commission (INEC) and Mrs Folake Sanu, Executive Director, Lagos, all of Wema Bank PLC with children from some regular 2D barcode. It can selected schools during Children’s day celebration organised by the bank in Lagos recently. thieves to get value as the true also absorb 10 pages of A4 is still printing our general owners of the instrument will paper; it can take images election papers abroad. I be revealed on the spot. This and you can even encrypt zip would like to see INEC print will go a long way to discour- files. These qualities make this all election papers in Nigeria age the practice, reduce and product unique as at today. just as CBN has directed that eliminate ID theft. Tripple Gee will continue to all cheques should be printed Tripple Gee has intro- upgrade the product from locally. This will improve and duced a product in that time to time. boost our Gross Domestic direction, tell us about this Generally how will you Product(GDP) and local ca- product? rate the security documents pacities. Tripple Gee & Company printing industry in Nigeria? What is you general mes- Plc has spent the past 12 Security print industry sage to all your stakeholders, years to develop a product in in Nigeria is only appreci- customers and shareholders this direction. It is called tru- ated by a few who know the in particular? DATA. What tru-DATA does importance of security and My message to all our is that it encrypts the true in- perhaps, that is why some stakeholders is that better formation on the instrument organisations do not appre- days are ahead and the new or those it intends to carry ciate the fact that even their initiative embarked upon particularly the critical ones. letter heads and invoices are by the company, which are L-R: Lynda Amaechi, head, retail & Airtel Express Shops (AES), Airtel Nigeria; Oladokun Oye, What is more, the encryption prone to attack by fraudsters. already yielding results will can also carry the image of head of direct sales, Airtel Nigeria; Tajudeen Akande, president, Lagos Country Club, and Chief The level of awareness can be propel our company to greater Ola Ogunmekan, member of Lagos Country Club during the presentation of 2018 Sports Award to the true owner of the docu- better. We do not need to wait heights. Airtel Nigeria for its financial support to Sports Development in Lagos Country Club, Ikeja. Lagos. 18 BUSINESS DAY C002D5556 Friday 01 June 2018 FINTECH News Products Review Technology Review Personality Review Company Review

TECHNOLOGY REVIEW Nigeria lags as mobile money adoption drives financial inclusion to 43% in SSA

Stories by FRANK ELEANYA cial services providers that mobile money’s potential to began in 2012 to 2016 have drive financial inclusion given led to 7.2 million new digital that 43 percent of adults now he growing attrac- financial services in Africa, have an account, an increase tion and adoption 45,000 new banking agents, from 34 percent in 2014. By of mobile money and $300 million in monthly way of comparison the share services across transactions. of adults in the region with a sub-Saharan Af- Although West Africa was financial institution account Trican (SSA) has seen a 43 singled out as the new growth barely budged while the share percent growth in individu- market in the report, Nige- with a mobile money account als with access to financial ria failed to make the cut of almost doubled – to 21 percent. services. potential markets to watch. While mobile money ac- Growth in Nigeria, how- Meanwhile, the countries counts in the frontline coun- ever, is not keeping up with pulling the most weights in tries grew by double digits, peers in the region, disclosed the entire sub-Saharan re- Nigeria only saw a 6 percent a new report ‘Future of Fi- gion are Burkina Faso, Cote increase in 2017. nancial Inclusion in Africa’, d’Ivoire, Gabon, Kenya, Sen- “The need for greater ac- released by the International egal, Tanzania, Uganda, and cess to finance is clear. Of the Finance Corporation (IFC) Zimbabwe. 66 million Nigerian adults in May 2018. The number of “Banks in the sub-region who save, less than half do so financially excluded people are increasingly forming part- with a financial institution; in the country grew by 2.1 rural dwellers – particularly Bank of Nigeria’s ‘Guidelines ranging from small fintech nerships with mobile money one-third of Nigerians bor- percent to 40.1 million while female and younger people on Mobile Money Services in start-ups to large retail banks operators to offer accessible row money, but this is nearly microfinance bank clients living in the northern region Nigeria’ published in 2009, after an extended qualifica- and affordable services be- all done informally,” the IFC shrunk by a third. In addi- of the country – remain ex- which specifically excluded tion process. yond the historical target report noted. tion, both non-bank financial cluded. mobile network operators Mobile money adoption market, and are investing in It recommended support institutions and informal sec- “The slow uptake of digital from providing mobile mon- by adults within the SSA their own digital operations for widespread availability of tors have shrunk in the last financial services is princi- ey,” IFC noted. region grew by 21 percent. to build new ways of banking,” mobile wallets if Nigeria will two years. pally due to the unforeseen The apex bank later is- IFC disclosed that partner- IFC explained. attain its 2030 sustainable A large number of Nigeria’s consequences of the Central sued licenses to 24 companies ship with 14 African finan- The report also highlights development goals.

NEWS Cheaper cost of e-transactions to spike access to financial services egulators, Nigerian mobile money agents across include transactions, pay- “The people that regula- “We need to know whether customers are charged N100 banks and financial the country also needs to be ments, savings, credit and tors are pushing to go and the people who are finan- for such transactions. In that technology (Fin- addressed to grow the num- insurance, delivered in a do it are not the right people. cially excluded really want to sense, a potential customer tech) firms can col- ber of people using financial responsible way. Financial inclusion is not be included,” said Adebanjo that may want to transact Rlaborate to reduce the cost of services. Tackling the two One of the experts Deji for profit, it requires a lot of Omokehinde, director at Mas- N1000 will need to pay 10 electronic transactions that challenges can see the rate of Oguntonande, head Fin- money and perhaps could tercard. “They are spending percent which does not look customers bear in order to financial inclusiveness rise to tech GTBank, said during a later become profitable,” more money and they think attractive. attract millions of Nigerians 90 percent. panel session, that financial Oguntonande said. they do not have a problem.” Julius Wanyaga, head Dig- that are unbanked. Experts The World Bank defines inclusion programmes must He also highlighted the However, Adedeji Olowe, ital Banking FCMB said Nige- said this at the Techpoint financial inclusion as that begin by asking the question, major role of the govern- a partner with Open Banking ria need to borrow a leaf from Inspire Conference that held situation where individuals do the people want to be ment in driving sustainable Nigeria said it will take the Kenya which has dealt with in Lagos on Tuesday, May and businesses have access banked? Finding out what the financial inclusion growth. reduction of transaction cost the challenge of distribution. 29, 2018. to useful and affordable fi- people that are supposedly The government, according to truly compel compliance. “Inclusion is about sorting Apart from cheaper cost nancial products and ser- unbanked want, holds the key to him, can enforce the use For instance, it cost the aver- out the distribution problem. of transactions, the challenge vices that meet their needs. to creating products tailored of certain payment services age Nigerian bank N10 to do The products need to get to of inequitable distribution of These financial services could to their specific needs. on specific transactions. an interbank transfer but the the people,” Wanyaga said. Friday 01 June 2018 C002D5556 BUSINESS DAY 19

IMPACT INVESTING In Association With Impact Investing Comparatives: Examining the Nigerian and S/African Landscape

Innocent Unah & Finance Corporation disbursed almost $10 billion in South Africa, half of the Abisinuola David-Olusa investments made in the Southern region. Many non-DFIs made direct investments in the financial services, igeria is the fourteenth which accounted for 34 per cent of the most attractive invest- total capital employed, while more ment destination in Af- than half of the non-DFI deals were rica according to Africa made in the energy sector. DFI direct Investment Index. With investments made in the energy sector aN population of more than 190 mil- accounted for 37 per cent of the total lion people (the median age of 17.9 capital employed. years) and GDP of Nigeria is the largest Over half of non-DFI investments economy in Africa. have been under $5 million. The most According to the Global Impact common deals came under $250,000 Investing Network report 2015, Nigeria as 95 per cent of capital deployed was dominates the West African impact accounted for by deals over $10 mil- investing sphere with 28 active impact lion. Over half of DFI deals are below investors, which includes 8 develop- $5 million. Unlike the rest of the region, ment finance institutions (DFI) inves- non-DFI investors show preference tors and 20 non-DFI and. From 2005 for equity instruments as equity ac- to 2015, $1.9 billion was injected into counts for almost 90 per cent of capital the country via 181 direct investments disbursed. and about $2 billion via 54 indirect Lessons learned investments. South Africa is the economic and DFIs invest majorly in large deals financial capital of the southern region. with focus on energy, manufacturing The country has higher concentration and ICT sectors; direct investments in of impact investors than Nigeria. With these sectors accounted for 68 per cent about 32 local impact investors who of capital. have headquarters and an additional Non-DFIs strongly favour financial 26 regional investors that have local services as investments in this sector offices in the country, the number of accounted for 65 per cent of capital impact investors here is larger than the deployed with microfinance making number in Nigeria, which has just 28 up half of these investments. Non-DFI impact investors of which only seven capital is concentrated in deals between have local presence. $1-5 million range but majority of deals The reason for this Impact In- were less than $1 million although typi- vesting ecosystem disparity in both cally held by a single investor. Almost all countries is because until recently DFI investments are made through debt in Nigeria, pension funds were not as this is less risky, it allows for more permitted to make private equity passive management and a clearer exit investments. This placed a restriction path. Non-DFIs also use significant on the growth of the impact investing debt, but they also use equity and industry, barring capital inflow into quasi-equity instruments. Quasi-equity impact investing vehicles, unlike in guards against the risk of early stage South Africa. enterprises and allows investors take Another reason for the disparity advantage of the rapid growth usually is that institutional investors seem to associated with growth firms. be unfamiliarity with the concept of Challenges faced by impact inves- impact investing. Hence, institutional tors in Nigeria investors (and even HNIs) tend to have Due to the fact that the impact negative perception towards investing investing society in Nigeria is small in in funds that focus on social and envi- comparison to the country’s popula- ronmental impact, not realising that tion and due also to the fact that few investing in these sectors could also be investors are located in Nigeria, the consistent with their return objectives. impact investing sector in Nigeria has In post-apartheid South Africa however, struggled. Major challenges this sector investors have always made investment has faced include the following: decisions with the mind-set of empow- • Lack of acquaintance with ering the society. the concept of venture capital or private For Nigeria to bridge this gap in the equity, which enterprises to find it dif- industry, efforts need to be focused ficult to agree to equity investments, on outreach efforts towards attracting preferring to ‘be in charge’ rather than because of its ability to increase food Situational Analysis capital. The $4.9 billion of non-DFI HNIs and Institutional investors to lose control even though their busi- security. Investors that are willing to South Africa is the sixth most attrac- capital was spread across 307 deals impact investing, targeted education nesses would become bigger. attain in-depth understanding of the tive investment destination in Africa by 46 unique investors. 25 of these and awareness creation on the subject. • There is difficulty in finding agriculture value chains and be able to according to Africa Investment Index. 46 investors have their headquarters This way, the investors will gain better exit options from investments when provide the needed finance will benefit Being the second-largest economy in in South Africa, while additional 8 understanding of how they can create required because the financial market from its exciting prospects. Africa, the country is a suitable com- investors have local offices in the impact and how this impact can also is not properly developed. Investors • Infrastructure and energy: parison with Nigeria with respect to the country. The $24.2 billion DFI capital help them achieve their desired finan- would prefer to see an Initial Public For DFIs that have the ability to invest state of impact investing. was spread across over 7,000 deals. cial return. Offering as a frequently used mode of in large deals, investments in power Also the largest single market in There are over 12 national DFIs in Furthermore, analysts have sug- exit. plants, roads, ports and other major in- the Southern Africa, South- Africa South Africa of which the major gested that the Nigerian pension law Perceived opportunities for de- frastructure represent a critical support accounts for 74 per cent of all capital ones are: Industrial Development needs to be amended to allow pension ploying capital in Nigeria to the economy. For non-DFIs, there deployed in the Southern region and Corporation and Development Bank funds to make significant equity invest- High-potential sectors for deploying are small scale energy solutions such the largest impact investment mar- of South Africa, these domestic DFIs ments in impact projects. According to impact capital in Nigeria include: as renewable energy solutions which ket on the African continent, which have invested over $14 billion. them, this would create access to a large • Agricultural sector: This sec- provide interesting opportunities. amounts to $4.9 billion from non- International DFIs such as African pool of funds that could be channelled tor is viewed as a high potential sector South-Africa: Impact Investing DFI capital and $24.2 billion for DFI Development Bank and International to impact investing. 20 BUSINESS DAY C002D5556 Friday 01 June 2018

INSIGHTS FROM LEADING HMOs IN NIGERIA ‘Health insurance regulatory environment needs a complete overhaul’ LEKE OSHUNNIYI is the chief executive officer and director AIICO Multishield Healthcare Nigeria. In this interview with BusinessDay’s OBOKOH ANTHONIA, he talked about the country’s health insurance industry. Excerpts:

hat are the health value chain, financing of What impact has the recent events and cir- care probably accounts for about economic recovery had on cumstances 10 per cent of the entire value the Health Insurance and that led to the chain, whilst provision accounts Healthcare Industry in Ni- establishment for 50 per cent and training 10 per geria? of AIICO Multishield? cent. The remainder is shared The economy is on the path to re- WComparable with many similar by the other sub-sectors. The covery; it has not yet recovered, undertakings, the circumstances premiums for the private man- and may not reach 2014 levels were multi-factorial. As you may aged care component in Nigeria for a few years. Economists will have deduced from our intro- average about N30, 000 to N40, tell you that medical businesses ductory discussions, my back- 000 per annum. At the current tend to be agnostic of business ground is in medical practice. exchange rate, this equates to cycles and models of Govern- The practice I worked for was about $100 per annum. Yet ment. However, what we have very innovative, and sometime most of our therapeutics and seen locally is that the economic in the mid-eighties, we struck consumables are imported. In downturn has meant people are a health insurance agreement comparison, the average annual less likely to pay premiums and with the Nigerian subsidiary of premium for health insurance more likely to resist increases an American company to provide in the USA hit $10,345 in 2016, thereof. Also the cost of care de- medical cover for a whole year, for a hundred-fold difference. Fur- livery by providers has skyrock- about 200 employees for the sum thermore, less than 4 per cent eted. HMOs have been caught in of N50, 000. To put that amount of approximately 180 million the middle of these two effects of into perspective, that could have Nigerians are enrolled with a the recession. bought 4 luxury saloon cars at the health plan. time. In line with the longstand- On a global scale, it has been What are the current trends ing convention in the USA, the estimated that Sub-Saharan Afri- prevalent in the industry? company wanted to budget for ca (SSA) bears up to a dispropor- There is stagnation in the indus- health, rather than leave staff Leke Oshunniyi tionate 24 per cent of the global try. The efforts of the HMO -um healthcare as an open-ended disease burden, but struggles brella body, the Health and Man- expense item as was and still is Insurance providers in Ni- industry? with 3 per cent of the world’s aged Care Association of Nigeria the practice with many corpora- geria, do tells us about Mul- Everything leads back to the health workers and less than 1 (HMCAN), under the leadership tions here. tishield’s achievements and regulatory environment. Which per cent of the world’s finance. of our chairman, Tunde Ladele, We were able to run the pro- contributions to healthcare brings us to the question - What Divide these figures by a factor have been geared towards the gramme successfully in the first in the country? makes Good Regulation? In his of 4, which is the approximate repeal and re-enactment of Act year and subsequently. The net We were licensed as one of the seminal paper on the subject population ratio of Nigeria to the 35 of 1999. Perhaps due to a effect was that all the top prac- 8 pioneer health maintenance written in 2007, Stavros B. Thom- whole SSA, it gives you an idea of lack of experience or insincer- titioners in the practice became companies in Nigeria. Since then, adakis summarised the attributes the long road we have to travel. ity on the part of the authors of lifelong advocates of health insur- we have been at the forefront of of good regulation as follows: this piece of legislation, it was ance. Since we were all active in innovations in the industry. The The first attribute is that there an unsound statute from the provision of Managed Care for What is your evaluation of the Association of General and is a shared agreement within the the Healthcare Industry in day it was passed. HMCAN has Private Medical Practitioners of Youth Corpers in their service regulatory and policy communi- worked tirelessly for a modifica- year was one of our corporate ini- Nigeria today vis-à-vis the Nigeria (AGPMPN), we were able ties and with key stakeholders on country’s counterparts in tion of the law since the day it to collaborate with other frontline tiatives which was adopted by the the generic attributes of good- was enacted. It is reflective of our NYSC Directorate and operated the West African region and private medical practitioners and quality regulation. Secondly, in Africa? aggregate attitude to health in the Nigerian Medical Association for several years until funding for there is timely feedback on how I am not conversant with the Nigeria that there has been such to convince the then Minister of the project was stopped. regulatory regimes are perform- policies in our Francophone little progress in over 18 years. In Health, the late great Professor AIICO Multishield was also ing in practice, relative to these neighbours, but the efforts of our the meantime the Pension Act Olikoye Ransome-Kuti to initiate the first HMO to digitalise en- attributes. Thirdly, there is the Anglophone neighbour, Ghana, was passed in 2004, amended in protocols for national adoption. rollee access to healthcare and capacity to evaluate the feed- have been well publicized. Gha- 2014, and there are indications The process was exceedingly the management of the benefit back – to sort the wheat from the na appears to be much more that a further modification is slow, but by the mid-nineties, it packages. Being a subsidiary of chaff – and a willingness to act determined to achieve Univer- in the offing. The past few years was obvious to industry watchers the insurance giant, the AIICO when the situation requires it, sal Health Coverage than we have been a period of learning, that the enactment of a decree Insurance Plc, we have been able based on empirical evidence and are, even though the regulatory and we hope that lessons learnt to regulate the operations of the to roll-out bundled or combined sound judgment. Our regulatory statute was passed into law in can be incorporated into a new fledgling health insurance in- life and healthcare products for environment in the industry is 2003, a full four years after the law which will usher in an era dustry was imminent. Added to the benefit of thousands of our in need of a complete overhaul. Nigerian equivalent; indeed they of exponential growth in the that, was the accelerating global customers. Only then can we begin to discuss came to Nigeria to learn about industry. trend of incorporating health If you look at page 103 of the policy-making and execution by the industry. What Ghana did, Economic Recovery and Growth pooling mechanisms (or health regulators. included the establishment of a Where do you see the indus- insurance) in health funding Plan document of the Federal schedule of contributions from Republic of Nigeria, you will find try in the near to medium strategies. As an industry expert, please workers and the setting aside of terms in terms of competi- AIICO Multishield was one mentioned under Programme 32 provide an overview on the 2.5 per cent of the price of certain (Roll out of Universal Health Cov- tion, growth and develop- of several HMOs incorporated Health & Managed Care mar- goods as part of Value Added Tax ment? during this period in anticipa- erage), the item “Scale up Mobile ket in terms of the value- (this accounts for 70 per cent of Without the appropriate legal tion of the official flag-off of the Health Insurance to provide chain, sectoral development, the funding). Little wonder then, framework, issues of growth and industry in Nigeria. It is pertinent coverage for the poor”. I am very industry premiums, and mar- that Ghana has a health insur- development will remain moot to note that we started operations proud to say AIICO Multishield ket size? ance enrolment compliance of points. As for competition, with- in 1997, two years before the en- Ltd was an integral part of the The health value chain is quite over 40 per cent of the popula- out a new law, there would be a actment of the Decree (now Act) team that conceptualized and extensive, including: provision tion. Incredibly, Ghana’s perfor- bitter struggle by operators to 35 of 1999. We are happy to be operated Mobile Health Insur- of healthcare, training of health mance in this regard is beggared capture the patronage of the less celebrating our 20th Anniversary ance, a global first. workers, financing of care, manu- by the achievement of Rwanda than 4 per cent of the population this year. facturing of pharmaceuticals/ with which has achieved 96 per enrolled. A price war could well How has policy-making and consumables and their distribu- cent health insurance coverage ensue, and the outcome, even for As one of the foremost Health execution by regulators in- tion and retailing. in a few short years. the victor would be pyrrhic. fluenced operations in the If you take sub-sectors of the Friday 01 June 2018 C002D5556 BUSINESS DAY 21

Doctors express readiness to comply Causes of snoring and with the treatment of gunshot victims’ ways for remedy MICHEAL ANI of people snore, experts say that ANTHONIA OBOKOH snoring is not normal. Snoring is a ust about everyone snores at one sign that something is wrong with takeholders in the health- time or the other through their the way we are breathing while we care sector have express Jlife time for different reasons, sleep. There are several options for willingness to comply with some people snore on a regular treating snoring, but you first must the Federal Government basis and this disrupts the quality of have accepted that it is a problem, recent authorisation of their sleep. and then decide that it is worth the medical practitioner to treat all Snoring is the harsh buzzing while treating. S sound some of us make when we’re gunshot victims without a police • Change your sleep position: asleep. Changing your sleep position is an clearance Nigerian Police. Experts say this could lead to easy self-help step that you can take The authorisation bill which was daytime fatigue, irritability and some to help you stop snoring. Lying on enacted in 2009 by the National As- health problems too. It could also your back makes the base of your sembly and passed into law in 2017, create some major emotional issues. tongue and soft palate collapse to mandated compulsory treatment, Snoring happens when you can’t the back of your throat, causing you protection and care for victims’ of move air freely through your nose to snore. gun in Nigeria and also prescribe and throat while sleeping. This makes Lying on your side might help you penalties for violators. the surrounding tissue vibrate, there- correct that. Some doctors, who spoke to Busi- Lagos said, “I will treat a patient would do is to stabilizer the patient by producing the familiar snoring Daniel P. slaughter, MD, an oto- nessDay, commended the government with a gunshot; because there is a before any other proceeds with the sound. laryngologist and snoring expert at for making the treatment of gunshots vic- law backing it up which requires police,” Catherine Mbakwe, medical People who snore regularly often Capital Otolaryngology in Austin, tims before a police report compulsory. reporting cases to the nearest police practitioner based in Abuja said. have too much throat and nasal Texas, recommends a full length pil- Ojo Sikiru a medical practitio- station within two (2) hours of com- Also, Oge Ilegbune, head of strat- tissue or floppy tissue that is more low that supports your entire body ner based in Lagos, said the recent mencement of treatment and the egy, Development and Outreach at prone to vibrating. The position of as this will enable you maintain reversed law to treat all victims of Nigeria Medical Association (NMA) Lakeshore Cancer Centre, said as the tongue can also get in the way sleeping on your side and can make gunshot before providing a police has also given position on it.” that the outreach centre already has of smooth breathing. a tangible difference. report, give doctors the opportunity According to section C 7351-7 a specialist to treat gunshot victims. It is important to understand the You should also try to elevate your to save the life of the patient first. of the bill mandated every hospital “When a patient arrives as we are cause behind your snoring because head by four inches as this may ease different people snore for different He stated that it is a welcome au- in the country to give immediate the closet centre, we will stop the breathing and encourage your jaw and adequate treatment with or bleeding, put a drip and then refer reasons. Understanding why one and tongue to move forward. thorisation by the government and snore would help one find the right If snoring continues regardless of all doctors are willing to comply. without a police statement. to the nearest specialist hospital solutions that will help one get a bet- “Yes, I would treat a gunshot because the victim needs a proper the sleep position then it is advised Similarly, Akinkunmi Akinkun- ter and quieter sleep. Some common that you see your doctor mi, a medical practitioner at Lagos patient. It is life first because life is attention from a specialist which we causes of snoring are. • Lose weight: losing a little bit of University Teaching Hospital LUTH, a fundamental right. The much I cannot render at our clinic,” he said. • Sleeping posture: Certain pos- weight can reduce the fatty tissues in tures while sleeping can cause snor- the back of the throat, and decrease ing like sleeping flat on your back. or even stop snoring. However, When you sleep flat on your back, slaughter opines that weight loss 7 essential tips before a Pap test it causes the flesh of your throat to does not work for everybody; after No vaginal ‘visitors’: These in- pap smear, ask the doctor. Preferably relax and block the airways. all, thin people snore too. CATHERINE MBAKWE clude no sexual intercourse, no write them down (in your phone or • Age: As a person grows older If you gained weight and started douching (not advisable for the he Pap smear (Pap test) is a diary) before your test date so that (middle age and beyond), the throat snoring, when you did not snore vagina at all), no tampons, no you do not forget. Discuss previous becomes narrower and the muscle before then weight loss may help. screening test for cancer of medication, no vaginal lubrication the cervix, often called ‘neck Pap smear results especially the tone in the throat decreases. ü Practice good sleep hygiene: T or cream for two days before your • Alcohol and Smoking: Alcohol poor sleep habits also known as poor of the womb’. It identifies the pre- abnormal ones. test date. These ‘visitors’ tend to Finally, ask for result collection intake and smoking can cause snor- sleep hygiene can lead to snoring. For cancerous and cancerous stages of interfere with the cervical tissue cervical cancer. date. ing. Smoking irritates the tissue in example, when you work long hours and thus, may mask the Pap smear However, to understand more the throat, this leads to inflamma- without enough sleep and you finally Regular cervical screening is an result. effective way of preventing cancer about cervical cancer and why Pap tion that causes snoring. Alcohol hit the sack, you would be over tired. Dress comfy: The test involves smears: relaxes the muscles of the upper This makes you sleep deep and hard of the cervix. It can be done every getting undress down below, so 3 - 5 years depending on your age Do you know that cervical cancer airway which can become floppy and the muscles become floppier, kindly wear clothes that are easy to kills over 250,000 women globally? and make noises while you breathe which causes snoring. and your doctor’s prescription. get in and out of (to make it an easy For most women, it sounds hazy 85 per cent of the deaths occur in when sleeping. • Avoid Alcohol and Sedatives; something). Dresses and skirts are low and middle income nations like • Being overweight or out of alcohol and sedatives reduce the and uncomfortable when it comes quite ideal. to tests involving anything below Nigeria, it originating from uterine shape: Fatty tissues and poor muscle resting tones of your muscles mak- Do a pee: The test might make cervix, the neck of the womb, which tone are major contributions to snor- ing if more likely for you to snore. the belt. But it is a rather simple one quite uncomfortable with an test that needs nothing more than is located at the lower end of the ing. You might not be overweight Researches have shown that drink- urge to urinate, so endeavour to uterus extending into the upper part generally, carrying excess weight ing alcohol four to five hours before an appointment and your presence. use the restroom before the test So to get the best of every Pap test, of the vagina. around your neck and throat can sleeping makes snoring worse, and procedure. Cervical cancer usually starts cause snoring. that people who did not snore before here are tips: Not painful at all: There might Get an appointment at the right with changes to the cells of the cer- • Nasal and Sinus Problem. Blocked will snore after drinking alcohol. be some discomfort during the test vix, called dysplasia. airways or stuffy nose can make inha- • Open your nasal passage: If you time: Avoid booking an appoint- but be reassured it not a painful ment during your menses or imme- Symptoms are heavy vaginal lation difficult and create a vacuum in snore from your nose, keeping your procedure. So relax. bleeding or discharge (more than the throat leading to snoring. nasal passages open may help. If your diately after (you could be turned Ask all “questions’: If you have down at the clinic because of this). usual), bleeding after sex, between • The way a person is built: A nose is clogged or blocked due to things you need to clarify about periods or after a pelvic exam, pain person’s physiological make up can cold or other blockages, fast- moving So aim for a week before or after cervical screening test and cervical your menses. during sex or urination be a reason for snoring. For instance, air is more likely to produce snoring. cancer especially if it is your first Men have narrower air passage than You can have a hot bath before going women and are more likely to snore. to bed and while you are having your Dano sets for Guinness World Record with longest drinks-pouring relay Physical features like a narrower bath, do not forget to rinse out your throat, a cleft palate, enlarged ad- nose while you are at it. evered dairy advocate, Dano body.” June 1. enoids can contribute to snoring and Other things one can do to stop milk is set to break into the “We will be partnering the Nutri- Ifunanya Obiakor, marketing man- these features are often hereditary. snoring include changing of ones Rbooks of Guinness World tion Society of Nigeria (NSN), Lagos ager, Dano, said that the organisation • Medications: Certain medications pillow at least every six months to Records as it prepares to celebrate State Ministries of Health and Educa- is championing the World Milk Day such as tranquilisers like Lorazepam keep dust mites away, keeping ones the 2018 World Milk Day in Nigeria. tion to initiate and drive conversations celebrations as a foremost advocate of and Diazepam can increase muscle bedroom air moist, what the food Occupying a strategic position this year with #RaiseAGlass & #Nour- dairy nutrition. relaxation leading to snoring. These one eat before going to bed as heavy on Dano’s plans for the celebration ishNaija,” Burmester said. “Dano Milk’s association with the medications relax the tone of the meals, dairy foods or soya milk have is the longest drinks-pouring relay Beyond setting a new record in World Milk Day is part of our strategic muscles in the neck and chest making been shown by research to make which will break the existing record the segment, Dano milk is keen on initiatives to position milk as a source the work of breathing more difficult. snoring worse. for a similar feat. intensifying conversations on milk- of good nutrition in Nigeria. Our com- • Sleeping Disorders: Snoring One can also try an anti-snoring In a statement made available, drinking and healthy living. mitment to milk consumption also in- could indicate a sleep disorder. Sleep mouth appliance. Mads Burmester, managing direc- The record will be set at a special spires us to provide high-quality dairy Apnea is one of those disorders. It is Experts recommend exercise, as tor, said “one of our creative steps World Milk Day celebration in Lagos products for the Nigerian consumer,” a serious sleep disorder where your this can help reduce snoring even if to boosting the 2018 World Milk Day with key members of the public such Obiakor said. breathing is briefly interrupted many it doesn’t lead to weight loss. When is a Guinness Record event that will as office of the first lady Lagos State, The World Milk Day, a significant times each night and you experience you tone various muscles in your not only serve as a means to engage representatives of the Ministry of day created by the Food and Agricul- breaks in your sleep, sometimes with- body, you also tone the muscles in our customers but also emphasize Health, State Ministry of Education ture Organization (FAO) is celebrated out realising it. your throat, which in turn can lead the importance of milk to the human and Nutrition Society of Nigeria on annually on June 1st. Even though quite a number to less snoring.

HBL TEAM ANTHONIA OBOKOH, Editor, [email protected]. ANI MICHAEL, Reporters I David Ogar, Graphics Reporters 22 BUSINESS DAY C002D5556 Friday 01 June 2018

Nigeria’s best highlife, MultiChoice announces Pan-African cultural dance talents compete for N2 million initiative for film, television industry star prize … Call for entry opens May 30th … As Hi-life Fest sets to shut down Enugu experts. In West Africa, Femi Odugbemi Stories by OBINNA EMELIKE tellar performances, amazing has been appointed as the Academy stagecraft and lively raucous Director for the hub. audience have become the hall- “Professional training is key to suc- marks of the HiLife Fest, with ultiChoice Africa, the cess in any occupation. We need inter- moreS excitement to be witnessed by the continent’s leading ventions like the MTF so that emerging audience and residents of Enugu when video entertainment filmmakers are better equipped in the the grand finale hits the beautiful coal services provider, has creative processes that have scholar- city of Enugu tomorrow, June 2, 2018. announced a bold ship and technology at their founda- HiLife Fest is an initiative of Life Con- newM Pan-African social investment ini- tion,” says Odugbemi, MTF Academy tinental Lager Beer towards contributing tiative - the MultiChoice Talent Factory Director for West Africa. He adds: “We to the promotion and sustainability of (MTF) - aimed at igniting and growing must consciously build capacity so that highlife music culture among the young Africa’s creative industries into vibrant our next-generation filmmakers and generation in Eastern Nigeria. and economic centres. producers can also create wealth and The talent hunt, which aims at The announcement was made at create employment by being entrepre- celebrating the heritage of Igbo people Multichoice head office in Victoria neurs as well.” through music has featured a plethora Island, Lagos on Wednesday May 30, During the course of the pro- of talented acts from seven state audi- 2018. L-R: Seyi Shay, hip hop singer; Bovi, comedian; Sola Mogaji, Globacom’s gramme, MTF Academy students will senior manager, events and sponsorship; and Deepak Sharawat of Globacom’s tions. The fight for the star prize of N2 “The African development story produce television and film content that marketing department, at The Headies Awards 2018, where Globacom company million has reached its peak after several has long been defined by investment will be aired on our local M-Net chan- mentorship sessions. won the Power Brand Support Award for its contribution to the development of nels across the MultiChoice platforms in the vast mineral wealth on the con- the music industry. Emmanuel Agu, portfolio manager, tinent, leaving our creative industries including; Africa Magic, Maisha Magic Mainstream Lager and Stout Brands, to fend for themselves on the fringes East, Maisha Magic Bongo, Zambezi Nigerian Breweries, said, HiLife Fest of economic development for far too He further states, “There is no better touch points that launch throughout the Magic, M-Net and SuperSport to reach is a show of the commitment of Life long. As a result, the film and televi- time than now; this being MultiChoice’s year, the MTF academies, Masterclasses African audiences on the DStv and Continental Lager beer, to continue sion industries have not developed 25th year of operations in Nigeria, for a and the MTF Portal. The first to launch GOtv platforms. Upon graduation promoting and propagating the beauti- at the same rate as other industries project of this scope to concretize what is the MTF Academy, a 12-month from the MultiChoice Talent Factory ful heritage of the Igbo people through on the continent, and not for a lack of we stand for as an organisation, as it lays educational programme aimed at fur- Academy, the MTF student will leave highlife music. talent, passion or imagination,” says a foundation that will foster economic nishing 60 deserving, young, talented the Academy with the knowledge and “We understand how much these John Ugbe, managing director, Multi- growth for tomorrow’s leaders, and by people who want to work and innovate skills to contribute professionally to the classic tunes mean to the consumers Choice Nigeria. “We are abundantly extension our continent. in film and television production. film and television industry. and are delighted to bring this music blessed in these areas, however, the For over two decades, MultiChoice The MTF Academy students will be MultiChoice is calling all aspiring fest to them. Seeing all the honed talents, space given for this expression has at has been committed to investing in provided with skillsets to develop their young film & TV creatives to apply for and the beautiful performances at the best been limited and at worst, been the development of original African talent, connect with industry profes- the MTF Academy from May 30,2018, quarter and semifinal concerts, has been relegated to the fringes of the main- programming and showcasing it on the sionals and tell authentic African stories on www.multichoicetalentfactory. a joy to behold and we look forward to stream economy, leaving in its wake, DStv and GOtv platforms across 49 sub- through a comprehensive curriculum com. The Call for Entry will close on working with the winners in managing unfulfilled dreams, unexplored talent Saharan African countries. The launch comprising theoretical knowledge and July 5, 2018. The 60 post-school MTF their talent and preserving the beautiful and unwritten stories. As an African of MTF forms part of the company’s hands-on experience in cinematog- students (20 for each region) – will be highlife culture,” said Agu. business, MultiChoice, together with new strategy of furthering this invest- raphy, editing, audio production and selected from 13 African countries Speaking ahead of the event, Bright our valued partners and stakeholders ment through creating shared value storytelling. The programme will take where MultiChoice operates and will Chimezie, a highlife maestro, said, “All across the continent, have collaborated by using its core business resources, place at three regional MTF Academies have an exciting opportunity to hone the cities we have been to for the festival to make a positive socio-economic people, skills and networks to affect a based in Nigeria for West Africa, Kenya their television and film production have featured very talented artistes. It impact in the communities we live and positive change in society that yields for East Africa and Zambia for Southern skills in the company of industry experts will be interesting to see who eventually work through the MultiChoice Talent benefits for the business and society. African countries and will be overseen during the year-long programme that emerges the winner at the grand finale. Factory initiative.” The MTF initiative will deliver three by acclaimed local film & TV industry will begin on October 1, 2018. I want to emphasize even more on the unity that this competition represents for the Igbo people and the country at large. Beyond whoever wins, the ultimate goal Zanzibar International Film Festival unveils nominations for 2018 is to celebrate the Igbo culture through highlife music.” …as nine Nigerian films make the list The Indigenous highlife music com- he Zanzibar International Ugandan filmmakers submitting 55 some films selected will shake the egories of the competition except petition took the talent hunt to Onitsha Film Festival (ZIFF) has films, 54 from Kenya, and Tanzania power systems and old mentalities the Swahili category, which is open in the past weekend where the remain- announced the official 31. and that is what cinema is all about, to East African countries. ing contestants slugged it out for a place selection of films in com- The films in selection cross challenging perceptions and imag- Two Nigerian movies made the in the finals including; five groups in the Tpetition for 2018. The festival will a broad spectrum of topics and ining a different world. Feature Films category of the main traditional dance category and 10 sing- take place in various venues in and genres and represent over 40 coun- Finally, I am glad to see the po- competition. They are Hakkunde by ers in the highlife music category. around Stone Town Zanzibar from tries including; Tanzania, Kenya, tentiality of the cinema industry in Asurf Oluseyi and Kasala by Emma Competing for the Hi-life music July 7 – 15, 2018. Uganda, Rwanda South Africa, East Africa, and I have to mention Edosio, while Afia Attack: Trad- category are; Dons Ifeanyi Frank (Anam- This year, which is the 21st edi- Nigeria, Sierra Leone, Iraq, West- particularly the creativity of young ing Behind Enemy Line by Ujuaku bra), Kalapi Ojuka (Port-Harcout), Em- tion of the festival, saw a record ern Sahara, Niger, Iran, The United Tanzanian filmmakers that through Akukwe made the Documentary manuel Agbom (Delta), Uwazie Chuks number of entries across all catego- States, France, Ghana, Belgium, their short films are truly showing Films category. Arthur (Imo), Chinedu Obiajulu Ada- ries with over 4,000 film submitted Tunisia, Swaziland, India, United the new wave of cinema in Tanza- In the Short Films category, Chi (Enugu) while the traditional dance across the various entry platforms. Kingdom among others. nia. We invite all cinema lovers to Armstrong by Omoruyi Irabor, category will feature Kanaowo Dance It also witnessed a marked increase On the selection process and join us this year in Zanzibar”. Still Water Runs Deep by Abbesi group (Port-Harcourt), Noel Cultural in the amount of documentaries the final line-up, Fabrizio Colombo, However, a total of nine Nigeria Akhamie and Visions by Abba T. Entertainment (Ebonyi), Asinodricks submitted, with over 800 being en- the festival director, said,“The sheer films were nominated in four cat- Makama, C.J. Obasi and Michael Africa (Imo) and Umuchiziri Egwu Cul- tered for consideration. With nearly number of film submissions for Gouken Omonua, are flying the Ni- tural Dance (Enugu). 400 features being submitted, the ZIFF 2018 was a surprise. It is re- gerian flag. Enugu hopes one of her own will win selection process for 2018 was ex- warding to see how much our fes- As well, “CRUSH” by Stephens, the grand prize. The locals will be look- tremely difficult. tival is growing and is attracting so Dawn of Thunder by Kolawole and ing to make up for last year’s surprise Entries were also received from many filmmakers around the world, Got Flowers Today by Jibril made when Chibest David from Owerri made all over the world with submissions but especially from our continent. the African Animation Films cat- headlines with his victory at the maiden coming from over 140 countries, We tried to stick close to our theme egory. edition of the the Fest. with the USA and India leading the for this year, celebrating the courage The official selection for Best The Enugu finals will feature perfor- number of submissions. East Afri- of many filmmakers who are telling Web, TV, and Student films, accord- mances from Onyeka Owenu, Phyno, can filmmakers have also shown the truth and speaking out for posi- ing to the festival director, would be Bright Chimezie, Obiligbo Brothers, amazing interest in ZIFF with tive change in this world. Surely, A scene from Afia Attack announced shortly. Tipsy Kelvano and Chibest David. Friday 01 June 2018 C002D5556 BUSINESS DAY 23 Business Etiquette Movie review – Breaking in “the with Janet Adetu determination of a mother” abrielle Union did put out a Stressed & v e r y goodG show in this Burnt Out? new family, drama n economic challeng- reading what you do not have found yours. Take a and thriller movie. es times like we are need moment a re-strategize your The movie was nice experiencing today iii. Seeking picture per- personal goals and precise, telling us one can only hold on fection your best is still not In a day and or week 60% tight to their existing good enough or more time is spent work- of the experience of job.I The rate at which un- iv. Neglecting yourself ing for the busy one. How do one small family who employment is going not – physically, mentally, you spend your weekends? decided to go visit to mention the sudden loss emotionally and psycho- Do you play /party hard her late dads county of jobs for many, the feel- logically still adding to being burnt home, after he had ing is quite scary. Inspite of v. Doing anything and out? passed on, only to this you get the feeling that everything Multi-tasking Maybe it is time to watch some people are working vi. Reinventing the al- your lifestyle. find out some hood- in such a manner that you ready detailed Will lums were already in wonder is laziness a bug Life waits for no one they Take the burnt Out Test the house looking for or are they not so aligned say and you should try to Kindly answer Some- the huge amount of with the corporate vision live your best life each day. If times, Always or Not always money abandoned by or could it possibly be that you are feeling symptoms of 1. I have plenty of quality indeed that are truly burnt being burnt out the immedi- time with the people who her father. The movie out. Some still walk around ate action is to recognize it matter to me revealed the length in a lackadaisical manner, and act on it never leave for 2. I rarely talk about work a mother can go to some are not sure of what another day. related matters at home safe her family. What is expected of them while 3. I am rarely over- a good movie for the others want the pay but do whole family to watch. not fancy the work. Times have changed The movie was writ- Cast: Gabrielle Union, Billy Burke, Richard now if some could get two ten by Ran Engle and Cabral, Ajiona Alexus, Levi Meaden, Jason jobs that would grab it hap- directed by James George and many more pily. McTeigue, they did During my corporate work quiet hard in put- Ratings: PG13 (for violence, menace, bloody trainings I hear participants images, sexual references and brief strong express the stress they ex- ting up a good movie. perience on the job and Although it was all languages) being stuck in the catch 24 about one night and it Genre: Mystery & Suspense) situation with no way out. was just one location Directed by: James McTeigue It is again at times like this that company’s must man- used all through the Written by: Ryan Engle movie, they did work age their resources to curtail 88 mins heavy overhead costs so of intensively to make it Time: Studio: Universal Pictures course many people find look so real and excit- themselves doing the job of ing. They had a good two at time more. Chances Strategic Remedies for Be- whelmed or over committed production, a few are you will be experiencing ing Burnt 4. I have never felt burnt good cast and a per- tiful, gigantic home at she got her kids back the burnt out syndrome. i. Rest Rest Rest you can out or exhausted Somehow for many people fect setting (the tech- the country side. They safe and sound. never get enough of it just 5. I always have manage- being overworked is inevi- find the time by force able to do list and I am on nology that was inbuilt had no neighbors To my verdict I table because it is a case of ii. Delegate No man is an top of my assignment in the house was abso- and the house was so would say this movie the survival of the fittest, island share where you can 6. Most of my days are gen- lutely top-notch). The lonely. The agent was deserves an 8/10, they but all to the detriment of be a team player it is the end erally free for me to schedule producers were good meant to come around did put up a very good good health. Sadly, we see the result that matters. the things I need to do in making sure that we to inspect the place, movie, displaying to it everyday people experi- iii. Don’t turn your bed- 7. I always make time for encing all sorts of ailments stayed excited and en- so that they could put us the extent a mother room into a boardroom exercise and do so several like cancer, diabetes, stroke, leave work at work you are times a week tertained all through the house up for sale. can go, to safe her kids. arthritis and cardio vascular already brain fatigued 8. My family have never the one scene movie. Little did she know A few lessons to be occurrences at young ages iv. No a powerful word been upset with me about Breaking in start- that some hoodlums learnt and the show of and the age keeps drop- not used when it should be, how much time I spend ed calmly and then had made their way technology displayed ping too. have genuine reasons and working. My work-life bal- Being burnt out does picked up, a few min- in, to look for the safe in this house were re- use when you have to ance is good not necessarily mean hav- v. Your Physical Fitness 9. Life is good and I feel utes later. So Gabri- where her dad has ally good. ing so much workload, it are you taking care of it fully in control elle Union who was saved a huge amount Feel free to review could also be your mis- regularly not once in a blue 10. I am conscientious the lead actor played of money? It was after any movie of your management of time and moon? Do regular exercise about going on leave and the role of mum as a few hours she found choice in not more your unconscious levels of even if it is only walking always take my annual leave “Shaun Russell”. She out that some strang- than 200 words, please procrastination. around you vicicnity? allocation on the days that So what could you be do- had 2kids a boy and a ers were in the house send us a mail to lin- vi. Your Wellbeing Fit- I want ing that is making you feel ness try to consume healthy girl and she was hap- and she was locked da@businessdayon- burnt out? foods more often as your Please send your results pily married. She re- outside. She was very line.com and stand a wellbeing is key. Stay to [email protected]. ceived a message that strong and coura- chance to win a free Signs of Being Burnt Out healthy, wealthy and wise. I will personal respond her dad, who she re- geous, all through the movie ticket. i. Are you working when vii. Working with prior- with your score. you should be resting we ally didn’t communi- night she sought ways ity manage your time well This test is important are all victims trying to meet and do that which is sched- why not try it out and see if cate much with, was of going in and dealt up with deadline uled for the day don’t waste your life is out of balance. late, so she had to go with these four men, Linda Ochugbua ii. Are you taking on time on trivials visit their lovely, beau- one after the other; till @lindaochugbua more than you can chew viii. Worklife balance Goodluck! 24 BUSINESS DAY Friday 01 June 2018 AgriBusinessInsight Send in News content and your Commentaries Market Insights Analysis Commentaries Experts/Industry Views Commodities watch Policy Reviews to [email protected]

Market Insights Expert Views Agribusiness opportunities Nigeria Maximizing the Agricultural Value Chains (1) may be missing out in exports From there backwards, the OLUSOJI APAMPA, data image gets somewhat Country Director, The Business blurred. How may maize CALEB OJEWALE Innovation Facility (BIF). farmers do we have in Twiiter: @calebtinolu Twitter: @Sojapa E-Mail: Soji. Nigeria? Where are they [email protected] located? What have their ften time, yields been over the last few when people seasons? What tonnage can want to invest he Nigeria Investment we forecast to be available for in agriculture, Promotion Council all uses? What tonnage will they express T(NIPC) headed by the be available to the industrial frustrationO over inability very dynamic Ms. Yewande segment of the market? Will to identify just where the Sadiku, just concluded its there be enough of the right opportunities are. 1st Direct Investor Summit variety e.g. yellow maize, the Audu Ogbeh, the in Nigeria (DISN). The event type with kernel size greater minister of agriculture in was very well attended all than 10mm for this processor an address at BusinessDay’s through and very engaging to buy? What quality standard Agribusiness and Food till very end. When can we certify the produce Security Summit a few weeks participants “complain” will meet in terms of microbe ago, had identified areas of about not having enough load, impurities, aflatoxins, opportunity which he said time to go into the depth chemical residues and so on? Nigerian ‘agropreneurs’ they would have liked, and Can we trace exactly where could leverage on the unmet sorghum are part of items in when aircrafts where coming already in Gombe state linger well beyond the time each bag of maize has come demand. dispute. The Chinese have from all over the world. I where according to him allotted for sessions, it is from and can we attest to it This article presents these a preference for the hybrid didn’t see anything from “there are lots of goats usually a testament to the that it has been produced in areas of opportunities as soybean from Nigeria, and Nigeria and I left there visibly here”. Others who are so good match between their sustainable ways e.g. meeting explained by the minister, will like us to sell them two upset, and yet we have inclined may want to check interests and the topics as the sustainability standards in what could be described million tonnes of soybean some of the finest mangoes, out the state, in addition well as choice of speakers, of bodies like the Rainforest as an optimistic view. per annum. That is quite a avocado pears, and oranges to the international cattle from whom they would like Alliance? Subsequently, a few of these place to do some business. rotting away in our farms. market in Potiskum. But to “mine” information more We are unable to address areas will be discussed in- They also want sorghum. We Why aren’t we part of that this is of course, after doing thoroughly. these data challenges at depth to know just how also export sesame seed to business? It is because we due diligence to secure the This was my experience the moment as there are feasible it is for Nigerians to many parts of the world, yet didn’t bother on account of required off takers in the at the breakout session no public repositories with utilise those opportunities, not producing enough. oil and gas,” said Ogbeh. middle-east. on “Maximizing the comprehensive, accurate and up-to-date information and perhaps, what needs to “We are also required Five areas that could Ogbeh also mentioned Agricultural Value Chains.” be done if the situation will to sell fruits to the rest of rice production, which The topic has stuck with me that could be mined for such be identified from this business intelligence. Why is be remedied. the world. Nigeria is the are: could have made our list and still rings in my head. According to Ogbeh; in only country in the tropics Goat carcases (required in six, but we will leave it out I am also wondering how this so? We have traditionally the Middle East they are whose fruits are not readily the Middle east) for now. Nigeria’s agricultural value focused on production and asking us to export goat available in European Soybean Next week we’ll examine chains could successfully aggregation (of produce meat to them, 120 thousand markets because we have Sorghum how feasible it is for potential transit from being driven like in the case of Maize), in carcases a week of goat. Who not bothered to develop Sesame seed Nigerian agropreneurs to predominantly by ways that do not necessarily is going to rear the goats? that market. I went to the Fruits (especially for take advantage of these subsistence farming into a overcome the constraints Farmers! London fruits market once, European markets) opportunities, and in the well-oiled machine driven to achieving scale in both There is a small quarrel accompanied by a young After the summit, at least event the verdict is not quite by modern agribusiness. I productivity, and quality between the United States boy from Ondo state. We one person who spoke with positive, we will endeavour will start with the conclusion practices of our subsistence and China, soybeans and went at 2 in the morning, Agribusiness Insight was to chart a way forward. from the session, which farmers. Yes, there have been was that to maximize the very many interventions, but agricultural value chains in the structural problems have Expert Views Nigeria, they would have not been fixed in ways that to be SMART data-driven, embed the lessons towards unlocking the comparative continuous improvement. Using social media to drive youth participation in agribusiness advantage we have in each Market intelligence of our location in Nigeria. smallholder (subsistence OLUWAFEMI ABIOYE, • As a tool for quick Each location has its farmers) remains weak so they do not necessarily produce Co-Founder/CEO, Agricmedia information sharing agribusiness value chains numerous advantages that unique footprint (soil types, on specific topic such as rainfall patterns, humidity what industrial buyers are • Means of conducting comes with it, however seeking; coordination of he entrance of group or forum discussion levels and so on) which and/or participating in there must be deliberate determines what crops/ smallholders remains weak social media to the on Maize Farming, Fish online trainings (free or efforts to “recruit” the livestock should do best as secondary data on who is Tcommunication world Farming, Lives Stock, Poultry commercial) youths into this venture as well as what pests and farming what, where, when, has eased and increased Farming etc Also, we expect to see the if it must succeed. The diseases have to be controlled how and to what levels of interaction among people, • Social media as Agricultural sector coming youths who account and what strategies success is still missing so and this is influencing the way means of quick financial up with more innovative for more than half the need to be employed to transparency, accuracy agriculture and agribusiness discussion and review for agribusiness solutions population of Nigeria make the agricultural and structure is largely are practiced worldwide. agro commodities. through the use of mobile can successfully drive venture sustainable in all missing from smallholder Agriculture is core in the • The tool can be used for ramifications of the term, engagement. The lack apps that will cater to the the agricultural sector if of coordination hampers economic growth of any nation remote farm monitoring; this “sustainable.” Climate smart influx of young people into shown the “how to do it” agriculture is one thing, access to services like inputs, because of the inevitability of is a good tool for youths or the industry. via the social media. another is agriculture that finance and good logistics its potentials while the youths investors using agriculture as The youth agriculturalists This is an important is basically smart enough and this in turn hampers are the efficient workforce of means of alternative income in Nigeria must tap the factor because the social to be commercially viable the efficient aggregation every nation. • Social Media as benefits of the social media media is the most effective for the entire chain from of produce for commodity The integration of social means for agro trading and in order to change the face means to communicate producers to processors and trading. The absence of a media with agriculture, investment of agricultural practice in with the youths as they consumers. Warehouse Receipts System can serve as an important • Agriculture extension Nigeria and avoid being spend most of their time For example, consumers and good trading platforms new tool for agriculture/ services could be easily left out of global trends. accessing one platform may have a certain taste in means Industrial buyers agribusiness development. conducted via social media breakfast cereal made from can’t access a futures market Nigerian youths should of the other. Since the and their supply chains in More so, considering the fact • Agribusiness maize and the processor, a constantly use the social social media has the business entity can currently agricultural raw materials that social media, is the most investment solutions and media to collect ideas and major platforms youth forecast what that demand remains insecure thereby effective means to engage tracking through mobile app share knowledge on various use for communication, looks like in terms of product hampering investment. the youths in agricultural/ • Breaking the barriers of farming techniques globally, then government, investors to be placed on the market The Business Innovation agribusiness pursuits. rural urban migrations and reach out for opinions. and farmers should use it and from the perspective of Facility (BIF), has grappled The possible ways • Weather monitoring for It is glaring that to introduce the “catch- tonnage of maize supplies with these challenges and of using social media in agricultural services agricultural development them-young strategy” and that must be available for will present some of the Agriculture and Agribusiness • Using social media is of great importance to return the youth back to processing operations to solutions to these challenges in the next article. development include: as a means of practicing a nation because of the Agriculture. meet the forecasted demand. Friday 01 June 2018 BUSINESS DAY 25 Hotels

Lagos hotel market welcomes Franjane Suites Top BusinessDay Partner Hotels

chairman of the hotel, said Stories by the hotel was established OBINNA EMELIKE as a result of commitment, determination and grace Four Point Hotels he Lagos ho- considering the high cost tel market wit- (Oniru Chiefatancy of building materials in the Estate,Lekki) nessed another country as it took a period addition to its of three years plus to com- burgeoning of- plete the project. feringsT recently as Franjane The chairman gave as- Royal Suites opened its Transcorp Hilton Abuja surance that the security 1 Aguiyi Ironsi Street Maitama, doors to discerning guests of guests and safety are and residents alike. Abuja guaranteed. Tel: +234-708-060-3000 Located in Okota, Isolo ‘’Franjane is in partner- in Lagos, the 40-room hotel ship with the government opened with a promise to security agents. Apart from change affordable luxury that, we also have our in- and personal offerings house security department in the hospitality sector well-trained to deliver ser- The Wheatbaker against the thinking that vice”, he assured. #4 Onitolo(Lawrence Road), luxury is obtainable only Ikoyi, Lagos. es take guests thro and fro business. Explaining the rationale in certain places on Lagos for the name of the hotel, Tel: 01 277 3560 Island. the airport, especially dur- “We ask the Almighty ing arrival and departure. God to bless the founder, the chairman said FranJane Beyond the 40 exqui- is coined from his name sitely furnished rooms, The new hotel prides of who in his business wisdom Hawthorn Suites by its 140 well-motivated staff has created job opportuni- Francis and Jane, his wife’s Franjane Royal Suites offers name. Wyndham Abuja modern facilities that aid that are trained and com- ties for Nigerians from dif- 1 Uke St, Garki, Abuja. mitted to offering guests ferent parts of the country, The ambitious business- Tel: +234 9 4603900, +234 leisure, business conve- man is hopeful of sustain- nience and peace of mind memorable experiences. as well as, adding value to 805 7522500 ing the FranJane brand and for guests. At the opening ceremo- the nation’s gross domestic ny of the three-storey hotel product.’’ further expanding its reach From its beautiful re- across Lagos and beyond. ception, well-stocked bar, on May 26, 2018, James Going by the quality of Olushola Odedeji, the lord the facilities on ground, However, residents of restaurant, lounges among No. 20 Hamidu Williams other facilities that support bishop, Anglican Diocese the Anglican Bishop said of Lagos West, who led the he was confident that the Street, Off Canal Estate experiential lodging, the Road, Okota, where the InterContinental Lagos newly opened hotel is out entourage of other men hotel would enjoy good Plot 52, Kofo Abayomi St, of God to the dedication, patronage. “Travellers will hotel is located, are the first Lagos to meet its guests’ needs. beneficiaries of the hotel’s Guests who want to see congratulated the founder find Franjane Royal Suites Tel: 01 236 6666 of the hotel for his vision in enjoyable because what corporate social respon- beyond the hotel surround- sibility with the tarring of ings are encouraged on city establishing a value adding they are looking for are business and prayed God available in the hotel”. the street of the host com- tours with special SUVs and munity and installation of security, while shuttles bus- for sustainability of the Francis Okeke, founder / Radisson Blu Hotel Ikeja street lights. #38/40 Isaac John St, Ikeja GRA100271, Ikeja Tel: +234-908-780 5555

Transcorp Hilton Abuja appoints Ahmed Abdeghafar as hotel manager ranscorp Hilton leadership skills to lead the 2013 he had a successful ten- he completed the Hilton Abuja has an- hotel team to achieve success ure as cluster revenue man- General Manager training nounced the ap- for all stakeholders. Ahmed’s ager for the three top scale programme successfully in pointment of passion and aptitude for the Hilton hotels in Seychelles. 2016. Best Western Hotel TAhmed Abdelghafar as the job was further confirmed He then set up the first busi- “In his over three years Hotels 12, Allen Avenue hotel manager. Until his ap- through his nomination for ness development cluster at Transcorp Hilton Abuja, C/O Funmi (Front Office Man- pointment, Ahmed was the Hilton Young Leader Award in Indian Ocean where he Ahmed has built a track re- ager) hotel’s director of business in 2009 and 2010. held the position of cluster cord for success, providing development. In his new Ahmed gained experi- director of business devel- leadership for our award- role, Ahmed will oversee the ence at one of the largest Hil- opment for the three Hilton winning commercial team,” daily operations of the hotel ton Hotels in Egypt (Hilton properties in Seychelles from said Etienne Gailliez, Hilton in addition to leading the Hurghada Long Beach with 2013 until 2015. Ahmed was Country General Manager, commercial team. 912 Rooms) where he held appointed the director of Nigeria. “Ahmed is a perfect “We are excited about various positions including; business development at fit for his new role as we Protea Hotel (GRA Ikeja) the appointment of Ahmed front office manager and rev- the iconic Transcorp Hilton continue to transform the GRA Ikeja as Hotel Manager, and are enue manager. From 2011 to Abuja in January 2015 where hotel and create exceptional confident that his industry experiences for our guests.” knowledge, strong leader- In his remarks about his ship skills and extensive appointment, Ahmed said, hospitality experience will “Working with Hilton for usher in a new chapter for much of my career has been our hotel’’ said Valentine a great learning experience Ozigbo, MD/CEO, Transcorp which has given me a deep Protea Hotel (V/Island) Hotels Plc. understanding of the Hilton Off Ajose Adeogun Street, V/ Ahmed brings to his new business structure. I am ex- Island role significant international cited about the opportunity hospitality leadership ex- to build on the solid structure perience spanning over 14 at the prestigious Transcorp years with Hilton. During this Hilton Abuja and I look for- period, he held a number of ward to working with the managerial roles in front of- team to deliver the best guest fice, revenue and business experiences”. development in Egypt, In- An Egypt national, dian Ocean and Nigeria. His Ahmed is happily married to Radisson Blu Anchorage core focus for the overall suc- Ingrid Tyson from Seychelles Hotel cess of a hotel is the use of in- Islands and they have a son, 1A,Ozumba Mbadiwe,Victoria terpersonal, managerial and Ahmed Abdeghafar Malek. Island. 26 BUSINESS DAY Friday 01 June 2018 CityFile Benue outlaws same sex marriage

enue House of Assembly has passed a bill to prohibit mar- riage contract of same sex in the state. BCited as Same Sex Marriage Prohi- bition Law, 2018, the bill was passed on Wednesday at plenary after a clause by clause consideration by the committee of the whole presided by the speaker, Terkimbi Ikyange. According to the bill, “a marriage contract or civil union entered into between persons of same sex shall not be solemnised in a church, mosque or any other place of worship in Benue’’. The bill also prohibited the regis- tration or recognition of gay clubs, societies and organisations, their sustenance, procession and meet- ing as well as public show of same sex amorous relationship directly or AIICO Insurance Plc marking 2018 Children’s Day. indirectly. It stipulated that any person who entered into a same sex marriage contract or civil union commits an offence and is liable on conviction to a term of 14 years imprisonment. Women in 774 LGAs to benefit Speaking after the third reading of the bill, the speaker said same sex union was alien to the culture and tradition of the state and has to be from Dangote’s N10bn grant prohibited. Recall that former President Good- luck Jonathan signed into law the bill JOSHUA BASSEY with agency report which outlawed same sex marriage in …disbursement begins in Nasarawa Nigeria on January 7, 2014, in defi- housands of women across the launched a few years back, was targeted ciaries in their local communities. ance of protests from some countries, 774 Local Government Areas at a minimum of 1,000 women in each According to him, the beneficiaries’ groups and activists. (NAN) (LGAs) across the country are of the 774 local government areas of the accounts have been credited with the to benefit from the N10 billion country. grant and that the bank’s agents have micro-grant scheme being “It is estimated that we will spend been adequately trained and mobilised packaged by the Dangote Foundation. T about N10 billion on the scheme, some to provide the beneficiaries with the Herdsman charged The scheme is meant to empower states with large population will get a basic banking activities. the disadvantaged and vulnerable in little bit more than others,” said Dangote. “The foundation and the Access bank the society. The scheme commenced in with destruction of Dangote started the foundation in team will be going to each of the 13 local Nasarawa State on Wednesday, with the 1993 to encourage social and economic government areas in Nasarawa State to disbursement of N130 million to 13,000 changes through strategic investment distribute the cards to the selected ben- N4m cassava farm women. and interventions with the aim to im- eficiaries in order to be able to redeem Aliko Dangote, chairman of the foun- n 18-year-old herdsman, prove the lives of the less privileged and their cash,” Dangote said. Mohammadu Suraju, whose dation, while flagging-off the disburse- engender economic growth. Governor Umaru Al-Makura com- cattle allegedly destroyed a ment in Lafia, said it was one of the com- According to Dangote, the four major mended Dongote for the gesture, de- N4 million cassava farm, has ponents of the economic empowerment goals of the foundation are -health and scribing it as strategic, considering Abeen before an Ado Ekiti Chief Mag- programme of the foundation. According nutrition, education, economic empow- the hardship currently pervading the istrate Court. to him, the grant would provide the vul- erment and disaster relief. society. The police prosecutor, Johnson nerable with an unconditional N10, 000 He said the foundation was partner- “The efforts of the foundation is in Okunade, told the court that the ac- cash transfer to boost their household ing with Access bank to open bank ac- tandem with the Federal Government’s cused committed the offence on May income generation. counts for the all the 13,000 beneficiaries social investment programme aimed at 15 at Igede farm settlement. “This we believe will help the benefi- in the state, so they can be issued with providing succor to the aged, vulnerable He alleged that the accused unlaw- ciaries meet their livelihood needs,” he customised debit cards, the essence be- groups and the poorest of the poor in the fully grazed his cattle on the farmland said, adding that the scheme, which was belonging to Andy Ochumba and de- ing to introduce banking to the benefi- society,” he said. stroyed cassava valued at N4 million. The offence contravened sections 2 and 7 of the Prohibition of Cattle and other Ruminants Grazing in Ekiti State NAPTIP, ECOWAS partner against human trafficking (as amended) of 2018. The prosecutor had requested the court to remand the accused and KEHINDE AKINTOLA, Abuja According to her, more needs to be profiling, identification and evacuation asked for adjournment to enable him done for improvement because we are of stranded Nigerians and also trafficked to study the case file and present his ational Agency for the Prohibi- not yet where we should be with cases persons around the world. witnesses at the next hearing date. tion of Trafficking in Persons of human trafficking. “We are concerned with only those The accused, who appeared in (NAPTIP) is to partner with Okah-Donli said: “NAPTIP is on a that are trafficked; we are making plans court on Wednesday, pleaded not ECOWAS to profile and iden- mission to change the narrative of hu- to having bigger meeting with ECOWAS. Ntify migrants to tackle the challenge of man trafficking around the world and Trafficking is endemic in West Africa, we guilty to the charge and his lawyer, Chris Omokhafe, requested the court human trafficking. also change the global perspective about have started a fact finding mission before to grant him bail with a promise that Julie Okah-Donli, the director-general Nigeria. we can talk of profiling and evacuation.” he would not jump bail. of NAPTIP who disclosed this in Abuja, We cannot fold our hands while the She decried the ploy by people to traf- The magistrate, Adesoji Adegboye, said that partnership between the two population of our promising youths is fic unsuspecting persons under the guise in his ruling, granted the accused bail agencies became imperative because of being depleted on daily basis by some of supporters club to the forthcoming in the sum of N250,000 with one surety the need to reduce the scourge of traf- heartless persons. The agency is present- World Cup in Russia. Okah-Donli said in like sum, and adjourned the case ficking not just in the sub-region, but ly fine-tuning plans to launch Operation that there was need for cooperation by all until July 13 for hearing. NAN globally. Rescue Them; a project that will involve and sundry to combat human trafficking. Friday 01 June 2018 C002D5556 BUSINESS DAY 27 NEWS FEATURE Vehicle towing officials constitute menace for motorist at MMIA

IFEOMA OKEKE any airport users who drive to the Murtala Mu- hammed In- ternationalM Airport (MMIA), Lagos have many gory tales to tell about the nefarious ac- tivities of individuals suppos- edly employed by the Federal Airports Authority of Nigeria (FAAN) to check indiscrimi- nate parking of vehicles at thoroughfares around the airport. The objective of towing vehicles that park indiscrimi- nately or around places not designated for parking was to put an end to such excesses, where motorists block the busy roads, causing traffic gridlock and forcing people to miss their flights. The concession of towing vehicles was predicated on the believe that it would leave the roads open and at the same Murtala Muhammed International Airport time the penalty charge would be used to sustain the people damage any vehicle they tow. Motorists who drive into the friend. He however informed down the tow chain, threaten- who do the job. Businessday also learnt car park, even without parking me that I should have parked ing to tow my car away. They FAAN some years ago de- that their charges are arbitrary are welcomed by hoodlums at the new car park. I immedi- said once they towed the car I cided to concession the towing because there is no specific who either tow the vehicles ately told him that seeing these would have to pay N25,000 at of vehicles, as the agency saw it charge for offences commit- or forcefully drive in the car. A hundreds of cars, I taught this their office and that even then, also as a way to generate money. ted. Parking vehicles at the non sum of N10,500 are collected park is functioning. Not know- I would not get the car out until But because of the calibre designated parking areas can from each car they towed in ing that those cars parked there Monday. of people employed by the attract from N5,000 to N15000. and N5,500 for the cars they belongs to staff (it was their “One of them forced the car concessionaire, the well con- This is contrary to the laid drive in. bait). key from my hands and drove ceived idea is being abused down rules by FAAN, which BusinessDay’s checks also “While making attempt to the car to a corner , parked by the workers who simply specified penalties that should show that rather than issue drive off, they immediately and asked me what I wanted saw the job as another work be paid. FAAN receipt to the motorists brought a towing vehicle to tow to do. He said I should give him for touts. Motorists have continued paying, a receipt bearing the my car. They are four now four N10,000 and go away quietly They harass motorists, to face untold harassments, name ‘Y Michika Nig Ltd’ is in number, their appearance is instead of having them tow the forcefully tow and damage intimidation and extortions by issued to them. so frightening. They said they car away, paying N25,000 and their vehicle, exhibiting arbi- airport authorities in partner- Abiodun Ojurongbe, one of most tow the car.” then having to leave my car in trary powers that are inclem- ship with touts at the MMIA the motorists who fell victim Ojurongbe who insisted his their office until Monday as ent for airport environment. old car park over what it claims of the exploitation shared his car will not be towed, had his their ticketing people did not Many people who had gone ‘Illegal parking.’ story with BusinessDay. “I car driven in and paid a sum work on Sundays. He eventu- through the experience told A visit by BusinessDay to went to drop a friend who was of N5,500. ally extorted N5,000 from me Businessday that the vehicle the old car park last week show traveling out of the country Another motorist at the air- before allowing me to go with towing workers flaunt so much that FAAN since the construc- at the International airports, port also shared his experience my car. I eventually found out powers as if they are not ac- tion of the new car park has while he was going to check in with BusinessDay. “I went to that the place was not a re- countable to anyone and no failed to put a sign board or and was to come back to meet the Airport at about 2pm on stricted area and that was why one checks their excesses. any form of direction, indicat- me in the car for short discus- Sunday May 24. I went to ATM the ATM point was there.” Beyond monitoring the ing that passengers are not sion prior to the time his plan point opposite MM2 on the However, Henrietta Yakubu, busy roads to ensure they are allowed to drive in or park at will be taken off, I turned to road leading to FAAN quarters General Manager, Corporate not blocked, these workers the location. park at the first car park (seeing and the staff school. Communications, FAAN told seize vehicles parked at offices As a result, hundreds of mo- several cars park there, I taught “As I stopped by the ATM, a BusinessDay that she wasn’t at the airport, they sneak in on torist fall victim of the ‘snare’ by it was also functioning). tow truck with no registration aware of these issues and she people who park their vehicles these touts who compel people “While I was parking (not plates rushed to block my car. was going to reach the airport far away from the terminals to pay exorbitantly where they up to 15 sec.) a man came to Three men with menacing manager at the international and jack up the vehicle with ought to be guided on govern- asked me to identify myself. I demeanors jumped out of airport to find out what was bad towing vans that surely ment property. told him that I came to drop a the truck and started reeling really going on. 28 BUSINESS DAY Friday 01 June 2018 Harvard Business Review ManagementDigest How successful CEOs manage their middle act Successful long-term lead- MOVES RODNEY ZEMMEL ers recognize that adjustments Having used their early years must continue in the midterm. to build credibility with the very leader under- “A mistake a lot of people make board, investors and employ- stands the impor- is to get complacent about as- ees — and gain confidence in tance of his first hun- sessing talent,” observed Edward their own leadership — success- dred days in office Breen, a former CEO of the se- ful midtenure CEOs can make and his final months curity systems firm Tyco Inter- bold strategic moves. Several onE the job. Very little attention national (2002-2012). Breen saw CEOs placed large strategic bets has been focused on the time to it that Tyco assessed top lead- or completed transformational between those stages — on how ers annually, asking, “Do I have deals in their middle years. Joe chief executives can make the a team that can win the Super Papa, a former CEO of the phar- old normal.” Having assumed leagues. It was essential to get most of the middle years of their Bowl?” The process was formal- maceuticals manufacturer Per- leadership during the global fi- the groups to trust one another, tenure. How can CEOs build on ized and cascaded down through rigo (2006-2016), recalled hav- nancial crisis, Kullman instituted share ideas and focus on external early successes? How can they the company, and every year the ing an epiphany while driving to wide-ranging portfolio and oper- rather than intramural competi- continue to have an impact? leaders at each level acted on the work and seeing a Perrigo deliv- ating changes, but once the crisis tion. “You have to find people To find answers, we identi- evaluations. Tyco also conducted ery truck headed to a customer had passed, the pace of organi- for whom it’s second nature to fied 146 CEOs of large-cap com- monthly operating reviews, which site. “I realized it was all about zational change began to flag. So work across different business- panies who left their jobs during Breen found to be an excellent getting more products on the she traveled to plants and offices es,” Watjen told us. To shatter the the period from 2011 to 2016 af- way of appraising his team’s am- truck, and it forced me to think around the world to reinforce the silos delineating Unum’s three ter serving at least six years. Next bition and energy levels. about how to do that,” he said. new vision and formed a corpo- core businesses, Watjen used we pinpointed a subset whose 4. BUILD MECHANISMS FOR This insight led to the acquisition rate planning group to conduct his middle years to “cross-polli- companies outperformed their DISSENT AND DISRUPTIVE of PBM Holdings, an infant for- inside-outside assessments of nate” ideas and experiences. He industries during their time at IDEAS mula manufacturer, which Papa each business. In the middle moved executives across units the helm or who had high overall CEOs in midtenure worry considers one of Perrigo’s most years as CEO, Kullman told us, and worked to connect corporate total shareholder return perfor- about becoming predictable or successful deals. “you’ve got to infuse people with functions to the needs of the op- mance. We conducted detailed, shut off from new ideas. “After CONCLUSION the will to continue to focus on erating businesses. structured interviews with 22 of three or four years people have A CEO’s middle phase isn’t the changing environment and It’s easy for new leaders who them. an understanding of how you just about reaping what was say that if you aren’t moving, are focused on the big picture to Five themes emerged as es- respond in different scenarios,” sown in the early years — nor is somebody is going to run you overlook key internal processes. sential to success in leaders’ said former Home Depot CEO it about continuing to do what o v e r.” Hence, as CEOs enter the middle middle years: the importance Frank Blake (2007-2014). “Ev- brought success then. Leaders As they stretch their aspira- years, fixing glitches in the “op- of resetting ambitions to avoid erybody knows what you want to need to look at the organization tions and those of their people, erating system” — which can losing momentum; the need to hear, so that’s what they tell you.” and the markets in which it plays CEOs should guard against or- mean anything from establish- attack silos and fix broken pro- He — like many others we spoke with fresh eyes and keep evolving ganizational exhaustion. “There’s ing consistent procedures for cesses; the imperative of reju- with — worked to avoid that pit- their strategy and approach to an old principle that if the big assessing talent to systematiz- venating leadership talent; the fall. their team. They can’t take their gear at the top of the organization ing the approach to budgeting value of building internal and For instance, early in his ten- foot off the gas — if anything, makes a half turn, the small gears — needs to become a priority. external mechanisms for dissent ure Blake had closed a number they need to push down harder. low in the organization have to Former Stanley Black & Decker and disruptive ideas; and the of store formats that were under- spin four times,” said Sandy Cut- CEO John Lundgren (2004-2016) need to deploy leadership capital performing. People continued to ler, a former CEO of the power worked with his team to refine on bold moves that could help come up with new format ideas, (Rodney Zemmel is the manag- management company Eaton and formalize the company’s the company succeed over a long but he tended to reject them. ing partner of McKinsey’s New (2000-2016). “Organizations operating system, with an em- horizon. By his midterm, employees had York and Northeast offices, have to be careful at the top not phasis on measuring individual stopped making such recom- where he advises CEOs and to constantly change the game performance and linking com- 1. KEEP RAISING THE LEVEL mendations. Blake recognized other senior executives on top plan.” pensation to key metrics such as OF AMBITION that this was a problem and took management issues. Matt Cud- margin accretion and cash con- At the start of their tenure, steps to emphasize his openness dihy is an associate partner at 2. ATTACK SILOS AND BRO- version. “We gave management CEOs tend to address the most to all kinds of ideas. He began McKinsey in Boston and a lead- KEN PROCESSES the tools,” he said. “It was about urgent issues and make their devoting more time to inter- er in its health care and strategy Tom Watjen recalled arriving operational efficiency and elimi- mark on the company. By mid- nal outreach, holding skip-level practices. Dennis Carey is the for high-level meetings at Unum, nating complexity.” term, as stability sets in, the or- meetings and dinners with store vice chairman of Korn Ferry. He the insurance company he led ganization risks sliding back into associates. is a co-author of “Talent Wins: (2003-2015), to find his top 30 ex- 3. REJUVENATE TALENT what former DuPont CEO Ellen 5. SPEND LEADERSHIP CAP- The New Playbook for Putting ecutives in cliquish groups with Most new CEOs shake up or Kullman (2009-2015) calls “the ITAL ON BOLD, LONG-TERM People First.”) their regional and functional col- recast the top leadership team.

2017 Harvard Business School Publishing Corp. Distributed by The New York Times Syndicate Friday 01 June 2018 C002D5556 BUSINESS DAY 29 Live @ The Stock Exchange Renewed sell off puts Nigerian stocks on negative return path …investors lose additional N182billion

Stories by against 26 losers. The Nige- Plc also lost, from N49.25 rian Stock Exchange (NSE) to N44.5, down by N4.75 Iheanyi Nwachukwu All Share Index (ASI) also or 9.64percent. Other top declined from preceding losers yesterday are: Forte igeria stock day level of 38,606.41 points Oil Plc which declined market fell by to 38,104.54 points. from N40.7 to N37, down 1.30 percent In 5,166 deals, stock by N3.7 or 9.09percent; on Thursday traders exchanged and Dangote Cement Plc May 31, 2018 1,617,391,645 units valued which dipped from N242.5 as further sell-off by inves- N at N71.197billion. Actively to N240, down by N2.5 or tors placed the market on traded stocks include Stan- 1.03percent. negative return path. The bic IBTC Holdings Plc, Ze- The shares of Seplat stock market year-to-date nith Bank Plc, GTBank Plc, Petroleum Development (YtD) returns currently United Bank for Africa Plc, Company Plc rallied most, stand at minus 0.36percent and Sterling Bank Plc. from N734.7 to N743.2, up The record decline seen Nestle Nigeria Plc re- by N8.5 or 1.16percent; fol- on the Nigerian Bourse is corded biggest loss after its lowed by Unilever Nigeria igniting fresh concerns over share price decreased from Plc which increased from the market direction at end N1540 to N1472.5, down N49 to N51.45, up by N2.45 of this second-quarter (Q2). by N67.5 or 4.38percent. or 5percent; and Cement The value of listed de- Okomu Oil Palm Nigeria Plc Company of Northern Ni- creased by N182billion followed after its share price geria Plc which advanced to N13.802trillion, from decreased from N85 to N80, from N24.2 to N26.65, rep- N13.984trillion the preced- down by N5 or 5.88percent. resenting an increase of ing trading day. International Breweries N2.45 or 10.12percent. Only 21 stocks gained as Leadway Assurance launches campaign to entrench savings culture among Nigerians igeria’s leading gerians, we designed the Plan allows policyholders insurer, Leadway Leadway Savings Plan for contribute an affordable Assurance Com- our consumers to approach minimum monthly premi- pany Limited, has the future with certainty um of N10,000.00, which ac- recentlyN taken steps to fur- and confidence. cumulates interest at an at- ther deepen financial secu- “We are promoting the tractive rate during the term rity in Nigeria by launching Saving Dreams campaign of their policy. a campaign tagged, “Saving with the aim of promot- In addition, the policy Dreams”, which is aimed at ing the message of healthy includes a Life Insurance encouraging Nigerian’s to financial managementwhich offers compensation build a savings culture. through a well-planned sav- in the sum of ₦250,000.00, The campaign which ings culture. Given the low payable in the event of the addresses various attain- savings culture in the coun- passing away of the policy- able dreams of the Nigerian try - with only 42percent of holder. This special feature adult population was acti- Nigeria’s adult population distinguishes the Leadway vated to formally introduce having a savings account, Savings Plan from the tra- the Leadway Savings Plan, this campaign will help our ditional savings system as it a secure insurance savings strategic objective of endear- not only encourages savings product which is said to ing people to save towards but helps people make solid combine both elements of their dreams. financial plans irrespective investment and wealth ac- “With almost five dec- of what life may throw their cumulation. ades in the underwriting way. The Leadway Savings The product is uniquely business, we understand that Plan at an extra premium designed to not only help beyond the savings element charge, may also be extend- Nigerians save towards a which traditional financial ed to certain critical illnesses brighter future but also offer- institutions offer, there is also or the risk of permanently ing additional life insurance the need for people to protect disability due to an accident. protection element should those dreams they are saving Leadway Assurance is the unexpected occur. for in the face of the unex- one of Nigeria’s foremost in- Speaking on the cam- pected. Hence, the addition- surance service companies paign, the Head, Life Busi- al of life insurance element with a reputation for service ness, Leadway Assurance, to the Leadway Savings Plan efficiency and customer re- Tinashe Muyambo said, “In which as insurers, addresses liability. The organisation is alignment with our brand our goal towards increased committed to bridging the proposition of providing a and assured financial secu- financial protection gap and robust wealth creation and rity”, Muyambo added. increasing the rate of insur- financial freedom for Ni- The Leadway Savings ance penetration in Nigeria. NSE, LSE set to host 5th dual listing conference in Lagos he Nigerian Stock a London/Lagos dual listing, performing stock Exchange Exchange (NSE), corporate finance experts, in Africa and third best per- in partnership with lawyers, capital market op- forming globally. I have no London Stock Ex- erators, regulators, govern- doubt that the insightful changeT Group (LSEG) will ment officials, media and deliberations at this con- today host the 5th edition thought leaders to discuss ference will drive the level of the NSE-LSE Dual Listing investment opportunities in of engagement and idea Conference at Wheathbaker Nigeria. generation that will solidify Hotel, Ikoyi, Lagos, Nigeria. Speaking about the con- and strengthen our capital This year’s conference ference, the Chief Executive markets partnership and re- themed, “Attracting Global Officer, NSE, Oscar N. Ony- inforce the drive of Federal, Capital to Drive Nigeria’s ema said that “this event States and Corporates in ac- Economic Reforms and Sus- comes at a time when Nige- cessing the deep pool of capi- tainable Growth Develop- ria has turned a corner from tal inherent in the Nigerian ment,” will bring together its worst recession in over capital market and on the companies keen to explore two decades to have the best London Bourse. 30 BUSINESS DAY C002D5556 Friday 01 June 2018 BUSINESS SOUTH-SOUTH COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST Ugwuanyi set to increase economic size of Enugu Group mulls …state with $5.86bn GDP ranks lowest in S’E Indo, Nigeria BEN EGUZOZIE & REGIS ANUKWUOJI, Enugu has tagged it now as a major state cultural centre government assisted program on overnor of Enugu State, the state’s citizens. in Aba Ifeanyi Ugwuanyi has said This year, 200 small scale he is very much willing to traders from various markets GODFREY OFURUM, Aba increase the economic size in the state benefited from the ofG the state through raising the eco- second batch of the program, he Indian Universities nomic activities of residents of the which was monitored by over Alumni Association, Aba state, especially those in small scale 56 journalists in all the markets area chapter has proposed businesses such as traders, artisans across the state. a partnership between and the informal sector. For instance, at Afor Okpanku, theT Abia State Government and Enugu is particularly not among one of the major markets in Aniniri the Indian High Commission in the top performing states in Nigeria, Local Government Area, three per- Nigeria, to establish an Indo–Ni- as it ranks the lowest in the South sons, Elizabeth Ajah, Beatrice Okorie and one Ezekiel, all petty traders in geria Centre for Culture, Business, East zone. It has a gross domestic Education and Languages (CBEL) product (GDP) economy size of the market, won the raffle draw of N50,000 each. in Aba. $5.860 billion as of 2017, according They observed that the centre, to the 2016 state of States rankings They all expressed happiness at by the National Bureau of Statistics the governor’s gesture, as they said would serve as a clearing house (NBS). they would use the money to raise and facilitator for cultural integra- Governor Ugwuanyi last year Governor Ifeanyi Ugwuanyi their business takings. tion, business and industrial ex- instituted a Traders’ Empower- The traditional ruler of the area changes and learning of key Indian ment Programme (TEP), aimed at Since then, a lot of the small scale The TEP raffle draw was con- Reginald Chukwu said that the and Nigeria languages. empowering traders by giving them traders who benefited from the TEP ducted in all the 56 registered program is the first of its kind in the The association in a communi- N50,000 grant through raffle draw are reportedly faring well in their markets in the state. The governor state and asked God to added more qué issued after its maiden Indo/ to help them grow their businesses. respective businesses. has decided to up things, as he wisdom and long life to the governor. Nigeria symposium and cultural fiesta, held at the Terminus Hotel Aba, also urged the Indian High ASETU urges Igbos to accelerate community Ibom power empowers host community, Commission and Abia State Gov- ernment, to collaboratively equip development, create jobs in Igbo land trains artisans for employment and train medical personnel in a assured that the skills acquisi- referral hospital in the State, in ANIEFIOK UDONQUAK, Uyo REGIS ANUKWUOJI, Enugu They urged Igbo sons and tion scheme and empowerment order to leverage from the medical daughters with businesses out- programme will be extended to cash flow. he Association of South side Igbo land to begin the pro- They also appealed to the In- bom Power Company, a whol- each of the five clans on a con- East Town Unions (ASETU) cess of repatriating their invest- dian High Commissioner to use has resolved to pool re- ments back home, to open up ly owned electricity generat- tinual basis. the instrumentality of his office, T ing firm by Akwa Ibom State A director at the power compa- sources together to meet the un- opportunities and contribute to I to get Bajaj Auto, the manufacturer folding demands of the people of addressing the unemployment Government has empowered 10 ny, who is also an indigene of Ikot of auto rickshaw (known as Keke the geopolitical zone. These are crisis and the attendant security artisans in Ikpetim community Abasi, the host local government Napep) to establish a factory in in the areas of security, economic challenges in the zone. in Ikot Abasi Local Government council, Uwem Ekanem seized the Aba, the commercial hub of the prosperity and credible political According to ASETU, the secu- Area, as part of activities to com- occasion to address some miscon- South East and South-South re- leadership. rity arrangement in Nigeria today memorate the 3rd year anniversa- strued notion held by members of gions of Nigeria, or alternatively in As the oldest democratic has not served the interest of the ry of Governor Udom Emmanuel. the community. Imo State, where HRH Eze Emeka structure in Igbo land, the as- south east, especially as it con- The 10 people selected from He urged the community not Ogbonna of Amainyi Autonomous sociation, in its first meeting in cerns the lives and property of the the immediate host community to have animosity towards Ibom Community, Ihitte Uboma, Imo Enugu recently, called on the vulnerable poor and defenseless were initially sponsored by Ibom Power Company, but rather sup- State, has pledged to donate 100 governments of the five south people at the grassroots. Power to acquire vocational skills port the growth and expansion hectares of land for auto rickshaw eastern states to put up a struc- “It is our view that security after which the company doled of the company; stating that the (keke) manufacturing plant. ture that will accelerate the pace everywhere is a local affair. An out cheques of N150,000 to each community will be the primary They suggested that the in- of community development in effective community policing will person to start their own busi- beneficiaries. He said the com- teraction between the Indian the south east. certainly solve the problem. It is nesses along the line of their pany belongs to the community, Universities Alumni Association, In a communique issued after an aberration that no Igbo man acquired skills. therefore, both parties should business community/Industries the meeting, signed by the ASE- is a member of national security Speaking at the brief ceremo- coexist. and the Indian High Commission TU national president, Emeka council,” the group stated. be made an annual event and ap- ny held to give out cheques to The chairman, board of direc- Diwe and other executives, they It lamented the menace of the pealed to the Indian High Com- urged the state governments in Fulani herdsmen; noting that the beneficiaries, the Managing tors, Etido Inyang in his remark, mission to subsidize yearly tour the south east to prioritize and famers and herders in Nigeria Director of Ibom Power Com- reiterated the commitment of of India, by registered members. facilitate job creation in the both need the land. pany, Meyen Etukudo said the Governor Udom and Ibom Power The symposium and cultural zone through deliberate actions “We however, aver that herd- skills acquisition scheme and board to the development of Ikot fiesta with a theme “Consolidat- and sound economic road maps. ing of cattle is a private business, empowerment programme is Abasi, saying that “the power ing to deepen Indo/Nigeria rela- Especially in agro-industrial in- which should be treated strictly the company’s corporate social that His Excellency promised tionship through education and terventions that would gainfully on that basis. The recent attacks responsibility (CSR) to the com- Ikot Abasi people is on the way, culture, small and medium scale create employment for the team- meted out to our people by these munity. it will be available once the Ekim industries, agriculture, medical ing youths in the zone. herdsmen are mindless, repre- He said the company had em- 132/33kV, 2 x 60MVA transmission tourism and yoga,” was organized It also called on all Igbo sons hensible and condemnable. it barked on other CSR activities substation is completed.” by the and daughters who have the must stop forthwith. The federal across the five clans in Ikot Abasi Stakeholders from the commu- One of the high points of the resources to start the process of government of Nigeria must dem- consisting of Edemaya, Ikpa Ibe- nity lauded the initiative by Ibom event was the presentation of investing in the south east, to onstrate capacity to stem the ugly kwe, Ikpa Nnung Assang, Ukpum Power and urged the company to Yoga, by Lazarus Parang and Shri create jobs. tide,” ASETU said. Ette and Ukpum Okon. The MD do more for the community. Jayendra Dube. Take advantage of AFCFTA, Imo tells industrialists

SABY ELEMBA, Owerri nomic development in Africa, Obiareri, who spoke in pand investment and promote said it would help to expand and advised that traders and Owerri recently on behalf of industrialization for Africa. market access for Nigeria’s ex- industrialists in Imo and the Governor Rochas Okorocha, Moreover, it will also pro- porters of goods and services, he Imo State commis- South East zone should take urged all stakeholders to vide the economies of scale covering a market 1.2 billion sioner for Information advantage of AFCFTA to scale identify their areas of concern; and a necessary platform for Africans with a combined and Strategy, Nnamdi up their businesses. noting that where they needed addressing the massive chal- GDP of US $2.5 trillion and Obiareri has com- He stated that the principal support from government to lenges of development that also eliminate the barriers mendedT the Federal Govern- economic activity in the South improve Nigeria’s competi- confront all African countries against Nigeria’s products and ment of Nigeria for direct- East are trade and industry. tive and as traders, captains and the zone South East zone services. ing the nationwide industry “We cannot be separated of industries, innovators and stands to gain. The AFCFTA he said is mu- sensitization and consulta- from our trade and industry. creators, maximize the ben- Meanwhile, Chindu Osak- tually supportive with Nigeria tion exercise on the African Through these, we have im- efits of the AFCFTA. we, the chief trade negotiator actions plan on ease of doing Continental Free Trade Area proved livelihood conditions. The AFCFTA he said, would has commended Imo State business. (AFCFTA), as it is a major eco- We have created jobs,” he said. boost intra-African trade, ex- in the hosting of the forum, 32 BUSINESS DAY C002D5556 Friday 01 June 2018 Sports

FA names Super Eagles, England in glamour Italian officials for Nigeria vs. encounter at Wembley stadium England match

in the players’ ears. Stories by After bidding President he Football Asso- ciation has named Anthony Nlebem Buhari farewell, the delega- Italian official Marco tion was flown to London Guida as referee for aboard a luxury jet, and will Saturday’sT prestige friend- igeria and Eng- train for the big match at the ly between Nigeria’s Super land go toe-to- Wembley on Friday, between Eagles and England’s Three toe in what 5pm-6pm. Lions at Wembley Stadium, promises to be Skipper Mikel John Obi London. a thrilling Rus- told said: “We are in England, Guida will be assisted by siaN 2018 preparatory game for a terrain most of us know too compatriots Riccardo Di Fiore both teams at the Wembley well. I was here and won sev- and Alessandro Giallatini (As- Stadium in London on Sat- eral trophies with Chelsea, sistant Referees) and Davide urday, June 1st. including the Champions Massa (Fourth Official), as England hosted and League. It will be an interest- well as Michael Fabbri (Video won the FIFA World Cup in ing encounter on Saturday.” Assistant Referee) and Giulio 1966, but have only gone as In truth, a high percent- Dobosz (Assistant Video As- far as the semi finals since age of the travelling Nigeria sistant Referee). then, when Bobby Robson party are familiar with the The match, which is the penultimate pre-World Cup steered a squad including United Kingdom. Wingback friendly for both teams before Gary Lineker and Paul Gas- Victor Moses recently won their first matches in Russia, coigne to the last four in Italy the FA Cup with Chelsea FC, the west London club will start at 5.15pm UK time. 28 years ago. Austrian Embassy depletes Just like the Three Lions, where Mikel Obi achieved great things; Wilfred Ndidi Eagles’ backroom staff the Super Eagles are dream- The Embassy of Austria in ing of big things to come in is reverred at another side Leicester City where he won Nigeria has denied key staff of Russia, despite both teams the Super Eagles’ workforce the Young Player of the Year being ‘blessed’ differently entry visa into their country for the second successive with intricate opposition in even managed to proceed tia in Kaliningrad. A brief event was held for the team’s final phase season; Iheanacho is also the group stage. beyond the Round of 16 at the “The most important on Thursday night at the camping programme billed at Leicester City; Alex Iwobi Nigeria must negotiate quadrennial tournament, but thing about the World Cup Transcorp Hilton Hotel in to begin on Sunday. is with north Londoners Ar- the obstacles offered by two- the Three Lions must beware is not the money. But I must Abuja, Senate President Bu- Several months ago, the senal FC; Olaloluwa Aina is time world champions and of a supremely motivated admit that the fact that the kola Saraki spurred the team Nigeria Football Federation with Hull City; Ahmed Musa reigning world vice champi- Nigerian squad aiming for money is there and we know on with a cash gift of $50,000, concluded arrangements with only recently left Leicester ons Argentina, hard-as-nails the heights in Russia. is there gives us extra energy, and with a pledge of ‘special the world –renowned Avita City; Odion Ighalo was a eastern Europeans Croatia A proactive, diligent and extra motivation in the prep- package’ for every unreplied Resort in Bad Tatzmannsdorf, star at Watford FC before and an Iceland squad that equally ambitious NFF lead- arations,” forward Kelechi goal at the World Cup finals for the Eagles to put finishing leaving for China last year stunned England and world ership signed a landmark Iheanacho told thenff.com. in Russia. touches to their World Cup and; Kenneth Omeruo is football in the Round of 16 at agreement with the team on Defensive stalwart Ken- On Friday morning, the program there. They are billed officially with Chelsea even to be there before flying to the 2016 European Champi- FIFA World Cup funds as far neth Omeruo, midfielders contingent met with Presi- though he has been on loan Yessentuki, the team base onship in France. England back as November last year, Ogenyi Onazi, Oghenekaro dent Muhammadu Buhari at in Turkey. camp at the World Cup, on must sort matters out with and the process is on to credit Etebo and Wilfred Ndidi and the Federal Council Cham- Iheanacho also added: 11th June. strong African opponents the account of the players forward Odion Ighalo also bers, and his words that they “England’s players know us Team Administrator Dayo Senegal, Japan and Panama. with what is due to them, admitted this much in sepa- should go and fight with their and we know them. It will be Enebi Achor confirmed the They have never won the more than two weeks before rate interviews with thenff. spirit as the whole nation is a good match.” Austrian Embassy in Abuja FIFA World Cup, have never their first match against Croa- com. behind them, are still ringing denied that lead physiothera- pist, Nnaemeka Anozie and Equipment Manager, Chidi Ngoka, visas. “We are stunned by the Aiteo, Moses, Oshoala top winners’ list at Nigeria Pitch Awards action of the Austrian Em- bassy. How will the team cope without the physiotherapist and the equipment manager? helsea FC and Su- The venue of the event behalf of Victor Moses said he of the Pitch and hoped the the World Cup. He again Everyone is disappointed with per Eagles’ sensa- was packed full with many had given the player time off award would inspire others stressed that his boys had this,” Achor said on Thursday. tion, Victor Moses, football fans who had come to to celebrate his first wedding to work harder. the character and discipline Thenff.com notes that Leicester City FC cheer their stars and winners. anniversary and to take some Rohr who could not to succeed at the summer Anozie and Ngoka have been Cmidfielder Wilfred Ndidi and Gernot Rohr the Super rest. Raising the trophy up, hide his delight excitedly competition. with the team for several the rave of the moment, Ama- Eagles Gaffer while receiving he praised the voters’ choice announced that his team Victor Moses and Asisat years, including through the ju Pinnick, President of the the King of the Pitch trophy on of Victor Moses as the King would be the youngest at Oshoala were named King Russia 2018 FIFA World Cup Nigeria Football Federation and Queen of the Pitch re- qualifying series, and are in- were among winners at the spectively. Amaju Pinnick tegral part of the Super Eagles’ 5th Award Ceremony of the won the Sam Okwaraji Award family. Nigeria Pitch Awards held in for commitment to Nigerian It was learnt that team leaders were so furious they Port Harcourt, the Rivers State football. He grossed a total of briefly contemplated cancel- capital last night. 47 points to defeat his closest ling the camping in Austria It was a night of glamour, contestant who scored 21 and relocating the team to cultural dances, comedy, points. another country altogether. musical performances and Speaking at the event, Pin- Another team official razzmatazz at the Le Me- nick commended the orga- fumed: “This is a big shock. ridien Ogeyi Place venue nizers of the awards stressing Someone like Chidi Ngoka of the Award Ceremony as that it was not easy to orga- has been with the team for organizers hosted Amaju Pin- nise and award ceremony. several years and even at- nick, NFF President, Shehu He dedicated his award to tended the 2010 and 2014 Dikko, 2nd Vice President, his team of Shehu Dikko, FIFA World Cup tournaments. Aisha Falode, Chairperson of Seyi Akinwunmi and Aisha Anozie has been with the NWFL, Super Eagles Coach, Falode. Eagles for many years as well, Gernot Rohr, Super Eagles Gernot Rohr received and earlier worked with the U17 National Team. Both of players and top officials and the Achievement in Football them have been to several media personalities to a grand Award. Visibly excited at be- countries in different conti- ceremony. ing honoured. nents. 32 BUSINESS DAY C002D5556 Friday 01 June 2018 NEWS Senate refers harmonised PIGB to conference Airline operators to stop paying VAT from June 14 committee for legislative action IFEOMA OKEKE that the VAT on airline ticket grounded for days in some sourcing and increase in OWEDE AGBAJILEKE, Abuja consider the observations cases, thereby resulting in internally generated reve- raised by the Director of sales for domestic carriers irline Opera- must be removed com- cancelled flights leading nues (IGR) by these agencies bout three months af- Legal Services and report back to the Senate within tors of Nigeria pletely forthwith as road to chaos at airports to the thereby completely negating ter both chambers of displeasure of esteemed the primary purpose for the National Assem- one week”. (AON) says it transportation, rail, marine A He was seconded by will stop paying and international air travel customers, adding that this which they have been estab- bly passed the harmonised version of the Petroleum Senate Minority Whip, Phil- Value Added carriers are not subjected situation is unacceptable lished,” he added. Industry Governance Bill lip Aduda. ATax (VAT) to the federal to VAT,” he said. and should be reversed He noted that this in turn, (PIGB), controversy con- In his remarks, Senate government from June 14, He alleged that the fed- forthwith. has resulted in serious wast- tinues to trail the proposal President Bukola Saraki, 2018. eral government is using On the Nigeria Civil Avia- age of scarce fiscal resources that holds so much for the urged the committees to Speaking during a meet- tax payers’ money to fund tion Authority (NCAA) five within some of these agen- present the report next petroleum industry. ing of the chief executives of the proposed national car- percent ticket sales charge/ cies to the detriment of the At Senate plenary on week. “The two committees, airlines on Thursday in La- rier that is supposed to be charter sales charge, he said travelling population. Thursday, Ahmad Lawan, gos, Nogie Meggison, chair- that airline operators have On multiple entry points Senate leader, moved a mo- Senator Tayo Alasoadura private sector driven. tion that the harmonised and Buka Ibrahim, we have man of AON, described the He explained that the es- always contended that the for international airlines, the bill be brought back for a deadline of one week for payment of VAT as unfair, as tablishment of this national imposition of a percentage airline operators said that ‘fresh legislative action’. this report to come out some airlines pay domestic carrier has been shrouded tax model creates a distor- foreign carriers should be This, he said, was as a re- before we go on break. We VAT charges while others in secrecy and lacks trans- tion in the industry. restricted to only two points sult of gray areas observed must consider the confer- do not. parency in its entirety, add- “We have recommended of entry into the country in the proposal during ence report and pass it,” Meggison said the Nige- ing that using tax payers’ and continue to recommend and explore interline op- clean-up by the National Saraki said. rian domestic airline travel that the unit tax model pre- tions with domestic airline There are indications money and its apparatus is Assembly Legal Depart- is the only mode of trans- not fair. ferred and practised by over operators, should it become ment. that the National Assembly may embark on break from portation paying VAT in the Also speaking at the 90 percent of countries glob- necessary for expansion Consequently, the bill, ally and as recommended in order to protect capital which was passed in March next week. country today as road, rail, meeting, Roland Iyayi, a this year by both chambers, Recently, Senior Special marine and international member of the body, said by IATA be adopted imme- flight and jobs of our ailing was on Thursday referred Assistant to the President airlines do not pay. the government has provid- diately. It is worthy of note Nigerian youths. to the Senate Conference on National Assembly Mat- “This imposition creates ed for zero customs duty on that all the industry agen- The operators therefore Committee. ters (Senate), Ita Enang, a suppression of domestic commercial aircraft, spare cies including the NCAA called on the federal govern- The Conference Com- had insisted that the Presi- airline travel demand, re- parts and engines but unfor- Regulator are established as ment to review its policies on mittee is expected to fine- dency was yet to receive sulting in airlines not being tunately, in 2018 the industry not-for-profit organisations, these matters and address the bill. tune the controversial areas able to optimally utilise is yet to fully benefit from this essentially designed for Cost its concerns as enunciated and submit its report for The proposal was first introduced as an executive their aircraft assets and provision. Recovery. in the position paper pre- approval. more importantly creating “Unfortunately, over the sented to the Presidential Relying on Order 1 (b) of bill in 2008 by then presi- This, Iyayi explained, has the Senate Standing Orders, dent, Umar Yar’Adua. The a market distortion. resulted in airlines having years, successive govern- Task Force on Aviation by Lawan disclosed that the Sixth National Assembly “The AON’s position is some of their aircraft fleet ments have encouraged the the AON. National Assembly Legal (2007 to 2011) failed to Department, which was pass it. carrying out a clean-up Again, it was introduced exercise on the bill for on- as an Executive bill to the ward transmission to the National Assembly in 2012 President, observed some by former President Good- contentious areas. luck Jonathan. He therefore moved a However, while 47 out of motion that the bill be re- 360 members of the House ferred to the Conference of Representatives in the Committee that earlier Seventh National Assembly worked on them. (2011 to 2015) passed the The section which dwells bill at the twilight of their on Practice and Procedure tenure, they failed to get of the Senate provides that: the concurrence of their “In all cases not provided counterparts in the upper for hereinafter, or by Ses- legislative chamber. sional or other Orders or In the Eighth Senate, the practice of the Senate, the bill which is one of the eco- Senate shall by Resolution nomic recovery bills, was regulate its procedure”. introduced as a private/mem- Moving his motion, La- ber bill and sponsored by the wan said: “Relying on Order Chairman, Senate Commit- 1 (b) of our Standing Order, tee on Petroleum Resources the Senate resolves that (Upstream), Tayo Alasoadura. the bills be referred to the The PIGB is the first of respective conference com- four bills which replaced mittee - Conference Com- the Petroleum Industry L-R: Ajibola Ponnle, registrar/CEO, Chartered Institute of Personnel Management of Nigeria (CIPM); Udom Uko Inoyo, mittee on Climate Change Bill (PIB). The other three president/chairman of council, CIPM; Innocent Oseghe, managing partner, Human Capital Partners/guest speaker, and and Conference Commit- other components of the Nkeiru Adesogan, national treasurer, CIPM, at the 29th induction ceremony of CIPM in Lagos, yesterday. tee on the Petroleum In- bill are: the Fiscal Frame- dustry and Governance work, Host Communities Bill, respectively - that had and Petroleum Industry earlier worked on them to Administration Bill. FG signs MoU with Chinese Institute to improve mining data, exploration HARRISON EDEH, Abuja He explained that the agree- dition to the many MoUs the of airborne geophysics, we have ment was the outcome of nego- Ministry now have with coun- done a lot of geological mapping, he Federal Government tiations following his visit to the tries like China, Morrocco and we have done a lot of geochemi- Media mourns Wale Aboderin has signed a Memoran- East China Institute during last South Africa and expressed cal mapping and right now, we of the Chairman of the Punch Tdum of Understanding year’s China Mining Conference confidence in the East China are at the threshold of embark- Group of Newspapers, Mr. (MoU) with a Chinese Institute, in Tianjin where the institute Metallurgical Institute of Ge- ing on a very massive explora- Gbadebowale Aboderin, who with a view to providing requisite impressed him with its technical ology and Exploration to keep tion programme, to explore for know-how and experience in its part of the agreement and critical minerals important for died on Wednesday, May 30, data for deep-pocket investors interested in mining in Nigeria. mining exploration. contribute positively to the diversification and economic 2018. Bwari said exploration and exploration efforts in the min- growth’. Wale , a consummate Speaking at the MoU signing, which was between the East data gathering is one area in ing sector as they have done in He noted that the generation sport enthusiast, was jovial, China Metallurgical Institute of which the country has been other countries. of data is not the exclusive pre- amiable and easy going. His Geology and Exploration and found wanting, adding that Earlier in his address, the rogative of government hence death is a big blow, not just the Nigeria Geological Survey it is also an area to which the Director General of the Nige- the reason for opening up the to the Punch Group, but to Agency, Abubakar Bawa Bwari, government intends to give its ria Geological Survey Agency frontiers for others to participate he NIgerian Press the entire media landscape minister of mines and steel full attention. (NGSA); Alex Ndubuisi Nwegbu in the effort. “We are privileged Organisation (NPO), of Nigeria and Africa. development, said the event “However, the cost of ex- said one of the agenda of the to have the East China as one of consisting of the He followed generations underscores the importance ploration is too prohibitive for Federal Government is to diver- those who are serious minded Newspaper Propri- of media owners who served that the ministry places on ex- government to do it alone and sify the economy and critical to in terms of assisting Nigeria in etors’T Association of Nigeria the public purpose. that is why we have been having the success of this diversification generating this data to move the ploration. (NPAN), the Nigerian Guild We offer our condolences “There is no mining without discussions with other mining is the mining sector. exploration forward and the in- of Editors (NGE) and the to the Aboderin family and exploration and getting the req- countries to assist Nigeria in the He said the Federal Govern- teresting thing is that East china Nigeria Union of Journalists the Punch Group uisite data for our solid mineral area of exploration,” he further ment has done a lot in terms possess the requisite capacity in (NUJ), is saddened at the May his soul find peace. sector will continue to be our explained. of data generation, “we have terms of finance and in terms of news of the untimely death Perfect peace. priority,” he said. He said the MoU is an ad- covered the country in in terms expertise.” Friday 01 June 2018 C002D5556 BUSINESS DAY 33 NEWS Low productivity hinders Nigeria tapping Soybean export CALEB OJEWALE The demand for soybean will however continue to increase and here is now a big opportuni- according to Olam Grains, a subsidi- ty in soybean export, but low ary of one of Nigeria’s leading agri- productivity is preventing culture companies, demand could Nigeria from tapping into it. reach 3.5 million metric tonnes by T“There is a small quarrel be- 2040. tween the United States and China. Through a systematic field re- Soybeans and sorghum are part of search, Olam has identified the the items in dispute. The Chinese availability of good-quality, high- have a preference for the hybrid yielding seeds as a major catalyst for soybean from Nigeria, and will like boosting farmer’ earning, thereby us to sell to them two million tonnes generating interest among more of soybean per annum. That is quite farmers to grow soybeans. The a place to do some business,” said company has also partnered the Audu Ogbeh, minister of agriculture International Institute of Tropical and rural development, at Busi- Agriculture (IITA), to promote the nessDay’s Agribusiness and Food commercialisation of its tropicalised Security Summit this year. soybean varieties, suitable for the However, the Agriculture Pro- different agro-climate conditions for motion Policy document shows various parts of Nigeria. that Nigeria produces only 600,000 But then, this effort alone is not metric tonnes, with local demand sufficient. There is a need for more of 750,000. The crop is important research bodies to discover ways as an animal feed and alternative to improve farm productivity in source of protein, which determine the country. There are at least 20 demand for it annually. Already, agricultural research institutes in the L-R: Seni Adio, vice chairman, Nigerian Bar Association- Section on BusinessLaw (NBA-SBL); Olumide Akpata, chairman, there is 150,000 tonne deficit, mak- country; even though not all focus NBA-SBL, and Okey Egbuchu, chairman, 2018 conference planning committee, at the press conference to announce the ing it hard to imagine how China’s on seeds, but then, valuable inputs 12th annual business law conference in Lagos, yesterday. Pic by Olawale Amoo two million metric tonne-demand from all these institutes could go a can then be met. long way in making it more feasible Hamza Ahmed Mahuta, a for Nigeria to take advantage of the former key accounts manager at export market. Whither Nigeria’s economic diplomacy 1 Syngenta, currently working as an More so, with 157 seed compa- agriculture consultant, says he has nies currently licensed to operate Continued from back page structural developments of on to the global knowledge and Growth Plan (ERGP) cultivated soybean in the last 10 in Nigeria, there should be more the post-war international economy while undertaking which aims to reposition and efforts being put into development and investment as well as years, and explained that it is not a economic order. The United the necessary institutional diversify our economy, for high yielding crop. And, even less of of hybrid, quality seeds to meet the business advocacy. For reforms have catapulted example, makes no mention it is grown since it is not a staple food. country’s agricultural needs. many developing countries, States and the Bretton Woods themselves to the ranks of whatsoever about the role of “If you produce it as a small As noted by Philip Ojo, director commercial diplomacy also international financial institu- general of the National Agricultural the advanced industrial economic diplomacy. When farmer, you may be forced to sell it includes tourism promotion tions have been key catalysts at harvest and probably get noth- Seed Council (NASC), “Indigenous economies. Those that have the Kingdom of Morocco as a primary activity. Dip- in the globalisation of the world ing. Only people that have capacity seed companies need to enhance economy. While it has opened failed to seize such oppor- made its bid to join ECO- their human, technical and infra- lomatic networks provide to produce and keep for some time up new vistas of wealth and tunities have experienced a WAS, our foreign ministry may benefit from it. It is a very low structural capacities to enable them commercial intelligence, spiral of secular economic went into what looked like yielding crop, to the best of my produce quality seeds which will tourism marketing, business economic opportunity, glo- decline and dwindling life- a stampede. We were not knowledge. win the heart of farmers. They also links and partner searches, balisation has also generated need to step up their financial base chances for their populace. even present at the Mon- “I have been cultivating soybean as well as provision of busi- new forms vulnerability as well for more than ten years now, and so that they will have enough capital Among the great economic rovia Summit where the ness assistance. Economic as impoverishment. While I am yet to get the variety that gives to buy back their quality seeds from the centres of world capital- successes of recent times Moroccan King first made contract growers, who most time can and commercial diplomacy up to a tonne per hectare. Most of ism have generated unprec- are emerging economies an appearance. Our diplo- these seed companies may say it will sell grains as seeds to the highest bid- complement each other and like China, India, Brazil, Sin- macy has sadly deteriorated give up to 2.5 tonnes per hectare but ders after harvest, if companies are work to advance the power edented wealth, some of the gapore, Malaysia, UAE and into an incoherent mum- honestly I have not seen that yet.” not coming to buy on time.” and wealth of the country in nations of the global periphery Vietnam. Part of their success bo-jumbo conversation in line with its national goals have experienced deepening derives from the capacity to a theatre orchestrated by and foreign policy. poverty and inequality. deploy economic diplomacy lesser minds. We no longer Hotel occupancy stabilises Q1’18 Globalisation has influ- The brilliant young as a critical element in their have the kind of high-calibre … multiple taxation still an issue enced the nature of diplo- French economist Thomas statecraft and in their quest scholar-diplomats that we macy and economic state- Pikkety has recently acquired for national competitiveness. once had; experts who could OBINNA EMELIKE a few luxury boutique hotels are craft as we have known it. By world fame as an intellec- fully booked. We in Nigeria haven’t think deeply about such globalisation we refer to the tual through his opus on hile November-Decem- “About 20 months ago, ho- even begun a conversation matters and offer guidance integration and liberalisa- the dynamics of wealth and ber 2017 was the best for teliers could not see anything inequality in the dawn of on these issues. We have to our political leaders on a long time for the hospi- tion of global markets. The W positive, today we think the worst our twenty-first century. become highly insular in how to pursue the goals of tality sector in terms of occupancy is over; we have bottomed out and internationalisation of pro- our thinking and mindset. national power, wealth and rate and revenue generation, the have turned the corner,” he said. duction, capital and markets In the developing world, The Economic Recovery prosperity. sector is posting an impressive first But while some hoteliers ex- has been one of the profound countries that have hooked quarter result for 2018. pect the electioneering for 2019, So far, occupancy, which was which has started to generate below 40 percent at the peak of business for them, Ameed Hathit, the recession in 2016 and slightly a Lagos hotel general manager, above 50 percent in late 201, is is pessimistic. “We do not know A flying trip to Awka averaging 65 percent by the first what is going to happen during the quarter of this year, resulting in 2019 election, though the industry Continued from back page rights for any child born in aged to pry. erential tone, she wanted improved revenue in the sector, is more hopeful of positives today a place, or a resident who Years later, after the to introduce you to ‘Tony’. especially in the mature hotel than it was for the 2015 election. the stalwarts of Afenifere - ‘Babangida Boys’ tried, You knew ‘Tony’ from way markets of Lagos, Abuja and Port The fear that there will be violence lived ten years and paid Harcourt. is our greatest enemy because it Baba Adebanjo and Supo taxes in one place, with and failed, to topple their back, you assured her. The improvement in the sec- restrains would-be guests, cor- Shonibare - even your an end to ‘indigene’-ship, mentor Babangida, you The flight back to Lagos tor, according to stakeholders, is porate customers and foreigners friend from another group, save for the purpose of saw his face and heard his was rough, and at a point, attributed to sustained stability in from patronizing hotels,” Hathit ‘Lady Toks’. traditional ruler-ship. voice in the papers. He had the plane dipped sharply, the economy, particularly foreign said. They had been guests You sighted ‘Tony’ escaped into exile. He han- vibrating violently. A lady’s exchange rate, government policy Despite the soaring occu- of Ohaneze at their Ek- kered, he said, for nothing voice from the back could direction, return of foreign direct pancy, the Nigerian hoteliers are among the returning crowd investment and growing number battling with the challenges of do- wueme Square conference, as they made to board the more than egalitarianism be heard in loud prayer, of government and corporate ac- ing business in Nigeria, especially they informed. It had been Air Peace flight. ‘Tony’ was and a genuine democracy casting out and binding tivities booked and hosted across multiple taxation, which most of a good conference, with a man you had first met for Nigeria, and was pre- demons. many hotels in the country. them decried for gulping as much people from different parts over thirty years ago at a pared to pay a price for it. Back on terra firma, Some indigenous hoteliers as 10 percent of their profit. of the country. Reggae club in Edinburgh More recently, you waiting by the conveyor recorded between 5-15 percent At present, there are over 24 Word was already fil- where you impecunious would run into him from belt for your grip, you re- revenue improvement as against different taxes paid to the three this time last year, while some for- tiers of government across the tering out on WhatsApp students gathered on Sat- time to time at public func- flected on the last three eign brands recorded 20 percent country amid high cost of daily about their resolutions. urday nights to listen and tions, or on the corridor days. upwards. operations. Nigeria was to be restruc- dance to Reggae, and to at the club. He would be What was it Ernest Speaking on the development, Some of the taxes include tured into six regions. ‘explore possibilities’. He dressed inconspicuously, Hemingway had said in Adedeji Martins, an hotelier, said company tax, consumption tax, There would be a single would stand inconspicu- and would walk about with that short story about the the Nigerian hospitality sector has value added tax, hotel license, term, six-year presidency, ously in the shadows, with the same mild smile on his cyclist riding his bicycle regained the confidence of guests personal income tax, environ- and investors, which it lost during ment impact assessment, parking with five vice presidents, a permanent smile on his face, not giving anything across Franco’s Spain? It the recession in 2016. permits, waste water request, land each representing a region. face. You had no inkling away. was a short journey, too For him, many hotels run use charge, radio and TV permit, More controversially, there what his line of work was, ‘Lady Toks’ pulled you short really, to know any- above 50 percent occupancy now, LAWMA, LASAA security among would be full citizenship and you were not encour- aside. In a hushed, rev- thing about life in Awka. some have as much as 80, while others. 34 BUSINESS DAY C002D5556 Friday 01 June 2018 NEWS FMDQ Clear joins forces Stanbic Africa Holdings with Frontclear... pays over N60bn... Continued from page 1 Continued from page 1 an initial introduction via the 1.141billion ordinary shares Stan- International Capital Market As- bic Africa Holdings succeeded sociation (ICMA), of which FMDQ in increasing its total percentage is a full Member and Frontclear is shareholding in Stanbic IBTC a long-standing partner. Holdings Plc by 11.35percent to FMDQ Clear, a SEC-registered 64.44percent. central clearing house, positioned Before this transaction, Stan- to deliver end-to-end clearing and bic Africa Holdings owned 53.09 settlement services that will help percent stake in Stanbic IBTC enhance integrity and eliminate Holdings Plc, First Century Inter- the inherent risks to bilateral national Limited owned 7.43per- trades in the Nigerian capital mar- cent, while other investors owned ket, will be backed by Frontclear’s 39.64percent. core financial guarantee product, Currently, Stanbic IBTC thereby improving the creditwor- Holdings has 10.049billion thiness of participating counter- shares outstanding valued at parties and reducing initial set-up N463.280billion. costs. With a shareholding of 64.44percent in Stanbic IBTC The Frontclear guarantee, will Holdings Plc, Standard Bank has in practice, function like a settle- increased its controlling stake in ment/credit guarantee fund typi- L-R: Fatima Aliko Dangote, executive director, Dangote Industries Ltd; Salamotu Almakura, wife of Nasarawa State the institution. cal to more developed financial governor; Tanko Almakura, governor, Nasarawa State; Aliko Dangote, founder/chairman, Aliko Dangote Foundation; The transaction was consum- markets. Upon default of a clearing Halima Aliko Dangote, trustee , Aliko Dangote Foundation, and Zouera Youssoufou, managing director/CEO, Aliko mated at a premium price of member, Frontclear guarantees Dangote Foundation, at the launching/disbursement of N130m to 13,000 vulnerable women in Nasarawa State. N53.75 was managed by Renais- any mark-tomarket losses in- sance Capital (RenCap). curred by any other counterparty Stanbic IBTC Holdings is a clearing or dealing member(s), member of Standard Bank Group. and up to a pre-agreed maximum Adelabu resigns as DG, CBN, for Oyo guber race Standard Bank Group is Africa’s amount. largest banking group ranked by With this guarantee fund, Onyinye Nwachukwu, Abuja his disengagement is to allow wish you the very best in your assets and earnings and has been FMDQ Clear can significantly him pursue his political career. future ambitions and contin- in business for over 150 years. improve access to a breadth of debayo Adelabu, Dep- Adelabu is being tapped as ued commitment to public Stanbic IBTC Holdings Plc financial products such as interest uty Governor incharge 2019 Oyo State governorship service in our country and share price fell on the Nigerian rate and currency derivatives, and of Operations at the aspirant under the ruling All specifically, as you seek to play Bourse by N1.4 or 2.95percent to repurchase agreements (repos), Central Bank of Ni- Progressive Congress (APC). a more active role in politics, N46.1 on Thursday May 31, 2018. especially for smaller dealing geriaA (CBN) has resigned his In a letter dated May 24, in your home State,” the letter The Nigerian Stock Exchange members who may have been position to face his political 2018 and personally signed by stated. (NSE) has been notified of this previously excluded because of career. The CBN announced on him, President Buhari thanked Adelabu formally assumed transaction in a May 31, 2018 perceived counterparty credit risk. Thursday that President Mu- Adelabu for his services to the duty as Deputy Governor at notice signed by Chidi Okezie, Company Secretary, Stanbic IBTC FMDQ Clear, which will be country and wished him the the Central Bank of Nigeria hammadu Buhari has formally Holdings Plc. the first of such infrastructure in accepted his disengagement best in his future ambitions, ac- (CBN) on April 9, 2014 and cording to the statement signed served at different times as Stanbic IBTC Holdings released Africa, with a third-party settle- with effect from July 15, 2018. its first-quarter (Q1) 2018 results ment guarantee arrangement that Though the CBN statement by the CBN Acting Director, Deputy Governor in charge Corporate Communications of Financial System Stability posting impressive performances improves on settlement finality, which announced his resig- across key line items. is positioned to become a world- nation did not state why the Department, Isaac Okorafor. (FSS), Corporate Services (CS), In the period ended March class central clearing house, with young CBN DG is leaving the “While appreciating your and lastly Operations (Ops), 31, Stanbic IBTC Holdings Plc robust risk waterfall supported exalted office, BusinessDay services in the Central Bank of before he tendered his letter of reported Gross Earnings growth of by settlement guarantee fund, authoritatively gathered that Nigeria since 9th April 2014, I disengagement. 22percent, to N57.38billion from and strong governance and risk N47.02billion in Q1’2017. frameworks to clear products in The company closed the first- the cash, repos and derivatives quarter period with profit before markets, and is exemplary of Succour as health workers suspend tax (PBT) of N26.69billion against Frontclear’s development impact N18.62billion in Q1’2017, repre- rationale: catalysing transactions senting an increase of 43.3percent. that support healthy money mar- 55-day old nationwide strike Total assets went up to N1.41 kets and stable financial systems. trillion from N1.39 trillion in De- Bola Onadele. Koko, MD/CEO, cember 2017. FMDQ Group said, “In our stride ...JOHESU directs members to resume work Friday Olalekan Olabode’s team of to position our markets on the KEHINDE AKINTOLA, Abuja view to permanently resolving the port any form of harassment to the equity research analysts at Vetiva issues in contention. Capital Management had revised path of increased liquidity and National leadership. “JOHESU having considered his “We appreciate Nigerians for their price estimates on Stanbic global competitiveness, the FM- ormalcy is expected to return to all federal intervention after holding just two their patience and solidarity dur- IBTC Holdings Plc to reflect the DQ-Frontclear guarantee fund ini- meetings with leadership, where ing the course of the avoidable better than expected performance tiative is a landmark achievement and state governments’ owned hospitals across serious progress were made. strike. The Nigerian health sector across. positioned to engender market Nthe country as Joint Health Sector “We would like to place on re- shall witness a paradigm shift for “The price of execution is in- integrity, which will bolster liquid- Unions (JOHESU) and Assembly of cord that JOHESU strike actions is the benefit of health care consum- teresting in view of where market ity and financial system stability in Healthcare Professional Associa- neither ill nor politically motivated ers,” Biobelemoye Josiah, JOHESU price is. Stanbic IBTC did 48per- the Nigerian economy.” tions (AHPA) resolved to suspend but in a bid to save the health sector national chairman and Ekpebor cent Return on Equity (RoE) in A joint Frontclear Technical the 55-day old nationwide indus- from imminent collapse. Florence, JOHESU Q1,” a market source said. Assistance Programme (FTAP) trial action, hereby confirming an “We appreciate the solidar- National Secretary said in the He worried over Stanbic IBTC project explored the feasibility of earlier BusinessDay report. ity, support and guidance of the communiqué. Holdings free float which was establishing clearing infrastruc- According to coalition, the strike President of the Nigerian Labour They explained that the co- already an issue as the premium ture in Nigeria as well as the most action was suspended in response Congress, his Deputy and TUC in alition resolved to embark on a placed on the stock will widen the suitable design of such infra- to the intervention of Senate Presi- seeing to the resolution of this cri- nationwide strike action on mid- free float deficiency and may push structure for the Nigerian market. dent, Bukola Saraki. sis as well as National Association night of 17th April, 2018 owing to stock price higher. This effort was made possible The resolution was contained of Nigerian Students (NANS) and the failure of Federal Government “Stanbic IBTC delivered strong with the support and input from in a communique issued at the other well meaning for rising up to through the Ministry of Health to results in the first quarter of 2018 key Nigerian financial services end of the NATIONAL Executive the occasion while the strike lasted. honour agreements wilfully signed in demonstration of its growth regulators, including the Securi- Council meeting of Joint Health “We appreciate our teaming with the unions on 30th September, aspirations as the country’s eco- ties and Exchange Commission, Sector Unions (JOHESU) and As- members abundantly for their 2017, after due notice of 66 cumula- nomic environment continues to steadfastness, resoluteness and improve. The 22 percent growth Nigeria (SEC) and the Central sembly of Healthcare Professional tive days. resilience during this period of trial. According to them, the lead- in gross earnings was driven by 38 Bank of Nigeria (CBN), as well Associations (AHPA) held in Abuja. “His Excellency, the Senate “JOHESU is not unmindful of ership of JOHESU noted “with percent increase in non-interest as the local banking industry. the various threat letters and cir- dismay the insincerity and lack of revenue while net interest income FMDQ Clear participants will President, Senator (Dr.) Abubakar Bukola Saraki, through his love culars emanating from the Federal seriousness exhibited at the nego- remained stable year-on-year. have access to further Technical for the suffering masses displayed Ministry of Health and manage- tiation table by the Government The growth in non-interest rev- Assistance provided by Frontclear high level of statesmanship and ments of hospitals across the coun- negotiating team which led to the enue was driven by a significant as needed, including trainings on sincerity of purpose by putting try. We however, urge our members breakdown of further negotiations growth in trading income and fee repo accounting and margining, some machineries in place with a to remain peaceful and law abiding and unnecessarily prolonged the and commission revenue,” Yinka amongst others. in the face of intimidation and re- strike action. Sanni, Chief Executive of Stanbic Politics & Policy Friday 01 June 2018 C002D5556 BUSINESS DAY 35 APGA is well positioned to govern Buhari signs ‘Not too Imo in 2019 – Guber aspirant CHUKS OLUIGBO tions in Imo. “The other parties are mong all the politi- struggling to put their acts young to run’ bill cal parties position- together, and elections are ing for the Imo State nine months away, I do not …It would strengthen democracy - Stakeholders governorship seat see them coming together. Ain the 2019 election, the All But even they do, APGA has Progressives Grand Alliance the best agenda for Imo, has INIOBONG IWOK with agency (APGA) has been said to be the best set of candidates, report best positioned to govern and I think Imo people are the state. looking at who APGA pre- resident Muham- Chidi Okoro, a governor- sents. If we present the right madu Buhari yes- ship aspirant on the APGA candidate that Imo will ac- terday in the pres- platform, said the party’s cept, we will beat the other ence of selected array of competent and cred- parties,” he said. Pinvited youths across the ible aspirants to the gover- On the zoning argument county, inside the Presiden- norship seat gives it the edge in the state, Okoro, who is tial Villa signed the ‘Not too over the other parties. from Okigwe zone of the young to run’ bill into law. Okoro, a University of Ni- state, said it was good to re- The new law is aimed at geria, Nsukka-trained phar- spect the zoning structure in relaxing several stringent macist and immediate past order to maintain equity and and discriminatory provi- managing director/chief ex- justice. He added, however, that it was also important to sions of the constitution ecutive officer of UAC Foods understand that the state was which stand against young Ltd, said Imo State was at a at a point where it needed Nigerians from contesting tipping point and needed the most prepared candidate for elective positions in the APGA to rescue it from total with understanding of the is- country. collapse. “If you do a research in sues and who can design the In a brief speech at the solutions to the issues. signing ceremony, the Presi- Imo, the people want some- thing new, they want some- “What we are also trying to dent told the mostly young thing fresh, they want total, sell is: Who is most prepared? audience that they could positive change from the Who understands the issues? I aspire to the position of the Buhari past. APGA has that and am not being immodest; there president, but they should we do have a lot of credible are few people that under- do so after the 2019 general stressing that he hoped the They however, expressed and that is because of the candidates that come with stand the issues as much as I election. sections would be looked reservation on the sincerity monetisation of the electoral freshness,” Okoro said. do. I spent two years studying The bill was passed by the after eventually by the law- of the President, stressing process and violence in the “So, the first thing APGA Imo, trying to understand the National Assembly last year makers. that he was motivated to as- system,” he said. is trying to do is get the best issues. As I said, we are at a to alter Sections 65, 106, 131, However, the lawmakers sent to the bill because of his A youth leader and a candidate that understands point where we have to make 177 of the constitution. It was also approved independ- second term bid. chieftain of the Democratic the problems and has the so- the right choice. And I think to reduce the age qualifica- ent candidature in the new The Lagos State chair- People Congress (DPC) said lutions to the problems, and our party will make the right tion for president from 40 law; being part of a wider men of Advance Democratic the bill would aid the youth’s then we can rally Imo people choice, and I think Imo people to 30; governor from 35 to constitutional amendment Party (ADP) Adewale Bolaji, participation in politics, but to come with us,” he said. will make the right choice,” 30; senator from 35 to 30; process which the National applauded the development, urged the older generation Recalling that it was he said. House of Representatives Assembly carried out last but lamented that the youth to give the youth more op- through APGA that Gover- He also emphasised the membership from 30 to 25 year, more than 27 states were not contesting for elec- portunity in the political nor Rochas Okorocha won need to ensure a transpar- and State House of Assembly have passed the bill into law. tive positions because of the parties. the governorship election in ent primary election as well membership from 30 to 25. Reacting to the signing monetisation of the electoral “The bill is welcome; 2011 before joining the All as build harmony such that President Buhari, how- of the bill into law, political process in the country. that is what we need now, Progressives Congress (APC), whoever emerges at the ever, disclosed that in the bill leaders of some of the par- “The signing of the law is but the older generation is Okoro said APGA has grown end of the primaries would presented to him for assent, ties said the law would help welcome; of course he does not ready to give the youth even stronger, making it the have the backing of all other there was no reduction in in strengthening democracy not have choice, but if you a chance, example is this party to beat in the 2019 elec- aspirants. the age requirement for the in the country, adding that look at it, is because of his Obasanjo’s coalition; that is office of senators and gov- young people would have second term bill that he is why I don’t support them. Is ernors, indicating that the opportunity to aspire to elec- doing this. The youths are it not the people that have age would still be left at 35, tive positions. not coming out to participate been there before?” Atiku expresses shock, sadness over death of Wale Aboderin tiku Abubakar, their lofty dreams. Wale ‘We are the only recognised party executive’ a frontline Peo- Aboderin’s untimely de- ple’s Democratic parture is certainly heart- MIKE ABANG, Calabar lute and loyal to the party Secretary of the party, from Ikot Ansa Town hall Party’s presiden- breaking: painful to the at all times to enable them Francis Ekpeyong said the in Calabar municipality tialA hopeful, has expressed family, a monumental loss ewly elected fac- win the presidential and situation is normal as ag- to a project site within the shock and anguish over to the fourth estate of the tional Chairman governorship election in the grieved party members will premises of the University of the sudden demise of Wale realm and the nation at of the All Pro- country. be brought back as the in- Calabar Teaching Hospital Aboderin, chairman of one large,” the Waziri of Ad- gressives Con- “We are the party to beat; terest of the party is upper where a retired permanent of Nigeria’s leading media amawa said. gressN (APC) in Cross River we will not be distracted; we most. “You see, everybody secretary in the state civil groups, the Punch Newspa- The former Vice Presi- State, Godwin Etim John, must ensure that we deliver is working for our President service, Mathew Achigbe pers conglomerate. dent noted that Wale had has said that his faction re- our president in 2019 and and we will ensure that we was unanimously elected Atiku, in a condolence been in the vanguard of mained the only authentic take over the Government carry everybody along,” he to lead a 36-man new state message signed by his me- sustaining the vision of his party exco recognised by House come 2019 in Cross said. executive of the party. dia office on Thursday, said late father and founder of the national leadership of River State. But some stakeholders The congress was con- he felt the pains of the im- the Punch Group of News- the party. “Our leader, Pastor Usani of the All Progressives Con- ducted by the national mediate Aboderin fam- papers and that he had also The former Chairman of Uguru Usani has done a lot gress in Cross River State vice chairman of the par- ily in particular; the media, made his own mark as a Etung Local Government of empowerment in Fisher- last Sunday defied attempts ty, South-South, Ntufam especially the Newspapers philanthropist and founder Area disclosed this while ies, Agriculture, Cassava, by heavily armed, fierce- Hilliard Eta, who cited the Proprietors Association of of Dolphins Female Basket- inaugurating the state exco and Aqua-culture and has looking policemen to stop a constitutional provisions Nigeria (NPAN) and the ball Foundation. members at the state party empowered many of our rescheduled state congress of the party that empowers teeming lovers of Punch Atiku prays that the soul secretariat Barracks Road youths and women, a devel- of the chapter. him to attend to issues and Newspapers worldwide. of the deceased shall find Calabar, Cross River State. opment that has not taken The stakeholders were address matters within the “In today’s world, 60 rest in eternity, and also that He charged the party place before,” he said. forced to change the adver- states under his purview as years is too young an age God grants the family the members to remain reso- Also speaking, the State tised venue of the congress the National Vice Chairman. for anyone to pass on with fortitude to bear the loss.” Friday 01 June 2018 C002D5556 BUSINESS DAY A1 FT FINANCIAL TIMES World Business Newspaper US to impose tariffs on EU, Canada and Mexico Levies on steel and aluminium raise risk of trade war with US allies

SHAWN DONNAN , ANNE- must know that if they were to take ag- SYLVAINE CHASSANY AND gressive actions against Europe, Europe JIM BRUNSDEN would not be without reaction.” After meeting jointly with US trade he US will begin levying tariffs representative Robert Lighthizer to on imports of steel and alu- discuss how to tackle China’s steel over- minium from the EU, Canada capacity and other issues, EU trade and Mexico on Friday, in a commissioner Cecilia Malmstrom and move that will take the Trump Japan’s Hiroshige Seko warned that the administrationT further down the path to tariffs move was unjustified. a trade war with longstanding US allies. They also accused the US of putting Commerce Secretary Wilbur Ross said the global trading system at risk by last on Thursday that the US would allow ex- week launching a separate national emptions granted to the EU and partners security investigation into auto imports French Finance Minister Bruno Le Maire and US Secretary of Commerce Wilbur Ross attend a meeting at the Bercy Finance Ministry in the North American Free Trade Agree- that could lead to tariffs targeting a major in Paris on Thursday © Reuters ment to expire after negotiations with share of global trade. those economies failed to result in a deal. “This would cause serious turmoil in The duties of 25 per cent on steel and the global market and could lead to the Deutsche Bank’s US business put on federal problem bank list 10 per cent on aluminium, which Wash- demise of the multilateral trading system Move adds to issues facing the troubled German lender as it scales back American operations ington claims are necessary on national based on [World Trade Organization] security grounds, were first announced BEN MCLANNAHAN AND the list for fear of making problems Deutsche said: “As a matter of rules,” they said. worse. The Federal Reserve also policy, we do not comment on spe- earlier this year as part of a crackdown by Speaking to reporters, Mr Ross said OLAF STORBECK the US on China and its flooding of cheap declined to comment. cific regulatory feedback. The ulti- the US remained willing to negotiate with he US subsidiary of Deutsche Another person briefed on the mate parent of the Deutsche Bank metals into global markets. the EU and its Nafta partners. But he said The US initially granted exemptions Bank has been added to a matter told the Financial Times that Group, Deutsche Bank AG is very any talks would depend on how those federal list of institutions the decision by US regulators to put well capitalised and has significant to allies including the EU, Canada and economies responded to the decision to T with weaknesses serious enough Deutsche on the list of “troubled” liquidity reserves. Mexico and extended them until June proceed with the tariffs. to threaten their survival, in a institutions has so far not been “Our principal US banking sub- 1 to give time for negotiations aimed at He also said the US had no choice but move that will add to the issues discussed by the parent company’s sidiary, Deutsche Bank Trust Com- securing broader trade concessions such to impose tariffs on allies as it sought to facing the German lender as it supervisory board. pany Americas, has a very robust as a lowering of EU tariffs on cars. But the address Chinese over-production of steel scales back its North American An indication of Deutsche’s balance sheet as disclosed in our an- Trump administration said Thursday and aluminium, much of which entered operations. status emerged last week when the nual and quarterly regulatory filings. it had lost patience and would proceed the US via third countries to evade exist- The Federal Deposit Insurance FDIC revealed the number of institu- As we have indicated previously, we with the tariffs. ing anti-dumping tariffs. Corporation, a bank regulator, has tions on its list of problem banks had are highly focused on addressing Ahead of the announcement France’s “Unfortunately it is not a situation put Deutsche on its list of “prob- dropped from 95 to 92 between the identified deficiencies in our US finance minister warned the EU would that lends itself to a silver bullet of sim- lem banks” — those with finan- fourth quarter of last year and the operations.” have no choice but to “enter a trade war” ply imposing tariffs or quotas on China cial, managerial or operational first quarter of this year. European regulators raised con- against the US if Donald Trump imposed itself . . . It is not just China that has excess weaknesses that endanger their But the aggregate assets owned cerns about Deutsche Bank’s US new metal tariffs, with Brussels preparing capacity. The world has excess capacity,” financial viability — according to a by the problem banks soared investment banking division for retaliatory duties on bourbon whisky, Mr Ross said. person familiar with the situation. over that period from $13.9bn to months before Christian Sewing, the jeans and peanut butter. Washington has been renegotiat- The FDIC’s decision to put $56.4bn, suggesting the addition of new chief executive, decided to cut Bruno Le Maire met Mr Ross in ing Nafta with Canada and Mexico but the Deutsche subsidiary on the a bank with about $42bn in assets. back its operations. Paris on Thursday in a last-ditch effort those talks have become stuck over how list follows a move by the Federal Deutsche’s banking arm, known The European Central Bank and to change the Trump administration’s to rewrite auto content rules. The US Reserve, the lender’s main US regu- as Deutsche Bank Trust Company German banking regulator BaFin, thinking, telling him new levies on EU has also been trying to force the EU into lator, to label it as “troubled” a year Americas (DBTCA), had $42.1bn in who jointly supervise Germany’s steel and aluminium imports were negotiating and making concessions ago, the person added. assets at the end of April, according largest lender, were concerned that “unjustified and dangerous” for global such as reducing a 10 per cent tariff on Shares in Deutsche Bank fell to a regulatory filing. Deutsche’s US investment banking economic growth. automobile imports in exchange for an more than 4 per cent on Thursday The addition of Deutsche Bank’s footprint was too big and a potential “The responsibility falls solely on to exemption from the steel tariffs. afternoon. The FDIC declined to federally insured US business to the source of instability, four people with US authorities; only they have to decide It also wants the EU to agree to a comment, citing its longstanding list accounted for the shift in assets, knowledge of the discussions told whether they want to enter a trade war quota that would limit European steel policy not to identify any bank on according to an informed person. the Financial Times in May. with their closest partners,” Mr Le Maire and aluminium exports to the US as part said after the meeting. “Overcapacities of what Washington insists is a strategy to are coming from China, not Europe.” get Beijing to stop flooding global markets China exonerates supermarket tycoon jailed for bribery Mr Le Maire added: “Our US friends with cheap metals. Ruling seen as attempt to reassure private sector about state influence over economy TOM HANCOCK AND have long complained that they were anger over wrongful convictions often Abramovich’s Chelsea shelves plan WANG XUEQIAO subject to unfair competition from the stemming from forced confessions. state sector, were encouraged to pay Mr Zhang was released from jail in for new football stadium hina has exonerated a super- bribes to officials and could be subject 2013 after two sentence reductions, Russian oligarch owner’s UK immigration status is still in doubt market tycoon jailed for fraud to arbitrary convictions. according to court records. The reason Cand corruption a decade ago in The growth rate of private sector for the reductions was not stated. the first of several retrials of convicted investment has plunged during Mr The original trial court in the north- MURAD AHMED AND timeframe set for reconsideration of its decision.” entrepreneurs aimed at reassuring a Xi’s tenure, from about 30 per cent in ern province of Hebei had ruled that MAX SEDDON private sector worried by state influ- 2012 to little more than two per cent Wumart had fraudulently received A person close to the club’s helsea football club has ence over the economy. in 2016, according to the World Eco- Rmb31.9m in state funds, and that Mr leadership said it was impossible China’s supreme court said Zhang nomic Forum. Zhang had purchased shares of state- halted plans to build a to continue with the project with- Wenzhong, the founder of Wumart, Analysts say the fall reflects how run enterprise as a bribe. But Wumart C£500m stadium due to the out assurances over its owner’s one of China’s largest grocery chains, private business are being crowded out was in fact eligible for such funding, “current unfavourable investment immigration status, with Mr was innocent of the charges of fraud, by increasingly dominant state-owned and the share purchase was a normal climate”, as its Russian oligarch Abramovich unwilling to commit bribery and embezzlement for which companies and concerns about a business transaction, the supreme owner Roman Abramovich re- he was jailed for 12 years in 2009. It crackdown on corruption overseen by court said. hundreds of millions of pounds added that a Rmb500,000 ($78,000) fine Mr Xi, which has encouraged wealthy Mr Zhang, who remains the control- mains in limbo over obtaining an to the stadium construction due UK investor visa. imposed at the time would be returned. people to move assets overseas. ling shareholder of Wumart, was the to the issues over obtaining a The supreme court vowed in De- The exoneration of Mr Zhang was 106th richest person in China in 2017 On Thursday, the English Pre- new visa. cember to retry three high profile cases “sending a signal to enterprises and with assets worth $2.6bn, according to mier League side announced the It has been unclear how the involving entrepreneurs, including Mr entrepreneurs that their property Forbes, making him the second richest project to build a stadium at the project would be funded, though Zhang’s, in what local observers are rights will be protected”, said Peng Ji- businessmen jailed during the tenure of site of its current home, Stamford interpreting as an attempt to reassure yue, a partner at Beijing- based law Mr Xi’s predecessor Hu Jintao. people close to the plans have business owners over the safety of their firm King & Capital. The highest profile conviction Bridge in west London, has been said Mr Abramovich, possibly put “on hold”. assets. Convictions in the three cases Chinese courts, which are con- under Mr Hu was of Huang Guangyu, alongside other investors, could were all made before 2012, when Presi- trolled by the ruling Communist founder of electronics retailer Gome In a statement, Chelsea said: cover the cost without the need dent Xi Jinping assumed leadership of party, have in recent years exonerated and once China’s richest man. He was “No further pre-construction to tap the club’s finances. the Chinese Communist party. thousands of people jailed for crimes jailed for 14 years in 2010, though his design and planning work will Although many have amassed including murder as the party attempts case is not being reconsidered by the occur. The club does not have a Continues on page A2 vast wealth, Chinese entrepreneurs to boost trust in courts amid public supreme court. A2 BUSINESS DAY C002D5556 Friday 01 June 2018 FT NATIONAL Italy turmoil gives Draghi dilemma over ECB’s plan of action

Central bank hawks want to keep plan to end QE but market jitters could force rethink complication that any ECB action will be Reserve and the Bank of England in nor- CLAIRE JONES Mario Draghi, head of the Bank of the single currency. scrutinised for signs that its president is malising monetary policy. Italy before his ECB appointment, knows Now fears over Italy’s political stabil- exerting undue influence in Rome. But that timetable — already threat- taly’s crisis gives the European Central better than anyone his country’s impor- ity are again sending markets gyrating as At the start of the year the ECB’s hope ened by a slowdown in growth in the Bank tough choices as it tries to tread tance to his current mandate to ensure investors parse the probability of a populist was that strong eurozone growth and a opening months of 2018 — has been Ia line between containing market eurozone stability. Investor fears over coalition in Rome or a fresh election that in clement political climate would in 2018 placed further in doubt by events in turmoil and sticking to plans to end its Italy were uppermost in the crisis over effect would be a referendum on the euro. allow it to draw its €2.4tn quantitative Rome, which sent the Italian govern- crisis-era monetary support. And the the euro that has dominated his tenure Events in Italy are likely to have knock- easing programme to a close and begin ment’s borrowing costs to their highest dilemma is made even more acute by the in Frankfurt, prompting his celebrated on implications for Mr Draghi and his raising interest rates around the middle level since the nadir of the region’s sov- nationality of the ECB’s president. promise to do “whatever it takes” to save fellow policymakers — with the added of next year, following the US Federal ereign debt crisis. Drugmakers struggle BofA suffers string of to find immunotherapy... departures from prime Continued from page A1 broking unit At least six employees have left following The club said issues involv- dismissal of Omeed Malik in January ing Mr Abramovich’s visa were a “private matter”. BEN MCLANNAHAN His representatives declined to comment on the stadium de- cision. ank of America has suffered Mr Abramovich, who has a a string of departures from wealth estimated at $11.5bn by Bits hedge-fund services unit, Russia’s edition of Forbes, became in the wake of a storm over the an Israeli citizen earlier this week, dismissal of a former top executive. which grants him visa-free access The second-biggest US bank by assets has seen three top people for up to six months but does not leave the prime brokerage unit this allow him to work in the UK. year, along with several more junior The 51-year-old applied for staff. The turmoil comes after the Israeli citizenship before his UK bank fired Omeed Malik, a managing visa issues surfaced, one person director in the unit, who had risen with knowledge of the matter said. rapidly after joining the bank in 2012 He travelled to Israel after his Russian foreign minister Sergei Lavrov, left, meets North Korean leader Kim Jong Un in Pyongyang on Thursday © AFP from MF Global. UK visa application was held up Mr Malik, 38, was dismissed in due to new and extensive due January in the wake of complaints diligence rules, while authorities Lavrov calls for end of North Korea sanctions in Pyongyang from female employees about un- have not told him why the visa wanted advances, according to process was taking longer than Russian foreign minister enters denuclearisation debate in bid to retain influence people familiar with the situation. usual, the person said. Mr Malik has since filed an $120m BRYAN HARRIS AND “Very good meetings with North Russian experts on North Korea Ko r e a .” said that for Moscow, at stake was not arbitration claim with Finra, the Mr Abramovich has no formal KATHRIN HILLE employment status at Chelsea, North Korea has repeatedly said it only stability on the country’s eastern regulatory body where most secu- but may seek to clarify his status ussia has entered the diplo- supports the “complete denuclearisa- border — North Korea and Russia rities industry disputes are heard, matic fray surrounding North tion” of the peninsula, although it has share a 17km frontier — but also main- accusing executives at the bank of as it impacts his UK investments, Korea, with the country’s foreign yet to lay out what it will seek from the taining a key asset in its global power a person close to him said. R defamation, breach of contract, and minister urging the international com- US in return. rivalry with the US. discrimination based on his Muslim The oligarch believes the UK’s Citing diplomatic sources, local “In the best-case scenario, a solu- munity to axe sanctions on Pyongyang background. reviewing of his process is linked as a starting point for the dismantling media in South Korea on Thursday tion for this flashpoint could allow to recent political fallout between of its nuclear programme. reported that North Korea was de- Russia to play a key, constructive role Other senior departures from Denuclearisation of the Korean manding the lifting of international in global diplomacy in the way it did in BofA include Michael Dolan and the west and Russia, but is non- Kristin Maule, both directors in chalant about its impact on his peninsula “cannot be achieved until sanctions and the establishment of negotiating the Iran nuclear deal,” said sanctions are lifted”, Sergei Lavrov said diplomatic ties with Washington in a Russian former diplomat. prime-brokerage sales, and Chris immigration status, two people on Thursday during a trip to the North exchange for abandoning its atomic “But as we can see from that Iran Throop, a managing director in con- close to him said. Korean capital — the first by a Russian programme. deal, the US has become unreliable sulting. More junior leavers include Chelsea has obtained planning foreign minister in almost a decade. A stumbling block, however, is and cannot be trusted to stick to Jonathan Brenner, Katie Alberti and permission to build a new 60,000 The visit comes as countries scram- likely to be whether sanctions relief such agreements. In the worst-case Sally Carlson, all vice-presidents in seat stadium in west London, with ble to influence the direction and po- comes immediately, as Pyongyang scenario, Washington will disregard capital introductions. The employ- the city’s Mayor Sadiq Khan say- tential outcome of a highly anticipated would hope, or later on after the coun- the interests of not only North Korea summit between US president Donald try had shown concrete steps towards but also other parties, like China’s, ees all left voluntarily, according to ing it would become the “jewel in Trump and North Korean leader Kim denuclearisation. like ours.” people familiar with the departures. London’s sporting crown”. Jong Un in Singapore next month. Sanctions on the Kim regime were South Korea has played a pivotal “It is not uncommon for people Since acquiring Chelsea in Mr Trump’s chief diplomat, secre- tightening throughout last year as Mr role in guiding the rocky relationship to come and go this time of year,” 2003, a move that has made him tary of state Mike Pompeo, resumed Trump spearheaded a campaign to between North Korea and the US. But said a BofA spokesperson, noting the most famous oligarch in the talks with Kim Yong Chol, a hardline economically punish and isolate the other nations have also sought to exert that the unit had hired 11 people UK, Mr Abramovich has been general and close adviser to Mr Kim, country for its development of nuclear influence with their respective allies. since January. known for keeping a close eye on in New York on Thursday to attempt to weapons and ballistic missiles. When Chinese president Xi Jinping The Charlotte-based bank had find common ground for the on-again, Many experts believe that Pyong- met Mr Kim in Dalian recently, he is hired Mr Malik as part of a big push club affairs. yang’s current diplomatic push is reported to have offered the North off-again summit. in prime brokerage, a business In March, Fordstam Ltd, the Mr Trump, who hopes to sign a being driven by the knowledge that Korean leader Beijing’s economic holding company that owns Chel- deal leading to the complete and veri- it could imminently face a balance of support if the Singapore summit fails. within investment banks that courts sea, placed a filing in Companies fied denuclearisation of North Korea, payments crisis. Mr Trump blamed that meeting hedge fund managers, supplying House that changed the country potentially in exchange for aid and For its part, Russia is manoeuvring for a renewed burst of acrimony from them with everything from loans in which he is usually resident, a security guarantee for Pyongyang, carefully in order to retain its long- Pyongyang last week that threw the to research to introductions to in- wrote on Twitter early on Thursday: standing influence with Pyongyang. Singapore meeting into doubt. vestors. Combined prime-broking to Russia. revenues across the top 12 global Fordstam has close to £1.1bn in investment banks came to $4.9bn in debt in the form of loans from Mr Goldman Sachs banker charged with insider trading the first quarter, according to Coali- Abramovich. In theory, he could tion, a London-based consultancy, US attorney’s office, using information tween 2015 and 2017. call in the debt, which would be KADHIM SHUBBER AND up 19 per cent from a year earlier. The he allegedly gleaned from his work Mr Jung, 37, worked in Goldman’s repayable with 18 months’ notice. BEN MCLANNAHAN business has grown in importance within Goldman’s investment banking New York office as an investment Previously, Mr Abramovich for banks as trading has shrunk. has maintained his ownership of department. banking associate for three years until Goldman Sachs banker has been Mr Jung tried to conceal his trades July 2015, when he was promoted to Traditional cash equities trading Chelsea is not a financial invest- arrested for alleged insider trad- by buying the securities in a brokerage vice-president and transferred to the was half the size of prime broking, ment and in its latest accounts Aing, accused of using informa- account held in the name of Sungrok San Francisco office. at $2.5bn in revenue across the 12 published in April, Fordstam tion about the bank’s clients to generate Hwang, an old school friend of his He was charged by the US attorney banks in the first quarter. said it “has received confirma- $140,000 of illegal profits. living in South Korea, according to for the southern district of New York Last year BofA ranked fourth by tion from [Mr Abramovich] that Woojae “Steve” Yung, a vice-pres- a civil complaint from the Securities with six counts of securities fraud and prime brokerage market share, in a sufficient funds will be provided ident at the bank, made trades in and Exchange Commission, also filed one count of conspiracy to commit se- bracket with Deutsche Bank and UBS, to finance the business for the the securities of a dozen different on Thursday. curities fraud. The SEC filed two claims according to Coalition. Out front was foreseeable future”. companies, according to a complaint The SEC said the trades generated for relief for fraud and one claim for Morgan Stanley, followed by Gold- filed on Thursday by the Manhattan profits of approximately $140,000 be- relief for unjust enrichment. man Sachs and JPMorgan Chase. Friday 01 June 2018 C002D5556 BUSINESS DAY A3 FINANCIAL TIMES COMPANIES & MARKETS @ FINANCIAL TIMES LIMITED UK financial watchdog calls for ‘radical overhaul’ of high-cost credit Intervention would ‘protect financially vulnerable consumers’, FCA says NICHOLAS MEGAW “I do not want us to end up in that position again,” Mr Bailey said. • UK financial regulator dismisses criti- Overdrafts have historically been a cism that it is moving too slowly significant source of income for banks, • FCA considers cap on charges for ‘rent- helping to subsidise the cost of providing to-buy’ lenders free in-credit current accounts. According • Controversial sector’s ‘eye-opening’ to the FCA, UK banks made about £2.3bn charges in revenues from overdrafts in 2016, with he UK financial regulator called 30 per cent of the income coming from for a “radical” overhaul of rules more expensive unarranged borrowing. Tsurrounding bank overdrafts and Mr Bailey said “nothing is free” in rent-to-own businesses on Thursday, banking, and the high cost of overdrafts © FT Montage/Dreamstime dismissing criticism that it was dragging — which disproportionately hit people on its heels in its efforts to protect vulner- lower incomes — raises broader questions able customers. about “unfair cost allocations”. Air India fails to attract bidders in blow to privatisation plans The Financial Conduct Authority According to the FCA, just 2 per cent of Prime minister had prioritised selling airline to show commitment to economic reform said forcing banks to give more transpar- accounts pay more than half of all overdraft ent information about overdrafts would charges. KIRAN STACEY India. Further course of action will debt and that the government would save customers more than £200m a year. Some banks, including Lloyds Banking be decided appropriately.” retain a 24 per cent stake. The regulator said it would consider more Group and Santander, have already begun rime Minister Narendra Mo- One government official said: Anyone taking over Air India fundamental changes in future, such as a cutting or removing fees for unarranged di’s ambitious plans to pri- “We did not expect this. We hoped would also have been forced to re- ban on fixed fees and ending distinctions overdrafts. vatise major parts of Indian for several bidders to come forward. tain all 27,000 members of staff for between unarranged and arranged bor- P The FCA will publish the results of its industry were left badly diminished Now we will have to work out what a year — a stipulation that failed to rowing costs. broader consultation on banking business on Thursday after the deadline for went wrong and decide what the win over trade unions, who warned Andrew Bailey, FCA chief executive, models in December. potential bidders to express an in- process should be from here.” about the “perils” of privatisation. said: “We’re giving a very strong message Greg Stevens, chief executive of the terest in Air India passed without a Successive Indian governments In April, Indigo, the country’s that this does need to be dealt with.” Consumer Credit Trade Association, single company doing so. have been trying for years to priva- biggest private airline, ruled itself But some campaign groups criticised which represents credit providers, said: Mr Modi had prioritised selling tise Air India, which has made losses out, saying it only wanted to buy Air the regulator for moving too slowly. “The FCA is taking a cautious approach the highly indebted airline in what for the past decade and holds $7.8bn India’s international routes. Gareth Shaw, of consumer associa- which is to be welcomed. would have been India’s biggest ever in debt. Just days later, its biggest compet- tion Which?, said it was “wrong that the “Providing credit to low-income con- privatisation and a powerful sign Politicians have been thwarted itor Jet also said it was not interested, regulator continues to delay taking ac- sumers will always be an emotive topic,” of his commitment to economic by domestic opposition and a lack with analysts blaming the company’s tion”, while Mick McAteer, co-director he added. reform. of interest from buyers. high levels of debt. of the Financial Inclusion Centre and a “You can’t simply wish away the costs But ministers were left desper- Last year, the cabinet gave the The timing has worked against former FCA board member, said: “I just of servicing this customer group. The FCA ately searching for ways to revital- go-ahead to sell the airline, but in the government, with higher oil pric- don’t get why the FCA are not taking tough gets this and it is taking its time to get the ise the process on Thursday night the past few months, successive es having badly knocked earnings at action now”. balance right.” after admitting they failed to entice potential buyers have dropped out several of India’s largest airlines in FCA defends cautious approach Regulator targets hire-purchase agree- a single potential bidder for the because of the proposed structure the past few months. Mr Bailey said the FCA was “very con- ments company. of the deal. Indigo said earlier this month cerned to make sure we balance doing it The FCA also recommended changes New Delhi’s ministry of civil Analysts said buyers had balked that its pre-tax profits for the previ- as soon as possible with doing it robustly”. to the rent-to-own industry, where cus- aviation said in a tweet: “As in- at several elements of the plan, in- ous quarter were down 73 per cent He pointed to previous efforts by the tomers obtain products such as washing formed by the Transaction Adviser, cluding the fact that both domestic from the same time a year ago. FCA’s predecessor, the Office for Fair machines under hire-purchase agree- no response has been received for and international routes were being Kapil Kaul, South Asia chief for Trading, to crack down on overdraft fees. ments before taking ownership of the the Expression of Interest floated sold together, that the purchase the Centre for Asia-Pacific Aviation, The proposals were opposed by banks and goods when they have completed all the for the strategic disinvestment of Air would have to include $5.1bn of said: “This is a significant failure. defeated in the Supreme Court in 2009. payments. Dollar Tree, Dollar General sales chilled by cold spring US stocks slip as trade war worries offset Italy hopes Government offers significantly higher yields on €5.6bn of debt raised Deutsche Bank shares slide; bond yields continue to fall in Rome PAN KWAN YUK The company, which runs nearly DAVE SHELLOCK, ROGER BLITZ tions. Eurozone inflation in May, al- 15,000 stores across the US under the AND STEPHEN SMITH But equity markets failed to join in though coming out strongly higher t was a rough quarter for dollar Family Dollar and Dollar Tree brand, the party as concerns about a global at 1.9 per cent compared with 1.2 per store operators. said it now expects full-year earnings hat you need to know trade war were fuelled by news that cent the previous month, had only a Shares in sector leaders Dollar to be $4.80 to $5.10 per share. That is • US to impose tariffs on the US would begin levying tariffs on modest impact on the euro, which has I down from its previous forecast of be- Tree and Dollar General are down metal imports from the EU, imports of steel and aluminium from already gained 1.4 per cent against the tween $5.25 to $5.60 a share and well W the EU, Canada and Mexico from Fri- dollar this week. sharply on Thursday after an unusu- Canada and Mexico ally cold spring hit sales growth at the below the average analyst estimate of • S&P 500 down 0.4%, Xetra Dax off day.The EU promised to hit the US with Equities two discount retailers and prompted $5.64 a share. 0.9% retaliatory tariffs. In New York, the S&P 500 is down the former to cut its full-year outlook. “We expect higher freight and • Deutsche Bank’s US unit added to list “This is a bad day for world trade,” 0.4 per cent at 2,712, while the Dow is Dollar Tree skidded 12 per cent diesel costs to continue,” said Kevin of ‘problem’ banks said Jean-Claude Juncker, European 0.9 per cent lower and the tech-heavy — the most in more than two months Wampler, chief financial officer, in • Italian bond yields fall sharply Commission president in Brussels Nasdaq Composite is flat. — to $84.99, while Dollar General a call with analysts. “These costs are • US core inflation at 1.8% as expected as the measures were announced in In Frankfurt, the Xetra Dax was dropped 7.4 per cent to $89.28, put- trending higher than our original • Euro pares gains despite stronger Washington. down 1.6 per cent as Deutsche Bank ting it on track for its biggest one-day guidance, and we reflected that in our eurozone inflation data Meanwhile, the Federal Reserve’s tumbled more than 7 per cent on news decline in 21 months. updated outlook.” • US oil prices weaker on higher in- favoured measure of inflation, the core that the German lender’s US unit had The moves come after Dollar Tree Mr Wampler also flagged up higher ventories, pushing Brent-WTI spread PCE deflator, registered 1.8 per cent been added to a key American regula- said same-store sales, a gauge of per- wage costs as another cost pressure. above $10 year-on-year in April, still short of the tor’s list of banks with serious weak- formance in stores open at least a year, Across the US, employers are strug- Hot topic Fed’s target of 2 per cent. Today’s read- nesses that threatened their survival. rose 1.4 per cent in the three months gling to fill positions amid a tight la- Political uncertainty in Italy has ing had been expected by markets and In Milan, the FTSE MIB index is to May 5. That is lower by nearly half bour market and steady wage growth. taken something of a back seat in global prompted some buying of Treasuries down 0.6 per cent, having earlier been than the consensus estimate for a 2.6 Having bucked the general mal- market action on Thursday as trade war and the dollar. up more than 1 per cent. The Europe- per cent rise. aise that has roiled the wider brick- worries returned to the fore and infla- But US consumer spending in- wide Stoxx 600 is down 0.4 per cent While revenue rose 5 per cent to and-mortar retail sector over the tion figures on both sides of the Atlantic creased more than expected in April. while in the UK the FTSE 100 is flat $5.55bn during the period, it also past couple of years by focusing on drew attention. “The gain in real personal spending while Germany’s Xetra Dax index was undershot Wall Street’s forecast of budget-conscious Americans, some Italian president Sergio Mattarella illustrates that consumption growth off 1.3 per cent. $5.57bn. Net profit fell by a fifth to are wondering if the sector’s era of has held informal meetings with lead- is poised for a strong rebound in the In Asia, Japan’s Topix index rose 0.7 $160.5m as higher freight costs and a strong growth could be coming to an ers of the anti-establishment Five Star second quarter, leaving the Fed on per cent. Echoing the jump in US stocks sharp rise in interest and refinancing end as consumers, flush with more Movement and the far-right League course to raise interest rates again at the yesterday, the energy sector was the big- expenses related to its $5bn debt pile disposable income, splash out on more aimed at reaching an agreement to next FOMC meeting in mid-June,” said gest gainer, climbing 2.4 per cent after oil ate into its bottom line. expensive goods. form a coalition and avoid snap elec- Andrew Hunter of Capital Economics. prices recovered in the previous session. A4 BUSINESS DAY C002D5556 Friday 01 June 2018 FT ANALYSIS Microsoft speeds up in race to $1tn valuation With a wider range of services in its surging cloud division, growth is accelerating among the first to offer “machine RICHARD WATERS learning in the cloud” — AI services that customers can bring to bear on ive years ago, Microsoft looked their own corporate data once it is at risk of missing the next big ar- held in the company’s Azure cloud Fchitectural shifts in computing. platform. Its shares had been rangebound for Microsoft race to a trillion charts more than a dozen years, as other tech If the cloud has been a powerful companies took the lead in mobile centralising force in computing, then and cloud computing. the proliferation of devices at the A low point: after losing the smart- “edge” — the mass of sensors and phone software market to Apple and other intelligent gadgets known as the Google, former chief executive Steve “internet of things” — could provide a Ballmer gambled on an acquisition second source of growth. “They have Chinese shares to transform of Nokia’s handset business to catch a software business that knows how up. The deal, universally hated on to work at the edge — that’s where Wall Street, was a failure; Mr Ballmer they came from,” said Mr Anderson, emerging market investing stepped down in 2014. referring to Microsoft’s PC software The change since then has been heritage. Adding 233 companies to MSCI Emerging Markets index will connect China’s market to the world startling. With cloud services deliv- While it has established itself as ering a jolt of growth, Microsoft is the clear number two to Amazon Web expected to post its fastest revenue EMMA DUNKLEY AND the next five to 10 years,” says Steven lowest ESG rating available. Just three per Services in cloud computing, there are expansion for a decade when its finan- aspects of history to overcome. Unlike JAMES KYNGE Sun, head of research at HSBC Qianhai, cent placed in the top three out of seven a Shenzhen-based securities company. ESG categories. “Almost every single cial year ends next month. Its shares rivals that were born on the internet MSCI did not give a timescale for international investor I’ve met recently are up three-fold. and built new cloud businesses from government-controlled supplier That has won an army of new Wall of surveillance equipment is one “full inclusion”, but it acknowledges that has asked me about A-share corporate scratch, Microsoft is still developing when that day comes Chinese shares governance,” says Mr Sun. Street supporters for Mr Ballmer’s suc- ways to sell cloud services to the many Aof the most popular Chinese cessor, Satya Nadella, who had made customers of its traditional software will make up the “heavyweight” por- One impact of these poor governance companies in the world right now, his mark as Microsoft’s cloud boss. As business. at least with institutional investors. tion of about 45 per cent of the MSCI standards is that investors are often analysts at Morgan Stanley put it in a Emerging Markets Index. “When [the blindsided when problems erupt. Leshi “By our estimates, we’re only 14- Hangzhou Hikvision, one of China’s note earlier this year: “Public cloud 15 per cent penetrated in the existing so-called A-shares, listed in renminbi Chinese] want something, they do Internet Information and Technology, a on the Shanghai and Shenzhen stock it,” says Sebastien Lieblich, managing former star of the A-share universe, fell exchanges, is among the stocks to have director of research at MSCI. “I cannot to earth in April 2017 when it unexpect- been selected for inclusion in the MSCI say if [full inclusion] is going to be in 15, edly suspended its shares. It took nine Emerging Markets Index from Friday, 10 years or five years. Any of these three months for the suspension to be lifted. obliging asset managers all over the time horizons are possible.” During that time, the TV company that world to consider investing in them. While such a prospect appeals to diversified into self-driving electric cars If the attraction of Hikvision seems some, it fills others with dread. Active suffered a cash crunch and called off obvious — a Beijing-backed business fund managers can select which com- overseas acquisitions. in a booming sector in an authoritarian panies to invest in and which potential The telling aspect of its demise, country — then the other two most fa- landmines to avoid. Passive investors however, was that few investors saw it voured A-shares are also telling. One is a have no choice but to own these stocks. coming; weak transparency rules abetted drinks company and the other a supplier By objective measurable standards, by lax disclosure allowed the company to of electrical appliances — both apparent A-shares are among the most highly- effectively disguise its frailties. bets on the rise of China’s middle-class leveraged, volatile, worst governed and Such disregard for minority share- consumer. most heavily-diluted cohort of shares in holders is mirrored by the dominant Microsoft is expected to post its fastest revenue expansion for a decade when its financial Although only 233 A-shares will any emerging market. position of majority shareholders. Nearly year ends next month © FT montage / Bloomberg A study by Brandon Emmerich, prin- 70 per cent of A-shares have a major be added in the first tranche to the markets,” Mr Anderson said. “The index — which is followed by investors cipal at Granite Peak Advisory, shows shareholder that owns more than 25 per adoption, large distribution channels and installed customer base, and im- upside is still enormous.” controlling $1.6tn in assets — to many, levels of indebtedness among A-shares cent of the company’s stock, compared is extremely high. The average gross debt with just 18 per cent of US firms in which proving margins support a path to . . . a The economics of the cloud busi- this represents a pivotal moment. $1 trillion market cap for [Microsoft].” ness could now help the biggest cloud Subsequent planned additions are set held by a company is 7.8 times larger than the majority owner is similarly powerful, platforms cement their position, that company’s annual ebitda — a broad according to data from Granite Peak Microsoft is behind market leader to radically reshape the global equity Amazon Web Services in the founda- leaving a small oligopoly to dominate landscape. measure of earnings — while net debt is Advisory. This weakens the impetus to tional parts of the cloud computing a large slice of the IT industry. One “Investors can’t ignore China’s do- 6.1 times larger. According to criteria ap- pay dividends; some 900 A-shares out of a business — selling access to raw com- factor is the sheer scale of the spending mestic market any more,” says Jinming plied by Standard & Poor’s, a credit-rating total 3,244 have never paid one, according puting power and data storage (known needed to compete. “They’ve made a Hu, chief executive officer of GF Inter- agency, any company with debt greater to Granite Peak. as “infrastructure as a service”) and massive capital investment,” said Mr national Asset Management, the first than five times ebitda falls into the highest “Until [MSCI] took the selective the set of services needed to turn that Walkush. wholly owned Chinese fund to launch category of corporate leverage. approach to A-shares, we were critical computing base into a platform for According to Morgan Stanley, ag- in Europe. “Overseas investors now have “Investors need to be very careful,” about exposing international investors to companies to run their applications gregate capital spending by 14 of the no choice but to accept that mainland says Mr Emmerich, whose analysis was so much governance risk in China,” says on (“platform as a service”). biggest cloud companies will jump China’s equity markets are part of the based on an original list of 222 A-shares Jamie Allen, founding secretary-general Unlike Amazon, though, Microsoft by 29 per cent this year, a consider- world.” scheduled for inclusion. “The debts of the Asian Corporate Governance also has a significant cloud applica- able acceleration after an increase of Many global investors have previ- of some companies, such as the big Association. “But even now, it still does tions business, in the shape of the 16 per cent last year and a sign of an ously avoided Chinese stocks, partly due property developer Poly Real Estate increase risk . . . It puts pressure on pas- online service Office 365 and busi- “accelerating workload shift to public to concerns over corporate governance. Group which has debt to ebitda of 18.6 sive investors to take governance very ness applications such as customer cloud”. Three quarters of that growth times, are extreme.” seriously, and ensure that they’re doing relationship management. Its overall is coming from just four companies: Even renowned UK stockpicker Anthony Microsoft, Google, Facebook and Bolton, who arrived in Hong Kong in The number of surveillance cam- as much as they can. That’s a challenge commercial cloud sales reached $6bn in the latest quarter, ahead of Ama- Amazon. 2010 to exalted expectations that he eras in operation is set to rise to 626m for the passive industry as they invest in by 2020, up from 176m last year, so many companies.” zon’s $5.4bn. That could eventually lead to more would successfully transfer his Midas That still amounts to only about a mergers and acquisitions, with the touch to China, fell foul of accounting according to IHS Markit, a research In spite of this, investors say A-shares biggest platforms absorbing the sup- company. Hikvision, an industry represent one of the most compelling fifth of Microsoft’s total sales, but the scandals and fraud. cloud has contributed 63 per cent of the pliers of the main applications that run He had discovered, as he put it, that leader, is a beneficiary of the national opportunities in global equities. company’s overall growth so far this year. in the cloud — a remorseless process corporate governance in China is a “eu- urge to monitor. “There are many good businesses Having a presence in so many parts of consolidation that has happened phemism for ‘are the figures real and is At a time when Beijing is intent on listed in the A-share market that are not of the cloud business gives Microsoft as other eras of corporate computing the management lying’”. deleveraging its economy, such debt available [for investment] in Hong Kong, “more entry points” with potential have matured. The inclusion will force passive levels represent a risk to investors. especially in the consumer, industrial and customers, said Ed Anderson, an “It’s the nature of the software funds, which track indices and are held High corporate debt can also sharpen a healthcare sectors,” says Bryan Yeo, chief analyst at tech research firm Gartner. industry — it’s very hard to be a stand- by some of the world’s largest pension company’s desire to issue more shares, investment officer of public equities at “It gives them strength because they alone,” said Mr Walkush. He likened funds, to invest in A-shares. Analysts thus diluting that company’s earnings Singapore’s sovereign wealth fund, GIC, play across the space. They’re very it to the PC world, where Microsoft say this has raised fears over corporate per share — a key measure of value for one of the largest in the world. “These are well positioned.” moved from the operating system up governance standards. Some question those invested. Research by Schroders, the sectors that will benefit the most from With the foundational cloud busi- into applications, dominating with its if this shift of passive, foreign money an asset manager, shows the Shanghai China’s focus on producing high quality ness established, providing a tie-in to Office software. will force companies to clean up their and Shenzhen markets suffer by far companies and the growth of the middle customers, the company’s supporters Microsoft has already discussed a standards, or whether investors holding the worst levels of dilution among 20 income population.” say it should be able to boost profits by possible bid for Salesforce, the larg- emerging and developed markets. As the bulls see it, the opportunity is selling extra services on top. est “software-as-service” company, these funds could get burnt. though those discussions three years As more A-shares are added into In terms of governance, as Mr defined by a chance to back the future These will be “high margin, in- cremental services that get added at ago never developed into a formal benchmark equity indices, the flows of Bolton found, A-shares fare poorly. Ac- winners from China’s rise to overtake cording to rankings of environmental, the US as the world’s largest economy low cost,” predicted Kevin Walkush, proposal. Since then it has focused international capital into Shanghai and portfolio manager at Jensen Invest- on building its own, rival applica- Shenzhen could rise sharply. “Based social and governance (ESG) standards in coming years, carried forward by a tions — though if cloud consolidation measured by MSCI, the 233 companies middle-class consumer boom, reforms ment Management and a Microsoft on the experiences of South Korea and shareholder. eventually takes hold, it could be a big Taiwan, after 100 per cent inclusion scheduled for inclusion rank far worse to state-owned enterprises and techno- Artificial intelligence is likely to be factor in lifting Microsoft towards the more than $600bn in foreign capital than their counterparts in other emerg- logical advances in areas such as big data, at the forefront. Microsoft has been $1tn mark. could flow into the A-share market in ing markets, with 37 per cent scoring the automation and semiconductors. BUSINESS DAY NEWS YOU CAN TRUST I FRIDAY 01 JUNE 2018 C002D5556 Opinion

THE NEW WEALTH Whither Nigeria’s economic diplomacy 1 OF NATIONS

ollowing the re- especially in the context in other countries shape infrastructure as essential coordination. As one scholar cent debacle with of a developing, monocul- the welfare and the political elements in maintaining the explains: regard to Nigeria’s tural dependent oil economy and military fortunes of a sovereignty of a state. Economic diplomats play inability to sign such as ours? What is the particular country, including In these days of speciali- a catalytic role in managing up to the African way forward for Nigeria in the risks and opportunities sation, experts in economic the actors and linkages and ContinentalF Free Trade Area a globalised and rapidly they open up. diplomacy have to be more institutions underpinning (ACFTA) Agreement in Ki- changing, intensively com- Closely related to eco- than mere generalists. They economic interdependence. gali, I have had this general petitive global economic nomic diplomacy is what need to be well-grounded They are also involved in feeling that our economic environment? is today known as geo-eco- and highly qualified people framing the market rules, diplomacy is faring poorly. As I understand it, eco- nomics – defined as “the use with grasp of technical eco- regulations and norms of Why did we have to leave nomic diplomacy is a subset of economic tools to advance nomics and international international economic re- things to this very late hour of diplomacy in general – geopolitical objectives”. It in- political economy. lations. Governments also OBADIAH MAILAFIA before realising we could not diplomacy here being un- volves the interplay between The post-war Bretton rely on them to help pro- sign up to the agreement? derstood as the pursuit of international economics, Woods international eco- moting and implementing Dr. Mailafia is a former Deputy Governor of the Does it mean we were not national interests through geopolitics and strategy. nomic order led to the crea- economic policies. part of the entire process in cultivation of friends and tion of influential multilateral Central Bank of Nigeria, Geo-economics grew into The tools deployed by a development economist the first place? Did we do exerting influence abroad in prominence after 1990 with institutions such as the World diplomats are traditionally and public finance expert the requisite homework? Did the pursuit of national power the work of the American Bank, the International Mon- associated with what po- with a DPhil from Oxford we exercise the leadership and wealth. Diplomacy is, of strategist Edward Luttwark etary Fund (IMF) and the litical scientists call “eco- expected of Africa’s lead- course, the opposite of war, who argued that with the General Agreement on Tar- nomic statecraft”. Economic [email protected]; ing economy? What went which the great German ending of the Cold War the iffs and Trade (GATT) which statecraft entails the use 08036590990 (text mes- wrong? Why did we appear military thinker and strate- salience of military power was later transformed into of economic policy tools sages only) in the manner of spectators gist Carl von Clausewitz in international politics was the World Trade Organisa- for achieving foreign policy in the matter of a treaty of famously defined as “the giving way to the role of geo- tion (WTO). They have been goals. It involves the use of such historic importance for continuation of politics by economic power. Those who crucial in the rule-setting and tools such as foreign aid, and political foes. the future of our continent? other means”. Diplomacy work in the area of geo-eco- coordination of international trade policy, embargoes, Economic and commer- The question that im- ends where war begins. nomics are often interested economic management. sanctions, expropriation cial diplomacy are often mediately comes to mind In this context, economic in the spatial, temporal and Economic diplomats not subsidies, tariffs and other used interchangeably, but is: Do we really have, in the diplomacy refers to the entire political aspects of national only have to master how such instruments. The for- they are not synonymous. first place, anything that panoply of decision-making, economies and the control these institutions work but eign policy goals that such While economic diplomacy might be referred to as an policy-making, negotiation of strategic natural resources also how to engage with tools are deployed in service is linked to the use of the “economic diplomacy”? And and exertion of influence in and raw materials. The econ- them in furthering their own of include: the promotion of tools of economic statecraft, if we do, what does it consist the pursuit of national eco- omist Nicholas Firzli, for ex- national ambitions. Today, democracy, punishment for commercial diplomacy fo- of and to what intents and nomic and business interests ample, has underlined what economic diplomats also human rights violators, as- cuses on building networks purposes is it being pursued, -- often requiring the appli- he terms “the laws of geo- have to deal with such com- sistance to allies, promotion of diplomats and business if at all? What are the goals cation of intelligence infor- economic gravity” embrac- plex issues as multilateral of economic development, groups based in overseas and tools of economic di- mation gathering and tech- ing financial self-sufficiency trade negotiations, climate aiding or preventing regime missions to promote trade plomacy in general and what nical analysis to understand and availability of advanced, change, debt restructuring change, or undermining are its critical success factors, how economic processes diversified transportation and international financial potential economic rivals Continues on page 33

asked curiously. Ajah, take your pick. The His spoken English, how- No, I read his name ‘danfos’ drove and parked ever, was execrable, and label from his outfit. They badly, and the colours that put many people off. HumanAngle like that. even had a resemblance John won the election by Practical psychology, to their peers on the Lagos a mile. you thought. mainland. There was an Driving into UNIZIK FEMI OLUGBILE Every so often on the air of frantic commerce, in the morning, you saw drive from Enugu to Awka, though it was Sunday. the imposing Chike Okoli Physician, psycho-profiler and essayist you came across a bill- At the hotel, there was Foundation Centre for En- board that said a meeting to prepare for trepreneurial Studies. The the event of the morrow. Postgraduate school stood ou were to land Presiding was the Dean of resplendent in the sun- at Enugu airport, the Postgraduate School shine. There were several and proceed to A flying trip to Awka of the University, a Profes- uncompleted buildings Awka by road. sor of Philosophy. He had dotting the landscape. YourY workshop was on those boys, he replied, as looking soldier. ‘Gburugburu is work- a lean frame and a warm, At the opening, there Monday. You would get he ploughed through the ‘Hello Sergeant Jibrin’ ing’ open smile. There were a was the rendering of the in on the Sunday, and be traffic. Anambra is the The man smiled and The old part of Awka number of other professors UNIZIK anthem, right af- back in Lagos on Tuesday. most peaceful state in Ni- waved the car past the was strangely reminiscent sitting around the table. ter the Nigerian national Three days. geria. Quote me. queue. of any densely populated It struck you that they all anthem. Then there was Your host – a Professor He drove fast and, to You know him? - you suburb of Lagos – Somolu, looked young and ener- a kolanut presentation of Clinical Psychology at you mind, rather danger- getic, without airs. ceremony, accompanied UNIZIK, met you at the ously on the single-track Your host made a joke by a long exchange in Igbo. dusty airport car park. He road. There were long about your worry over the At the end, your host, radiated affability as you stretches of vegetation, IPOB threat. and the coterie of energetic got into his car. interspersed with clumps Someone remarked UNIZIK teachers were de- Was it not a meaningful of human settlement. how the Ohaneze leader lighted how well the work- coincidence that Ohaneze Every so often, there John Nwodo was not a man shop went. The Deputy were holding a big confer- was a road block, manned to be bullied. Vice Chancellor joined you ence at Ekwueme Square by mobile police or sol- You remembered John for a sign-off meeting at in Awka same day as your diers. At one such place, had contested for the Stu- the hotel. workshop at UNIZIK – he greeted the tall, stern- dents Union Presidency of Tuesday. After a lei- you asked, tentatively? the University of Ibadan surely brunch, it was time Yes, it was, he replied. The when you were an under- to leave Awka. IPOB boys had threatened Someone remarked graduate there. The cam- Another drive past the that they would spill the how the Ohaneze paign was intense. John checkpoints, and the ‘Gbu- last drop of their blood was suave and persuasive. rugburu’ billboards. to ensure the Ohaneze leader John Nwodo His foes said he was ‘es- At the airport who conference did not hold, was not a man to be tablishment’. His opponent would you run into but you ventured. Don’t mind – Banji Adegboro, was pas- bullied sionate and ‘progressive’. Continues on page 33

Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Ghana Office: Business Day Ghana Ltd; ABC Junction, near Guinness Ghana Limited, Achimota – Accra, Ghana. Tel: +233243226596: email: [email protected] Advert Hotline: 08116759801, 08082496194. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Anthony Osae-Brown. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590. Friday 01 June 2018 BUSINESS DAY WOMEN’SWOMEN’S HUBHUB

TRUE STORIES, REAL ISSUES …for Abiye, forgiveness wins

Some women who sang about Nigeria

Workplace Palaver When the MD’s son came knocking, TOLUTOLU ‘TOOLZ’‘TOOLZ’ Winifred had no choice ONIRU-DEMURENONIRU-DEMURENFromFrom MTVMTV NetworksNetworks inin Europe,Europe, toto WaltWalt DisneyDisney MotionMotion PicturesPictures Group,Group, toto Nigeria,Nigeria, it’sit’s beenbeen aa journeyjourney ofof discoverydiscovery but,but, entrepreneurshipentrepreneurship isis herher newnew leapleap Leading Woman BUSINESS DAY Friday 01 June 2018 WOMEN’S HUB EDITOR’S NOTE

Welcome to a new month. We believe it will birth pleasant opportunities and I open new doors for you.

My Leading Woman for this week is TOLU ‘TOOLZ’ ONIRU-DEMUREN; she is an award- winning media personality, a radio presenter and Deputy Programme Director at the Beat TOLU ‘TOOLZ’ 99.9FM. Beyond that, she has launched Sablier Lingerie and Shapewear, a premium line for fuller bust women. Her story is worth your time. ONIRU-DEMUREN

In WORKPLACE PALAVER, Chris hid his true From MTV Networks in Europe, to Walt identity from Winifred. Did finding out affect Disney Motion Pictures Group, to Nige- him in any way? Find out in that section. ria, it’s been a journey of discovery but, We also bring you a story on activists, JN-CAC entrepreneurship is her new leap and others who observed the recent National own radio show in April 2009 and her blend of natural humour, love of most things showbiz, Day of mourning and remembrance. passion for music and strong African entertainment knowledge makes her show one of the most sought after by listeners and celebrities alike. for the MTV Base VJ Search in 2012. In 2013, Toolz hosted the first season of Glo She is extremely passionate about Nigerian/African music, and in 2012 she approached the X-Factor West Africa and is a recipient of several awards. In TRUE STORIES, REAL ISSUES, despite organisers of Nigeria’s biggest music awards ceremony - The Headies (formally known as the Hip Hop World Awards) and successfully introduced a new category called the ‘Rookie Of She recently added another feather to her cap, she is now an entrepreneur. She considering murder, suicide…for Abiye, forgive- The Year’ which gives recognition to talented upcoming Nigerian musicians. launched Sablier Lingerie and Shapewear, a premium line for fuller bust women. What makes this unique is that plus size ladies now have a go-to store for their ness wins. Writing is another one of Toolz’ passions and she has a column - ‘Toolz’ Thoughts’ on Bel- underwear. According to her, “Sablier has been a dream of mine for many years. I laNaija, Nigeria’s foremost lifestyle and entertainment website which she began in 2012. She faced a few hiccups like a lot of new entrepreneurs would, but I was determined is also a contributor for the MTV Base Official Naija Top 10 show. not to give up. The idea behind Sablier is to provide quality and affordable lingerie for women with fuller busts. As a curvy/plus size woman, I’ve realised how limit- We share on mixed reactions concerning mar- She has served as a judge for the Channel O Music Video Awards both in 2011 & 2012, a judge ing the options are in Nigeria.” She says. rying older women among many other stories. Her early years were exciting. In her words, “Growing up was full of different experiences. From attending boarding school in Bournemouth, to coming back to Nigeria to finishing my primary school. It was generally a fun childhood. I don’t Enjoy! think there’s anyone on this planet whose childhood hasn’t affected where they are today.”

On what life has taught her, she says “Life has taught me that my mind/thoughts are the main things keeping me from where I want to be.”

Sharing with me on the day in her life she can never forget, Toolz says “Probably KEMI AJUMOBI the day of my white wedding. I was almost crippled by nerves, but that began to ease as I saw my loved ones around me, then it was all fun, jubilation and celebra- olu ‘Toolz’ Oniru-Demuren, is a vivacious and award-winning media personality, a radio presenter tion.” and Deputy Programme Director at the Beat 99.9FM. Toolz will not fail to let you know that multitasking as a woman isn’t an option. T She is a wife, a media personality and now a business woman. Hear her share how “I started working at Beat FM in April 2009. I can’t remember the exact day, but I remember being very nervous and I was certain listeners could hear my heart beating fast.” Toolz tells me. she is able to do all at the same time “I have a very supportive network. Most of my friends are entrepreneurs, even though they still might have a 9 to 5 job. My She currently hosts her own radio show ‘The Midday Show with Toolz’ (weekdays) on The Beat 99.9FM and husband and I are both go-getters, so we inspire each other.” also hosted ‘The Juice’ by NdaniTV which airs on Africa Magic Entertainment, She is currently the host of a brand new show called ‘The Wrap Up’ on Accelerate TV. Talk about Women empowerment and Toolz says it cannot be ignored. In her view, “it is an extremely important movement; unfortunately, we still have a lot of work The ‘Wrap Up’ focuses on discussions around interesting, topical and controversial issues in society, pop to do in Nigeria, as Nigeria is still a mainly patriarchal society.” Toolz tells me. culture, relationships, fashion, and more. The gists are driven by Toolz and her celebrity friends while hav- ing fun, playing games and chatting with no holds barred. With her experience at MTV Networks Europe and Walt Disney Motion Pictures Group, and having experienced the Nigerian environment too, I decided to ask Each episode of Wrap Up analyses these topics and proffer suggestions. It also features strong opinions on her opinion of the entertainment industry in Nigeria and her views are quite several talking points. The show is aimed at the young demographic as well as the upwardly mobile Nigeri- enlightening. Hear her “I do not feel the entertainment industry in Nigeria is get- ans. ting enough support from the government for it to be at par with other countries. Without a doubt, entertainment is one of Nigeria’s biggest exports now, and has Before trying her hand at radio presenting on the Beat 99.9FM, Toolz gained extensive experience within been for the past few years. The fact that we don’t have a proper structure for the the British entertainment industry, having worked at MTV Networks Europe for several years before mov- music industry for example shows that we need more involvement from the gov- ing on to the Walt Disney Motion Pictures Group. ernment.” She strongly opines.

“MTV Networks Europe and Walt Disney Motion Pictures Group were both amazing opportunities and Toolz, as a ONE Campaign Ambassador, says this has been a great honour. “To be it was a lot of fun! MTV didn’t feel like work for the most part, and I got to work with incredible people. I part of a group of individuals that lend their voice to support great causes through- think this is where I truly discovered my love for all kinds of music. At Walt Disney, I was able to explore my out Africa is amazing. The Make Naija Stronger Campaign was very educative, and creative side more with regards to creating sponsorship and promotional campaigns for cinematic releas- made me realise that a lot needs to be done for Nigerian healthcare to be on par e s .” with other countries in Africa.”

KEMI AJUMOBI Toolz’s desire for new challenges had her considering a move to Lagos in mid-2008. She eventually took the Wrapping up the interview, Toolz says she relaxes by travelling, sleeping, reading [email protected] plunge in 2009 and auditioned to be a radio presenter at the Beat 99.9FM after a friend mentioned the new and watching movies. She does her bit with mentoring but wishes to increase in radio station to her before she moved to Lagos. After a successful audition process, she began hosting her this capacity. “I do have a few budding presenters that I do mentor, but I would Graphics by David Ogar actually love to do more.” 3 BUSINESS DAY Friday 01 June 2018 WOMEN’S HUB Women, activists, JN-CAC observe National Day of mourning DESMOND OKON NG‏ @Globalrightsng “The hu- man life is a man’s most sacred omen in Nigeria joined possession. It is the duty of hands with a group the government to protect and Wknown as Joint Nigeria sacred the lives of her citizens. Crisis Action Committee, JN- End the violence, give us peace. CAC, to mourn and remember #NigeriaMourns #National- those who have lost their lives DayOfMourning #OneDeath- in the ongoing onslaught and TooMany #WeAreAllWeHave killings perpetrated by herds- #ThisIsNigeria” men rustlers and bandits in WRAPA Nigeria @WRAPANG various parts of the country, at “People are being killed daily, the National Day of Mourning as a result of these deaths, some and Remembrance, on Monday, others are plunged into suffer- Unity Fountain, Abuja. ing. It Doesn’t matter if it was a In response to the killings southerner or northerner that whose effect has been far reach- was killed, doesn’t matter if it ing, the event was meant to was a Muslim or Christian that challenge the government to was killed. What matters is that take immediate action to bring we have lost lots of human lives justice and restore order in the to Violent killings and we must troubled zones. It was also a time show respect and hold our lead- for solidarity and awakening to ers accountable. the challenges that confronts the “One of the major reasons unity of the country. we have government at Federal, “Our intention is that through State and Local levels is to en- these actions, we as a nation will sure the protection of lives of all rekindle our sense of unity by re- citizens, yet over 3000 lives have minding ourselves that we are in been lost since the start of this this together, and that the office Unity Fountain, the convener of country looks away. The Dignity accountable” year to violent killings. Enough of the citizen is the most power- the Bring Back Our Girls group, of life must be protected.” She Urging the crowd to take is Enough #NigeriaMourns” ful office that can be occupied in BBOG, Oby Ezekwesili, said that said. action, Osai Ojigho, a Human Cleen Foundation @cleen- this country,” JN-CAC said in a human lives in Nigeria have Also speaking at Unity Foun- Rights Advocate said, “ it does foundation “we acknowledge statement jointly signed by Chidi been indexed with the ethnic tain, the multiple award winning not matter if you’re a child, if and appreciate govt efforts tar- Odinkalu, Yemi Adamolekun, group they belong to, rather music icon, Innocent Idibia, you’re a young person, a woman, geted towards addressing the Abiodun Baiyewu, Ier Ichaver, than simply being Nigerians. commonly known as Tu Face, a man. The violence is just unbe- challenges of insecurity, particu- and Auwal Musa. “The dignity of the human life decried the killings and urged lievable. Are we going to stand larly in the areas of insurgency Records show that over 60,000 in Nigeria became the dignity of Nigerians to speak up. and do nothing?” and Herder-Farmers’ conflicts. persons were killed in Nigeria’s the life of the person, indexed to “This is a serious matter. It’s “This is what Nigeria needs However, we are worried that Middle Belt between 2001 and the ethnic group they belong to, an emergency situation. For me, so that every one of us will wake despite these efforts, the kill- 2016; over 1,400 persons were indexed to the religion they prac- it’s a very sad reality. It’s mad- up. Enough is enough” said Mau- ings have continued unabated. killed violently across the coun- tice, indexed to the part of the ness. It means it (the killings) reen Kabrik of BBOG. #NigeriaMourns” try, an average of nearly 40 per country they’re from, indexed can happen to anyone of us and The event which witnessed EiE Nigeria Verified account state and the Federal Capital to the language that they speak. nothing will happen. But the participation in various parts of @EiENigeria “If the government Territory in the first 70 days of We did this to ourselves as a bottom line is people are being the country was also supported thinks the incessant killings is 2018. Extra-judicial killings of people. So you know what hap- killed with impunity, and noth- by many advocacy groups who normal, we the citizens say NO Nigerians in the hands of uni- pens in the country is that every ing is happening. The silence is took to Twitter to show solidar- ;It’s abnormal. We want an end formed services are reported to part of the country goes through shameful. I encourage Nigerians ity through a series of tweets. to it. #NationalDayOfMourning be in the thousands annually. a terrible time when people die not to keep quiet. We must talk Below is a few Women’s Hub #NigeriaMourns #OneDeath- Addressing the gathering at amongst them and the rest of the about it and hold our leaders could gather: Global Rights TooMany” Some women who sang about Nigeria

he is popularly known as Nigeria’s here is nothing more Nigerian than Queen of Reggae and she is one of the living in unity. Onyeka sang about love Sbest female reggae artists the world has in her fourth album titled ‘One Love’ ever known. Known for her style and native T released in 1986. ‘One love’ is a song that lyrics, One kilometre was a hit song from the promotes love, unity and oneness amongst album “On the move”. The song spoke about all the tribes in Nigeria from the East, West, Nigerians and this can be deduced from the North and south and how they are separated first line of the chorus – ‘one love keep us by kilometers. The lyrics reflects how diverse together’. The artiste Onyeka Onwenu is a Nigeria is in terms of ethnicity. multifaceted woman but has been majorly into music, acting, writing and politics. She has been an icon and role model to Nigerian women particularly and encouraged them to reach out achieve their dreams.

Greenland by TY BELLO Nigeria Go Survive by VENO MARIOGHAE

he album which was released in 2008 igeria Go Survive is one of Veno carried a message of love and hope. Marioghae’s greatest compositions, TThe track “the land is green” fast Nwhich was released in 1984. This song became a national chant as it inspired Nige- was released during the military regime rians to keep hope alive and keep believing when Nigerians called and clamoured for in ourselves and our nation. Ty Bello who basic amenities of life. The lyrics of the song was a member of famous gospel band ‘Kush’ gave hope in perilous times (tribal, religious is not only a music artist but is also an inter- and economic crisis) within the country. Re- nationally recognised portrait photographer. gardless of the state of the country she said, She is director of the NGO, Link-a-child and Nigeria will survive and we’ll pull through, organizes an annual photography exhibition pleading with all Nigerians that wanted to to raise funds for orphans nationwide. One Kilometer by EVI EDNA OGHOLI flee to have hope and fate in their nation. One Love by ONYEKA ONWENU 6 BUSINESS DAY Friday 01 June 2018 WOMEN’S HUB

TRUE STORIES, REAL ISSUES Despite considering murder, suicide …for Abiye, forgiveness wins DESMOND OKON saw it; he kicked me across the When the pain and ill treatment and then killing myself but on my decided to prove to him that I can be room. When my mum was sick, deepened and became unbear- way out I saw my mum and I im- so much more than everything he has biye was young when she one afternoon, I was attending to able, Abiye thought of murder, mediately became weak. ever said about me. Of course with heard and witnessed stories her and I didn’t hear him knocking suicide and prostitution so that “At some point, I made up my the help of my mother, I no longer of how her father, Liman the gate, when I eventually opened she’d “be guilty of the accusations”. mind to sleep with every Tom, feel worthless. The memory lingers A it, he rushed at me with a punch. “I was so angry that I went into Dick and Harry that comes my but my heart is healing daily and I am (Not real name) unabashedly abused her brothers and mother When I was trying to explain he the kitchen and carried a knife, I way so I know I am guilty of his learning through Gods help to forgive. (who’s now late) both verbally and threw the car keys at me, and he had the intention of killing him accusations, but then again, I “Said Abiye. physically. She recalls when her didn’t care when he saw he had father made negative statements torn my lips and I was also bleed- ing from my nose,” she narrated. about her brother. “When my eld- some years so that, all things being equal, and at old age, est brother wanted to go and write But it didn’t end there. “There was one evening he couldn’t you will died between very short period after each other, his ICAN examinations, my father Mixed if possible together, ” she said. said that he shouldn’t bother find the house keys, then I found them in his trousers. He said I Ibe Chukwudi said that a man marrying an older woman because he will fail, and when he was a taboo since it was assumed that older women would eventually passed, he was so upset planted it there to make him look bad and I was trying to make him reactions trail use younger men for rejuvenation. and said he cheated.” He said that women aged faster than men and would For someone who loves read- understand I wasn’t going to gain anything from doing that, the not mind marrying a younger man just for the benefit of ing, Abiye may have found it rough sustaining their lives. performing well in her academics next thing I knew was he bashed men marrying my head against the wall,” Abiye Bunmi Adetoro, a model, said that it was disrespectful because the environment wasn’t for a woman to marry somebody younger than her. She influencing her positively. The further explained. But intriguingly, for her, the said that dating a younger man would only last for a while negativity was much. “I really can’t older women since the man would be expecting too much respect from beating wasn’t as demoralizing explain my father’s behaviour to- the woman. wards his own children. Whenever and denigrating as the words he said to her, “the worst are not the “Can you imagine me getting married to someone I am any of us had exams to write, he VEZI ISIKE older than by between two years and three years? would say ‘go and fail and come things he did but the things he said. I am not angry over the things ome Nigerians have expressed mixed reactions to “In my candid opinion, the marriage between a younger back to this house and meet me’ man and an older woman can only be likened to that of as opposed to my mum that would he did, I’m angry over the things the idea of men marrying women that were older he said” Abiye told Women’s Hub. than them. lust and not one based on genuine love” She said. say a word of prayer and wish us S A recent case of a younger man getting married to an older Narrating the ordeal, Abiye told Over the years in Africa, women were usually advised to good luck”. woman was that between Prince Harry,33, and former Badmouthing her brothers and me that her father subtly accused marry men who were older, more educated, had better her of prostitution many times jobs and would have made enough money to cater for Meghan Markle ,36,on May 19. being pessimistic about their fu- Also, President Emmanuel Macron of France is 24 years ture wasn’t only Liman’s ‘forte’, he while she was nursing her sick them. mother. Hear her: “During the Some respondents obliged to the norm and said that younger than his wife, Brigitte Macron. beat them too. “There is not one of Macron was quoted as saying that those who kept wonder- us that he hasn’t beaten” she said, period my mum was indisposed, modernity and other factors had redefined their choices I usually leave the house in the of suitable mates. ing at the age differences between him and his 64-year-old “even my mum, he was beating my wife were misogynists and homophobes. mum up until I got to JSS3,” she morning to stay with her at the They also said that emotional maturity was a core virtue hospital till it was evening, be- needed to sustain a relationship and older women pos- He noted that if his wife were younger than him, nobody adds and continues: would have questioned the validity of their relationship. “And when I say beating, I don’t cause I was the only one (child) at sessed it. mean the normal flogging with home that period. A lawyer, Godfrey Chukukere, said that men sustaining cane. One incident, my brother “When I come back in the even- relationships with women younger than them tend to didn’t open the gate properly so ing, rather than asking how his be more difficult since such women were fond of laying my dad scratched his car. He took wife was doing he would stop me emphases on trivial issues. He said that a man marrying off his shoes to beat my brother; at the door and ask me why I was an older woman, on the average, meant marrying an older as if that was not enough, he got a coming late, I would try to explain and mature person. knife and threw it at him. My dad that it was traffic, then he would “Having a relationship with an older woman is simply confused me at a point, when he say God will expose me from all the best thing that a younger, vibrant and ambitious man is talking/ scolding you, you don’t the waka waka I was doing. One should consider. An older woman will give every support talk. If you do, he will say you are day, I went to the market, on my a young man needs in every regard, especially, emotional disrespecting him, and when you way back, the bike I took passed a stability,” he said. decide to stay quiet he will say you route and I saw quail egg poultry; Also, Opeoluwa Shodupe, a guidance and counselling of- insulted him by being quiet.” I was so excited to get home and ficer, said that sexual desires and compatibility were driv- Abiye witnessed the brutality tell my mum because the doctors ing forces that would lure older women to younger men. of a man she calls father at a much recommended it for her. When I She added that younger men preferred to stick to older younger age. But the cruelty soon got home, my dad insinuated I had women who had enough resources to splash on them. trickled down to her. She was five something with the motorcyclist A banker, Onome Agbawe, said that with the life expec- then, but ever since, she’s been is the reason why I returned late. tancy of women higher than those of men by some years, going through bouts of verbal as- He accused me of prostitution; I it was important for women to marry younger men that sault, and a stream of accusations. was so upset because at that time, would possibly outlive them. “Most women live way “I remember vividly. When I was I had not as much as even kissed longer than their husbands and for me I will not want to 5, I missed a page in my note book a guy. I almost cried my eyes out,” live too long after my man is dead. and wrote on the next, when he she adds. “So, it is ideal to marry someone you are older than by BUSINESS DAY Workplace Palaver Friday 01 June 2018 WOMEN’S HUB When the MD’s son came knocking, Winifred had no choice

KEMI AJUMOBI Resource Manager. Immediately rushed there and opened the car for whether or not to call Winifred, believe me again. Please mum… Chris heard her voice, he dropped her “Quite a gentleman, thank you.” there was a knock on the door and please!” the magazine and turned. He briefly Winifred said “You are most wel- immediately Chris’s mother said Chris’s mum picked the office hris Obi is the only son of looked at her and liked what he saw come” he responded and he ceased “come in”, Winifred walked in just as line and just as Winifred was about his parents. He has been in but didn’t want it obvious that he the opportunity to introduce himself. Chris was saying “...but mum, I hon- to ‘escape’ out of the office, she CAmerica for half of his life. was looking at her so he sat down “My name is Chris.” “Nice to meet estly think you should do it another was told the MD wanted to see her. His younger sister is in Medical and pretended to be reading the you Chris, my name is Winifred. So way”. Hearing him say “Mum” was She reluctantly went. When she School, also in America. He hasn’t magazine even as he observed you are here for?” she asked and a shock for her. She became jittery got there, Chris’s mother stood always been in agreement with his Winifred speaking with his mum “Ok Chris responded “A business meet- and her pen fell. She horridly picked up and said “I believe you both mum on running their family busi- Winifred, I think your idea is better. ing” “Oh Nice…” She said. “Uhm… it and ensured her eyes did not have something to discuss. I am ness. His mum always reminded Let’s do it your way” Chris’s mum my complimentary cards are not meet with Chris “Winifred, yeah… leaving for a meeting with the him of the need to show interest said to which Winifred responded here with me, may I please have you brought the other documents, General Manager, I will be back in in the family business because the “Ok Ma. Will put it in the file.” And yours?” Chris asked “Sure…here thanks. However, I was just speak- 20 minutes, make sure you have idea was that he would take over. she left the office. you go” she responded, handing ing with my son and I told him you both sorted yourself out before He was recently in Nigeria and Immediately Winifred left, Chris over hers to him. should be part of this deliberation.” I come” decided to come to the office to walked up to his mother and en- After she left, he asked himself If Winifred thought she didn’t hear Immediately his mum left, he pay his mum a visit at work. “My quired “Mum, who is...” before “I hope I haven’t started on a wrong Chris say “mum” earlier, now his ran to her and began to plead. “I dearest Mum, at least, I am here her could say “that”, the mother note, why did I have to lie to her? mother said “my son” that was it, don’t know what came over me. I at work with you today, isn’t that a interjected “Chris! Chris!! Chris!!! Gosh! Chris! Silly me…well, I hope she needed no further clarifications. just didn’t want you to see me as good start? Don’t I deserve some How many times did I call you? this doesn’t hunt me” Again her pen dropped “Winifred, I the ‘MD’s Son’ but I acknowledge accolades for this?” he said as he Don’t go there…I repeat, don’t go Chris gathered courage to reach hope you are okay?” Chris’s mum that, under no circumstance should bent over to give his mum a peck on there” and he said “But mum, don’t out to her and gradually they be- asked “Yes ma, I am fine, just a I have lied to you.” the cheek. “You cannot bribe your go there?...how? I merely asked a came friends but he still never told bit under the weather” Winifred Though pained but Winifred let mum with sweet words, you must question…ok mum, I will try” “I did her he was the son of her boss. responded. “Sorry dear, you should it go. His apology felt sincere so begin to consider coming back to not say try Chris…I said No Way!” Chris’s mum travelled for a week close early and go take a rest” and they made up. By the time Chris’s Nigeria to take over this company so he walked up to her, gave her a and when she returned, she asked she retorted “Thanks Ma, I will tidy mother came back, the mood had or you want your father and I to sell peck on her cheek again and said Chris to come and check something up in 5 minutes and go” she replied changed “Somebody’s headache it off?” she queried him to which he “Alright mum, I will see you at home” for her at work. While in his mother’s and hastily left the office. seems to have vanished suddenly” responded “Ok! Mum, we will take it and left her office. office, he did not agree with her sug- Chris knew there was trouble. she teased “I, the proficient Pastor one day at a time.” So he walked to- He perused the office environ- gestion so she said, wait, let me call So he opened up to his mum Chris was used for this ‘miracle’” he wards the long sofa in his mother’s ment after he left his mother’s office Winifred, she always understands “What?? Chris!!” she exclaimed joked and the all had a good laugh. office to pick up a magazine. As to see if he would catch a glimpse me. Chris wasn’t comfortable with and he said “Mum, I am sorry, I re- They are taking their relationship he did that, there was a knock on of Winifred. He certainly wasn’t in the idea but knew that if he told his ally am. I went after her and I like one day at a time but neither of them her door and when she asked the a hurry from the way he walked. As mum, she would wonder why he her. I know you want my happiness. have plans to quit the relationship person to come in, it was Winifred he stepped out of the building, he was reluctant for Winifred to come. Please ask her to come to your of- anytime soon. Hopefully we are Orji, the 28 year old Deputy Human saw her about to open her car so he While in the process of deciding fice please. She is never going to invited to their I Dos! Be kind to someone! n the words of Henry James “Three things in human I had to go to one of the plants the company owned. When life are important. The first is to be kind. The second we arrived, majority of the staff came out and clapped for Iis to be kind and the third is to be kind.” me; Did I receive an award? I thought to myself. At the end What will it cost me to be good to someone today? I of the applause a young man stepped forward and said ask myself this question every day. One thing I remem- “your father was one of the greatest men to walk on the ber from my childhood is how much my parents helped floors of this plant.” I left that day crying. I was touched. I those around them. Though I was young, I saw people must do the same or be greater I told myself. come in to our house sad but they always left happy. My Just a few weeks ago, I got a call from a man try- mother said to me a few months ago; “No one came to ing to find a job for his son; he said to me “I know you meet your father for help with work that he didn’t help.” don’t know me, but I know your father and he got me When I decided to move back home to work in the my first job... I am hoping you can do the same for my competitive job market of Nigeria, I applied to a manu- son.” I was honoured to be given the opportunity to pay facturing company my father worked with for most of it forward. How can I be like my father? A colleague his life. Fortunately, I was called in for an interview. I reminded me while writing this article that one of the went through a series of interviews and during the final reasons she likes me is, even before I got to know her, I interview; I had met with the CFO. At the end of the did her a favour she could not forget and that single act interview, the gentleman asked me if I was related to of kindness towards her has propelled her to also act the “Mr. Martins” he knew; I replied, that’s my father. In with kindness to others. complete shock, he exclaimed and jumped out of his If we all go around being kind to one another and chair. He said, “Your father was the nicest man I met helping each other without feeling intimidated or self- when I joined the company. He always had a listen- ish, imagine the positive impact on Nigeria and the ing ear and was always willing to help.” That statement world we would live in. I leave you with this “…you’re a touched me but I didn’t know what I was in for when I good person. Don’t let anyone take that away from you OMOWUNMI MARTINS began working with the company. During my induction, not even yourself.” Head of Marketing and Branding at a multinational firm Motivational speaker and communication expert BUSINESS DAY

Friday 01, June 2018 ww.businessdayonline.com facebook.com/businessdayonline @businessDayNG C002D5556 2 BUSINESS DAY Friday 01, June 2018 ww.businessdayonline.com facebook.com/businessdayonline @businessDayNG C002D5556

ANALYSIS

AITEO, COCA COLA, NIGERIAN BREWERIES, OTHERS TOP SUPER EAGLES SPONSORS …. As Super Eagles attract over N6 billion sponsorship deals

Stories by Anthony Nlebem

igeria’s national team, the Football Federation (NFF). Cup in Russia. Unlike other brands hop- Super Eagles is gradually be- This fund was instrumental to the Super ing to gain marketing advantage, Aiteo’s Ncoming a commercial hot Eagles sudden turnaround and clinching investment has been described as a cor- cake for big brands and has attracted over the World Cup ticket. Since their quali- porate social responsibility initiative tar- N6 billion in sponsorships. As Russia fication, The Super Eagles brand has be- geted at enhancing the growth of Nigerian 2018 approaches, corporate organisations come more attractive to large corporate football, supporting its youth and fos- scramble to court the attention of the now bodies seeking brand exposure and hop- tering national unity. Pinnick described celebrated team. ing to reach Nigeria’s football loving audi- Aiteo’s contribution as “a heartwarming No doubt, the Super Eagles have im- ence. NFF president, Amaju Pinnick stat- landmark in the history of football spon- proved tremendously in their perfor- ed in March 2018, that NFF has “entered sorship in Nigeria.” mance and have restored the confidence into various partnership deals worth over Aiteo Group organised the maiden edi- of teeming Nigerian fans and attracted $50 million in the past one year.” Below is tion of Aiteo-NFF Awards, in celebration corporate attention. a list of their top sponsors as they make of Nigerian footballers, past and present A few years back, this was not so. The their way to Russia for the most watched in February 2018. At the award ceremo- team grappled with lots of technical and football tourney in the world: ny, it was revealed that Aiteo paid the sum financial problems. Coaches were owed Top energy conglomerate, Aiteo Group of $600,000 and N320 million to cover its salaries and players played under very de- has made the most significant investment contractual obligation of providing sup- moralising conditions. However, things in the Nigerian Football Federation in port to the technical crew of the Super Ea- began to change around April 2017, when recent times. In April 2017, the indige- gles for the whole of 2018, well beyond the an indigenous oil company, Aiteo Group, nous oil giant signed N2.5billion worth World Cup. decided to take a chance and inject a of sponsorship agreement that resuscitat- The company also signed a N2.5bil- whopping sum of N2.5 billion into Nigeri- ed the national team and increased their lion partnership to support the country’s an football in partnership with the Nigeria chance of qualification for the 2018 World longest running federation’s cup, now re-

Editor: Designed by: Anthony Nlebem Aderemi Ayeni Tel: +234 803 836 9508 Tel: +234 703 435 2828 Email: [email protected] Email: [email protected] 3 BUSINESS DAY Friday 01, June 2018 ww.businessdayonline.com facebook.com/businessdayonline @businessDayNG C002D5556 named Aiteo Cup in June 2017. In January 2018, Aiteo sponsored the Confederation of African Football Awards which held in Ghana. Coca Cola threw its weight behind the Eagles in January as official soft drink partners for the World Cup, snatching the team from its arch-rival, Pepsi. The Coca Cola partnership with the NFF and the sponsorship of all the Nigerian National Football teams will span an uninterrupted period of five years, after which there will be an opportunity for renewal. The Nigeria Football Federation signed a N1.4 billion five-year deal with the beverage company in January 2018. Co- ca-Cola (International) is also one of the official sponsors of the 2018 FIFA World Cup. The company has consistently or- ganised a World Cup trophy global tour since the 2006 FIFA World Cup in Ger-

and Amstel Malta. not in public knowledge, this deal is said The company’s partnership with NFF is to be worth millions of naira. valid for five years and worth N2.2 billion. The contract is said to be a demonstra- Also, Star Lager has become the official tion of TomTom’s commitment to a long- beer sponsor of the Super Eagles to this term relationship with the Super Eagles. year’s FIFA World Cup in Russia. In October 2017, Tropical General In- Jordi Borrut Bel, NB Plc’s Managing vestments (TGI) Group, an international Director/CEO pledged the total commit- investment and holding company with in- ment of their establishments to every let- vestments in Nigeria, Ghana, Republic of ter of the contract. Benin, Morocco, UAE, South Africa, In- Bel reiterated: “We are indeed delighted dia and several other emerging markets, about this partnership between Nigerian made public a landmark agreement with Breweries plc and the Nigeria Football the Nigerian Football Federation (NFF) to Federation (NFF). This relationship pro- support Nigeria’s senior National Football vides us an opportunity to celebrate the teams, in their quest to make the nation true Nigerian spirit that is fuelled by pa- proud at the forthcoming World Cup. triotism, passion and desire for victory, TGI Group is the parent company of through the platform of Football.” WACOT Limited, Chi Limited and oth- The Nigeria Football Federation and er companies, producers of household WAPIC Insurance plc recently signed an brands such as Big Bull Rice, CHIVITA, agreement worth N500million that con- Hollandia Yoghurt and Renew Starch. The ferred on the insurance giant the title of company has earned its place as the Offi- many. The rekindled relationship and in- ‘Official Insurance Services Provider and cial Food Partner of NFF. terest has been linked to Amaju Pinnick’s Co-Sponsor of the NFF.’ Payporte became the official Online great leadership skills and ability to get the The contract provides excellent safety Store Partner of the NFF late 2017, around buy-in of big brands. and security for National Team players the same time as TGI. Payporte’s contract Amaju Pinnick, president, Nigeria Foot- and officials while on duty and offer a well with the NFF is also for three years and ball Federation (NFF), mentioned that the –paved route for them to have a better fu- the NFF believes the company will also potential in Nigerian sports is limitless, ture through proper pension fund. help them with youth football develop- adding, however, that the government Yinka Adekoya, Managing Director, ment in the country. needs to create an enabling environment WAPIC Insurance plc, affirmed that the Payporte, one of the country’s largest for the sports industry to thrive. company was excited to team up with Ni- e-commerce companies is now the Offi- “Twenty-five years ago, the British gov- gerian Football, given the huge role that cial Online Store of the Super Eagles. The ernment invested £200 million in the Pre- football plays in nation –building and the company is expected to be the official and mier League and today, the EPL is worth excitement that it generates among the exclusive outlet for the sale of authentic £8 billion. If we create enabling environ- youth and adults alike. national team jerseys. ment with proper structure, sports can “The NFF is an organisation that is mak- The Nigeria Football Federation entered contribute significantly to Nigeria’s GDP ing Nigeria proud through the excellent into an agreement with sportswear man- more than any other sector,” said Pinnick. results of the National Teams and WAPIC ufacturer, Nike, as the kit sponsor of the “We must engage reputable brands to is a top financial institution seeking to be Nigerian national football teams in 2015. drive sponsorship for the national team. If the most enjoyable company to do busi- The three and half year contract is worth every geopolitical zone concentrates on its ness with and to become a top 20 financial $750, 000 in its first year and $1million strengths and harness them properly, Ni- services institution in Nigeria by 2019.” each year from 2016 till 2018. Nike also geria will fly the flags high at international Cadbury Nigeria Plc, manufacturers of promised a $500,000 bonus if the Super competitions and thus get global attention TomTom, partnered with the Nigerian Eagles qualify for the 2018 World Cup in for investors to come in and invest,” he Football Federation (NFF) as the ‘Official Russia. added. Candy of the Super Eagles’ in February Nike is responsible for the design of per- Nigerian Breweries Plc, the pioneer and 2018. The agreement will last for three formance and training apparel and equip- largest brewing company in Nigeria, serv- years in the initial period with an option ment, including team kits and footballs, ing both Nigerian and West African mar- of renewal. Although the actual figure is for the Nigerian national football team kets with product including Star Lager players. 4 BUSINESS DAY Friday 01, June 2018 ww.businessdayonline.com facebook.com/businessdayonline @businessDayNG C002D5556

NEWS NFF NAMES 24 PLAYERS FOR EAGLES FRIENDLY AGAINST ENGLAND

STAR LAGER: FUSING FOOTBALL WITH he Nigerian Football Federation (NFF) MUSIC IN SUPPORT has released a list of 24 players for the T2018 FIFA World Cup pre-friendly OF SUPER EAGLES match against the Three Lions of England at the Wembley Stadium on Saturday, June 2. Gernot Rohr, Super Eagles Technical Adviser, has fter successful Star Fan Park activations in Calabar, Jos and already dropped five players from the 30-man pro- Uyo, the official beer of the Nigerian Super Eagles, Star La- visional squad for the World Cup. Ager beer on Monday 28th April 2018, extended the deluxe However, Moses Simon will travel with the team, so live football and music experience to Port Harcourt as the Super Ea- his injury can be properly assessed. gles clashed with the Leopards of Democratic Republic of Congo in The NFF tweeted form its official handle saying; an international friendly match. “24 @NGSuperEagles players heading to London for Football fans in Port-Harcourt were treated to premium entertain- the friendly against @England. Daniel Akpeyi, Ike- ment experience in the hours leading up to the match with in-bar ac- chukwu Ezenwa, Francis Uzoho, Abdullahi Shehu, tivations by Star Lager beer in the Rivers State capital, where fans were Elderson Echiejile, Leon Balogun, William Ekong, given exclusive invites to the special screening of the match. Chidozie Awaziem, Ola Aina, Tyronne Ebuehi. Turntable specialist and artiste DJ Neptune, had hundreds of mu- “Kenneth Omeruo, Bryan Idowu, Wilfred Ndidi, sic and football fans singing along to songs off his latest album ‘The Mikel John Obi, Ogenyi Onazi, Oghenekaro Ete- Greatness’ as they cheered on the Super Eagles on the night. bo, Mikel Agu, Joel Obi, John Ogu, Odion Ighalo, Star Lager’s upscale viewing centres equipped with impressive giant Simeon Nwankwo, Kelechi Iheanacho, Alex Iwobi, screens also provided fans with ice cold Star Lager beer and delicious Ahmed Musa canapes. In addition to the refreshments, football fans also had access “Moses Simon will is past of the team as further to a variety of Star themed games as well as raffle draws and giveaways scan on the extent of his injury will be carried out to end the night. in London,” the NFF tweeted from its official han- One of the lucky winners, Victor Sose, expressing his delight, said, dle on Wednesday. “I am super happy to have won this prize on this night celebrating the The dropped players are: Stephen Eze, Junior Loko- Super Eagles. It is an honour to be part of this Star Fan Park experi- sa, Ola Aina, Dele Ajiboye and Uche Agbo. ence and I hope there will be more to come.” Stephen Eze has expressed his disappointment after Highlighting the brand’s commitment to Nigerian football fans and being dropped from the Super Eagles squad to the the Super Eagles, Senior Brand Manager, Star Lager beer, Nigerian 2018 FIFA World Cup in Russia Breweries Plc, Abayomi Abidakun stated that: “Sadly, my journey to World Cup ends here. I am “Star Lager beer is committed to providing the best football and disappointed to not make the final squad, but I entertainment offering to the fans, as we continue our united support want to thank our coach and management for the for the Super Eagles. Our goal since we started the Star Fan Parks is opportunity!” to continually upgrade the execution from city to city, and we can “I wish my team the best and hope to join in cele- promise fans in Nigerian a much bigger and better experience when brations when they bring the trophy home! Go Ni- the games eventually begin in Russia in June.” geria!” Star Lager, an iconic national premium product, brewed by Nigeri- After their game with England, the team will depart an Breweries Plc, a Heineken Company, will also be hosting a series for Bad Tatzmannsdorf, a town in Austria, where of exclusive events in honour of the Super Eagles before their depar- they will spend eight days at the Avita Resort before ture to Russia. This special event, the multi-city Star Fan Parks and all flying to Russia. other Super Eagles related activities being organised by the Star Lager brand all come on the heels of its landmark deal with the Nigerian Football Federation (NFF) which was signed earlier in the year. 5 BUSINESS DAY Friday 01, June 2018 ww.businessdayonline.com facebook.com/businessdayonline @businessDayNG C002D5556

NEWS WE WANT TO WIN THE WORLD CUP FOR NIGERIA - MIKEL

As the countdown to the 2018 tough fight in the Group? FIFA World Cup Russia gets clos- Everybody believes Argentina will give er, Nigeria’s senior male national us the toughest fight, but I believe it is Ice- land. They are top teams, but I think we team, the Super Eagles have been should watch out for Iceland. in camp training hard for the tournament. In this exclusive in- Having played at the Premier terview with BusinessDay Sports League and the Chinese Super Editor, Anthony Nlebem at the League, do you see the Chinese Le Meridien Ogeyi Place in the Super League overtaking the English Garden City of Port Harcourt, Premier League, Spanish LaLiga in Super Eagles skipper, John Mikel future? Obi, speaks of how prepared and It will be difficult the Chinese Super motivated the Super Eagles are League to overtake top clubs in Europe, and his partnership with Kwese. but to be among the top leagues is possi- ble. The Chinese Super League has been Excerpts: spending big money bringing top players

to play in the league. They are not just What are your expectations at this signing old players, but younger players year’s FIFA World Cup in Russia? are joining the league. The game in China We as a team, the Super Eagles are is improving and growing faster and very ready to take on the World, not just to be soon the Chinese League will be up there in Russia to participate at the World Cup, for sure. we want to win the world Cup for Nigeria. Tell us more about your partner- You grew up as Michael, why ship with Kwese? Mikel? This is an exciting time, am happy that The story of the name started at the this partnership came at the right time U17 FIFA World tournament, my name during the FIFA World Cup. was spelt wrongly and I had a wonderful I want to share my story at the FIFA tournament, I spoke to my dad about it, the same crop of players that booked the World Cup 2018 with Kwese TV. Obvi- but he said why not keep the name since World Cup ticket for Nigeria in the quali- ously, the reason is to announce the amaz- you had an amazing tournament, so since fying series and I don’t see the reason why ing partnership between me and Kwese then, the name has been there and I don’t we have to change the team now. We have TV. This a massive deal for me and also see the need to change it. to stick with what we believe. for Kwese TV and I am ready to give all I have into this project to help Kwese TV If Nigeria get to play Russia at the Do you think Nigeria has the qual- take over Africa, hopefully we will achieve this together. World Cup, how will your girlfriend ity of stars to win the World Cup in Russia? feel? Having played in all FIFA tourna- For my girlfriend, she is happy that we One thing I know is that these players are going to Russia; obviously the kids will are hungry for success; they want to suc- ments, what advice do you have for be there also. It gives me extra motivation ceed and make a name for themselves. the upcoming players, especially on You can see in their eyes that they are to make sure I do well in this tournament. transfer issues? ready. They know a lot of people doubt Family is always important and she has Yes, I have played so many FIFA tourna- the experience of the team. That has given supported me in every step of my career. I ments, but there is one I want to win and the players extra motivation to do well in want to do it for Nigeria and for my fam- the World Cup is my priority and with Russia. ily. It’s important for me to lead Nigeria team spirit we can achieve it together. To As the captain of the team, my role is to success and I know we can achieve to- the upcoming player who wants to get to to make sure I bring my experience and gether, not just me, but we need to play their top, I always say to people don’t try calmness to the team. together as a team and by doing that we to be someone else, be who you are, work There will be difficult times in this tour- will achieve a lot. hard and be disciplined. This is what got nament; you need a figure that the players me here; I have always been a disciplined can listen to and bring the team together and hardworking player, I might not be What can you say about the qual- and this is where I come in. ity of players Nigeria is taking to the the most talented, gifted technical player, but I have always put in hardwork to make World Cup? Looking at Nigeria’s Group with sure I get to where I am. Discipline and People are saying how young this team Croatia, Iceland and Argentina, humility are important to achieve great- is, but I think the team has what it takes to ness. perform well at the World Cup. These are which team will give Nigeria a 6 BUSINESS DAY Friday 01, June 2018 ww.businessdayonline.com facebook.com/businessdayonline @businessDayNG C002D5556

NEWS

Choice has once again demonstrated their passion and commitment to football by organising the GOtv Max cup and credits must be given to them for this great feat, “he said. The fans were thrilled with brilliant dis- play from both teams. Kelechi Nwakali scored the opening goal for the Super Eagles with a superb strike from outside the box that beat goal- keeper Jan Oblak. The fans gave a loud applause as Fer- nando Torres was introduced at the start of the second half and the former Liver- he atmosphere was frenzy on pool striker wasted no time to announce Tuesday May 22nd as thou- his presence with a superb header from a Tsands of football loving fans corner kick in the 64 minutes to give At- gathered at the Godswill Akpabio Inter- letico the lead. national Stadium, Uyo to catch the grip of Guess what, in just less than five minutes “It was a very difficult game playing Ni- excitement as LaLiga giant Athletico Ma- of sharing the pictures on my social media geria here today. We came here to win and drid play the Super Eagles at the maiden account, my phone rang and guess what; so put in more efforts,” said Simeone in his edition of the GOtv Max Cup on. it was a call from our Lagos office, Mike post match comment. Atletico Madrid ended the season sec- Ochonma, (BusinessDay Motoring Edi- Salisu Yusuf, Super Eagles coach com- ond below Barcelona, above Real Madrid tor), popularly addressed as ‘The Sheikh’ mended his players for putting up great in the LaLiga standings. They also defeat- for his astute passion for football and a effort to ensure that the Europa champi- ed French side Olympique Marseille to diehard fan of Arsenal. The first question ons did not disgrace them. “We are very win the UEFA Europa League, following a he asked was: happy over this result. We knew what to 3-0 emphatic victory. “Is Diego Simeone with the Atletico expect from Atletico; they showed matu- No doubt the football fraternity stood Madrid Team; my man, please tell him rity and class, but my players proved they still on the night as MultiChoice, leading the Sheik is greeting him and make sure were worthy ambassadors of the country,” pay TV in Nigeria demonstrated its pas- you take photos with him, I have taken my Salisu noted. sion in developing the football spirit and seat to watch the game.” The icing on the cake was the presenta- uniting fans in Nigeria Obong Edet, a passionate fan of the tion of a special gift by Martin Mabutho, As I arrived the stadiums 45 minutes be- Nigeria Professional Football League General Manager Sales and Marketing, fore kickoff time, and to my surprise thou- (NPFL) said, “This is unbelievable, watch- Multichoice Nigeria to celebrate his final sands of fans have gathered and the venue ing Atletico Madrid play live here in Uyo game for Atletico Madrid, a memory that was already packed full with fans waiting is a dream comes true for me as a fan and will live long with Torres. in anticipation to watch the GOtv Max all the thousands of fans gathered here to- Although the Super Eagles lost 2-3 to Cup final. I could not but take pictures night. Atletico, but the loss did not matter as the and quickly shared it on my Facebook and “I have wished to watch Fernando Torres fans left the stadium with joy and smiles Tweeter account. play live and tonight am fulfilled. Multi- having watched a spectacle.

LAGOS PARTNERS BALMORAL TO BUILD WORLD CUP VILLAGE AT EKO ATLANTIC CITY.

he 2018 FIFA World Cup tour- gest Football Viewing Village that Nigeria nament is just around the cor- and albeit the whole of West Africa has yet Tner as it starts on the 14th of to see. June. Nigeria’s Super Eagles will be flying The Football Village is a state of the art the National colours as one of the compet- Viewing center that will run throughout ing teams. The Lagos State Government, the entire duration of the World Cup. The in line with Governor Akinwunmi Am- scope of the village goes beyond just foot- bode’s focus on making Lagos a sports and ball and extends to all aspects of life to tourism hub, has partnered with Balmoral bring together all lovers and fans of foot- Group, the largest 360 events solutions ball. company in West Africa to build the big- 7 BUSINESS DAY Friday 01, June 2018 ww.businessdayonline.com facebook.com/businessdayonline @businessDayNG C002D5556

374 appearances for the team. His acco- lades include being a two-time recipient of the African Young Player of the Year award (2005, 2006) as well as the Chel- sea Young Player of the Year award (2007, 2008). There is no denying Mikel’s impres- sive sporting career, however his most rewarding role is that of founder of the Mikel Obi Africa Children’s Sports Foun- dation. The foundation seeks to alleviate poverty by empowering young Africans through sports. This includes nurturing sporting talent in the areas of football, rugby, tennis, cycling, basketball, cricket, hockey and athletics. Foundation benefi- ciaries have access to a range of special- L-R: Elizabeth Amkpa, general manager, Kwese TV Nigeria; John Mikel Obi, Super Eagles captain and ChiChi Nwoko, general manager Kwese Free Sports Nigeria at the unveiling of Mikel Obil as Brand Ambassador for Kwese held in Port Harcourt recently. ist coaches and teachers providing them with a unique opportunity to hone their complished players, Mikel will feature in skills. Extending beyond athletic support, Kwesé’s upcoming advertising campaigns the foundation also assists children with which will encompass print, television an interest in sports sciences, nutrition, and radio. physiotherapy and the like to realise their Having first launched its service in 2016, dreams and forge a better future for them- Kwesé is the continent’s fastest growing selves and their families. media business with a diversified offering As part of the partnership with Mikel, that includes Africa’s largest free-to-air Kwesé will join the impressive list of inter- channel, Kwesé Free Sports, a pay TV sat- national bodies and associations investing ellite network, Kwesé TV, mobile services in growing the network of Mikel Obi Af- and digital all under one roof. With a rica Children’s Sports Foundation acade- strong presence across sub-Saharan Afri- mies across Africa. ca through its various platforms, Kwesé is Commenting on his association with arguably Africa’s most exciting and inno- Kwesé, John Mikel Obi said, “It’s a plea- vative broadcaster. sure and honour to be asked and today be- “In choosing the right personality to come the official ambassador of Kwesé TV, partner with our brands we wanted some- a subsidiary of Econet Media. I am proud one who embodies what we stand for as to become a member of the Econet Media an African broadcaster. Mikel represents family and the face of Kwesé TV globally. I exceptional sporting talent and is loved am excited to work with a media network by fans across the continent. His commit- that is redefining broadcasting in Africa, conet Media’s pan-African ment to excellence and his work to im- bringing pay as you watch TV, Free to air broadcast network, Kwesé prove the sporting talent of the next gen- TV and digital programming. Ehas signed Super Eagles skip- eration of athletes made him the perfect As in my football career, it was import- per John Obi Mikel as the first official choice for us,” expressed Joseph Hundah, ant to me to represent an organisation brand ambassador for the brand. The for- President and Group Chief Executive Of- that puts fans and/customers first, power, mer UEFA Champions League, Premier ficer of Econet Media. pride, strength and most importantly, a League and now Chinese Super League One of only two African players to have consistent winner” player, will represent the dynamic broad- won Europe’s top two continental club Kwesé viewers can look forward to see- caster’s services and initiatives across the competitions when he was part of Chel- ing one of their favourite African footbal- continent starting with the upcoming sea’s Europa League-winning team in ler on Kwesé’s screens in due course, start- 2018 FIFA World Cup Russia. 2013, Mikel enjoyed over a decade of ser- ing with the 2018 FIFA World Cup Russia Considered as one of Nigeria’s most ac- vice for the Blues – a midfielder making campaign.

...LAGOS PARTNERS BALMORAL projects. The Balmoral Group special- lage has been tagged “Russia in Lagos” izes in Hospitality, Exhibitions Venue and will be hosting the best of every- The viewing Village has a state of Management and Live Events like this thing Lagosians love about football in the Art Screen that will project all 64 Viewing center for 2018 FIFA World festival style. matches live every day of the tourna- Cup Russia. Another reason why Bal- This partnership between the Lagos ment. There will be foods of all catego- moral is the preferred partner is be- state government and Balmoral in con- ries, music, drinks and entertainment; cause they have secured the license to junction with the Lagos State sports all aspects that bring football lovers officially run a World Cup Viewing Commission is to create a new experi- and fans together. Center from FIFA. ence for football lovers and fans. It is Industry sources say that Balmoral Also championing this partnership a family friendly viewing center and Group was chosen by the Lagos State is the Lagos State Sports Commission women and children are not left out government to partner with because of who is focused on ensuring that Lago- too. This is the first of its kind in La- their track record in executing major sians and other Nationals represented gos and Nigeria and promises to be of events like COPA Lagos, International in Nigeria have the Best of time during World class standard to be talked about Drinks Festival and many more major the 2018 World Cup. The Viewing Vil- for a long time to come.