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Nigerians’ healthcare woes worsen as states struggle to tap N128bn fund PDF Free Download

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BIG STORY

News you can trust

Friday 24 May 2024

Vol. 21, No 1,686 N500 www.businessday.ng facebook/businessdayonline @businessdayng @businessDayNG

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1791.18 1939.91

Nigerians’ healthcare woes worsen

as states struggle to tap N128bn fund

By Godsgift Onyedinefu

MILLIONS of vulnerable Nigeri-

ans are struggling to access basic

healthcare due to the consistent

failure of many states to tap the

Basic Health Care Provision Continues on page 30

NIGERIA’S economy probably ex-

panded in the first three months

of 2024, according to data cap-

tured in the monthly Purchasing

Managers’ Index which has long

served as a leading indicator of

economic growth or decline.

This comes ahead of today’s

scheduled release of the country’s

Gross Domestic Product (GDP)

report for Q1 by the National Bu-

reau of Statistics (NBS).

BusinessDay’s analysis of the

monthly PMI by Stanbic IBTC

Bank shows that the headline

index for January rose to 54.5, the

highest in 13 months from 52.7 in

December. But it fell to 51.1 in Feb-

ruary and remained unchanged

PMI expansion

signals stronger

economic

growth in Q1

By Bunmi Bailey, Folake Balogun

& Chinwe Micheal

Sanusi back as

Emir after Kano

repeals law

Continues on page 29

Yusuf Maitama

Tuggar, Nige-

rian minister

of foreign

affairs ambas-

sador, with

Antony Blinken,

United States

Secretary of

State, during a

bilateral meet-

ing focused on

governance,

the economy

and military

cooperation in

Washington

DC, US.

King Charles III

(r) with Flor-

ence Otedola

(DJ Cuppy) at

Buckingham

Palace when

he hosted am-

bassadors at a

special recep-

tion for The

King’s Trust

International,

yesterday.

L-R: Olufunlola Salami, company

secretary, Bank of Industry; Omar

Shekarau, executive director, MSME,

Bank of Industry; Mabel Ndagi, execu-

tive director, public sector/intervention

programmes; Usen Efong, executive

director, corporate services; Isaac

Adeyemi Agoye, non-executive director

(representing Manufacturers Associa-

tion of Nigeria); Muhammad Bala, chair-

man, shareholders’ committee, Bank

of Industry; Enitan Badru, chairman,

House of Representatives committee

on industry; Olasupo Olusi, managing

director/CEO, Bank of Industry; Simon

Aranonu, executive director, large enter-

prises; Tajudeen Dati Ahmed, non-ex-

ecutive director (representing Ministry of

Finance Incorporated); and Adedamola

Oluremi Young, non-executive director

(representing Central Bank of Nigeria),

at the 64th annual general meeting of

the Bank of Industry, held at the Trans-

corp Hilton, Abuja.

Fund (BHCPF) despite billions

of naira so far accumulated for

the initiative.

According to the 2014 Na-

tional Health Act, the BHCPF

is to be funded through a 1

percent contribution from Ni-

geria’s consolidated annual

revenue, in addition to dona-

tions from the development

partners and then deployed to

provide minimum basic health-

care across the country.

The Fund aims to help pri-

mary healthcare centres to meet

their operational cost, and pro-

>> Turn to page 7

2www.businessday.ng FRIDAY 24 MAY 2024

By Daniel Obi

INSIDE

NEWS

Nigeria rakes in N16.3bn

from Solid Minerals

Oil falls for fourth straight

session on US inflation jitters

THE Federal Govern-

ment of Nigeria earned

N16,395,640,771.58 from

May, 2023 to April 2024

from mining royalties and

sundry fees.

The minister of solid

minerals development,

Dele Alake, according to

Leadership Newspaper

report disclosed this on

Thursday at the Sectoral

Updates Series to mark

the first anniversary of

President Bola Tinubu

administration in Abuja.

He said the earning came

through Mining Cadastral

Office (MCO), an agency

under the ministry that is

in charge of mineral title

administration.

Alake, however, stated

that the figure was in sur-

plus of N6,746,317,807.09

(N6.7bn) over and above the

target of N10,566,635,560.24

(N10.5bn) set for the agen-

cy.

The minister in the re-

port further revealed that

the Ministry generated

and collected the sum of

N14,938,164,335.43 as of the

year ended December 31,

2023 and this represents

HIGH inflation as well as

economic uncertainty have

had significant im- pacts

on businesses, man- ufac-

turers, and house- holds,

including indi- vidual life-

styles and well- being, in

recent times. The direct

consequences of these im-

pacts continue to have seri-

How GTCO’s HabariPay, Hydrogen

and Zest Payment performed in Q1

Businesses: Knowing the strength and

threat of substitute products at this time!

FINTECH

OPINION

Pg 9

Pg 18

Pg 26

Pg 31

GTCO’s HabariPay, Ac-

cess Hydrogen Payment Ser-

vice, and Zest Payment Ser-

vices Limited have reported

a strong perfor- mance in the

first quarter of 2024 as more

Nigerians embrace digital

payment.

BusinessDay findings

show that two out of the three

listed fintech sub- sidiaries

ATALANTA star Ade-

mola Lookman shared a

heartwarming moment

with his family after his

stellar performance in

the Europa League final

last night.

Football fans world-

wide watched in ex-

citement as Atalanta

Lookman shares Europa League

trophy moment with family

SPORT

Pg 39

secured their first-ever

Europa League trophy.

Lookman’s hat-trick not

only sealed a 3-0 victory

against Bayer Leverku-

sen but also ended their

unbeaten streak.

Lookman’s parents

ous implica- tions. Globally,

no coun- try is immune

to infla- tion. Around the

world, inflationary pres-

sure has been experienced

in the USA, the UK, and

many other developed and

de- veloping nations. But

owned by Ni- gerian banks

recorded a rise in profits as

a re- sult of increased usage

in their payment gateways,

switching verticals, and bill

payments among oth- ers.

The financial state- ment

for the period ending March

31, 2024, revealed that GTCO’s

ACROSS THE STATES

IPMAN, Anambra on war path over

filling stations’ signage advert fees

THE Independent Petro-

leum Marketers Associa-

tion of Nigeria (IPMAN),

has raised concern over the

decision of the Anambra

State Signage and Adver-

tising Agency (ANSAA) to

disregard the agreement it

had with the State Govern-

ment on a consolidated an-

nual levy.

Chinedu Anyaso, Chair-

man of IPMAN, Enugu De-

pot, said that the Signage

Agency had been harassing

marketers in the State with

Court Summons.

Anyaso said based on the

re-negotiated agreement,

every filling station would

TRAVEL experts and

sourc- es close to Emirates

Airlines have told Busi-

nessDay that Emirates

would operate flights into

Nigeria whether the visa

ban on Nigerians is lifted

or not.

Following the announce-

NEWS

Why Emirates mulls Nigeria operations

without Dubai visa ban lift

ment by Emirates that it

would resume services to

Nigeria from October 1,

2024, the airline has opened

bookings for sales of tickets

and Nigerian travel agents

have started selling tickets

to passengers who want to

72.1% positive variance

and 172.1% performance

when compared with the

annual budgetary target of

N8,680,197,621.00 for year

2023.

He also reported that

the ministry, through the

Solid Minerals Develop-

ment Fund (SMDF), col-

laborated with GeoScan

Gmbh for the exploration

and development of Nige-

rian critical mineral re-

sources using innovative

technology.

On funding, he stated

that the ministry had also

struck a deal with the Af-

rican Finance Corporation

(AFC) to raise a project de-

velopment facility to fund

companies facing the chal-

lenge of raising capital to

execute their early-stage

exploration projects, add-

ing that at least 20 candi-

dates had been shortlisted

and were undergoing

training to prepare and

manage the funds effi-

ciently.

“Another initiative of

SMDF is its partnership

with the global exploration

agency, XCalibur. Both are

working together to ad-

vance Nigeria’s geological

OIL prices fell for a fourth

consecutive session on

Thursday and settled at

multi-month lows as the

prospect of higher-for-

longer U.S. interest rates

raised worries around

demand growth in the

world’s biggest oil market.

Brent crude futures set-

tled lower by 54 cents, or

0.7%, at $81.36 a barrel, the

lowest since January. U.S.

West Texas Intermediate

(WTI) crude futures fell 70

cents, or 0.9%, to $76.87 a

barrel, a three-month low.

S&P Global data

showed accelerating U.S.

business activity this

month, but manufactur-

ers also reported a surge

in prices for a range of in-

puts, suggesting a pickup

data capabilities.

“The SMDF is the face of

the Ministry as the partner

of choice for international

mining companies. It mo-

bilises capital for critical

and strategic mining proj-

ects, attracts foreign di-

rect investment, and fast-

tracks the delivery of final

investment decisions,” he

explained.

On the gathering of big

data, he further said in

the report that the minis-

try proposed a N70 billion

exploration funding for it.

He, however, noted that

although it was not accom-

modated in the current

budget, the ministry would

continue to make a strong

case for the project as the

panacea to the difficulty

in mineral exploitation in

Nigeria.

Alake also spoke about

the efforts of the Nigerian

Geological Survey Agency

(NGSA) in engaging in

strenuous research to un-

ravel the mineralogy of

the Nigerian landscape

despite shortage of funds

as well as the fight against

illegal mining with the set-

ting up of the 2200-strong

Mining Marshals, among

others.

The English Premier

League is one of the most

competitive and thrilling

football leagues globally,

known for producing some

of the game’s finest manag-

ers. Interestingly, several

of these successful man-

agers achieved greatness

without extensive experi-

Five Youngest Managers to

Win the Premier League

BUSINESS OF SPORTS

Pg 37

ence.

The oldest manager to

win the Pre- mier League

is Sir Alex Ferguson, who

was 71 years and 112 days

old when he last won it with

Manchester United in 2013.

Ferguson lifted his first title

SOLID MINERALS

in goods inflation in the

months ahead.

On Wednesday, min-

utes from the U.S. Federal

Reserve’s latest policy

meeting showed policy-

makers remain doubtful if

current interest rates are

high enough to tame stub-

born inflation.

High interest rates in-

crease the cost of borrow-

ing, which can slow down

economic activity and

dampen demand for oil.

Also weighing on the

market, U.S. crude stocks

rose by 1.8 million barrels

last week, according to the

Energy Information Ad-

ministration, compared

with an estimated draw of

2.5 million barrels.

However, the EIA re-

ported U.S. gasoline de-

mand at its highest since

November, providing

some support for energy

markets ahead of the Me-

morial Day holiday week-

end, which is considered

the start of the U.S. sum-

mer driving season. U.S.

gasoline consumption

makes up around 9% of

global oil demand.

“It was a pretty good

report for gasoline, every-

thing pretty much hit the

positive side of the led-

ger,” Mizuho analyst Bob

Yawger said. “However,

one report does not make

a trend, so everyone will

be watching if it can con-

tinue to perform going for-

ward.”

…OPEC+ to meet on June 1, analysts expect output curbs to stay

FRIDAY 24 MAY 2024 www.businessday.ng

FRIDAY 24 MAY 2024

4www.businessday.ng

FRIDAY 24 MAY 2024 www.businessday.ng

6FRIDAY 24 MAY 2024www.businessday.ng

NEWS

EDUCATION

Tinubu to varsity unions: Poor work

ethics, strikes depreciate academic quality

PRESIDENT Ahmed Ti-

nubu has said that poor

work ethics and strikes

depreciate the quality of

academic outcomes and,

therefore, called on labour

unions within the Nigerian

university system to ad-

dress the problems.

The president spoke dur-

ing the 7th and 8th com-

bined convocation ceremo-

ny of the Alex Ekwueme

Federal University, Nduf-

Alike Ikwo, in Ebonyi State.

Represented by Charles

Igwe, the vice-chancellor of

the University of Nigeria,

Nsukka (UNN), Tinubu

said his administration was

worried about industrial

disharmony in the univer-

sities.

He said the Federal Gov-

ernment was committed to

funding university educa-

tion and providing needs

assessments.

“My administration is

concerned about the indus-

trial harmony and peace

in our universities. I am

happy that such peace has

made this convocation

worthwhile.

“I want to encourage

the unions and labour as-

sociations in the university

system to do their utmost

to address the issues of

poor work ethics, avoid

industrial actions which

will depreciate the quality

of academic programs”, he

said.

On fuel subsidy removal

which has brought Nigeri-

ans untold hardship, the

president said, “We have to

take hard decisions which

short-term impact has

brought difficulties in the

condition of living on the

masses without which the

socio-economic develop-

ment of the country would

have been in shambles.

“The absurdity of Ni-

gerian exporting crude

oil earning, foreign ex-

change, in the process

only to import refined

petroleum products and in

the process spending more

foreign exchange than it

has earned in the export

of crude oil. From this,

the obnoxious payment

of fuel subsidies in many

cases for funding refined

petroleum products has

been eliminated.

“Consider again that

the four refineries in the

country could have become

non-functional at the same

time despite the homog-

enous amount spent on

turnaround maintenance.

These absurdities were

sustained by the regime of

fuel subsidies. As long as

this subsidy subsisted, this

conundrum was bound to

persist and we had to take

the hard and inevitable

decision of removing this

dubious payment of fuel

subsidy”.

Michael Aremu Adedo-

tun, the chancellor of the

university, in his address,

said the establishment of

the Nigerian Education

Loan Fund was a catalyst

to increasing access to uni-

versity education for all

Nigerians, especially for

exceptionally brilliant stu-

dents and those from poor

homes who may not have

funds to access university

education.

Sunday Elom, the uni-

versity vice-chancellor,

commended the president

for his determination to

reposition the Nigerian

university system through

the various policies and

programmes of his adminis-

tration, including the Nige-

rian Education Loan Fund,

Safe School Initiative and

exemption of universities

from the Integrated Payroll,

Personnel Information Sys-

tem (IPPIS).

By Nkechinyere Oginyi, Abakaliki

FRIDAY 24 MAY 2024 www.businessday.ng

NEWS

By Hope Moses-Ashike

ECONOMY

Nigeria must build reserves to

support $1trn economy – Teriba

NIGERIA will need to build

up reserves that will support

a trillion-dollar economy, ac-

cording to Ayo Teriba, CEO

of Economic Associates (EA).

He stated this at the 2024

Vanguard Economic Dis-

course in Lagos, saying,

“tightening monetary policy

without reserve adequacy is

futile.”

Nigeria’s external re-

serves currently stand at

$32.73 billion as of May 21,

2024, data from the Central

Bank of Nigeria (CBN) web-

site indicated.

“Let’s speak more about

what is being done. $40 bil-

lion in reserves is not ad-

equate even for a $350 billion

Gross Domestic Product

(GDP) much less for a trillion

dollars. What are we doing to

ensure that reserves can be

up to $60 billion, $80 billion

or $100 billion? No country

with stable exchange rates

doesn’t have a wall of re-

serves. And it’s very, very

important,” Teriba said.

He pointed out that Nige-

ria’s GDP has consistently de-

creased over the past decade,

dropping from $600 billion

in 2015 to $350 billion. This

decline poses challenges for

taxation and borrowing, as

exports have also diminished.

Relying on exports, taxation,

or debt has proven problem-

atic, as demonstrated during

the Jonathan administration

when oil prices plummeted

and continued under the Bu-

hari regime. Both adminis-

trations needed to shift focus

from income dependence to

asset dependence to stabilize

the economy.

According to him, many

nations, such as Japan, Ger-

many, and various EU coun-

tries, are grappling with

the challenge of reliance on

income or output, a trend

that has led to stagnation or

decline in their economies.

Japan, in particular, shares

similarities with Nigeria, ex-

periencing a steady decline

in GDP over the past decade.

His words: “In the era of

global post-industrial tran-

sition, the focus is shifting

from output dependence

to asset dependence. The

United States serves as a

prime example, showcasing

steady growth driven by its

robust asset base. India has

similarly risen in global

economic rankings, mov-

ing from the 10th to the 5th

largest GDP and poised to

surpass Japan and Germany,

by leveraging global liquid-

ity with local assets.

According to the CEO

of Invest India, the country

has attracted a staggering

$500 billion in foreign direct

investment (FDI) since 2015,

demonstrating the potential

for asset-driven growth to

offset export losses.

Nigeria boasts abundant

assets, including valuable

state-owned enterprises,

yet their potential remains

largely untapped. Rather

than outright selling, there’s

an opportunity to establish

market value through equity

stakes. By leveraging these

assets, Nigeria could unlock

significant value, as seen in

Saudi Arabia’s successful

market debut in 2019, now

valued at $2 trillion.

Exploring corporate assets

reveals vast untapped poten-

tial, possibly amounting to

half a trillion dollars. Valuable

real estate assets, such as the

National Stadium and Federal

Secretariat, remain underuti-

lised. Leveraging these assets

could yield substantial re-

turns, as demonstrated by Eko

Atlantic City and its neigh-

bouring properties.”

Earlier in his keynote

speech, Olayemi Cardoso,

governor of the CBN, the for-

eign exchange (FX) inflows

recorded in the first quarter

(Q1) into Nigeria was 136

per cent of the total inflows

recorded in 2023.

Represented by Blaise Ije-

bor director of risk, he said,

“We remain committed to

using all the orthodox mon-

etary policy tools available

to us to address inflation.

We have also embarked on

major reforms to liberalise

the foreign exchange market,

which has enhanced trans-

parency, reduced arbitrage

opportunities, promoted

stability and improved the

liquidity in the market.”

Vice President Kashim

Shettima at the event gave

a breakdown of the $20 bil-

lion potential investment

secured since the admin-

istration of President Bola

Ahmed Tinibu.

The investments in-

clude $14 billion from In-

dia, N15 million from the

Netherlands, $500 million

for lithium development in

Nasarawa state, $500 mil-

lion from Germany and into

renewables, and $250 mil-

lion from the Netherlands,

among others.

Shettima disclosed this

in Lagos at the 2024 Van-

guard Economic Discourse.

Represented by Tope Fasua,

special adviser on economic

affairs.

The administration’s ef-

forts have been spearheaded

by a public sector team led by

the Office of the Vice Presi-

dent, which also chairs the

National Economic Council,

along with the Central Bank

of Nigeria and the Budget

Office of the Federation.

By Adeola Ajakaiye, Kano

ROYALTY

Sanusi back as Emir after Kano repeals law

MUHAMMADU Sanusi 11

has been reappointed as the

Emir of Kano, four years

after he was dethroned

abruptly.

Abba Kabir Yusuf, the

governor of Kano state,

rolled back his predeces-

sor’s dethronement of Sa-

nusi and reinstated the for-

mer central bank governor

after signing the new Kano

Emirate bill (2024) into law.

The new law replaces

the Kano State Emirates

Council Law, 2019, and dis-

solves the emirate councils

created by former Gover-

nor Abdullahi Ganduje.

By the law, Ganduje

had created the emirates

of Karaye, Bichi, Rano, and

Gaya, in addition to Kano in

December 2019.

The former governor

dethroned Sanusi II after

a long-running dispute in

March 2020.

The new bill reinstating

Sanusi was sponsored by

Lawan Hussaini Chediyar

Yan Gurasa, the Majority

Leader and representative

of the Dala Constituency.

Muhammad Butu, the

deputy speaker, explained

that repealing the law

would revive the lost glory

of Kano as the division

of Kano emirate to five

reduced the capacity and

dignity of the state at the

national level.

“This bill in its entirety

has abrogated the estab-

lishment of the five new

Emirates in the state and

reverted to the former sta-

tus of a single Emir in Kano

which we inherited since

the Jihad of Shehu Usman

Dan Fodio,” said Major-

ity Leader Lawal Hussaini

Chediyar Yan Gurasa after

the repeal was passed on

Thursday.

“The abolished Emirates

did nothing but create divi-

sion among the indigenes

of Kano. The unity which

was visible for thousands of

years in Kano was divided.

We are now reverting to our

old historical background;

one Kano, one people, one

Emir,” Yan Gurasa stated.

L-R: Segun Alabi, assistant director, corporate a󰀨airs and communications, Manufacturers Association of Nigeria (MAN); Rasheed Adegbenro,

former director general; Ambrose Oruche, director, special purpose vehicle, MAN; Francis Meshioye, president, MAN; Oluwasegun Osidipe,

director, research and economic policy; and Charles Okonji, chairman, Commerce and Industry Correspondents Association of Nigeria (CICAN),

at the Public Presentation of the MAN CEO’s Condence Index (MCCI) in Lagos, yesterday.

By Joshua Bassey

INVESTMENT

How Lagos attracted N50bn

investments in one year - Official

THE Lagos State govern-

ment says it has attracted

foreign and domestic in-

vestments worth over N50

billion in the last one year,

aided by an improved busi-

ness environment.

The investments were in

key sectors like healthcare,

retail, fast-moving consum-

er goods (FMCG), education,

financial services, cyber-

security, agriculture and

manufacturing.

Folashade Ambrose-

Medebem, the state commis-

sioner for commerce, coop-

eratives, trade & investment,

disclosed this during a min-

isterial briefing to mark the

first year of the second term

of Governor Babajide Sanwo-

Olu, in Ikeja, on Wednesday.

According to Ambrose-

Medebem, one such invest-

ment is Twinings Ovaltine

Nigeria Limited (TONL),

owned by Associated British

Foods Plc, which is expand-

ing the state’s productive

base and generating jobs.

“TONL, which formerly

imported from China and

packaged into retail units

here, has now committed

to fully manufacture its

products in Lagos with the

acquisition of an industrial

site in Ogba. The N38 billion

investment will employ 112

people directly and over 200

others as distributors by

2025 while generating over

$8 million in exports to West

African countries.

Also, many trade mis-

sions have gone from Lagos

to the United Kingdom (UK)

with the organised private

sector and business member-

ship organisations to explore

new trade opportunities.

“Our participation in

investment and business

summits across the world

seeks to retain and bring

investment opportunities in

the state to the attention of

potential investors, to attract

capital, skills, innovation

and technology to create

more local jobs, increase

productivity and generate

higher revenue,” she said.

The commissioner said

the current administration

was even determined to

formulate more business-

friendly policies and create

the right environment to

attract for investments.

“The Sanwo-Olu admin-

istration is leaving no stone

unturned in improving the

Ease of Doing Business

(EoDB) in Lagos.

“For instance, Lagos

State applied and met all

criteria to qualify for the

first phase of the World

Bank-funded State Action

on Business Enabling Re-

forms (SABER) programme

set under the Four Disburse-

ment Linked Indicators

(DLIs) covering Improved

Land Administration and

Land-Based Investment

process (DLI1); Improved

investment promotion en-

vironment (DLI2); Increased

transparency of official fees

and procedures (DLI3) and

Increase transparency of

fees and levies for inter-state

trade (DLI4).

HEALTH

By Temitayo Ayetoto-Oladehinde

WHO accuses tobacco companies

of aiming at young customers

THE World Health Organ-

isation (WHO) on Thursday

accused tobacco companies

of targeting young people

with child-friendly packag-

ing on social media, sports,

and music festivals. This,

according to the WHO, is a

deliberate attempt to hook

the younger population on

nicotine.

Despite strict regulations

targeting cigarettes, big to-

bacco companies and new

entrants have begun offering

smoking alternatives such

as vapes, which they say are

aimed at adult smokers.

However, the WHO said

these products are often mar-

keted to youth, their design

and variety of fruity flavours

appeal to children, and that

young people are more likely

to use the products than

adults in many countries.

Tedros Ghebreyesus, the

WHO’s director-general, re-

jected the industry’s claim

that it is working to reduce

the harm from smoking. “It’s

dishonest to talk about harm

reduction when they are mar-

keting to children,” he said.

The WHO’s increasingly

tough stance on newer nico-

tine products follows a sharp

rise in youth vaping across

several countries.

It pointed to flavours like

bubblegum as one driver of

this rise. The industry says

flavours are an important

tool in encouraging adults to

switch away from smoking.

Large tobacco compa-

nies have mostly steered

away from such flavours.

But firms including Philip

Morris International and

British American Tobacco

opened new tabs targeting

youth via the sponsorship

of music and sports festivals

and the use of social media,

the WHO said.

The WHO also said there

was insufficient evidence

that vapes help people quit

smoking. “There is growing

evidence they harm health,

and that vaping increases

traditional cigarette use,

especially among youth.

However, Sarah Jackson,

principal research fellow

at University College Lon-

don’s Tobacco and Alcohol

Research Group, said these

statements “do not accurate-

ly reflect current evidence on

e-cigarettes”.

NEWS

• Passed by House of Reps

8FRIDAY 24 MAY 2024www.businessday.ng

By Hope Moses-Ashike

FOREX

CBN clarifies guidelines

on BDCs licensing

THE Central Bank of Nige-

ria (CBN) has clarified the

tier-based classification of

Bureau De Change (BDCs),

stating that the new guide-

lines followed an earlier

exposure draft circulated

for public input earlier

this year, which the bank

has now incorporated and

posted on its website on

Wednesday, May 22, 2024.

According to Hakama

Sidi Ali, acting director of

the corporate communi-

cations department, who

spoke with reporters in

Abuja on Thursday, the

new guidelines include two

tiers of licensing.

She reiterated the bank’s

invitation to interested

parties to apply for BDC

licences, provided they

meet the new guidelines,

effective June 3, 2024, while

existing BDCs will have a

six-month grace period to

meet the new requirements.

Sidi Ali further said that

the CBN remained com-

mitted to repositioning

the BDC sub-sector to play

its envisioned role in the

foreign exchange market

in Nigeria.

OIL

Nigeria expects $15bn oil investment

after TotalEnergies snub

NIGERIA says it is expect-

ing around $20 billion worth

of investment in the coming

months, a few days after

French oil major, TotalEn-

ergies, snubbed the country

for Angola.

“We have a company that

will announce a $10 billion

investment in deep offshore

in the next few weeks, and

they are in town, waiting

for me,” Heineken Lokpo-

biri, minister of state for

petroleum resources, said,

as he defended his one-year

tenure as minister during

the sectoral ministerial up-

date briefing held in Abuja

on Thursday.

“There’s also another

company that will invest

about $5 billion. These are

not stories, but I don’t want

to preempt the announce-

ment, so I let it be that we

announce it so that Nigeri-

ans will know that Angola

cannot be compared to Nige-

ria. In Africa, Nigeria is the

leading oil and gas producer

and we are still dominating

that position.

“Our target in 2024, hav-

ing worked very hard to

create an enabling envi-

ronment, is to ensure that

we have a minimum of $20

billion in investment this

year,”

The new investments

will be made by “companies

that left Nigeria because

they believed that there

were inconsistent policies,

and the atmosphere was

unfavorable, but following

this administration’s poli-

cies of deliberately creating

the best environment that

are competitive globally,

they are all coming back”

according to Lokpobiri.

Speaking further, the

minister noted that the only

way to sustain increasing

production and generate

money that the government

needs to finance the eco-

nomic programs is the oil

and gas sector, stating that

the quickest way to the na-

tion’s economic prosperity

is the oil and gas sector.

“Every country that has

oil prioritises investment in

oil. And Nigeria can never

be an exception. So what

we are doing is to see how

we can create that investing

opportunity for companies

to come and invest.

For him, the government

is committed to creating the

environment so that inves-

tors in the oil and gas sector

can continue to invest in the

sector.

He explained even

though Nigeria has the high-

est reserves in Africa, there

had been no significant in-

vestments. This he said has

hindered the country from

seeing the benefits of these

huge reserves.

“You ask yourself the

question, why did the com-

panies in Nigeria fail to

invest in the last 12 years?

The reason is simple. The

PIA took longer than ever to

be passed and nobody wants

to invest billions of dollars

in any client where there’s

uncertainty.

“Now we have told them

that the PIA is now passed.

We have a stable governance

structure. We have the best

fiscals. As the president has

signed executive orders, we

have the best fiscal terms

that are globally competi-

tive. And we’re saying that

you have a long history with

Nigeria. So come back to

Nigeria and invest.

“And that is why those

who want to invest in the $10

billion is an old IOC. Those

who want to invest the $5

billion is an old IOC. There

are also a lot of smaller com-

panies that are coming in.

One is in fact proposing to

invest $1.6 billion,” he said.

This development is com-

ing days after Patrick Pouy-

anné, the chief executive

officer of TotalEnergies,

said that the company is

investing $6 billion in en-

ergy projects in Angola

over Nigeria, citing incon-

sistency in policy making

in West African country as

the primary reason for this

decision.

The TotalEnergies helms-

man said despite the Niger

Delta’s status as West Afri-

ca’s most productive region,

the volatile policy landscape

has rendered investments

unsustainable, adding that

the company has not con-

ducted oil exploration in the

region for 12 years.

“We have countries that

have perfectly integrated

policies like Angola. So,

we went to Angola and an-

nounced a very large $6 bil-

lion project at the begin-

ning of the week because

their framework is stable.

So we know where we go,”

he added.

R-L: Toni Sanni, head, corporate nance and venture capital, Emerging Africa Capital Advisory; Yakubu Adamu, commissioner of nance, Bauchi

State; Toyin F. Sanni, executive vice-chair, Emerging Africa Group; Bala Mohammed, governor, Bauchi State; Auwal Jatau, deputy governor,

Bauchi State; Abubakar Sulieman, speaker, House of Assembly Bauchi State, at the Emerging Africa Capital leads N40.9bn NEN Infrastructure

Bond in Bauchi, recently.

By Godsgift Onyedinefu

LEGISLATION

Bill to revert to old nat’l anthem scales 2nd reading at Senate

A bill seeking to change the

current national anthem

“Arise O Compatriots” and

revert to the old anthem

“Nigeria We Hail Thee”,

has scaled second reading

at the Senate.

The bill was passed by

the House of Representa-

tives on Thursday after

an accelerated hearing,

as it quickly passed first,

second and third reading.

At the Senate, the legis-

lation titled “A Bill for an

Act to provide for National

Anthem, 2024” and spon-

sored by Bamidele Opey-

emi, the Senate leader was

read for the second time

after lawmakers supported

it during plenary.

“Nigeria, We Hail Thee”

was adopted as Nigeria’s

first national anthem on

October 1, 1960. The an-

them’s lyrics were written

by Lillian Jean Williams,

a British expatriate who

lived in Nigeria when it

achieved independence.

Frances Berda composed

the music for “Nigeria, We

Hail Thee.”

The former anthem was

used from independence

in 1960 until 1978 when the

present anthem, “Arise,

O Compatriots,” was ad-

opted.

Leading the debate on

the bill, the Senate leader

noted that the old anthem

was in line with the vision

of President Bola Tinubu-

led administration, and

will ensure unity of the

country.

Also speaking in favour

of the bill, Tahir Monguno,

the lawmaker represent-

ing Borno North, said the

bill was apt, noting that

the current anthem was a

product of a military junta

and does not reflect the

aspirations of Nigerians.

Also speaking, Oke-

chuukwu Ezea, the law-

maker representing Enugu

North, said the old anthem

evoked more emotion, add-

ing that the current an-

them is vague and does not

pass any message.

Supporting the bill, Ji-

moh Ibrahim, a lawmaker

from Ondo State, said “If

we get the national anthem

right, we will get Nigeria

right.”

The bill was consequent-

ly passed with the majority

of the lawmakers backing

it. They also agreed that

a public hearing would be

conducted to get the input

of Nigerians.

By Temitayo Ayetoto-Oladehinde

HEALTH

Lagos to establish essential

medicines agency for easy

access to drugs

THE Lagos State govern-

ment has announced plans

to establish the Lagos State

Essential Medicines Agency

(LSEMA) to ensure seamless

management and distribu-

tion of essential medicines

within the state.

Akin Abayomi, the

health commissioner, stated

this while briefing journal-

ists on Wednesday at the

ongoing 2024 ministerial

briefing to mark the first

year of the second term of

the Babajide Sanwo-Olu’s

administration.

He said the planned agen-

cy would transform the

management and distribu-

tion of essential medicines,

in line with the Federal

Government’s mandate for

every state to set up a drug

management agency.

“The establishment of a

Drug Management Agency

is designed to address sig-

nificant challenges in the

supply chain by introducing

a structured and technologi-

cally-driven approach to the

procurement, storage, and

distribution of health com-

modities”, he said.

Abayomi listed the

expected benefits of the

planned agency to include

robust regulation of medi-

cine flow, improved access

to quality drugs, enhanced

health planning data, and

increased internal revenue

generation through efficient

drug sales. He also noted

that applying economy of

scale during bulk purchases

would help maintain stable

prices for essential medi-

cines regardless of economic

fluctuations.

“We are now at the stage

where we are beginning to

track the need for a medical

drug agency for Lagos State

to make sure we control

the prices of drugs with

economies of scale and bulk

purchasing, improve the

quality of drugs in Lagos by

providing additional quality

assessment of the drugs that

are brought into Lagos, and

to improve the efficiency of

movement of drugs through

our facilities so that we will

never have a situation of

stock out”, he added.

He emphasised the im-

portance of public-private

partnerships (PPPs), stating

that LSEMA would leverage

productive partnerships

with the private sector to

enhance operational capaci-

ties. The agency will act as

a regulator, ensuring close

cooperation with national

regulatory bodies like the

National Agency for Food

and Drug Administration

and Control (NAFDAC) to

maintain strict quality stan-

dards for all essential medi-

cines distributed within

the state.

“Recognising the value

of collaboration, LSEMA

will leverage Public-Private

Partnerships to enhance

operational capacities. This

approach will combine pub-

lic oversight with private

sector efficiency and cre-

ativity, particularly in ar-

eas such as logistics and

the day-to-day management

of drug supplies”, Abayomi

stated.

The agency will explore

innovative financing models

to address funding challeng-

es, including private-sector

investments. The financial

structure is designed to

ensure the agency is self-

sustaining, with revenues

generated through the sale

of medicines.

Reaffirming the admin-

istration’s commitment to

addressing significant chal-

lenges in the supply chain

of essential medicines,

Abayomi noted that the

strategic direction of Gov-

ernor Babajide Sanwo-Olu’s

administration was focused

on transforming the health

sector from a cost centre to

a significant contributor to

the state’s economy.

• Awaits $10bn deep oshore deal in few weeks

By Cynthia Egboboh, Abuja &

Abubakar Ibrahim

OPINION

“Inflation rises in Nigeria

amid fuel scarcity and in-

security” indicated that

four (4) out of ten (10) Ni-

gerians are living below

the poverty line. So, with

this trend, the author has

noticed a spike and sharp

rise in the demand for

substituted products and

services by the majority

of the citizenry in the

country.

For the majority of

businesses, the persistent

inflation in the country

has made the high cost of

running and maintaining

independently generated

power unbearable, par-

ticularly the cost of die-

sel. This has resulted in

the high cost of running

businesses. However, this

cost is passed on to con-

sumers without notice.

When this cost is passed

and consumers find it

intolerable, then a change

in demand is triggered by

switching to substitute

products.

The propensity for

this trend is high, and it

has been the order of the

day. Substitute products

or goods are alternative

goods that could be used

for the same purpose but

with less quality or sat-

isfaction. Therefore, in

the presence of inflation,

substituting means that

consumers seek out al-

ternatives that are fre-

quently low in price, most

of the time low in quality,

inferior, and largely un-

regulated. The demand

for substitutes contin-

ues to rise because the

masses need to survive

at all costs, so who has

the blame?

The consumers or the

businesses? So long as

the price of goods and

products continues to in-

crease, demand for their

substitutes will continue

to rise. Consequently,

business operators need

to be aware of this. Be-

cause there is low or no

demand for substitute

products, it makes the

company profitable, and

such an industry more

attractive. In a market

where there are fewer

substitute products, there

is a higher probability

of businesses earning

greater profits, but the

reverse is the case with

inflation and the current

realities.

From a business per-

spective, substitute prod-

ucts create rivalry, loss of

revenue, weak sales, loss

of potential customers

or consumers, low or no

patronage, and threats to

business survival. The

main absurdity is that

businesses cannot even

identify the providers

of these alternatives be-

cause they remain largely

in the dark, and the qual-

ity of these readily avail-

able, cheap alternatives

is significantly compro-

mised, with gross and

growing health implica-

tions.

As it stands, market-

leading companies and

products could even suf-

fer business continuity

issues if the lower-priced

alternative continues to

gain market share and

the interest of the masses.

As a response, it is

time for businesses to

re-strategize, engage in

high-quality marketing

and promotional cam-

paigns, innovate in line

with customer expec-

tations and patronage-

improving products, and

lower prices. Again, busi-

nesses can review their

pricing model at this time

to accommodate consum-

ers and customers with

waning purchasing pow-

er. It is also important for

the government to play a

bigger role in regulating

substandard, inferior,

and bad products, es-

pecially those that are

dumped on the Nigerian

market.

Businesses can fail

as a result of substitute

effects and substitution

products outperforming

the original. In the view

of the author, consum-

ers largely make their

choices based on their

available spending power

and make constant ad-

justments based on price

changes, most of the time

on impulse. Many are

unaware that the high

inflation rate in the coun-

try is one of the major

reasons why the naira is

losing value.

Right now, it’s im-

portant to look at and

understand how sub-

stitution can affect the

economy, businesses,

and environment to stop

high death rates and ill-

nesses. Therefore, the

authors recommend that

the government should

make a deliberate effort

to tackle the key issues in

the country: insecurity,

incessant power issues,

continued exchange rate

instability, and the non-

availability of forex to

genuine business opera-

tors and exporting com-

panies. Inflation could

remain an issue unless

these issues are given

headlong attention. Good

luck!

How may you obtain

advice or further infor-

mation on the article?

and necessities are in-

creasingly out of reach

for the majority of peo-

ple. Indicating that the

country’s cost of living

has risen at an alarming

rate. That is, the rise in

household spending re-

quired to maintain a con-

sistent and decent quality

of life has been a source

of anxiety for many. The

National Bureau of Statis-

tics (NBS) says Nigeria’s

headline inflation rate

increased to 33.69 percent

on a year-on-year basis as

of April 2024. The percent-

age change is the highest

in the last five years,

according to the records.

Without a doubt, the

food inflation trend over

the last two years has

been overwhelming. The

proportion of the major-

ity’s income that is spent

on food has remained

ridiculously high. The

persistent rise in infla-

tion results in a decline

in the buying power of

many Nigerians, who

are getting poorer in real

time. They will be forced

to prioritise significant

spending, and the afford-

ability of essentials will

continue to decrease. The

consequences of high

inflation are a spike in

unemployment numbers,

a rise in poverty rates,

declining savings, a high

number of jobless youths,

crimes, and unrest. A

report by Aljazeera titled

HIGH inflation as well

as economic uncertainty

have had significant im-

pacts on businesses, man-

ufacturers, and house-

holds, including indi-

vidual lifestyles and well-

being, in recent times.

The direct consequences

of these impacts continue

to have serious implica-

tions. Globally, no coun-

try is immune to infla-

tion. Around the world,

inflationary pressure has

been experienced in the

USA, the UK, and many

other developed and de-

veloping nations. But in

Nigeria, the peculiarity

is that inflation has been

getting higher steadily

for the last two years.

Nigeria is one of the coun-

tries where inflation has

grown the fastest, and it

has been a concern for

many businesses.

The troubling trend

is that most of the basics

The marriage radar (Part 2)

to discuss. Do you agree

to build a house, save

towards a holiday joint-

ly, save separately, or

save together? Discuss

it. Marry no one whose

financial stability is sus-

pect. You can marry a

man who has prospects,

but don’t marry a lag-

it does. Children have

joined cults for lack of

something to believe in

or belong to. If you marry

a man or woman who

is just there and does

not believe in a higher

being, he or she may be

narcissistic or have a

hidden hurt bound to

explode once you both

settle in. Don’t marry

someone with whom you

don’t share faith values.

Believe in something

together. Don’t marry,

and then you both wake

up and go your different

faith ways. The children

would be confused, scat-

ter, and grow up believ-

ing in nothing.

Finances:

So, have you discussed

this? Why not? The man

is supposed to bring the

bacon, but the woman

must earn her own ba-

con and, from time to

time, support the man.

Also, a man who does

nothing has no finances

they enjoy separately,

which the other partner

can support by coming

along even if they don’t

quite enjoy it. In fact,

they can be convinced to

go further to enjoy it.

Children:

How many? In what

space? Does he not want

is deceitful? Time to run.

Character is everything.

Not money, not fine.

Swot analysis:

What are your part-

ner’s strengths, weak-

nesses, opportunities,

and threats? Check them

out. If they are not add-

ing up, Hmmm.

Marriage is an exam.

Check everything, lest

you be stuck with the

devil himself. God forbid.

Prepare. It’s a journey!

I am always in awe of

married couples. I often

wonder how X married

A, and they do not even

look compatible. But

there would always be

a spark, an inner story

you could not see. It’s

that inner story you must

ensure is there and sus-

tainable for a long-haul

marriage. Remember,

you would occasionally

fall in love. We get an-

gry, and we get upset.

The beauty is when we

miss them so much and

can’t wait to tell them

lots of stories, no matter

how angry we are. Let

us keep our eyes open,

make the right choice,

and stay happy. Your

partner should be your

friend and confidant.

Don’t be pressured

into marrying the wrong

person. If he or she is

your friend, then the job

is half done. If something

stands dancing in your

heart when she walks

into the room and she

is deeply caring, Great!

If he removes his shirt

to fight because some-

one abused you and he

knows that he would be

beaten black and blue, he

still hates it. Even! If he

works hard, if he encour-

ages you, If she supports

you, is good to you, and

worries about you, Then

there is something.

We will discuss that

next week.

LET me start by apologis-

ing for bringing the sec-

ond part of this column a

week late. Life happened.

But for all my readers

who were expecting,

we spoke largely about

things that you look out

for as you prepare for a

life partner or even how

to keep a relationship or

marriage oiled.

So let’s add some

more things:

Faith:

We tend to think this

does not matter, but

By Eugenia Abu

TALES FROM THE MAIN ROAD

Businesses: Knowing the strength and

threat of substitute products at this time!

FRIDAY 24 MAY 2024 www.businessday.ng

Olubiyi is an Entrepre-

neurship & Business

Management expert with

a Ph.D. in Business Ad-

ministration from Babcock

University Nigeria. Twitter

handle @drtimiolubiyi

and via email: drtimiol-

ubiyi@gmail.com, for any

questions, reactions, and

comments

By Timi Olubiyi

gard. And please don’t

marry a woman who is

not resourceful.

What school do the

children go to? Can you

afford it, or are you push-

ing each other so you can

be like the neighbours?

Hobbies:

You can have things

you do that you both

enjoy, but each person

must have something

children? Has she had

a child before? Failure

to ask and answer these

questions can lead to dis-

aster tomorrow. Bring-

ing children into the

world is a shared assign-

ment.

Character:

The building blocks of

any marriage. Why are

you still trying to marry

her if she lies and if he

We get angry, and we get upset. The beauty

is when we miss them so much and can’t

wait to tell them lots of stories, no matter

how angry we are

OPINION

10 FRIDAY 24 MAY 2024

www.businessday.ng

By Etim Etim

South Africa – The moment of truth is here

NDDC’s N84 billion projects

miserable, crime-infested

townships, different from

the dream of democratic

paradise they had been

promised by Mandela, it

was easy for them to see

other Africans living in

their midst as the enemy.

The lone consistent public

voice against xenophobia

has been someone who

might have been expected

to gain the most from align-

ing with it: Julius Malema,

rabble-rouser, ‘Marxist’,

leader of Economic Free-

dom Fighters’ (EFF).

But South African xeno-

phobia is merely a great

people letting themselves

down, hopefully temporar-

ily, and should not provoke

other Africans to leave

South Africans to ‘hoist on

their own petard’ as they

approach this defining mo-

ment in their nationhood.

The election of Nelson

Mandela in 1994 marked

a transition from a racist

apartheid aberration to

a nation with the institu-

tions and aspirations of a

democracy. The guiding

ideology of the new nation

had been mapped out by the

elders of the African Na-

tional Congress, a left-wing

group of predominantly

African people mixed with

like-minded people of Eu-

ropean and Asian races,

through several decades

of struggle. Their aspira-

tion was to build a nation

where people irrespec-

tive of race would have an

equal stake and be able to

pursue a life of purpose

their hatred and disdain

for ‘black’ aspirations. Yet

they carry South African

passports.

When President

Ramaphosa, as a show of an

African Freedom Fighter’s

commitment to justice eve-

rywhere, took the Israeli

government to the ICJ for

genocide in Gaza, many in

the white demographic,

which disdains anything

African, queried the temer-

ity of a ‘local’ leader, draw-

ing the ire of Israel’s main

backer, the USA, and risk-

ing economic punishment.

They missed the point that

the liberation struggle that

brought the ANC to power

was not about putting food

before principle.

South Africa will elect a

parliament next week. The

majority of that parliament

will select a president.

And now the players.

Cyril Ramaphosa, Man-

dela’s heir, has achieved a

few things but has gener-

ally punched below his

weight. He is seeking re-

demption and a chance to

be the leader that would

define the identity of his

country and shape its fu-

ture.

John Steenhuisen,

leader of the ‘Democratic

Alliance’, was backed dis-

creetly by Western Europe

to be the first white presi-

dent after Apartheid.

Julius Malema is a

bright, brash, truculent,

high-living ‘Marxist’ who

wants to nationalise the

mines and redistribute the

land to black people. He

is the face many worried

whites see in their worst

nightmares.

There is Jacob Zuma, of

Umkhonto We Sizwe, brave

and pathetic, standing for

little, except a moral vacu-

ity, even if he is allowed on

the ballot.

It is dangerous to prog-

nosticate, but at the end of

the day, a new reality will

probably emerge: an ANC

Presidency, but one with

‘fire in the belly’, propelled

to more drastic actions,

such as finally tackling

land distribution and fac-

ing down other urgent

social and economic chal-

lenges, by a cooperation

of some sort with the EFF

and an effort to recapture

the trust of the hungry

and angry streets of the

townships.

It is an unacceptable

scenario for some, and per-

haps the fascists originally

from Eastern Europe will

be ready, finally, to throw

their South African pass-

ports in the dustbin.

An ‘African’ South Af-

rica with global justice

commitments, enriched

by its large racial mix, is,

hopefully, on the way to

achieving greatness on its

mother continent.

if not exactly in tatters, is

severely dented. Harsh re-

ality has supervened, with

a troubled economy, and

an inefficient government-

owned electricity com-

pany that neo-Apartheid

romanticists are happy to

point out worked much

better when it was in white

hands.

There is, too, the phe-

nomenon of ‘State Cap-

ture’, and a party-centred

patronage system under-

mining the work of govern-

ment. Young black South

Africans have the highest

unemployment rate in the

world. Very little, it seems,

has changed, economi-

cally, for them, since 1984.

In these landmark elec-

tions, there are the players,

and there are the issues.

Who, or what, is South

Africa?

Is it a multiracial lib-

eral ‘Western democracy’,

economically enmeshed

with, and beholden to, the

Western world? Or is it a

proud autochthonous Af-

rican country with a large

population of Europeans

both.

There is a struggle afoot

to disencumber South Af-

rica from mainstream Af-

rican history and aspira-

tions. David Cameron and

other Conservative Euro-

peans have recruited one

of the best PR firms in the

world to help the ‘white’

Democratic Alliance make

a final grab at power. There

is a famous ‘shock and

awe’ advert they are us-

ing to campaign. In it, the

nation’s flag is burnt, and

then renewed. It is not idle

symbolism.

Among the whites shel-

tering under the Rainbow

Nation are many who

genuinely want to blend

in and flow as Africans.

There are also, sadly, East

European extremists and

neo-Nazis. The Polish fas-

cist Janusz Walus, who

shot anti-Apartheid black

activist Chris Hani dead,

has just been freed early

from prison to live out a

life of comfort in the new

South Africa he did not

want to happen. He and

his ilk make no secret of

On Wednesday, May 29, a

few days from now, it will

be the ‘Moment of Truth’ in

South Africa.

On that day, elections

will be held across the

land to determine who will

form the next national gov-

ernment. Those elections

will be the most crucial

elections in the country’s

history, for many reasons.

The psychology of Ni-

gerian-South African in-

teraction has always been

fraught. After the initial

chip-on-the-shoulder re-

sentment against brash

young Nigerians who had

never experienced the in-

dignities of racial oppres-

sion and who flocked to

newly liberated Johan-

nesburg after 1994 to have

fun and make money,

there came a more sin-

ister xenophobia driven

by primordial sentiments

stoked among the masses

of poor blacks. Living in

and happiness—a rainbow

nation. Nelson Mandela

was the embodiment of that

‘Rainbow Nation’.

Thirty years on, the vi-

sion of a ‘Rainbow Nation’,

and Asians who have be-

come ‘indigenes’, with all

the rights?

It is a painful coming

of age decision, because

South Africa cannot be

Olugbile is a writer and psy-

chiatrist. synthesiz@gmail.

com

ETIM is a former media con-

sultant to the NDDC

THERE is calm these days

at the corporate headquar-

ters of NDDC, the 24-year-

old interventionist agency

established by the Federal

Government to fix devel-

opmental gaps in the Niger

Delta region. The 13-story

edifice, commissioned in

2021, breaks into view as

you turn into the eastern

bypass in Port Harcourt.

Inside, executives are hard

at work on the 2025 budget

and completing ongoing

projects. The rest of the

workers are no less busy.

The tranquillity is a far

cry from the brouhaha that

enveloped the commission

three years ago in the wake

of the forensic audit or-

dered by the Buhari admin-

istration into its affairs. A

new management team,

headed by Dr. Samuel Og-

buku, seems well deter-

mined to leave the ugly

past behind. For two weeks

beginning Saturday, May

18, NDDC will commission

92 high-impact infrastruc-

ture projects executed at

over N84 billion across the

nine states. They include

roads, bridges, water, elec-

tricity, electrification, a po-

lice station, health centres,

and school blocks.

Among the projects is

the 25.7-kilometre Ogbia-

Nembe Road, which has

created a road link to the

ancient city of Nembe in

Bayelsa State for the first

time in living memory. It

includes 9.15 km of pre-

fabricated vertical drains

in the swamp and seven

bridges. Executed at a cost

of N24 billion, the road cuts

the travel time to Yenagoa,

the Bayelsa State capital,

from 3 hours on danger-

ous water routes to a mere

45 minutes. It also opens

up 14 communities for de-

velopment. The project

was executed in partner-

ship with Shell Petroleum

Development Company

(SPDC) and is regarded as a

model of the commission’s

partnership approach to

tackling the challenges of

the region.

Also slated for com-

missioning is the 132KV

Transmission Line and

I32KV/33KV Substation

electrification project, ex-

ecuted at a cost of N8.3

billion to optimise power

supply to five local govern-

ment areas in the south-

ern part of Ondo State.

The project covers the

construction of 45 km of

double-circuit 33KV feed-

er lines from Omotosho

Power Station (Hook-up

Point) to Okitipupa and

two 30MVA, 132/33KV in-

jection substations with

breakers, gantry, and sub-

station automation. It also

includes the construction

of a three-bedroom semi-

detached bungalow as ser-

vice quarters.

The capacity of this

power station is optimised

with the provision of 2 x

60 MVA, a 132/33KV trans-

former, and other ancil-

lary works at Okitipupa

Injection Substation, the

rehabilitation of 35 km

of 33/11KV transmission

from Okitipupa-Igbokoda-

Ugbonla and environs,

and the construction of

1 km of rigid pavement.

The electricity project will

complement the Federal

Government’s effort in the

power sector by improving

power supply to Okitipupa,

Igbokoda, and about 2,000

neighbouring communi-

ties in Ondo South Senato-

rial District with a direct

value chain in small and

medium-scale industries,

creating jobs, and con-

sequently engendering

growth and development

in Ondo State.

NDDC’s executive direc-

tor in charge of projects,

Victor Antai, sounded ec-

static when I spoke with

him early Saturday morn-

ing. It is his brief to de-

liver on all the projects

undertaken by the agency.

And so, for five months

since late last year, Antai

has been touring the nine

NDDC states, inspecting

projects and ensuring that

contractors are up and

doing. He told me, “As

you know, I have been

on the road, inspecting

these projects and meet-

ing with contractors and

the communities, just to

ensure that every project

is delivered on time. It is

the decision of the execu-

tive management to deliver

dividends to our people.”

Before he assumed du-

ties in November, Antai

was a businessman, a lo-

cal government chairman,

and a commissioner in

the Akwa Ibom govern-

ment. To his folks, he is

known for his simplicity,

affability, and generosity.

Unlike many ‘big men’ in

public service, Antai has

no airs and does not en-

courage partisan divisions

and ethnic bigotry. So, I

asked him, among all the 92

projects, which one do you

have for Akwa Ibom State?

In Akwa Ibom State,

NDDC will commission

the 6.87-kilometre Iko-

Iwuochang road in Ibeno

LGA, the southern part of

the state. The road project

consists of a two-lane sin-

gle carriageway, a 600-me-

tre bridge, and side drains.

The N10 billion virgin road

project links 20 communi-

ties, hitherto separated by

the Qua Iboe River. Three

years ago, NDDC complet-

ed and commissioned a

1005-student hostel at the

University of Uyo. I attend-

ed the event. In Abia State,

NDDC will commission the

Obehie to Oke Ikpe road to

be reconstructed at a cost

of N3.5 billion. The nine-

kilometre road restores

the road link between Riv-

ers and Akwa Ibom states

through Abia (Ukwa East/

West). It involved the re-

construction of seven kilo-

metres of failed sections of

the road and the construc-

tion of drainage.

It is commendable that

Dr Ogbuku and his team

are completing and com-

missioning these projects,

many of which were start-

ed by previous manage-

ment. It is indeed pleasing

that he has not fallen into

the temptation to abandon

them and start new ones,

as has often been the case

in public service. Said the

chief executive: “The most

compelling need in com-

pleting and commission-

ing these projects is to put

them for use in the commu-

nities and help in renewing

hope in the people in line

with the Renewed Hope

Agenda of President Bola

Tinubu.”

It is also important that

the NDDC is now generat-

ing more good news than

negative ones. I was in the

centre of the fight in 2021

during the forensic audit

controversies, defending

the commission in the me-

dia. It is my pleasure to

report on the calm and the

progress that we now have.

HUMAN ANGLE

The election of Nelson Mandela in 1994

marked a transition from a racist apartheid

aberration to a nation with the institutions

and aspirations of a democracy

By Femi Olugbile

OPINION

FRIDAY 24 MAY 2024 www.businessday.ng

The mind games leaders play: Decoding

gaslighting tactics and protecting yourself

DJ Cuppy’s philanthropy: A model for empowering Africa’s youth

About the Author:

Dr Toye Sobande is a strate-

gic leadership expert, lawyer,

public speaker, and trainer.

He is the CEO of Stephens

Leadership Consultancy

LLC, a strategy and manage-

ment consulting rm offering

creative insight and solutions

to businesses and leaders.

Email: contactme@toy-

esobande.com

education and poverty

eradication.

Cuppy’s focus on edu-

cation isn’t accidental.

Growing up in Lagos, a

city brimming with both

vibrancy and hardship,

she witnessed firsthand

the transformative pow-

er of education. From

the bustling markets to

the crowded classrooms,

Lagos is a place where

dreams can either flour-

ish or fade.

Cuppy recognizes the

privilege she had access

to quality education, an

opportunity that acted

as a beacon of hope amid

the challenges. She un-

derstands that for many

Nigerian youth, that

same privilege remains

a distant dream, often

obstructed by socioeco-

nomic barriers.

Motivated by her own

experiences and the de-

text of the workplace,

this can manifest in a

boss who denies giving

you clear instructions,

then accuses you of pro-

crastination when the

project falls behind, be-

littles your accomplish-

ments, or takes credit

for your work. They may

constantly shift blame,

making you feel respon-

sible for their mistakes.

This constant erosion

of your confidence and

reality creates a power

imbalance that benefits

the gaslighting boss and

leaves you feeling iso-

lated and powerless.

Why does gaslight-

ing thrive in the work-

place?

The hierarchical na-

ture of workplaces fos-

ters an environment

where gaslighting can

flourish. Bosses wield

authority, making it

easier for them to ma-

nipulate narratives and

dismiss your concerns.

This power imbalance

can be incredibly dam-

aging, eroding your con-

fidence and chipping

away at your mental

well-being. This can

leave employees feeling

trapped and unsure of

how to react.

So, what are the red

flags you must watch out

for when unmasking a

gaslighting boss?

Not every disagree-

ment with your boss sig-

nifies gaslighting. The

manipulative tactics of

a gaslighting boss can

be subtle; however, if

you find yourself ques-

tioning your sanity or

sire to give back to her

community, Cuppy is

dedicated to making edu-

cation accessible for all,

believing it to be the

key to unlocking poten-

tial and creating lasting

change in Nigeria. Her

commitment is a testa-

ment to her belief that

every child deserves the

chance to learn, grow,

and contribute to the

nation’s future.

Here’s why Cuppy’s

approach is a model for

Africa’s future:

Education breeds

confidence and disci-

pline: Cuppy empha-

sises education’s abil-

ity to unlock not just

academic achievement,

but also the crucial life

skills of discipline, con-

fidence, and the ability

to network. These are

the very tools young

Africans need to navi-

feeling perpetually on

edge, be wary of these

red flags:

Denial and distor-

tion: Did you receive

clear instructions on

a task? Does your boss

now claim they never

IN a country like Ni-

geria, where poverty

and inequality run deep,

the path to success for

many young people feels

like climbing Mount

Kilimanjaro barefoot.

Enter DJ Cuppy, a vi-

brant entertainer with

a heart even bigger than

her stage presence. But

Cuppy isn’t just about

spinning beats; she’s a

philanthropist with a

clear vision: to empower

Africa’s youth through

HAVE you ever ques-

tioned your own mem-

ory or sanity after a

conversation with your

boss? You work tire-

lessly on a project, only

to have your boss claim

they gave you specific

instructions you never

received. When you try

to clarify, they insist you

are misremembering or

that you are under too

much pressure. Do you

find yourself constantly

apologising or feeling

like you are “walking on

eggshells” around them?

These could be signs of

a subtle but insidious

form of gaslighting, a

manipulative tactic that

can wreak havoc on your

mental well-being, chip

away at your confidence,

and affect your work

performance.

Gaslighting, as de-

fined by the Oxford Eng-

lish Dictionary, is to

“manipulate (someone)

by psychological means

into questioning their

own sanity.” In the con-

gate the complexities of

the modern world and

carve their own paths to

success.

Breaking the cycle of

poverty: Education is

the ultimate equaliser.

By providing resources

and opportunities for

young Nigerians, Cuppy

aims to break the vicious

cycle of poverty. Em-

powered with knowledge

and skills, young peo-

ple can lift themselves

and their families out

of hardship, creating a

ripple effect of positive

change within commu-

nities.

Beyond borders: Cup-

py’s philanthropy ex-

tends beyond national

borders. Her partner-

ships with organisations

like the Prince’s Trust

and university hardship

funds demonstrate her

commitment to nurtur-

intimidation, or even

emotional outbursts.

Isolation: They

might try to isolate you

from colleagues or un-

dermine your relation-

ships with them.

How do you strategi-

ing talent across Africa.

This pan-African ap-

proach recognizes that

a brighter future for the

continent hinges on em-

powering young people

across the board.

DJ Cuppy’s story is

an inspiration, embody-

ing the transformative

power of education and

the responsibility that

comes with privilege.

She is a living testa-

ment to how education

can change lives, not

only through personal

achievement but also

through the empower-

ment of others.

By focusing on edu-

cation and actively dis-

mantling the barriers of

poverty, Cuppy is paving

the way for a genera-

tion of young Africans

ready to take the world

by storm.

Her initiatives are

in emotional arguments.

Maintain a professional

demeanour and stick

to the facts. Stay calm

and stick to the facts

when addressing any

discrepancies. Avoid

accusations and focus on

solutions.

Consider reporting: If

the behaviour is severe

or creates a hostile work

environment, consider

reporting it to HR. Docu-

menting the gaslighting

behaviour strengthens

your case.

Prioritise self-Care:

Gaslighting can be in-

credibly stressful. En-

gage in activities that

help you manage stress

and maintain your emo-

tional health. Exercise,

meditation, and spend-

ing time with loved ones

can all be beneficial.

How can you priori-

tise your mental well-

being?

Gaslighting can be

incredibly stressful. It’s

important to prioritise

activities that help you

manage stress and main-

tain your emotional

health. Here are some

more than just acts of

charity; they are stra-

tegic efforts to create

systemic change and fos-

ter sustainable develop-

ment. Cuppy’s model is a

blueprint for a brighter

future, not just for Ni-

geria, but for the entire

continent, showcasing

how targeted efforts in

education can lead to

widespread socio-eco-

nomic growth.

Her story encourages

others to leverage their

resources and talents

for the greater good,

highlighting the pro-

found impact that one

individual can have on

the future of many. In

doing so, she inspires

a movement where the

cycle of poverty is bro-

ken, and the promise

of a better tomorrow is

within reach for all Af-

rican youth.

tips for self-care:

Maintain a healthy

work-life balance: De-

tach from work when

you leave the office. Set

boundaries and stick to

them.

Connect with sup-

portive people: Spend

time with loved ones

who value and respect

you.

Practice relaxation

techniques: Activities

like meditation, swim-

ming, or spending time

in nature can help re-

duce stress and improve

emotional well-being.

Seek professional

help: If you are strug-

gling to cope with the

effects of gaslighting,

consider talking to see a

therapist.

Please remember, you

are not crazy. Gaslight-

ing is a real tactic used

to manipulate and con-

trol others. By recognis-

ing the signs and follow-

ing these steps, you can

take back your power

and protect your mental

well-being. The fight

against gaslighting re-

quires a multi-pronged

approach. While this

article equips you with

tools to identify and deal

with a gaslighting boss,

organisations also have

a role to play. Promot-

ing open communica-

tion, fostering a culture

of respect, and provid-

ing clear guidelines for

acceptable workplace

behaviour can all help

prevent gaslighting and

create a healthier work

environment for every-

one.

By Elizabeth Musa

Bosses wield authority, making it easier

for them to manipulate narratives and

dismiss your concerns

By Toye Sobande

THE LEADERSHIP FACTORY

gave them or that you

misunderstood? This is

a classic attempt to re-

write history and make

you doubt your memory.

Minimising your

feelings: Do you express

concerns about work-

load or a project? Does

your boss dismiss your

anxieties as insignifi-

cant or overblown? This

tactic aims to isolate you

and make you feel like

you are overreacting.

Planting seeds of

doubt: Do you constant-

ly question your compe-

tence or judgement? A

gaslighting leader may

subtly criticise your

work or plant doubts

about your abilities,

eroding your confidence.

Twisting the narra-

tive: Do you find your-

self wondering if you are

the crazy one? Gaslight-

ers excel at manipulat-

ing situations, making

you feel responsible

for their actions or bad

moods.

Emotional manip-

ulation: Gaslighting

bosses may use a variety

of tactics to control you,

including guilt trips,

cally deal with a gas-

lighting boss and deliver

yourself from the mental

stress?

If you recognise

these signs, here are

some practical steps

to help you navigate

a situation with a gas-

lighting boss:

Document every-

thing: Keep detailed

notes of conversations,

emails, and any instanc-

es where your boss con-

tradicts reality. This

record becomes invalu-

able evidence if you need

to escalate the situation.

Trust your gut: If

something feels off, it

probably is. Don’t let

them convince you oth-

erwise. Your intuition

is a powerful tool; learn

to trust it.

Seek support: Con-

fide in a trusted col-

league, friend, or thera-

pist about what’s hap-

pening. Having an ob-

jective perspective and

a listening ear can be

incredibly empowering.

Don’t engage in emo-

tional battles: Gaslight-

ers thrive on emotional

responses. Don’t engage

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To be a diversified

provider of superior

business, financial and

management intelligence

across platforms acces-

sible to our customers

anywhere in the world.

OUR CORE VALUES

BusinessDay avidly thrives

on the mainstay of our core

values of being The Fourth

Estate, Credible, Independent,

Entrepreneurial and Purpose-

Driven.

• The Fourth Estate: We

take pride in being guar-

antors of liberal economic

thought

• Credible: We believe in the

principle of being objective,

fair and fact-based

• Independent: Our quest for

liberal economic thought

means that we are independ-

ent of private and public

interests.

• Entrepreneurial: We con-

stantly search for new

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the highest ethical standards

in all we do

• Purpose-Driven: We are

committed to assembling

a team of highly

talented

and motivated people

that share our vision,

while treating them with

respect and fairness.

12 FRIDAY 24 MAY 2024

www.businessday.ng

NIGERIA’S struggle

with soaring inflation

has dominated headlines

for months, but recent

data suggests a potential

shift. April’s inflation

figures came in lower

than anticipated, hint-

ing at a possible slow-

down. Yet, this glimmer

of hope is overshadowed

by persistent challenges

that analysts warn could

keep consumer prices

high for the foreseeable

future.

Despite the slight re-

prieve in April, experts

like Tajudeen Ibrahim,

Director of Research and

Strategy at Chapel Hill

Denham, remain cau-

tious. He predicts that

while inflation might

moderate, it won’t drop

sharply enough to meet

the Central Bank of Ni-

geria’s (CBN) optimistic

forecast of 21 percent by

year’s end. Factors such

as exchange rate insta-

bility and the ongoing

food crisis, exacerbated

by insecurity in key ag-

ricultural regions, con-

tinue to fuel inflationary

pressures.

The impact of recent

price hikes in fuel and

electricity is yet to be

fully felt. Mobifoluwa

ture of Nigeria’s in-

flation. Samuel Sule,

CEO of Renaissance

Capital Africa, empha-

sises the uncertainty

due to ongoing discus-

sions around the mini-

mum wage, money sup-

ply, and fiscal policy.

Meanwhile, Uchenna

Uzi of Lagos Business

School notes that the

rising inflation is not

matched by increases

in real incomes or mini-

mum wages, leading to

a potential decline in

demand for goods and

services.

The CBN, under

Olayemi Cardoso,

has taken a hawkish

stance, raising interest

rates to 26.25 percent

in an effort to control

inflation. However, ex-

perts argue that this

approach, focusing

solely on interest rates

without addressing un-

derlying supply issues,

may be insufficient.

The International Mon-

etary Fund (IMF) of-

fers a more tempered

outlook, predicting a

decline in inflation to

23 percent next year

and 18 percent by 2026.

To effectively com-

bat inflation, a mul-

tifaceted approach is

necessary. Addressing

supply chain disrup-

tions and enhancing

agricultural produc-

tivity are critical.

Streamlining import

processes and invest-

ing in infrastructure

projects that improve

transportation and

storage can signifi-

cantly reduce bot-

tlenecks and ensure

a smoother flow of

goods. Concurrently,

implementing initia-

tives that promote sus-

tainable agricultural

practices, provide ac-

cess to essential farm-

ing equipment and fer-

tilisers, and empower

smallholder farmers

will bolster domestic

food production, creat-

ing a more stable food

supply and mitigating

price hikes.

Without these meas-

ures, Nigeria’s infla-

tion may continue to

hover at worrying

levels, straining the

finances of ordinary

Nigerians and stifling

economic growth. How-

ever, by prioritising

these key areas, the

government can pave

the way for a more re-

silient economy. This

will not only put money

back into the pockets of

citizens but also foster

a more favourable envi-

ronment for businesses

to invest and create

jobs.

As the nation grap-

ples with these eco-

nomic challenges, the

government’s policies

will need to be both

innovative and com-

prehensive. Open com-

munication and col-

laboration with the

private sector and ag-

ricultural stakeholders

will be crucial in craft-

ing effective solutions.

Only then can Nigeria

hope to see a sustained

reduction in inflation,

ensuring economic sta-

bility and improving

the quality of life for

its citizens.

This will allow Ni-

gerians to plan for the

future with greater

confidence, invest in

their families, and con-

tribute more fully to

the nation’s prosperity.

Adesina of Afrinvest

Consulting Ltd. high-

lights that the repercus-

sions of the PMS hike

and increased electric-

ity tariffs for Band A

users are still unfold-

ing. These factors, com-

bined with escalating

energy prices, are likely

to drive up month-on-

month inflation rates

in the coming months.

Adesina projects that

May’s inflation could

rise to 34.3 percent year-

on-year, a concerning

trend for the nation’s

economy.

Nigeria’s consumer

price index has shown a

troubling trajectory, ris-

ing from 33.20 percent in

March to 33.69 percent

in April. This persistent

climb marks the 16th

consecutive increase,

highlighting a severe

and ongoing economic

strain on households.

Particularly alarming

is the surge in food in-

flation, which alone

jumped to a staggering

40.53 percent in April.

The everyday Nigerian

feels this spike most

acutely in the prices

of essential goods that

form the backbone of

daily life.

According to the Na-

tional Bureau of Statis-

tics (NBS), the primary

drivers behind this re-

lentless rise include ne-

cessities such as food,

non-alcoholic bever-

ages, housing, and utili-

ties. These are not luxu-

ries but basic needs,

and their escalating

costs are squeezing the

budgets of millions,

forcing tough choices

between meals, shel-

ter, and other critical

expenses. The situation

underscores a broader

economic crisis, where

inflation erodes pur-

chasing power and

deepens poverty, mak-

ing it harder for fami-

lies to make ends meet.

Economic analysts

are divided on the fu-

The situation

underscores a

broader economic

crisis, where ination

erodes purchasing

power and deepens

poverty, making it

harder for families to

make ends meet

Nigeria’s inflation dilemma – A glimmer of hope

amid persistent challenges

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LEADING WOMAN

FRIDAY 24 MAY 2024 www.businessday.ng

JOAN FALUYI, passionate about energy, women

empowerment and period poverty awareness

IN ASSOCIATION WITH

Read the concluding part of our

interview with JOAN FALUYI on

our website www.businessday.

ng as she graces the cover of

WOMEN’S HUB for this week.

In Nigeria, 37

million girls

and women

face numerous

challenges when it

comes to accessing

menstrual hygiene

products

AS the managing director of

Offshore Dimensions Limited,

what are some of the unique

aspects of your role and re-

sponsibilities? How does your

company differentiate itself in

the market?

As the Managing Director of

Offshore Dimensions Limited,

my role encompasses a range

of unique responsibilities that

set our company apart in the

competitive oil and gas market.

1. Strategic Leadership: One

of my primary responsibilities

is to provide strategic direction

and leadership to ensure the

continued growth and success

of Offshore Dimensions Limited.

2. Partnership Management:

Cultivating and nurturing stra-

tegic partnerships with industry-

leading companies like Parker

Hannifin is crucial to our suc-

cess. As the leading expert in

motion and control technology,

Parker Hannifin enhances our

technical capabilities and en-

ables us to deliver best-in-class

solutions to our clients.

3. Technical Excellence: Off-

shore Dimensions Limited prides

itself on its technical expertise

and proficiency in providing

top-notch services to clients in

the oil and gas sector. We invest

in ongoing training and devel-

opment for our team to ensure

that we remain at the forefront

of industry advancements and

innovations.

By Kemi Ajumobi

JOAN Faluyi is a highly accomplished executive with a

proven track record of success in the energy, oil, and gas

industry, and a committed social entrepreneur dedicated to

making a significant impact in the community. With over

27 years of exceptional experience across various sectors,

she is a dynamic and visionary leader known for innovat-

ing and introducing new businesses and processes in EPC

servicing the energy, oil and gas, downstream, and mining

extractives industries.

Currently serving as the Managing Director at Offshore

Dimensions Limited, an engineering procurement and con-

struction management company, servicing the energy, oil

and gas sector in Nigeria, as well as a non-executive director

at Petrolog Group, Joan’s strategic insights and innova-

tive approaches have consistently propelled organisations

towards growth and profitability. Her ability to manage

finances, lead complex commercial negotiations, and foster

multicultural work environments has solidified her reputa-

tion as a seasoned professional in her field.

Joan holds a B.Sc. degree in Economics and Management

from Edo State University in Ekpoma and an MBA from

Enugu State University of Technology. Her commitment to

continuous learning is further demonstrated by a diploma

from the prestigious Oxford Princeton Program, where she

focused on International LPG trading and pricing, supply,

dhipping contracts, and risk management. She is also a

distinguished Fellow of Strategic Management, which un-

derscores her expertise in strategic planning and business

analysis.

4. International Recognition:

Our commitment to excellence

and customer satisfaction has

earned us international recog-

nition and accolades, including

awards from esteemed partners

like Parker Hannifin.

5. Market Differentiation:

Offshore Dimensions Limited

distinguishes itself in the market

by offering unparalleled service

quality, technical expertise, and

customer satisfaction.

In summary, my role as the

Managing Director of Offshore

Dimensions Limited involves

strategic leadership, partnership

management, fostering technical

excellence, and ensuring cus-

tomer satisfaction.

How has technology and in-

novation impacted your side

of the energy industry? What

emerging technologies or ap-

proaches are you most excited

about?

Technology and innovation

have had a profound impact on

our side of the energy industry,

particularly in engineering,

procurement, and construction

(EPC) management for offshore

projects:

1. Advanced Engineering

Tools: The adoption of advanced

engineering software and tools

has revolutionised the design

and analysis process for off-

shore structures and equipment.

Computer-aided design (CAD),

computational fluid dynamics

(CFD), and finite element analy-

sis (FEA) enable us to optimize

designs, improve performance,

and minimize risks.

2. Digitalisation and Au-

tomation: Digitalisation and

automation technologies have

streamlined project manage-

ment, procurement, and con-

struction processes. Integrated

project management systems,

automated procurement plat-

forms, and remote monitoring

tools enhance efficiency, reduce

errors, and accelerate project

timelines.

3. Robotics and Drones:

Robotics and drones are in-

creasingly being used for in-

spection, maintenance, and con-

struction activities in offshore

environments. Unmanned aer-

ial vehicles (UAVs) equipped

with cameras and sensors can

conduct aerial surveys, moni-

tor assets, and perform visual

inspections, improving safety

and reducing downtime.

4. Advanced Materials

and Manufacturing: The de-

velopment of advanced ma-

terials and manufacturing

techniques has enhanced the

durability, performance, and

cost-effectiveness of offshore

equipment and structures. Com-

posite materials, additive manu-

facturing (3D printing), and

modular construction methods

offer lightweight, corrosion-

resistant solutions for offshore

applications.

5. Renewable Energy

Technologies: The transition

towards renewable energy

sources, such as offshore wind

and solar power, presents new

opportunities and challenges

for the energy industry. Inno-

vative technologies for offshore

wind turbines, floating solar

arrays, and tidal energy systems

are reshaping the offshore energy

landscape and driving sustain-

able development.

Emerging Technologies and

and enhance safety in offshore

environments.

5. Carbon Capture and

Storage (CCS): CCS technologies

capture and sequester carbon

dioxide emissions from indus-

trial processes, mitigating green-

house gas emissions and support-

ing climate change mitigation

efforts. Offshore CCS projects

have the potential to significantly

reduce carbon emissions from

energy production and industrial

activities.

As a company at the forefront

of offshore engineering and con-

struction, we are excited about

the opportunities that emerging

technologies present for improv-

ing efficiency, sustainability, and

safety in the energy industry.

What inspired you to start a

foundation focused on period

poverty? What motivated you

to take on this important is-

sue?

As a woman, I’ve always been

passionate about advocating for

the empowerment of women and

girls, and addressing the issue

of period poverty was a natural

extension of that passion. What

inspired me to start BlossomFlow

Foundation was the realisation of

the significant impact that access

to menstrual hygiene products

can have on the lives of women

and girls, particularly those from

disadvantaged backgrounds.

I was motivated by the desire

to break down the barriers that

prevent women and girls from

fully participating in society

due to lack of access to basic

menstrual hygiene products. By

addressing period poverty, we

can help ensure that women and

girls have the dignity, health, and

opportunity they deserve.

Can you share some insights

into the challenges girls and

women in Nigeria when it

comes to access to menstrual

hygiene products?

Certainly. In Nigeria, 37 million

girls and women face numerous

challenges when it comes to

accessing menstrual hygiene

products, which can have sig-

nificant implications for their

health, dignity, and overall well-

being. Some of the barriers they

encounter include:

1. Financial Constraints:

Many girls and women in Ni-

geria come from low-income

households and cannot afford

to purchase menstrual hygiene

products regularly. The high cost

of sanitary towels, tampons, or

menstrual cups often forces them

to resort to less hygienic and

potentially harmful alternatives,

such as using rags or old cloth.

2. Lack of Access to Facili-

ties: Inadequate access to clean

water, sanitation facilities, and

private spaces for changing or

disposal exacerbates the chal-

lenges of managing menstrua-

tion.

3. Stigma and Shame: Men-

struation is often surrounded

by stigma, shame, and cultural

taboos in many communities in

Nigeria.

4. Lack of Education: Lim-

ited knowledge about menstrual

hygiene and reproductive health

exacerbates the challenges faced

by girls and women. Without ac-

cess to comprehensive sexuality

education, many girls may not

understand the importance of

menstrual hygiene or know how

to manage their periods safely

and hygienically.

5. Cultural Beliefs and

Practices: Cultural beliefs and

practices surrounding menstrua-

tion can also act as barriers to

access. In some communities,

menstruating women and girls

are considered unclean or im-

pure, leading to exclusion from

certain activities or religious

practices.

Tell us personal stories or

perspectives that highlights

the importance of this cause

and the difference it can make

in the lives of girls and women

Absolutely. The visit to the

Kirikiri Female Custodial Cen-

ter was a profoundly moving

experience that highlighted the

urgent need to address period

poverty and its impact on the

lives of girls and women. One in-

mate’s story particularly stands

out as a poignant reminder of the

transformative power of provid-

ing access to menstrual hygiene

products and support.

During the visit, I had the op-

portunity to speak with a young

girl who shared her previous

struggles with managing her

period while incarcerated. She

described how she had been

forced to resort to makeshift

sanitary solutions, such as us-

ing rags or fabric, due to the lack

of access to proper menstrual

hygiene products. These impro-

vised methods not only caused

her significant discomfort but

also put her at risk of infections

and health complications.

Listening to her story, I was

deeply moved by the resilience

and strength she exhibited de-

spite facing such adversity. It

was heart-wrenching to hear

how she had felt degraded and

ashamed every time she had to

manage her period with inad-

equate resources. However, her

spirit remained unbroken, and

she expressed immense gratitude

for the support provided by the

Blossomflow Foundation

Approaches:

1. Artificial Intelligence (AI)

and Machine Learning: AI and

machine learning algorithms

are increasingly being applied

to optimise asset performance,

predict maintenance needs,

and improve decision-making

processes in the energy sector.

2. Energy Storage Solu-

tions: Energy storage technolo-

gies, such as battery storage and

hydrogen fuel cells, play a crucial

role in integrating renewable

energy sources into the grid and

ensuring reliable power supply in

offshore environments.

3. Digital Twins: Digital

twin technology creates virtual

replicas of physical assets, al-

lowing for real-time monitoring,

simulation, and predictive main-

tenance. Digital twins enable

better asset management, per-

formance optimisation, and risk

mitigation for offshore projects.

4. Smart Sensors and IoT:

Smart sensors and Internet of

Things (IoT) devices enable re-

mote monitoring, data collection,

and condition-based mainte-

nance for offshore equipment

and infrastructure. IoT-enabled

systems improve operational

efficiency, reduce downtime,

COMPANIES & MARKETS

By Folake Balogun

FINTECH, financial ser-

vices and insurance, pro-

fessional, scientific and

technical services, and

logistics and transporta-

tion were the top sectors

with the highest num-

ber of Nigerian firms on

FT 2024 Africa’s fastest-

growing list.

Other sectors are ag-

riculture, forestry and

fishing, retail, and food

and beverages.

The latest ranking by

the Financial Times (FT)

and Statista, a research

company in which Busi-

nessDay was a coop-

eration partner in the

research, is now in its

third year. It lists 125

companies, ordered by

the highest compound

annual growth in rev-

enues (CAGR) between

2019 and 2022.

The list revealed that

fintech, financial ser-

vices, and insurance had

the most number of com-

panies which was seven

followed by professional,

scientific, and technical

services and logistics

and transportation with

two each.

Agriculture, forestry

and fishing, retail, and

food and beverages also

had two companies re-

spectively.

“Nigeria, one of the

continent’s three biggest

economies, spent 2023

in an economic crisis as

prices spiralled upwards

and the naira went into

freefall,” the FT said in

the ranking report.

It said neverthe-

less, that it still had

the second-highest

number of companies

in our ranking of Af-

rica’s fastest-growing,

compiled in conjunction

with research company

Statista, and that South

Africa, where growth

has also been lackluster,

was home to the highest

number.

“Even generally more

dynamic economies,

such as Kenya — which,

like many African coun-

tries, is labouring under

high public debt — strug-

gled to get out of the

low-growth doldrums as

inflation gnawed at dis-

posable income and the

government squeezed

expenditure.”

The companies were

invited to participate

in the research by post

and email. The project

was advertised online

and in print, allowing

all eligible companies to

created by Statista and

the Financial Times. The

application phase ran

from October 9, 2023, to

February 29, 2024.

Here are more details

on the sectors

Fintech, financial ser-

vices & insurance

The companies under

the fintech, financial

services, and insurance

sector are Moniepoint

In., Afex Commodi-

ties Exchange Limited,

Mycredit Investments

Limited, Alpha Morgan

Capital Managers Lim-

ited, Paga Group Lim-

ited, United Capital Plc,

and Comercio Partners

Limited.

According to the lat-

est GDP report by the

National Bureau of Sta-

tistics (NBS), the finance

and insurance sector

grew to 26.53 percent in

2023 from 16.36 percent

in 2022.

Professional, scientific

& technical services

Two companies which

are Thrive Agric Lim-

ited and Tripple Gee &

Company Plc are from

the professional, scien-

tific & technical services

sector.

The sector is made up

of businesses whose em-

ployees offer particular

specialised skill sets and

knowledge to clients.

Most of the industries

grouped in this sector

have production pro-

cesses that are almost

completely dependent on

worker skills.

Last year, the sector

grew marginally to 2.43

SMALLER African econ-

omies like Mauritius

and Namibia are using

investment migration

programmes to attract

high-net-worth individu-

als to boost foreign invest-

ments.

Investment migra-

tion or immigration by

investment is a process

that allows individuals to

gain citizenship or resi-

dence rights in return for

investments in their host

countries.

According to the latest

Africa Wealth Report, the

number of dollar million-

aires in Mauritius grew

by 87 percent from 2013 to

2023 and that of Namibia

grew by 32 percent. But

in Nigeria, it fell by 45

percent.

The decline in wealth

How Dubai firm is using investment migration to support Nigeria’s economy

for Africa’s most populous

nation presents an op-

portunity for companies

like Imperial Citizenship,

which is launching Resi-

dency and Citizenship by

Investment (RCBI) pro-

grammes in key African

markets like Nigeria.

RCBI programmes

have gained popularity

in recent years as a means

of obtaining residency

and/or ultimately citizen-

ship in another country

by making a significant

financial investment.

The Dubai-based firm,

which specialises in in-

vestor programmes to

obtain residence and also

citizenship in several na-

tions worldwide, expand-

ed to Nigeria in April 2024.

“Africa’s flourishing

HNWI population pre-

sents a remarkable op-

By Bunmi Bailey

Here are the sectors with most Nigerian firms on FT ranking

14 FRIDAY 24 MAY 2024www.businessday.ng

percent from 2.28 per-

cent in 2022.

Logistics and Trans-

portation

Bisedge Limited and

John Holt Plc are from

the Logistics & Trans-

portation sector.

Logistics and trans-

portation are a collection

of processes involved in

the production, storage,

inventory, delivery, and

distribution of specific

goods or services.

It is an integral ele-

ment of the whole supply

chain and it involves

proactive procedures

to safely and efficiently

move products from the

manufacturers to the

sellers, and up to the end

users or the consumers.

Transport services

slowed to 4.16 percent in

2023 from 5.55 percent in

the previous year.

Agriculture, forestry,

and fishing

Two companies which

are West African Soy

Industries Limited and

Wacot Rice Limited are

from the agriculture,

forestry, and fishing sec-

tors.

Agric, forestry and

fishing industries in-

volved business activi-

ties engaged in growing

crops, raising animals,

growing and harvesting

timber, and harvesting

fish and other animals

from farms or their natu-

ral habitats. These busi-

ness activities also in-

clude support services to

the production activities

mentioned above.

The agric sector

slowed to 1.13 percent

from 1.18 percent, for-

estry grew by 1.77 percent

from 1.62 percent and

fishing contracted to 1.36

percent from 0.47 percent.

Retail

Sundry Markets Limited

and R.T Briscoe Plc. are

from the retail sector. It

consists of all companies

that sell goods and servic-

es to consumers. There

are many different re-

tail sales and store types

worldwide, including

grocery, convenience,

discounts, independents,

department stores, elec-

trical, and specialty.

But the trade sec-

tor which comprises

of wholesale and retail

slowed to 1.66 percent

from 5.13 percent.

Food and beverages

BUA Foods Plc and Amel

International Services

Limited are from the

food and beverages sec-

tor. It includes restau-

rants, cafeterias, cafés,

fast-food joints, pubs,

delis, food manufactur-

ing operations, catering

businesses, food trans-

portation services, and

more. Work in this in-

dustry can range from

packaging to preparing,

transporting, and serv-

ing food or beverages.

Food, beverage, and

tobacco slowed to 3.03

percent from 3.86 per-

cent.

portunity. We recognise

the challenges faced by

these individuals, includ-

ing limitations on travel

freedom and a desire to

diversify their wealth.

Our RCBI programs offer

a strategic solution, em-

powering them to become

true global citizens,” Zaid

Al Hindi, founder and

CEO of Imperial Citizen-

ship said in a statement.

He said by providing

African HNWIs with the

tools to navigate the glo-

balised world, they are not

only securing a brighter

future for themselves but

also contributing to the

economic rise of the Afri-

can continent as a whole.

A recent Knight Frank

Wealth report predicts an

11 percent growth in Afri-

ca’s Ultra-high-net-worth

individuals population

by 2025. The World Bank

forecasts Sub-Saharan

Africa to be the world’s

fastest-growing region

economically over the

next three decades.

Countries like Nige-

ria, Kenya, and Morocco

are poised for explosive

growth, attracting the

attention of investment

firms eager to tap into

this burgeoning market,

according to Imperial Citi-

zenship.

“However, despite this

wealth creation, Africa

continues to grapple with

the loss of skilled profes-

sionals. The UN states

that migration from Af-

rica has increased by 30

percent since 2010. PwC

opines that a significant

portion of the wealth from

the region is managed

internationally.”

It said BusinessWire

reported that Nigerian

UHNWI, for example, held

16.8 percent ($17.2 billion)

of their assets outside

Nigeria in 2015 in a bid to

find better opportunities

and more favorable condi-

tions elsewhere. “Limited

visa freedom for African

passport holders further

restricts their ability to

participate fully in the

global economy, compa-

ny.”

The global firm noted

that the ability to travel

and work freely is a key

driver of investment for

Africa’s growing HNWI

class and that by offering

solutions like citizenship

in countries with visa-free

access to major economic

hubs; it empowers Afri-

can entrepreneurs and

investors to pursue global

opportunities.

“This not only ben-

efits the individuals

themselves but also fos-

ters knowledge transfer

and potentially attracts

further investment back

to Africa. Imperial Citi-

zenship’s expansion into

Africa is mutually ben-

eficial. African HNWIs

gain access to solutions

that address their specific

needs, the firm taps into a

rapidly growing market,”

it said.

It added that this trend

highlights a broader shift

- a growing recognition

of Africa’s potential not

just as a land rich in re-

sources, but as a vibrant

economic powerhouse

in the making. “While

Africa’s economic future

looks bright, challenges

remain. Retaining skilled

professionals and address-

ing limitations on visa

freedom will be crucial for

sustained growth.”

COMPANIES & MARKETS

FRIDAY 24 MAY 2024 www.businessday.ng

By Ifeoluwa Adebayo

Jumia, Credal partner to boost

flexible payment for customers

JUMIA, a pan-African

technology payment

service, has partnered

with CredPal, a con-

sumer credit service,

to launch the ‘Buy Now,

Pay Later’ service to

enhance flexible pay-

ment for customers in

Nigeria.

According to a

statement, the scheme

would enable custom-

ers of Jumia to buy

things on the mar-

ketplace and pay in

installments.

“We are excited to

partner with CredPal

to offer our consum-

ers a seamless and

convenient ‘Buy Now,

Pay Later’ solution.

This partnership

aligns perfectly with

our mission to make

e-commerce more ac-

cessible and inclusive

for all consumers,” the

statement said.

It said the collabo-

ration would promote

cashless transactions

throughout the Jumia

network and enable cus-

tomers to make desired

purchases without wor-

rying about their imme-

diate completion.

“We remain com-

mitted to providing

Nigerians with a

wider range of pay-

ment options and fos-

tering financial in-

clusion within the e-

commerce space. The

‘Buy Now, Pay Later’

option will give our

consumers more con-

trol over their finances

and allow them to pur-

chase the products

they want at the exact

time they need them,”

it added,

Jumia’s collabora-

tions with CredPal

and Easybuy were im-

portant in advancing

the digital economy

in the country.

“As the e-commerce

sector in Nigeria

evolves, the intro-

duction of multiple

BNPL solutions un-

derscores the im-

portance of flexible

payment methods in

promoting financial

inclusion and driv-

ing economic growth.

Jumia’s partnerships

with Easybuy and

CredPal are pivotal in

achieving these goals

and supporting the

digital economy,” the

statement said.

By Ifeoluwa Adebayo

Baobab Microfinance Bank to

expand operations beyond Nigeria

ROTIMI Oyekanmi,

board chairman at

Baobab Microfinance

Bank has said the com-

pany plans to expand

its operations beyond

Nigeria.

In a statement, Oye-

kanmi said as part

of the global Baobab

Group, they are confi-

dent in their ability to

navigate challenges,

seize opportunities

to empower entrepre-

neurs, and build a

brighter financial fu-

ture for all Nigerians.

He added that the

combined efforts of

Baobab Group’s in-

ternational reach and

Baobab Nigeria’s local

expertise showcase the

company’s dedication

to making a meaning-

ful impact on the lives

of millions of entrepre-

neurs in Nigeria and

beyond.

Christina Reifsc-

heider, board member

and group chief finan-

cial officer of the MFB

emphasised the com-

pany’s commitment to

client proximity, with

38 branches across 16

states and Abuja.

“We ensure entre-

preneurs have easy ac-

cess to financial ser-

vices,” she said.

Reifschneider reiter-

ated Baobab Nigeria’s

dedication to empow-

ering entrepreneurs

and driving financial

inclusion.

“Our focus is to de-

light our customers,

and our satisfaction

surveys show they are

pleased with our ser-

vices.”

Eric Ntumba, act-

ing CEO of Baobab

Microfinance Bank

highlighted that since

its inception, Baobab

Nigeria had disbursed

N229.7 billion in loans

to support MSMEs,

with women receiving

about 56.3 percent of

these loans compared

to 40.4 percent for men.

“The company has

issued 343,036 loans,

with an outstanding

loan portfolio of N40.95

billion as of April 2024.

Loan amounts range

from N1m to N150 mil-

lion and above,” he

said.

By Chuka Uroko

Adron Homes woo land buyers

with discounts

ADRON HOMES, a real

estate investment and

development firm, is

offering discounts on

land in a race to in-

crease affordability.

The company an-

nounced the discounts

offer recently in line

with its yearly Ileya

promo during which

it excites both existing

and intending custom-

ers with one form of

largesse or another.

Adenike Ajobo, the

company’s deputy man-

aging director, explained

at the unveiling of the

promo that their reason

for bringing out products

like the sales discounts

was to encourage Nige-

rians to own property,

adding, “Having that in

mind, we brought about

the concept of afford-

ability and convenience

of payment.”

Ajobo explained fur-

ther that their custom-

ers inspired the project,

saying, “They are the

reason the firm is still

in business; our vision

is to continually build

homes, communities,

and cities not just for

the rich alone, but also

for the middle class

and low-income earn-

ers; this is why we are

launching this promo

with its discount.”

BUSINESS EVENT

L-R: Tolu Williams, CEO, Siltech World; Obiora Okoye, director, Swap Station Mobility Limited; Ify Adah,

head of operations, Glovo; and Abiodun Oni, chief executive, FundCo Capital Managers, during the

partnership signing ceremony for the deployment of 2-wheel electric vehicles and battery swap stations

at high trafc demand locations around Lagos.

L-R: Graham-Olusanmi Lawal, director, partnerships; Cyril Okoroigwe, convener; and Conrad Ifode, director,

strategy, all of RegTechAfrica Conference, at the 2024 RegTechAfrica Conference and awards, in Lagos,

yesterday. Pic by David Apara

L-R: Akintayo Peter, corporate communication executive; Tobi Ajojesu, business development and strategy

manager; and Sadiq Kassim, director, corporate affairs, all of TGI Group, with them are Ayodeji Balogun, chief

executive ofcer, AFEX; and Johannes Flosbach, general manager, CORMART (TGI Group), at the Africa

CEO Forum 2024, in Kigali, Rwanda.

L-R: Kolawole Akintimehin, senior brand manager, Tiger Beer; Caroline Mbanu, brand manager, Tiger

Beer; Sampson Oloche, portfolio manager, Tiger Beer; Elvis Damptey, MTF Alumni; Wura Adeniran, MTF

Alumni; Akaoma Onyeonoru, program manager, MTF West Africa; Victoria Owoseni, MTF Alumni; Nneoma

Amadi, MTF Alumni; Segun Ogundeji, MTF Alumni; and Atinuke Babatunde, academy director, MTF West

Africa, during the presentation of Cheque to MultiChoice Talent Factory Alumni.

FRIDAY 24 MAY 2024 www.businessday.ngFRIDAY 24 MAY 2024

16 www.businessday.ng

FINTECH

18 FRIDAY 24 MAY 2024

www.businessday.ng

How GTCO’s HabariPay, Hydrogen and

Zest Payment performed in Q1

GTCO’s HabariPay, Ac-

cess Hydrogen Payment

Service, and Zest Payment

Services Limited have

reported a strong perfor-

mance in the first quarter

of 2024 as more Nigerians

embrace digital payment.

BusinessDay findings

show that two out of the

three listed fintech sub-

sidiaries owned by Ni-

gerian banks recorded

a rise in profits as a re-

sult of increased usage in

their payment gateways,

switching verticals, and

bill payments among oth-

ers.

The financial state-

ment for the period ending

March 31, 2024, revealed

that GTCO’s fintech sub-

sidiary, HabariPay re-

ported the highest profit

after tax of N1.09 billion

in the first quarter of 2024

followed by Access Hy-

drogen payment with N50

million and Zest Payment

Limited formerly known

as Stanbic IBTC Financial

Service Limited which

reported an after-tax loss

of N436 million in Q1’24.

In May 2023, Stanbic

IBTC Holdings joined the

ranks of banks launch-

ing a fintech business

following in the footsteps

of other financial institu-

tions like HabariPay, and

Hydrogen Pay respective-

By Chinwe Michael The fintech operating

income rose to N1.4 billion

from N1.03 billion while

its operating expenses

dropped to N307 million

from N386 million report-

ed during the reviewed

periods.

Hydrogen Payment

Hydrogen, the fintech

subsidiary of Access Cor-

poration, recorded N50

million after-tax profit in

the first three months of

2024 compared to a nega-

tive N612 million reported

in the same period of last

year.

The fintech operat-

ing income rose to N594

million from N41 million

while its operating ex-

penses dropped to N543

million from N653 mil-

lion reported during the

reviewed periods.

Zest Payment

Zest Payment Limit-

ed formerly known as

Stanbic IBTC Financial

Service Limited which

reported an after-tax loss

of N436 million in Q1’24

from a loss of N150 million

in the same period of 2023.

The fintech’s total in-

come rose to N33 million

from N4 million while

its operating expenses

increased to N469 million

from N154 million report-

ed during the reviewed

periods.

tomers, Kaliba Bilala,

founder of Tanabit told

BusinessDay in a report.

Ifeanyi Caleb, a finan-

cial analyst stated that

he sees the advantage on

the side of Squad, Hy-

drogen Pay, and other

banks’ spin-offs. He said

the banks’ startups would

gain from an established

reporting framework that

necessitates transpar-

ency. This instills confi-

dence in investors, stake-

holders, and consumers in

the business.

“Investors and the pub-

lic often perceive bank-

backed fintechs to be more

stable and less risky than

standalone fintech start-

ups. It’s a major valuation

advantage to them,” Caleb

said. “Most investors are

now interested in revenues

and profit as against gross

processed value. Access

to free/cheap investors’

funds is no longer the same

as they now demand for

short-term returns.”

Bank analysis

Habari Pay

HabariPay, the fintech

subsidiary of Guaranty

Trust Holding Company

(GTCO) reported N1.09

billion profit after tax in

the first quarter of 2024,

up 72.4 percent from N632

million in the correspond-

ing period of 2023,

56% of Central banks lack national cybersecurity

strategy for financial sector, IMF reveals

THE International Mon-

etary Fund (IMF) revealed

that 56 percent of central

banks or supervisory au-

thorities in a survey of 51

countries do not have a

national cyber strategy

for the financial sector.

According to the IMF

report titled “Mounting

cyber threats mean finan-

cial firms urgently need

better safeguards.”42 per-

cent of these financial in-

stitutions lack dedicated

cybersecurity or technol-

ogy risk-management reg-

ulations, and 68 percent do

not have a specialised risk

unit within their supervi-

sion department.

“64 percent do not

mandate testing and ex-

ercising cyber security

measures or providing

further guidance. 54 per-

By Chinwe Michael cent lack a dedicated

cyber incident reporting

regime and 48 percent

do not have cybercrime

regulations,” it said.

The IMF highlighted

that cyber attackers persis-

tently target the financial

sector.

The report read in

ly. Although the banks’

startups are still in their

infant stages, their ambi-

tions are enormous.

Segun Agbaje, the

group CEO of GTCO,

said the plan was to

push HabariPay to uni-

corn levels quickly.

HabariPay carries its

payment operations

through Squad. From

the beginning, Agbaje

had his sights on start-

ups like Paystack and

Flutterwave. According

to a third-quarter report

from Squad, its startup

capital from GTCO is

N3.1 billion.

Hydrogen Pay’s ser-

vices cut across lending,

physical and virtual pay-

ment card issuance, fraud

detection, recurring pay-

ments, storefront, invento-

ry management, account-

ing, and bookkeeping.

The banks are starting

to see results from their

splash on fintech. Accord-

ing to GTCO’s financial re-

port, Squad, which began

operations in June 2022,

reached a milestone in

January 2023 as it crossed

N200 billion in monthly

transactions.

The platform became

profitable in the first

month of operations de-

spite competition from

fintech companies like

Interswitch, Flutterwave,

OPay, and Paystack.

Experts attribute the

progress of the banks’ fin-

tech subsidiaries not to

the advertisement but to

focusing on retail banking

strategies.

GTCO has invested in

food and clothing bazaars,

which have drawn large

crowds of small businesses

and consumers. These fes-

tivals not only encourage

consumer spending but

also expose GTCO brands

and services to new cus-

parts, “Due to the tight fi-

nancial and technological

interconnections within

the sector, attacks can rap-

idly spread throughout the

system, potentially leading

to widespread disruption

and loss of confidence. Cy-

bersecurity is therefore a

significant threat to finan-

cial stability.”

The IMF said in its

April 2024 Global Finan-

cial Stability Report, re-

leased recently, that $12

billion has been lost in the

last 20 years to cyberat-

tacks.

“Financial firms have

reported significant di-

rect losses, totaling almost

$12 billion since 2004 and

$2.5 billion since 2020,” it

stated.

Also, the Nigeria Inter-

Bank Settlement System

has said that financial

institutions lost about

N17.67 billion to fraud in

2023.

According to the re-

port, the fraud count de-

creased by six percent to

95,620. However, actual

loss from fraud increased

by 23 percent in 2023

when compared to 2022

with the first quarter be-

ing the month with the

highest fraud volume in

2023 and the fourth quar-

ter being the month with

the highest fraud value.

In response to these

findings, the IMF has

urged financial institu-

tions and regulators world-

wide to prepare for height-

ened cyber threats and the

possibility of successful

breaches.

“The Fund’s recom-

mendations include the

development of robust na-

tional cyber strategies, the

implementation of dedi-

cated cybersecurity regu-

lations, and the establish-

ment of specialized risk

units within supervisory

authorities,” it disclosed.

GO LOCAL

Aso-oke: History, market size, challenges, and opportunities

Revitalising domestic cotton production in Nigeria: Learning from African success stories

NIGERIA’S fashion indus-

try boasts immense poten-

tial, but its heavy reliance

on imported cotton (over

90%) hinders growth and

job creation. To address

this, revitalising domestic

cotton production is crucial.

Let’s explore this issue,

drawing inspiration from

successful African cotton

producers.

The Current Land-

scape

Nigeria’s cotton produc-

tion peaked in the 1960s

at around 480,000 metric

tonnes (MT). However, due

to factors like competition

from cheaper imports, inad-

equate infrastructure, and

pest infestations, produc-

tion plummeted to a mere

20,000 MT in 2020 according

to Textile Exchange, 2023.

This decline has crippled

the entire textile value

chain, impacting every-

thing from yarn production

to garment making.

By Stephen Onyekwelu

ASO-OKE (pronounced,

ashoke), a traditional Yo-

ruba handwoven fabric, has

a rich history dating back to

the 15th century.

Originating from the Yo-

ruba people in southwestern

Nigeria, aso-oke means “top

cloth” in Yoruba, signifying

its high status and premium

quality. Historically, aso-

oke was worn by royalty

and used for significant cer-

emonies such as weddings,

chieftaincy, and festivals.

What traditionally gave

aso-oke its prestige was not

only its beauty but people’s

knowledge of how costly,

difficult and time-consum-

ing it was to produce. For

instance, the traditional

indigo-coloured aso-oke of-

ten required that the hand-

spun thread be dyed up to

fourteen times to achieve

the deep blues desired.

Furthermore, special

techniques had to be used

to make the threads co-

lourfast so that they would

not damage the lighter-

coloured threads or em-

broidery when washed.

The wild raw silk aso-oke

called sanyan required that

thousands of moth cocoons

be collected and their silk

carefully unravelled and

spun into thread.

These types of labour-

intensive activities were

common prerequisites be-

fore the actual weaving and

hand embroidering could

begin. When selling aso-

oke, market women will

often discuss in detail the

cost and effort required in

making a specific piece and

will compare and contrast it

with others.

Technically, aso-oke is

what is known as a double-

heddle narrow loom men’s

weave (although in some

parts of Yoruba land, it

is woven by women). The

cloth is made by weaving

one forty-foot or more four-

inch band of cloth. This long

piece is then taken to a tailor

who cuts it into pieces, sews

it together, and sometimes

hand embroiders it.

By purchasing this cloth

you are not only acquiring

a rare, one-of-a-kind piece

of cloth from a very famous

West African weaving tradi-

tion. You are also encourag-

ing weavers to maintain

the skill and knowledge

necessary to continue this

art form.

Types of aso-ke

Etu: Dark blue, often

with a striped pattern.

Sanyan: Light brown,

made from beige silk.

Alaari: Rich red, tradi-

tionally woven with silk.

Each type represents

different cultural signifi-

cances and occasions. Over

centuries, the craft of weav-

ing aso-oke has been passed

down through generations,

with regions like Oyo, Os-

ogbo, and Iseyin becoming

renowned for their weaving

expertise.

Market size

The aso-oke market has

grown substantially over

the years, evolving from

local to national and inter-

national markets. In 2022,

the market for aso-oke in

Nigeria was estimated at

approximately $20 million,

with exports to countries

with significant Yoruba

diaspora like the United

States, the United Kingdom,

and Brazil contributing to

this figure.

Domestic Market: About

$15 million.

International Market:

Approximately $5 million.

Challenges

Despite its cultural sig-

nificance and market po-

tential, the aso-oke industry

faces several challenges.

Modernisation and ur-

banisation: Younger genera-

tions are moving away from

traditional crafts to pursue

modern professions, lead-

ing to a decline in skilled

weavers.

Competition from im-

ported fabrics: Cheaper im-

ported textiles from China

and other countries have

flooded the market, making

it difficult for locally made

aso-oke to compete on price.

High production costs:

The cost of raw materials,

particularly high-quality

silk and cotton, has in-

creased, making aso-oke

production expensive.

Lack of modernisation:

Traditional weaving tech-

niques are labour-intensive

and time-consuming, limit-

ing the scalability of pro-

duction.

Limited market access:

Many weavers struggle with

accessing broader markets

due to inadequate market-

ing strategies and limited

online presence.

Opportunities

Despite these challenges,

several opportunities can be

leveraged to revitalise and

grow the aso-oke industry.

Government support

and policies: Implement-

ing supportive policies and

providing subsidies for raw

materials could help re-

duce production costs and

encourage more people to

engage in aso-oke weaving.

Technological integra-

tion: Incorporating modern

weaving technologies could

enhance production effi-

ciency without compromis-

ing the quality of traditional

designs. This could also

attract younger generations

interested in technology-

driven careers.

Market Expansion: Le-

veraging digital platforms

and e-commerce can open

new markets for aso-oke,

both locally and interna-

tionally. Online market-

places and social media can

help promote Aso-Oke to a

global audience.

Cultural promotion: In-

creasing awareness of Aso-

Oke’s cultural significance

through events, festivals,

and educational programs

can boost demand. Collabo-

rations with fashion design-

ers can integrate Aso-Oke

into contemporary fashion,

making it more appealing to

younger consumers.

Tourism development:

Promoting regions known

for Aso-Oke weaving as

tourist destinations can

create additional revenue

streams. Tourists can par-

ticipate in weaving work-

shops, purchase authentic

Aso-Oke, and learn about

its history and cultural im-

portance.

Statistics and future

outlook

Growth Rate: The aso-

oke market is projected to

grow at a compound annual

growth rate (CAGR) of 7

per cent over the next five

years, driven by increasing

cultural appreciation and

demand for unique, high-

quality textiles.

Employment: The indus-

try currently employs over

100,000 people directly and

indirectly, including weav-

ers, designers, and traders.

Export potential: With

proper branding and mar-

keting, aso-oke exports

could grow by 10 per cent

annually, tapping into the

global market for ethnic and

luxury textiles.

The aso-oke industry

in Nigeria, steeped in rich

history and cultural sig-

nificance, faces several

challenges, including mod-

ernisation pressures, com-

petition from imports, and

high production costs.

However, with strategic

interventions such as gov-

ernment support, techno-

logical integration, market

expansion, cultural promo-

tion, and tourism develop-

ment, the industry holds

significant potential for

growth. By addressing these

challenges and leveraging

opportunities, aso-oke can

continue to be a symbol

of cultural heritage and a

valuable economic asset for

Nigeria.

Learning from African

Leaders

Several African coun-

tries have achieved remark-

able success in boosting

domestic cotton produc-

tion. Here are two prime

examples.

Ethiopia: Ethiopia’s

cotton production has sky-

rocketed in recent years.

From a mere 10,000 MT in

2000, it reached a staggering

140,000 MT in 2020 according

to Textile Exchange, 2023..

This growth is attributed to

several factors:

Government interven-

tion: The Ethiopian govern-

ment launched initiatives

like the “Cotton Sector De-

velopment Strategy” (2011)

which provided subsidies

for fertilizers, improved

seeds, and training pro-

grams for farmers.

Public-Private partner-

ships: Partnerships between

government agencies, tex-

tile companies, and research

institutions fostered invest-

ment in modern ginning

facilities, improved seed

varieties, and extension

services for farmers.

Focus on organic cot-

ton: Ethiopia has become a

major producer of organic

cotton, fetching premium

prices and attracting inter-

national markets.

Burkina Faso: Burkina

Faso is another African suc-

cess story. Cotton produc-

tion rose from 200,000 MT in

2000 to a peak of 730,000 MT

in 2012 according to Textile

Exchange, 2023. Key drivers

of this growth include:

Farmer cooperatives:

Burkina Faso established

strong farmer cooperatives

that provided access to

credit, training, and bulk

purchasing of inputs, lead-

ing to increased efficiency

and productivity.

Focus on quality: Empha-

sis on quality control and

certification programmes

ensured Burkina Faso’s cot-

ton met international stan-

dards, attracting a wider

range of buyers.

Research and devel-

opment: Investments in

research led to the develop-

ment of pest-resistant and

high-yielding cotton vari-

eties better suited to local

conditions.

The Nigerian Oppor-

tunity

Nigeria has the potential

to emulate the success of

Ethiopia and Burkina Faso.

Here’s how.

Government incentives:

Similar to Ethiopia, the

Nigerian government can

introduce subsidies for in-

puts, improved seed variet-

ies like Bt cotton (resistant

to bollworm), and training

programs for farmers.

Public-Private partner-

ships: Collaboration be-

tween government, textile

companies, research insti-

tutions, and development

organisations is crucial for

investment in modern gin-

ning facilities, irrigation

infrastructure, and exten-

sion services.

Focus on organic and

sustainable practices: Pro-

moting organic cotton pro-

duction can create a niche

market for Nigerian cotton,

fetching premium prices

and attracting environmen-

tally conscious consumers.

Farmer cooperatives:

Empowering farmers

through cooperatives can

improve access to financing,

inputs, and market informa-

tion, leading to higher yields

and improved livelihoods.

Research and Develop-

ment: Investment in re-

search to develop high-

yielding, disease-resistant

cotton varieties suitable for

Nigerian soil and climate

is essential for long-term

sustainability.

Revitalising domestic

cotton production in Ni-

geria is not just about eco-

nomic growth; it’s about

creating jobs, empowering

rural communities, and fos-

tering a self-sufficient textile

industry. By learning from

successful African models

and implementing strategic

interventions, Nigeria can

unlock its vast cotton po-

tential and become a major

player in the global textile

market.

FRIDAY 24 MAY 2024 www.businessday.ng

By Stephen Onyekwelu

HOTEL

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The Wheatbaker

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Tel: 01 277 3560

Lagos Continental Hotel

Plot 52, Kofo Abayomi St,

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Tel: 01 236 6666

Novotel Port Harcourt

Address: 3 Stadium Road

Rumuomasi, Port Harcourt

Rivers State,

Tel: 0809 713 5734

Radisson Lagos Ikeja

#42-44 Isaac John Street,

GRA Ikeja, Lagos

Southern Sun IkoyI Hotel

Address: 47 Alfred Rewane

Road, Ikoyi, Lagos

Tel: +234 1 280 5200 / +234 1

280 0630

Email: ssikoyi.reservations@

tsogosun.com

Radisson Blu Anchorage

Hotel

1A,Ozumba Mbadiwe,Victoria

Island.

Hawthorn Suites by

Wyndham Abuja

1 Uke St, Garki, Abuja.

Tel: +234 9 4603900, +234

Top BusinessDay Partner Hotels

Radisson Blu Hotel Ikeja

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Tel: +234-908-780 5555

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Royalton Hotels, Abuja

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La Cour Hotels and

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+234 9120147746, Email:

reservations@lacourhotels.com

La Palm beckons with leisure thrills

TOURISM Afrikana, organisers

of the African Hospitality and

Tourism Education Summit

Nigeria, has unveiled BWC

Hotels as official partner and

host for the forthcoming Afri-

kana Hospitality and Tourism

Education Summit Nigeria

2024 (AHTES24), which is slated

to hold between July 26 and 27

in Lagos.

The partnership deal was

confirmed by Umakant Upad-

hyay, general manager of BWC

Hotels, and Chimezie Mike Ony-

eneke, convener and founder of

Tourism Afrikana, who is also a

member of the Top 100 Nigerian

Tourism Personalities.

Speaking on the partnership

deal, Upadhyay said that the

partnership perfectly aligns

with the objectives of the sum-

mit, ensuring an unparalleled

experience for participants and

global delegates. Emphasising

the commitment to excellence,

he underscored the hotel’s dedi-

cation to providing top-notch

hospitality services, promising

primary objective of AHTES is

to continually drive business

solutions in Africa through

hospitality and tourism edu-

cation.

The key focus areas of

AHTES2024, according to him,

will be educational empower-

ment; industry integration;

innovative strategies; global

perspectives and entrepreneur-

ial mindset.

The keynotes presentations

he said would address issues of

curriculum for prosperity: posi-

tioning hospitality and tourism

management as a key discipline

in shaping African educational

and economic future; and inter-

dependence between industry

and academia: a panacea for

a highly skilled workforce in

sub-Saharan Africa.

“AHTES 2024 will dive deep

into pressing topics and emerg-

ing trends with industry experts

and thought leaders on tourism

and hospitality education and

its impacts on economic devel-

opment in Africa,” he added.

By Obinna Emelike

WITH mouth half open,

he puffs dark smoke from

Bodega Cigar, his favourite

brand. His left hand holds a

glass half-filled with cham-

pagne, which he sips inter-

mittently, yet his right hand

and eyes are firmly fixed on

the Blackjack Table. He is

not hoping to win a jackpot,

but just for fun, and if lucky,

some money to continue

his excitement at La Palm

Casino.

Lucas Abede, an Ivo-

rian on holiday at La Palm

Royal Beach Hotel, in Ac-

cra Ghana, is not alone on

the excitement thrill at the

premier beach resort. While

his wife prefers an hour or

two at the pool, Lucas joins

other casino aficionados to

try their luck on the differ-

ent table games on offer at

the casino.

Yet, some other guests

frolic freely on the large

expanse beachfront of the

resort, while the children

play ground keep their chil-

dren away from disturbing

their excitement.

Well, the excitement

has just started for leisure

seekers this summer at La

Palm Royal Beach Hotel,

especially with the peri-

odic upgrade that leaves

the hotel richer with world-

class facilities, improved

services and guest-friendly

recreational activities and

packages.

Of course, the hotel has

many things going for it.

When it was opened in Au-

gust 1999, it was a major

boost to the West African

hotel market as one of the

largest beach resorts in the

region.

Hugging the shore of the

Atlantic Ocean, La Palm is

located inside 30 acres of

lush lawns and landscaped

gardens in Accra, the Gha-

naian capital city.

For the 25 years in busi-

ness, the city centre beach

resort has risen to become

Accra’s principal address

for the business traveler,

tourists on holiday, corpo-

rate and government func-

tions.

Aside from the immacu-

late manicured lawns that

overlook the Atlantic Ocean,

on offer at the resort are 159

rooms, which are laid out in

chalet fashion, creating the

feeling of a classic Ghanaian

village setting with interna-

tional standards.

The room offerings come

in different categories that

offer either sea view or lawn

view options.

There are also 3 restau-

rants and bars, including

Accra’s only beach front

restaurant, a world-class

casino opened in 2003 by

KaiRo International, as well

as a spa and health club

showcasing state-of-the-art

equipment.

For the business traveler

and corporate guest, there is

a business centre and world-

class conference facilities,

especially the Homowo Con-

ference Centre, which is

La Palm’s dedicated 1,500

seating capacity convention

center.

The resort is also family-

friendly with a large outdoor

pool area for adults and

children. There is also Kids

Theme Park, a pleasant and

safe enclosed park right by

the main pool with special

care attendants ensuring a

fun-filled time for children.

The playground offers

lots of activities including

storytelling, swings, boat

rides and much more to

engage the kids, while the

adults mind their business.

At the sprawling pool-

side, a discerning guest can

take a dip, relax and take a

bite at the Shawarma Hut or

enjoy a drink at the Sunken

Pool Bar.

For foodies, the three res-

taurants; Royal Dragon Chi-

nese, the Continental and

Ghana Village are worth

visiting for tasty delicacies.

But the highlight is the Gha-

naian Village, a thatched

restaurant that overlooks

the beach where guests can

sample Ghanaian dishes

such as ‘red red’ (bean stew

with plantain).

Of course, Ghana is a hub

for music across all genres;

hence guests are treated

to generous doses of live

highlife music on weekends.

Moreover, La Palm has

hosted many global digni-

taries, including His Royal

Highness Prince Philip and

his delegation, as well as

George Bush, who visited

Ghana while in office as

the president of the United

States of America, among

others.

It has also hosted some

top notch corporate and

tourism events, especially

Accra Weizo, an annual

travel expo that seeks to

grow seamless travel in

West Africa.

Once again, La Palm

Beach Hotel will play host

to this year’s Accra Weizo,

which is the 7th edition,

from June 24-29, 2024 at

the Homowo Conference

Centre.

The travel expo, the big-

gest in Ghana, will start

with a 4-nation road trip on

June 24 and end with a con-

ference and exhibition on

June 28 at the beach hotel.

According to Akwaaba

African Travel Market and

ATQ News, the organisers

of Accra Weizo, La Palm

would be hosting about 30

tour and travel profession-

als from Nigeria, who would

be joined at the Seme Border

by 20 tour operators from

Ghana, Benin and Togo.

Away from conferencing

facilities and complemen-

tary to the excitement on

the hotel’s sandy beaches,

fun at casino, spa and swim-

ming pool are nearby attrac-

tions including night clubs,

Kwame Nkrumah Memo-

rial Park, Accra Art and

Craft Market, Osu Castle,

among others.

La Palm awaits your vis-

it, especially this summer,

considering the exorbitant

airfares and accommoda-

tion rates, occasioned by the

economic hardship, which

now requires a deep pocket

to enjoy a trip outside Nige-

rian shore.

20 FRIDAY 24 MAY 2024www.businessday.ng

attendees a memorable and

enriching experience.

Onyeneke expressed enthu-

siasm about the collaboration,

affirming BWC Hotels as an

ideal venue for hosting such a

gathering. He also spoke on the

educational city tour of Lagos

scheduled for the second day

of the summit in collaboration

with the Lagos State govern-

ment through the Ministry of

Tourism, Arts and Culture.

According to him,

‘‘AHTES24’s major goal is to

showcase the relevance of hos-

pitality and tourism education

towards African economic de-

velopment as Tourism Afrikana

continues to promote hospital-

ity and tourism education in

Africa through these initiatives.

‘‘The infusion of the Build

Afrika Hospitality and Tourism

Career Presentation Contest

Initiative is a laudable part of

the event, which takes place

on the same day by students in

various hospitality and tourism

institutions in Africa.’’

The theme of this year’s

summit is; ‘Catalyzing growth:

Empowering business solutions

through hospitality and tour-

ism education in Africa’. It will

attract among others scholars,

industry experts, enthusiasts,

students, hotels, travel and

tourism companies, airlines, cu-

linary schools, aviation schools

and B2B entities.

Onyeneke said that the

BWC Hotels to host African Hospitality and Tourism Summit

…to host hospitality, travel stakeholders at Weizo

Umakant Upadhyay

ENTERTAINMENT

By Obinna Emelike

By ??

By Anthony Udugba

Top 10 Nigerian songs on airwaves, streaming platforms – Turntable charts

THE Nigerian streaming platform and air-

waves are dynamic interplay of established

anthems and new arrivals on a weekly bases

and with the data provided by Turntable

chart, one of Nigeria’s prominent music

chart who drop weekly top 100 music to

that effect.

This week on their Top 100 Nigerian

songs on the charts for May 10th to 16th,

2024 Seyi Vibez dominated the top ten ap-

pearing on the number one and two entries

of the week.

‘Instagram’ by Vibez Inc., Muyeez, and

Seyi Vibez took the number one position.

This rhythmic confection, a masterclass

in contemporary Afrobeats, undoubtedly

benefited from the combined charisma of

the participating artists from Vizbez inc. a

musical crew formed by Seyi Vibez.

A new entry at number two was ‘Bad

Vibes’, by Ayra Starr featuring Seyi Vibez.

With both posing huge fan bases on social

media and the streets for Seyi, the star

power of both artists hinted at the song’s

undeniable potential to mesmerise listeners

and clinch the number two spot.

Following closely behind at number

three was ‘Stubborn’, a collaboration be-

tween Victony and Asake. This union of two

artists was welcomed by the vast majority

NIGERIAN Afrobeat superstar Burna

Boy is making his Nollywood debut as ex-

ecutive producer of the upcoming thriller

“Three Cold Dishes.” The film, directed by

Asurf Oluseyi, tackles the serious issue of

Burna Boy debuts as nollywood

producer with ‘Three Cold Dishes’

sex trafficking.

“Three Cold Dishes” follows three

teenagers who are sold into the sex trade

and reunite after 13 years to exact revenge.

Burna Boy’s production company

Spaceship Films, co-founded with Bose

Ogulu, will serve as executive producer.

The film is produced by Ifind, Alma Prods.,

Asurf Films, and Martian Network, with

Black Mic Mac co-producing.

This move into film coincides with a

new slate from Black Mic Mac, a produc-

tion company launched in 2023 by industry

veteran Pape Boye and Logical Pictures.

Black Mic Mac focuses on African and

Middle Eastern talent, developing a diverse

range of films and television series. The

company aims to become a major player in

the African market, supporting both new

and established artists.

Burna Boy joins a growing number of

musicians entering Nollywood. Recently,

Tiwa Savage starred in and executive pro-

duced her debut feature film, “Water and

Garri,” which premiered on Prime Video

on May 10, 2024.

The involvement of major musicians

like Burna Boy and Tiwa Savage high-

lights the growing connection between

Nigeria’s music and film industries, fur-

ther strengthening the country’s cultural

influence globally.

By Anthony Udugba

FRIDAY 24 MAY 2024 www.businessday.ng

of Afrobeats fans who enjoy both Victony’s

subtle and vibrant sound and Asake’s en-

ergy on his verses.

The anticipation surrounding this track

was palpable, a testament to the individual

talents of these stars.

While the top three positions boasted

new releases, the remaining slots revealed

an interplay between established anthems

and newcomers.

Young Jonn’s ‘Bahamas’, retained its

stronghold at number four, while Ruger

and BNXN’s ‘POE’, a runaway hit upon

its release, held its ground at number five,

demonstrating the song’s continued grip on

the collective Nigerian music space since

its release.

The week also witnessed a surge in

popularity for “TSHWALA BAM” by Titom,

Yuppe, EeQue, and S.N.E. This track, had

people from all over the world dancing to

its popular dance challenge named after

the song.

The song ascended a five spots to land

at number seven, a testament to its viral

challenge and Burna Boy jumping on the

recently released remix with other remixes

from Wande Coal rumoured to be released.

Rounding out the top ten were estab-

lished titans of the industry. Adekunle

Gold’s ‘Rodo’, maintained its presence at

number eight, while Ayo Maff and Fireboy

DML’s collaborative effort, on ‘Dealer’,

continued to enthrall at number nine. The

chart concluded the top 10 with a final nod

to the potent partnership of BNXN and Ru-

ger again whose ‘ILASHE’ remained a firm

favorite at number ten.

This week’s Nigerian streaming plat-

forms and airwaves served as a microcosm

of the nation’s ever-evolving musical land-

scape. The playlist resonated with Seyi

Vibes, Ruger and BNXN dominating the

top 10 as well as the exhilarating buzz of

of Nigerian music and leaving listeners

eagerly awaiting the next chapter in this

ever-evolving sonic narrative.

promising newcomers.

As the weeks progress, it will be fascinat-

ing to witness how this dynamic interplay

unfolds, further enriching the tapestry

KENNY Blaq, the award-winning come-

dian and singer known for his unique blend

of music and humor, is bringing his show

‘The Oxymoron of Kenny Blaq’ back for a

fourth edition. This season, the tour hits

three major cities: Lagos, Port Harcourt,

and Abuja.

Kenny Blaq, whose real name is Otolo-

rin Kehinde Peter, has become a household

name in Nigeria and beyond. He’s honed

Kenny Blaq announces fourth Oxymoron tour

pare for ‘The Oxymoron of Kenny Blaq.’

My fans can expect to see a whole new

side of me – even better than what they’ve

seen before. Mark your calendars for July

28th, September 1st, and October 6th. This

Nigerian tour is going to be one for the

books, and I’m making sure everyone will

be talking about it for years to come. Get

your tickets now!” Blaq is no stranger to

recognition.

He’s received numerous awards for his

contributions to the entertainment indus-

try, including the Future Awards Prize for

Comedy in 2017 and the Comedian of the

Year honor at the Lagos Achievers Awards

in 2019. “The Oxymoron of Kenny Blaq”

itself has been a critical darling, taking

home the Best Comedy Show of the Year

award at the Naija FM Comedy Awards in

both 2017 and 2018.

So, what exactly is ‘The Oxymoron

of Kenny Blaq’? It’s the culmination of

Blaq’s artistic journey, a unique show

that blends his comedic genius with his

musical prowess. This innovative series

has been praised for blurring the lines be-

tween stand-up and musical performance,

creating an unforgettable experience for

audiences.

Get ready for a night of laughter, music,

and pure entertainment. ‘The Oxymoron

of Kenny Blaq’ promises to be a must-see

event for fans of both comedy and music.

Don’t miss your chance to witness the

talent of this award-winning entertainer!

By Anthony Udugba

Mayorkun collabo UK, Nigerian artist on “Left Right” Remix

his craft through countless national and

African events, leaving audiences with his

hilarious routines and impressive musical

talent.

“I’m currently touring ten cities in

Canada, and the response has been in-

credible,” says Blaq. “I can’t wait to wrap

things up here and head back home to pre-

UK, Nigerian rising star Keys the Prince

has released a remix of his song ‘Left

Right’, featuring Afrobeats’ superstar

Mayorkun.

The original track, which took social

media and music airwaves by storm es-

pecially in the UK space has been a fan

favorite, the remix is expected to further

propel the song’s popularity in Nigeria

considering the Mayorkun feature.

‘Left Right’ pays homage to iconic gos-

pel musician, Yinka Ayefele by sampling

the chorus of Ayefele’s hit song. This hom-

age adds a layer of nostalgia to Prince’s

breakthrough song.

The video of the original song was shot

in the UK but Prince has decided to come

back the the motherland Nigeria to film

the music video for the remix.

Signed to 5K Records, a imprint of

Sony Music UK, Keys the Prince (also

known as Omo London) is known for his

unique incorporation of percussion and

samples from classic songs. This sound

has garnered him a following in both the

UK and Nigeria.

Also, 5K Records, in a move to solidify

its presence in Africa, recently appointed

Daniel Gbemiro Owolabi as Senior A&R

Manager. This appointment signals the

label’s commitment to fostering African

music’s global potential.

Moe Bah, Co-President of 5K Records

said, “Daniel’s extensive experience in

West Africa, particularly in talent devel-

opment, is invaluable. Daniel is highly

respected by artists and executives for

his years of dedication to the industry.

This will provide 5K with deeper market

insights and enable us to build strong

partnerships within Africa.”

Co-President of 5K Records, Kilo Jalloh,

emphasised the label’s unwavering com-

mitment to African music: “African music

is more than just a genre; it’s our heritage.

We understand the importance of nurtur-

ing a local fanbase while simultaneously

building a global audience. Libianca’s

song ‘People’ reaching a billion streams

is a testament to the impact of strategic

groundwork in Africa.”

By Anthony Udugba

22 FRIDAY 24 MAY 2024www.businessday.ng

BUSINESS SOUTH SOUTH

By Godfrey Ofurum, Aba

By Aniefiok Udonquak, Uyo

Improved infrastructure: Firm’s indicate

interest to return to Aba, says Otti

GOVERNOR Alex Otti of

Abia State, has announced

that he has received re-

quests from some compa-

nies, which left Aba, the

State’s commercial hub,

because of deplorable con-

ditions of infrastructure in

the city, especially roads,

and now want to come back.

This renewed interest,

according to him, is as a

result of the recent award

and flag-off of the recon-

struction of the Osisioma-

Ekeakpara industrial road,

a critical corridor in Aba’s

manufacturing layout.

Otti stated this last week-

end in the United Kingdom,

at the Cambridge Africa

Business Conference, host-

ed by the University of

Cambridge Judge Business

School, where he featured

on the fireside chat, which

focused on the topic, ‘Africa

Together - Public/Private

Partnerships’.

He further disclosed that

his administration is work-

ing towards establishing

another industrial layout

around the Umuikaa axis

in the Isiala Ngwa South

Local Government Area of

the State.

Governor Otti refused

to be drawn into self-adu-

lation and comparing Abia

with other States in Nige-

ria, saying that different

States have different chal-

lenges and priorities.

He however explained

that the modest visible

achievements of his ad-

ministration in the last 11

months have been due to

the fact that his govern-

ment has been focusing on

what is important to the

people and doing simple

things in different ways.

While responding to

questions on the sectors

that would most likely at-

tract investments in Africa,

Otti said it was important to

create objective conditions.

In his words, “Capital

will go to a place where it

will make returns. Capital

is so sensitive that it has so

much information about

you, even more than you

know. Do the homework,

create the enabling envi-

ronment for capital to find

you, secure and make your

environment attractive to

capital.”

He pointed to Infor-

mation Communication

Technology (ICT), through

the building of innovation

hubs and industrial parks

for software engineers;

robotics, and 3D printing;

mechanised agriculture

with value chain where our

people will sell processed

foods; manufacturing, as

sectors that his administra-

tion is already paying so

much attention and doing

a lot to make viable in the

State. He also emphasised

the importance of encour-

aging the workforce by

paying them regularly and

promptly to ensure that

they have money in their

hands to participate in the

economy.

Akwa Ibom inaugurates governing board

of skills acquisition centre, Ikot Ada-Idem

GOVERNOR Umo Eno of

Akwa Ibom State, has inau-

gurated a 7-member govern-

ing council, to direct the

affairs of Dakkada Skills Ac-

quisition Centre ( DASAC),

Ikot Ada-Idem, Ibiono Ibom

Local Government Area of

the State

Eno, charged the mem-

bers to show leadership and

deliver on the mandate ex-

pected of them, stating that

government will hold them

responsible for the success

or failure of the centre.

He announced that the

State Government will spon-

sor five students from each

of the 31 Local Government

Areas, as pioneer students

and advised the board to en-

gage the services of versatile

marketing professionals to

project the school in order

to generate revenue.

The Governor further

stated that the centre will

only enjoy government sub-

vention for a period of one

year, after which it should

be able to sustain itself.

He said, “Government

will sponsor five students

from each LGA, as pioneer

students

As part of the terms of

reference for the Governing

Council, he cautioned strict-

ly against playing politics

in the management of the

centre and encouraged the

team to strive for success.

“Each of you has come

with tremendous experi-

ence, particularly the Rec-

tor. Her work has left no one

in doubt of her capability,

particularly the last two

books she has released. She

has been chosen on merit,

and we expect her to take

charge and put together

a great team to lay a solid

foundation for the centre.

“We have no doubt that

with what we have in that

centre and working with

the University of Lagos, we

have what it takes to become

a University of Technology.

That’s why you have been

selected,” he explained .

The Board has Obong

Churchill Udoh as Chair-

man of the Governing

Council, Enoidem Usoro, a

professor, as rector, Aniedi-

Abasi Udofia, registrar,

with Commissioner for

Education, Commissioner

for Labour and Manpower

Planning and Commission-

er for Agriculture, as well

as Chairman, Akwa Ibom

Investment Corporation,

AKICORP, as members.

Abia to reconstruct

230 public schools

ABIA State Government

has approved the con-

struction and reconstruc-

tion of over 230 schools

across the seventeen Lo-

cal Government Areas of

the State, says Ferdinand

Ekeoma, special advis-

er, Media and Publicity,

to the Governor of Abia

State.

Ekeoma, who was at

Boys Technical College

(BTC) Aba, Monday on in-

spection of ongoing recon-

struction of the school,

said that BTC was among

the first six schools that

were awarded last year

(2023).

He said that the first

phase of the reconstruc-

tion will cover 10 primary

schools and 3 secondary

schools per LGA.

According to him, the

position of Governor Alex

Otti is that, every of such

schools to be reconstruct-

ed must have all the nec-

essary components of a

model school.

“Otti’s position is that,

beyond creating the plat-

form and enabling envi-

ronment for modern and

impactful education that

would equip Abia pupils

and students with the

requite knowledge, skills

and creativity to succeed,

he desires to see that this

policy ameliorates the

plights of parents and

guardians, who are pres-

ently being exploited by

some proprietors/opera-

tors of private schools.

“It wasn’t by accident

that a whopping 20 Per-

cent of the 2024 budget

was allocated to education

sector”.

He explained that

a whole lot of positive

things are happening in

Abia, and that Governor

Otti is determined to en-

sure that this tempo of

transformation assumes

a greater dimension, as

they navigate into the

second year of his admin-

istration.

By Godfrey Ofurum, Aba

LAPO trains communities,

clients on healthy living,

disease prevention

THE management of Lift

Above Poverty Organiza-

tion (LAPO), said that about

675,115 community mem-

bers across Nigeria have

benefited from its health

training programmes, or-

ganised between January

and March, 2024.

Honestus Ayo Obadiora,

executive director, LAPO,

disclosed this to newsmen,

Monday in Benin City, Edo

State capital.

Obadiora, said the

health training programmes

were conducted for commu-

nity members and clients of

LAPO Microfinance Bank,

in Edo, Kogi, Enugu, Rivers,

Zamfara, Lagos, and Abuja.

He noted that the train-

ing was aimed at educating

the beneficiaries on the

importance of healthy liv-

ing, disease prevention, and

regular medical check-ups.

According to him, the

programmes covered topics

such as nutrition, hygiene,

and disease management,

and provided participants

with the knowledge and

skills needed to take charge

of their health.

“We are thrilled to see so

many community members

take advantage of this op-

portunity to improve their

health and wellbeing.

“We encourage all benefi-

ciaries to embrace healthy

lifestyle choices and regular

medical check-ups to ensure

their continued health and

prosperity”, he said.

The Executive Director,

LAPO, stated that the health

training programmes were

part of its broader mission

to empower marginalised

communities and promote

sustainable development.

He posited that the or-

ganisation’s programmes

focus on education, health-

care, economic empower-

ment, and social justice, and

have impacted millions of

lives across Nigeria.

He, however, commend-

ed the beneficiaries for their

enthusiasm and commit-

ment to the programme.

By Idris Momoh, Benin

Churchill Udoh, chair-

man of the Governing

Board, while accepting the

responsibility on behalf of

the team, thanked the Gov-

ernor for the confidence re-

posed on them and pledged

to put in their best for the

success of the centre.

Enoidem Usoro, rector of

the institution, commended

the Governor for finding her

worthy to serve, noting that

though the task ahead is

enormous, they were ready

to surmount every hurdle

and ensure that their re-

sponsibilities are effectively

carried out in the interest of

the people.

Sunday Adebidi, a pro-

fessor, who led a delegation

from the University of Lagos

where the Centre has af-

filiation, applauded Gover-

nor Eno, for his leadership

style and commitment to

the growth and development

of his people, assuring sup-

port for the centre to grow

and achieve its purpose of

training world- class entre-

preneurs.

The Centre has state-of-

the art equipment for teach

agric-business, civil-tech-

nologies; fashion and life-

style business, and sports

among others.

...about 675,115 community members benet

from programme in 8 States in 3 months

NDPC, Institute sign MoU for certification

of data processing professionals in Nigeria

UBEC plans to reform education

in Africa, hosts Edutech

FG, UTEL sign pact to promote

global workforce integration

AMAC goes tough, set to institute legal

action against revenue defaulters

THE Nigeria Data Protec-

tion Commission (NDPC)

has signed a Memorandum

of Understanding (MoU)

with the Institute of In-

formation Management

(IIM) to certify 10,000 data

processing professionals

across Nigeria.

The agreement, an-

nounced at a press brief-

ing held in Abuja, marked

a significant step towards

bridging the gap in the

number of qualified data

controllers in the country.

Vincent Olatunji, the

National Commissioner of

the NDPC, presented the

certificate of license to the

Institute.

He emphasized that this

collaboration aims to es-

tablish the Institute as a

TONGUES are wagging over

the seeming abandonment of

25 newly procured GAC GS3

sport utility vehicles (SUVs)

parked at the Eagle Square,

Abuja by the Federal Capital

Territory Administration

(FCTA).

The 25 newly procured

vehicles have the logo of the

FCTA with an inscription,

“Luxi ...your AI driver”.

The SUVs, according to

sources, have been parked

at the Eagle Square, located

between the office of Head of

Service of the Federation and

Federal Secretariat build-

ings, for over four months.

The sources, who spoke

under the condition of an-

onymity, alleged that the

Pan-African hub for data

protection professionals,

enabling it to conduct ex-

aminations and certify

data professionals in both

Nigeria and the broader

African continent.

“We are authorizing

them to conduct examina-

tions and certify data pro-

fessionals in Nigeria and

Africa,” Olatunji stated.

He added that several

African countries have

already shown interest in

learning from Nigeria’s

experiences in data protec-

tion and licensing of data

processors, recognizing

the vast opportunities in

this sector.

He further noted that

the curriculum has gone

through so many processes

and input from a lot of

other friends of the Com-

vehicles belong to the FCT

administration.

According to the source,

“the cars belong to the FCT

administration, you can see

its logo boldly written on

them. I even heard that the

cars are more than what you

are seeing here.”

According to the source,

there are about 100 vehicles

parked at different ware-

houses belonging to the

FCTA across the nation’s

capital.

When contacted for his

comment on the branded

new cars, Anthony Ogun-

leye, director of press at

FCTA, promised to give an

update but didn’t until the

time of going to press.

When BusinessDay called

two days later, Ogunleye did

not respond to calls or mes-

sages sent to him.

Many residents are won-

dering why the administra-

tion is yet to roll out the cars

to ease the transport burden

in Abuja.

“Up till now, we are yet

to see the fulfillment of the

promise made by Nyesom

Wike, the Minister of the

FCT, to ease transportation

challenges and end insecu-

rity in the nation’s capital.”,

a resident told BusinessDay.

A civil servant, who

spoke on the condition of

anonymity, said: “We need

to know where we are in

the transportation sector

because we have been see-

ing projects in other sectors.

Residents need safe and se-

cure transportation.

THE Universal Basic Educa-

tion Commission (UBEC) is

set to host the 6th edition

of the African Education

Conference (Edutech) in

Abuja, between October 29

and October 31, 2024 aimed

at reforming the education

system using technology

and innovations.

Macjohn Nwabiaola,

Chairman, Board of Trust-

ees, Education First Nige-

ria, disclosed this at a press

conference in Abuja.

Nwabiaola underscored

the importance of technolo-

gy in up-scaling educational

needs of the people.

He said there was the

need to come up in speed

with global trend as well

as change the narratives

in the nation’s educational

pursuit.

THE federal government

has partnered with UTEL

Limited, a leading provider

of expatriate employees for

government agencies and

departments in the State of

Kuwait to strengthen global

workforce integration as well

as deepen Nigerians access to

quality employment opportu-

nities abroad.

Doris Uzoka-Anite, Min-

ister of Industry, Trade and

Investment, explained that

the partnership which is ex-

pected to be implemented

under the National Talent

Export Programme (NATEP),

is in line with the Federal

Government’s goal aimed to

forge mutually beneficial

partnerships with nations

and global institutions to fa-

cilitate the provision of jobs

for Nigerians.

She stated this at the sign-

ing of a Memorandum of Un-

derstanding (MoU) between

NATEP and UTEL on Tues-

THE Abuja Municipal Area

Council (AMAC) says it

would soon institute legal

actions against revenue de-

faulters in the area council.

Christopher Maikalangu,

Chairman AMAC, who dis-

closed this at a press brief-

ing in Abuja on Wednesday,

also advised those who have

not paid their tenement

rates to AMAC, since 2021

till date, to pay in order to

avoid legal action.

Maikalangu said: “For

those that will try to evade

the taxes, the council has

no other option other than

institute a legal action on

any defaulter who refuses to

comply with this measure.

On the issue of tenement

rates, I want to advise those

that have not paid their bill

since 2021 till date to go and

pay to avoid legal action.

FCTA keeps mum over 25 newly

procured cars parked at Eagle Square

“I was excited when I saw

these vehicles three months

ago. I was hopeful that very

soon I will see them on the

road, but up till now, we are

yet to hear from the admin-

istration.”

Another resident who

spoke to BusinessDay la-

mented the menace of “one

chance operators” and urged

the minister to release the

cars for commercial purpose,

so as to guarantee the safety

of residents who depend on

public transportation.

The resident stressed the

need for the government to

initiate policies that promote

safe transportation.

“There is the need for

government to see this as a

critical issue and address it

accordingly,” he said.

“We are in a world,

where things are chang-

ing and we must ensure

that our children can be

enabled to compete glob-

ally when it comes to edu-

cation.

“Some years ago, when

our students sit for JAMB,

it was paper and pencil

examination but gradually

we made it a Computer

Based Test (CBT) which

was criticized, but here we

are, CBT has come to stay.

“Edutech is very critical

and we need to look at our

policies in education, we

need to bring all stakehold-

ers and it will be holistic as

children with special needs

will be involved,’’ he said.

He said the education

sector is faced with a lot

of challenges that must be

solved through collabora-

tions.

day in Abuja.

She also said that the part-

nership marks a substantial

step towards reducing un-

employment and promoting

global workforce integration.

“The MoU will be executed

by the National Talent Export

Programme (NATEP). The

signing of the MoU marks

another milestone in our ef-

forts to ensure that Nigerians

have access to quality employ-

ment opportunities. These

employment opportunities

could be direct employment

and emigration of our talent

or utilization of the Business

Process Outsourcing (BPO)

model for gainful and mean-

ingful employment for those

based in Nigeria.”

The Minister added that

through NATEP, Nigeria

can honorably export her tal-

ents in a mutually beneficial

and reputation preserving

way, putting an end to illegal

migration and the embar-

rassment therefrom to the

country.

I also want to inform

those that paid into a wrong

account or paid to your ac-

complices, or paid cash. It

is assumed that you have

not paid at all and you will

pay twice.”

The AMAC chairman

also solicited for more co-

operation from all residents

within the council to dis-

charge their civic respon-

sibility by promptly paying

their revenue/taxes/levies

to designated AMAC ac-

counts.

Maikalangu said the area

council is working towards

digitalizing its revenue col-

lection system to avoid the

negative activities of touts

and fake revenue collectors.

He explained that AMAC

has made efforts to rear-

range and reorganize the

activities of its revenue col-

lectors, especially those who

stand on the roads.

INSIDE ABUJA

FRIDAY 24 MAY 2024 www.businessday.ng

The SUVs parked at the Eagle Square, Abuja

By Joy Jimoh, Abuja

Favour Okpale, Abuja

By Ladi Patrick-Okwoli

By Ladi Patrick-Okwoli mission where it was sub-

jected to a thorough review

and all the added values

from different friends and

partners were harmonized.

This, he noted, was

done taking into consid-

eration the ECOWAS Con-

vention of 2010, AUGP of

2018, and the Nigerian Res-

ervation Act 2023. He also

enjoined the Institute of

Information Management

to adhere strictly to the

guidelines and processes

contained in the licence

certification to avoid being

deregistered as the com-

mission will be vigilant in

monitoring their adher-

ence to this provision and

will not hesitate to weld

the hammer wherever

there is a contravention.

When the Commission

was established, there were

only about 2,000 certified

data controllers in Nigeria.

This number has grown

to 10,000, but Olatunji

stressed that the industry

requires over 500,000 pro-

fessionals to meet demand.

The collaboration with

the Institute of Informa-

tion Management is in-

tended to address this

shortfall.

“We want to ensure that

we get the best and lay a

solid foundation,” Olatunji

said. He highlighted the

development of a robust

curriculum based on five

key documents that are es-

sential for data protection

and privacy provisions in

Nigeria. This curriculum

will be used by Data Protec-

tion Compliance Organiza-

tions (DPCOs) accredited

for training.

24 FRIDAY 24 MAY 2024www.businessday.ng

LIVE @ THE EXCHANGES

Company Opening Closing Change

CILEASING [MRF] 3.13 3.1 3.44

CAVERTON [MRF] 1.3 1.3 1.4

CHAMS 1.4 1.4 1.5

CONHALLPLC [MRF] 1.3 1.35 1.38

VERITASKAP [MRF] 0.56 0.56 0.59

AFRIPRUD 6.55 6.8 6.8

Market Statistics as at

Thursday 23 May 2024

GAINERS LOSERS

ASI (Points) 97,978.02

DEALS (Numbers) 7,852

VOLUME

(Numbers)

316,453,262

VALUE (N billion) 7.699

MARKET CAP

(N Trn)

55.424

Company Opening Closing Change

SKYAVN 22.95 20.7 20.7

NEM [MRF] 8.45 7.65 7.65

FTNCOCOA [RST] 1.39 1.26 1.26

TANTALIZER 0.54 0.49 0.49

JAPAULGOLD 1.9 1.71 1.74

MBENEFIT [MRF] 0.57 0.53 0.53

Top Gainers/Losers as at Thursday 23 May 2024

UPDC [BLS] 1.2 1.24 1.24

TIP 1.8 1.85 1.85

CORNERST [MRF] 1.9 1.81 1.95

UPDCREIT 4 4.1 4.1

ROYALEX [MRF] 0.55 0.55 0.56

Company Opening Closing Change

Nigeria’s rate hike further hurts stocks

INVESTORS in Nige-

ria’s equities market

are taking sell positions

since Tuesday’s further

rate hike by the Mon-

etary Policy Committee

(MPC) of the Central

Bank. The market has

decreased by 0.25 per-

cent since the hike of

Monetary Policy Rate

(MPR).

The MPC of the Cen-

tral Bank of Nigeria

(CBN) further ramped

up tightening measures

to check inflation as

it hiked policy rate by

150 basis points (bps) to

26.25percent.

MPC also retained

cash reserve ratio (CRR)

By Iheanyi Nwachukwu

for deposit money bank

at 45percent; retained

asymmetric corridor at

+100bps/-300bps; and

retained liquidity ratio

constant at 30percent.

At the Lagos Bourse

on Thursday, the mar-

ket traded further

south by -0.15 percent

as more stock inves-

tors took sell positions

in anticipation of price

decline after the MPC

decisions.

Skyway Aviation

Handling Company led

the league of top los-

ers after its share price

lowered from preceding

day’s highs of N22.95 to

N20.70, losing N2.25 or

9.80 percent.

The market’s nega-

tive close on Thursday

pushed lower the return

year-to-date (YtD) to

31.03percent.

The stock market’s

benchmark perfor-

mance indicators – the

Nigerian Exchange Lim-

ited (NGX) All-Share

Index (ASI) and Mar-

ket Capitalisation also

decreased further from

preceding trading day’s

highs of 98,128 points

and N55.508trillion re-

spectively to 97,978.02

points and N55.424 tril-

lion.

UBA, GTCO, Zenith

Bank, Transcorp and

Julius Berger shares

were actively traded on

Thursday. In 7,852 deals,

investors exchanged

316,453,262 shares worth

N7.699billion.

NIGERIA’S Securities

and Exchange Commis-

sion (SEC) has approved

for International Brewer-

ies Plc to raise funds by

way of rights issue.

This means that the

company will sell the

agreed number of shares

amounting to N588billion

to only existing share-

holders.

International Brew-

eries Plc will offer to

the shareholders the

proposed Rights Issue of

161,172,395,100 Ordinary

Shares of 2 Kobo each at

N3.65 Per Share, on the ba-

sis of six (6) new ordinary

shares for every one (1)

existing ordinary share

held.

SEC approves International Breweries N588bn Rights Issue

The Qualification Date

for the Rights Issue is

May 2, 2024. The applica-

tion list opened on May

21, 2024, and will close on

June 10, 2024 as approved

by the Commission.

The Rights circular

will be distributed to

shareholders by the Com-

pany’s Registrars, while

application forms will

also be made available on

the websites of the Com-

pany and the Registrars

for ease of access.

“International Brew-

eries demonstrated a ro-

bust topline performance

in first quarter (Q1) 2024,

with a notable 90percent

year-on-year (y/y) rise in

revenue, reaching N103.2

billion. This substantial

growth was underpinned

by higher prices amid re-

duced volumes, a trend

seen across the brewery

space.

“Despite the significant

price increases, Interna-

tional Breweries products

are still the lowest priced

in the market. On the cost

front, the firm recorded a

faster rise in cost of sales

(+99percent y/y) to N74.4

billion. As a result, we saw

gross margins decline by

3percent y/y to 28percent

(Q1’23: 31percent). Given

this, gross profit growth

slowed to 69percent y/y,

to print at N28.9billion”,

Vetiva Research analysts

said recently.

THE opening of trading

on the London Stock Ex-

change (LSE) on Tuesday

was not just a routine

event but a momentous

occasion that brought

together prominent fig-

ures from the financial

ecosystem to set a new

course for African inno-

vation. Gbite Oduneye,

founder and Managing

Partner at ODBA, joined

Christophe Viarnaud

of AfricArena and Abi

Ajayi from the LSEG in

a symbolic act that could

very well redefine the fu-

ture of African startups

on the global stage.

Abi Ajayi, represent-

ing the LSE’s 300-year

legacy, spoke of the

exchange as a fintech

powerhouse, while also

casting a vision where

the LSE serves as a nur-

turing ground for inno-

vative African startups.

The idea of dual listing

with local African ex-

changes was particularly

striking, suggesting a

new era of interconnect-

ed financial opportuni-

ties.

Christophe Viarnaud,

emphasized the need for

more capital in Africa

and the importance of

storytelling. He stated,

“Africa needs more capi-

tal, and we have to keep

telling the stories that at-

tract it.” His words ech-

oed the sentiment that

financial investment and

narrative play crucial

roles in shaping the con-

tinent’s economic land-

scape.

Gbite Oduneye, a key

player in this narrative,

shared profound insights

on the significance of fi-

nancial autonomy: “Who

finances you controls

your destiny. It’s a pow-

erful truth that under-

scores the importance of

self-reliance and strate-

gic partnerships. We’re

at a pivotal point where

African companies are

poised to take control of

their futures by seeking

listings on prestigious

exchanges like the LSE,

Lagos, and New York.

This movement is not

just about gaining vis-

ibility; it’s about affirm-

ing our place in the glob-

al economy and steering

our destiny towards un-

precedented growth and

innovation.”

Furthermore, Gbite

Oduneye expressed op-

timism about the fu-

ture: “I look forward to

the day when African

London Stock Exchange signals new

horizons for African enterprises

startups will be ringing

the bell in Lagos, Lon-

don, and New York.” At

ODBA, they back found-

ers who use technology

to create improbable

stories, pushing the

boundaries of what’s

possible in the African

startup ecosystem.

In summary, the Lon-

don Stock Exchange’s

opening bell marked a

turning point for Afri-

can enterprises, signal-

ing new horizons and

opportunities for growth

and innovation. The col-

laboration between Afri-

can startups and global

financial markets holds

immense promise, and

the vision set forth by

these trailblazing leaders

resonates far beyond the

trading floor.

As the world watches,

African entrepreneurs

are poised to make their

mark, proving that finan-

cial autonomy and stra-

tegic partnerships can

indeed shape destinies

and drive progress on a

global scale. The LSE’s

opening bell echoes not

just in London but across

continents, signifying a

bright future for African

businesses and their role

in the global economy.

THE Central Bank of Ni-

geria (CBN) on Wednes-

day held treasury bills

(NTBs) auction where it

offered N509 billion worth

of papers.

At the primary mar-

ket auction (PMA),

existing T-Bills total-

ling N508.98billion

(N331.01billion,

N9.30billion and

N168.67billion across the

91-day, 182-day, and 364-

day instruments, respec-

tively) which matured

were rolled over.

CBN auctions N509bn worth of treasury bills

Treasury bills (T-bills)

are marketable money

market securities that

raise money for the Gov-

ernment and are also used

as monetary policy tools

by the Central Bank.

T-bills are short-term

securities that mature in

1 year or less from their

issue date. They are usu-

ally issued with 3-month,

6-month, and 1-year ma-

turities.

In the secondary mar-

ket, trading activities re-

mained tight. The NTBs

market traded with a bull-

ish bias as yields on 90-

day and 180-day bills both

contracted by 1bp each to

close at 18.88 percent and

20.16 percent, while the

yield on 360-day bills con-

tracted by 2bps to close at

24.82 percent.

Similarly, in the OMO

space, the yields on the

6M and 1Y contracted by

1bp and 2bps to close at

16.56 percent and 20.17

percent, while the yield on

3M remained unchanged

at 16.56 percent.

Gbite Oduneye (r), founder and managing partner, ODBA, and Christophe Viarnaud, CEO, AfricArena,

during the market open event at London Stock Exchange recently.

FRIDAY 24 MAY 2024 www.businessday.ng

26 FRIDAY 24 MAY 2024www.businessday.ng

By Idris Momoh, Benin

...as Soludo abolishes contributory pension scheme

ACROSS THE STATES

IPMAN, Anambra on war path over

filling stations’ signage advert fees

THE Independent Petro-

leum Marketers Associa-

tion of Nigeria (IPMAN),

has raised concern over the

decision of the Anambra

State Signage and Adver-

tising Agency (ANSAA) to

disregard the agreement it

had with the State Govern-

ment on a consolidated an-

nual levy.

Chinedu Anyaso, Chair-

man of IPMAN, Enugu De-

pot, said that the Signage

Agency had been harassing

marketers in the State with

Court Summons.

Anyaso said based on the

re-negotiated agreement,

every filling station would

pay the sum of N120,000 per

year and that members had

paid up to 2023.

He said items covered

included Business Prem-

ises, Sanitation Levy, Fire

Service Fees Tenement/

Property Rate, Environment

Audit Report, Billboard and

Advertising Fees.

Anyaso said ANSAA had

promised to stop issuing

Court Summons to members

and also withdrew those is-

sued in 2023.

“Subsequently, the meet-

ing was held on July 6, 2022,

at the office of Commis-

sioner for Petroleum and

Mineral Resources between

IPMAN and Anambra State

Government officials in-

cluding AIRS and Office of

the Accountant General.

“Based on the foregoing,

we directed our members

to ensure strict compliance

to the agreement and they

have made these payments

for the years 2022 and 2023.

“Since your assumption

of office, you have kept ha-

rassing our members with

court summons, surpris-

ingly, this matter is coming

up again at this time when

our association is enjoying

a cordial business relation-

ship with the Anambra Gov-

ernment,” he said

But, contrary to the

agreement reached, ANSAA

has just issued a letter to

IPMAN, threatening to pull

down filling station signages

in the State for alleged fail-

ure to pay advertising fees.

According to Tony

Ujubuonu, Managing Direc-

tor of ANSAA, who signed

the letter, IPMAN had re-

peatedly ignored communi-

cations to them and unwill-

ing to comply with signage

regulations.

“We are left with no al-

ternative but to initiate en-

forcement of the law estab-

lishing ANSAA by removing

all signage associated with

all members of your organi-

zation,” he said.

Meanwhile, Gover-

nor Chukwuma Soludo of

Anambra State has set up

a Committee to resolve the

issue of minimum wage for

workers in the State civil

service.

Humphrey Nwafor and

Comrade Chris Ogbonna,

the Chairmen of Nigeria

Labour Congress (NLC)

and Trade Union Congress

(TUC), respectively stated

this in a joint press briefing

held at Government House,

Awka late Wednesday.

The leadership of orga-

nized labour and officials of

the Anambra State Govern-

ment led by Governor Chuk-

wuma Soludo met to iron out

burning issues bordering on

wages, pension and other

conditions of service.

Nwafor after the meet-

ing said: “Seven items were

raised before the governor,

and they included contribu-

tory pension, minimum

wage, Labour House, and

many others.

“At the end, we are happy

to inform you that all the

issues were settled amica-

bly. The governor has an-

nounced suspension of the

contributory pension both

for the state and the local

government workers.

“He has also set up a com-

mittee that will look into the

pension issues as well as

investigate why money was

deducted and not remitted.

The committee will report

back in eight weeks.

“As for the minimum

wage, seeing is believing.

Ordinarily as NLC Chair-

man in the state, we should

not make public speeches

about this, but for this, we

are saying something and

you know that this issue

started long before we came

into office.

INTERNATIONAL AWARD

Global applause as Jonathan

Ojadah bags US president’s award

JONATHAN Ojadah, UNIP-

GC Global President and

IRDCUN-EU Permanent

Representative to the United

Nations has made the list of

2024 US President’s Lifetime

Achievement Award.

The honour is reserved

for those who contribute

more than 4,000 hours of ser-

vice in their lifetime. Along

with the ultimate honour

of Presidential recognition,

recipients usually receive

a personalized certificate,

an official pin, medallion

or coin and a congratula-

tory letter from the Presi-

dent of the United States of

America.

Announcing his emer-

gence as one of the 2024 re-

cipients of the President Joe

Biden’s Award, Ojadah, in

his social media post, said it

came after a meticulous re-

view and thorough screening

of his career achievements.

He said, “The fruits of

unwavering dedication and

diligent work are indeed

sweet. For all my strides and

successes, I give all glory to

God Almighty.”

This honour also confers

on him the privilege of rec-

ommending distinguished

individuals from Africa for

this esteemed recognition,

an initiative under the pa-

tronage of Joe Biden, Presi-

dent of the United States of

America.

Meanwhile, President

Biden in a personally-signed

letter congratulated Ojadah

for his service to humanity,

saying he is proud to present

him with the award.

He said, “I, On behalf

of the American people,

I extend my heartfelt ap-

preciation to you for your

volunteer leadership, and I

encourage you to continue

to answer the call to serve. I

congratulate you on taking

it upon yourself to contrib-

ute to the public good, and

I’m proud to present you

with the Lifetime Achieve-

ment award which will be

confered on you during the

Global Peace Leadership

Summit and Awards on 29th

July, 2024 at South Shore

Harbour, Houston Texas,

USA.

“This honor is in recog-

nition of your commitment

and dedication to gather

leaders, experts. and suc-

cessful entrepreneurs to

strengthen ties between the

private and public sectors in

countries and create policy

and initiatives is commend-

able.” he said.

By Emmanuel Ndukuba, Awka

By Remi Feyisipo, Ibadan

REVENUE/LABOUR MATTERS

By Olubunmi Oladejo, Osogbo

EDUCATION

Adeleke wants parents, stakeholders’

confidence in Osun schools

GOVERNOR Ademola

Adeleke of Osun State has

called on parents and other

stakeholders to repose con-

fidence in the public educa-

tion system of the State.

Governor Adeleke, made

the call while flagging-off

the distribution of exercise

books to students of public

secondary schools in the

State.

He said that education

has been and shall remain

one of the priorities of his

Administration.

“You will recall that in

April, 2023, less than six

months into this admin-

istration, I flagged off the

distribution of instructional

materials to all our public

secondary schools. The

same gesture was extended

to basic education pupils via

SUBEB.

“Today again we shall

give to our secondary school

students the much needed

exercise books having con-

ducted a Need Assessment

survey of schools that re-

vealed the urgent need to do

so. It is our sincere hope

that students will maximize

this opportunity to have bet-

ter learning outcome.

“Education has been

and shall remain one of

the priorities of this ad-

ministration. That was

what informed the staging

of the Education Summit

held in August, 2023 with

the theme “Getting it Right

and Revamping Osun Educa-

tion.” Since the release of

the Summit Report as well

as the White Paper thereof,

our government has started

the gradual implementation

of the recommendations

one after the other. Notable

amongst our steps are:

“Recruitment of teachers

into public primary and sec-

ondary schools in the State.

Screening process is still

on-going and would be com-

pleted soon; Implementing to

letters the controversial Fed-

eral Circular on “New Re-

tirement Age for Teachers”

which has been on course

and the few that applied for

post service re-engagement

shall be interviewed soon

just as the circular dictates;

“Vacancies created by

retirement of school heads

across the State has been

filled with capable hands

leaving no vacum in school

management; Fortifying

schools security system by

engaging Peace Corps of

Nigeria, Osun State Com-

mand as school policing

and neighbourhood watch

to schools. That was in ad-

dition to the existing cadets

of Edumarshal. These were

targetted at ensuring that

students and pupils operate

in peaceful atmosphere that

learning demands.

EDO MSMES GRANT

Obaseki hails UNDP’s N300m grant to 3000 MSMEs in Edo

THE Edo State Government

has commended the United

Nations Development Pro-

gram (UNDP) for the dis-

bursement of N300 million

grant to 3,000 Micro, Small

and Medium-scale Enter-

prises (MSMEs) in the State.

BusinessDay reports that

the State Governor Godwin

Obaseki made the commen-

dation at a session with fund

coordinator in Benin City.

Obaseki, who extended

his deepest appreciation to

the United Nations Develop-

ment Program (UNDP) for

the invaluable partnership

in fostering the growth of

Medium, Small and Mi-

cro Enterprises (MSMEs),

noted that the grant was to

cushion the adverse effect of

socio-economic challenges.

He noted hat the strategic

partnership had significantly

contributed to addressing key

developmental challenges

and enhancing the economic

landscape of the state.

According to him, UN-

DP’s commitment to foster-

ing inclusive growth and

advancing the well-being

of MSMEs resonates deeply

with our vision to promote

economic development, and

prosperity of the Edo people.

Earlier, Kelvin Uwaibi,

the Managing Director, Edo

State Investment Promotion

Office (ESIPO), stated that

the UNDP’s disbursement

was made in collaboration

with Edo State Investment

Promotion Office (ESIPO),

Edo State Skills Develop-

ment Agency (Edojobs),

Ministry of Business, Trade

and Cooperatives and other

relevant business agencies.

On his part, Anita Eribo,

the Managing Director of

the Edo State Skills Develop-

ment Agency (Edojobs), said

many of the beneficiaries of

the grant are women and

youth entrepreneurs whose

success stories inspire oth-

ers and contribute to the

overall social fabric of our

society.

Siminalayi Fubara (l), governor, Rivers State in a hand shake with Muhammad Sanusi II, on his reinstatement as the 14th Emir of Kano.

FRIDAY 24 MAY 2024 www.businessday.ng

By Damilola Olufemi

By Ayuba Ma, Bauchi

By Mercy Enoch, Asaba

By Amaka Anagor-Ewuzie

TRANSPORTATION

Lagos, Ogun team up on joint transportation network

MOVEMENT to and from

Lagos and Ogun States will

likely become easier shortly

as the Lagos Metropolitan

Area Transport Authority

(LAMATA) said is revving

efforts to create a seam-

less transportation network

between Lagos and Ogun

States.

The ambitious initiative

involves updating the Lagos

Strategic Transport and

Mobility Master Plan (LST-

MMP), a crucial step towards

ensuring an efficient and

interconnected transporta-

tion system for the growing

megacity region, the au-

thority said on its official X

handle on Wednesday.

The transport authority

had held a joint engagement

meeting in Ogun State on

Tuesday to gather valuable

insights from key stakehold-

ers.

The Lagos Strategic

Transport and Mobility Mas-

ter Plan, initially developed

in 2009 and updated in 2014,

outlines strategies for trans-

portation and mobility in the

Lagos megacity region, in-

cluding parts of Ogun State.

LAMATA said the update

would address changes in

demographics and travel de-

mands, ensuring a sustain-

able transportation system.

Abimbola Akinajo, man-

aging director of LAMATA,

was represented by Osa

Konyeha, head of corporate

and investment planning at

the stakeholders meeting.

Osa Konyeha said it is

important for Lagos and

Ogun States to collaborate

in developing the transporta-

tion system.

Konyeha highlighted the

existing and planned rail

lines connecting the two

states, pointing out that the

2014 STMMP proposed build-

ing six rail lines, three of

which run from Ogun State.

The three rail lines that

will run from Ogun State

include the Red Line – from

ACROSS THE STATES

COVID-19 GRANT

110,841 individuals, businesses benefit

from COVID grant in Delta - Oborevwori

THE coast is now clear for

more Deltans to be enlisted

into the Delta COVID-19

Action Recovery and Eco-

nomic Stimulus (D-CARES)

Programme.

This followed the direc-

tive given by Governor Sher-

iff Oborevwori, that more

Deltans should be enlisted to

benefit from the programme

which is a World Bank-As-

sisted Programme.

Already, the number

of beneficiaries of the pro-

gramme has reached 110,841

from the 36,353 it stood as at

the end of the last Adminis-

tration headed by Governor

Ifeanyi Okowa.

Speaking during a town-

hall meeting with the ben-

eficiaries in the State, Gov-

ernor Oborevwori said he

was happy for heartwarming

and success stories of the

beneficiaries and the posi-

tive impacts of the activities

of the D-CARES programme

on their lives.

“Upon assumption of of-

fice as Governor, and in line

with the MORE Agenda, we

commenced the implemen-

tation of a blueprint that

will provide more access to

opportunities by Deltans,

irrespective of their socio-

economic status.

“Consequently, I approved

the release of funds to support

the activities of the D-CARES

programme across the vari-

ous delivery platforms. I am,

therefore, very pleased to see

this large number of happy

Deltans whose lives and busi-

nesses have been positively

impacted.

“Scaling up the number

of direct beneficiaries from

36,353 to 110,841, an increase

of approximately 205%, in

just about ten months, is,

indeed, a commendable

achievement.

“I, therefore, salute the

entire D-CARES team for

putting the people first in

their assignments. However,

as you know, ‘’ the reward

for hard work is more work‘’

and as such, I enjoin the D-

CARES team not to rest on

theirs oars.

“The current economic

situation in our country has

made it imperative for us to

be supportive of one another. I

charge you, therefore, to enlist

more Deltans and businesses

so that more of our people can

enjoy economic stability.

“To our dear beneficia-

ries, I congratulate you all.

It is my hope and prayer that

you will seize this oppor-

tunity provided by the pro-

gramme to chart a new path

that will lead to economic

freedom for yourselves and

your families.”

UNAPPROVED MANUFACTURING

HEALTH

NAFDAC shuts water factories

in Lagos over infractions

Bala inaugurates diagnosis, dialysis equipment in Bauchi specialist hospital

THE National Agency for

Food and Drug Administra-

tion and Control (NAFDAC)

has shut down several pack-

aged water factories in Ali-

mosho Area of Lagos State.

The closure of the water

factories led to violation

of manufacturing practice

regulations following the

investigative inspections

by the Investigation and

Enforcement Directorate by

the Agency.

NAFDAC stated this on

Wednesday via its X handle.

“The inspections re-

vealed that the unhygienic

conditions of these factories

posed serious health risks

due to potential contamina-

tion by pathogenic microor-

ganisms. As a result, several

factories were sealed for non-

compliance with NAFDAC

regulations,” it said.

GOVERNOR Bala Moham-

med of Bauchi State has

inaugurated four diagnosis

and dialysis machines at

the Bauchi State Specialist

Hospital as part of efforts to

improve healthcare delivery

in the State, saying the Spe-

cialist Hospital has suffered

The Agency, however,

implored the public to re-

main vigilant when pur-

chasing sachet and bottled

water, verifying supply

sources, and reporting any

suspicious activities to the

nearest NAFDAC Office.

On May 9, NAFDAC

stormed a fake drinks fac-

tory located in Badagry axis

of the State. The manufac-

turer, Chinedu Okafor, was

said to be operating the ille-

gal factory from his home at

No. 24, MTN Road, Badagry.

NAFDAC added that the

products worth an estimated

value exceeding N50,000,000

would be destroyed.

Okafor’s suspicious ac-

tivities caught the atten-

tion of the Nigerian Army,

leading to his arrest and

subsequent handover to

NAFDAC officers at the

Ports Inspection Director-

ate, Seme Border.

mismanagement of clinical

equipment in the past.

Governor Mohammed

noted that some hospi-

tal equipment had been

taken away and missing,

adding that mismanage-

ment of clinical and other

equipment in the Special-

ist Hospital accounted

for ineffective healthcare

By Adeola Ajakaiye, Kano

DONATION

Aspira donates laundry facility

to Bayero University in Kano

ASPIRA Nigeria Limited,

maker of Viva detergent and

other washing consumables

in the country, has donated

a multi-million Naira Laun-

dromat to Bayero Univer-

sity, Kano (BUK), under an

initiative designed to assist

students of the university

in meeting their laundry

challenges.

The donated facility

which consists of 40 wash-

ing machines, and other

washing accessories, will

be providing free laundry

services to the students,

and other members of the

university community.

Speaking during the pre-

sentation ceremony held

Tuesday in Kano, Sami

Jaafar, managing director

of the company, said that

the project was the third

phase of an initiative started

by the company aimed at

rendering free laundry ser-

vices to students in tertiary

institutions across Nigeria.

Lynda Aguocha, head

of advertising, and public

relations of the company,

who spoke on behalf of the

MD, noted that the project

was also conceived in or-

der alleviate the financial

burdens which most of the

students have to bear in

the course of getting their

laundry done.

She stated that the deci-

sion by company to take the

burden of washing clothes

away from shoulders of most

of the students would give

them enough time to concen-

trate on their education, and

personal development.

She noted that similar fa-

cilities had been to students

of universities of Lagos,

and Ibadan, earlier in the

year, adding that the ges-

ture is planned to be given

University of Benin, Nnam-

di Azikiwe University in

Awka, University of Abuja,

and all other universities in

the near future.

Receiving the donated

facility on behalf of the

University, Sagir Adamu

Abbas, Vice-Chancellor,

Bayero University, Kano,

said the project reflects the

spirit of collaboration, inno-

vation, generosity and cor-

porate social responsibility

prevailing in the mindset of

the company management.

Adamu, who is a profes-

sor, said that the project that

would undoubtedly enhance

the quality of life for the

students and staff of Bayero

University Kano, adding

that it marks a significant

milestone in the company

`s continuous efforts to im-

prove the infrastructure and

services in the university.

R-L: Bayo Soyannwo, elder brother of the deceased; Obafemi Hamzat, deputy governor of Lagos State; LadyIbijoke Sanwo-Olu, rst of Lagos

State; Babajide Sanwo-Olu, governor; Yewande Soyannwo, wife of deceased; and the children during the funeral service of the deputy chief of

sta󰀨 Gboyega Soyannwo, at the Redeemed Christian Church of God (RCCG), City of David Parish, Victoria Island, Lagos.

Agbado to Marina, the Yel-

low Line – from Otta to Iddo,

and the Purple Line – from

Redeem to LASU-Ojo.

“The update will involve

data collection through sur-

veys in designated Traffic

Analysis Zones (TAZs) to un-

derstand travel behaviour,”

said LAMATA.

The stakeholder engage-

ment underscores LAMA-

TA’s commitment to trans-

parency and collaboration.

The authority requested

the support of all stakehold-

ers, including Ogun State

representatives, academia,

local chiefs, and unions, to

ensure a smooth data collec-

tion process.

service delivery being ex-

perienced at the Hospital

before now.

“I want Bauchi Special-

ist Hospital to become one

of the best hospitals in the

Northern Nigeria, because

I will not take second posi-

tion. I leaved Federal Capi-

tal Territory (FCT) Abuja

to come and build Bauchi

State better, not to destroy

and I didn’t come back to

the State to make money

but to bring development

in the State.

“I will not surrender

this Hospital to anybody,

but I will be coming here

by myself for supervision if

available”, he said.

The governor, however,

urged the doctors, nurses

and other staff in the Spe-

cialist Hospital to maintain

all the machines accord-

ingly in order to offer sound

clincal services to the people

and residents of Bauchi and

neighboring States.

Earlier, Abdulkareem

Mariga, Professor and Chief

Medical Doctor (CMD) of

Bauchi Specialist Hospital,

said with the arrival of Gov-

ernor Bala Mohammed, the

Bauchi Specialist Hospital

automatically changed be-

cause of his intervention,

pledging to take good care of

the machines for the devel-

opment of Bauchi citizens,

residents and other people

from the zone.

Great workplaces are pivotal in fostering a productive,

innovative, and motivated workforce. At Great Place To

Work Nigeria, we are committed to building a community

of such exceptional workplaces. This commitment involves

recognising and celebrating outstanding workplace

practices and providing the tools and support necessary

for other organisations to elevate their work environments.

Economic Impact

Imagine ten percent of organisations in Nigeria being

workplaces! Envisioning 10% of organisations in Nigeria

achieving the status of great workplaces is not just an

aspirational goal but a transformative vision with

far-reaching implications. The ripple eects on the

economy, society, and the quality of life for millions of

Nigerians would be profound. This transformation would

not only lead to a more prosperous and stable economic

environment but also foster a culture of continuous

improvement and innovation across various industries.

Additionally, great workplaces would attract and retain

top talent, reduce brain drain, and inspire other

organisations to elevate their standards, creating a

virtuous cycle of growth and development. The private

sector has a key role in making Nigeria great, and enabling

organisations to be great workplaces for their employees

is a clear pathway to this brighter future.

To highlight the real advantages of creating exceptional

work environments, let's examine some remarkable

examples of top workplaces in Nigeria and their

accomplishments in 2023.

First Bank of Nigeria Limited

First Bank of Nigeria Limited (FirstBank) is the premier bank

in West Africa with its impact woven into the fabric of

society. The Bank has been sustaining its

development-oriented services for 130 years as the

region’s foremost ﬁnancial inclusion services provider.

FirstBank oers a comprehensive range of retail and

corporate ﬁnancial services through more than 800

business outlets and over 232,000 Agent Banking locations

to over 42 million customer accounts.

Five Top Scores For First Bank of Nigeria Limited

Wema Bank

Wema Bank is the pioneer of Africa’s ﬁrst fully digital bank,

ALAT, and one of Nigeria’s most resilient banks. With

seventy-nine years of experience in the business of

banking, the Bank has remained innovative in delivering

value to its stakeholders. This publicly quoted Nigerian

company has successfully built a legacy of trust and

resilience that has won it the loyalty of its customers.

Wema Bank is a bank where innovation, tech-savvy

solutions and ﬁnancial freedom collide.

Five Top Scores For Wema Bank

DHL Express Nigeria

When your shipment needs to be there fast, choose the

International Specialists for quick, reliable expedited

shipments to and from more than 220 countries and

territories. With over a half-century of experience and a

team of more than 100,000 Certiﬁed International

Specialists, no other provider knows the world like DHL

Express. It keeps its promises so that you can deliver on

yours.

Five Top Scores For DHL Express Nigeria

UAC Foods Limited

UAC Foods Limited is a leading manufacturer and

marketer of tasty, nourishing convenience foods. It is a

subsidiary of UACN PLC operating in the food and

beverage sector of the Nigerian economy. UAC Foods is a

leader in the snacks, dairy, and spring water segments in

Nigeria. It has production facilities in the South West

and North Central and a broad distribution network that

ensures a strong market presence nationwide.

Five Top Scores For UAC Foods Limited

SC Johnson and Son Nigeria

A family company, led by the Johnson family of Racine,

Wisconsin. Their Chairman and CEO, Fisk Johnson, is the

ﬁfth generation of the family to lead the company. A

dierent kind of company. Being a family-owned and led,

they don’t have to answer to Wall Street. They do what’s

right for people and the planet because they believe they

have a larger purpose.

Five Top Scores For SC Johnson and Son Nigeria

FBNQuest Asset Management

FBNQuest Asset Management is a tried-and-true

investment manager. It provides its clientele with ﬁrst-rate

investing options across all major traditional and

alternative asset classes. Its strategic partnership can

assist its customers in achieving long-term ﬁnancial goals,

from mutual funds to liquidity management. Its range of

solutions comprises actively managed portfolios (ﬁxed

income, equities, multi-asset), passive strategies (ETFs),

quantitative strategies, and thematic strategies.

Five Top Scores For FBNQuest Asset Management

LandWey Investment Limited

LandWey is a full-scale real estate development company

that oers end-to-end land, residential, and commercial

services. They do this by providing distinctive home living

experiences and contributing to the vitality of local

communities. Innovation, commitment, and technology

fuel its spectrum of real estate operations. Its leadership

position in the Nigerian real estate industry is rooted in

building long-term value for its clients.

Five Top Scores For LandWey

FBN Insurance Brokers Limited

FBN Insurance Brokers Limited is a wholly owned subsidiary

of FBN Holdings Plc. They combine expert broking

knowledge and capabilities for risk assessment, analysis,

structuring, and overall servicing that has resulted in an

increased insurance portfolio since the commencement of

our insurance brokerage business on July 1, 2000. They also

work on a range of value-added Risk Management

services.

Five Top Scores For FBN Insurance Brokers

All great workplaces crave one

common thing – They desire insights

into their workplace culture.

Great workplaces, regardless of their industry or size, share

a common aspiration: they seek deep insights into their

workplace culture looking for opportunities for growth.

Understanding the dierent meanings and expressions of

workplace culture is crucial because it shapes employee

satisfaction, productivity, and overall organisational

success. A positive and well-understood culture fosters

engagement, innovation, and loyalty among employees,

leading to lower employee turnover rates and better

ﬁnancial performance of organisations.

To gain these insights, companies often utilise a variety of

tools and methods, including the Great Place To Work

Trust Index Employee Engagement survey.

Visit: www.greatplacetowork.com.ng

Email: ng_info@greatplacetowork.com

Call: 0813-864-1300 or 0810-437-374

Great Place To Work Nigeria

Workplace Culture Transformation Series

The Power and Inﬂuence of Great Workplaces 2.0

28 FRIDAY 24 MAY 2024

www.businessday.ng

L-R: Tayo Fagbule, editor, BusinessDay Media Limited; Mojisola Hunponu-Wusu, founder, Woodhall Capital; Henry Olushola Shofowora, chief operating

ofcer, Woodhall Capital; Ijeoma Ude, chief sales and marketing ofcer, BusinessDay Media Limited; and Omofolahan Olowu, head, marketing/business

development, Woodhall Capital, during the visit of BusinessDay management team to Woodhall Capital in Lagos, yesterday. Pic by Olawale Amoo

States with low investment have

worst health outcomes, data shows

NIGERIAN states with

low investment in their

respective health sectors

continue to record poorest

health outcomes, according

to available data, thereby

worsening citizens’ access

to quality healthcare.

The trend is particularly

evident in states which fail

to utilise the Basic Health

Care Provision Fund (BH-

CPF) meant for primary

healthcare delivery, result-

ing in high maternal mor-

tality, under-five and infant

mortality rates, low im-

munisation coverage, and

high malnutrition rates.

An analysis of the 2021

Multiple Indicator Cluster

Survey (MICS) & National

Immunization Coverage

(NICS) and a 2023 report on

maternal mortality by the

Nigerian Economic Summit

Group all show that Zama-

fara, Bauchi, Sokoto, Kebbi,

Rivers, Jigawa, Gombe, Kat-

sina, Borno, Bayelsa, Ondo,

Ogun are some of the states

with poor health outcomes.

Other states are Cross

River, Edo, Bayelsa, Akwa-

Ibom, Plateau, Imo, and

Kaduna.

Incidentally, most of

these states have failed to ac-

cess and utilise the BHCPF.

The ONE Campaign spe-

cifically identified Zamfara

as the worst state in Nigeria

for healthcare access, while

the Federal Capital Terri-

tory (FCT) was considered

the best. The report assessed

indicators such as BHCPF

implementation, budgetary

commitment, under-five

mortality rates, state of

public health facilities, and

human resources for health.

It found that 1 in 9 public

health facilities in these

states are in deplorable

condition, and lack critical

resources.

These states top with

highest infant mortality and

under-five mortality rates.

The 2021 MICS shows Sokoto

has the highest under-five

mortality and infant mor-

tality at 202 deaths per 1,000

live births and 104 deaths

per 1, 000 live births respec-

tively.

In Jigawa state, the rate

was reported at 175 and 95

per 1 000 live births. Kebbi

also had one of the worst

death rates with 179 and

95 per 1,000 live births re-

spectively. In seven Local

Government Areas of Borno

alone, the rate was 140 and

70 per 1,000 live births, while

the rate in Zamfara was put

at 136 and 83, and Bauchi

state had 153 and 83.

Other states are Bayelsa

(100 and 70); Gombe (117 and

65); Katsina (159, 89); Rivers

(100 and 87) Plateau (105 and

78); Ogun (85 and 68). The

state with the lowest rate is

Ebonyi at 3 and 24 per 1,000

live births.

Nationally, Nigeria had

the third highest infant and

child mortality rates glob-

ally in 2021, with 111 per

1,000 live births according to

a World Bank report.

Immunisation rates, a

critical medical interven-

tion, are also low in these

states. The 2021 MICS pub-

lished by the National Bu-

reau of Statics in collabora-

tion with the United Nations

Children Fund (UNICEF)

shows that Sokoto, Bauchi

and Gombe states have the

highest number of zero-dose

children – meaning those

who have never been vac-

cinated.

In Sokoto, more than half

of the children (50.7%) were

never vaccinated. Bauchi

and Gombe also had high

By Godsgift Onyedinefu

By Temitayo Jaiyeola

Continues on page 30

Calls grow for more accountability

in use of basic health fund

STATES must increase

investment in the health

sector to make any mean-

ingful progress in improv-

ing healthcare delivery and

reverse the negative indices

that have resulted in pre-

ventable deaths, health

experts have said.

They also call for en-

hanced accountability in

utilisation of funding, par-

ticularly the Basic Health-

care Provision Fund, not-

ing poor transparency in

several states that access

and utilise the funds.

The 1999 constitution as

amended, puts health on

the concurrent list, which

means it is the responsi-

bility of federal and state

governments. The consti-

tution also charges the

State governments to be

responsible for secondary

hospital care and should

provide support to Local

Governments to provide

primary health care.

Ibukunoluwa James, a

research analyst at BudgIT,

emphasised the critical

need for adequate health

infrastructure, diagnos-

tic equipment, medicines,

and well-trained medical

personnel which would

require more commit-

ment and investment from

government, particularly

states.

James pointed out that

poor funding and misman-

agement have severely

hampered healthcare cov-

erage and quality, drawing

widespread criticism of

the current state of service

delivery in Nigeria’s health

“TODAY, I am a data ana-

lyst,” Galadima Adamu de-

clared on a stage in Kaduna,

a far cry from her kitchen

cook job just a year ago.

She is one of 3,400 women

in Kaduna transforming

their lives through the Are-

wa Ladies4Tech initiative.

Adamu, a Kaduna Poly-

technic graduate, was part

of a group of women sharing

their tech success stories

on a makeshift stage in the

Umaru Musa Yar’Adua hall,

Kaduna.

“My name is Elizabeth

Oyinye,” said another par-

ticipant. “I have transitioned

from being a customer re-

lationship manager at my

dad’s business to a data ana-

lyst. Today, I visualise data

and automate business pro-

cesses because of the skills I

have acquired.”

These ladies are part of

a group of 3,400 who are

acquiring tech skills with

the help of the Arewa Ladi-

es4Tech initiative by Data

Science Nigeria, supported

by Google.

The program aims to fill

the gender gap in tech and

address gender inequality in

a country and region where

it is prevalent.

According to the 2023

Global Gender Gap Index

by the World Economic Fo-

rum, Nigeria ranked 130th

out of 146 countries globally

and 30th out of 36 countries

regionally.

The country ranked 137th

in gender educational attain-

ment and 54th in economic

participation and opportuni-

ty. These statistics highlight

the urgent need to address

gender inequality in Nigeria.

The Arewa Ladies4Tech

initiative is significantly

reducing this gap by equip-

ping women with in-demand

tech skills.

A survey by Startup Ge-

nome revealed that only

about 14 percent of startups

in Nigeria and other Sub-

Saharan African countries

have female founders. For

every $1 all-male founding

sector.

Obinna Ebirim, a public

health expert and national

coordinator of New Incen-

tives – ABAE Initiative,

stressed the lack of trans-

parency and accountability

in the implementation of

the BHCPF.

According to Ebirim,

a comprehensive assess-

ment by stakeholders re-

vealed instances where

certain states allegedly

pocket funds meant for non-

existent Primary Health

Care (PHC) facilities.

“Our collective concern

as stakeholders hinges on

the urgent need for trans-

parency and accountability

within the system,” Obinna

said.

“How accessible are the

funds to the officers at the

health facilities? We have

teams received in 2023, all-

female teams received only

2.7 cents (37 times less). The

initiative hopes to change

these statistics in the future.

“We are just trying to

fill that gap by bringing in

women,” said Hadiza Balar-

abe, the Deputy Governor

of Kaduna, regarding the

initiative.

The journey of these

women, while inspiring,

has its challenges. Many

participants, like Khadijah

Suleiman, a Mass Communi-

cation graduate and mother

of five, had to navigate the

complexities of managing

their family responsibilities

while attending classes.

“It was a struggle; some-

times, I had to walk to the

training. I had to find a way to

balance my family responsi-

bilities with my commitment

to the program. However, the

support and cooperation of

everyone in the team helped

me build a life around it,”

Khadijah said.

Her class was filled with

a lot of women in her shoes.

“They also had to take their

children to class. But the zeal

to learn kept them, and they

showed up daily,” she said.

Khadijah, a journalist by

profession, now leverages

her data skills to tell visual

stories. She also imparts

this knowledge to the next

generation as a journalist

trainer at a local polytechnic.

Hadiza Ismail, formerly

a civil servant, now interns

with an international organ-

isation as a data analyst after

three months of intensive

training and one month of

mentorship. According to

her, the initiative is a testa-

ment to how practical skills

and knowledge can address

a crucial global gap.

“The initiative addresses

an existing gap,” said Ismail.

“There is a high demand

for data analysts, yet only

15 percent are women. This

program targets women to

address this gap. It is inten-

tionally targeted at women.

As we know, the gap in the

north is wider than in other

parts of the country.”

expressed the concerns

to the coordinating min-

ister of health and social

welfare and the minister

is now setting up a clear

accountability framework

to ensure that funds dis-

bursed to states end up on

the right facilities and that

these facilities are actually

in existence”, he said.

Ebirim lamented the

glaring disparity between

the BHCPF disbursed and

the underwhelming health

outcomes, noting that the

anticipated positive shift in

health indicators remains

elusive.

“We have not seen the

commensurate change in

health indices as expected,

given the number of funds dis-

bursed so far,” Ebirim said.

He emphasised that effi-

By Godsgift Onyedinefu

Thousands of northern

women scale life with tech

Continues on page 30 Continues on page 30

FRIDAY 24 MAY 2024 www.businessday.ng

BIG STORY

in March.

That gives an average of

over 50 points in the three

months through March.

Readings above 50.0

signal an improvement

in business conditions,

while those below show

deterioration.

“If we look at the PMI,

there’s an improvement in

comparison with the first

quarter of 2023,” Bolade

Agboola, energy and con-

sumer growth analyst at

ChapelHill Denham, said.

“Unlike in Q1 last year

when there was a cash

crunch, Q1 this year didn’t

experience any strain in

economic activities. So, we

expect growth in the non-

oil sector,” Agboola said,

adding that oil production

recorded a slight improve-

ment from Q1 last year and

that it is also expected to

be a positive for economic

output in Q1 2024.

The headline PMI for

February and March last

year contracted as a re-

sult of the naira redesign

policy of the Central Bank

of Nigeria which disrupted

economic activities.

This made the country’s

GDP slow to 2.31 percent in

Q1 from 3.11 percent in the

same period of 2022 and 3.52

percent in Q4 2022, accord-

ing to the NBS.

The PMI index, which

measures the performance

of the private sector, is

derived from a survey of

400 companies from agri-

culture, manufacturing,

services, construction and

retail sectors.

It is a composite index

based on five individual

Continued from page 1

PMI expansion signals ...

Continued from page 29

States with low investment...

NEWS

L-R: Bismarck Rewane, MD/CEO, Financial Derivatives Company Ltd.; Sam Amuka, publisher, Vanguard Newspaper; Ayo Teriba,

CEO, Economic Associates; Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria; Joe Ajaero,

president, Nigerian Labour Congress; Blaise Ijebor, director, risk management department, Central Bank of Nigeria; and Dele K.

Oye, national president, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, at the 8th edition of

Vanguard Economic Discourse in Lagos yesterday.

Continued from page 29

Calls grow for more accountability...

Continued from page 1

Nigerians’ healthcare woes ...

Continued from page 29

PMI expansion signals ...

rates of zero-dose children

at 35.3% and 34.4%, respec-

tively. Other states with

low immunisation rates in-

clude Zamfara (22.9%), Ondo

(23.6%), Ogun (21.3%), Kano

(30.2%), and Borno (32.3%).

Nigeria leads globally

in the number of zero-dose

children, with over 2.3 mil-

lion unvaccinated, a figure

the Pediatrics Association of

Nigeria estimates has risen

to 6.2 million.

Maternal mortality is an-

other severe issue. Nigeria

ranks as the second largest

contributor to maternal

mortality globally, losing

an estimated 145 women

daily according to UNICEF.

The World Health Organiza-

tion and Integrated African

Health Observatory in 2023

listed Nigeria among coun-

tries with extremely high

maternal mortality rates,

with 1,047 deaths per 100,000

live births.

The 2023 report by NESG

shows the national maternal

mortality ratio was 196.6

per 100,000 live births in

2020, with states like Kat-

sina (653), Zamfara (576),

Kano (506.7), Sokoto (469.7),

Jigawa (424.1), and Kebbi

(286.3) exceeding this aver-

age. Ekiti State reported

zero maternal mortality in

the same period.

Katsina recorded 653 per

100,000 live births, Zamfara

(576), Kano (506.7), Sokoto

(469.7), Jigawa (424.1), Kebbi

(286.3, Lagos (225.3), Abia

(211.7), Akwa Ibom (202.3), Eb-

onyi (199.9), and Gombe (191).

According to the report,

contributing factors to high

maternal mortality rates

include poor access to qual-

ity healthcare, inadequate

infrastructure, and poorly

equipped hospitals. Many

women did not receive

antenatal care and often

gave birth at home without

skilled attendants.

Available reports also

suggest that limited access

to antenatal, natal and post-

natal care increases the

risks of maternal deaths.

The 2021 MICS survey

reveals that a significant

proportion of women in some

states did not attend ante-

natal care. Zamfara has the

highest with 65.8%, followed

by Sokoto (58.8%), Kebbi (50

5%), Katsina (37.0%), Bayelsa

(32 3%) and Bauchi (31.3%).

These poor health out-

comes in several states con-

tribute to Nigeria’s overall

negative health indices,

positioning the country at

an unenviable top spot in

Africa and globally.

cient and transparent fund

allocation is paramount

to fostering meaningful

improvements in health

outcomes and enhancing

access to essential services

at PHC facilities.

Gafar Alawode, Pro-

gramme director, Develop-

ment Governance Interna-

tional (DGI) Consult shared

similar sentiments. He

highlighted that while the

BHCPF has significantly

reduced the financial bur-

den for those enrolled, the

proportion of Nigerians

benefiting from the pro-

gram remains dismally low.

He noted that many citi-

zens still refrain from utilis-

ing health facilities due to

financial constraints, re-

sulting in a low average of

less than one consultation

per capita per year.

Alawode stressed the

need for improved imple-

mentation strategies to

maximise the BHCPF’s ef-

fectiveness.

He stressed the need

for greater accountabil-

ity and results-oriented

approaches in utilising the

fund. He called for state

contributions to expand

the pool of resources and

advocated for a digitised

system to monitor activities

in PHC facilities, providing

a mechanism for citizen

feedback.

“We should have a ro-

bust accountability mecha-

nism, preferably a digitised

system to track activities in

PHCs and provide a mecha-

nism for citizens’ feedback.

We should also take advan-

tage of the vulnerable group

fund to reach more people,”

he said.

Nigerians spent about

$3.82 million on foreign

healthcare-related services

from January to December

2023, according to data from

the Central Bank of Nigeria

(CBN).

That compares to $9.06

million spent on medical

tourism in 2022, leaving a

reduction of $5.24 million

in 2023.

The amount spent on

foreign healthcare-related

services in the first half of

2023 (January to June 2023)

was more than that spent in

the second half of 2023 (July

to December 2023).

30 FRIDAY 24 MAY 2024

www.businessday.ng

vide services based on the

Basic Minimum Package of

Health Services (BMPHS).

The federal government

is mandated by the 2014 Act

to provide about 75 percent

of total disbursements to

states, while the states

themselves are supposed

to contribute the balance

of 25 percent.

However, many states

have consistently failed to

access and effectively uti-

lise what has been provid-

ed, having failed to provide

counterpart funding and

not being able to upscale

the Primary Healthcare

Centres in their domain.

Public health experts

and stakeholders have also

questioned the usage of the

funds disbursed to states

since 2019, and have raised

accountability and trans-

parency concerns.

A review of data from

the BHCPF and the Af-

rica Health Budget Net-

work shows that from 2019

to 2022, funds disbursed

through BHCPF totaled an

estimated N89 billion. Of

this sum, states could not

access up to N30 billion be-

cause they could not meet

set criteria.

As at June 2023, data

from the Federal Minis-

try of Health shows that

N128 billion had accu-

mulated in the fund, but

only N59 billion has been

accessed with little or no

accountability.

Due to this poor util-

isation, only 7,250 out

of the 35,514 Primary

Healthcare Centres in

the country are currently

benefiting from the BH-

CPF. In addition, only

about a million indigent

Nigerians have been en-

rolled as beneficiaries

out of the over 83 million

identified as vulnerable

population.

Adaobi Onyechi, a pub-

lic health expert, pointed

out that if states do not

use the BHCPF, citizens,

especially low-income

earners which consti-

tute the vulnerable demo-

graphic of over 84 million,

will be left shouldering

the burden of exorbitant

out-of-pocket healthcare

expenses, which further

exacerbates poverty and

diminishes access to even

the most rudimentary

healthcare services.

“This creates unnec-

essary hardship for citi-

zens,” Onyechi told Busi-

nessDay.

“State governments

do not have the political

will, they have failed to

prioritise basic health

care. Health is too critical

for any serious govern-

ment to ignore. So, it is

the lack of political will,”

Onyechi said.

The primary purpose of

the BHCPF is to improve

access to basic healthcare,

particularly at the primary

level. States which do not

access the fund miss out

on the resources meant

to fund essential drugs,

vaccines, facility mainte-

nance, and staffing for pri-

mary healthcare centres.

To benefit from the

Fund, states are also re-

quired to provide baseline

assessment of primary

health facilities; capacity

building of health work-

ers, and verification of all

levels of implementation

at the state; among others.

At the Health Sector

Reform Coalition (HSRC)

policy dialogue 2.0 held ear-

lier this year, it was again

highlighted that a major

problem in the health sec-

tor is not necessarily more

funds, but utilisation of

available funds.

In 2019, the BHCPF

States’ Performance Score-

card published by the

AHBN shows that the fed-

eral government approved

the first tranche of N12.7

billion on the 17th of May.

However, only fifteen

states and the FCT includ-

ing Adamawa, Bayelsa,

Benue, Ebonyi, Kwara,

Nassarawa, Plateau, Osun,

Abia, Niger, Delta, Anam-

bra, Edo, Kano, and Ka-

duna fulfilled the neces-

sary criteria to receive

the funds at the time of

disbursement.

Of these states, only

four disbursed to PHCs as

stipulated. They include

Abia, which disbursed

to146 of 292 PHCs; Ebonyi

(117 of 171 PHCs); FCT (44 of

62 PHCs); and Osun (319 of

332 PHCs). The remaining

12 states did not disburse to

the PHCs as they were yet

to fulfil all the criteria for

disbursement.

In September 2020, an-

other N12.7 billion was

disbursed through the BH-

CPF gateways and was

accessed by all the states

and FCT. However, only 13

states and the FCT utilised

the Fund by disbursing to

PHCs.

The remaining 24 states

including Adamawa, Akwa

Ibom, Bauchi, Bayelsa,

Borno, Cross River, Edo,

Enugu, Gombe, Imo, Kano,

Katsina, Kebbi, Kogi,

Kwara, Lagos, Ondo, Oyo,

Plateau, Rivers, Sokoto,

Taraba, Yobe and Zamfara

could not disburse to their

PHCs, which in turn did

not meet requirements to

receive those funds.

Consequently, only

2,388 PHCs received funds

out of 9,534 facilities that

were expected to benefit

from the tranche in 2020.

In 2021, N35 billion was

disbursed out of which

N32.4 billion was accessed

by states, there is no data

yet on the number of PHCs

that benefited from the

Fund.

In 2022, the federal gov-

ernment approved N26.4

billion, but no state ac-

cessed the fund, according

to official data.

Mahmuda Mamman,

permanent secretary, Fed-

eral Ministry of Health,

said last year that further

disbursement was halted

because some states could

not properly account for

what they received. How-

ever, another N25 billion

was approved in March.

Obinna Ebirim, a public

health expert and national

coordinator of New Incen-

tives – ABAE Initiative,

also voiced concerns over

the lack of transparency

and accountability in the

implementation of the BH-

CPF.

cent), output (25 percent),

employment (20 percent),

suppliers’ delivery times

(15 percent), and stock of

items purchased (10 per-

cent), with the delivery

times index inverted so that

it moves in a comparable

direction.

“PMI is still in growth

territory even though it’s a

small growth,” Ikemesit Ef-

fiong, head of research and

partner at SBM Intelligence,

said. “It shows the resilience

of the Nigerian manufactur-

ing and production sector

in the light of the adverse

economic headwinds,” Ef-

fiong said.

Damilare Asimiyu, a mac-

roeconomic analyst at Afr-

invest projects growth to be

in the region of 2.93 percent

year-on-year in Q1, supported

by the further recovery in

the oil sector (with about 9.51

percent year-on-year growth,

aided by low base year) and a

modest 2.68 percent growth in

the non-oil sector.

The oil sector in the fourth

quarter of last year exited

recession for the first time

in nearly four years to 12.1

percent from -0.85 in the pre-

vious quarter. The non-oil

sector grew to 3.07 percent

from 2.75 percent.

“The economy will still

grow particularly the oil

sector because we have seen

improvement in crude oil

production compared to Q1

last year,” said Ayorinde

Akinloye, a Lagos-based in-

vestor relations analyst.

“And the service sectors,

especially the ones that con-

tribute to the growth of the

economy such as telecom-

munication and finance, still

remain strong. So, I think

year-on-year will see the

economy grow between two-

three percent mainly driven

by oil and services,” Akin-

loye said.

Last May, President

Bola Tinubu scrapped a

costly but popular petrol

subsidy and lifted currency

controls in June, which he

said was to save the country

from going under.

But his actions have

worsened inflation current-

ly in double-digits and at

the highest level on record.

The rising inflationary

pressures have weakened

the purchasing power of

consumers, even as busi-

nesses grapple with higher

operating costs.

The removal of the petrol

subsidy tripled the petrol

price to above N600, caus-

ing public transportation

providers such as buses, tri-

cycles and motorcycles to

raise transportation fares.

The naira suffered a

near 30 percent devaluation

this year following a 40 per-

cent devaluation last June.

According to the NBS,

the headline inflation

quickened for the 16th

straight time to 33.69 per-

cent in April, up from 33.20

percent in March.

Food inflation, which con-

stitutes more than 50 percent

of headline inflation, also

increased to 40.53 percent.

Rising inflation and

sluggish growth in one of

Africa’s biggest economies

increased the number of

poor people to 104 million in

2023 from 89.8 million at the

start of the year, according

to the World Bank.

Israel Odubola, a Lagos-

based research analyst,

said with the non-oil sec-

tor driving growth and the

exit of the oil sector from

recession if sustained, Ni-

geria should maintain its

positive growth trend in Q1

with the number between

2.0-2.3 percent.

FRIDAY 24 MAY 2024 www.businessday.ng

NEWS

L-R: Adobi Nwapa, executive director, Zenith Bank Plc; Ezekiel Oseni, president/chairman of the council, Chartered Risk Management Institute

(CRMI); Ebenezer Onyeagwu, group managing director/CEO, Zenith Bank Plc; Laurine Ubanozie, treasurer, CRMI; and Akin Ogunranti, executive

director, Zenith Bank Plc, during a visit of the CRMI’s council member to Zenith Bank head o󰀩ce in Lagos, yesterday.

AVIATION

Why Emirates mulls Nigeria operations

without Dubai visa ban lift

TRAVEL experts and sourc-

es close to Emirates Airlines

have told BusinessDay that

Emirates would operate

flights into Nigeria whether

the visa ban on Nigerians is

lifted or not.

Following the announce-

ment by Emirates that it

would resume services to

Nigeria from October 1,

2024, the airline has opened

bookings for sales of tickets

and Nigerian travel agents

have started selling tickets

to passengers who want to

travel with the airline from

October 1, BusinessDay

findings show.

Our findings also show

that the visa ban by the Unit-

ed Arab Emirates, (UAE) is

only on tourist visas and

does not affect student, med-

ical and work visas. This,

therefore, implies that Nige-

rians with work, student or

medical visas can still travel

to Dubai.

Also, Nigerians with a

second passport can fly with

Emirates to Dubai.

Recall that in 2022, the

United Arab Emirates,

(UAE) banned Nigerian

nationals and a few other

African countries from en-

tering its capital city, Dubai.

“This is to inform you

that we will not be posting

30 days visa applications for

these nationalities effective

today October 18, 2022,” the

notice read in part.

Other countries affected

by the visa were Uganda,

Ghana, Sierra Leone, Su-

dan, Cameroon, Liberia, Bu-

rundi, Republic of Guinea,

Gambia, Togo, Democratic

Republic of Congo, Sen-

egal, Benin, Ivory Coast,

Congo, Rwanda, Burkina

Faso, Guinea Bissau, Co-

moros, and the Dominican

Republic.

Over the past 18 months,

Nigeria and the UAE have

had several diplomatic

rows.

Susan Akporaiye, former

president of the National As-

sociation of Nigeria Travel

Agencies (NANTA), told

BusinessDay that Emirates

as an airline goes to so many

countries, adding that be-

yond Dubai, Emirates flies

to other destinations.

“Emirates go to Europe,

the United States of Ameri-

ca, Australia, China, India

and other African countries.

Emirates Airlines is not

an airline that flies only to

Dubai. So, what it means is

that if the visa ban for Nige-

rians has not been lifted, it

means that Emirates will be

By Ifeoma Okeke-Korieocha servicing onward.

“This means that their

coming back will not be for

the Nigeria-Dubai route

alone. It is also for onward,

and remember, the visa ban

doesn’t mean people are not

going to Dubai. There are

Nigerians who have a sec-

ond passport. Those people

can board Emirates Airlines

to Dubai. Medical, work and

student visas to Dubai are

still being issued.

“The ban is on tourist

visas, student visas are still

being issued even though

Emirates has not been fly-

ing. Students have been

using other airlines to go

to Dubai. Nigerians with

UK and American passports

still go to Dubai with other

airlines. Visa ban would

not stop Emirates from re-

suming flights,” Akporaiye

said.

By Temitayo Jaiyeola

TECH

Thousands of northern women scale life with tech

“TODAY, I am a data ana-

lyst,” Galadima Adamu de-

clared on a stage in Kaduna,

a far cry from her kitchen

cook job just a year ago.

She is one of 3,400 women in

Kaduna transforming their

lives through the Arewa

Ladies4Tech initiative.

Adamu, a Kaduna Poly-

technic graduate, was part

of a group of women sharing

their tech success stories

on a makeshift stage in the

Umaru Musa Yar’Adua hall,

Kaduna.

“My name is Elizabeth

Oyinye,” said another par-

ticipant. “I have transitioned

from being a customer re-

lationship manager at my

dad’s business to a data ana-

lyst. Today, I visualise data

and automate business pro-

cesses because of the skills I

have acquired.”

These ladies are part of

a group of 3,400 who are

acquiring tech skills with

the help of the Arewa Ladi-

es4Tech initiative by Data

Science Nigeria, supported

by Google. The programme

aims to fill the gender gap

in tech and address gender

inequality in a country and

region where it is prevalent.

According to the 2023

Global Gender Gap Index by

the World Economic Forum,

Nigeria ranked 130th out of

146 countries globally and

30th out of 36 countries re-

gionally. The country ranked

137th in gender educational

attainment and 54th in eco-

nomic participation and

opportunity. These statistics

highlight the urgent need to

address gender inequality in

Nigeria.

The Arewa Ladies4Tech

initiative is significantly

reducing this gap by equip-

ping women with in-demand

tech skills.

A survey by Startup Ge-

nome revealed that only

about 14 percent of startups

in Nigeria and other Sub-

Saharan African countries

have female founders. For

every $1 all-male founding

teams received in 2023, all-

female teams received only

2.7 cents (37 times less). The

initiative hopes to change

these statistics in the future.

“We are just trying to

fill that gap by bringing in

women,” said Hadiza Balar-

abe, the Deputy Governor

of Kaduna, regarding the

initiative.

The journey of these

women, while inspiring,

has its challenges. Many

participants, like Khadijah

Suleiman, a Mass Communi-

cation graduate and mother

of five, had to navigate the

complexities of managing

their family responsibilities

while attending classes.

Khadijah shared, “It was

a struggle; sometimes, I had

to walk to the training. I

had to find a way to balance

my family responsibilities

with my commitment to the

programme. However, the

support and cooperation of

everyone in the team helped

me build a life around it.”

Her class was filled with

a lot of women in her shoes.

“They also had to take their

children to class. But the zeal

to learn kept them, and they

showed up daily,” she said.

Khadijah, a journalist by

profession, now leverages

her data skills to tell visual

stories. She also imparts

this knowledge to the next

generation as a journalist

trainer at a local polytechnic.

Hadiza Ism ail, formerly

a civil servant, now interns

with an international organ-

isation as a data analyst after

three months of intensive

training and one month of

mentorship. According to

her, the initiative is a testa-

ment to how practical skills

and knowledge can address

a crucial global gap.

By Charles Ogwo

EDUCATION

Student loan application portal

opens amid concerns

THE student loan scheme is

one major landmark of the

President Bola Tinubu-led

administration meant to af-

firm his quest to reposition

education in Nigeria.

With the Federal Govern-

ment rolling out the scheme

on Friday, May 24, 2024, Ni-

gerians now can heave a sigh

of relief on how to bridge

their children’s higher educa-

tion gap and actualise their

dreams.

However, some stakehold-

ers have expressed concerns

about limiting the loan to

tuition fees, arguing that the

entire funding challenges

confronting an average un-

dergraduate in tertiary in-

stitutions should have been

factored into the loan scheme.

According to them, paying

only tuition fees is tantamount

to ‘treating symptoms rather

than addressing the sickness

itself.’

According to Gideon Ad-

eyeni, the spokesperson of the

Education Rights Campaign

(ERC), “If a student pays tu-

ition fee through the loan but

has no money to pay for other

fees such as acceptance fee,

development levy, and library

fee, among others; will such

a student be able to attend

lectures, sit for tests, examina-

tions and graduate?”

Akintunde Sawyerr, the

managing director of the Ni-

gerian Education Loan Fund

(NELFUND), says students

can access loans to pursue

their academic aspirations

without financial constraints

through the scheme as it is go-

ing to be rolled out in phases.

“The first thing I can tell

you is that we’re going to

roll this out in phases. The

first phase is going to be with

federal institutions and then

we’re going to move to the

other tertiary institutions.

“It’s going to be public

sector mainly at the begin-

ning because that’s where we

find the bulk of students who

perhaps need the financing

cover,” Sawyerr said.

Sawyer disclosed that the

agency has a system in place

to give the scheme the needed

national spread and some

degree of equal opportunities

for those who have the desire,

the capacity and, of course,

the eligibility to engage in the

scheme.

The managing director

explained that applying for the

fund does not automatically

mean that the applicant will

get the loan immediately.

“It just means that they

can begin to apply and then

sometime after that there’ll

be an evaluation as to those

who have qualified for the

loan, and then an approval

for those who have quali-

fied will be given and then

the rest of the scheme takes

life,” he said.

He pointed out that the

fund disbursement will com-

mence after due evaluation

of applications, but reiterated

that the agency does not know

the number of students that

would qualify.

“We don’t know exactly

how many students would

qualify per se but what we do

know is that there are about

1.2 million students in gov-

ernment-owned institutions

in this country and most of

them are there mainly because

they’re the most affordable for

most students,” he noted.

Eligible students are en-

couraged to take advantage

of the portal to invest in their

future and contribute to the

growth and development of

Nigeria.

The portal, he explained,

provides a user-friendly in-

terface for students to submit

their loan applications conve-

niently without seeking the

services of any third party.

Students can access the

portal on http://nelf.gov.ng to

begin application,” the state-

ment adds.

What students must pro-

vide before applying

Interested applicants will

be required to provide the

following to access the funds;

Joint Admission and Ma-

triculation Board (JAMB)

registration number, National

Identification Number (NIN),

Bank Verification Number

(BVN) and their students’

matriculation numbers.

Ineligible students

The following categories

of people will be considered

ineligible to access the loan:

any student found guilty of

examination malpractice by

any school authority.

Students, otherwise known

as applicants have defaulted

in respect of any previous

loan granted to them by any

organisation.

Others are students with

a criminal record of felony or

any offence involving dishon-

esty or fraud.

Similarly, students whose

parents either father or moth-

er have defaulted in respect

of student loans or any loan

granted to him or her, and

students who have been con-

victed of drug offences.

Consequently, Nigerian

students in public higher

learning institutions such as

universities, polytechnics,

colleges of education and vo-

cational institutes who are not

guilty of the listed offences are

eligible to apply for the loan.

Nevertheless, the NEL-

Fund managing director

pointed out that applicants

must remember that the fund

is not a grant but a loan that

must be repaid.

“What we’re trying to do

is say look you have the right

to apply for a loan once you’ve

applied for the loan remember

you’re going to have to pay

the loan back at some point,

therefore, we expect that it’s

those who need it that apply

for loans,” he said.

Mechanism to check-

mate defaulters

Sawyerr reiterated that the

agency is bent on getting every

available information about

applicants to ascertain their

trustworthiness.

32 FRIDAY 24 MAY 2024

www.businessday.ng

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INTERNATIONAL NEWS

34 FRIDAY 24 MAY 2024www.businessday.ng

Former South African President Jacob Zuma

criticizes top court over election disqualification

FORMER South African

President Jacob Zuma on

Thursday criticized the

country’s highest court

and his former allies in the

ruling African National

Congress over his disqual-

ification from next week’s

election and said he would

fight for his rights “in a

disciplined way.”

Zuma’s comments came

in a video message he said

was aimed at the people of

South Africa and released

on social media six days

before the possibly pivotal

national vote.

The 82-year-old former

leader made clear he would

still campaign against the

ANC he once led in the

run-up to Wednesday’s

election with his new po-

litical party, even though

he has been barred from

standing as a candidate for

a return to Parliament six

years after he resigned the

presidency under a cloud

of corruption allegations.

Zuma was disqualified

on Monday by the apex

Constitutional Court over

a section of the constitu-

tion that says anyone who

has been given a prison

sentence of 12 months

or more without the op-

tion of a fine cannot stand

for Parliament until five

years after the sentence

was completed. Zuma was

sentenced to 15 months

in prison in 2021 for con-

tempt by the same court

for refusing to testify at an

inquiry into corruption.

Zuma cast himself as a

victim of a biased legal sys-

tem and asked the people

of South Africa to “take a

stand to correct the wrongs

of this country.” It was not

a call for unrest, though,

as he emphasized “I want

peace. I want equality. I

want freedom.”

But his criticism of the

highest court could still

be seen as concerning for

many South Africans who

hold dearly their constitu-

tion, which guaranteed

the freedom and rights of

people of all races after the

end of the apartheid sys-

tem of forced segregation.

Zuma referred to the panel

of Constitutional Court

judges who ruled on his

disqualification as “learned

friends” and said they had

restricted his freedom and

democracy.

“I’ve taken a decision

that I will continue fighting

... in different ways to con-

vince everyone that I am

right. The learned friends

are not,” Zuma said. “I will

continue, in a disciplined

way, to fight for my rights.”

His options to appeal his

election disqualification

are almost non-existent as

the court that barred him

is the highest authority on

the constitution.

Zuma’s surprising re-

turn to politics late last

year with his newly formed

uMkhonto we Sizwe, also

known as MK Party, shook

South African politics at a

time when the ANC was

especially vulnerable. The

long-ruling party, which

has been in government

since the end of apartheid

in 1994, could lose its ma-

jority for the first time in

this election.

Analysts expect Zuma’s

new party to further erode

the ANC’s declining sup-

port in another blow to its

chances of holding onto its

majority, while Zuma has

directed fierce criticism

at current President Cyril

Ramaphosa, the man who

once served as his deputy

president. It has increased

tensions around an elec-

tion that was already seen

as the country’s most im-

portant in 30 years.

South African authori-

ties have learned to take

Zuma’s influence seriously

after his jailing in 2021

was followed by a week of

rioting, looting and burn-

ing in parts of Africa’s

most advanced country,

leading to more than 350

deaths. It was some of the

worst violence South Af-

rica had seen since the end

of apartheid.-AP

Israel furious as three European countries

vow to recognise Palestinian state

ISRAEL reacted with fury

after three European coun-

tries said Wednesday they

would recognise a Palestin-

ian state, more than seven

months into the devastating

Gaza war.

Ireland, Norway and

Spain said they would for-

mally recognise the State of

Palestine on May 28, draw-

ing praise from many Arab

and Muslim states.

Israeli Prime Minister

Benjamin Netanyahu said

the move amounted to a

“reward for terror”, after

Palestinian militant group

Hamas launched its Octo-

ber 7 attack which sparked

the Gaza war.

Israel said it was recall-

ing its envoys to Dublin,

Oslo and Madrid for “ur-

gent consultations” and

also summoned the three

European ambassadors for

a rebuke.

European Union foreign

affairs chief Josep Borrell

posted on X that he would

work with the bloc’s 27

members “to promote a

common EU position based

on a 2-state solution”.

Israel’s far-right Nation-

al Security Minister Itamar

much pain, destruction and

resentment in Gaza and

the rest of Palestine that

the two-state solution is in

danger”.

And Irish Prime Minis-

ter Simon Harris called the

October 7 attack “barbaric”

but stressed that “a two-

state solution is the only

way out of the generational

cycles of violence, retalia-

tion and resentment”.

According to the Pales-

tinian Authority, which

rules parts of the occupied

West Bank, 142 of the 193

UN member countries al-

ready recognise a Palestin-

ian state.

The Palestine Libera-

tion Organization, seen

internationally as the sole

legitimate representative

of the Palestinian people,

hailed Wednesday’s moves

as “historical”.

Hamas also welcomed

“an important step towards

affirming our right to our

land”, while Bassem Naim,

a senior Hamas political

bureau member, said it

would mark “a turning

point in the international

position on the Palestinian

issue”.-AFP

Ben Gvir, on his first visit

since October 7 to the con-

tested religious site of the

Temple Mount in the Old

City of Israeli-annexed east

Jerusalem, said the recog-

nition rewarded “murder-

ers and aggressors”.

His visits to the site

-- known as the Al-Aqsa

mosque compound to Mus-

lims -- have been cited by

Hamas as one reason for

the group’s October attack

on Israel, which it called

“Al-Aqsa Flood”.

The White House said

President Joe Biden op-

posed unilateral recogni-

tion of a Palestinian state,

saying it should be realised

“through direct negotia-

tions”.

Biden’s National Secu-

rity Advisor Jake Sullivan

warned Israel not to with-

hold funding intended for

the Palestinian Authority

in retaliation.

Most Western govern-

ments, including the United

States, say they are willing

to recognise Palestinian

statehood one day -- but

not before thorny issues

such as final borders and

the status of Jerusalem are

settled.

Norwegian Prime Min-

ister Jonas Gahr Store said

“recognition of Palestine

is a means of supporting

the moderate forces which

have been losing ground in

this protracted and brutal

conflict”.

“In the midst of a war,

with tens of thousands

killed and injured, we must

keep alive the only alterna-

tive that offers a political

solution for Israelis and

Palestinians alike: Two

states, living side by side, in

peace and security.”

Spain’s Prime Minister

Pedro Sanchez said Ne-

tanyahu was “causing so

INTERNATIONAL NEWS

FRIDAY 24 MAY 2024 www.businessday.ng

Taiwan’s new president pledges

shared democratic values with allies

Political consultant behind fake Biden robocalls

faces $6 million fine and criminal charges

DEMOCRATIC Values

Prevails:

On Monday, May 20, Dr.

Lai Ching-te was sworn

in as the eighth president

of Taiwan. He took over

from Dr. Tsai Ing-wen

after serving as her vice

president for the past

four years. Lai and his

running mate, Hsiao Bi-

khim, won the 2024 presi-

dential election with 5.58

million votes, breaking

the tradition of two-term

political party rotation

with the Kuomintang

(KMT). This marks the

Democratic Progressive

Party’s (DPP) third con-

secutive term in office

since the first direct pres-

idential election in 1996.

With like-minded fel-

low democracies, like

Nigeria, Taiwan has

once again showcased its

steadfast commitment to

the core values of free-

dom and constitutional

fulfilment.

In his inauguration

speech, Lai called on

China to stop its military

intimidation of Taiwan

and engage in talks with

his government on equal

terms. He also urged

China to work together

with Taiwan to maintain

peace and stability in

the region and ensure a

world free from the fear

A POLITICAL consultant

who sent artificial intelli-

gence-generated robocalls

mimicking President Joe

Biden’s voice to voters

ahead of New Hampshire’s

presidential primary faces

a $6 million fine and more

than two dozen criminal

charges.

The Federal Communi-

cations Commission said

the fine it proposed Thurs-

day for Steven Kramer is its

first involving generative AI

technology. The company

accused of transmitting the

calls, Lingo Telecom, faces

a $2 million fine, though in

both cases the parties could

settle or further negotiate,

the FCC said.

Kramer has admitted

orchestrating a message

that was sent to thousands

of voters two days before

the first-in-the-nation pri-

mary on Jan. 23. The mes-

sage played an AI-generated

voice similar to the Demo-

cratic president’s that used

his phrase “What a bunch

of malarkey” and falsely

suggested that voting in the

seeking comment Thurs-

day. He told The Associated

Press in February that he

wasn’t trying to influence

the outcome of the election

but rather wanted to send a

wake-up call about the po-

tential dangers of artificial

intelligence when he paid a

New Orleans magician $150

to create the recording.

“Maybe I’m a villain

today, but I think in the

end we get a better coun-

try and better democracy

because of what I’ve done,

deliberately,” Kramer said

in February.

Voter suppression car-

ries a prison sentence of

3 1/2 to 7 years in prison.

Impersonating a candidate

is punishable by up to a

year in jail.

In an interview days

after he was publicly iden-

tified as the source of the

calls, Kramer said he dis-

agreed that his robocall

suppressed voter turnout,

noting that Biden won the

Democratic primary by a

wide margin as a write-in

candidate. -AP

of war. He emphasized

that democracy, peace,

and prosperity are at the

core of Taiwan’s national

roadmap, and highlighted

Taiwan’s role as an im-

portant link in the global

chain of democracies,

while expressing his com-

mitment to enhancing hu-

man rights and promot-

ing democratic values on

a global scale.

We see our Taiwan as

a crucial link in the chain

of democracies world-

wide, and our leader has

emphasized that a new

era of democracy in Tai-

wan has dawned, show-

casing the country’s com-

mitment to human rights

and its core values of

democracy and freedom.

Taiwan has consistently

ranked highly among

Asian nations in terms of

democracy and freedom,

making it a shining ex-

ample on the global stage.

The leader, therefore,

highlighted Taiwan’s role

as a beacon of democracy

and stressed the impor-

tance of continuing to

uphold these values.

In the realm of inter-

national affairs, Taiwan

will continue to collabo-

rate with Nigeria, one of

the major friendly demo-

cratic nations to form a

value-sharing commu-

nity. President Lai said:

“We will work together to

combat disinformation,

strengthen democratic

resilience, address chal-

lenges, and allow Taiwan

to become the MVP of the

democratic world,” and

he pledged his govern-

ment’s desire to uphold

four commitments: “nei-

ther yield nor provoke,

and maintain the status

quo”, but ensuring that

the future of Taiwan will

be decided by its 23 mil-

lion people. By working

together with like-mind-

ed nations, Taiwan aims

to overcome challenges

and solidify its position

as a key player in the

democratic world.

Distorted UN 2758 Reso-

lution:

In light of President Lai’s

pledges and current cir-

cumstances, it is impera-

tive for international al-

lies of Taiwan, such as

Nigeria, to reassess UN

resolution 2758 of 25 Oc-

tober 1971 which states

that the People’s Repub-

lic of China is the sole

representative of China

to the United Nations,

consequently leading to

Taiwan’s withdrawal

from the organization.

This UN resolution is in

dire need of revision as

it is no longer aligning

with the complexities of

today’s global politics.

This resolution inadver-

tently empowers Beijing

to unjustly pressure

and intimidate Taiwan,

thereby restricting Tai-

pei’s participation in the

democratic world.

The government of

Taiwan has consistent-

ly upheld its four core

commitments. These

commitments include a

dedication to a free and

democratic constitution-

al system, a firm stance

that Taiwan and China

are separate jurisdictions

with equal standing, a

strong resistance to any

attempts at annexation

or encroachment on our

sovereignty, and a belief

that the future of Taiwan

should be determined by

the will of the Taiwanese

people.

It is worthy of note that

a bipartisan group of U.S.

senators introduced a

resolution on Wednesday,

May 15, which asserts

that China has “misused

and misinterpreted” U.N.

Resolution 2758. The reso-

lution also states that

China has misrepre-

sented the resolution’s

contents to suggest ac-

ceptance of Beijing’s “one

China” principle. Strong

advocates like Republi-

can Senator Jim Risch

and Democratic Senator

Jeanne Shaheen, both

members of the Senate

Foreign Relations Com-

mittee, brought forth this

resolution to emphasize

that U.N. General Assem-

bly Resolution 2758 does

not equate to global recog-

nition of Beijing’s claims

over Taiwan. Risch em-

phasized that the United

States’ “one China” poli-

cy differs from Beijing’s

“one China” principle,

and this resolution aims

to clarify the facts. The

United States has the

ability and responsibility

to challenge China’s false

narratives whenever nec-

essary.”

We the people of Tai-

wan sincerely hope that

Nigeria, together with all

other democratic allies

and their citizens em-

brace our new adminis-

tration and support us as

a partner in our mission

to promote democratic

values. We are commit-

ted to advancing dem-

ocratic principles and

safeguarding the Asia-

Pacific Region through

constructive dialogue

and cooperation with all

like-minded partners and

nations in the region and

around the world.

Andy Yih-PING Liu is

the Representative/

Head of Mission of Tai-

wan in Nigeria

By Andy Yih-PING Liu

primary would preclude

voters from casting ballots

in November.

Kramer is facing 13 felo-

ny charges alleging he vio-

lated a New Hampshire law

against attempting to deter

someone from voting using

misleading information. He

also faces 13 misdemeanor

charges accusing him of

falsely representing him-

self as a candidate by his

own conduct or that of an-

other person. The charges

were filed in four counties

and will be prosecuted by

the state attorney general’s

office.

Attorney General John

Formella said New Hamp-

shire was committed to

ensuring that its elections

“remain free from unlawful

interference.”

“I am pleased to see that

our federal partners are

similarly committed to pro-

tecting consumers and vot-

ers from harmful robocalls

and voter suppression,”

said Formella, who was ap-

pointed by Republican Gov.

Chris Sununu.

Lingo Telecom said it

strongly disagrees with

the FCC’s action, which it

called an attempt to impose

new rules retroactively.

“Lingo Telecom takes

its regulatory obligations

extremely seriously and

has fully cooperated with

federal and state agencies

to assist with identifying

the parties responsible for

originating the New Hamp-

shire robocall campaign,”

the company said. “Lingo

Telecom was not involved

whatsoever in the produc-

tion of these calls and the

actions it took complied

with all applicable federal

regulations and industry

standards.”

The New Hampshire

calls falsely showed up

to recipients as coming

from the personal cellphone

number of Kathy Sullivan,

a former state Democratic

Party chair who helped

run the Biden write-in cam-

paign. She said in an email

Thursday that she hopes

Kramer is learning “there

is a steep price for trying

to rig an election.”

“The swift, decisive ac-

tion by the New Hampshire

Department of Justice and

the FCC hopefully will deter

other bad and/or stupid

actors who don’t respect

democracy,” she said.

Kramer, who owns a

firm that specializes in

get-out-the-vote projects,

did not respond to an email

Steve Kramer, political consultant who sent AI-generated robocalls

mimicking President Joe Biden’s voice to voters ahead of New

Hampshire’s presidential primary. The Federal Communications

Commission has issued a $6 million ne against the Steve Kramer

FRIDAY 24 MAY 2024

36 www.businessday.ng

FRIDAY 24 MAY 2024 www.businessday.ng

BUSINESS OF SPORTS

U.S firm Oaktree Capital takes over Inter Milan over €395m loan default

By Anthony Nlebem

A U.S. investment firm Oaktree Capital

Management has assumed full control

of Serie A champions Inter Milan after

Chinese firm Suning defaulted on a €395

million ($428 million) loan payment.

Suning, which acquired a 68.7% stake

in Inter Milan in 2016, had taken a €275

million loan at 12% interest from Oak-

tree Capital to support the club during

the COVID-19 pandemic. Over time, the

debt increased to nearly €400 million.

Inter Milan’s outgoing president, Steven

Zhang, unsuccessfully sought refinanc-

ing options from other lenders, including

Pimco.

Following Suning’s failure to meet

the repayment deadline, Oaktree Capital

took over control of Inter Milan.

In a recent statement addressing

concerns over the club’s financial

stability, Zhang criticized Oaktree for

their lack of engagement in efforts to

achieve a financial solution. Oaktree,

however, confirmed the takeover,

stating:

“As of May 22, funds managed by

Oaktree Capital Management, L.P.

(‘Oaktree’) have assumed ownership of

FC Internazionale Milano following the

non-repayment of Oaktree’s three-year

loan to Inter Milan’s holding companies,

which matured on May 21, 2024, with a

balance of approximately €395 million.

“In May 2021, as Inter Milan faced

significant financial losses, Oaktree

provided rescue capital to stabilize the

League final for the first time since 2010.

“Oaktree is dedicated to the long-term

prosperity of Inter Milan, with an initial

focus on operational and financial stabil-

ity. We value the legacy of the club, the

passion of the players, and the club’s

significant role in Milan, Italy, and the

global sporting community.

“We are committed to working

closely with Inter Milan’s current man-

agement team, partners, the league,

and governing bodies to ensure the

club is positioned for success on and

off the pitch, focusing on robust man-

agement, operations, and governance

with a vision for sustainable growth

and success.”

Oaktree also indicates plans to com-

municate with key stakeholders in the

coming weeks to ensure a smooth transi-

tion. Despite the takeover, the day-to-day

operations of the club are expected to

remain unchanged for now.

A source close to the matter said Oak-

tree, which has only limited previous in-

volvement in sports franchises, was not

planning to sell Inter immediately and

was prepared to be a “patient investor.”

The upheaval off the field contrasts

with the club’s success on it, with Inter

having last month secured their 20th

Serie A league title and the second under

Suning’s ownership.

Founded in 1908, Inter is one of the

traditional powers in Italian soccer and

home to top players including Lautaro

Martinez and Nicolo Barella.

Five Youngest Managers to Win the Premier League

By Anthony Nlebem

The English Premier League is one of the

most competitive and thrilling football

leagues globally, known for producing

some of the game’s finest managers.

Interestingly, several of these successful

managers achieved greatness without

extensive experience.

The oldest manager to win the Pre-

mier League is Sir Alex Ferguson, who

was 71 years and 112 days old when he

last won it with Manchester United in

2013. Ferguson lifted his first title at

Old Trafford at the age of 51 years and

122 days, marking a long and illustri-

ous career in English football. In this

week’s edition of BusinessDay Busi-

ness of Sports, we take a look at the five

youngest managers who have won the

Premier League.

Jose Mourinho

Age: 42 Years

Portuguese tactician Jos Mourinho

is the youngest manager to ever win the

Premier League. At just 42 years old, he

led Chelsea to the title in the 2004/2005

season. Mourinho joined Chelsea in 2004

after a spectacular season with Porto,

where he won the Champions League.

He quickly made an impact at Chelsea,

securing their first league title in 50

years. Under his leadership, Chelsea

set a record by conceding only 15 goals

in that season, a record that still stands.

Pep Guardiola

Age: 47 Years

Pep Guardiola was 47 when he first

won the Premier League with Manches-

ter City in the 2017/2018 season. Known

for his innovative tactics and emphasis

on possession-based football, Guardiola

guided City to a record-breaking 100

points that season. By the time he won

his first Premier League title, Guardiola

had already secured multiple league ti-

tles in Spain and Germany. He has since

added more Premier League titles to his

name, cementing his legacy in English

football.

club’s operations, including paying

players and employees. Over the past

three years, Inter has achieved notable

successes, including winning its eighth

and ninth Coppa Italia titles, securing

its sixth, seventh, and eighth Super-

coppa, earning its 20th Scudetto title,

and reaching the UEFA Champions

Kenny Dalglish

Age: 44 Years

Former Liverpool legend Kenny Dalg-

lish won the Premier League with Black-

burn Rovers at the age of 44 during the

1994/1995 season. While Dalglish is best

remembered for his time at Liverpool,

his managerial success with Blackburn

is historic. Dalglish led Blackburn to

their first league title in 81 years, nar-

rowly beating Manchester United by

one point. Key players like Alan Shearer

played crucial roles in this triumph.

chester City to their first Premier League

title in the dramatic 2011/2012 season.

Mancini, who had previously won three

Serie A titles, took over City in 2009. His

tenure is best remembered for the last-

minute heroics of Sergio Agüero, whose

goal in the dying moments of the season

clinched the title from rivals Manchester

United. This moment remains one of the

most iconic in Premier League history.

Antonio Conte

Age: 47 Years

Antonio Conte also won the Premier

League at the age of 47, managing Chel-

sea to the title in the 2016/2017 season.

Roberto Mancini

Age: 47 Years

Roberto Mancini, at age 47, led Man-

Known for his tactical prowess, Conte

introduced the 3-4-3 formation, leading

Chelsea to a 30-game unbeaten streak.

This tactical shift proved pivotal, and

Chelsea secured the title with two games

to spare. Conte’s success at Chelsea was

a testament to his managerial acumen.

38 FRIDAY 24 MAY 2024www.businessday.ng

By Anthony Nlebem

Man United boss Ten Hag banks

on FA Cup title to save job

WAFU B U17: Golden Eaglets defeat

Togo, to play Ivory Coast in semi-finals

Maradona family halts sale of 1986

World Cup ‘Golden Ball’ trophy

twice, while Rapha Adams

added his second goal of

the tournament, bolstering

his rising reputation.

Adeleke missed an ear-

ly chance to put Nigeria

ahead in the 6th minute

but redeemed himself five

minutes later, scoring with

an assist from Abdulmuiz

Oladimeji, easing the pres-

sure on a Togolese side

that had lost its previous

two games.

Adams, who scored the

only goal in Nigeria’s win

over Niger Republic on

Sunday, came close in the

20th minute off another

pass from Oladimeji but

missed the target. Howev-

er, he made no mistake 15

EMBATTLED Manchester

United manager Erik ten

Hag has set sight on win-

ning Saturday’s FA Cup

final against rivals Man-

chester City to save his job

at Old Trafford.

The 54-year-old Dutch-

man is under pressure to

keep his to save his job

amid speculation that Unit-

ed’s new co-owner Jim

Ratcliffe plans to axe him

after the 2023/24 turbulent

season.

United finished eighth

in the Premier League,

their lowest Premier

League position since the

1990 season and crashed

out in the group stage of the

Uefa Champions League.

Pep Guardiola’s Man

City were crowned Pre-

mier League champions for

an unprecedented fourth

successive season last

weekend, giving them six

titles in seven years and

have beaten United twice

THE heirs of Diego Mara-

dona have initiated legal

proceedings in France to

prevent the auction of the

Argentine football legend’s

‘Golden Ball’ trophy from

the 1986 Mexico World Cup.

This prestigious award,

presented to the tourna-

ment’s best player, had been

missing for decades before

being rediscovered by an

antique dealer in Paris.

The auction, organized

by Aguttes in Neuilly-sur-

Seine near Paris, is sched-

uled for June 6. However,

Maradona’s family claims

the trophy rightfully be-

in November 1986 at the

Lido Cabaret in Paris but

was stolen three years later.

They discovered the trophy

was to be auctioned only a

few weeks ago and took im-

mediate legal action.

Lola Chunet, a lawyer

for the family, expressed

the family’s determination:

“The family aims to recov-

er this ball, the Argentine

people want to recover this

ball,” she told a court in

Nanterre.

In contrast, Arthur

Gaulier, representing

Aguttes, contended that

the family’s claim, made 35

years after the alleged theft

without prior complaint,

appeared opportunistic.

The auction house director,

Maximilien Aguttes, men-

tioned a circulating legend

that Maradona had forgot-

ten the trophy at the Lido

the night it was awarded.

The antique dealer who

acquired the trophy stated

he bought it at an auction in

2016 within a lot of several

trophies, for a total of 500

euros. Realizing its potential

significance, he contacted

one of Maradona’s lawyers

to verify its authenticity.

The court is set to decide

on May 30 whether the sale

can proceed. Concurrently,

a criminal complaint has

been filed, as confirmed by

the prosecution.

SPORTS

longs to his five heirs.

Lawyers representing

the family argue that the

trophy, which is expected

to fetch millions, was stolen

during a 1989 bank robbery

in Naples.

In recent years, memo-

rabilia from Maradona’s il-

lustrious career has fetched

significant sums.

His jersey from the 1986

World Cup was sold for

nearly $9.3 million in 2022,

and the “Hand of God” ball

from the infamous quarter-

final against England sold

for $2.4 million later that

year.

According to the Mara-

dona family, the trophy

was awarded to Maradona

minutes later, heading in a

superb cross from captain

Simon Cletus.

Adeleke secured his

brace and Nigeria’s third

goal in the 57th minute,

again assisted by Cletus.

He had a chance for a hat-

trick but missed a penalty

in the 68th minute.

Nigeria’s Edward

Ochigbo was named Player

of the Match.

With this victory, the

Golden Eaglets topped

Group B after Burkina

Faso defeated Niger Re-

public 1-0 in the group’s

other match.

Nigeria will now face

Ivory Coast in the second

semi-final on Saturday

NIGERIA’s Golden Eaglets

advanced to the semi-fi-

nals of the ongoing WAFU

B U17 Championship in

Ghana with a decisive 3-0

victory over Togo, secur-

ing the top spot in Group B.

They will face Ivory Coast

in the last four.

The match which was

originally scheduled for

Wednesday evening, was

postponed to Thursday

morning due to a water-

logged pitch following

heavy rainfall.

Golden Eaglets forward

Abdulmuiz Adeleke played

a crucial role in the morn-

ing encounter, scoring

already this season and

Ten Hag knows a surprise

win for underdogs United

would be a well-timed feath-

er in his cap.

“It’s all about trophies.

We have a huge opportu-

nity to win a trophy. In the

last 10 years, there have

not been so many trophies

at the club but we have the

opportunity to win two in

two years,” Ten Hag said

on Thursday as quoted by

AFP.

“The FA Cup final, it’s a

big event. Even in a season

that is not in our way, we

are there. We know we

have an opportunity.

“It won’t be easy but we

must go for it. We have to

believe it. We know often

against good opposition we

play our best football and

that must be the same on

Saturday.”

Ten Hag, who led United

to their first trophy in six

years when they won the

League Cup last season,

also clashed with Jadon

Sancho and Marcus Rash-

ford, reportedly creating a

rift in the dressing room.

United have been linked

with England boss Gareth

Southgate, former Chelsea

manager Mauricio Pochet-

tino, departing Bayern Mu-

nich boss Thomas Tuchel

and Ipswich chief Kieran

McKenna.

But the former Ajax

manager is confident of

winning United’s first FA

Cup title since 2016, to

avenge last season’s loss to

Man City at the same stage

of the competition and en-

suring his club qualify for

European football next

season.

Asked if the final could

be his last match as United

manager, Ten Hag laughed

and told reporters: “I have

nothing to say. I’m just

focusing on the job I have

to do.

“That is first to win the

game on Saturday and then

we are in the project. Keep

going in the project.

“After every season you

review it and see where you

are in the project and what

things may need to change.

“We spoke lately about

it. Players are developing

and values are going up.”

The Red Devils’ 2023.24

season have been ham-

pered by injuries to key

players, but some of these

players are back to fitness

ahead of Saturday’s FA

Cup final.

Lisandro Martinez and

Raphael Varane have re-

turned, with Victor Lin-

delof, Mason Mount and

Anthony Martial pictured

in training this week, al-

though Harry Maguire

and Luke Shaw will be

sidelined.

FRIDAY 24 MAY 2024 www.businessday.ng

By Anthony Nlebem

SPORTS

Atalanta hero Lookman plays down

Bergamo street-naming honour

Lookman shares Europa League

trophy moment with family

ATALANTA star Ade-

mola Lookman shared a

heartwarming moment

with his family after his

stellar performance in

the Europa League final

last night.

Football fans world-

wide watched in ex-

citement as Atalanta

secured their first-ever

Europa League trophy.

Lookman’s hat-trick not

only sealed a 3-0 victory

against Bayer Leverku-

sen but also ended their

unbeaten streak.

Lookman’s parents

were present at the Aviva

Stadium to witness their

Lookman’s hat-trick sets

new Europa League record

ATALANTA star Ademola

Lookman has laughed off

a suggestion that a street

in Italy, Bergamo could be

named after him following

his heroic performance in

the Uefa Europa League

final where his hat-trick

helped the Nerazzurri

defeat Bayer Leverkusen

in Dublin on Wednesday

night.

The 26-year-old Nige-

rian forward, who joined

Atalanta for €9.35 million

from RB Leipzig two sum-

mers ago, has been having

an outstanding season.

Lookman’s extraordi-

nary season culminated in

the UEFA Europa League

final, where he scored a

hat-trick against Leverku-

sen, leading Atalanta to

a historic 3-0 victory and

their first major European

trophy.

His performance not

son’s historic achieve-

ment. After the match,

they joined him on the

pitch, showering him

with hugs and kisses.

In a proud dad moment,

Lookman’s father joy-

fully exclaimed, “That’s

my son!”

The Nigerian winger

wrote his name into Ata-

lanta’s history with his

Europa League final hat-

trick, becoming the sixth

player to achieve this

feat in a European final

and the first since Jupp

Heynckes for Borussia

Mönchengladbach in the

1975 UEFA Cup.

The 26-year-old Lon-

don-born Nigerian winger

had never reached dou-

ble figures in a season

for Charlton, Everton,

RB Leipzig, Fulham, or

Leicester. However, he

has now scored 15 goals

in each of his two seasons

with Atalanta.

Immediately after the

final whistle, Lookman

told TNT Sports, “It’s

one of the best nights of

my life.” He hinted at

a planned celebration,

saying, “We’ve got to cel-

ebrate; we made history

tonight.”

Lookman joined coach

Gian Piero Gasperini’s

post-match press confer-

ence, where he praised

the support he received

from the club and coach,

which he credits for el-

evating his game.

“The past few years,

the club and coach have

supported me in terms

of giving me minutes…

it’s helped me elevate my

game to a new level,” he

said. “The first few con-

versations we had made

me look at football differ-

ently. It made it simpler

in my mind in terms of

what he expected from

me.”

Felix Emanus, Look-

man’s former youth coach

at Waterloo, shared his

joy after the match. “I

really can’t tell you my

emotions ,” he said.

The former Everton

star is the first player to

score a hat-trick in the

single-match format of the

Europa League final.

This achievement plac-

es him in an elite group of

Nigerian players who have

scored in major UEFA fi-

nals. He also set the record

for the fastest two goals

in a Europa League final,

achieving this in just 26

minutes. His outstanding

performance earned him

the “Player of the Match”

accolade.

Lookman’s hat-trick

was instrumental in break-

ing Bayer Leverkusen’s

remarkable 51-match un-

beaten streak across all

competitions. His contri-

butions throughout the

Europa League campaign

were pivotal for Atalanta,

making him a strong con-

tender for the CAF Player

of the Year award, cur-

rently held by SSC Napoli

striker Victor Osimhen.

They became the first

Italian team to win the

Europa League since 1999.

This win also boosted Ita-

ly’s standing in the Europa

League, with their 18th

final appearance surpass-

ing England and second

only to Spain.

NIGERIAN and Atalanta

sensational forward Ade-

mola Lookman has writ-

ten his name in the pages

of European football his-

tory after scoring a hat-

trick in the UEFA Europa

League final against Bayer

Leverkusen.

The 26-year-old who

started his football ca-

reer at Charlton Athletic

was the standout player

in Wednesday’s match,

leading Atalanta to a con-

vincing 3-0 victory and

their first major European

trophy.

Atalanta entered the

UEFA Europa League final

in excellent form, with

only one loss in their previ-

ous nine matches. Despite

their recent defeat to Ju-

ventus in the Coppa Italia

final, which cost them the

trophy, they bounced back

spectacularly in Dublin.

Atalanta’s victory is

a landmark in the club’s

116-year history, marking

only their second major

trophy, the first being the

1963 Coppa Italia.

Lookman’s perfor-

mance was historic on

multiple fronts. The Super

Eagles winger who had an

impressive 2023 Africa Cup

of Nations in Ivory Coast

where he scored three

goals that helped Nigeria

win a Silver medal became

the first player to score

a hat-trick in a Europa

League final since 1975,

including its predecessor,

the UEFA Cup.

only ended Leverkusen’s

51-match unbeaten streak

but also set several records,

solidifying his status as a

football legend.

Speaking after his he-

roic performance in the

2023/24 UEFA Europa

League final where an Ital-

ian journalist asked him if

a street in Bergamo might

one day be named after

him, Lookman laughed

but acknowledged the im-

mense support he feels

from the fans.

“I feel the support from

the fans from the first min-

ute I was in Bergamo,” he

added. “The city of Ber-

gamo gives me a sense of

calmness. It’s a very calm,

relaxed city and that has

helped me a lot with my

living style. I’m focused on

the important things.”

The Nigerian winger is

one of about 120,000 people

who live in the northern

Italian city close to Milan

and his impact at Atalanta

has been significant, en-

dearing him to the local

community.

This gesture comes af-

ter his remarkable goal

in Atalanta’s 3-0 victory

over Olympique Marseille

in the semi-finals of the

Europa League where a

couple based in Palosco, a

district in Bergamo close to

Atalanta named their child

after Lookman following

his stellar performance

against Marseille.

By Kemi Ajumobi kemi@businessday.ng

WOMEN IN BUSINESS

Olufunke Olumide

Oluyemi Obadare

CEO, Certification Partner Global, West Africa

OLUFUNKE Olumide is a partner in

the private clients and multifamily of-

fice practice of Acuity Partners.

She serves as the managing partner

of its multifamily office, The Legacy

Haus, which is the first African-focused

multifamily office tailored to cater to

the unique needs of African families

and individuals. With an unwavering

commitment to preserving legacies and

propelling wealth expansion, she plays

a pivotal role that encompasses strate-

gic planning, personalised advisory,

and pioneering wealth and personal so-

lutions.

With over a decade of advisory ex-

perience, she specialises in working

with families and business owners

to navigate the intricate pathways of

multi-generational wealth transfer and

governance. As an experienced busi-

ness integrity, compliance and corpo-

rate governance expert, she engages

with clients to institute resilient family

structures and constitute robust cor-

porate governance frameworks. She

provides dynamic advice which adeptly

addresses compliance challenges and

facilitates the smooth operations of

businesses within Nigeria.

She is a trusted advisor to domes-

tic and multinational companies.

Through her journey, she has led di-

verse teams in conducting legal due

diligence investigations and provided

invaluable insights into M&A, private

equity, and corporate restructuring

across sectors ranging from FMCG

and finance to technology, media, and

agriculture. Her dedication extends

to advocating for corporate rescue

mechanisms aimed at resuscitating

distressed companies.

OLUYEMI Obadare is the Chief Ex-

ecutive Officer, Certification Partner

Global West Africa (CPG). CPG is a

full-scope certification body accred-

ited by JAS-ANZ, SAC, EIAC, SANAS

and APMG, certifying organisations,

businesses, hospitals and government

departments to both national and In-

ternational standards, and delivering

trainings across the wide array of ISO

management systems. Their technical

expertise and customer focus, coupled

with innovative creation of new man-

agement programmes and a proven

track-record in management, ensures

that CPG continues to deliver sig-

nificant contributions to the world of

standards and accreditation.

As the CEO, CPG West Africa, Oluy-

emi has the responsibility of managing

and directing CPG programmes across

the West African region, strengthening

customer experience for sustainable

interactions and deepening business

relationships, whilst, opening new

frontiers across the region.

Furthermore, she coordinates CPG

WA technical expertise and customer

centric curricula within the region to

ensure CPG continues to deliver sig-

nificant contributions to the world of

standards and accreditations.

Prior to joining CPG, Obadare

worked in the capacity of the Acting

Chief Risk Officer and Head, Informa-

tion Security and Business Continuity

for the Nigerian Exchange Group and

its affiliates, with oversight of the Group

ERM department, comprising of risk

management, internal control, informa-

tion security and business continuity

Armed with an LLB from the Univer-

sity of Lagos and an LLM in business

law from the University of Liverpool

where she graduated with merits, she

has harnessed an abundance of practi-

cal experience honed through her ten-

ure at leading commercial law firms.

This experience enriches the depth

of her contributions as she serves on

boards and offers advisory services to

emerging corporates, families & indi-

viduals.

She is an associate of the Chartered

Institute of Arbitrators (UK) and has

experience in commercial arbitration

and mediation. She has served as both

counsel and registrar in arbitration

proceedings.

Olufunke is on a mission to safe-

guard legacies, drive wealth growth,

and elevate prosperity across Africa.

With a deep-seated passion for the suc-

cess of African family businesses, she

leads transformative conversations

around business succession, family

legacies, and the vital role these enter-

prises play in shaping the continent’s

economic landscape.

Olufunke is dedicated to building

a vibrant network of next-generation

family business owners and managers

with ‘The Family Business Network

Africa’, nurturing a community of in-

novation, collaboration, and shared

success.

Recognising the immense contribu-

tion of family businesses to Africa’s

GDP and economic growth, Olufunke is

committed to driving sustainable devel-

opment and prosperity across the con-

tinent. Her vision is to create a legacy

of resilience, excellence, and prosperity

that resonates for generations to come.

management. She had the responsibility

for all risk management decisions and is-

sues that impact the strategic objectives

of the group and its entities.

As the Head, Information Security

and Business Continuity, Oluyemi

coordinated the team responsible for

maintaining the global standard for

information security management sys-

tem for the Nigerian capital market and

the ecosystem.

She has the depth of capacity in de-

veloping business impact analysis,

risk assessment, business continuity

management, disaster recovery, con-

tingency plans and procedures to mini-

mise disruptions to business-critical

services.

In the period of COVID-19, the global

pandemic, Obadare coordinated the cy-

ber security, business continuity and

disaster recovery management team at

the Exchange, and the wider capital mar-

ket. The team achieved a seamless tran-

sitioning to remote working and remote

trading for the capital market, and deep-

ened the market cyber awareness.

The business agility and resilience

demonstrated earned Nigerian Ex-

change Limited (NSE) the best perform-

ing stock market across the world in the

year 2020, the year of global lockdown,

economic downturn and business col-

lapse. In the same trajectory, emerged

as a finalist in 2021 International Or-

ganisational Resilience Awards.

The NGX Limited was also rated

above the region of operations (Africa)

and the Americas Exchanges in the 2021

World Federation of Exchanges Cyber-

security Maturity Ranking.

FRIDAY 24 MAY 2024

www.businessday.ng sign up for https://bit.ly/bdnewsletters

Published by BusinessDAY Media Ltd., 6A George Street, off Mobolaji Johnson Avenue, Ikoyi, Lagos, Nigeria. Advert Hotline: 08033225506, 08033042209. Subscriptions 01-2950687, 07045792677. Newsroom: 08164361208

Editor: Tayo Fagbule. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.

Managing Partner, The Legacy Haus

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Nigerians’ healthcare woes worsen as states struggle to tap N128bn fund PDF Free Download

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100%

BIG STORY

News you can trust

Friday 24 May 2024

Vol. 21, No 1,686 N500 www.businessday.ng facebook/businessdayonline @businessdayng @businessDayNG

Maize 608.80 5.33% ACI-Points 501.40 6.40%

Sorghum 600.00 0.00% AEI-Points 1,121.85 14.17%

Soybean 662.42 15.00%

Turnover-NGN’ mn

124,609,791.10

5.86x

Ginger 990.00 0.00% Contracts Traded 177,192.00

4.90x

Cocoa 11,787.51 15.0%

EURO BOND 10YR

10.19%

Foreign Reserve $33.30bn

Cross Rates GBP-$:1.26 YUAN -175.72

Commodities ($)

Cocoa Gold Crude Oil

$4,736.00 $5,589.00 $81.55

Commodities Cash Settled Price(NGN-1kg) D-o-D (%) Benchmark Value D-o-D %

OPEN CLOSE %CHANGE

NGX ASI 98,129.16

97,978.26 -0.15%

1YR NTB

24.70%

FGN BOND 10YR

19.57%

INVESTMENT ONE

FMDQ Close

Foreign Exchange NTB

Market Spot ($/N) 21-Nov-24

NAFEM 1485.66 -0.01

21.30

Exchange-Traded FX 3M 6M

Futures Rates ($/₦) 31-Jul-24 30-Oct-24

1539.25 1617.14

Cleared USD/NGN NDFs

13M 18M

Rates ($/₦)^ 28-May-25 29-Oct-25

1791.18 1939.91

Nigerians’ healthcare woes worsen

as states struggle to tap N128bn fund

By Godsgift Onyedinefu

MILLIONS of vulnerable Nigeri-

ans are struggling to access basic

healthcare due to the consistent

failure of many states to tap the

Basic Health Care Provision Continues on page 30

NIGERIA’S economy probably ex-

panded in the first three months

of 2024, according to data cap-

tured in the monthly Purchasing

Managers’ Index which has long

served as a leading indicator of

economic growth or decline.

This comes ahead of today’s

scheduled release of the country’s

Gross Domestic Product (GDP)

report for Q1 by the National Bu-

reau of Statistics (NBS).

BusinessDay’s analysis of the

monthly PMI by Stanbic IBTC

Bank shows that the headline

index for January rose to 54.5, the

highest in 13 months from 52.7 in

December. But it fell to 51.1 in Feb-

ruary and remained unchanged

PMI expansion

signals stronger

economic

growth in Q1

By Bunmi Bailey, Folake Balogun

& Chinwe Micheal

Sanusi back as

Emir after Kano

repeals law

Continues on page 29

Yusuf Maitama

Tuggar, Nige-

rian minister

of foreign

affairs ambas-

sador, with

Antony Blinken,

United States

Secretary of

State, during a

bilateral meet-

ing focused on

governance,

the economy

and military

cooperation in

Washington

DC, US.

King Charles III

(r) with Flor-

ence Otedola

(DJ Cuppy) at

Buckingham

Palace when

he hosted am-

bassadors at a

special recep-

tion for The

King’s Trust

International,

yesterday.

L-R: Olufunlola Salami, company

secretary, Bank of Industry; Omar

Shekarau, executive director, MSME,

Bank of Industry; Mabel Ndagi, execu-

tive director, public sector/intervention

programmes; Usen Efong, executive

director, corporate services; Isaac

Adeyemi Agoye, non-executive director

(representing Manufacturers Associa-

tion of Nigeria); Muhammad Bala, chair-

man, shareholders’ committee, Bank

of Industry; Enitan Badru, chairman,

House of Representatives committee

on industry; Olasupo Olusi, managing

director/CEO, Bank of Industry; Simon

Aranonu, executive director, large enter-

prises; Tajudeen Dati Ahmed, non-ex-

ecutive director (representing Ministry of

Finance Incorporated); and Adedamola

Oluremi Young, non-executive director

(representing Central Bank of Nigeria),

at the 64th annual general meeting of

the Bank of Industry, held at the Trans-

corp Hilton, Abuja.

Fund (BHCPF) despite billions

of naira so far accumulated for

the initiative.

According to the 2014 Na-

tional Health Act, the BHCPF

is to be funded through a 1

percent contribution from Ni-

geria’s consolidated annual

revenue, in addition to dona-

tions from the development

partners and then deployed to

provide minimum basic health-

care across the country.

The Fund aims to help pri-

mary healthcare centres to meet

their operational cost, and pro-

>> Turn to page 7

2www.businessday.ng FRIDAY 24 MAY 2024

By Daniel Obi

INSIDE

NEWS

Nigeria rakes in N16.3bn

from Solid Minerals

Oil falls for fourth straight

session on US inflation jitters

THE Federal Govern-

ment of Nigeria earned

N16,395,640,771.58 from

May, 2023 to April 2024

from mining royalties and

sundry fees.

The minister of solid

minerals development,

Dele Alake, according to

Leadership Newspaper

report disclosed this on

Thursday at the Sectoral

Updates Series to mark

the first anniversary of

President Bola Tinubu

administration in Abuja.

He said the earning came

through Mining Cadastral

Office (MCO), an agency

under the ministry that is

in charge of mineral title

administration.

Alake, however, stated

that the figure was in sur-

plus of N6,746,317,807.09

(N6.7bn) over and above the

target of N10,566,635,560.24

(N10.5bn) set for the agen-

cy.

The minister in the re-

port further revealed that

the Ministry generated

and collected the sum of

N14,938,164,335.43 as of the

year ended December 31,

2023 and this represents

HIGH inflation as well as

economic uncertainty have

had significant im- pacts

on businesses, man- ufac-

turers, and house- holds,

including indi- vidual life-

styles and well- being, in

recent times. The direct

consequences of these im-

pacts continue to have seri-

How GTCO’s HabariPay, Hydrogen

and Zest Payment performed in Q1

Businesses: Knowing the strength and

threat of substitute products at this time!

FINTECH

OPINION

Pg 9

Pg 18

Pg 26

Pg 31

GTCO’s HabariPay, Ac-

cess Hydrogen Payment Ser-

vice, and Zest Payment Ser-

vices Limited have reported

a strong perfor- mance in the

first quarter of 2024 as more

Nigerians embrace digital

payment.

BusinessDay findings

show that two out of the three

listed fintech sub- sidiaries

ATALANTA star Ade-

mola Lookman shared a

heartwarming moment

with his family after his

stellar performance in

the Europa League final

last night.

Football fans world-

wide watched in ex-

citement as Atalanta

Lookman shares Europa League

trophy moment with family

SPORT

Pg 39

secured their first-ever

Europa League trophy.

Lookman’s hat-trick not

only sealed a 3-0 victory

against Bayer Leverku-

sen but also ended their

unbeaten streak.

Lookman’s parents

ous implica- tions. Globally,

no coun- try is immune

to infla- tion. Around the

world, inflationary pres-

sure has been experienced

in the USA, the UK, and

many other developed and

de- veloping nations. But

owned by Ni- gerian banks

recorded a rise in profits as

a re- sult of increased usage

in their payment gateways,

switching verticals, and bill

payments among oth- ers.

The financial state- ment

for the period ending March

31, 2024, revealed that GTCO’s

ACROSS THE STATES

IPMAN, Anambra on war path over

filling stations’ signage advert fees

THE Independent Petro-

leum Marketers Associa-

tion of Nigeria (IPMAN),

has raised concern over the

decision of the Anambra

State Signage and Adver-

tising Agency (ANSAA) to

disregard the agreement it

had with the State Govern-

ment on a consolidated an-

nual levy.

Chinedu Anyaso, Chair-

man of IPMAN, Enugu De-

pot, said that the Signage

Agency had been harassing

marketers in the State with

Court Summons.

Anyaso said based on the

re-negotiated agreement,

every filling station would

TRAVEL experts and

sourc- es close to Emirates

Airlines have told Busi-

nessDay that Emirates

would operate flights into

Nigeria whether the visa

ban on Nigerians is lifted

or not.

Following the announce-

NEWS

Why Emirates mulls Nigeria operations

without Dubai visa ban lift

ment by Emirates that it

would resume services to

Nigeria from October 1,

2024, the airline has opened

bookings for sales of tickets

and Nigerian travel agents

have started selling tickets

to passengers who want to

72.1% positive variance

and 172.1% performance

when compared with the

annual budgetary target of

N8,680,197,621.00 for year

2023.

He also reported that

the ministry, through the

Solid Minerals Develop-

ment Fund (SMDF), col-

laborated with GeoScan

Gmbh for the exploration

and development of Nige-

rian critical mineral re-

sources using innovative

technology.

On funding, he stated

that the ministry had also

struck a deal with the Af-

rican Finance Corporation

(AFC) to raise a project de-

velopment facility to fund

companies facing the chal-

lenge of raising capital to

execute their early-stage

exploration projects, add-

ing that at least 20 candi-

dates had been shortlisted

and were undergoing

training to prepare and

manage the funds effi-

ciently.

“Another initiative of

SMDF is its partnership

with the global exploration

agency, XCalibur. Both are

working together to ad-

vance Nigeria’s geological

OIL prices fell for a fourth

consecutive session on

Thursday and settled at

multi-month lows as the

prospect of higher-for-

longer U.S. interest rates

raised worries around

demand growth in the

world’s biggest oil market.

Brent crude futures set-

tled lower by 54 cents, or

0.7%, at $81.36 a barrel, the

lowest since January. U.S.

West Texas Intermediate

(WTI) crude futures fell 70

cents, or 0.9%, to $76.87 a

barrel, a three-month low.

S&P Global data

showed accelerating U.S.

business activity this

month, but manufactur-

ers also reported a surge

in prices for a range of in-

puts, suggesting a pickup

data capabilities.

“The SMDF is the face of

the Ministry as the partner

of choice for international

mining companies. It mo-

bilises capital for critical

and strategic mining proj-

ects, attracts foreign di-

rect investment, and fast-

tracks the delivery of final

investment decisions,” he

explained.

On the gathering of big

data, he further said in

the report that the minis-

try proposed a N70 billion

exploration funding for it.

He, however, noted that

although it was not accom-

modated in the current

budget, the ministry would

continue to make a strong

case for the project as the

panacea to the difficulty

in mineral exploitation in

Nigeria.

Alake also spoke about

the efforts of the Nigerian

Geological Survey Agency

(NGSA) in engaging in

strenuous research to un-

ravel the mineralogy of

the Nigerian landscape

despite shortage of funds

as well as the fight against

illegal mining with the set-

ting up of the 2200-strong

Mining Marshals, among

others.

The English Premier

League is one of the most

competitive and thrilling

football leagues globally,

known for producing some

of the game’s finest manag-

ers. Interestingly, several

of these successful man-

agers achieved greatness

without extensive experi-

Five Youngest Managers to

Win the Premier League

BUSINESS OF SPORTS

Pg 37

ence.

The oldest manager to

win the Pre- mier League

is Sir Alex Ferguson, who

was 71 years and 112 days

old when he last won it with

Manchester United in 2013.

Ferguson lifted his first title

SOLID MINERALS

in goods inflation in the

months ahead.

On Wednesday, min-

utes from the U.S. Federal

Reserve’s latest policy

meeting showed policy-

makers remain doubtful if

current interest rates are

high enough to tame stub-

born inflation.

High interest rates in-

crease the cost of borrow-

ing, which can slow down

economic activity and

dampen demand for oil.

Also weighing on the

market, U.S. crude stocks

rose by 1.8 million barrels

last week, according to the

Energy Information Ad-

ministration, compared

with an estimated draw of

2.5 million barrels.

However, the EIA re-

ported U.S. gasoline de-

mand at its highest since

November, providing

some support for energy

markets ahead of the Me-

morial Day holiday week-

end, which is considered

the start of the U.S. sum-

mer driving season. U.S.

gasoline consumption

makes up around 9% of

global oil demand.

“It was a pretty good

report for gasoline, every-

thing pretty much hit the

positive side of the led-

ger,” Mizuho analyst Bob

Yawger said. “However,

one report does not make

a trend, so everyone will

be watching if it can con-

tinue to perform going for-

ward.”

…OPEC+ to meet on June 1, analysts expect output curbs to stay

FRIDAY 24 MAY 2024 www.businessday.ng

FRIDAY 24 MAY 2024

4www.businessday.ng

FRIDAY 24 MAY 2024 www.businessday.ng

6FRIDAY 24 MAY 2024www.businessday.ng

NEWS

EDUCATION

Tinubu to varsity unions: Poor work

ethics, strikes depreciate academic quality

PRESIDENT Ahmed Ti-

nubu has said that poor

work ethics and strikes

depreciate the quality of

academic outcomes and,

therefore, called on labour

unions within the Nigerian

university system to ad-

dress the problems.

The president spoke dur-

ing the 7th and 8th com-

bined convocation ceremo-

ny of the Alex Ekwueme

Federal University, Nduf-

Alike Ikwo, in Ebonyi State.

Represented by Charles

Igwe, the vice-chancellor of

the University of Nigeria,

Nsukka (UNN), Tinubu

said his administration was

worried about industrial

disharmony in the univer-

sities.

He said the Federal Gov-

ernment was committed to

funding university educa-

tion and providing needs

assessments.

“My administration is

concerned about the indus-

trial harmony and peace

in our universities. I am

happy that such peace has

made this convocation

worthwhile.

“I want to encourage

the unions and labour as-

sociations in the university

system to do their utmost

to address the issues of

poor work ethics, avoid

industrial actions which

will depreciate the quality

of academic programs”, he

said.

On fuel subsidy removal

which has brought Nigeri-

ans untold hardship, the

president said, “We have to

take hard decisions which

short-term impact has

brought difficulties in the

condition of living on the

masses without which the

socio-economic develop-

ment of the country would

have been in shambles.

“The absurdity of Ni-

gerian exporting crude

oil earning, foreign ex-

change, in the process

only to import refined

petroleum products and in

the process spending more

foreign exchange than it

has earned in the export

of crude oil. From this,

the obnoxious payment

of fuel subsidies in many

cases for funding refined

petroleum products has

been eliminated.

“Consider again that

the four refineries in the

country could have become

non-functional at the same

time despite the homog-

enous amount spent on

turnaround maintenance.

These absurdities were

sustained by the regime of

fuel subsidies. As long as

this subsidy subsisted, this

conundrum was bound to

persist and we had to take

the hard and inevitable

decision of removing this

dubious payment of fuel

subsidy”.

Michael Aremu Adedo-

tun, the chancellor of the

university, in his address,

said the establishment of

the Nigerian Education

Loan Fund was a catalyst

to increasing access to uni-

versity education for all

Nigerians, especially for

exceptionally brilliant stu-

dents and those from poor

homes who may not have

funds to access university

education.

Sunday Elom, the uni-

versity vice-chancellor,

commended the president

for his determination to

reposition the Nigerian

university system through

the various policies and

programmes of his adminis-

tration, including the Nige-

rian Education Loan Fund,

Safe School Initiative and

exemption of universities

from the Integrated Payroll,

Personnel Information Sys-

tem (IPPIS).

By Nkechinyere Oginyi, Abakaliki

FRIDAY 24 MAY 2024 www.businessday.ng

NEWS

By Hope Moses-Ashike

ECONOMY

Nigeria must build reserves to

support $1trn economy – Teriba

NIGERIA will need to build

up reserves that will support

a trillion-dollar economy, ac-

cording to Ayo Teriba, CEO

of Economic Associates (EA).

He stated this at the 2024

Vanguard Economic Dis-

course in Lagos, saying,

“tightening monetary policy

without reserve adequacy is

futile.”

Nigeria’s external re-

serves currently stand at

$32.73 billion as of May 21,

2024, data from the Central

Bank of Nigeria (CBN) web-

site indicated.

“Let’s speak more about

what is being done. $40 bil-

lion in reserves is not ad-

equate even for a $350 billion

Gross Domestic Product

(GDP) much less for a trillion

dollars. What are we doing to

ensure that reserves can be

up to $60 billion, $80 billion

or $100 billion? No country

with stable exchange rates

doesn’t have a wall of re-

serves. And it’s very, very

important,” Teriba said.

He pointed out that Nige-

ria’s GDP has consistently de-

creased over the past decade,

dropping from $600 billion

in 2015 to $350 billion. This

decline poses challenges for

taxation and borrowing, as

exports have also diminished.

Relying on exports, taxation,

or debt has proven problem-

atic, as demonstrated during

the Jonathan administration

when oil prices plummeted

and continued under the Bu-

hari regime. Both adminis-

trations needed to shift focus

from income dependence to

asset dependence to stabilize

the economy.

According to him, many

nations, such as Japan, Ger-

many, and various EU coun-

tries, are grappling with

the challenge of reliance on

income or output, a trend

that has led to stagnation or

decline in their economies.

Japan, in particular, shares

similarities with Nigeria, ex-

periencing a steady decline

in GDP over the past decade.

His words: “In the era of

global post-industrial tran-

sition, the focus is shifting

from output dependence

to asset dependence. The

United States serves as a

prime example, showcasing

steady growth driven by its

robust asset base. India has

similarly risen in global

economic rankings, mov-

ing from the 10th to the 5th

largest GDP and poised to

surpass Japan and Germany,

by leveraging global liquid-

ity with local assets.

According to the CEO

of Invest India, the country

has attracted a staggering

$500 billion in foreign direct

investment (FDI) since 2015,

demonstrating the potential

for asset-driven growth to

offset export losses.

Nigeria boasts abundant

assets, including valuable

state-owned enterprises,

yet their potential remains

largely untapped. Rather

than outright selling, there’s

an opportunity to establish

market value through equity

stakes. By leveraging these

assets, Nigeria could unlock

significant value, as seen in

Saudi Arabia’s successful

market debut in 2019, now

valued at $2 trillion.

Exploring corporate assets

reveals vast untapped poten-

tial, possibly amounting to

half a trillion dollars. Valuable

real estate assets, such as the

National Stadium and Federal

Secretariat, remain underuti-

lised. Leveraging these assets

could yield substantial re-

turns, as demonstrated by Eko

Atlantic City and its neigh-

bouring properties.”

Earlier in his keynote

speech, Olayemi Cardoso,

governor of the CBN, the for-

eign exchange (FX) inflows

recorded in the first quarter

(Q1) into Nigeria was 136

per cent of the total inflows

recorded in 2023.

Represented by Blaise Ije-

bor director of risk, he said,

“We remain committed to

using all the orthodox mon-

etary policy tools available

to us to address inflation.

We have also embarked on

major reforms to liberalise

the foreign exchange market,

which has enhanced trans-

parency, reduced arbitrage

opportunities, promoted

stability and improved the

liquidity in the market.”

Vice President Kashim

Shettima at the event gave

a breakdown of the $20 bil-

lion potential investment

secured since the admin-

istration of President Bola

Ahmed Tinibu.

The investments in-

clude $14 billion from In-

dia, N15 million from the

Netherlands, $500 million

for lithium development in

Nasarawa state, $500 mil-

lion from Germany and into

renewables, and $250 mil-

lion from the Netherlands,

among others.

Shettima disclosed this

in Lagos at the 2024 Van-

guard Economic Discourse.

Represented by Tope Fasua,

special adviser on economic

affairs.

The administration’s ef-

forts have been spearheaded

by a public sector team led by

the Office of the Vice Presi-

dent, which also chairs the

National Economic Council,

along with the Central Bank

of Nigeria and the Budget

Office of the Federation.

By Adeola Ajakaiye, Kano

ROYALTY

Sanusi back as Emir after Kano repeals law

MUHAMMADU Sanusi 11

has been reappointed as the

Emir of Kano, four years

after he was dethroned

abruptly.

Abba Kabir Yusuf, the

governor of Kano state,

rolled back his predeces-

sor’s dethronement of Sa-

nusi and reinstated the for-

mer central bank governor

after signing the new Kano

Emirate bill (2024) into law.

The new law replaces

the Kano State Emirates

Council Law, 2019, and dis-

solves the emirate councils

created by former Gover-

nor Abdullahi Ganduje.

By the law, Ganduje

had created the emirates

of Karaye, Bichi, Rano, and

Gaya, in addition to Kano in

December 2019.

The former governor

dethroned Sanusi II after

a long-running dispute in

March 2020.

The new bill reinstating

Sanusi was sponsored by

Lawan Hussaini Chediyar

Yan Gurasa, the Majority

Leader and representative

of the Dala Constituency.

Muhammad Butu, the

deputy speaker, explained

that repealing the law

would revive the lost glory

of Kano as the division

of Kano emirate to five

reduced the capacity and

dignity of the state at the

national level.

“This bill in its entirety

has abrogated the estab-

lishment of the five new

Emirates in the state and

reverted to the former sta-

tus of a single Emir in Kano

which we inherited since

the Jihad of Shehu Usman

Dan Fodio,” said Major-

ity Leader Lawal Hussaini

Chediyar Yan Gurasa after

the repeal was passed on

Thursday.

“The abolished Emirates

did nothing but create divi-

sion among the indigenes

of Kano. The unity which

was visible for thousands of

years in Kano was divided.

We are now reverting to our

old historical background;

one Kano, one people, one

Emir,” Yan Gurasa stated.

L-R: Segun Alabi, assistant director, corporate a󰀨airs and communications, Manufacturers Association of Nigeria (MAN); Rasheed Adegbenro,

former director general; Ambrose Oruche, director, special purpose vehicle, MAN; Francis Meshioye, president, MAN; Oluwasegun Osidipe,

director, research and economic policy; and Charles Okonji, chairman, Commerce and Industry Correspondents Association of Nigeria (CICAN),

at the Public Presentation of the MAN CEO’s Condence Index (MCCI) in Lagos, yesterday.

By Joshua Bassey

INVESTMENT

How Lagos attracted N50bn

investments in one year - Official

THE Lagos State govern-

ment says it has attracted

foreign and domestic in-

vestments worth over N50

billion in the last one year,

aided by an improved busi-

ness environment.

The investments were in

key sectors like healthcare,

retail, fast-moving consum-

er goods (FMCG), education,

financial services, cyber-

security, agriculture and

manufacturing.

Folashade Ambrose-

Medebem, the state commis-

sioner for commerce, coop-

eratives, trade & investment,

disclosed this during a min-

isterial briefing to mark the

first year of the second term

of Governor Babajide Sanwo-

Olu, in Ikeja, on Wednesday.

According to Ambrose-

Medebem, one such invest-

ment is Twinings Ovaltine

Nigeria Limited (TONL),

owned by Associated British

Foods Plc, which is expand-

ing the state’s productive

base and generating jobs.

“TONL, which formerly

imported from China and

packaged into retail units

here, has now committed

to fully manufacture its

products in Lagos with the

acquisition of an industrial

site in Ogba. The N38 billion

investment will employ 112

people directly and over 200

others as distributors by

2025 while generating over

$8 million in exports to West

African countries.

Also, many trade mis-

sions have gone from Lagos

to the United Kingdom (UK)

with the organised private

sector and business member-

ship organisations to explore

new trade opportunities.

“Our participation in

investment and business

summits across the world

seeks to retain and bring

investment opportunities in

the state to the attention of

potential investors, to attract

capital, skills, innovation

and technology to create

more local jobs, increase

productivity and generate

higher revenue,” she said.

The commissioner said

the current administration

was even determined to

formulate more business-

friendly policies and create

the right environment to

attract for investments.

“The Sanwo-Olu admin-

istration is leaving no stone

unturned in improving the

Ease of Doing Business

(EoDB) in Lagos.

“For instance, Lagos

State applied and met all

criteria to qualify for the

first phase of the World

Bank-funded State Action

on Business Enabling Re-

forms (SABER) programme

set under the Four Disburse-

ment Linked Indicators

(DLIs) covering Improved

Land Administration and

Land-Based Investment

process (DLI1); Improved

investment promotion en-

vironment (DLI2); Increased

transparency of official fees

and procedures (DLI3) and

Increase transparency of

fees and levies for inter-state

trade (DLI4).

HEALTH

By Temitayo Ayetoto-Oladehinde

WHO accuses tobacco companies

of aiming at young customers

THE World Health Organ-

isation (WHO) on Thursday

accused tobacco companies

of targeting young people

with child-friendly packag-

ing on social media, sports,

and music festivals. This,

according to the WHO, is a

deliberate attempt to hook

the younger population on

nicotine.

Despite strict regulations

targeting cigarettes, big to-

bacco companies and new

entrants have begun offering

smoking alternatives such

as vapes, which they say are

aimed at adult smokers.

However, the WHO said

these products are often mar-

keted to youth, their design

and variety of fruity flavours

appeal to children, and that

young people are more likely

to use the products than

adults in many countries.

Tedros Ghebreyesus, the

WHO’s director-general, re-

jected the industry’s claim

that it is working to reduce

the harm from smoking. “It’s

dishonest to talk about harm

reduction when they are mar-

keting to children,” he said.

The WHO’s increasingly

tough stance on newer nico-

tine products follows a sharp

rise in youth vaping across

several countries.

It pointed to flavours like

bubblegum as one driver of

this rise. The industry says

flavours are an important

tool in encouraging adults to

switch away from smoking.

Large tobacco compa-

nies have mostly steered

away from such flavours.

But firms including Philip

Morris International and

British American Tobacco

opened new tabs targeting

youth via the sponsorship

of music and sports festivals

and the use of social media,

the WHO said.

The WHO also said there

was insufficient evidence

that vapes help people quit

smoking. “There is growing

evidence they harm health,

and that vaping increases

traditional cigarette use,

especially among youth.

However, Sarah Jackson,

principal research fellow

at University College Lon-

don’s Tobacco and Alcohol

Research Group, said these

statements “do not accurate-

ly reflect current evidence on

e-cigarettes”.

NEWS

• Passed by House of Reps

8FRIDAY 24 MAY 2024www.businessday.ng

By Hope Moses-Ashike

FOREX

CBN clarifies guidelines

on BDCs licensing

THE Central Bank of Nige-

ria (CBN) has clarified the

tier-based classification of

Bureau De Change (BDCs),

stating that the new guide-

lines followed an earlier

exposure draft circulated

for public input earlier

this year, which the bank

has now incorporated and

posted on its website on

Wednesday, May 22, 2024.

According to Hakama

Sidi Ali, acting director of

the corporate communi-

cations department, who

spoke with reporters in

Abuja on Thursday, the

new guidelines include two

tiers of licensing.

She reiterated the bank’s

invitation to interested

parties to apply for BDC

licences, provided they

meet the new guidelines,

effective June 3, 2024, while

existing BDCs will have a

six-month grace period to

meet the new requirements.

Sidi Ali further said that

the CBN remained com-

mitted to repositioning

the BDC sub-sector to play

its envisioned role in the

foreign exchange market

in Nigeria.

OIL

Nigeria expects $15bn oil investment

after TotalEnergies snub

NIGERIA says it is expect-

ing around $20 billion worth

of investment in the coming

months, a few days after

French oil major, TotalEn-

ergies, snubbed the country

for Angola.

“We have a company that

will announce a $10 billion

investment in deep offshore

in the next few weeks, and

they are in town, waiting

for me,” Heineken Lokpo-

biri, minister of state for

petroleum resources, said,

as he defended his one-year

tenure as minister during

the sectoral ministerial up-

date briefing held in Abuja

on Thursday.

“There’s also another

company that will invest

about $5 billion. These are

not stories, but I don’t want

to preempt the announce-

ment, so I let it be that we

announce it so that Nigeri-

ans will know that Angola

cannot be compared to Nige-

ria. In Africa, Nigeria is the

leading oil and gas producer

and we are still dominating

that position.

“Our target in 2024, hav-

ing worked very hard to

create an enabling envi-

ronment, is to ensure that

we have a minimum of $20

billion in investment this

year,”

The new investments

will be made by “companies

that left Nigeria because

they believed that there

were inconsistent policies,

and the atmosphere was

unfavorable, but following

this administration’s poli-

cies of deliberately creating

the best environment that

are competitive globally,

they are all coming back”

according to Lokpobiri.

Speaking further, the

minister noted that the only

way to sustain increasing

production and generate

money that the government

needs to finance the eco-

nomic programs is the oil

and gas sector, stating that

the quickest way to the na-

tion’s economic prosperity

is the oil and gas sector.

“Every country that has

oil prioritises investment in

oil. And Nigeria can never

be an exception. So what

we are doing is to see how

we can create that investing

opportunity for companies

to come and invest.

For him, the government

is committed to creating the

environment so that inves-

tors in the oil and gas sector

can continue to invest in the

sector.

He explained even

though Nigeria has the high-

est reserves in Africa, there

had been no significant in-

vestments. This he said has

hindered the country from

seeing the benefits of these

huge reserves.

“You ask yourself the

question, why did the com-

panies in Nigeria fail to

invest in the last 12 years?

The reason is simple. The

PIA took longer than ever to

be passed and nobody wants

to invest billions of dollars

in any client where there’s

uncertainty.

“Now we have told them

that the PIA is now passed.

We have a stable governance

structure. We have the best

fiscals. As the president has

signed executive orders, we

have the best fiscal terms

that are globally competi-

tive. And we’re saying that

you have a long history with

Nigeria. So come back to

Nigeria and invest.

“And that is why those

who want to invest in the $10

billion is an old IOC. Those

who want to invest the $5

billion is an old IOC. There

are also a lot of smaller com-

panies that are coming in.

One is in fact proposing to

invest $1.6 billion,” he said.

This development is com-

ing days after Patrick Pouy-

anné, the chief executive

officer of TotalEnergies,

said that the company is

investing $6 billion in en-

ergy projects in Angola

over Nigeria, citing incon-

sistency in policy making

in West African country as

the primary reason for this

decision.

The TotalEnergies helms-

man said despite the Niger

Delta’s status as West Afri-

ca’s most productive region,

the volatile policy landscape

has rendered investments

unsustainable, adding that

the company has not con-

ducted oil exploration in the

region for 12 years.

“We have countries that

have perfectly integrated

policies like Angola. So,

we went to Angola and an-

nounced a very large $6 bil-

lion project at the begin-

ning of the week because

their framework is stable.

So we know where we go,”

he added.

R-L: Toni Sanni, head, corporate nance and venture capital, Emerging Africa Capital Advisory; Yakubu Adamu, commissioner of nance, Bauchi

State; Toyin F. Sanni, executive vice-chair, Emerging Africa Group; Bala Mohammed, governor, Bauchi State; Auwal Jatau, deputy governor,

Bauchi State; Abubakar Sulieman, speaker, House of Assembly Bauchi State, at the Emerging Africa Capital leads N40.9bn NEN Infrastructure

Bond in Bauchi, recently.

By Godsgift Onyedinefu

LEGISLATION

Bill to revert to old nat’l anthem scales 2nd reading at Senate

A bill seeking to change the

current national anthem

“Arise O Compatriots” and

revert to the old anthem

“Nigeria We Hail Thee”,

has scaled second reading

at the Senate.

The bill was passed by

the House of Representa-

tives on Thursday after

an accelerated hearing,

as it quickly passed first,

second and third reading.

At the Senate, the legis-

lation titled “A Bill for an

Act to provide for National

Anthem, 2024” and spon-

sored by Bamidele Opey-

emi, the Senate leader was

read for the second time

after lawmakers supported

it during plenary.

“Nigeria, We Hail Thee”

was adopted as Nigeria’s

first national anthem on

October 1, 1960. The an-

them’s lyrics were written

by Lillian Jean Williams,

a British expatriate who

lived in Nigeria when it

achieved independence.

Frances Berda composed

the music for “Nigeria, We

Hail Thee.”

The former anthem was

used from independence

in 1960 until 1978 when the

present anthem, “Arise,

O Compatriots,” was ad-

opted.

Leading the debate on

the bill, the Senate leader

noted that the old anthem

was in line with the vision

of President Bola Tinubu-

led administration, and

will ensure unity of the

country.

Also speaking in favour

of the bill, Tahir Monguno,

the lawmaker represent-

ing Borno North, said the

bill was apt, noting that

the current anthem was a

product of a military junta

and does not reflect the

aspirations of Nigerians.

Also speaking, Oke-

chuukwu Ezea, the law-

maker representing Enugu

North, said the old anthem

evoked more emotion, add-

ing that the current an-

them is vague and does not

pass any message.

Supporting the bill, Ji-

moh Ibrahim, a lawmaker

from Ondo State, said “If

we get the national anthem

right, we will get Nigeria

right.”

The bill was consequent-

ly passed with the majority

of the lawmakers backing

it. They also agreed that

a public hearing would be

conducted to get the input

of Nigerians.

By Temitayo Ayetoto-Oladehinde

HEALTH

Lagos to establish essential

medicines agency for easy

access to drugs

THE Lagos State govern-

ment has announced plans

to establish the Lagos State

Essential Medicines Agency

(LSEMA) to ensure seamless

management and distribu-

tion of essential medicines

within the state.

Akin Abayomi, the

health commissioner, stated

this while briefing journal-

ists on Wednesday at the

ongoing 2024 ministerial

briefing to mark the first

year of the second term of

the Babajide Sanwo-Olu’s

administration.

He said the planned agen-

cy would transform the

management and distribu-

tion of essential medicines,

in line with the Federal

Government’s mandate for

every state to set up a drug

management agency.

“The establishment of a

Drug Management Agency

is designed to address sig-

nificant challenges in the

supply chain by introducing

a structured and technologi-

cally-driven approach to the

procurement, storage, and

distribution of health com-

modities”, he said.

Abayomi listed the

expected benefits of the

planned agency to include

robust regulation of medi-

cine flow, improved access

to quality drugs, enhanced

health planning data, and

increased internal revenue

generation through efficient

drug sales. He also noted

that applying economy of

scale during bulk purchases

would help maintain stable

prices for essential medi-

cines regardless of economic

fluctuations.

“We are now at the stage

where we are beginning to

track the need for a medical

drug agency for Lagos State

to make sure we control

the prices of drugs with

economies of scale and bulk

purchasing, improve the

quality of drugs in Lagos by

providing additional quality

assessment of the drugs that

are brought into Lagos, and

to improve the efficiency of

movement of drugs through

our facilities so that we will

never have a situation of

stock out”, he added.

He emphasised the im-

portance of public-private

partnerships (PPPs), stating

that LSEMA would leverage

productive partnerships

with the private sector to

enhance operational capaci-

ties. The agency will act as

a regulator, ensuring close

cooperation with national

regulatory bodies like the

National Agency for Food

and Drug Administration

and Control (NAFDAC) to

maintain strict quality stan-

dards for all essential medi-

cines distributed within

the state.

“Recognising the value

of collaboration, LSEMA

will leverage Public-Private

Partnerships to enhance

operational capacities. This

approach will combine pub-

lic oversight with private

sector efficiency and cre-

ativity, particularly in ar-

eas such as logistics and

the day-to-day management

of drug supplies”, Abayomi

stated.

The agency will explore

innovative financing models

to address funding challeng-

es, including private-sector

investments. The financial

structure is designed to

ensure the agency is self-

sustaining, with revenues

generated through the sale

of medicines.

Reaffirming the admin-

istration’s commitment to

addressing significant chal-

lenges in the supply chain

of essential medicines,

Abayomi noted that the

strategic direction of Gov-

ernor Babajide Sanwo-Olu’s

administration was focused

on transforming the health

sector from a cost centre to

a significant contributor to

the state’s economy.

• Awaits $10bn deep oshore deal in few weeks

By Cynthia Egboboh, Abuja &

Abubakar Ibrahim

OPINION

“Inflation rises in Nigeria

amid fuel scarcity and in-

security” indicated that

four (4) out of ten (10) Ni-

gerians are living below

the poverty line. So, with

this trend, the author has

noticed a spike and sharp

rise in the demand for

substituted products and

services by the majority

of the citizenry in the

country.

For the majority of

businesses, the persistent

inflation in the country

has made the high cost of

running and maintaining

independently generated

power unbearable, par-

ticularly the cost of die-

sel. This has resulted in

the high cost of running

businesses. However, this

cost is passed on to con-

sumers without notice.

When this cost is passed

and consumers find it

intolerable, then a change

in demand is triggered by

switching to substitute

products.

The propensity for

this trend is high, and it

has been the order of the

day. Substitute products

or goods are alternative

goods that could be used

for the same purpose but

with less quality or sat-

isfaction. Therefore, in

the presence of inflation,

substituting means that

consumers seek out al-

ternatives that are fre-

quently low in price, most

of the time low in quality,

inferior, and largely un-

regulated. The demand

for substitutes contin-

ues to rise because the

masses need to survive

at all costs, so who has

the blame?

The consumers or the

businesses? So long as

the price of goods and

products continues to in-

crease, demand for their

substitutes will continue

to rise. Consequently,

business operators need

to be aware of this. Be-

cause there is low or no

demand for substitute

products, it makes the

company profitable, and

such an industry more

attractive. In a market

where there are fewer

substitute products, there

is a higher probability

of businesses earning

greater profits, but the

reverse is the case with

inflation and the current

realities.

From a business per-

spective, substitute prod-

ucts create rivalry, loss of

revenue, weak sales, loss

of potential customers

or consumers, low or no

patronage, and threats to

business survival. The

main absurdity is that

businesses cannot even

identify the providers

of these alternatives be-

cause they remain largely

in the dark, and the qual-

ity of these readily avail-

able, cheap alternatives

is significantly compro-

mised, with gross and

growing health implica-

tions.

As it stands, market-

leading companies and

products could even suf-

fer business continuity

issues if the lower-priced

alternative continues to

gain market share and

the interest of the masses.

As a response, it is

time for businesses to

re-strategize, engage in

high-quality marketing

and promotional cam-

paigns, innovate in line

with customer expec-

tations and patronage-

improving products, and

lower prices. Again, busi-

nesses can review their

pricing model at this time

to accommodate consum-

ers and customers with

waning purchasing pow-

er. It is also important for

the government to play a

bigger role in regulating

substandard, inferior,

and bad products, es-

pecially those that are

dumped on the Nigerian

market.

Businesses can fail

as a result of substitute

effects and substitution

products outperforming

the original. In the view

of the author, consum-

ers largely make their

choices based on their

available spending power

and make constant ad-

justments based on price

changes, most of the time

on impulse. Many are

unaware that the high

inflation rate in the coun-

try is one of the major

reasons why the naira is

losing value.

Right now, it’s im-

portant to look at and

understand how sub-

stitution can affect the

economy, businesses,

and environment to stop

high death rates and ill-

nesses. Therefore, the

authors recommend that

the government should

make a deliberate effort

to tackle the key issues in

the country: insecurity,

incessant power issues,

continued exchange rate

instability, and the non-

availability of forex to

genuine business opera-

tors and exporting com-

panies. Inflation could

remain an issue unless

these issues are given

headlong attention. Good

luck!

How may you obtain

advice or further infor-

mation on the article?

and necessities are in-

creasingly out of reach

for the majority of peo-

ple. Indicating that the

country’s cost of living

has risen at an alarming

rate. That is, the rise in

household spending re-

quired to maintain a con-

sistent and decent quality

of life has been a source

of anxiety for many. The

National Bureau of Statis-

tics (NBS) says Nigeria’s

headline inflation rate

increased to 33.69 percent

on a year-on-year basis as

of April 2024. The percent-

age change is the highest

in the last five years,

according to the records.

Without a doubt, the

food inflation trend over

the last two years has

been overwhelming. The

proportion of the major-

ity’s income that is spent

on food has remained

ridiculously high. The

persistent rise in infla-

tion results in a decline

in the buying power of

many Nigerians, who

are getting poorer in real

time. They will be forced

to prioritise significant

spending, and the afford-

ability of essentials will

continue to decrease. The

consequences of high

inflation are a spike in

unemployment numbers,

a rise in poverty rates,

declining savings, a high

number of jobless youths,

crimes, and unrest. A

report by Aljazeera titled

HIGH inflation as well

as economic uncertainty

have had significant im-

pacts on businesses, man-

ufacturers, and house-

holds, including indi-

vidual lifestyles and well-

being, in recent times.

The direct consequences

of these impacts continue

to have serious implica-

tions. Globally, no coun-

try is immune to infla-

tion. Around the world,

inflationary pressure has

been experienced in the

USA, the UK, and many

other developed and de-

veloping nations. But in

Nigeria, the peculiarity

is that inflation has been

getting higher steadily

for the last two years.

Nigeria is one of the coun-

tries where inflation has

grown the fastest, and it

has been a concern for

many businesses.

The troubling trend

is that most of the basics

The marriage radar (Part 2)

to discuss. Do you agree

to build a house, save

towards a holiday joint-

ly, save separately, or

save together? Discuss

it. Marry no one whose

financial stability is sus-

pect. You can marry a

man who has prospects,

but don’t marry a lag-

it does. Children have

joined cults for lack of

something to believe in

or belong to. If you marry

a man or woman who

is just there and does

not believe in a higher

being, he or she may be

narcissistic or have a

hidden hurt bound to

explode once you both

settle in. Don’t marry

someone with whom you

don’t share faith values.

Believe in something

together. Don’t marry,

and then you both wake

up and go your different

faith ways. The children

would be confused, scat-

ter, and grow up believ-

ing in nothing.

Finances:

So, have you discussed

this? Why not? The man

is supposed to bring the

bacon, but the woman

must earn her own ba-

con and, from time to

time, support the man.

Also, a man who does

nothing has no finances

they enjoy separately,

which the other partner

can support by coming

along even if they don’t

quite enjoy it. In fact,

they can be convinced to

go further to enjoy it.

Children:

How many? In what

space? Does he not want

is deceitful? Time to run.

Character is everything.

Not money, not fine.

Swot analysis:

What are your part-

ner’s strengths, weak-

nesses, opportunities,

and threats? Check them

out. If they are not add-

ing up, Hmmm.

Marriage is an exam.

Check everything, lest

you be stuck with the

devil himself. God forbid.

Prepare. It’s a journey!

I am always in awe of

married couples. I often

wonder how X married

A, and they do not even

look compatible. But

there would always be

a spark, an inner story

you could not see. It’s

that inner story you must

ensure is there and sus-

tainable for a long-haul

marriage. Remember,

you would occasionally

fall in love. We get an-

gry, and we get upset.

The beauty is when we

miss them so much and

can’t wait to tell them

lots of stories, no matter

how angry we are. Let

us keep our eyes open,

make the right choice,

and stay happy. Your

partner should be your

friend and confidant.

Don’t be pressured

into marrying the wrong

person. If he or she is

your friend, then the job

is half done. If something

stands dancing in your

heart when she walks

into the room and she

is deeply caring, Great!

If he removes his shirt

to fight because some-

one abused you and he

knows that he would be

beaten black and blue, he

still hates it. Even! If he

works hard, if he encour-

ages you, If she supports

you, is good to you, and

worries about you, Then

there is something.

We will discuss that

next week.

LET me start by apologis-

ing for bringing the sec-

ond part of this column a

week late. Life happened.

But for all my readers

who were expecting,

we spoke largely about

things that you look out

for as you prepare for a

life partner or even how

to keep a relationship or

marriage oiled.

So let’s add some

more things:

Faith:

We tend to think this

does not matter, but

By Eugenia Abu

TALES FROM THE MAIN ROAD

Businesses: Knowing the strength and

threat of substitute products at this time!

FRIDAY 24 MAY 2024 www.businessday.ng

Olubiyi is an Entrepre-

neurship & Business

Management expert with

a Ph.D. in Business Ad-

ministration from Babcock

University Nigeria. Twitter

handle @drtimiolubiyi

and via email: drtimiol-

ubiyi@gmail.com, for any

questions, reactions, and

comments

By Timi Olubiyi

gard. And please don’t

marry a woman who is

not resourceful.

What school do the

children go to? Can you

afford it, or are you push-

ing each other so you can

be like the neighbours?

Hobbies:

You can have things

you do that you both

enjoy, but each person

must have something

children? Has she had

a child before? Failure

to ask and answer these

questions can lead to dis-

aster tomorrow. Bring-

ing children into the

world is a shared assign-

ment.

Character:

The building blocks of

any marriage. Why are

you still trying to marry

her if she lies and if he

We get angry, and we get upset. The beauty

is when we miss them so much and can’t

wait to tell them lots of stories, no matter

how angry we are

OPINION

10 FRIDAY 24 MAY 2024

www.businessday.ng

By Etim Etim

South Africa – The moment of truth is here

NDDC’s N84 billion projects

miserable, crime-infested

townships, different from

the dream of democratic

paradise they had been

promised by Mandela, it

was easy for them to see

other Africans living in

their midst as the enemy.

The lone consistent public

voice against xenophobia

has been someone who

might have been expected

to gain the most from align-

ing with it: Julius Malema,

rabble-rouser, ‘Marxist’,

leader of Economic Free-

dom Fighters’ (EFF).

But South African xeno-

phobia is merely a great

people letting themselves

down, hopefully temporar-

ily, and should not provoke

other Africans to leave

South Africans to ‘hoist on

their own petard’ as they

approach this defining mo-

ment in their nationhood.

The election of Nelson

Mandela in 1994 marked

a transition from a racist

apartheid aberration to

a nation with the institu-

tions and aspirations of a

democracy. The guiding

ideology of the new nation

had been mapped out by the

elders of the African Na-

tional Congress, a left-wing

group of predominantly

African people mixed with

like-minded people of Eu-

ropean and Asian races,

through several decades

of struggle. Their aspira-

tion was to build a nation

where people irrespec-

tive of race would have an

equal stake and be able to

pursue a life of purpose

their hatred and disdain

for ‘black’ aspirations. Yet

they carry South African

passports.

When President

Ramaphosa, as a show of an

African Freedom Fighter’s

commitment to justice eve-

rywhere, took the Israeli

government to the ICJ for

genocide in Gaza, many in

the white demographic,

which disdains anything

African, queried the temer-

ity of a ‘local’ leader, draw-

ing the ire of Israel’s main

backer, the USA, and risk-

ing economic punishment.

They missed the point that

the liberation struggle that

brought the ANC to power

was not about putting food

before principle.

South Africa will elect a

parliament next week. The

majority of that parliament

will select a president.

And now the players.

Cyril Ramaphosa, Man-

dela’s heir, has achieved a

few things but has gener-

ally punched below his

weight. He is seeking re-

demption and a chance to

be the leader that would

define the identity of his

country and shape its fu-

ture.

John Steenhuisen,

leader of the ‘Democratic

Alliance’, was backed dis-

creetly by Western Europe

to be the first white presi-

dent after Apartheid.

Julius Malema is a

bright, brash, truculent,

high-living ‘Marxist’ who

wants to nationalise the

mines and redistribute the

land to black people. He

is the face many worried

whites see in their worst

nightmares.

There is Jacob Zuma, of

Umkhonto We Sizwe, brave

and pathetic, standing for

little, except a moral vacu-

ity, even if he is allowed on

the ballot.

It is dangerous to prog-

nosticate, but at the end of

the day, a new reality will

probably emerge: an ANC

Presidency, but one with

‘fire in the belly’, propelled

to more drastic actions,

such as finally tackling

land distribution and fac-

ing down other urgent

social and economic chal-

lenges, by a cooperation

of some sort with the EFF

and an effort to recapture

the trust of the hungry

and angry streets of the

townships.

It is an unacceptable

scenario for some, and per-

haps the fascists originally

from Eastern Europe will

be ready, finally, to throw

their South African pass-

ports in the dustbin.

An ‘African’ South Af-

rica with global justice

commitments, enriched

by its large racial mix, is,

hopefully, on the way to

achieving greatness on its

mother continent.

if not exactly in tatters, is

severely dented. Harsh re-

ality has supervened, with

a troubled economy, and

an inefficient government-

owned electricity com-

pany that neo-Apartheid

romanticists are happy to

point out worked much

better when it was in white

hands.

There is, too, the phe-

nomenon of ‘State Cap-

ture’, and a party-centred

patronage system under-

mining the work of govern-

ment. Young black South

Africans have the highest

unemployment rate in the

world. Very little, it seems,

has changed, economi-

cally, for them, since 1984.

In these landmark elec-

tions, there are the players,

and there are the issues.

Who, or what, is South

Africa?

Is it a multiracial lib-

eral ‘Western democracy’,

economically enmeshed

with, and beholden to, the

Western world? Or is it a

proud autochthonous Af-

rican country with a large

population of Europeans

both.

There is a struggle afoot

to disencumber South Af-

rica from mainstream Af-

rican history and aspira-

tions. David Cameron and

other Conservative Euro-

peans have recruited one

of the best PR firms in the

world to help the ‘white’

Democratic Alliance make

a final grab at power. There

is a famous ‘shock and

awe’ advert they are us-

ing to campaign. In it, the

nation’s flag is burnt, and

then renewed. It is not idle

symbolism.

Among the whites shel-

tering under the Rainbow

Nation are many who

genuinely want to blend

in and flow as Africans.

There are also, sadly, East

European extremists and

neo-Nazis. The Polish fas-

cist Janusz Walus, who

shot anti-Apartheid black

activist Chris Hani dead,

has just been freed early

from prison to live out a

life of comfort in the new

South Africa he did not

want to happen. He and

his ilk make no secret of

On Wednesday, May 29, a

few days from now, it will

be the ‘Moment of Truth’ in

South Africa.

On that day, elections

will be held across the

land to determine who will

form the next national gov-

ernment. Those elections

will be the most crucial

elections in the country’s

history, for many reasons.

The psychology of Ni-

gerian-South African in-

teraction has always been

fraught. After the initial

chip-on-the-shoulder re-

sentment against brash

young Nigerians who had

never experienced the in-

dignities of racial oppres-

sion and who flocked to

newly liberated Johan-

nesburg after 1994 to have

fun and make money,

there came a more sin-

ister xenophobia driven

by primordial sentiments

stoked among the masses

of poor blacks. Living in

and happiness—a rainbow

nation. Nelson Mandela

was the embodiment of that

‘Rainbow Nation’.

Thirty years on, the vi-

sion of a ‘Rainbow Nation’,

and Asians who have be-

come ‘indigenes’, with all

the rights?

It is a painful coming

of age decision, because

South Africa cannot be

Olugbile is a writer and psy-

chiatrist. synthesiz@gmail.

com

ETIM is a former media con-

sultant to the NDDC

THERE is calm these days

at the corporate headquar-

ters of NDDC, the 24-year-

old interventionist agency

established by the Federal

Government to fix devel-

opmental gaps in the Niger

Delta region. The 13-story

edifice, commissioned in

2021, breaks into view as

you turn into the eastern

bypass in Port Harcourt.

Inside, executives are hard

at work on the 2025 budget

and completing ongoing

projects. The rest of the

workers are no less busy.

The tranquillity is a far

cry from the brouhaha that

enveloped the commission

three years ago in the wake

of the forensic audit or-

dered by the Buhari admin-

istration into its affairs. A

new management team,

headed by Dr. Samuel Og-

buku, seems well deter-

mined to leave the ugly

past behind. For two weeks

beginning Saturday, May

18, NDDC will commission

92 high-impact infrastruc-

ture projects executed at

over N84 billion across the

nine states. They include

roads, bridges, water, elec-

tricity, electrification, a po-

lice station, health centres,

and school blocks.

Among the projects is

the 25.7-kilometre Ogbia-

Nembe Road, which has

created a road link to the

ancient city of Nembe in

Bayelsa State for the first

time in living memory. It

includes 9.15 km of pre-

fabricated vertical drains

in the swamp and seven

bridges. Executed at a cost

of N24 billion, the road cuts

the travel time to Yenagoa,

the Bayelsa State capital,

from 3 hours on danger-

ous water routes to a mere

45 minutes. It also opens

up 14 communities for de-

velopment. The project

was executed in partner-

ship with Shell Petroleum

Development Company

(SPDC) and is regarded as a

model of the commission’s

partnership approach to

tackling the challenges of

the region.

Also slated for com-

missioning is the 132KV

Transmission Line and

I32KV/33KV Substation

electrification project, ex-

ecuted at a cost of N8.3

billion to optimise power

supply to five local govern-

ment areas in the south-

ern part of Ondo State.

The project covers the

construction of 45 km of

double-circuit 33KV feed-

er lines from Omotosho

Power Station (Hook-up

Point) to Okitipupa and

two 30MVA, 132/33KV in-

jection substations with

breakers, gantry, and sub-

station automation. It also

includes the construction

of a three-bedroom semi-

detached bungalow as ser-

vice quarters.

The capacity of this

power station is optimised

with the provision of 2 x

60 MVA, a 132/33KV trans-

former, and other ancil-

lary works at Okitipupa

Injection Substation, the

rehabilitation of 35 km

of 33/11KV transmission

from Okitipupa-Igbokoda-

Ugbonla and environs,

and the construction of

1 km of rigid pavement.

The electricity project will

complement the Federal

Government’s effort in the

power sector by improving

power supply to Okitipupa,

Igbokoda, and about 2,000

neighbouring communi-

ties in Ondo South Senato-

rial District with a direct

value chain in small and

medium-scale industries,

creating jobs, and con-

sequently engendering

growth and development

in Ondo State.

NDDC’s executive direc-

tor in charge of projects,

Victor Antai, sounded ec-

static when I spoke with

him early Saturday morn-

ing. It is his brief to de-

liver on all the projects

undertaken by the agency.

And so, for five months

since late last year, Antai

has been touring the nine

NDDC states, inspecting

projects and ensuring that

contractors are up and

doing. He told me, “As

you know, I have been

on the road, inspecting

these projects and meet-

ing with contractors and

the communities, just to

ensure that every project

is delivered on time. It is

the decision of the execu-

tive management to deliver

dividends to our people.”

Before he assumed du-

ties in November, Antai

was a businessman, a lo-

cal government chairman,

and a commissioner in

the Akwa Ibom govern-

ment. To his folks, he is

known for his simplicity,

affability, and generosity.

Unlike many ‘big men’ in

public service, Antai has

no airs and does not en-

courage partisan divisions

and ethnic bigotry. So, I

asked him, among all the 92

projects, which one do you

have for Akwa Ibom State?

In Akwa Ibom State,

NDDC will commission

the 6.87-kilometre Iko-

Iwuochang road in Ibeno

LGA, the southern part of

the state. The road project

consists of a two-lane sin-

gle carriageway, a 600-me-

tre bridge, and side drains.

The N10 billion virgin road

project links 20 communi-

ties, hitherto separated by

the Qua Iboe River. Three

years ago, NDDC complet-

ed and commissioned a

1005-student hostel at the

University of Uyo. I attend-

ed the event. In Abia State,

NDDC will commission the

Obehie to Oke Ikpe road to

be reconstructed at a cost

of N3.5 billion. The nine-

kilometre road restores

the road link between Riv-

ers and Akwa Ibom states

through Abia (Ukwa East/

West). It involved the re-

construction of seven kilo-

metres of failed sections of

the road and the construc-

tion of drainage.

It is commendable that

Dr Ogbuku and his team

are completing and com-

missioning these projects,

many of which were start-

ed by previous manage-

ment. It is indeed pleasing

that he has not fallen into

the temptation to abandon

them and start new ones,

as has often been the case

in public service. Said the

chief executive: “The most

compelling need in com-

pleting and commission-

ing these projects is to put

them for use in the commu-

nities and help in renewing

hope in the people in line

with the Renewed Hope

Agenda of President Bola

Tinubu.”

It is also important that

the NDDC is now generat-

ing more good news than

negative ones. I was in the

centre of the fight in 2021

during the forensic audit

controversies, defending

the commission in the me-

dia. It is my pleasure to

report on the calm and the

progress that we now have.

HUMAN ANGLE

The election of Nelson Mandela in 1994

marked a transition from a racist apartheid

aberration to a nation with the institutions

and aspirations of a democracy

By Femi Olugbile

OPINION

FRIDAY 24 MAY 2024 www.businessday.ng

The mind games leaders play: Decoding

gaslighting tactics and protecting yourself

DJ Cuppy’s philanthropy: A model for empowering Africa’s youth

About the Author:

Dr Toye Sobande is a strate-

gic leadership expert, lawyer,

public speaker, and trainer.

He is the CEO of Stephens

Leadership Consultancy

LLC, a strategy and manage-

ment consulting rm offering

creative insight and solutions

to businesses and leaders.

Email: contactme@toy-

esobande.com

education and poverty

eradication.

Cuppy’s focus on edu-

cation isn’t accidental.

Growing up in Lagos, a

city brimming with both

vibrancy and hardship,

she witnessed firsthand

the transformative pow-

er of education. From

the bustling markets to

the crowded classrooms,

Lagos is a place where

dreams can either flour-

ish or fade.

Cuppy recognizes the

privilege she had access

to quality education, an

opportunity that acted

as a beacon of hope amid

the challenges. She un-

derstands that for many

Nigerian youth, that

same privilege remains

a distant dream, often

obstructed by socioeco-

nomic barriers.

Motivated by her own

experiences and the de-

text of the workplace,

this can manifest in a

boss who denies giving

you clear instructions,

then accuses you of pro-

crastination when the

project falls behind, be-

littles your accomplish-

ments, or takes credit

for your work. They may

constantly shift blame,

making you feel respon-

sible for their mistakes.

This constant erosion

of your confidence and

reality creates a power

imbalance that benefits

the gaslighting boss and

leaves you feeling iso-

lated and powerless.

Why does gaslight-

ing thrive in the work-

place?

The hierarchical na-

ture of workplaces fos-

ters an environment

where gaslighting can

flourish. Bosses wield

authority, making it

easier for them to ma-

nipulate narratives and

dismiss your concerns.

This power imbalance

can be incredibly dam-

aging, eroding your con-

fidence and chipping

away at your mental

well-being. This can

leave employees feeling

trapped and unsure of

how to react.

So, what are the red

flags you must watch out

for when unmasking a

gaslighting boss?

Not every disagree-

ment with your boss sig-

nifies gaslighting. The

manipulative tactics of

a gaslighting boss can

be subtle; however, if

you find yourself ques-

tioning your sanity or

sire to give back to her

community, Cuppy is

dedicated to making edu-

cation accessible for all,

believing it to be the

key to unlocking poten-

tial and creating lasting

change in Nigeria. Her

commitment is a testa-

ment to her belief that

every child deserves the

chance to learn, grow,

and contribute to the

nation’s future.

Here’s why Cuppy’s

approach is a model for

Africa’s future:

Education breeds

confidence and disci-

pline: Cuppy empha-

sises education’s abil-

ity to unlock not just

academic achievement,

but also the crucial life

skills of discipline, con-

fidence, and the ability

to network. These are

the very tools young

Africans need to navi-

feeling perpetually on

edge, be wary of these

red flags:

Denial and distor-

tion: Did you receive

clear instructions on

a task? Does your boss

now claim they never

IN a country like Ni-

geria, where poverty

and inequality run deep,

the path to success for

many young people feels

like climbing Mount

Kilimanjaro barefoot.

Enter DJ Cuppy, a vi-

brant entertainer with

a heart even bigger than

her stage presence. But

Cuppy isn’t just about

spinning beats; she’s a

philanthropist with a

clear vision: to empower

Africa’s youth through

HAVE you ever ques-

tioned your own mem-

ory or sanity after a

conversation with your

boss? You work tire-

lessly on a project, only

to have your boss claim

they gave you specific

instructions you never

received. When you try

to clarify, they insist you

are misremembering or

that you are under too

much pressure. Do you

find yourself constantly

apologising or feeling

like you are “walking on

eggshells” around them?

These could be signs of

a subtle but insidious

form of gaslighting, a

manipulative tactic that

can wreak havoc on your

mental well-being, chip

away at your confidence,

and affect your work

performance.

Gaslighting, as de-

fined by the Oxford Eng-

lish Dictionary, is to

“manipulate (someone)

by psychological means

into questioning their

own sanity.” In the con-

gate the complexities of

the modern world and

carve their own paths to

success.

Breaking the cycle of

poverty: Education is

the ultimate equaliser.

By providing resources

and opportunities for

young Nigerians, Cuppy

aims to break the vicious

cycle of poverty. Em-

powered with knowledge

and skills, young peo-

ple can lift themselves

and their families out

of hardship, creating a

ripple effect of positive

change within commu-

nities.

Beyond borders: Cup-

py’s philanthropy ex-

tends beyond national

borders. Her partner-

ships with organisations

like the Prince’s Trust

and university hardship

funds demonstrate her

commitment to nurtur-

intimidation, or even

emotional outbursts.

Isolation: They

might try to isolate you

from colleagues or un-

dermine your relation-

ships with them.

How do you strategi-

ing talent across Africa.

This pan-African ap-

proach recognizes that

a brighter future for the

continent hinges on em-

powering young people

across the board.

DJ Cuppy’s story is

an inspiration, embody-

ing the transformative

power of education and

the responsibility that

comes with privilege.

She is a living testa-

ment to how education

can change lives, not

only through personal

achievement but also

through the empower-

ment of others.

By focusing on edu-

cation and actively dis-

mantling the barriers of

poverty, Cuppy is paving

the way for a genera-

tion of young Africans

ready to take the world

by storm.

Her initiatives are

in emotional arguments.

Maintain a professional

demeanour and stick

to the facts. Stay calm

and stick to the facts

when addressing any

discrepancies. Avoid

accusations and focus on

solutions.

Consider reporting: If

the behaviour is severe

or creates a hostile work

environment, consider

reporting it to HR. Docu-

menting the gaslighting

behaviour strengthens

your case.

Prioritise self-Care:

Gaslighting can be in-

credibly stressful. En-

gage in activities that

help you manage stress

and maintain your emo-

tional health. Exercise,

meditation, and spend-

ing time with loved ones

can all be beneficial.

How can you priori-

tise your mental well-

being?

Gaslighting can be

incredibly stressful. It’s

important to prioritise

activities that help you

manage stress and main-

tain your emotional

health. Here are some

more than just acts of

charity; they are stra-

tegic efforts to create

systemic change and fos-

ter sustainable develop-

ment. Cuppy’s model is a

blueprint for a brighter

future, not just for Ni-

geria, but for the entire

continent, showcasing

how targeted efforts in

education can lead to

widespread socio-eco-

nomic growth.

Her story encourages

others to leverage their

resources and talents

for the greater good,

highlighting the pro-

found impact that one

individual can have on

the future of many. In

doing so, she inspires

a movement where the

cycle of poverty is bro-

ken, and the promise

of a better tomorrow is

within reach for all Af-

rican youth.

tips for self-care:

Maintain a healthy

work-life balance: De-

tach from work when

you leave the office. Set

boundaries and stick to

them.

Connect with sup-

portive people: Spend

time with loved ones

who value and respect

you.

Practice relaxation

techniques: Activities

like meditation, swim-

ming, or spending time

in nature can help re-

duce stress and improve

emotional well-being.

Seek professional

help: If you are strug-

gling to cope with the

effects of gaslighting,

consider talking to see a

therapist.

Please remember, you

are not crazy. Gaslight-

ing is a real tactic used

to manipulate and con-

trol others. By recognis-

ing the signs and follow-

ing these steps, you can

take back your power

and protect your mental

well-being. The fight

against gaslighting re-

quires a multi-pronged

approach. While this

article equips you with

tools to identify and deal

with a gaslighting boss,

organisations also have

a role to play. Promot-

ing open communica-

tion, fostering a culture

of respect, and provid-

ing clear guidelines for

acceptable workplace

behaviour can all help

prevent gaslighting and

create a healthier work

environment for every-

one.

By Elizabeth Musa

Bosses wield authority, making it easier

for them to manipulate narratives and

dismiss your concerns

By Toye Sobande

THE LEADERSHIP FACTORY

gave them or that you

misunderstood? This is

a classic attempt to re-

write history and make

you doubt your memory.

Minimising your

feelings: Do you express

concerns about work-

load or a project? Does

your boss dismiss your

anxieties as insignifi-

cant or overblown? This

tactic aims to isolate you

and make you feel like

you are overreacting.

Planting seeds of

doubt: Do you constant-

ly question your compe-

tence or judgement? A

gaslighting leader may

subtly criticise your

work or plant doubts

about your abilities,

eroding your confidence.

Twisting the narra-

tive: Do you find your-

self wondering if you are

the crazy one? Gaslight-

ers excel at manipulat-

ing situations, making

you feel responsible

for their actions or bad

moods.

Emotional manip-

ulation: Gaslighting

bosses may use a variety

of tactics to control you,

including guilt trips,

cally deal with a gas-

lighting boss and deliver

yourself from the mental

stress?

If you recognise

these signs, here are

some practical steps

to help you navigate

a situation with a gas-

lighting boss:

Document every-

thing: Keep detailed

notes of conversations,

emails, and any instanc-

es where your boss con-

tradicts reality. This

record becomes invalu-

able evidence if you need

to escalate the situation.

Trust your gut: If

something feels off, it

probably is. Don’t let

them convince you oth-

erwise. Your intuition

is a powerful tool; learn

to trust it.

Seek support: Con-

fide in a trusted col-

league, friend, or thera-

pist about what’s hap-

pening. Having an ob-

jective perspective and

a listening ear can be

incredibly empowering.

Don’t engage in emo-

tional battles: Gaslight-

ers thrive on emotional

responses. Don’t engage

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business, financial and

management intelligence

across platforms acces-

sible to our customers

anywhere in the world.

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Estate, Credible, Independent,

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thought

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means that we are independ-

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interests.

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12 FRIDAY 24 MAY 2024

www.businessday.ng

NIGERIA’S struggle

with soaring inflation

has dominated headlines

for months, but recent

data suggests a potential

shift. April’s inflation

figures came in lower

than anticipated, hint-

ing at a possible slow-

down. Yet, this glimmer

of hope is overshadowed

by persistent challenges

that analysts warn could

keep consumer prices

high for the foreseeable

future.

Despite the slight re-

prieve in April, experts

like Tajudeen Ibrahim,

Director of Research and

Strategy at Chapel Hill

Denham, remain cau-

tious. He predicts that

while inflation might

moderate, it won’t drop

sharply enough to meet

the Central Bank of Ni-

geria’s (CBN) optimistic

forecast of 21 percent by

year’s end. Factors such

as exchange rate insta-

bility and the ongoing

food crisis, exacerbated

by insecurity in key ag-

ricultural regions, con-

tinue to fuel inflationary

pressures.

The impact of recent

price hikes in fuel and

electricity is yet to be

fully felt. Mobifoluwa

ture of Nigeria’s in-

flation. Samuel Sule,

CEO of Renaissance

Capital Africa, empha-

sises the uncertainty

due to ongoing discus-

sions around the mini-

mum wage, money sup-

ply, and fiscal policy.

Meanwhile, Uchenna

Uzi of Lagos Business

School notes that the

rising inflation is not

matched by increases

in real incomes or mini-

mum wages, leading to

a potential decline in

demand for goods and

services.

The CBN, under

Olayemi Cardoso,

has taken a hawkish

stance, raising interest

rates to 26.25 percent

in an effort to control

inflation. However, ex-

perts argue that this

approach, focusing

solely on interest rates

without addressing un-

derlying supply issues,

may be insufficient.

The International Mon-

etary Fund (IMF) of-

fers a more tempered

outlook, predicting a

decline in inflation to

23 percent next year

and 18 percent by 2026.

To effectively com-

bat inflation, a mul-

tifaceted approach is

necessary. Addressing

supply chain disrup-

tions and enhancing

agricultural produc-

tivity are critical.

Streamlining import

processes and invest-

ing in infrastructure

projects that improve

transportation and

storage can signifi-

cantly reduce bot-

tlenecks and ensure

a smoother flow of

goods. Concurrently,

implementing initia-

tives that promote sus-

tainable agricultural

practices, provide ac-

cess to essential farm-

ing equipment and fer-

tilisers, and empower

smallholder farmers

will bolster domestic

food production, creat-

ing a more stable food

supply and mitigating

price hikes.

Without these meas-

ures, Nigeria’s infla-

tion may continue to

hover at worrying

levels, straining the

finances of ordinary

Nigerians and stifling

economic growth. How-

ever, by prioritising

these key areas, the

government can pave

the way for a more re-

silient economy. This

will not only put money

back into the pockets of

citizens but also foster

a more favourable envi-

ronment for businesses

to invest and create

jobs.

As the nation grap-

ples with these eco-

nomic challenges, the

government’s policies

will need to be both

innovative and com-

prehensive. Open com-

munication and col-

laboration with the

private sector and ag-

ricultural stakeholders

will be crucial in craft-

ing effective solutions.

Only then can Nigeria

hope to see a sustained

reduction in inflation,

ensuring economic sta-

bility and improving

the quality of life for

its citizens.

This will allow Ni-

gerians to plan for the

future with greater

confidence, invest in

their families, and con-

tribute more fully to

the nation’s prosperity.

Adesina of Afrinvest

Consulting Ltd. high-

lights that the repercus-

sions of the PMS hike

and increased electric-

ity tariffs for Band A

users are still unfold-

ing. These factors, com-

bined with escalating

energy prices, are likely

to drive up month-on-

month inflation rates

in the coming months.

Adesina projects that

May’s inflation could

rise to 34.3 percent year-

on-year, a concerning

trend for the nation’s

economy.

Nigeria’s consumer

price index has shown a

troubling trajectory, ris-

ing from 33.20 percent in

March to 33.69 percent

in April. This persistent

climb marks the 16th

consecutive increase,

highlighting a severe

and ongoing economic

strain on households.

Particularly alarming

is the surge in food in-

flation, which alone

jumped to a staggering

40.53 percent in April.

The everyday Nigerian

feels this spike most

acutely in the prices

of essential goods that

form the backbone of

daily life.

According to the Na-

tional Bureau of Statis-

tics (NBS), the primary

drivers behind this re-

lentless rise include ne-

cessities such as food,

non-alcoholic bever-

ages, housing, and utili-

ties. These are not luxu-

ries but basic needs,

and their escalating

costs are squeezing the

budgets of millions,

forcing tough choices

between meals, shel-

ter, and other critical

expenses. The situation

underscores a broader

economic crisis, where

inflation erodes pur-

chasing power and

deepens poverty, mak-

ing it harder for fami-

lies to make ends meet.

Economic analysts

are divided on the fu-

The situation

underscores a

broader economic

crisis, where ination

erodes purchasing

power and deepens

poverty, making it

harder for families to

make ends meet

Nigeria’s inflation dilemma – A glimmer of hope

amid persistent challenges

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Frank Aigbogun

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LEADING WOMAN

FRIDAY 24 MAY 2024 www.businessday.ng

JOAN FALUYI, passionate about energy, women

empowerment and period poverty awareness

IN ASSOCIATION WITH

Read the concluding part of our

interview with JOAN FALUYI on

our website www.businessday.

ng as she graces the cover of

WOMEN’S HUB for this week.

In Nigeria, 37

million girls

and women

face numerous

challenges when it

comes to accessing

menstrual hygiene

products

AS the managing director of

Offshore Dimensions Limited,

what are some of the unique

aspects of your role and re-

sponsibilities? How does your

company differentiate itself in

the market?

As the Managing Director of

Offshore Dimensions Limited,

my role encompasses a range

of unique responsibilities that

set our company apart in the

competitive oil and gas market.

1. Strategic Leadership: One

of my primary responsibilities

is to provide strategic direction

and leadership to ensure the

continued growth and success

of Offshore Dimensions Limited.

2. Partnership Management:

Cultivating and nurturing stra-

tegic partnerships with industry-

leading companies like Parker

Hannifin is crucial to our suc-

cess. As the leading expert in

motion and control technology,

Parker Hannifin enhances our

technical capabilities and en-

ables us to deliver best-in-class

solutions to our clients.

3. Technical Excellence: Off-

shore Dimensions Limited prides

itself on its technical expertise

and proficiency in providing

top-notch services to clients in

the oil and gas sector. We invest

in ongoing training and devel-

opment for our team to ensure

that we remain at the forefront

of industry advancements and

innovations.

By Kemi Ajumobi

JOAN Faluyi is a highly accomplished executive with a

proven track record of success in the energy, oil, and gas

industry, and a committed social entrepreneur dedicated to

making a significant impact in the community. With over

27 years of exceptional experience across various sectors,

she is a dynamic and visionary leader known for innovat-

ing and introducing new businesses and processes in EPC

servicing the energy, oil and gas, downstream, and mining

extractives industries.

Currently serving as the Managing Director at Offshore

Dimensions Limited, an engineering procurement and con-

struction management company, servicing the energy, oil

and gas sector in Nigeria, as well as a non-executive director

at Petrolog Group, Joan’s strategic insights and innova-

tive approaches have consistently propelled organisations

towards growth and profitability. Her ability to manage

finances, lead complex commercial negotiations, and foster

multicultural work environments has solidified her reputa-

tion as a seasoned professional in her field.

Joan holds a B.Sc. degree in Economics and Management

from Edo State University in Ekpoma and an MBA from

Enugu State University of Technology. Her commitment to

continuous learning is further demonstrated by a diploma

from the prestigious Oxford Princeton Program, where she

focused on International LPG trading and pricing, supply,

dhipping contracts, and risk management. She is also a

distinguished Fellow of Strategic Management, which un-

derscores her expertise in strategic planning and business

analysis.

4. International Recognition:

Our commitment to excellence

and customer satisfaction has

earned us international recog-

nition and accolades, including

awards from esteemed partners

like Parker Hannifin.

5. Market Differentiation:

Offshore Dimensions Limited

distinguishes itself in the market

by offering unparalleled service

quality, technical expertise, and

customer satisfaction.

In summary, my role as the

Managing Director of Offshore

Dimensions Limited involves

strategic leadership, partnership

management, fostering technical

excellence, and ensuring cus-

tomer satisfaction.

How has technology and in-

novation impacted your side

of the energy industry? What

emerging technologies or ap-

proaches are you most excited

about?

Technology and innovation

have had a profound impact on

our side of the energy industry,

particularly in engineering,

procurement, and construction

(EPC) management for offshore

projects:

1. Advanced Engineering

Tools: The adoption of advanced

engineering software and tools

has revolutionised the design

and analysis process for off-

shore structures and equipment.

Computer-aided design (CAD),

computational fluid dynamics

(CFD), and finite element analy-

sis (FEA) enable us to optimize

designs, improve performance,

and minimize risks.

2. Digitalisation and Au-

tomation: Digitalisation and

automation technologies have

streamlined project manage-

ment, procurement, and con-

struction processes. Integrated

project management systems,

automated procurement plat-

forms, and remote monitoring

tools enhance efficiency, reduce

errors, and accelerate project

timelines.

3. Robotics and Drones:

Robotics and drones are in-

creasingly being used for in-

spection, maintenance, and con-

struction activities in offshore

environments. Unmanned aer-

ial vehicles (UAVs) equipped

with cameras and sensors can

conduct aerial surveys, moni-

tor assets, and perform visual

inspections, improving safety

and reducing downtime.

4. Advanced Materials

and Manufacturing: The de-

velopment of advanced ma-

terials and manufacturing

techniques has enhanced the

durability, performance, and

cost-effectiveness of offshore

equipment and structures. Com-

posite materials, additive manu-

facturing (3D printing), and

modular construction methods

offer lightweight, corrosion-

resistant solutions for offshore

applications.

5. Renewable Energy

Technologies: The transition

towards renewable energy

sources, such as offshore wind

and solar power, presents new

opportunities and challenges

for the energy industry. Inno-

vative technologies for offshore

wind turbines, floating solar

arrays, and tidal energy systems

are reshaping the offshore energy

landscape and driving sustain-

able development.

Emerging Technologies and

and enhance safety in offshore

environments.

5. Carbon Capture and

Storage (CCS): CCS technologies

capture and sequester carbon

dioxide emissions from indus-

trial processes, mitigating green-

house gas emissions and support-

ing climate change mitigation

efforts. Offshore CCS projects

have the potential to significantly

reduce carbon emissions from

energy production and industrial

activities.

As a company at the forefront

of offshore engineering and con-

struction, we are excited about

the opportunities that emerging

technologies present for improv-

ing efficiency, sustainability, and

safety in the energy industry.

What inspired you to start a

foundation focused on period

poverty? What motivated you

to take on this important is-

sue?

As a woman, I’ve always been

passionate about advocating for

the empowerment of women and

girls, and addressing the issue

of period poverty was a natural

extension of that passion. What

inspired me to start BlossomFlow

Foundation was the realisation of

the significant impact that access

to menstrual hygiene products

can have on the lives of women

and girls, particularly those from

disadvantaged backgrounds.

I was motivated by the desire

to break down the barriers that

prevent women and girls from

fully participating in society

due to lack of access to basic

menstrual hygiene products. By

addressing period poverty, we

can help ensure that women and

girls have the dignity, health, and

opportunity they deserve.

Can you share some insights

into the challenges girls and

women in Nigeria when it

comes to access to menstrual

hygiene products?

Certainly. In Nigeria, 37 million

girls and women face numerous

challenges when it comes to

accessing menstrual hygiene

products, which can have sig-

nificant implications for their

health, dignity, and overall well-

being. Some of the barriers they

encounter include:

1. Financial Constraints:

Many girls and women in Ni-

geria come from low-income

households and cannot afford

to purchase menstrual hygiene

products regularly. The high cost

of sanitary towels, tampons, or

menstrual cups often forces them

to resort to less hygienic and

potentially harmful alternatives,

such as using rags or old cloth.

2. Lack of Access to Facili-

ties: Inadequate access to clean

water, sanitation facilities, and

private spaces for changing or

disposal exacerbates the chal-

lenges of managing menstrua-

tion.

3. Stigma and Shame: Men-

struation is often surrounded

by stigma, shame, and cultural

taboos in many communities in

Nigeria.

4. Lack of Education: Lim-

ited knowledge about menstrual

hygiene and reproductive health

exacerbates the challenges faced

by girls and women. Without ac-

cess to comprehensive sexuality

education, many girls may not

understand the importance of

menstrual hygiene or know how

to manage their periods safely

and hygienically.

5. Cultural Beliefs and

Practices: Cultural beliefs and

practices surrounding menstrua-

tion can also act as barriers to

access. In some communities,

menstruating women and girls

are considered unclean or im-

pure, leading to exclusion from

certain activities or religious

practices.

Tell us personal stories or

perspectives that highlights

the importance of this cause

and the difference it can make

in the lives of girls and women

Absolutely. The visit to the

Kirikiri Female Custodial Cen-

ter was a profoundly moving

experience that highlighted the

urgent need to address period

poverty and its impact on the

lives of girls and women. One in-

mate’s story particularly stands

out as a poignant reminder of the

transformative power of provid-

ing access to menstrual hygiene

products and support.

During the visit, I had the op-

portunity to speak with a young

girl who shared her previous

struggles with managing her

period while incarcerated. She

described how she had been

forced to resort to makeshift

sanitary solutions, such as us-

ing rags or fabric, due to the lack

of access to proper menstrual

hygiene products. These impro-

vised methods not only caused

her significant discomfort but

also put her at risk of infections

and health complications.

Listening to her story, I was

deeply moved by the resilience

and strength she exhibited de-

spite facing such adversity. It

was heart-wrenching to hear

how she had felt degraded and

ashamed every time she had to

manage her period with inad-

equate resources. However, her

spirit remained unbroken, and

she expressed immense gratitude

for the support provided by the

Blossomflow Foundation

Approaches:

1. Artificial Intelligence (AI)

and Machine Learning: AI and

machine learning algorithms

are increasingly being applied

to optimise asset performance,

predict maintenance needs,

and improve decision-making

processes in the energy sector.

2. Energy Storage Solu-

tions: Energy storage technolo-

gies, such as battery storage and

hydrogen fuel cells, play a crucial

role in integrating renewable

energy sources into the grid and

ensuring reliable power supply in

offshore environments.

3. Digital Twins: Digital

twin technology creates virtual

replicas of physical assets, al-

lowing for real-time monitoring,

simulation, and predictive main-

tenance. Digital twins enable

better asset management, per-

formance optimisation, and risk

mitigation for offshore projects.

4. Smart Sensors and IoT:

Smart sensors and Internet of

Things (IoT) devices enable re-

mote monitoring, data collection,

and condition-based mainte-

nance for offshore equipment

and infrastructure. IoT-enabled

systems improve operational

efficiency, reduce downtime,

COMPANIES & MARKETS

By Folake Balogun

FINTECH, financial ser-

vices and insurance, pro-

fessional, scientific and

technical services, and

logistics and transporta-

tion were the top sectors

with the highest num-

ber of Nigerian firms on

FT 2024 Africa’s fastest-

growing list.

Other sectors are ag-

riculture, forestry and

fishing, retail, and food

and beverages.

The latest ranking by

the Financial Times (FT)

and Statista, a research

company in which Busi-

nessDay was a coop-

eration partner in the

research, is now in its

third year. It lists 125

companies, ordered by

the highest compound

annual growth in rev-

enues (CAGR) between

2019 and 2022.

The list revealed that

fintech, financial ser-

vices, and insurance had

the most number of com-

panies which was seven

followed by professional,

scientific, and technical

services and logistics

and transportation with

two each.

Agriculture, forestry

and fishing, retail, and

food and beverages also

had two companies re-

spectively.

“Nigeria, one of the

continent’s three biggest

economies, spent 2023

in an economic crisis as

prices spiralled upwards

and the naira went into

freefall,” the FT said in

the ranking report.

It said neverthe-

less, that it still had

the second-highest

number of companies

in our ranking of Af-

rica’s fastest-growing,

compiled in conjunction

with research company

Statista, and that South

Africa, where growth

has also been lackluster,

was home to the highest

number.

“Even generally more

dynamic economies,

such as Kenya — which,

like many African coun-

tries, is labouring under

high public debt — strug-

gled to get out of the

low-growth doldrums as

inflation gnawed at dis-

posable income and the

government squeezed

expenditure.”

The companies were

invited to participate

in the research by post

and email. The project

was advertised online

and in print, allowing

all eligible companies to

created by Statista and

the Financial Times. The

application phase ran

from October 9, 2023, to

February 29, 2024.

Here are more details

on the sectors

Fintech, financial ser-

vices & insurance

The companies under

the fintech, financial

services, and insurance

sector are Moniepoint

In., Afex Commodi-

ties Exchange Limited,

Mycredit Investments

Limited, Alpha Morgan

Capital Managers Lim-

ited, Paga Group Lim-

ited, United Capital Plc,

and Comercio Partners

Limited.

According to the lat-

est GDP report by the

National Bureau of Sta-

tistics (NBS), the finance

and insurance sector

grew to 26.53 percent in

2023 from 16.36 percent

in 2022.

Professional, scientific

& technical services

Two companies which

are Thrive Agric Lim-

ited and Tripple Gee &

Company Plc are from

the professional, scien-

tific & technical services

sector.

The sector is made up

of businesses whose em-

ployees offer particular

specialised skill sets and

knowledge to clients.

Most of the industries

grouped in this sector

have production pro-

cesses that are almost

completely dependent on

worker skills.

Last year, the sector

grew marginally to 2.43

SMALLER African econ-

omies like Mauritius

and Namibia are using

investment migration

programmes to attract

high-net-worth individu-

als to boost foreign invest-

ments.

Investment migra-

tion or immigration by

investment is a process

that allows individuals to

gain citizenship or resi-

dence rights in return for

investments in their host

countries.

According to the latest

Africa Wealth Report, the

number of dollar million-

aires in Mauritius grew

by 87 percent from 2013 to

2023 and that of Namibia

grew by 32 percent. But

in Nigeria, it fell by 45

percent.

The decline in wealth

How Dubai firm is using investment migration to support Nigeria’s economy

for Africa’s most populous

nation presents an op-

portunity for companies

like Imperial Citizenship,

which is launching Resi-

dency and Citizenship by

Investment (RCBI) pro-

grammes in key African

markets like Nigeria.

RCBI programmes

have gained popularity

in recent years as a means

of obtaining residency

and/or ultimately citizen-

ship in another country

by making a significant

financial investment.

The Dubai-based firm,

which specialises in in-

vestor programmes to

obtain residence and also

citizenship in several na-

tions worldwide, expand-

ed to Nigeria in April 2024.

“Africa’s flourishing

HNWI population pre-

sents a remarkable op-

By Bunmi Bailey

Here are the sectors with most Nigerian firms on FT ranking

14 FRIDAY 24 MAY 2024www.businessday.ng

percent from 2.28 per-

cent in 2022.

Logistics and Trans-

portation

Bisedge Limited and

John Holt Plc are from

the Logistics & Trans-

portation sector.

Logistics and trans-

portation are a collection

of processes involved in

the production, storage,

inventory, delivery, and

distribution of specific

goods or services.

It is an integral ele-

ment of the whole supply

chain and it involves

proactive procedures

to safely and efficiently

move products from the

manufacturers to the

sellers, and up to the end

users or the consumers.

Transport services

slowed to 4.16 percent in

2023 from 5.55 percent in

the previous year.

Agriculture, forestry,

and fishing

Two companies which

are West African Soy

Industries Limited and

Wacot Rice Limited are

from the agriculture,

forestry, and fishing sec-

tors.

Agric, forestry and

fishing industries in-

volved business activi-

ties engaged in growing

crops, raising animals,

growing and harvesting

timber, and harvesting

fish and other animals

from farms or their natu-

ral habitats. These busi-

ness activities also in-

clude support services to

the production activities

mentioned above.

The agric sector

slowed to 1.13 percent

from 1.18 percent, for-

estry grew by 1.77 percent

from 1.62 percent and

fishing contracted to 1.36

percent from 0.47 percent.

Retail

Sundry Markets Limited

and R.T Briscoe Plc. are

from the retail sector. It

consists of all companies

that sell goods and servic-

es to consumers. There

are many different re-

tail sales and store types

worldwide, including

grocery, convenience,

discounts, independents,

department stores, elec-

trical, and specialty.

But the trade sec-

tor which comprises

of wholesale and retail

slowed to 1.66 percent

from 5.13 percent.

Food and beverages

BUA Foods Plc and Amel

International Services

Limited are from the

food and beverages sec-

tor. It includes restau-

rants, cafeterias, cafés,

fast-food joints, pubs,

delis, food manufactur-

ing operations, catering

businesses, food trans-

portation services, and

more. Work in this in-

dustry can range from

packaging to preparing,

transporting, and serv-

ing food or beverages.

Food, beverage, and

tobacco slowed to 3.03

percent from 3.86 per-

cent.

portunity. We recognise

the challenges faced by

these individuals, includ-

ing limitations on travel

freedom and a desire to

diversify their wealth.

Our RCBI programs offer

a strategic solution, em-

powering them to become

true global citizens,” Zaid

Al Hindi, founder and

CEO of Imperial Citizen-

ship said in a statement.

He said by providing

African HNWIs with the

tools to navigate the glo-

balised world, they are not

only securing a brighter

future for themselves but

also contributing to the

economic rise of the Afri-

can continent as a whole.

A recent Knight Frank

Wealth report predicts an

11 percent growth in Afri-

ca’s Ultra-high-net-worth

individuals population

by 2025. The World Bank

forecasts Sub-Saharan

Africa to be the world’s

fastest-growing region

economically over the

next three decades.

Countries like Nige-

ria, Kenya, and Morocco

are poised for explosive

growth, attracting the

attention of investment

firms eager to tap into

this burgeoning market,

according to Imperial Citi-

zenship.

“However, despite this

wealth creation, Africa

continues to grapple with

the loss of skilled profes-

sionals. The UN states

that migration from Af-

rica has increased by 30

percent since 2010. PwC

opines that a significant

portion of the wealth from

the region is managed

internationally.”

It said BusinessWire

reported that Nigerian

UHNWI, for example, held

16.8 percent ($17.2 billion)

of their assets outside

Nigeria in 2015 in a bid to

find better opportunities

and more favorable condi-

tions elsewhere. “Limited

visa freedom for African

passport holders further

restricts their ability to

participate fully in the

global economy, compa-

ny.”

The global firm noted

that the ability to travel

and work freely is a key

driver of investment for

Africa’s growing HNWI

class and that by offering

solutions like citizenship

in countries with visa-free

access to major economic

hubs; it empowers Afri-

can entrepreneurs and

investors to pursue global

opportunities.

“This not only ben-

efits the individuals

themselves but also fos-

ters knowledge transfer

and potentially attracts

further investment back

to Africa. Imperial Citi-

zenship’s expansion into

Africa is mutually ben-

eficial. African HNWIs

gain access to solutions

that address their specific

needs, the firm taps into a

rapidly growing market,”

it said.

It added that this trend

highlights a broader shift

- a growing recognition

of Africa’s potential not

just as a land rich in re-

sources, but as a vibrant

economic powerhouse

in the making. “While

Africa’s economic future

looks bright, challenges

remain. Retaining skilled

professionals and address-

ing limitations on visa

freedom will be crucial for

sustained growth.”

COMPANIES & MARKETS

FRIDAY 24 MAY 2024 www.businessday.ng

By Ifeoluwa Adebayo

Jumia, Credal partner to boost

flexible payment for customers

JUMIA, a pan-African

technology payment

service, has partnered

with CredPal, a con-

sumer credit service,

to launch the ‘Buy Now,

Pay Later’ service to

enhance flexible pay-

ment for customers in

Nigeria.

According to a

statement, the scheme

would enable custom-

ers of Jumia to buy

things on the mar-

ketplace and pay in

installments.

“We are excited to

partner with CredPal

to offer our consum-

ers a seamless and

convenient ‘Buy Now,

Pay Later’ solution.

This partnership

aligns perfectly with

our mission to make

e-commerce more ac-

cessible and inclusive

for all consumers,” the

statement said.

It said the collabo-

ration would promote

cashless transactions

throughout the Jumia

network and enable cus-

tomers to make desired

purchases without wor-

rying about their imme-

diate completion.

“We remain com-

mitted to providing

Nigerians with a

wider range of pay-

ment options and fos-

tering financial in-

clusion within the e-

commerce space. The

‘Buy Now, Pay Later’

option will give our

consumers more con-

trol over their finances

and allow them to pur-

chase the products

they want at the exact

time they need them,”

it added,

Jumia’s collabora-

tions with CredPal

and Easybuy were im-

portant in advancing

the digital economy

in the country.

“As the e-commerce

sector in Nigeria

evolves, the intro-

duction of multiple

BNPL solutions un-

derscores the im-

portance of flexible

payment methods in

promoting financial

inclusion and driv-

ing economic growth.

Jumia’s partnerships

with Easybuy and

CredPal are pivotal in

achieving these goals

and supporting the

digital economy,” the

statement said.

By Ifeoluwa Adebayo

Baobab Microfinance Bank to

expand operations beyond Nigeria

ROTIMI Oyekanmi,

board chairman at

Baobab Microfinance

Bank has said the com-

pany plans to expand

its operations beyond

Nigeria.

In a statement, Oye-

kanmi said as part

of the global Baobab

Group, they are confi-

dent in their ability to

navigate challenges,

seize opportunities

to empower entrepre-

neurs, and build a

brighter financial fu-

ture for all Nigerians.

He added that the

combined efforts of

Baobab Group’s in-

ternational reach and

Baobab Nigeria’s local

expertise showcase the

company’s dedication

to making a meaning-

ful impact on the lives

of millions of entrepre-

neurs in Nigeria and

beyond.

Christina Reifsc-

heider, board member

and group chief finan-

cial officer of the MFB

emphasised the com-

pany’s commitment to

client proximity, with

38 branches across 16

states and Abuja.

“We ensure entre-

preneurs have easy ac-

cess to financial ser-

vices,” she said.

Reifschneider reiter-

ated Baobab Nigeria’s

dedication to empow-

ering entrepreneurs

and driving financial

inclusion.

“Our focus is to de-

light our customers,

and our satisfaction

surveys show they are

pleased with our ser-

vices.”

Eric Ntumba, act-

ing CEO of Baobab

Microfinance Bank

highlighted that since

its inception, Baobab

Nigeria had disbursed

N229.7 billion in loans

to support MSMEs,

with women receiving

about 56.3 percent of

these loans compared

to 40.4 percent for men.

“The company has

issued 343,036 loans,

with an outstanding

loan portfolio of N40.95

billion as of April 2024.

Loan amounts range

from N1m to N150 mil-

lion and above,” he

said.

By Chuka Uroko

Adron Homes woo land buyers

with discounts

ADRON HOMES, a real

estate investment and

development firm, is

offering discounts on

land in a race to in-

crease affordability.

The company an-

nounced the discounts

offer recently in line

with its yearly Ileya

promo during which

it excites both existing

and intending custom-

ers with one form of

largesse or another.

Adenike Ajobo, the

company’s deputy man-

aging director, explained

at the unveiling of the

promo that their reason

for bringing out products

like the sales discounts

was to encourage Nige-

rians to own property,

adding, “Having that in

mind, we brought about

the concept of afford-

ability and convenience

of payment.”

Ajobo explained fur-

ther that their custom-

ers inspired the project,

saying, “They are the

reason the firm is still

in business; our vision

is to continually build

homes, communities,

and cities not just for

the rich alone, but also

for the middle class

and low-income earn-

ers; this is why we are

launching this promo

with its discount.”

BUSINESS EVENT

L-R: Tolu Williams, CEO, Siltech World; Obiora Okoye, director, Swap Station Mobility Limited; Ify Adah,

head of operations, Glovo; and Abiodun Oni, chief executive, FundCo Capital Managers, during the

partnership signing ceremony for the deployment of 2-wheel electric vehicles and battery swap stations

at high trafc demand locations around Lagos.

L-R: Graham-Olusanmi Lawal, director, partnerships; Cyril Okoroigwe, convener; and Conrad Ifode, director,

strategy, all of RegTechAfrica Conference, at the 2024 RegTechAfrica Conference and awards, in Lagos,

yesterday. Pic by David Apara

L-R: Akintayo Peter, corporate communication executive; Tobi Ajojesu, business development and strategy

manager; and Sadiq Kassim, director, corporate affairs, all of TGI Group, with them are Ayodeji Balogun, chief

executive ofcer, AFEX; and Johannes Flosbach, general manager, CORMART (TGI Group), at the Africa

CEO Forum 2024, in Kigali, Rwanda.

L-R: Kolawole Akintimehin, senior brand manager, Tiger Beer; Caroline Mbanu, brand manager, Tiger

Beer; Sampson Oloche, portfolio manager, Tiger Beer; Elvis Damptey, MTF Alumni; Wura Adeniran, MTF

Alumni; Akaoma Onyeonoru, program manager, MTF West Africa; Victoria Owoseni, MTF Alumni; Nneoma

Amadi, MTF Alumni; Segun Ogundeji, MTF Alumni; and Atinuke Babatunde, academy director, MTF West

Africa, during the presentation of Cheque to MultiChoice Talent Factory Alumni.

FRIDAY 24 MAY 2024 www.businessday.ngFRIDAY 24 MAY 2024

16 www.businessday.ng

FINTECH

18 FRIDAY 24 MAY 2024

www.businessday.ng

How GTCO’s HabariPay, Hydrogen and

Zest Payment performed in Q1

GTCO’s HabariPay, Ac-

cess Hydrogen Payment

Service, and Zest Payment

Services Limited have

reported a strong perfor-

mance in the first quarter

of 2024 as more Nigerians

embrace digital payment.

BusinessDay findings

show that two out of the

three listed fintech sub-

sidiaries owned by Ni-

gerian banks recorded

a rise in profits as a re-

sult of increased usage in

their payment gateways,

switching verticals, and

bill payments among oth-

ers.

The financial state-

ment for the period ending

March 31, 2024, revealed

that GTCO’s fintech sub-

sidiary, HabariPay re-

ported the highest profit

after tax of N1.09 billion

in the first quarter of 2024

followed by Access Hy-

drogen payment with N50

million and Zest Payment

Limited formerly known

as Stanbic IBTC Financial

Service Limited which

reported an after-tax loss

of N436 million in Q1’24.

In May 2023, Stanbic

IBTC Holdings joined the

ranks of banks launch-

ing a fintech business

following in the footsteps

of other financial institu-

tions like HabariPay, and

Hydrogen Pay respective-

By Chinwe Michael The fintech operating

income rose to N1.4 billion

from N1.03 billion while

its operating expenses

dropped to N307 million

from N386 million report-

ed during the reviewed

periods.

Hydrogen Payment

Hydrogen, the fintech

subsidiary of Access Cor-

poration, recorded N50

million after-tax profit in

the first three months of

2024 compared to a nega-

tive N612 million reported

in the same period of last

year.

The fintech operat-

ing income rose to N594

million from N41 million

while its operating ex-

penses dropped to N543

million from N653 mil-

lion reported during the

reviewed periods.

Zest Payment

Zest Payment Limit-

ed formerly known as

Stanbic IBTC Financial

Service Limited which

reported an after-tax loss

of N436 million in Q1’24

from a loss of N150 million

in the same period of 2023.

The fintech’s total in-

come rose to N33 million

from N4 million while

its operating expenses

increased to N469 million

from N154 million report-

ed during the reviewed

periods.

tomers, Kaliba Bilala,

founder of Tanabit told

BusinessDay in a report.

Ifeanyi Caleb, a finan-

cial analyst stated that

he sees the advantage on

the side of Squad, Hy-

drogen Pay, and other

banks’ spin-offs. He said

the banks’ startups would

gain from an established

reporting framework that

necessitates transpar-

ency. This instills confi-

dence in investors, stake-

holders, and consumers in

the business.

“Investors and the pub-

lic often perceive bank-

backed fintechs to be more

stable and less risky than

standalone fintech start-

ups. It’s a major valuation

advantage to them,” Caleb

said. “Most investors are

now interested in revenues

and profit as against gross

processed value. Access

to free/cheap investors’

funds is no longer the same

as they now demand for

short-term returns.”

Bank analysis

Habari Pay

HabariPay, the fintech

subsidiary of Guaranty

Trust Holding Company

(GTCO) reported N1.09

billion profit after tax in

the first quarter of 2024,

up 72.4 percent from N632

million in the correspond-

ing period of 2023,

56% of Central banks lack national cybersecurity

strategy for financial sector, IMF reveals

THE International Mon-

etary Fund (IMF) revealed

that 56 percent of central

banks or supervisory au-

thorities in a survey of 51

countries do not have a

national cyber strategy

for the financial sector.

According to the IMF

report titled “Mounting

cyber threats mean finan-

cial firms urgently need

better safeguards.”42 per-

cent of these financial in-

stitutions lack dedicated

cybersecurity or technol-

ogy risk-management reg-

ulations, and 68 percent do

not have a specialised risk

unit within their supervi-

sion department.

“64 percent do not

mandate testing and ex-

ercising cyber security

measures or providing

further guidance. 54 per-

By Chinwe Michael cent lack a dedicated

cyber incident reporting

regime and 48 percent

do not have cybercrime

regulations,” it said.

The IMF highlighted

that cyber attackers persis-

tently target the financial

sector.

The report read in

ly. Although the banks’

startups are still in their

infant stages, their ambi-

tions are enormous.

Segun Agbaje, the

group CEO of GTCO,

said the plan was to

push HabariPay to uni-

corn levels quickly.

HabariPay carries its

payment operations

through Squad. From

the beginning, Agbaje

had his sights on start-

ups like Paystack and

Flutterwave. According

to a third-quarter report

from Squad, its startup

capital from GTCO is

N3.1 billion.

Hydrogen Pay’s ser-

vices cut across lending,

physical and virtual pay-

ment card issuance, fraud

detection, recurring pay-

ments, storefront, invento-

ry management, account-

ing, and bookkeeping.

The banks are starting

to see results from their

splash on fintech. Accord-

ing to GTCO’s financial re-

port, Squad, which began

operations in June 2022,

reached a milestone in

January 2023 as it crossed

N200 billion in monthly

transactions.

The platform became

profitable in the first

month of operations de-

spite competition from

fintech companies like

Interswitch, Flutterwave,

OPay, and Paystack.

Experts attribute the

progress of the banks’ fin-

tech subsidiaries not to

the advertisement but to

focusing on retail banking

strategies.

GTCO has invested in

food and clothing bazaars,

which have drawn large

crowds of small businesses

and consumers. These fes-

tivals not only encourage

consumer spending but

also expose GTCO brands

and services to new cus-

parts, “Due to the tight fi-

nancial and technological

interconnections within

the sector, attacks can rap-

idly spread throughout the

system, potentially leading

to widespread disruption

and loss of confidence. Cy-

bersecurity is therefore a

significant threat to finan-

cial stability.”

The IMF said in its

April 2024 Global Finan-

cial Stability Report, re-

leased recently, that $12

billion has been lost in the

last 20 years to cyberat-

tacks.

“Financial firms have

reported significant di-

rect losses, totaling almost

$12 billion since 2004 and

$2.5 billion since 2020,” it

stated.

Also, the Nigeria Inter-

Bank Settlement System

has said that financial

institutions lost about

N17.67 billion to fraud in

2023.

According to the re-

port, the fraud count de-

creased by six percent to

95,620. However, actual

loss from fraud increased

by 23 percent in 2023

when compared to 2022

with the first quarter be-

ing the month with the

highest fraud volume in

2023 and the fourth quar-

ter being the month with

the highest fraud value.

In response to these

findings, the IMF has

urged financial institu-

tions and regulators world-

wide to prepare for height-

ened cyber threats and the

possibility of successful

breaches.

“The Fund’s recom-

mendations include the

development of robust na-

tional cyber strategies, the

implementation of dedi-

cated cybersecurity regu-

lations, and the establish-

ment of specialized risk

units within supervisory

authorities,” it disclosed.

GO LOCAL

Aso-oke: History, market size, challenges, and opportunities

Revitalising domestic cotton production in Nigeria: Learning from African success stories

NIGERIA’S fashion indus-

try boasts immense poten-

tial, but its heavy reliance

on imported cotton (over

90%) hinders growth and

job creation. To address

this, revitalising domestic

cotton production is crucial.

Let’s explore this issue,

drawing inspiration from

successful African cotton

producers.

The Current Land-

scape

Nigeria’s cotton produc-

tion peaked in the 1960s

at around 480,000 metric

tonnes (MT). However, due

to factors like competition

from cheaper imports, inad-

equate infrastructure, and

pest infestations, produc-

tion plummeted to a mere

20,000 MT in 2020 according

to Textile Exchange, 2023.

This decline has crippled

the entire textile value

chain, impacting every-

thing from yarn production

to garment making.

By Stephen Onyekwelu

ASO-OKE (pronounced,

ashoke), a traditional Yo-

ruba handwoven fabric, has

a rich history dating back to

the 15th century.

Originating from the Yo-

ruba people in southwestern

Nigeria, aso-oke means “top

cloth” in Yoruba, signifying

its high status and premium

quality. Historically, aso-

oke was worn by royalty

and used for significant cer-

emonies such as weddings,

chieftaincy, and festivals.

What traditionally gave

aso-oke its prestige was not

only its beauty but people’s

knowledge of how costly,

difficult and time-consum-

ing it was to produce. For

instance, the traditional

indigo-coloured aso-oke of-

ten required that the hand-

spun thread be dyed up to

fourteen times to achieve

the deep blues desired.

Furthermore, special

techniques had to be used

to make the threads co-

lourfast so that they would

not damage the lighter-

coloured threads or em-

broidery when washed.

The wild raw silk aso-oke

called sanyan required that

thousands of moth cocoons

be collected and their silk

carefully unravelled and

spun into thread.

These types of labour-

intensive activities were

common prerequisites be-

fore the actual weaving and

hand embroidering could

begin. When selling aso-

oke, market women will

often discuss in detail the

cost and effort required in

making a specific piece and

will compare and contrast it

with others.

Technically, aso-oke is

what is known as a double-

heddle narrow loom men’s

weave (although in some

parts of Yoruba land, it

is woven by women). The

cloth is made by weaving

one forty-foot or more four-

inch band of cloth. This long

piece is then taken to a tailor

who cuts it into pieces, sews

it together, and sometimes

hand embroiders it.

By purchasing this cloth

you are not only acquiring

a rare, one-of-a-kind piece

of cloth from a very famous

West African weaving tradi-

tion. You are also encourag-

ing weavers to maintain

the skill and knowledge

necessary to continue this

art form.

Types of aso-ke

Etu: Dark blue, often

with a striped pattern.

Sanyan: Light brown,

made from beige silk.

Alaari: Rich red, tradi-

tionally woven with silk.

Each type represents

different cultural signifi-

cances and occasions. Over

centuries, the craft of weav-

ing aso-oke has been passed

down through generations,

with regions like Oyo, Os-

ogbo, and Iseyin becoming

renowned for their weaving

expertise.

Market size

The aso-oke market has

grown substantially over

the years, evolving from

local to national and inter-

national markets. In 2022,

the market for aso-oke in

Nigeria was estimated at

approximately $20 million,

with exports to countries

with significant Yoruba

diaspora like the United

States, the United Kingdom,

and Brazil contributing to

this figure.

Domestic Market: About

$15 million.

International Market:

Approximately $5 million.

Challenges

Despite its cultural sig-

nificance and market po-

tential, the aso-oke industry

faces several challenges.

Modernisation and ur-

banisation: Younger genera-

tions are moving away from

traditional crafts to pursue

modern professions, lead-

ing to a decline in skilled

weavers.

Competition from im-

ported fabrics: Cheaper im-

ported textiles from China

and other countries have

flooded the market, making

it difficult for locally made

aso-oke to compete on price.

High production costs:

The cost of raw materials,

particularly high-quality

silk and cotton, has in-

creased, making aso-oke

production expensive.

Lack of modernisation:

Traditional weaving tech-

niques are labour-intensive

and time-consuming, limit-

ing the scalability of pro-

duction.

Limited market access:

Many weavers struggle with

accessing broader markets

due to inadequate market-

ing strategies and limited

online presence.

Opportunities

Despite these challenges,

several opportunities can be

leveraged to revitalise and

grow the aso-oke industry.

Government support

and policies: Implement-

ing supportive policies and

providing subsidies for raw

materials could help re-

duce production costs and

encourage more people to

engage in aso-oke weaving.

Technological integra-

tion: Incorporating modern

weaving technologies could

enhance production effi-

ciency without compromis-

ing the quality of traditional

designs. This could also

attract younger generations

interested in technology-

driven careers.

Market Expansion: Le-

veraging digital platforms

and e-commerce can open

new markets for aso-oke,

both locally and interna-

tionally. Online market-

places and social media can

help promote Aso-Oke to a

global audience.

Cultural promotion: In-

creasing awareness of Aso-

Oke’s cultural significance

through events, festivals,

and educational programs

can boost demand. Collabo-

rations with fashion design-

ers can integrate Aso-Oke

into contemporary fashion,

making it more appealing to

younger consumers.

Tourism development:

Promoting regions known

for Aso-Oke weaving as

tourist destinations can

create additional revenue

streams. Tourists can par-

ticipate in weaving work-

shops, purchase authentic

Aso-Oke, and learn about

its history and cultural im-

portance.

Statistics and future

outlook

Growth Rate: The aso-

oke market is projected to

grow at a compound annual

growth rate (CAGR) of 7

per cent over the next five

years, driven by increasing

cultural appreciation and

demand for unique, high-

quality textiles.

Employment: The indus-

try currently employs over

100,000 people directly and

indirectly, including weav-

ers, designers, and traders.

Export potential: With

proper branding and mar-

keting, aso-oke exports

could grow by 10 per cent

annually, tapping into the

global market for ethnic and

luxury textiles.

The aso-oke industry

in Nigeria, steeped in rich

history and cultural sig-

nificance, faces several

challenges, including mod-

ernisation pressures, com-

petition from imports, and

high production costs.

However, with strategic

interventions such as gov-

ernment support, techno-

logical integration, market

expansion, cultural promo-

tion, and tourism develop-

ment, the industry holds

significant potential for

growth. By addressing these

challenges and leveraging

opportunities, aso-oke can

continue to be a symbol

of cultural heritage and a

valuable economic asset for

Nigeria.

Learning from African

Leaders

Several African coun-

tries have achieved remark-

able success in boosting

domestic cotton produc-

tion. Here are two prime

examples.

Ethiopia: Ethiopia’s

cotton production has sky-

rocketed in recent years.

From a mere 10,000 MT in

2000, it reached a staggering

140,000 MT in 2020 according

to Textile Exchange, 2023..

This growth is attributed to

several factors:

Government interven-

tion: The Ethiopian govern-

ment launched initiatives

like the “Cotton Sector De-

velopment Strategy” (2011)

which provided subsidies

for fertilizers, improved

seeds, and training pro-

grams for farmers.

Public-Private partner-

ships: Partnerships between

government agencies, tex-

tile companies, and research

institutions fostered invest-

ment in modern ginning

facilities, improved seed

varieties, and extension

services for farmers.

Focus on organic cot-

ton: Ethiopia has become a

major producer of organic

cotton, fetching premium

prices and attracting inter-

national markets.

Burkina Faso: Burkina

Faso is another African suc-

cess story. Cotton produc-

tion rose from 200,000 MT in

2000 to a peak of 730,000 MT

in 2012 according to Textile

Exchange, 2023. Key drivers

of this growth include:

Farmer cooperatives:

Burkina Faso established

strong farmer cooperatives

that provided access to

credit, training, and bulk

purchasing of inputs, lead-

ing to increased efficiency

and productivity.

Focus on quality: Empha-

sis on quality control and

certification programmes

ensured Burkina Faso’s cot-

ton met international stan-

dards, attracting a wider

range of buyers.

Research and devel-

opment: Investments in

research led to the develop-

ment of pest-resistant and

high-yielding cotton vari-

eties better suited to local

conditions.

The Nigerian Oppor-

tunity

Nigeria has the potential

to emulate the success of

Ethiopia and Burkina Faso.

Here’s how.

Government incentives:

Similar to Ethiopia, the

Nigerian government can

introduce subsidies for in-

puts, improved seed variet-

ies like Bt cotton (resistant

to bollworm), and training

programs for farmers.

Public-Private partner-

ships: Collaboration be-

tween government, textile

companies, research insti-

tutions, and development

organisations is crucial for

investment in modern gin-

ning facilities, irrigation

infrastructure, and exten-

sion services.

Focus on organic and

sustainable practices: Pro-

moting organic cotton pro-

duction can create a niche

market for Nigerian cotton,

fetching premium prices

and attracting environmen-

tally conscious consumers.

Farmer cooperatives:

Empowering farmers

through cooperatives can

improve access to financing,

inputs, and market informa-

tion, leading to higher yields

and improved livelihoods.

Research and Develop-

ment: Investment in re-

search to develop high-

yielding, disease-resistant

cotton varieties suitable for

Nigerian soil and climate

is essential for long-term

sustainability.

Revitalising domestic

cotton production in Ni-

geria is not just about eco-

nomic growth; it’s about

creating jobs, empowering

rural communities, and fos-

tering a self-sufficient textile

industry. By learning from

successful African models

and implementing strategic

interventions, Nigeria can

unlock its vast cotton po-

tential and become a major

player in the global textile

market.

FRIDAY 24 MAY 2024 www.businessday.ng

By Stephen Onyekwelu

HOTEL

By ?? ????

Four Points by Sheraton

Hotel

(Oniru Chiefatancy

Estate,Lekki) Tel: +234 1 448

9444

Transcorp Hilton Abuja

1 Aguiyi Ironsi Street Maitama,

Abuja

Tel: +234-708-060-3000

The Wheatbaker

#4 Onitolo(Lawrence Road),

Ikoyi, Lagos.

Tel: 01 277 3560

Lagos Continental Hotel

Plot 52, Kofo Abayomi St,

Lagos

Tel: 01 236 6666

Novotel Port Harcourt

Address: 3 Stadium Road

Rumuomasi, Port Harcourt

Rivers State,

Tel: 0809 713 5734

Radisson Lagos Ikeja

#42-44 Isaac John Street,

GRA Ikeja, Lagos

Southern Sun IkoyI Hotel

Address: 47 Alfred Rewane

Road, Ikoyi, Lagos

Tel: +234 1 280 5200 / +234 1

280 0630

Email: ssikoyi.reservations@

tsogosun.com

Radisson Blu Anchorage

Hotel

1A,Ozumba Mbadiwe,Victoria

Island.

Hawthorn Suites by

Wyndham Abuja

1 Uke St, Garki, Abuja.

Tel: +234 9 4603900, +234

Top BusinessDay Partner Hotels

Radisson Blu Hotel Ikeja

#38/40 Isaac John St, Ikeja

GRA100271, Ikeja

Tel: +234-908-780 5555

206 Exclusive Hotel

Plot 206 Oladipo Diya Road

Opposite Olympia Estate

By Games Village Second

Gate Durumi2 Abuja

Royalton Hotels, Abuja

No 16 Gongola street off Mos-

hood Abiola way, Area 2, Garki

Abuja. Email: reservations@

royaltonhotels.com.ng

www.royaltonhotels.com.ng

08187664721, 08162767423,

09152694322

Rockview Hotel Festac

Plot 33, 23 Road, 2nd Avenue,

Festac Town.

Tel: 08178342190,

08178342193,08178342188,

08178342192, 08178342189.

E-mail: salesfestac@rock-

viewhotels.com, Website:

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La Cour Hotels and

Apartments

Address: 33 Glover Road, Ikoyi,

Lagos and 3 Femi Okunnu

Raoad, Ikoyi, Lagos.

Tel: +234 9120147745/

+234 9120147746, Email:

reservations@lacourhotels.com

La Palm beckons with leisure thrills

TOURISM Afrikana, organisers

of the African Hospitality and

Tourism Education Summit

Nigeria, has unveiled BWC

Hotels as official partner and

host for the forthcoming Afri-

kana Hospitality and Tourism

Education Summit Nigeria

2024 (AHTES24), which is slated

to hold between July 26 and 27

in Lagos.

The partnership deal was

confirmed by Umakant Upad-

hyay, general manager of BWC

Hotels, and Chimezie Mike Ony-

eneke, convener and founder of

Tourism Afrikana, who is also a

member of the Top 100 Nigerian

Tourism Personalities.

Speaking on the partnership

deal, Upadhyay said that the

partnership perfectly aligns

with the objectives of the sum-

mit, ensuring an unparalleled

experience for participants and

global delegates. Emphasising

the commitment to excellence,

he underscored the hotel’s dedi-

cation to providing top-notch

hospitality services, promising

primary objective of AHTES is

to continually drive business

solutions in Africa through

hospitality and tourism edu-

cation.

The key focus areas of

AHTES2024, according to him,

will be educational empower-

ment; industry integration;

innovative strategies; global

perspectives and entrepreneur-

ial mindset.

The keynotes presentations

he said would address issues of

curriculum for prosperity: posi-

tioning hospitality and tourism

management as a key discipline

in shaping African educational

and economic future; and inter-

dependence between industry

and academia: a panacea for

a highly skilled workforce in

sub-Saharan Africa.

“AHTES 2024 will dive deep

into pressing topics and emerg-

ing trends with industry experts

and thought leaders on tourism

and hospitality education and

its impacts on economic devel-

opment in Africa,” he added.

By Obinna Emelike

WITH mouth half open,

he puffs dark smoke from

Bodega Cigar, his favourite

brand. His left hand holds a

glass half-filled with cham-

pagne, which he sips inter-

mittently, yet his right hand

and eyes are firmly fixed on

the Blackjack Table. He is

not hoping to win a jackpot,

but just for fun, and if lucky,

some money to continue

his excitement at La Palm

Casino.

Lucas Abede, an Ivo-

rian on holiday at La Palm

Royal Beach Hotel, in Ac-

cra Ghana, is not alone on

the excitement thrill at the

premier beach resort. While

his wife prefers an hour or

two at the pool, Lucas joins

other casino aficionados to

try their luck on the differ-

ent table games on offer at

the casino.

Yet, some other guests

frolic freely on the large

expanse beachfront of the

resort, while the children

play ground keep their chil-

dren away from disturbing

their excitement.

Well, the excitement

has just started for leisure

seekers this summer at La

Palm Royal Beach Hotel,

especially with the peri-

odic upgrade that leaves

the hotel richer with world-

class facilities, improved

services and guest-friendly

recreational activities and

packages.

Of course, the hotel has

many things going for it.

When it was opened in Au-

gust 1999, it was a major

boost to the West African

hotel market as one of the

largest beach resorts in the

region.

Hugging the shore of the

Atlantic Ocean, La Palm is

located inside 30 acres of

lush lawns and landscaped

gardens in Accra, the Gha-

naian capital city.

For the 25 years in busi-

ness, the city centre beach

resort has risen to become

Accra’s principal address

for the business traveler,

tourists on holiday, corpo-

rate and government func-

tions.

Aside from the immacu-

late manicured lawns that

overlook the Atlantic Ocean,

on offer at the resort are 159

rooms, which are laid out in

chalet fashion, creating the

feeling of a classic Ghanaian

village setting with interna-

tional standards.

The room offerings come

in different categories that

offer either sea view or lawn

view options.

There are also 3 restau-

rants and bars, including

Accra’s only beach front

restaurant, a world-class

casino opened in 2003 by

KaiRo International, as well

as a spa and health club

showcasing state-of-the-art

equipment.

For the business traveler

and corporate guest, there is

a business centre and world-

class conference facilities,

especially the Homowo Con-

ference Centre, which is

La Palm’s dedicated 1,500

seating capacity convention

center.

The resort is also family-

friendly with a large outdoor

pool area for adults and

children. There is also Kids

Theme Park, a pleasant and

safe enclosed park right by

the main pool with special

care attendants ensuring a

fun-filled time for children.

The playground offers

lots of activities including

storytelling, swings, boat

rides and much more to

engage the kids, while the

adults mind their business.

At the sprawling pool-

side, a discerning guest can

take a dip, relax and take a

bite at the Shawarma Hut or

enjoy a drink at the Sunken

Pool Bar.

For foodies, the three res-

taurants; Royal Dragon Chi-

nese, the Continental and

Ghana Village are worth

visiting for tasty delicacies.

But the highlight is the Gha-

naian Village, a thatched

restaurant that overlooks

the beach where guests can

sample Ghanaian dishes

such as ‘red red’ (bean stew

with plantain).

Of course, Ghana is a hub

for music across all genres;

hence guests are treated

to generous doses of live

highlife music on weekends.

Moreover, La Palm has

hosted many global digni-

taries, including His Royal

Highness Prince Philip and

his delegation, as well as

George Bush, who visited

Ghana while in office as

the president of the United

States of America, among

others.

It has also hosted some

top notch corporate and

tourism events, especially

Accra Weizo, an annual

travel expo that seeks to

grow seamless travel in

West Africa.

Once again, La Palm

Beach Hotel will play host

to this year’s Accra Weizo,

which is the 7th edition,

from June 24-29, 2024 at

the Homowo Conference

Centre.

The travel expo, the big-

gest in Ghana, will start

with a 4-nation road trip on

June 24 and end with a con-

ference and exhibition on

June 28 at the beach hotel.

According to Akwaaba

African Travel Market and

ATQ News, the organisers

of Accra Weizo, La Palm

would be hosting about 30

tour and travel profession-

als from Nigeria, who would

be joined at the Seme Border

by 20 tour operators from

Ghana, Benin and Togo.

Away from conferencing

facilities and complemen-

tary to the excitement on

the hotel’s sandy beaches,

fun at casino, spa and swim-

ming pool are nearby attrac-

tions including night clubs,

Kwame Nkrumah Memo-

rial Park, Accra Art and

Craft Market, Osu Castle,

among others.

La Palm awaits your vis-

it, especially this summer,

considering the exorbitant

airfares and accommoda-

tion rates, occasioned by the

economic hardship, which

now requires a deep pocket

to enjoy a trip outside Nige-

rian shore.

20 FRIDAY 24 MAY 2024www.businessday.ng

attendees a memorable and

enriching experience.

Onyeneke expressed enthu-

siasm about the collaboration,

affirming BWC Hotels as an

ideal venue for hosting such a

gathering. He also spoke on the

educational city tour of Lagos

scheduled for the second day

of the summit in collaboration

with the Lagos State govern-

ment through the Ministry of

Tourism, Arts and Culture.

According to him,

‘‘AHTES24’s major goal is to

showcase the relevance of hos-

pitality and tourism education

towards African economic de-

velopment as Tourism Afrikana

continues to promote hospital-

ity and tourism education in

Africa through these initiatives.

‘‘The infusion of the Build

Afrika Hospitality and Tourism

Career Presentation Contest

Initiative is a laudable part of

the event, which takes place

on the same day by students in

various hospitality and tourism

institutions in Africa.’’

The theme of this year’s

summit is; ‘Catalyzing growth:

Empowering business solutions

through hospitality and tour-

ism education in Africa’. It will

attract among others scholars,

industry experts, enthusiasts,

students, hotels, travel and

tourism companies, airlines, cu-

linary schools, aviation schools

and B2B entities.

Onyeneke said that the

BWC Hotels to host African Hospitality and Tourism Summit

…to host hospitality, travel stakeholders at Weizo

Umakant Upadhyay

ENTERTAINMENT

By Obinna Emelike

By ??

By Anthony Udugba

Top 10 Nigerian songs on airwaves, streaming platforms – Turntable charts

THE Nigerian streaming platform and air-

waves are dynamic interplay of established

anthems and new arrivals on a weekly bases

and with the data provided by Turntable

chart, one of Nigeria’s prominent music

chart who drop weekly top 100 music to

that effect.

This week on their Top 100 Nigerian

songs on the charts for May 10th to 16th,

2024 Seyi Vibez dominated the top ten ap-

pearing on the number one and two entries

of the week.

‘Instagram’ by Vibez Inc., Muyeez, and

Seyi Vibez took the number one position.

This rhythmic confection, a masterclass

in contemporary Afrobeats, undoubtedly

benefited from the combined charisma of

the participating artists from Vizbez inc. a

musical crew formed by Seyi Vibez.

A new entry at number two was ‘Bad

Vibes’, by Ayra Starr featuring Seyi Vibez.

With both posing huge fan bases on social

media and the streets for Seyi, the star

power of both artists hinted at the song’s

undeniable potential to mesmerise listeners

and clinch the number two spot.

Following closely behind at number

three was ‘Stubborn’, a collaboration be-

tween Victony and Asake. This union of two

artists was welcomed by the vast majority

NIGERIAN Afrobeat superstar Burna

Boy is making his Nollywood debut as ex-

ecutive producer of the upcoming thriller

“Three Cold Dishes.” The film, directed by

Asurf Oluseyi, tackles the serious issue of

Burna Boy debuts as nollywood

producer with ‘Three Cold Dishes’

sex trafficking.

“Three Cold Dishes” follows three

teenagers who are sold into the sex trade

and reunite after 13 years to exact revenge.

Burna Boy’s production company

Spaceship Films, co-founded with Bose

Ogulu, will serve as executive producer.

The film is produced by Ifind, Alma Prods.,

Asurf Films, and Martian Network, with

Black Mic Mac co-producing.

This move into film coincides with a

new slate from Black Mic Mac, a produc-

tion company launched in 2023 by industry

veteran Pape Boye and Logical Pictures.

Black Mic Mac focuses on African and

Middle Eastern talent, developing a diverse

range of films and television series. The

company aims to become a major player in

the African market, supporting both new

and established artists.

Burna Boy joins a growing number of

musicians entering Nollywood. Recently,

Tiwa Savage starred in and executive pro-

duced her debut feature film, “Water and

Garri,” which premiered on Prime Video

on May 10, 2024.

The involvement of major musicians

like Burna Boy and Tiwa Savage high-

lights the growing connection between

Nigeria’s music and film industries, fur-

ther strengthening the country’s cultural

influence globally.

By Anthony Udugba

FRIDAY 24 MAY 2024 www.businessday.ng

of Afrobeats fans who enjoy both Victony’s

subtle and vibrant sound and Asake’s en-

ergy on his verses.

The anticipation surrounding this track

was palpable, a testament to the individual

talents of these stars.

While the top three positions boasted

new releases, the remaining slots revealed

an interplay between established anthems

and newcomers.

Young Jonn’s ‘Bahamas’, retained its

stronghold at number four, while Ruger

and BNXN’s ‘POE’, a runaway hit upon

its release, held its ground at number five,

demonstrating the song’s continued grip on

the collective Nigerian music space since

its release.

The week also witnessed a surge in

popularity for “TSHWALA BAM” by Titom,

Yuppe, EeQue, and S.N.E. This track, had

people from all over the world dancing to

its popular dance challenge named after

the song.

The song ascended a five spots to land

at number seven, a testament to its viral

challenge and Burna Boy jumping on the

recently released remix with other remixes

from Wande Coal rumoured to be released.

Rounding out the top ten were estab-

lished titans of the industry. Adekunle

Gold’s ‘Rodo’, maintained its presence at

number eight, while Ayo Maff and Fireboy

DML’s collaborative effort, on ‘Dealer’,

continued to enthrall at number nine. The

chart concluded the top 10 with a final nod

to the potent partnership of BNXN and Ru-

ger again whose ‘ILASHE’ remained a firm

favorite at number ten.

This week’s Nigerian streaming plat-

forms and airwaves served as a microcosm

of the nation’s ever-evolving musical land-

scape. The playlist resonated with Seyi

Vibes, Ruger and BNXN dominating the

top 10 as well as the exhilarating buzz of

of Nigerian music and leaving listeners

eagerly awaiting the next chapter in this

ever-evolving sonic narrative.

promising newcomers.

As the weeks progress, it will be fascinat-

ing to witness how this dynamic interplay

unfolds, further enriching the tapestry

KENNY Blaq, the award-winning come-

dian and singer known for his unique blend

of music and humor, is bringing his show

‘The Oxymoron of Kenny Blaq’ back for a

fourth edition. This season, the tour hits

three major cities: Lagos, Port Harcourt,

and Abuja.

Kenny Blaq, whose real name is Otolo-

rin Kehinde Peter, has become a household

name in Nigeria and beyond. He’s honed

Kenny Blaq announces fourth Oxymoron tour

pare for ‘The Oxymoron of Kenny Blaq.’

My fans can expect to see a whole new

side of me – even better than what they’ve

seen before. Mark your calendars for July

28th, September 1st, and October 6th. This

Nigerian tour is going to be one for the

books, and I’m making sure everyone will

be talking about it for years to come. Get

your tickets now!” Blaq is no stranger to

recognition.

He’s received numerous awards for his

contributions to the entertainment indus-

try, including the Future Awards Prize for

Comedy in 2017 and the Comedian of the

Year honor at the Lagos Achievers Awards

in 2019. “The Oxymoron of Kenny Blaq”

itself has been a critical darling, taking

home the Best Comedy Show of the Year

award at the Naija FM Comedy Awards in

both 2017 and 2018.

So, what exactly is ‘The Oxymoron

of Kenny Blaq’? It’s the culmination of

Blaq’s artistic journey, a unique show

that blends his comedic genius with his

musical prowess. This innovative series

has been praised for blurring the lines be-

tween stand-up and musical performance,

creating an unforgettable experience for

audiences.

Get ready for a night of laughter, music,

and pure entertainment. ‘The Oxymoron

of Kenny Blaq’ promises to be a must-see

event for fans of both comedy and music.

Don’t miss your chance to witness the

talent of this award-winning entertainer!

By Anthony Udugba

Mayorkun collabo UK, Nigerian artist on “Left Right” Remix

his craft through countless national and

African events, leaving audiences with his

hilarious routines and impressive musical

talent.

“I’m currently touring ten cities in

Canada, and the response has been in-

credible,” says Blaq. “I can’t wait to wrap

things up here and head back home to pre-

UK, Nigerian rising star Keys the Prince

has released a remix of his song ‘Left

Right’, featuring Afrobeats’ superstar

Mayorkun.

The original track, which took social

media and music airwaves by storm es-

pecially in the UK space has been a fan

favorite, the remix is expected to further

propel the song’s popularity in Nigeria

considering the Mayorkun feature.

‘Left Right’ pays homage to iconic gos-

pel musician, Yinka Ayefele by sampling

the chorus of Ayefele’s hit song. This hom-

age adds a layer of nostalgia to Prince’s

breakthrough song.

The video of the original song was shot

in the UK but Prince has decided to come

back the the motherland Nigeria to film

the music video for the remix.

Signed to 5K Records, a imprint of

Sony Music UK, Keys the Prince (also

known as Omo London) is known for his

unique incorporation of percussion and

samples from classic songs. This sound

has garnered him a following in both the

UK and Nigeria.

Also, 5K Records, in a move to solidify

its presence in Africa, recently appointed

Daniel Gbemiro Owolabi as Senior A&R

Manager. This appointment signals the

label’s commitment to fostering African

music’s global potential.

Moe Bah, Co-President of 5K Records

said, “Daniel’s extensive experience in

West Africa, particularly in talent devel-

opment, is invaluable. Daniel is highly

respected by artists and executives for

his years of dedication to the industry.

This will provide 5K with deeper market

insights and enable us to build strong

partnerships within Africa.”

Co-President of 5K Records, Kilo Jalloh,

emphasised the label’s unwavering com-

mitment to African music: “African music

is more than just a genre; it’s our heritage.

We understand the importance of nurtur-

ing a local fanbase while simultaneously

building a global audience. Libianca’s

song ‘People’ reaching a billion streams

is a testament to the impact of strategic

groundwork in Africa.”

By Anthony Udugba

22 FRIDAY 24 MAY 2024www.businessday.ng

BUSINESS SOUTH SOUTH

By Godfrey Ofurum, Aba

By Aniefiok Udonquak, Uyo

Improved infrastructure: Firm’s indicate

interest to return to Aba, says Otti

GOVERNOR Alex Otti of

Abia State, has announced

that he has received re-

quests from some compa-

nies, which left Aba, the

State’s commercial hub,

because of deplorable con-

ditions of infrastructure in

the city, especially roads,

and now want to come back.

This renewed interest,

according to him, is as a

result of the recent award

and flag-off of the recon-

struction of the Osisioma-

Ekeakpara industrial road,

a critical corridor in Aba’s

manufacturing layout.

Otti stated this last week-

end in the United Kingdom,

at the Cambridge Africa

Business Conference, host-

ed by the University of

Cambridge Judge Business

School, where he featured

on the fireside chat, which

focused on the topic, ‘Africa

Together - Public/Private

Partnerships’.

He further disclosed that

his administration is work-

ing towards establishing

another industrial layout

around the Umuikaa axis

in the Isiala Ngwa South

Local Government Area of

the State.

Governor Otti refused

to be drawn into self-adu-

lation and comparing Abia

with other States in Nige-

ria, saying that different

States have different chal-

lenges and priorities.

He however explained

that the modest visible

achievements of his ad-

ministration in the last 11

months have been due to

the fact that his govern-

ment has been focusing on

what is important to the

people and doing simple

things in different ways.

While responding to

questions on the sectors

that would most likely at-

tract investments in Africa,

Otti said it was important to

create objective conditions.

In his words, “Capital

will go to a place where it

will make returns. Capital

is so sensitive that it has so

much information about

you, even more than you

know. Do the homework,

create the enabling envi-

ronment for capital to find

you, secure and make your

environment attractive to

capital.”

He pointed to Infor-

mation Communication

Technology (ICT), through

the building of innovation

hubs and industrial parks

for software engineers;

robotics, and 3D printing;

mechanised agriculture

with value chain where our

people will sell processed

foods; manufacturing, as

sectors that his administra-

tion is already paying so

much attention and doing

a lot to make viable in the

State. He also emphasised

the importance of encour-

aging the workforce by

paying them regularly and

promptly to ensure that

they have money in their

hands to participate in the

economy.

Akwa Ibom inaugurates governing board

of skills acquisition centre, Ikot Ada-Idem

GOVERNOR Umo Eno of

Akwa Ibom State, has inau-

gurated a 7-member govern-

ing council, to direct the

affairs of Dakkada Skills Ac-

quisition Centre ( DASAC),

Ikot Ada-Idem, Ibiono Ibom

Local Government Area of

the State

Eno, charged the mem-

bers to show leadership and

deliver on the mandate ex-

pected of them, stating that

government will hold them

responsible for the success

or failure of the centre.

He announced that the

State Government will spon-

sor five students from each

of the 31 Local Government

Areas, as pioneer students

and advised the board to en-

gage the services of versatile

marketing professionals to

project the school in order

to generate revenue.

The Governor further

stated that the centre will

only enjoy government sub-

vention for a period of one

year, after which it should

be able to sustain itself.

He said, “Government

will sponsor five students

from each LGA, as pioneer

students

As part of the terms of

reference for the Governing

Council, he cautioned strict-

ly against playing politics

in the management of the

centre and encouraged the

team to strive for success.

“Each of you has come

with tremendous experi-

ence, particularly the Rec-

tor. Her work has left no one

in doubt of her capability,

particularly the last two

books she has released. She

has been chosen on merit,

and we expect her to take

charge and put together

a great team to lay a solid

foundation for the centre.

“We have no doubt that

with what we have in that

centre and working with

the University of Lagos, we

have what it takes to become

a University of Technology.

That’s why you have been

selected,” he explained .

The Board has Obong

Churchill Udoh as Chair-

man of the Governing

Council, Enoidem Usoro, a

professor, as rector, Aniedi-

Abasi Udofia, registrar,

with Commissioner for

Education, Commissioner

for Labour and Manpower

Planning and Commission-

er for Agriculture, as well

as Chairman, Akwa Ibom

Investment Corporation,

AKICORP, as members.

Abia to reconstruct

230 public schools

ABIA State Government

has approved the con-

struction and reconstruc-

tion of over 230 schools

across the seventeen Lo-

cal Government Areas of

the State, says Ferdinand

Ekeoma, special advis-

er, Media and Publicity,

to the Governor of Abia

State.

Ekeoma, who was at

Boys Technical College

(BTC) Aba, Monday on in-

spection of ongoing recon-

struction of the school,

said that BTC was among

the first six schools that

were awarded last year

(2023).

He said that the first

phase of the reconstruc-

tion will cover 10 primary

schools and 3 secondary

schools per LGA.

According to him, the

position of Governor Alex

Otti is that, every of such

schools to be reconstruct-

ed must have all the nec-

essary components of a

model school.

“Otti’s position is that,

beyond creating the plat-

form and enabling envi-

ronment for modern and

impactful education that

would equip Abia pupils

and students with the

requite knowledge, skills

and creativity to succeed,

he desires to see that this

policy ameliorates the

plights of parents and

guardians, who are pres-

ently being exploited by

some proprietors/opera-

tors of private schools.

“It wasn’t by accident

that a whopping 20 Per-

cent of the 2024 budget

was allocated to education

sector”.

He explained that

a whole lot of positive

things are happening in

Abia, and that Governor

Otti is determined to en-

sure that this tempo of

transformation assumes

a greater dimension, as

they navigate into the

second year of his admin-

istration.

By Godfrey Ofurum, Aba

LAPO trains communities,

clients on healthy living,

disease prevention

THE management of Lift

Above Poverty Organiza-

tion (LAPO), said that about

675,115 community mem-

bers across Nigeria have

benefited from its health

training programmes, or-

ganised between January

and March, 2024.

Honestus Ayo Obadiora,

executive director, LAPO,

disclosed this to newsmen,

Monday in Benin City, Edo

State capital.

Obadiora, said the

health training programmes

were conducted for commu-

nity members and clients of

LAPO Microfinance Bank,

in Edo, Kogi, Enugu, Rivers,

Zamfara, Lagos, and Abuja.

He noted that the train-

ing was aimed at educating

the beneficiaries on the

importance of healthy liv-

ing, disease prevention, and

regular medical check-ups.

According to him, the

programmes covered topics

such as nutrition, hygiene,

and disease management,

and provided participants

with the knowledge and

skills needed to take charge

of their health.

“We are thrilled to see so

many community members

take advantage of this op-

portunity to improve their

health and wellbeing.

“We encourage all benefi-

ciaries to embrace healthy

lifestyle choices and regular

medical check-ups to ensure

their continued health and

prosperity”, he said.

The Executive Director,

LAPO, stated that the health

training programmes were

part of its broader mission

to empower marginalised

communities and promote

sustainable development.

He posited that the or-

ganisation’s programmes

focus on education, health-

care, economic empower-

ment, and social justice, and

have impacted millions of

lives across Nigeria.

He, however, commend-

ed the beneficiaries for their

enthusiasm and commit-

ment to the programme.

By Idris Momoh, Benin

Churchill Udoh, chair-

man of the Governing

Board, while accepting the

responsibility on behalf of

the team, thanked the Gov-

ernor for the confidence re-

posed on them and pledged

to put in their best for the

success of the centre.

Enoidem Usoro, rector of

the institution, commended

the Governor for finding her

worthy to serve, noting that

though the task ahead is

enormous, they were ready

to surmount every hurdle

and ensure that their re-

sponsibilities are effectively

carried out in the interest of

the people.

Sunday Adebidi, a pro-

fessor, who led a delegation

from the University of Lagos

where the Centre has af-

filiation, applauded Gover-

nor Eno, for his leadership

style and commitment to

the growth and development

of his people, assuring sup-

port for the centre to grow

and achieve its purpose of

training world- class entre-

preneurs.

The Centre has state-of-

the art equipment for teach

agric-business, civil-tech-

nologies; fashion and life-

style business, and sports

among others.

...about 675,115 community members benet

from programme in 8 States in 3 months

NDPC, Institute sign MoU for certification

of data processing professionals in Nigeria

UBEC plans to reform education

in Africa, hosts Edutech

FG, UTEL sign pact to promote

global workforce integration

AMAC goes tough, set to institute legal

action against revenue defaulters

THE Nigeria Data Protec-

tion Commission (NDPC)

has signed a Memorandum

of Understanding (MoU)

with the Institute of In-

formation Management

(IIM) to certify 10,000 data

processing professionals

across Nigeria.

The agreement, an-

nounced at a press brief-

ing held in Abuja, marked

a significant step towards

bridging the gap in the

number of qualified data

controllers in the country.

Vincent Olatunji, the

National Commissioner of

the NDPC, presented the

certificate of license to the

Institute.

He emphasized that this

collaboration aims to es-

tablish the Institute as a

TONGUES are wagging over

the seeming abandonment of

25 newly procured GAC GS3

sport utility vehicles (SUVs)

parked at the Eagle Square,

Abuja by the Federal Capital

Territory Administration

(FCTA).

The 25 newly procured

vehicles have the logo of the

FCTA with an inscription,

“Luxi ...your AI driver”.

The SUVs, according to

sources, have been parked

at the Eagle Square, located

between the office of Head of

Service of the Federation and

Federal Secretariat build-

ings, for over four months.

The sources, who spoke

under the condition of an-

onymity, alleged that the

Pan-African hub for data

protection professionals,

enabling it to conduct ex-

aminations and certify

data professionals in both

Nigeria and the broader

African continent.

“We are authorizing

them to conduct examina-

tions and certify data pro-

fessionals in Nigeria and

Africa,” Olatunji stated.

He added that several

African countries have

already shown interest in

learning from Nigeria’s

experiences in data protec-

tion and licensing of data

processors, recognizing

the vast opportunities in

this sector.

He further noted that

the curriculum has gone

through so many processes

and input from a lot of

other friends of the Com-

vehicles belong to the FCT

administration.

According to the source,

“the cars belong to the FCT

administration, you can see

its logo boldly written on

them. I even heard that the

cars are more than what you

are seeing here.”

According to the source,

there are about 100 vehicles

parked at different ware-

houses belonging to the

FCTA across the nation’s

capital.

When contacted for his

comment on the branded

new cars, Anthony Ogun-

leye, director of press at

FCTA, promised to give an

update but didn’t until the

time of going to press.

When BusinessDay called

two days later, Ogunleye did

not respond to calls or mes-

sages sent to him.

Many residents are won-

dering why the administra-

tion is yet to roll out the cars

to ease the transport burden

in Abuja.

“Up till now, we are yet

to see the fulfillment of the

promise made by Nyesom

Wike, the Minister of the

FCT, to ease transportation

challenges and end insecu-

rity in the nation’s capital.”,

a resident told BusinessDay.

A civil servant, who

spoke on the condition of

anonymity, said: “We need

to know where we are in

the transportation sector

because we have been see-

ing projects in other sectors.

Residents need safe and se-

cure transportation.

THE Universal Basic Educa-

tion Commission (UBEC) is

set to host the 6th edition

of the African Education

Conference (Edutech) in

Abuja, between October 29

and October 31, 2024 aimed

at reforming the education

system using technology

and innovations.

Macjohn Nwabiaola,

Chairman, Board of Trust-

ees, Education First Nige-

ria, disclosed this at a press

conference in Abuja.

Nwabiaola underscored

the importance of technolo-

gy in up-scaling educational

needs of the people.

He said there was the

need to come up in speed

with global trend as well

as change the narratives

in the nation’s educational

pursuit.

THE federal government

has partnered with UTEL

Limited, a leading provider

of expatriate employees for

government agencies and

departments in the State of

Kuwait to strengthen global

workforce integration as well

as deepen Nigerians access to

quality employment opportu-

nities abroad.

Doris Uzoka-Anite, Min-

ister of Industry, Trade and

Investment, explained that

the partnership which is ex-

pected to be implemented

under the National Talent

Export Programme (NATEP),

is in line with the Federal

Government’s goal aimed to

forge mutually beneficial

partnerships with nations

and global institutions to fa-

cilitate the provision of jobs

for Nigerians.

She stated this at the sign-

ing of a Memorandum of Un-

derstanding (MoU) between

NATEP and UTEL on Tues-

THE Abuja Municipal Area

Council (AMAC) says it

would soon institute legal

actions against revenue de-

faulters in the area council.

Christopher Maikalangu,

Chairman AMAC, who dis-

closed this at a press brief-

ing in Abuja on Wednesday,

also advised those who have

not paid their tenement

rates to AMAC, since 2021

till date, to pay in order to

avoid legal action.

Maikalangu said: “For

those that will try to evade

the taxes, the council has

no other option other than

institute a legal action on

any defaulter who refuses to

comply with this measure.

On the issue of tenement

rates, I want to advise those

that have not paid their bill

since 2021 till date to go and

pay to avoid legal action.

FCTA keeps mum over 25 newly

procured cars parked at Eagle Square

“I was excited when I saw

these vehicles three months

ago. I was hopeful that very

soon I will see them on the

road, but up till now, we are

yet to hear from the admin-

istration.”

Another resident who

spoke to BusinessDay la-

mented the menace of “one

chance operators” and urged

the minister to release the

cars for commercial purpose,

so as to guarantee the safety

of residents who depend on

public transportation.

The resident stressed the

need for the government to

initiate policies that promote

safe transportation.

“There is the need for

government to see this as a

critical issue and address it

accordingly,” he said.

“We are in a world,

where things are chang-

ing and we must ensure

that our children can be

enabled to compete glob-

ally when it comes to edu-

cation.

“Some years ago, when

our students sit for JAMB,

it was paper and pencil

examination but gradually

we made it a Computer

Based Test (CBT) which

was criticized, but here we

are, CBT has come to stay.

“Edutech is very critical

and we need to look at our

policies in education, we

need to bring all stakehold-

ers and it will be holistic as

children with special needs

will be involved,’’ he said.

He said the education

sector is faced with a lot

of challenges that must be

solved through collabora-

tions.

day in Abuja.

She also said that the part-

nership marks a substantial

step towards reducing un-

employment and promoting

global workforce integration.

“The MoU will be executed

by the National Talent Export

Programme (NATEP). The

signing of the MoU marks

another milestone in our ef-

forts to ensure that Nigerians

have access to quality employ-

ment opportunities. These

employment opportunities

could be direct employment

and emigration of our talent

or utilization of the Business

Process Outsourcing (BPO)

model for gainful and mean-

ingful employment for those

based in Nigeria.”

The Minister added that

through NATEP, Nigeria

can honorably export her tal-

ents in a mutually beneficial

and reputation preserving

way, putting an end to illegal

migration and the embar-

rassment therefrom to the

country.

I also want to inform

those that paid into a wrong

account or paid to your ac-

complices, or paid cash. It

is assumed that you have

not paid at all and you will

pay twice.”

The AMAC chairman

also solicited for more co-

operation from all residents

within the council to dis-

charge their civic respon-

sibility by promptly paying

their revenue/taxes/levies

to designated AMAC ac-

counts.

Maikalangu said the area

council is working towards

digitalizing its revenue col-

lection system to avoid the

negative activities of touts

and fake revenue collectors.

He explained that AMAC

has made efforts to rear-

range and reorganize the

activities of its revenue col-

lectors, especially those who

stand on the roads.

INSIDE ABUJA

FRIDAY 24 MAY 2024 www.businessday.ng

The SUVs parked at the Eagle Square, Abuja

By Joy Jimoh, Abuja

Favour Okpale, Abuja

By Ladi Patrick-Okwoli

By Ladi Patrick-Okwoli mission where it was sub-

jected to a thorough review

and all the added values

from different friends and

partners were harmonized.

This, he noted, was

done taking into consid-

eration the ECOWAS Con-

vention of 2010, AUGP of

2018, and the Nigerian Res-

ervation Act 2023. He also

enjoined the Institute of

Information Management

to adhere strictly to the

guidelines and processes

contained in the licence

certification to avoid being

deregistered as the com-

mission will be vigilant in

monitoring their adher-

ence to this provision and

will not hesitate to weld

the hammer wherever

there is a contravention.

When the Commission

was established, there were

only about 2,000 certified

data controllers in Nigeria.

This number has grown

to 10,000, but Olatunji

stressed that the industry

requires over 500,000 pro-

fessionals to meet demand.

The collaboration with

the Institute of Informa-

tion Management is in-

tended to address this

shortfall.

“We want to ensure that

we get the best and lay a

solid foundation,” Olatunji

said. He highlighted the

development of a robust

curriculum based on five

key documents that are es-

sential for data protection

and privacy provisions in

Nigeria. This curriculum

will be used by Data Protec-

tion Compliance Organiza-

tions (DPCOs) accredited

for training.

24 FRIDAY 24 MAY 2024www.businessday.ng

LIVE @ THE EXCHANGES

Company Opening Closing Change

CILEASING [MRF] 3.13 3.1 3.44

CAVERTON [MRF] 1.3 1.3 1.4

CHAMS 1.4 1.4 1.5

CONHALLPLC [MRF] 1.3 1.35 1.38

VERITASKAP [MRF] 0.56 0.56 0.59

AFRIPRUD 6.55 6.8 6.8

Market Statistics as at

Thursday 23 May 2024

GAINERS LOSERS

ASI (Points) 97,978.02

DEALS (Numbers) 7,852

VOLUME

(Numbers)

316,453,262

VALUE (N billion) 7.699

MARKET CAP

(N Trn)

55.424

Company Opening Closing Change

SKYAVN 22.95 20.7 20.7

NEM [MRF] 8.45 7.65 7.65

FTNCOCOA [RST] 1.39 1.26 1.26

TANTALIZER 0.54 0.49 0.49

JAPAULGOLD 1.9 1.71 1.74

MBENEFIT [MRF] 0.57 0.53 0.53

Top Gainers/Losers as at Thursday 23 May 2024

UPDC [BLS] 1.2 1.24 1.24

TIP 1.8 1.85 1.85

CORNERST [MRF] 1.9 1.81 1.95

UPDCREIT 4 4.1 4.1

ROYALEX [MRF] 0.55 0.55 0.56

Company Opening Closing Change

Nigeria’s rate hike further hurts stocks

INVESTORS in Nige-

ria’s equities market

are taking sell positions

since Tuesday’s further

rate hike by the Mon-

etary Policy Committee

(MPC) of the Central

Bank. The market has

decreased by 0.25 per-

cent since the hike of

Monetary Policy Rate

(MPR).

The MPC of the Cen-

tral Bank of Nigeria

(CBN) further ramped

up tightening measures

to check inflation as

it hiked policy rate by

150 basis points (bps) to

26.25percent.

MPC also retained

cash reserve ratio (CRR)

By Iheanyi Nwachukwu

for deposit money bank

at 45percent; retained

asymmetric corridor at

+100bps/-300bps; and

retained liquidity ratio

constant at 30percent.

At the Lagos Bourse

on Thursday, the mar-

ket traded further

south by -0.15 percent

as more stock inves-

tors took sell positions

in anticipation of price

decline after the MPC

decisions.

Skyway Aviation

Handling Company led

the league of top los-

ers after its share price

lowered from preceding

day’s highs of N22.95 to

N20.70, losing N2.25 or

9.80 percent.

The market’s nega-

tive close on Thursday

pushed lower the return

year-to-date (YtD) to

31.03percent.

The stock market’s

benchmark perfor-

mance indicators – the

Nigerian Exchange Lim-

ited (NGX) All-Share

Index (ASI) and Mar-

ket Capitalisation also

decreased further from

preceding trading day’s

highs of 98,128 points

and N55.508trillion re-

spectively to 97,978.02

points and N55.424 tril-

lion.

UBA, GTCO, Zenith

Bank, Transcorp and

Julius Berger shares

were actively traded on

Thursday. In 7,852 deals,

investors exchanged

316,453,262 shares worth

N7.699billion.

NIGERIA’S Securities

and Exchange Commis-

sion (SEC) has approved

for International Brewer-

ies Plc to raise funds by

way of rights issue.

This means that the

company will sell the

agreed number of shares

amounting to N588billion

to only existing share-

holders.

International Brew-

eries Plc will offer to

the shareholders the

proposed Rights Issue of

161,172,395,100 Ordinary

Shares of 2 Kobo each at

N3.65 Per Share, on the ba-

sis of six (6) new ordinary

shares for every one (1)

existing ordinary share

held.

SEC approves International Breweries N588bn Rights Issue

The Qualification Date

for the Rights Issue is

May 2, 2024. The applica-

tion list opened on May

21, 2024, and will close on

June 10, 2024 as approved

by the Commission.

The Rights circular

will be distributed to

shareholders by the Com-

pany’s Registrars, while

application forms will

also be made available on

the websites of the Com-

pany and the Registrars

for ease of access.

“International Brew-

eries demonstrated a ro-

bust topline performance

in first quarter (Q1) 2024,

with a notable 90percent

year-on-year (y/y) rise in

revenue, reaching N103.2

billion. This substantial

growth was underpinned

by higher prices amid re-

duced volumes, a trend

seen across the brewery

space.

“Despite the significant

price increases, Interna-

tional Breweries products

are still the lowest priced

in the market. On the cost

front, the firm recorded a

faster rise in cost of sales

(+99percent y/y) to N74.4

billion. As a result, we saw

gross margins decline by

3percent y/y to 28percent

(Q1’23: 31percent). Given

this, gross profit growth

slowed to 69percent y/y,

to print at N28.9billion”,

Vetiva Research analysts

said recently.

THE opening of trading

on the London Stock Ex-

change (LSE) on Tuesday

was not just a routine

event but a momentous

occasion that brought

together prominent fig-

ures from the financial

ecosystem to set a new

course for African inno-

vation. Gbite Oduneye,

founder and Managing

Partner at ODBA, joined

Christophe Viarnaud

of AfricArena and Abi

Ajayi from the LSEG in

a symbolic act that could

very well redefine the fu-

ture of African startups

on the global stage.

Abi Ajayi, represent-

ing the LSE’s 300-year

legacy, spoke of the

exchange as a fintech

powerhouse, while also

casting a vision where

the LSE serves as a nur-

turing ground for inno-

vative African startups.

The idea of dual listing

with local African ex-

changes was particularly

striking, suggesting a

new era of interconnect-

ed financial opportuni-

ties.

Christophe Viarnaud,

emphasized the need for

more capital in Africa

and the importance of

storytelling. He stated,

“Africa needs more capi-

tal, and we have to keep

telling the stories that at-

tract it.” His words ech-

oed the sentiment that

financial investment and

narrative play crucial

roles in shaping the con-

tinent’s economic land-

scape.

Gbite Oduneye, a key

player in this narrative,

shared profound insights

on the significance of fi-

nancial autonomy: “Who

finances you controls

your destiny. It’s a pow-

erful truth that under-

scores the importance of

self-reliance and strate-

gic partnerships. We’re

at a pivotal point where

African companies are

poised to take control of

their futures by seeking

listings on prestigious

exchanges like the LSE,

Lagos, and New York.

This movement is not

just about gaining vis-

ibility; it’s about affirm-

ing our place in the glob-

al economy and steering

our destiny towards un-

precedented growth and

innovation.”

Furthermore, Gbite

Oduneye expressed op-

timism about the fu-

ture: “I look forward to

the day when African

London Stock Exchange signals new

horizons for African enterprises

startups will be ringing

the bell in Lagos, Lon-

don, and New York.” At

ODBA, they back found-

ers who use technology

to create improbable

stories, pushing the

boundaries of what’s

possible in the African

startup ecosystem.

In summary, the Lon-

don Stock Exchange’s

opening bell marked a

turning point for Afri-

can enterprises, signal-

ing new horizons and

opportunities for growth

and innovation. The col-

laboration between Afri-

can startups and global

financial markets holds

immense promise, and

the vision set forth by

these trailblazing leaders

resonates far beyond the

trading floor.

As the world watches,

African entrepreneurs

are poised to make their

mark, proving that finan-

cial autonomy and stra-

tegic partnerships can

indeed shape destinies

and drive progress on a

global scale. The LSE’s

opening bell echoes not

just in London but across

continents, signifying a

bright future for African

businesses and their role

in the global economy.

THE Central Bank of Ni-

geria (CBN) on Wednes-

day held treasury bills

(NTBs) auction where it

offered N509 billion worth

of papers.

At the primary mar-

ket auction (PMA),

existing T-Bills total-

ling N508.98billion

(N331.01billion,

N9.30billion and

N168.67billion across the

91-day, 182-day, and 364-

day instruments, respec-

tively) which matured

were rolled over.

CBN auctions N509bn worth of treasury bills

Treasury bills (T-bills)

are marketable money

market securities that

raise money for the Gov-

ernment and are also used

as monetary policy tools

by the Central Bank.

T-bills are short-term

securities that mature in

1 year or less from their

issue date. They are usu-

ally issued with 3-month,

6-month, and 1-year ma-

turities.

In the secondary mar-

ket, trading activities re-

mained tight. The NTBs

market traded with a bull-

ish bias as yields on 90-

day and 180-day bills both

contracted by 1bp each to

close at 18.88 percent and

20.16 percent, while the

yield on 360-day bills con-

tracted by 2bps to close at

24.82 percent.

Similarly, in the OMO

space, the yields on the

6M and 1Y contracted by

1bp and 2bps to close at

16.56 percent and 20.17

percent, while the yield on

3M remained unchanged

at 16.56 percent.

Gbite Oduneye (r), founder and managing partner, ODBA, and Christophe Viarnaud, CEO, AfricArena,

during the market open event at London Stock Exchange recently.

FRIDAY 24 MAY 2024 www.businessday.ng

26 FRIDAY 24 MAY 2024www.businessday.ng

By Idris Momoh, Benin

...as Soludo abolishes contributory pension scheme

ACROSS THE STATES

IPMAN, Anambra on war path over

filling stations’ signage advert fees

THE Independent Petro-

leum Marketers Associa-

tion of Nigeria (IPMAN),

has raised concern over the

decision of the Anambra

State Signage and Adver-

tising Agency (ANSAA) to

disregard the agreement it

had with the State Govern-

ment on a consolidated an-

nual levy.

Chinedu Anyaso, Chair-

man of IPMAN, Enugu De-

pot, said that the Signage

Agency had been harassing

marketers in the State with

Court Summons.

Anyaso said based on the

re-negotiated agreement,

every filling station would

pay the sum of N120,000 per

year and that members had

paid up to 2023.

He said items covered

included Business Prem-

ises, Sanitation Levy, Fire

Service Fees Tenement/

Property Rate, Environment

Audit Report, Billboard and

Advertising Fees.

Anyaso said ANSAA had

promised to stop issuing

Court Summons to members

and also withdrew those is-

sued in 2023.

“Subsequently, the meet-

ing was held on July 6, 2022,

at the office of Commis-

sioner for Petroleum and

Mineral Resources between

IPMAN and Anambra State

Government officials in-

cluding AIRS and Office of

the Accountant General.

“Based on the foregoing,

we directed our members

to ensure strict compliance

to the agreement and they

have made these payments

for the years 2022 and 2023.

“Since your assumption

of office, you have kept ha-

rassing our members with

court summons, surpris-

ingly, this matter is coming

up again at this time when

our association is enjoying

a cordial business relation-

ship with the Anambra Gov-

ernment,” he said

But, contrary to the

agreement reached, ANSAA

has just issued a letter to

IPMAN, threatening to pull

down filling station signages

in the State for alleged fail-

ure to pay advertising fees.

According to Tony

Ujubuonu, Managing Direc-

tor of ANSAA, who signed

the letter, IPMAN had re-

peatedly ignored communi-

cations to them and unwill-

ing to comply with signage

regulations.

“We are left with no al-

ternative but to initiate en-

forcement of the law estab-

lishing ANSAA by removing

all signage associated with

all members of your organi-

zation,” he said.

Meanwhile, Gover-

nor Chukwuma Soludo of

Anambra State has set up

a Committee to resolve the

issue of minimum wage for

workers in the State civil

service.

Humphrey Nwafor and

Comrade Chris Ogbonna,

the Chairmen of Nigeria

Labour Congress (NLC)

and Trade Union Congress

(TUC), respectively stated

this in a joint press briefing

held at Government House,

Awka late Wednesday.

The leadership of orga-

nized labour and officials of

the Anambra State Govern-

ment led by Governor Chuk-

wuma Soludo met to iron out

burning issues bordering on

wages, pension and other

conditions of service.

Nwafor after the meet-

ing said: “Seven items were

raised before the governor,

and they included contribu-

tory pension, minimum

wage, Labour House, and

many others.

“At the end, we are happy

to inform you that all the

issues were settled amica-

bly. The governor has an-

nounced suspension of the

contributory pension both

for the state and the local

government workers.

“He has also set up a com-

mittee that will look into the

pension issues as well as

investigate why money was

deducted and not remitted.

The committee will report

back in eight weeks.

“As for the minimum

wage, seeing is believing.

Ordinarily as NLC Chair-

man in the state, we should

not make public speeches

about this, but for this, we

are saying something and

you know that this issue

started long before we came

into office.

INTERNATIONAL AWARD

Global applause as Jonathan

Ojadah bags US president’s award

JONATHAN Ojadah, UNIP-

GC Global President and

IRDCUN-EU Permanent

Representative to the United

Nations has made the list of

2024 US President’s Lifetime

Achievement Award.

The honour is reserved

for those who contribute

more than 4,000 hours of ser-

vice in their lifetime. Along

with the ultimate honour

of Presidential recognition,

recipients usually receive

a personalized certificate,

an official pin, medallion

or coin and a congratula-

tory letter from the Presi-

dent of the United States of

America.

Announcing his emer-

gence as one of the 2024 re-

cipients of the President Joe

Biden’s Award, Ojadah, in

his social media post, said it

came after a meticulous re-

view and thorough screening

of his career achievements.

He said, “The fruits of

unwavering dedication and

diligent work are indeed

sweet. For all my strides and

successes, I give all glory to

God Almighty.”

This honour also confers

on him the privilege of rec-

ommending distinguished

individuals from Africa for

this esteemed recognition,

an initiative under the pa-

tronage of Joe Biden, Presi-

dent of the United States of

America.

Meanwhile, President

Biden in a personally-signed

letter congratulated Ojadah

for his service to humanity,

saying he is proud to present

him with the award.

He said, “I, On behalf

of the American people,

I extend my heartfelt ap-

preciation to you for your

volunteer leadership, and I

encourage you to continue

to answer the call to serve. I

congratulate you on taking

it upon yourself to contrib-

ute to the public good, and

I’m proud to present you

with the Lifetime Achieve-

ment award which will be

confered on you during the

Global Peace Leadership

Summit and Awards on 29th

July, 2024 at South Shore

Harbour, Houston Texas,

USA.

“This honor is in recog-

nition of your commitment

and dedication to gather

leaders, experts. and suc-

cessful entrepreneurs to

strengthen ties between the

private and public sectors in

countries and create policy

and initiatives is commend-

able.” he said.

By Emmanuel Ndukuba, Awka

By Remi Feyisipo, Ibadan

REVENUE/LABOUR MATTERS

By Olubunmi Oladejo, Osogbo

EDUCATION

Adeleke wants parents, stakeholders’

confidence in Osun schools

GOVERNOR Ademola

Adeleke of Osun State has

called on parents and other

stakeholders to repose con-

fidence in the public educa-

tion system of the State.

Governor Adeleke, made

the call while flagging-off

the distribution of exercise

books to students of public

secondary schools in the

State.

He said that education

has been and shall remain

one of the priorities of his

Administration.

“You will recall that in

April, 2023, less than six

months into this admin-

istration, I flagged off the

distribution of instructional

materials to all our public

secondary schools. The

same gesture was extended

to basic education pupils via

SUBEB.

“Today again we shall

give to our secondary school

students the much needed

exercise books having con-

ducted a Need Assessment

survey of schools that re-

vealed the urgent need to do

so. It is our sincere hope

that students will maximize

this opportunity to have bet-

ter learning outcome.

“Education has been

and shall remain one of

the priorities of this ad-

ministration. That was

what informed the staging

of the Education Summit

held in August, 2023 with

the theme “Getting it Right

and Revamping Osun Educa-

tion.” Since the release of

the Summit Report as well

as the White Paper thereof,

our government has started

the gradual implementation

of the recommendations

one after the other. Notable

amongst our steps are:

“Recruitment of teachers

into public primary and sec-

ondary schools in the State.

Screening process is still

on-going and would be com-

pleted soon; Implementing to

letters the controversial Fed-

eral Circular on “New Re-

tirement Age for Teachers”

which has been on course

and the few that applied for

post service re-engagement

shall be interviewed soon

just as the circular dictates;

“Vacancies created by

retirement of school heads

across the State has been

filled with capable hands

leaving no vacum in school

management; Fortifying

schools security system by

engaging Peace Corps of

Nigeria, Osun State Com-

mand as school policing

and neighbourhood watch

to schools. That was in ad-

dition to the existing cadets

of Edumarshal. These were

targetted at ensuring that

students and pupils operate

in peaceful atmosphere that

learning demands.

EDO MSMES GRANT

Obaseki hails UNDP’s N300m grant to 3000 MSMEs in Edo

THE Edo State Government

has commended the United

Nations Development Pro-

gram (UNDP) for the dis-

bursement of N300 million

grant to 3,000 Micro, Small

and Medium-scale Enter-

prises (MSMEs) in the State.

BusinessDay reports that

the State Governor Godwin

Obaseki made the commen-

dation at a session with fund

coordinator in Benin City.

Obaseki, who extended

his deepest appreciation to

the United Nations Develop-

ment Program (UNDP) for

the invaluable partnership

in fostering the growth of

Medium, Small and Mi-

cro Enterprises (MSMEs),

noted that the grant was to

cushion the adverse effect of

socio-economic challenges.

He noted hat the strategic

partnership had significantly

contributed to addressing key

developmental challenges

and enhancing the economic

landscape of the state.

According to him, UN-

DP’s commitment to foster-

ing inclusive growth and

advancing the well-being

of MSMEs resonates deeply

with our vision to promote

economic development, and

prosperity of the Edo people.

Earlier, Kelvin Uwaibi,

the Managing Director, Edo

State Investment Promotion

Office (ESIPO), stated that

the UNDP’s disbursement

was made in collaboration

with Edo State Investment

Promotion Office (ESIPO),

Edo State Skills Develop-

ment Agency (Edojobs),

Ministry of Business, Trade

and Cooperatives and other

relevant business agencies.

On his part, Anita Eribo,

the Managing Director of

the Edo State Skills Develop-

ment Agency (Edojobs), said

many of the beneficiaries of

the grant are women and

youth entrepreneurs whose

success stories inspire oth-

ers and contribute to the

overall social fabric of our

society.

Siminalayi Fubara (l), governor, Rivers State in a hand shake with Muhammad Sanusi II, on his reinstatement as the 14th Emir of Kano.

FRIDAY 24 MAY 2024 www.businessday.ng

By Damilola Olufemi

By Ayuba Ma, Bauchi

By Mercy Enoch, Asaba

By Amaka Anagor-Ewuzie

TRANSPORTATION

Lagos, Ogun team up on joint transportation network

MOVEMENT to and from

Lagos and Ogun States will

likely become easier shortly

as the Lagos Metropolitan

Area Transport Authority

(LAMATA) said is revving

efforts to create a seam-

less transportation network

between Lagos and Ogun

States.

The ambitious initiative

involves updating the Lagos

Strategic Transport and

Mobility Master Plan (LST-

MMP), a crucial step towards

ensuring an efficient and

interconnected transporta-

tion system for the growing

megacity region, the au-

thority said on its official X

handle on Wednesday.

The transport authority

had held a joint engagement

meeting in Ogun State on

Tuesday to gather valuable

insights from key stakehold-

ers.

The Lagos Strategic

Transport and Mobility Mas-

ter Plan, initially developed

in 2009 and updated in 2014,

outlines strategies for trans-

portation and mobility in the

Lagos megacity region, in-

cluding parts of Ogun State.

LAMATA said the update

would address changes in

demographics and travel de-

mands, ensuring a sustain-

able transportation system.

Abimbola Akinajo, man-

aging director of LAMATA,

was represented by Osa

Konyeha, head of corporate

and investment planning at

the stakeholders meeting.

Osa Konyeha said it is

important for Lagos and

Ogun States to collaborate

in developing the transporta-

tion system.

Konyeha highlighted the

existing and planned rail

lines connecting the two

states, pointing out that the

2014 STMMP proposed build-

ing six rail lines, three of

which run from Ogun State.

The three rail lines that

will run from Ogun State

include the Red Line – from

ACROSS THE STATES

COVID-19 GRANT

110,841 individuals, businesses benefit

from COVID grant in Delta - Oborevwori

THE coast is now clear for

more Deltans to be enlisted

into the Delta COVID-19

Action Recovery and Eco-

nomic Stimulus (D-CARES)

Programme.

This followed the direc-

tive given by Governor Sher-

iff Oborevwori, that more

Deltans should be enlisted to

benefit from the programme

which is a World Bank-As-

sisted Programme.

Already, the number

of beneficiaries of the pro-

gramme has reached 110,841

from the 36,353 it stood as at

the end of the last Adminis-

tration headed by Governor

Ifeanyi Okowa.

Speaking during a town-

hall meeting with the ben-

eficiaries in the State, Gov-

ernor Oborevwori said he

was happy for heartwarming

and success stories of the

beneficiaries and the posi-

tive impacts of the activities

of the D-CARES programme

on their lives.

“Upon assumption of of-

fice as Governor, and in line

with the MORE Agenda, we

commenced the implemen-

tation of a blueprint that

will provide more access to

opportunities by Deltans,

irrespective of their socio-

economic status.

“Consequently, I approved

the release of funds to support

the activities of the D-CARES

programme across the vari-

ous delivery platforms. I am,

therefore, very pleased to see

this large number of happy

Deltans whose lives and busi-

nesses have been positively

impacted.

“Scaling up the number

of direct beneficiaries from

36,353 to 110,841, an increase

of approximately 205%, in

just about ten months, is,

indeed, a commendable

achievement.

“I, therefore, salute the

entire D-CARES team for

putting the people first in

their assignments. However,

as you know, ‘’ the reward

for hard work is more work‘’

and as such, I enjoin the D-

CARES team not to rest on

theirs oars.

“The current economic

situation in our country has

made it imperative for us to

be supportive of one another. I

charge you, therefore, to enlist

more Deltans and businesses

so that more of our people can

enjoy economic stability.

“To our dear beneficia-

ries, I congratulate you all.

It is my hope and prayer that

you will seize this oppor-

tunity provided by the pro-

gramme to chart a new path

that will lead to economic

freedom for yourselves and

your families.”

UNAPPROVED MANUFACTURING

HEALTH

NAFDAC shuts water factories

in Lagos over infractions

Bala inaugurates diagnosis, dialysis equipment in Bauchi specialist hospital

THE National Agency for

Food and Drug Administra-

tion and Control (NAFDAC)

has shut down several pack-

aged water factories in Ali-

mosho Area of Lagos State.

The closure of the water

factories led to violation

of manufacturing practice

regulations following the

investigative inspections

by the Investigation and

Enforcement Directorate by

the Agency.

NAFDAC stated this on

Wednesday via its X handle.

“The inspections re-

vealed that the unhygienic

conditions of these factories

posed serious health risks

due to potential contamina-

tion by pathogenic microor-

ganisms. As a result, several

factories were sealed for non-

compliance with NAFDAC

regulations,” it said.

GOVERNOR Bala Moham-

med of Bauchi State has

inaugurated four diagnosis

and dialysis machines at

the Bauchi State Specialist

Hospital as part of efforts to

improve healthcare delivery

in the State, saying the Spe-

cialist Hospital has suffered

The Agency, however,

implored the public to re-

main vigilant when pur-

chasing sachet and bottled

water, verifying supply

sources, and reporting any

suspicious activities to the

nearest NAFDAC Office.

On May 9, NAFDAC

stormed a fake drinks fac-

tory located in Badagry axis

of the State. The manufac-

turer, Chinedu Okafor, was

said to be operating the ille-

gal factory from his home at

No. 24, MTN Road, Badagry.

NAFDAC added that the

products worth an estimated

value exceeding N50,000,000

would be destroyed.

Okafor’s suspicious ac-

tivities caught the atten-

tion of the Nigerian Army,

leading to his arrest and

subsequent handover to

NAFDAC officers at the

Ports Inspection Director-

ate, Seme Border.

mismanagement of clinical

equipment in the past.

Governor Mohammed

noted that some hospi-

tal equipment had been

taken away and missing,

adding that mismanage-

ment of clinical and other

equipment in the Special-

ist Hospital accounted

for ineffective healthcare

By Adeola Ajakaiye, Kano

DONATION

Aspira donates laundry facility

to Bayero University in Kano

ASPIRA Nigeria Limited,

maker of Viva detergent and

other washing consumables

in the country, has donated

a multi-million Naira Laun-

dromat to Bayero Univer-

sity, Kano (BUK), under an

initiative designed to assist

students of the university

in meeting their laundry

challenges.

The donated facility

which consists of 40 wash-

ing machines, and other

washing accessories, will

be providing free laundry

services to the students,

and other members of the

university community.

Speaking during the pre-

sentation ceremony held

Tuesday in Kano, Sami

Jaafar, managing director

of the company, said that

the project was the third

phase of an initiative started

by the company aimed at

rendering free laundry ser-

vices to students in tertiary

institutions across Nigeria.

Lynda Aguocha, head

of advertising, and public

relations of the company,

who spoke on behalf of the

MD, noted that the project

was also conceived in or-

der alleviate the financial

burdens which most of the

students have to bear in

the course of getting their

laundry done.

She stated that the deci-

sion by company to take the

burden of washing clothes

away from shoulders of most

of the students would give

them enough time to concen-

trate on their education, and

personal development.

She noted that similar fa-

cilities had been to students

of universities of Lagos,

and Ibadan, earlier in the

year, adding that the ges-

ture is planned to be given

University of Benin, Nnam-

di Azikiwe University in

Awka, University of Abuja,

and all other universities in

the near future.

Receiving the donated

facility on behalf of the

University, Sagir Adamu

Abbas, Vice-Chancellor,

Bayero University, Kano,

said the project reflects the

spirit of collaboration, inno-

vation, generosity and cor-

porate social responsibility

prevailing in the mindset of

the company management.

Adamu, who is a profes-

sor, said that the project that

would undoubtedly enhance

the quality of life for the

students and staff of Bayero

University Kano, adding

that it marks a significant

milestone in the company

`s continuous efforts to im-

prove the infrastructure and

services in the university.

R-L: Bayo Soyannwo, elder brother of the deceased; Obafemi Hamzat, deputy governor of Lagos State; LadyIbijoke Sanwo-Olu, rst of Lagos

State; Babajide Sanwo-Olu, governor; Yewande Soyannwo, wife of deceased; and the children during the funeral service of the deputy chief of

sta󰀨 Gboyega Soyannwo, at the Redeemed Christian Church of God (RCCG), City of David Parish, Victoria Island, Lagos.

Agbado to Marina, the Yel-

low Line – from Otta to Iddo,

and the Purple Line – from

Redeem to LASU-Ojo.

“The update will involve

data collection through sur-

veys in designated Traffic

Analysis Zones (TAZs) to un-

derstand travel behaviour,”

said LAMATA.

The stakeholder engage-

ment underscores LAMA-

TA’s commitment to trans-

parency and collaboration.

The authority requested

the support of all stakehold-

ers, including Ogun State

representatives, academia,

local chiefs, and unions, to

ensure a smooth data collec-

tion process.

service delivery being ex-

perienced at the Hospital

before now.

“I want Bauchi Special-

ist Hospital to become one

of the best hospitals in the

Northern Nigeria, because

I will not take second posi-

tion. I leaved Federal Capi-

tal Territory (FCT) Abuja

to come and build Bauchi

State better, not to destroy

and I didn’t come back to

the State to make money

but to bring development

in the State.

“I will not surrender

this Hospital to anybody,

but I will be coming here

by myself for supervision if

available”, he said.

The governor, however,

urged the doctors, nurses

and other staff in the Spe-

cialist Hospital to maintain

all the machines accord-

ingly in order to offer sound

clincal services to the people

and residents of Bauchi and

neighboring States.

Earlier, Abdulkareem

Mariga, Professor and Chief

Medical Doctor (CMD) of

Bauchi Specialist Hospital,

said with the arrival of Gov-

ernor Bala Mohammed, the

Bauchi Specialist Hospital

automatically changed be-

cause of his intervention,

pledging to take good care of

the machines for the devel-

opment of Bauchi citizens,

residents and other people

from the zone.

Great workplaces are pivotal in fostering a productive,

innovative, and motivated workforce. At Great Place To

Work Nigeria, we are committed to building a community

of such exceptional workplaces. This commitment involves

recognising and celebrating outstanding workplace

practices and providing the tools and support necessary

for other organisations to elevate their work environments.

Economic Impact

Imagine ten percent of organisations in Nigeria being

workplaces! Envisioning 10% of organisations in Nigeria

achieving the status of great workplaces is not just an

aspirational goal but a transformative vision with

far-reaching implications. The ripple eects on the

economy, society, and the quality of life for millions of

Nigerians would be profound. This transformation would

not only lead to a more prosperous and stable economic

environment but also foster a culture of continuous

improvement and innovation across various industries.

Additionally, great workplaces would attract and retain

top talent, reduce brain drain, and inspire other

organisations to elevate their standards, creating a

virtuous cycle of growth and development. The private

sector has a key role in making Nigeria great, and enabling

organisations to be great workplaces for their employees

is a clear pathway to this brighter future.

To highlight the real advantages of creating exceptional

work environments, let's examine some remarkable

examples of top workplaces in Nigeria and their

accomplishments in 2023.

First Bank of Nigeria Limited

First Bank of Nigeria Limited (FirstBank) is the premier bank

in West Africa with its impact woven into the fabric of

society. The Bank has been sustaining its

development-oriented services for 130 years as the

region’s foremost ﬁnancial inclusion services provider.

FirstBank oers a comprehensive range of retail and

corporate ﬁnancial services through more than 800

business outlets and over 232,000 Agent Banking locations

to over 42 million customer accounts.

Five Top Scores For First Bank of Nigeria Limited

Wema Bank

Wema Bank is the pioneer of Africa’s ﬁrst fully digital bank,

ALAT, and one of Nigeria’s most resilient banks. With

seventy-nine years of experience in the business of

banking, the Bank has remained innovative in delivering

value to its stakeholders. This publicly quoted Nigerian

company has successfully built a legacy of trust and

resilience that has won it the loyalty of its customers.

Wema Bank is a bank where innovation, tech-savvy

solutions and ﬁnancial freedom collide.

Five Top Scores For Wema Bank

DHL Express Nigeria

When your shipment needs to be there fast, choose the

International Specialists for quick, reliable expedited

shipments to and from more than 220 countries and

territories. With over a half-century of experience and a

team of more than 100,000 Certiﬁed International

Specialists, no other provider knows the world like DHL

Express. It keeps its promises so that you can deliver on

yours.

Five Top Scores For DHL Express Nigeria

UAC Foods Limited

UAC Foods Limited is a leading manufacturer and

marketer of tasty, nourishing convenience foods. It is a

subsidiary of UACN PLC operating in the food and

beverage sector of the Nigerian economy. UAC Foods is a

leader in the snacks, dairy, and spring water segments in

Nigeria. It has production facilities in the South West

and North Central and a broad distribution network that

ensures a strong market presence nationwide.

Five Top Scores For UAC Foods Limited

SC Johnson and Son Nigeria

A family company, led by the Johnson family of Racine,

Wisconsin. Their Chairman and CEO, Fisk Johnson, is the

ﬁfth generation of the family to lead the company. A

dierent kind of company. Being a family-owned and led,

they don’t have to answer to Wall Street. They do what’s

right for people and the planet because they believe they

have a larger purpose.

Five Top Scores For SC Johnson and Son Nigeria

FBNQuest Asset Management

FBNQuest Asset Management is a tried-and-true

investment manager. It provides its clientele with ﬁrst-rate

investing options across all major traditional and

alternative asset classes. Its strategic partnership can

assist its customers in achieving long-term ﬁnancial goals,

from mutual funds to liquidity management. Its range of

solutions comprises actively managed portfolios (ﬁxed

income, equities, multi-asset), passive strategies (ETFs),

quantitative strategies, and thematic strategies.

Five Top Scores For FBNQuest Asset Management

LandWey Investment Limited

LandWey is a full-scale real estate development company

that oers end-to-end land, residential, and commercial

services. They do this by providing distinctive home living

experiences and contributing to the vitality of local

communities. Innovation, commitment, and technology

fuel its spectrum of real estate operations. Its leadership

position in the Nigerian real estate industry is rooted in

building long-term value for its clients.

Five Top Scores For LandWey

FBN Insurance Brokers Limited

FBN Insurance Brokers Limited is a wholly owned subsidiary

of FBN Holdings Plc. They combine expert broking

knowledge and capabilities for risk assessment, analysis,

structuring, and overall servicing that has resulted in an

increased insurance portfolio since the commencement of

our insurance brokerage business on July 1, 2000. They also

work on a range of value-added Risk Management

services.

Five Top Scores For FBN Insurance Brokers

All great workplaces crave one

common thing – They desire insights

into their workplace culture.

Great workplaces, regardless of their industry or size, share

a common aspiration: they seek deep insights into their

workplace culture looking for opportunities for growth.

Understanding the dierent meanings and expressions of

workplace culture is crucial because it shapes employee

satisfaction, productivity, and overall organisational

success. A positive and well-understood culture fosters

engagement, innovation, and loyalty among employees,

leading to lower employee turnover rates and better

ﬁnancial performance of organisations.

To gain these insights, companies often utilise a variety of

tools and methods, including the Great Place To Work

Trust Index Employee Engagement survey.

Visit: www.greatplacetowork.com.ng

Email: ng_info@greatplacetowork.com

Call: 0813-864-1300 or 0810-437-374

Great Place To Work Nigeria

Workplace Culture Transformation Series

The Power and Inﬂuence of Great Workplaces 2.0

28 FRIDAY 24 MAY 2024

www.businessday.ng

L-R: Tayo Fagbule, editor, BusinessDay Media Limited; Mojisola Hunponu-Wusu, founder, Woodhall Capital; Henry Olushola Shofowora, chief operating

ofcer, Woodhall Capital; Ijeoma Ude, chief sales and marketing ofcer, BusinessDay Media Limited; and Omofolahan Olowu, head, marketing/business

development, Woodhall Capital, during the visit of BusinessDay management team to Woodhall Capital in Lagos, yesterday. Pic by Olawale Amoo

States with low investment have

worst health outcomes, data shows

NIGERIAN states with

low investment in their

respective health sectors

continue to record poorest

health outcomes, according

to available data, thereby

worsening citizens’ access

to quality healthcare.

The trend is particularly

evident in states which fail

to utilise the Basic Health

Care Provision Fund (BH-

CPF) meant for primary

healthcare delivery, result-

ing in high maternal mor-

tality, under-five and infant

mortality rates, low im-

munisation coverage, and

high malnutrition rates.

An analysis of the 2021

Multiple Indicator Cluster

Survey (MICS) & National

Immunization Coverage

(NICS) and a 2023 report on

maternal mortality by the

Nigerian Economic Summit

Group all show that Zama-

fara, Bauchi, Sokoto, Kebbi,

Rivers, Jigawa, Gombe, Kat-

sina, Borno, Bayelsa, Ondo,

Ogun are some of the states

with poor health outcomes.

Other states are Cross

River, Edo, Bayelsa, Akwa-

Ibom, Plateau, Imo, and

Kaduna.

Incidentally, most of

these states have failed to ac-

cess and utilise the BHCPF.

The ONE Campaign spe-

cifically identified Zamfara

as the worst state in Nigeria

for healthcare access, while

the Federal Capital Terri-

tory (FCT) was considered

the best. The report assessed

indicators such as BHCPF

implementation, budgetary

commitment, under-five

mortality rates, state of

public health facilities, and

human resources for health.

It found that 1 in 9 public

health facilities in these

states are in deplorable

condition, and lack critical

resources.

These states top with

highest infant mortality and

under-five mortality rates.

The 2021 MICS shows Sokoto

has the highest under-five

mortality and infant mor-

tality at 202 deaths per 1,000

live births and 104 deaths

per 1, 000 live births respec-

tively.

In Jigawa state, the rate

was reported at 175 and 95

per 1 000 live births. Kebbi

also had one of the worst

death rates with 179 and

95 per 1,000 live births re-

spectively. In seven Local

Government Areas of Borno

alone, the rate was 140 and

70 per 1,000 live births, while

the rate in Zamfara was put

at 136 and 83, and Bauchi

state had 153 and 83.

Other states are Bayelsa

(100 and 70); Gombe (117 and

65); Katsina (159, 89); Rivers

(100 and 87) Plateau (105 and

78); Ogun (85 and 68). The

state with the lowest rate is

Ebonyi at 3 and 24 per 1,000

live births.

Nationally, Nigeria had

the third highest infant and

child mortality rates glob-

ally in 2021, with 111 per

1,000 live births according to

a World Bank report.

Immunisation rates, a

critical medical interven-

tion, are also low in these

states. The 2021 MICS pub-

lished by the National Bu-

reau of Statics in collabora-

tion with the United Nations

Children Fund (UNICEF)

shows that Sokoto, Bauchi

and Gombe states have the

highest number of zero-dose

children – meaning those

who have never been vac-

cinated.

In Sokoto, more than half

of the children (50.7%) were

never vaccinated. Bauchi

and Gombe also had high

By Godsgift Onyedinefu

By Temitayo Jaiyeola

Continues on page 30

Calls grow for more accountability

in use of basic health fund

STATES must increase

investment in the health

sector to make any mean-

ingful progress in improv-

ing healthcare delivery and

reverse the negative indices

that have resulted in pre-

ventable deaths, health

experts have said.

They also call for en-

hanced accountability in

utilisation of funding, par-

ticularly the Basic Health-

care Provision Fund, not-

ing poor transparency in

several states that access

and utilise the funds.

The 1999 constitution as

amended, puts health on

the concurrent list, which

means it is the responsi-

bility of federal and state

governments. The consti-

tution also charges the

State governments to be

responsible for secondary

hospital care and should

provide support to Local

Governments to provide

primary health care.

Ibukunoluwa James, a

research analyst at BudgIT,

emphasised the critical

need for adequate health

infrastructure, diagnos-

tic equipment, medicines,

and well-trained medical

personnel which would

require more commit-

ment and investment from

government, particularly

states.

James pointed out that

poor funding and misman-

agement have severely

hampered healthcare cov-

erage and quality, drawing

widespread criticism of

the current state of service

delivery in Nigeria’s health

“TODAY, I am a data ana-

lyst,” Galadima Adamu de-

clared on a stage in Kaduna,

a far cry from her kitchen

cook job just a year ago.

She is one of 3,400 women

in Kaduna transforming

their lives through the Are-

wa Ladies4Tech initiative.

Adamu, a Kaduna Poly-

technic graduate, was part

of a group of women sharing

their tech success stories

on a makeshift stage in the

Umaru Musa Yar’Adua hall,

Kaduna.

“My name is Elizabeth

Oyinye,” said another par-

ticipant. “I have transitioned

from being a customer re-

lationship manager at my

dad’s business to a data ana-

lyst. Today, I visualise data

and automate business pro-

cesses because of the skills I

have acquired.”

These ladies are part of

a group of 3,400 who are

acquiring tech skills with

the help of the Arewa Ladi-

es4Tech initiative by Data

Science Nigeria, supported

by Google.

The program aims to fill

the gender gap in tech and

address gender inequality in

a country and region where

it is prevalent.

According to the 2023

Global Gender Gap Index

by the World Economic Fo-

rum, Nigeria ranked 130th

out of 146 countries globally

and 30th out of 36 countries

regionally.

The country ranked 137th

in gender educational attain-

ment and 54th in economic

participation and opportuni-

ty. These statistics highlight

the urgent need to address

gender inequality in Nigeria.

The Arewa Ladies4Tech

initiative is significantly

reducing this gap by equip-

ping women with in-demand

tech skills.

A survey by Startup Ge-

nome revealed that only

about 14 percent of startups

in Nigeria and other Sub-

Saharan African countries

have female founders. For

every $1 all-male founding

sector.

Obinna Ebirim, a public

health expert and national

coordinator of New Incen-

tives – ABAE Initiative,

stressed the lack of trans-

parency and accountability

in the implementation of

the BHCPF.

According to Ebirim,

a comprehensive assess-

ment by stakeholders re-

vealed instances where

certain states allegedly

pocket funds meant for non-

existent Primary Health

Care (PHC) facilities.

“Our collective concern

as stakeholders hinges on

the urgent need for trans-

parency and accountability

within the system,” Obinna

said.

“How accessible are the

funds to the officers at the

health facilities? We have

teams received in 2023, all-

female teams received only

2.7 cents (37 times less). The

initiative hopes to change

these statistics in the future.

“We are just trying to

fill that gap by bringing in

women,” said Hadiza Balar-

abe, the Deputy Governor

of Kaduna, regarding the

initiative.

The journey of these

women, while inspiring,

has its challenges. Many

participants, like Khadijah

Suleiman, a Mass Communi-

cation graduate and mother

of five, had to navigate the

complexities of managing

their family responsibilities

while attending classes.

“It was a struggle; some-

times, I had to walk to the

training. I had to find a way to

balance my family responsi-

bilities with my commitment

to the program. However, the

support and cooperation of

everyone in the team helped

me build a life around it,”

Khadijah said.

Her class was filled with

a lot of women in her shoes.

“They also had to take their

children to class. But the zeal

to learn kept them, and they

showed up daily,” she said.

Khadijah, a journalist by

profession, now leverages

her data skills to tell visual

stories. She also imparts

this knowledge to the next

generation as a journalist

trainer at a local polytechnic.

Hadiza Ismail, formerly

a civil servant, now interns

with an international organ-

isation as a data analyst after

three months of intensive

training and one month of

mentorship. According to

her, the initiative is a testa-

ment to how practical skills

and knowledge can address

a crucial global gap.

“The initiative addresses

an existing gap,” said Ismail.

“There is a high demand

for data analysts, yet only

15 percent are women. This

program targets women to

address this gap. It is inten-

tionally targeted at women.

As we know, the gap in the

north is wider than in other

parts of the country.”

expressed the concerns

to the coordinating min-

ister of health and social

welfare and the minister

is now setting up a clear

accountability framework

to ensure that funds dis-

bursed to states end up on

the right facilities and that

these facilities are actually

in existence”, he said.

Ebirim lamented the

glaring disparity between

the BHCPF disbursed and

the underwhelming health

outcomes, noting that the

anticipated positive shift in

health indicators remains

elusive.

“We have not seen the

commensurate change in

health indices as expected,

given the number of funds dis-

bursed so far,” Ebirim said.

He emphasised that effi-

By Godsgift Onyedinefu

Thousands of northern

women scale life with tech

Continues on page 30 Continues on page 30

FRIDAY 24 MAY 2024 www.businessday.ng

BIG STORY

in March.

That gives an average of

over 50 points in the three

months through March.

Readings above 50.0

signal an improvement

in business conditions,

while those below show

deterioration.

“If we look at the PMI,

there’s an improvement in

comparison with the first

quarter of 2023,” Bolade

Agboola, energy and con-

sumer growth analyst at

ChapelHill Denham, said.

“Unlike in Q1 last year

when there was a cash

crunch, Q1 this year didn’t

experience any strain in

economic activities. So, we

expect growth in the non-

oil sector,” Agboola said,

adding that oil production

recorded a slight improve-

ment from Q1 last year and

that it is also expected to

be a positive for economic

output in Q1 2024.

The headline PMI for

February and March last

year contracted as a re-

sult of the naira redesign

policy of the Central Bank

of Nigeria which disrupted

economic activities.

This made the country’s

GDP slow to 2.31 percent in

Q1 from 3.11 percent in the

same period of 2022 and 3.52

percent in Q4 2022, accord-

ing to the NBS.

The PMI index, which

measures the performance

of the private sector, is

derived from a survey of

400 companies from agri-

culture, manufacturing,

services, construction and

retail sectors.

It is a composite index

based on five individual

Continued from page 1

PMI expansion signals ...

Continued from page 29

States with low investment...

NEWS

L-R: Bismarck Rewane, MD/CEO, Financial Derivatives Company Ltd.; Sam Amuka, publisher, Vanguard Newspaper; Ayo Teriba,

CEO, Economic Associates; Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria; Joe Ajaero,

president, Nigerian Labour Congress; Blaise Ijebor, director, risk management department, Central Bank of Nigeria; and Dele K.

Oye, national president, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, at the 8th edition of

Vanguard Economic Discourse in Lagos yesterday.

Continued from page 29

Calls grow for more accountability...

Continued from page 1

Nigerians’ healthcare woes ...

Continued from page 29

PMI expansion signals ...

rates of zero-dose children

at 35.3% and 34.4%, respec-

tively. Other states with

low immunisation rates in-

clude Zamfara (22.9%), Ondo

(23.6%), Ogun (21.3%), Kano

(30.2%), and Borno (32.3%).

Nigeria leads globally

in the number of zero-dose

children, with over 2.3 mil-

lion unvaccinated, a figure

the Pediatrics Association of

Nigeria estimates has risen

to 6.2 million.

Maternal mortality is an-

other severe issue. Nigeria

ranks as the second largest

contributor to maternal

mortality globally, losing

an estimated 145 women

daily according to UNICEF.

The World Health Organiza-

tion and Integrated African

Health Observatory in 2023

listed Nigeria among coun-

tries with extremely high

maternal mortality rates,

with 1,047 deaths per 100,000

live births.

The 2023 report by NESG

shows the national maternal

mortality ratio was 196.6

per 100,000 live births in

2020, with states like Kat-

sina (653), Zamfara (576),

Kano (506.7), Sokoto (469.7),

Jigawa (424.1), and Kebbi

(286.3) exceeding this aver-

age. Ekiti State reported

zero maternal mortality in

the same period.

Katsina recorded 653 per

100,000 live births, Zamfara

(576), Kano (506.7), Sokoto

(469.7), Jigawa (424.1), Kebbi

(286.3, Lagos (225.3), Abia

(211.7), Akwa Ibom (202.3), Eb-

onyi (199.9), and Gombe (191).

According to the report,

contributing factors to high

maternal mortality rates

include poor access to qual-

ity healthcare, inadequate

infrastructure, and poorly

equipped hospitals. Many

women did not receive

antenatal care and often

gave birth at home without

skilled attendants.

Available reports also

suggest that limited access

to antenatal, natal and post-

natal care increases the

risks of maternal deaths.

The 2021 MICS survey

reveals that a significant

proportion of women in some

states did not attend ante-

natal care. Zamfara has the

highest with 65.8%, followed

by Sokoto (58.8%), Kebbi (50

5%), Katsina (37.0%), Bayelsa

(32 3%) and Bauchi (31.3%).

These poor health out-

comes in several states con-

tribute to Nigeria’s overall

negative health indices,

positioning the country at

an unenviable top spot in

Africa and globally.

cient and transparent fund

allocation is paramount

to fostering meaningful

improvements in health

outcomes and enhancing

access to essential services

at PHC facilities.

Gafar Alawode, Pro-

gramme director, Develop-

ment Governance Interna-

tional (DGI) Consult shared

similar sentiments. He

highlighted that while the

BHCPF has significantly

reduced the financial bur-

den for those enrolled, the

proportion of Nigerians

benefiting from the pro-

gram remains dismally low.

He noted that many citi-

zens still refrain from utilis-

ing health facilities due to

financial constraints, re-

sulting in a low average of

less than one consultation

per capita per year.

Alawode stressed the

need for improved imple-

mentation strategies to

maximise the BHCPF’s ef-

fectiveness.

He stressed the need

for greater accountabil-

ity and results-oriented

approaches in utilising the

fund. He called for state

contributions to expand

the pool of resources and

advocated for a digitised

system to monitor activities

in PHC facilities, providing

a mechanism for citizen

feedback.

“We should have a ro-

bust accountability mecha-

nism, preferably a digitised

system to track activities in

PHCs and provide a mecha-

nism for citizens’ feedback.

We should also take advan-

tage of the vulnerable group

fund to reach more people,”

he said.

Nigerians spent about

$3.82 million on foreign

healthcare-related services

from January to December

2023, according to data from

the Central Bank of Nigeria

(CBN).

That compares to $9.06

million spent on medical

tourism in 2022, leaving a

reduction of $5.24 million

in 2023.

The amount spent on

foreign healthcare-related

services in the first half of

2023 (January to June 2023)

was more than that spent in

the second half of 2023 (July

to December 2023).

30 FRIDAY 24 MAY 2024

www.businessday.ng

vide services based on the

Basic Minimum Package of

Health Services (BMPHS).

The federal government

is mandated by the 2014 Act

to provide about 75 percent

of total disbursements to

states, while the states

themselves are supposed

to contribute the balance

of 25 percent.

However, many states

have consistently failed to

access and effectively uti-

lise what has been provid-

ed, having failed to provide

counterpart funding and

not being able to upscale

the Primary Healthcare

Centres in their domain.

Public health experts

and stakeholders have also

questioned the usage of the

funds disbursed to states

since 2019, and have raised

accountability and trans-

parency concerns.

A review of data from

the BHCPF and the Af-

rica Health Budget Net-

work shows that from 2019

to 2022, funds disbursed

through BHCPF totaled an

estimated N89 billion. Of

this sum, states could not

access up to N30 billion be-

cause they could not meet

set criteria.

As at June 2023, data

from the Federal Minis-

try of Health shows that

N128 billion had accu-

mulated in the fund, but

only N59 billion has been

accessed with little or no

accountability.

Due to this poor util-

isation, only 7,250 out

of the 35,514 Primary

Healthcare Centres in

the country are currently

benefiting from the BH-

CPF. In addition, only

about a million indigent

Nigerians have been en-

rolled as beneficiaries

out of the over 83 million

identified as vulnerable

population.

Adaobi Onyechi, a pub-

lic health expert, pointed

out that if states do not

use the BHCPF, citizens,

especially low-income

earners which consti-

tute the vulnerable demo-

graphic of over 84 million,

will be left shouldering

the burden of exorbitant

out-of-pocket healthcare

expenses, which further

exacerbates poverty and

diminishes access to even

the most rudimentary

healthcare services.

“This creates unnec-

essary hardship for citi-

zens,” Onyechi told Busi-

nessDay.

“State governments

do not have the political

will, they have failed to

prioritise basic health

care. Health is too critical

for any serious govern-

ment to ignore. So, it is

the lack of political will,”

Onyechi said.

The primary purpose of

the BHCPF is to improve

access to basic healthcare,

particularly at the primary

level. States which do not

access the fund miss out

on the resources meant

to fund essential drugs,

vaccines, facility mainte-

nance, and staffing for pri-

mary healthcare centres.

To benefit from the

Fund, states are also re-

quired to provide baseline

assessment of primary

health facilities; capacity

building of health work-

ers, and verification of all

levels of implementation

at the state; among others.

At the Health Sector

Reform Coalition (HSRC)

policy dialogue 2.0 held ear-

lier this year, it was again

highlighted that a major

problem in the health sec-

tor is not necessarily more

funds, but utilisation of

available funds.

In 2019, the BHCPF

States’ Performance Score-

card published by the

AHBN shows that the fed-

eral government approved

the first tranche of N12.7

billion on the 17th of May.

However, only fifteen

states and the FCT includ-

ing Adamawa, Bayelsa,

Benue, Ebonyi, Kwara,

Nassarawa, Plateau, Osun,

Abia, Niger, Delta, Anam-

bra, Edo, Kano, and Ka-

duna fulfilled the neces-

sary criteria to receive

the funds at the time of

disbursement.

Of these states, only

four disbursed to PHCs as

stipulated. They include

Abia, which disbursed

to146 of 292 PHCs; Ebonyi

(117 of 171 PHCs); FCT (44 of

62 PHCs); and Osun (319 of

332 PHCs). The remaining

12 states did not disburse to

the PHCs as they were yet

to fulfil all the criteria for

disbursement.

In September 2020, an-

other N12.7 billion was

disbursed through the BH-

CPF gateways and was

accessed by all the states

and FCT. However, only 13

states and the FCT utilised

the Fund by disbursing to

PHCs.

The remaining 24 states

including Adamawa, Akwa

Ibom, Bauchi, Bayelsa,

Borno, Cross River, Edo,

Enugu, Gombe, Imo, Kano,

Katsina, Kebbi, Kogi,

Kwara, Lagos, Ondo, Oyo,

Plateau, Rivers, Sokoto,

Taraba, Yobe and Zamfara

could not disburse to their

PHCs, which in turn did

not meet requirements to

receive those funds.

Consequently, only

2,388 PHCs received funds

out of 9,534 facilities that

were expected to benefit

from the tranche in 2020.

In 2021, N35 billion was

disbursed out of which

N32.4 billion was accessed

by states, there is no data

yet on the number of PHCs

that benefited from the

Fund.

In 2022, the federal gov-

ernment approved N26.4

billion, but no state ac-

cessed the fund, according

to official data.

Mahmuda Mamman,

permanent secretary, Fed-

eral Ministry of Health,

said last year that further

disbursement was halted

because some states could

not properly account for

what they received. How-

ever, another N25 billion

was approved in March.

Obinna Ebirim, a public

health expert and national

coordinator of New Incen-

tives – ABAE Initiative,

also voiced concerns over

the lack of transparency

and accountability in the

implementation of the BH-

CPF.

cent), output (25 percent),

employment (20 percent),

suppliers’ delivery times

(15 percent), and stock of

items purchased (10 per-

cent), with the delivery

times index inverted so that

it moves in a comparable

direction.

“PMI is still in growth

territory even though it’s a

small growth,” Ikemesit Ef-

fiong, head of research and

partner at SBM Intelligence,

said. “It shows the resilience

of the Nigerian manufactur-

ing and production sector

in the light of the adverse

economic headwinds,” Ef-

fiong said.

Damilare Asimiyu, a mac-

roeconomic analyst at Afr-

invest projects growth to be

in the region of 2.93 percent

year-on-year in Q1, supported

by the further recovery in

the oil sector (with about 9.51

percent year-on-year growth,

aided by low base year) and a

modest 2.68 percent growth in

the non-oil sector.

The oil sector in the fourth

quarter of last year exited

recession for the first time

in nearly four years to 12.1

percent from -0.85 in the pre-

vious quarter. The non-oil

sector grew to 3.07 percent

from 2.75 percent.

“The economy will still

grow particularly the oil

sector because we have seen

improvement in crude oil

production compared to Q1

last year,” said Ayorinde

Akinloye, a Lagos-based in-

vestor relations analyst.

“And the service sectors,

especially the ones that con-

tribute to the growth of the

economy such as telecom-

munication and finance, still

remain strong. So, I think

year-on-year will see the

economy grow between two-

three percent mainly driven

by oil and services,” Akin-

loye said.

Last May, President

Bola Tinubu scrapped a

costly but popular petrol

subsidy and lifted currency

controls in June, which he

said was to save the country

from going under.

But his actions have

worsened inflation current-

ly in double-digits and at

the highest level on record.

The rising inflationary

pressures have weakened

the purchasing power of

consumers, even as busi-

nesses grapple with higher

operating costs.

The removal of the petrol

subsidy tripled the petrol

price to above N600, caus-

ing public transportation

providers such as buses, tri-

cycles and motorcycles to

raise transportation fares.

The naira suffered a

near 30 percent devaluation

this year following a 40 per-

cent devaluation last June.

According to the NBS,

the headline inflation

quickened for the 16th

straight time to 33.69 per-

cent in April, up from 33.20

percent in March.

Food inflation, which con-

stitutes more than 50 percent

of headline inflation, also

increased to 40.53 percent.

Rising inflation and

sluggish growth in one of

Africa’s biggest economies

increased the number of

poor people to 104 million in

2023 from 89.8 million at the

start of the year, according

to the World Bank.

Israel Odubola, a Lagos-

based research analyst,

said with the non-oil sec-

tor driving growth and the

exit of the oil sector from

recession if sustained, Ni-

geria should maintain its

positive growth trend in Q1

with the number between

2.0-2.3 percent.

FRIDAY 24 MAY 2024 www.businessday.ng

NEWS

L-R: Adobi Nwapa, executive director, Zenith Bank Plc; Ezekiel Oseni, president/chairman of the council, Chartered Risk Management Institute

(CRMI); Ebenezer Onyeagwu, group managing director/CEO, Zenith Bank Plc; Laurine Ubanozie, treasurer, CRMI; and Akin Ogunranti, executive

director, Zenith Bank Plc, during a visit of the CRMI’s council member to Zenith Bank head o󰀩ce in Lagos, yesterday.

AVIATION

Why Emirates mulls Nigeria operations

without Dubai visa ban lift

TRAVEL experts and sourc-

es close to Emirates Airlines

have told BusinessDay that

Emirates would operate

flights into Nigeria whether

the visa ban on Nigerians is

lifted or not.

Following the announce-

ment by Emirates that it

would resume services to

Nigeria from October 1,

2024, the airline has opened

bookings for sales of tickets

and Nigerian travel agents

have started selling tickets

to passengers who want to

travel with the airline from

October 1, BusinessDay

findings show.

Our findings also show

that the visa ban by the Unit-

ed Arab Emirates, (UAE) is

only on tourist visas and

does not affect student, med-

ical and work visas. This,

therefore, implies that Nige-

rians with work, student or

medical visas can still travel

to Dubai.

Also, Nigerians with a

second passport can fly with

Emirates to Dubai.

Recall that in 2022, the

United Arab Emirates,

(UAE) banned Nigerian

nationals and a few other

African countries from en-

tering its capital city, Dubai.

“This is to inform you

that we will not be posting

30 days visa applications for

these nationalities effective

today October 18, 2022,” the

notice read in part.

Other countries affected

by the visa were Uganda,

Ghana, Sierra Leone, Su-

dan, Cameroon, Liberia, Bu-

rundi, Republic of Guinea,

Gambia, Togo, Democratic

Republic of Congo, Sen-

egal, Benin, Ivory Coast,

Congo, Rwanda, Burkina

Faso, Guinea Bissau, Co-

moros, and the Dominican

Republic.

Over the past 18 months,

Nigeria and the UAE have

had several diplomatic

rows.

Susan Akporaiye, former

president of the National As-

sociation of Nigeria Travel

Agencies (NANTA), told

BusinessDay that Emirates

as an airline goes to so many

countries, adding that be-

yond Dubai, Emirates flies

to other destinations.

“Emirates go to Europe,

the United States of Ameri-

ca, Australia, China, India

and other African countries.

Emirates Airlines is not

an airline that flies only to

Dubai. So, what it means is

that if the visa ban for Nige-

rians has not been lifted, it

means that Emirates will be

By Ifeoma Okeke-Korieocha servicing onward.

“This means that their

coming back will not be for

the Nigeria-Dubai route

alone. It is also for onward,

and remember, the visa ban

doesn’t mean people are not

going to Dubai. There are

Nigerians who have a sec-

ond passport. Those people

can board Emirates Airlines

to Dubai. Medical, work and

student visas to Dubai are

still being issued.

“The ban is on tourist

visas, student visas are still

being issued even though

Emirates has not been fly-

ing. Students have been

using other airlines to go

to Dubai. Nigerians with

UK and American passports

still go to Dubai with other

airlines. Visa ban would

not stop Emirates from re-

suming flights,” Akporaiye

said.

By Temitayo Jaiyeola

TECH

Thousands of northern women scale life with tech

“TODAY, I am a data ana-

lyst,” Galadima Adamu de-

clared on a stage in Kaduna,

a far cry from her kitchen

cook job just a year ago.

She is one of 3,400 women in

Kaduna transforming their

lives through the Arewa

Ladies4Tech initiative.

Adamu, a Kaduna Poly-

technic graduate, was part

of a group of women sharing

their tech success stories

on a makeshift stage in the

Umaru Musa Yar’Adua hall,

Kaduna.

“My name is Elizabeth

Oyinye,” said another par-

ticipant. “I have transitioned

from being a customer re-

lationship manager at my

dad’s business to a data ana-

lyst. Today, I visualise data

and automate business pro-

cesses because of the skills I

have acquired.”

These ladies are part of

a group of 3,400 who are

acquiring tech skills with

the help of the Arewa Ladi-

es4Tech initiative by Data

Science Nigeria, supported

by Google. The programme

aims to fill the gender gap

in tech and address gender

inequality in a country and

region where it is prevalent.

According to the 2023

Global Gender Gap Index by

the World Economic Forum,

Nigeria ranked 130th out of

146 countries globally and

30th out of 36 countries re-

gionally. The country ranked

137th in gender educational

attainment and 54th in eco-

nomic participation and

opportunity. These statistics

highlight the urgent need to

address gender inequality in

Nigeria.

The Arewa Ladies4Tech

initiative is significantly

reducing this gap by equip-

ping women with in-demand

tech skills.

A survey by Startup Ge-

nome revealed that only

about 14 percent of startups

in Nigeria and other Sub-

Saharan African countries

have female founders. For

every $1 all-male founding

teams received in 2023, all-

female teams received only

2.7 cents (37 times less). The

initiative hopes to change

these statistics in the future.

“We are just trying to

fill that gap by bringing in

women,” said Hadiza Balar-

abe, the Deputy Governor

of Kaduna, regarding the

initiative.

The journey of these

women, while inspiring,

has its challenges. Many

participants, like Khadijah

Suleiman, a Mass Communi-

cation graduate and mother

of five, had to navigate the

complexities of managing

their family responsibilities

while attending classes.

Khadijah shared, “It was

a struggle; sometimes, I had

to walk to the training. I

had to find a way to balance

my family responsibilities

with my commitment to the

programme. However, the

support and cooperation of

everyone in the team helped

me build a life around it.”

Her class was filled with

a lot of women in her shoes.

“They also had to take their

children to class. But the zeal

to learn kept them, and they

showed up daily,” she said.

Khadijah, a journalist by

profession, now leverages

her data skills to tell visual

stories. She also imparts

this knowledge to the next

generation as a journalist

trainer at a local polytechnic.

Hadiza Ism ail, formerly

a civil servant, now interns

with an international organ-

isation as a data analyst after

three months of intensive

training and one month of

mentorship. According to

her, the initiative is a testa-

ment to how practical skills

and knowledge can address

a crucial global gap.

By Charles Ogwo

EDUCATION

Student loan application portal

opens amid concerns

THE student loan scheme is

one major landmark of the

President Bola Tinubu-led

administration meant to af-

firm his quest to reposition

education in Nigeria.

With the Federal Govern-

ment rolling out the scheme

on Friday, May 24, 2024, Ni-

gerians now can heave a sigh

of relief on how to bridge

their children’s higher educa-

tion gap and actualise their

dreams.

However, some stakehold-

ers have expressed concerns

about limiting the loan to

tuition fees, arguing that the

entire funding challenges

confronting an average un-

dergraduate in tertiary in-

stitutions should have been

factored into the loan scheme.

According to them, paying

only tuition fees is tantamount

to ‘treating symptoms rather

than addressing the sickness

itself.’

According to Gideon Ad-

eyeni, the spokesperson of the

Education Rights Campaign

(ERC), “If a student pays tu-

ition fee through the loan but

has no money to pay for other

fees such as acceptance fee,

development levy, and library

fee, among others; will such

a student be able to attend

lectures, sit for tests, examina-

tions and graduate?”

Akintunde Sawyerr, the

managing director of the Ni-

gerian Education Loan Fund

(NELFUND), says students

can access loans to pursue

their academic aspirations

without financial constraints

through the scheme as it is go-

ing to be rolled out in phases.

“The first thing I can tell

you is that we’re going to

roll this out in phases. The

first phase is going to be with

federal institutions and then

we’re going to move to the

other tertiary institutions.

“It’s going to be public

sector mainly at the begin-

ning because that’s where we

find the bulk of students who

perhaps need the financing

cover,” Sawyerr said.

Sawyer disclosed that the

agency has a system in place

to give the scheme the needed

national spread and some

degree of equal opportunities

for those who have the desire,

the capacity and, of course,

the eligibility to engage in the

scheme.

The managing director

explained that applying for the

fund does not automatically

mean that the applicant will

get the loan immediately.

“It just means that they

can begin to apply and then

sometime after that there’ll

be an evaluation as to those

who have qualified for the

loan, and then an approval

for those who have quali-

fied will be given and then

the rest of the scheme takes

life,” he said.

He pointed out that the

fund disbursement will com-

mence after due evaluation

of applications, but reiterated

that the agency does not know

the number of students that

would qualify.

“We don’t know exactly

how many students would

qualify per se but what we do

know is that there are about

1.2 million students in gov-

ernment-owned institutions

in this country and most of

them are there mainly because

they’re the most affordable for

most students,” he noted.

Eligible students are en-

couraged to take advantage

of the portal to invest in their

future and contribute to the

growth and development of

Nigeria.

The portal, he explained,

provides a user-friendly in-

terface for students to submit

their loan applications conve-

niently without seeking the

services of any third party.

Students can access the

portal on http://nelf.gov.ng to

begin application,” the state-

ment adds.

What students must pro-

vide before applying

Interested applicants will

be required to provide the

following to access the funds;

Joint Admission and Ma-

triculation Board (JAMB)

registration number, National

Identification Number (NIN),

Bank Verification Number

(BVN) and their students’

matriculation numbers.

Ineligible students

The following categories

of people will be considered

ineligible to access the loan:

any student found guilty of

examination malpractice by

any school authority.

Students, otherwise known

as applicants have defaulted

in respect of any previous

loan granted to them by any

organisation.

Others are students with

a criminal record of felony or

any offence involving dishon-

esty or fraud.

Similarly, students whose

parents either father or moth-

er have defaulted in respect

of student loans or any loan

granted to him or her, and

students who have been con-

victed of drug offences.

Consequently, Nigerian

students in public higher

learning institutions such as

universities, polytechnics,

colleges of education and vo-

cational institutes who are not

guilty of the listed offences are

eligible to apply for the loan.

Nevertheless, the NEL-

Fund managing director

pointed out that applicants

must remember that the fund

is not a grant but a loan that

must be repaid.

“What we’re trying to do

is say look you have the right

to apply for a loan once you’ve

applied for the loan remember

you’re going to have to pay

the loan back at some point,

therefore, we expect that it’s

those who need it that apply

for loans,” he said.

Mechanism to check-

mate defaulters

Sawyerr reiterated that the

agency is bent on getting every

available information about

applicants to ascertain their

trustworthiness.

32 FRIDAY 24 MAY 2024

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INTERNATIONAL NEWS

34 FRIDAY 24 MAY 2024www.businessday.ng

Former South African President Jacob Zuma

criticizes top court over election disqualification

FORMER South African

President Jacob Zuma on

Thursday criticized the

country’s highest court

and his former allies in the

ruling African National

Congress over his disqual-

ification from next week’s

election and said he would

fight for his rights “in a

disciplined way.”

Zuma’s comments came

in a video message he said

was aimed at the people of

South Africa and released

on social media six days

before the possibly pivotal

national vote.

The 82-year-old former

leader made clear he would

still campaign against the

ANC he once led in the

run-up to Wednesday’s

election with his new po-

litical party, even though

he has been barred from

standing as a candidate for

a return to Parliament six

years after he resigned the

presidency under a cloud

of corruption allegations.

Zuma was disqualified

on Monday by the apex

Constitutional Court over

a section of the constitu-

tion that says anyone who

has been given a prison

sentence of 12 months

or more without the op-

tion of a fine cannot stand

for Parliament until five

years after the sentence

was completed. Zuma was

sentenced to 15 months

in prison in 2021 for con-

tempt by the same court

for refusing to testify at an

inquiry into corruption.

Zuma cast himself as a

victim of a biased legal sys-

tem and asked the people

of South Africa to “take a

stand to correct the wrongs

of this country.” It was not

a call for unrest, though,

as he emphasized “I want

peace. I want equality. I

want freedom.”

But his criticism of the

highest court could still

be seen as concerning for

many South Africans who

hold dearly their constitu-

tion, which guaranteed

the freedom and rights of

people of all races after the

end of the apartheid sys-

tem of forced segregation.

Zuma referred to the panel

of Constitutional Court

judges who ruled on his

disqualification as “learned

friends” and said they had

restricted his freedom and

democracy.

“I’ve taken a decision

that I will continue fighting

... in different ways to con-

vince everyone that I am

right. The learned friends

are not,” Zuma said. “I will

continue, in a disciplined

way, to fight for my rights.”

His options to appeal his

election disqualification

are almost non-existent as

the court that barred him

is the highest authority on

the constitution.

Zuma’s surprising re-

turn to politics late last

year with his newly formed

uMkhonto we Sizwe, also

known as MK Party, shook

South African politics at a

time when the ANC was

especially vulnerable. The

long-ruling party, which

has been in government

since the end of apartheid

in 1994, could lose its ma-

jority for the first time in

this election.

Analysts expect Zuma’s

new party to further erode

the ANC’s declining sup-

port in another blow to its

chances of holding onto its

majority, while Zuma has

directed fierce criticism

at current President Cyril

Ramaphosa, the man who

once served as his deputy

president. It has increased

tensions around an elec-

tion that was already seen

as the country’s most im-

portant in 30 years.

South African authori-

ties have learned to take

Zuma’s influence seriously

after his jailing in 2021

was followed by a week of

rioting, looting and burn-

ing in parts of Africa’s

most advanced country,

leading to more than 350

deaths. It was some of the

worst violence South Af-

rica had seen since the end

of apartheid.-AP

Israel furious as three European countries

vow to recognise Palestinian state

ISRAEL reacted with fury

after three European coun-

tries said Wednesday they

would recognise a Palestin-

ian state, more than seven

months into the devastating

Gaza war.

Ireland, Norway and

Spain said they would for-

mally recognise the State of

Palestine on May 28, draw-

ing praise from many Arab

and Muslim states.

Israeli Prime Minister

Benjamin Netanyahu said

the move amounted to a

“reward for terror”, after

Palestinian militant group

Hamas launched its Octo-

ber 7 attack which sparked

the Gaza war.

Israel said it was recall-

ing its envoys to Dublin,

Oslo and Madrid for “ur-

gent consultations” and

also summoned the three

European ambassadors for

a rebuke.

European Union foreign

affairs chief Josep Borrell

posted on X that he would

work with the bloc’s 27

members “to promote a

common EU position based

on a 2-state solution”.

Israel’s far-right Nation-

al Security Minister Itamar

much pain, destruction and

resentment in Gaza and

the rest of Palestine that

the two-state solution is in

danger”.

And Irish Prime Minis-

ter Simon Harris called the

October 7 attack “barbaric”

but stressed that “a two-

state solution is the only

way out of the generational

cycles of violence, retalia-

tion and resentment”.

According to the Pales-

tinian Authority, which

rules parts of the occupied

West Bank, 142 of the 193

UN member countries al-

ready recognise a Palestin-

ian state.

The Palestine Libera-

tion Organization, seen

internationally as the sole

legitimate representative

of the Palestinian people,

hailed Wednesday’s moves

as “historical”.

Hamas also welcomed

“an important step towards

affirming our right to our

land”, while Bassem Naim,

a senior Hamas political

bureau member, said it

would mark “a turning

point in the international

position on the Palestinian

issue”.-AFP

Ben Gvir, on his first visit

since October 7 to the con-

tested religious site of the

Temple Mount in the Old

City of Israeli-annexed east

Jerusalem, said the recog-

nition rewarded “murder-

ers and aggressors”.

His visits to the site

-- known as the Al-Aqsa

mosque compound to Mus-

lims -- have been cited by

Hamas as one reason for

the group’s October attack

on Israel, which it called

“Al-Aqsa Flood”.

The White House said

President Joe Biden op-

posed unilateral recogni-

tion of a Palestinian state,

saying it should be realised

“through direct negotia-

tions”.

Biden’s National Secu-

rity Advisor Jake Sullivan

warned Israel not to with-

hold funding intended for

the Palestinian Authority

in retaliation.

Most Western govern-

ments, including the United

States, say they are willing

to recognise Palestinian

statehood one day -- but

not before thorny issues

such as final borders and

the status of Jerusalem are

settled.

Norwegian Prime Min-

ister Jonas Gahr Store said

“recognition of Palestine

is a means of supporting

the moderate forces which

have been losing ground in

this protracted and brutal

conflict”.

“In the midst of a war,

with tens of thousands

killed and injured, we must

keep alive the only alterna-

tive that offers a political

solution for Israelis and

Palestinians alike: Two

states, living side by side, in

peace and security.”

Spain’s Prime Minister

Pedro Sanchez said Ne-

tanyahu was “causing so

INTERNATIONAL NEWS

FRIDAY 24 MAY 2024 www.businessday.ng

Taiwan’s new president pledges

shared democratic values with allies

Political consultant behind fake Biden robocalls

faces $6 million fine and criminal charges

DEMOCRATIC Values

Prevails:

On Monday, May 20, Dr.

Lai Ching-te was sworn

in as the eighth president

of Taiwan. He took over

from Dr. Tsai Ing-wen

after serving as her vice

president for the past

four years. Lai and his

running mate, Hsiao Bi-

khim, won the 2024 presi-

dential election with 5.58

million votes, breaking

the tradition of two-term

political party rotation

with the Kuomintang

(KMT). This marks the

Democratic Progressive

Party’s (DPP) third con-

secutive term in office

since the first direct pres-

idential election in 1996.

With like-minded fel-

low democracies, like

Nigeria, Taiwan has

once again showcased its

steadfast commitment to

the core values of free-

dom and constitutional

fulfilment.

In his inauguration

speech, Lai called on

China to stop its military

intimidation of Taiwan

and engage in talks with

his government on equal

terms. He also urged

China to work together

with Taiwan to maintain

peace and stability in

the region and ensure a

world free from the fear

A POLITICAL consultant

who sent artificial intelli-

gence-generated robocalls

mimicking President Joe

Biden’s voice to voters

ahead of New Hampshire’s

presidential primary faces

a $6 million fine and more

than two dozen criminal

charges.

The Federal Communi-

cations Commission said

the fine it proposed Thurs-

day for Steven Kramer is its

first involving generative AI

technology. The company

accused of transmitting the

calls, Lingo Telecom, faces

a $2 million fine, though in

both cases the parties could

settle or further negotiate,

the FCC said.

Kramer has admitted

orchestrating a message

that was sent to thousands

of voters two days before

the first-in-the-nation pri-

mary on Jan. 23. The mes-

sage played an AI-generated

voice similar to the Demo-

cratic president’s that used

his phrase “What a bunch

of malarkey” and falsely

suggested that voting in the

seeking comment Thurs-

day. He told The Associated

Press in February that he

wasn’t trying to influence

the outcome of the election

but rather wanted to send a

wake-up call about the po-

tential dangers of artificial

intelligence when he paid a

New Orleans magician $150

to create the recording.

“Maybe I’m a villain

today, but I think in the

end we get a better coun-

try and better democracy

because of what I’ve done,

deliberately,” Kramer said

in February.

Voter suppression car-

ries a prison sentence of

3 1/2 to 7 years in prison.

Impersonating a candidate

is punishable by up to a

year in jail.

In an interview days

after he was publicly iden-

tified as the source of the

calls, Kramer said he dis-

agreed that his robocall

suppressed voter turnout,

noting that Biden won the

Democratic primary by a

wide margin as a write-in

candidate. -AP

of war. He emphasized

that democracy, peace,

and prosperity are at the

core of Taiwan’s national

roadmap, and highlighted

Taiwan’s role as an im-

portant link in the global

chain of democracies,

while expressing his com-

mitment to enhancing hu-

man rights and promot-

ing democratic values on

a global scale.

We see our Taiwan as

a crucial link in the chain

of democracies world-

wide, and our leader has

emphasized that a new

era of democracy in Tai-

wan has dawned, show-

casing the country’s com-

mitment to human rights

and its core values of

democracy and freedom.

Taiwan has consistently

ranked highly among

Asian nations in terms of

democracy and freedom,

making it a shining ex-

ample on the global stage.

The leader, therefore,

highlighted Taiwan’s role

as a beacon of democracy

and stressed the impor-

tance of continuing to

uphold these values.

In the realm of inter-

national affairs, Taiwan

will continue to collabo-

rate with Nigeria, one of

the major friendly demo-

cratic nations to form a

value-sharing commu-

nity. President Lai said:

“We will work together to

combat disinformation,

strengthen democratic

resilience, address chal-

lenges, and allow Taiwan

to become the MVP of the

democratic world,” and

he pledged his govern-

ment’s desire to uphold

four commitments: “nei-

ther yield nor provoke,

and maintain the status

quo”, but ensuring that

the future of Taiwan will

be decided by its 23 mil-

lion people. By working

together with like-mind-

ed nations, Taiwan aims

to overcome challenges

and solidify its position

as a key player in the

democratic world.

Distorted UN 2758 Reso-

lution:

In light of President Lai’s

pledges and current cir-

cumstances, it is impera-

tive for international al-

lies of Taiwan, such as

Nigeria, to reassess UN

resolution 2758 of 25 Oc-

tober 1971 which states

that the People’s Repub-

lic of China is the sole

representative of China

to the United Nations,

consequently leading to

Taiwan’s withdrawal

from the organization.

This UN resolution is in

dire need of revision as

it is no longer aligning

with the complexities of

today’s global politics.

This resolution inadver-

tently empowers Beijing

to unjustly pressure

and intimidate Taiwan,

thereby restricting Tai-

pei’s participation in the

democratic world.

The government of

Taiwan has consistent-

ly upheld its four core

commitments. These

commitments include a

dedication to a free and

democratic constitution-

al system, a firm stance

that Taiwan and China

are separate jurisdictions

with equal standing, a

strong resistance to any

attempts at annexation

or encroachment on our

sovereignty, and a belief

that the future of Taiwan

should be determined by

the will of the Taiwanese

people.

It is worthy of note that

a bipartisan group of U.S.

senators introduced a

resolution on Wednesday,

May 15, which asserts

that China has “misused

and misinterpreted” U.N.

Resolution 2758. The reso-

lution also states that

China has misrepre-

sented the resolution’s

contents to suggest ac-

ceptance of Beijing’s “one

China” principle. Strong

advocates like Republi-

can Senator Jim Risch

and Democratic Senator

Jeanne Shaheen, both

members of the Senate

Foreign Relations Com-

mittee, brought forth this

resolution to emphasize

that U.N. General Assem-

bly Resolution 2758 does

not equate to global recog-

nition of Beijing’s claims

over Taiwan. Risch em-

phasized that the United

States’ “one China” poli-

cy differs from Beijing’s

“one China” principle,

and this resolution aims

to clarify the facts. The

United States has the

ability and responsibility

to challenge China’s false

narratives whenever nec-

essary.”

We the people of Tai-

wan sincerely hope that

Nigeria, together with all

other democratic allies

and their citizens em-

brace our new adminis-

tration and support us as

a partner in our mission

to promote democratic

values. We are commit-

ted to advancing dem-

ocratic principles and

safeguarding the Asia-

Pacific Region through

constructive dialogue

and cooperation with all

like-minded partners and

nations in the region and

around the world.

Andy Yih-PING Liu is

the Representative/

Head of Mission of Tai-

wan in Nigeria

By Andy Yih-PING Liu

primary would preclude

voters from casting ballots

in November.

Kramer is facing 13 felo-

ny charges alleging he vio-

lated a New Hampshire law

against attempting to deter

someone from voting using

misleading information. He

also faces 13 misdemeanor

charges accusing him of

falsely representing him-

self as a candidate by his

own conduct or that of an-

other person. The charges

were filed in four counties

and will be prosecuted by

the state attorney general’s

office.

Attorney General John

Formella said New Hamp-

shire was committed to

ensuring that its elections

“remain free from unlawful

interference.”

“I am pleased to see that

our federal partners are

similarly committed to pro-

tecting consumers and vot-

ers from harmful robocalls

and voter suppression,”

said Formella, who was ap-

pointed by Republican Gov.

Chris Sununu.

Lingo Telecom said it

strongly disagrees with

the FCC’s action, which it

called an attempt to impose

new rules retroactively.

“Lingo Telecom takes

its regulatory obligations

extremely seriously and

has fully cooperated with

federal and state agencies

to assist with identifying

the parties responsible for

originating the New Hamp-

shire robocall campaign,”

the company said. “Lingo

Telecom was not involved

whatsoever in the produc-

tion of these calls and the

actions it took complied

with all applicable federal

regulations and industry

standards.”

The New Hampshire

calls falsely showed up

to recipients as coming

from the personal cellphone

number of Kathy Sullivan,

a former state Democratic

Party chair who helped

run the Biden write-in cam-

paign. She said in an email

Thursday that she hopes

Kramer is learning “there

is a steep price for trying

to rig an election.”

“The swift, decisive ac-

tion by the New Hampshire

Department of Justice and

the FCC hopefully will deter

other bad and/or stupid

actors who don’t respect

democracy,” she said.

Kramer, who owns a

firm that specializes in

get-out-the-vote projects,

did not respond to an email

Steve Kramer, political consultant who sent AI-generated robocalls

mimicking President Joe Biden’s voice to voters ahead of New

Hampshire’s presidential primary. The Federal Communications

Commission has issued a $6 million ne against the Steve Kramer

FRIDAY 24 MAY 2024

36 www.businessday.ng

FRIDAY 24 MAY 2024 www.businessday.ng

BUSINESS OF SPORTS

U.S firm Oaktree Capital takes over Inter Milan over €395m loan default

By Anthony Nlebem

A U.S. investment firm Oaktree Capital

Management has assumed full control

of Serie A champions Inter Milan after

Chinese firm Suning defaulted on a €395

million ($428 million) loan payment.

Suning, which acquired a 68.7% stake

in Inter Milan in 2016, had taken a €275

million loan at 12% interest from Oak-

tree Capital to support the club during

the COVID-19 pandemic. Over time, the

debt increased to nearly €400 million.

Inter Milan’s outgoing president, Steven

Zhang, unsuccessfully sought refinanc-

ing options from other lenders, including

Pimco.

Following Suning’s failure to meet

the repayment deadline, Oaktree Capital

took over control of Inter Milan.

In a recent statement addressing

concerns over the club’s financial

stability, Zhang criticized Oaktree for

their lack of engagement in efforts to

achieve a financial solution. Oaktree,

however, confirmed the takeover,

stating:

“As of May 22, funds managed by

Oaktree Capital Management, L.P.

(‘Oaktree’) have assumed ownership of

FC Internazionale Milano following the

non-repayment of Oaktree’s three-year

loan to Inter Milan’s holding companies,

which matured on May 21, 2024, with a

balance of approximately €395 million.

“In May 2021, as Inter Milan faced

significant financial losses, Oaktree

provided rescue capital to stabilize the

League final for the first time since 2010.

“Oaktree is dedicated to the long-term

prosperity of Inter Milan, with an initial

focus on operational and financial stabil-

ity. We value the legacy of the club, the

passion of the players, and the club’s

significant role in Milan, Italy, and the

global sporting community.

“We are committed to working

closely with Inter Milan’s current man-

agement team, partners, the league,

and governing bodies to ensure the

club is positioned for success on and

off the pitch, focusing on robust man-

agement, operations, and governance

with a vision for sustainable growth

and success.”

Oaktree also indicates plans to com-

municate with key stakeholders in the

coming weeks to ensure a smooth transi-

tion. Despite the takeover, the day-to-day

operations of the club are expected to

remain unchanged for now.

A source close to the matter said Oak-

tree, which has only limited previous in-

volvement in sports franchises, was not

planning to sell Inter immediately and

was prepared to be a “patient investor.”

The upheaval off the field contrasts

with the club’s success on it, with Inter

having last month secured their 20th

Serie A league title and the second under

Suning’s ownership.

Founded in 1908, Inter is one of the

traditional powers in Italian soccer and

home to top players including Lautaro

Martinez and Nicolo Barella.

Five Youngest Managers to Win the Premier League

By Anthony Nlebem

The English Premier League is one of the

most competitive and thrilling football

leagues globally, known for producing

some of the game’s finest managers.

Interestingly, several of these successful

managers achieved greatness without

extensive experience.

The oldest manager to win the Pre-

mier League is Sir Alex Ferguson, who

was 71 years and 112 days old when he

last won it with Manchester United in

2013. Ferguson lifted his first title at

Old Trafford at the age of 51 years and

122 days, marking a long and illustri-

ous career in English football. In this

week’s edition of BusinessDay Busi-

ness of Sports, we take a look at the five

youngest managers who have won the

Premier League.

Jose Mourinho

Age: 42 Years

Portuguese tactician Jos Mourinho

is the youngest manager to ever win the

Premier League. At just 42 years old, he

led Chelsea to the title in the 2004/2005

season. Mourinho joined Chelsea in 2004

after a spectacular season with Porto,

where he won the Champions League.

He quickly made an impact at Chelsea,

securing their first league title in 50

years. Under his leadership, Chelsea

set a record by conceding only 15 goals

in that season, a record that still stands.

Pep Guardiola

Age: 47 Years

Pep Guardiola was 47 when he first

won the Premier League with Manches-

ter City in the 2017/2018 season. Known

for his innovative tactics and emphasis

on possession-based football, Guardiola

guided City to a record-breaking 100

points that season. By the time he won

his first Premier League title, Guardiola

had already secured multiple league ti-

tles in Spain and Germany. He has since

added more Premier League titles to his

name, cementing his legacy in English

football.

club’s operations, including paying

players and employees. Over the past

three years, Inter has achieved notable

successes, including winning its eighth

and ninth Coppa Italia titles, securing

its sixth, seventh, and eighth Super-

coppa, earning its 20th Scudetto title,

and reaching the UEFA Champions

Kenny Dalglish

Age: 44 Years

Former Liverpool legend Kenny Dalg-

lish won the Premier League with Black-

burn Rovers at the age of 44 during the

1994/1995 season. While Dalglish is best

remembered for his time at Liverpool,

his managerial success with Blackburn

is historic. Dalglish led Blackburn to

their first league title in 81 years, nar-

rowly beating Manchester United by

one point. Key players like Alan Shearer

played crucial roles in this triumph.

chester City to their first Premier League

title in the dramatic 2011/2012 season.

Mancini, who had previously won three

Serie A titles, took over City in 2009. His

tenure is best remembered for the last-

minute heroics of Sergio Agüero, whose

goal in the dying moments of the season

clinched the title from rivals Manchester

United. This moment remains one of the

most iconic in Premier League history.

Antonio Conte

Age: 47 Years

Antonio Conte also won the Premier

League at the age of 47, managing Chel-

sea to the title in the 2016/2017 season.

Roberto Mancini

Age: 47 Years

Roberto Mancini, at age 47, led Man-

Known for his tactical prowess, Conte

introduced the 3-4-3 formation, leading

Chelsea to a 30-game unbeaten streak.

This tactical shift proved pivotal, and

Chelsea secured the title with two games

to spare. Conte’s success at Chelsea was

a testament to his managerial acumen.

38 FRIDAY 24 MAY 2024www.businessday.ng

By Anthony Nlebem

Man United boss Ten Hag banks

on FA Cup title to save job

WAFU B U17: Golden Eaglets defeat

Togo, to play Ivory Coast in semi-finals

Maradona family halts sale of 1986

World Cup ‘Golden Ball’ trophy

twice, while Rapha Adams

added his second goal of

the tournament, bolstering

his rising reputation.

Adeleke missed an ear-

ly chance to put Nigeria

ahead in the 6th minute

but redeemed himself five

minutes later, scoring with

an assist from Abdulmuiz

Oladimeji, easing the pres-

sure on a Togolese side

that had lost its previous

two games.

Adams, who scored the

only goal in Nigeria’s win

over Niger Republic on

Sunday, came close in the

20th minute off another

pass from Oladimeji but

missed the target. Howev-

er, he made no mistake 15

EMBATTLED Manchester

United manager Erik ten

Hag has set sight on win-

ning Saturday’s FA Cup

final against rivals Man-

chester City to save his job

at Old Trafford.

The 54-year-old Dutch-

man is under pressure to

keep his to save his job

amid speculation that Unit-

ed’s new co-owner Jim

Ratcliffe plans to axe him

after the 2023/24 turbulent

season.

United finished eighth

in the Premier League,

their lowest Premier

League position since the

1990 season and crashed

out in the group stage of the

Uefa Champions League.

Pep Guardiola’s Man

City were crowned Pre-

mier League champions for

an unprecedented fourth

successive season last

weekend, giving them six

titles in seven years and

have beaten United twice

THE heirs of Diego Mara-

dona have initiated legal

proceedings in France to

prevent the auction of the

Argentine football legend’s

‘Golden Ball’ trophy from

the 1986 Mexico World Cup.

This prestigious award,

presented to the tourna-

ment’s best player, had been

missing for decades before

being rediscovered by an

antique dealer in Paris.

The auction, organized

by Aguttes in Neuilly-sur-

Seine near Paris, is sched-

uled for June 6. However,

Maradona’s family claims

the trophy rightfully be-

in November 1986 at the

Lido Cabaret in Paris but

was stolen three years later.

They discovered the trophy

was to be auctioned only a

few weeks ago and took im-

mediate legal action.

Lola Chunet, a lawyer

for the family, expressed

the family’s determination:

“The family aims to recov-

er this ball, the Argentine

people want to recover this

ball,” she told a court in

Nanterre.

In contrast, Arthur

Gaulier, representing

Aguttes, contended that

the family’s claim, made 35

years after the alleged theft

without prior complaint,

appeared opportunistic.

The auction house director,

Maximilien Aguttes, men-

tioned a circulating legend

that Maradona had forgot-

ten the trophy at the Lido

the night it was awarded.

The antique dealer who

acquired the trophy stated

he bought it at an auction in

2016 within a lot of several

trophies, for a total of 500

euros. Realizing its potential

significance, he contacted

one of Maradona’s lawyers

to verify its authenticity.

The court is set to decide

on May 30 whether the sale

can proceed. Concurrently,

a criminal complaint has

been filed, as confirmed by

the prosecution.

SPORTS

longs to his five heirs.

Lawyers representing

the family argue that the

trophy, which is expected

to fetch millions, was stolen

during a 1989 bank robbery

in Naples.

In recent years, memo-

rabilia from Maradona’s il-

lustrious career has fetched

significant sums.

His jersey from the 1986

World Cup was sold for

nearly $9.3 million in 2022,

and the “Hand of God” ball

from the infamous quarter-

final against England sold

for $2.4 million later that

year.

According to the Mara-

dona family, the trophy

was awarded to Maradona

minutes later, heading in a

superb cross from captain

Simon Cletus.

Adeleke secured his

brace and Nigeria’s third

goal in the 57th minute,

again assisted by Cletus.

He had a chance for a hat-

trick but missed a penalty

in the 68th minute.

Nigeria’s Edward

Ochigbo was named Player

of the Match.

With this victory, the

Golden Eaglets topped

Group B after Burkina

Faso defeated Niger Re-

public 1-0 in the group’s

other match.

Nigeria will now face

Ivory Coast in the second

semi-final on Saturday

NIGERIA’s Golden Eaglets

advanced to the semi-fi-

nals of the ongoing WAFU

B U17 Championship in

Ghana with a decisive 3-0

victory over Togo, secur-

ing the top spot in Group B.

They will face Ivory Coast

in the last four.

The match which was

originally scheduled for

Wednesday evening, was

postponed to Thursday

morning due to a water-

logged pitch following

heavy rainfall.

Golden Eaglets forward

Abdulmuiz Adeleke played

a crucial role in the morn-

ing encounter, scoring

already this season and

Ten Hag knows a surprise

win for underdogs United

would be a well-timed feath-

er in his cap.

“It’s all about trophies.

We have a huge opportu-

nity to win a trophy. In the

last 10 years, there have

not been so many trophies

at the club but we have the

opportunity to win two in

two years,” Ten Hag said

on Thursday as quoted by

AFP.

“The FA Cup final, it’s a

big event. Even in a season

that is not in our way, we

are there. We know we

have an opportunity.

“It won’t be easy but we

must go for it. We have to

believe it. We know often

against good opposition we

play our best football and

that must be the same on

Saturday.”

Ten Hag, who led United

to their first trophy in six

years when they won the

League Cup last season,

also clashed with Jadon

Sancho and Marcus Rash-

ford, reportedly creating a

rift in the dressing room.

United have been linked

with England boss Gareth

Southgate, former Chelsea

manager Mauricio Pochet-

tino, departing Bayern Mu-

nich boss Thomas Tuchel

and Ipswich chief Kieran

McKenna.

But the former Ajax

manager is confident of

winning United’s first FA

Cup title since 2016, to

avenge last season’s loss to

Man City at the same stage

of the competition and en-

suring his club qualify for

European football next

season.

Asked if the final could

be his last match as United

manager, Ten Hag laughed

and told reporters: “I have

nothing to say. I’m just

focusing on the job I have

to do.

“That is first to win the

game on Saturday and then

we are in the project. Keep

going in the project.

“After every season you

review it and see where you

are in the project and what

things may need to change.

“We spoke lately about

it. Players are developing

and values are going up.”

The Red Devils’ 2023.24

season have been ham-

pered by injuries to key

players, but some of these

players are back to fitness

ahead of Saturday’s FA

Cup final.

Lisandro Martinez and

Raphael Varane have re-

turned, with Victor Lin-

delof, Mason Mount and

Anthony Martial pictured

in training this week, al-

though Harry Maguire

and Luke Shaw will be

sidelined.

FRIDAY 24 MAY 2024 www.businessday.ng

By Anthony Nlebem

SPORTS

Atalanta hero Lookman plays down

Bergamo street-naming honour

Lookman shares Europa League

trophy moment with family

ATALANTA star Ade-

mola Lookman shared a

heartwarming moment

with his family after his

stellar performance in

the Europa League final

last night.

Football fans world-

wide watched in ex-

citement as Atalanta

secured their first-ever

Europa League trophy.

Lookman’s hat-trick not

only sealed a 3-0 victory

against Bayer Leverku-

sen but also ended their

unbeaten streak.

Lookman’s parents

were present at the Aviva

Stadium to witness their

Lookman’s hat-trick sets

new Europa League record

ATALANTA star Ademola

Lookman has laughed off

a suggestion that a street

in Italy, Bergamo could be

named after him following

his heroic performance in

the Uefa Europa League

final where his hat-trick

helped the Nerazzurri

defeat Bayer Leverkusen

in Dublin on Wednesday

night.

The 26-year-old Nige-

rian forward, who joined

Atalanta for €9.35 million

from RB Leipzig two sum-

mers ago, has been having

an outstanding season.

Lookman’s extraordi-

nary season culminated in

the UEFA Europa League

final, where he scored a

hat-trick against Leverku-

sen, leading Atalanta to

a historic 3-0 victory and

their first major European

trophy.

His performance not

son’s historic achieve-

ment. After the match,

they joined him on the

pitch, showering him

with hugs and kisses.

In a proud dad moment,

Lookman’s father joy-

fully exclaimed, “That’s

my son!”

The Nigerian winger

wrote his name into Ata-

lanta’s history with his

Europa League final hat-

trick, becoming the sixth

player to achieve this

feat in a European final

and the first since Jupp

Heynckes for Borussia

Mönchengladbach in the

1975 UEFA Cup.

The 26-year-old Lon-

don-born Nigerian winger

had never reached dou-

ble figures in a season

for Charlton, Everton,

RB Leipzig, Fulham, or

Leicester. However, he

has now scored 15 goals

in each of his two seasons

with Atalanta.

Immediately after the

final whistle, Lookman

told TNT Sports, “It’s

one of the best nights of

my life.” He hinted at

a planned celebration,

saying, “We’ve got to cel-

ebrate; we made history

tonight.”

Lookman joined coach

Gian Piero Gasperini’s

post-match press confer-

ence, where he praised

the support he received

from the club and coach,

which he credits for el-

evating his game.

“The past few years,

the club and coach have

supported me in terms

of giving me minutes…

it’s helped me elevate my

game to a new level,” he

said. “The first few con-

versations we had made

me look at football differ-

ently. It made it simpler

in my mind in terms of

what he expected from

me.”

Felix Emanus, Look-

man’s former youth coach

at Waterloo, shared his

joy after the match. “I

really can’t tell you my

emotions ,” he said.

The former Everton

star is the first player to

score a hat-trick in the

single-match format of the

Europa League final.

This achievement plac-

es him in an elite group of

Nigerian players who have

scored in major UEFA fi-

nals. He also set the record

for the fastest two goals

in a Europa League final,

achieving this in just 26

minutes. His outstanding

performance earned him

the “Player of the Match”

accolade.

Lookman’s hat-trick

was instrumental in break-

ing Bayer Leverkusen’s

remarkable 51-match un-

beaten streak across all

competitions. His contri-

butions throughout the

Europa League campaign

were pivotal for Atalanta,

making him a strong con-

tender for the CAF Player

of the Year award, cur-

rently held by SSC Napoli

striker Victor Osimhen.

They became the first

Italian team to win the

Europa League since 1999.

This win also boosted Ita-

ly’s standing in the Europa

League, with their 18th

final appearance surpass-

ing England and second

only to Spain.

NIGERIAN and Atalanta

sensational forward Ade-

mola Lookman has writ-

ten his name in the pages

of European football his-

tory after scoring a hat-

trick in the UEFA Europa

League final against Bayer

Leverkusen.

The 26-year-old who

started his football ca-

reer at Charlton Athletic

was the standout player

in Wednesday’s match,

leading Atalanta to a con-

vincing 3-0 victory and

their first major European

trophy.

Atalanta entered the

UEFA Europa League final

in excellent form, with

only one loss in their previ-

ous nine matches. Despite

their recent defeat to Ju-

ventus in the Coppa Italia

final, which cost them the

trophy, they bounced back

spectacularly in Dublin.

Atalanta’s victory is

a landmark in the club’s

116-year history, marking

only their second major

trophy, the first being the

1963 Coppa Italia.

Lookman’s perfor-

mance was historic on

multiple fronts. The Super

Eagles winger who had an

impressive 2023 Africa Cup

of Nations in Ivory Coast

where he scored three

goals that helped Nigeria

win a Silver medal became

the first player to score

a hat-trick in a Europa

League final since 1975,

including its predecessor,

the UEFA Cup.

only ended Leverkusen’s

51-match unbeaten streak

but also set several records,

solidifying his status as a

football legend.

Speaking after his he-

roic performance in the

2023/24 UEFA Europa

League final where an Ital-

ian journalist asked him if

a street in Bergamo might

one day be named after

him, Lookman laughed

but acknowledged the im-

mense support he feels

from the fans.

“I feel the support from

the fans from the first min-

ute I was in Bergamo,” he

added. “The city of Ber-

gamo gives me a sense of

calmness. It’s a very calm,

relaxed city and that has

helped me a lot with my

living style. I’m focused on

the important things.”

The Nigerian winger is

one of about 120,000 people

who live in the northern

Italian city close to Milan

and his impact at Atalanta

has been significant, en-

dearing him to the local

community.

This gesture comes af-

ter his remarkable goal

in Atalanta’s 3-0 victory

over Olympique Marseille

in the semi-finals of the

Europa League where a

couple based in Palosco, a

district in Bergamo close to

Atalanta named their child

after Lookman following

his stellar performance

against Marseille.

By Kemi Ajumobi kemi@businessday.ng

WOMEN IN BUSINESS

Olufunke Olumide

Oluyemi Obadare

CEO, Certification Partner Global, West Africa

OLUFUNKE Olumide is a partner in

the private clients and multifamily of-

fice practice of Acuity Partners.

She serves as the managing partner

of its multifamily office, The Legacy

Haus, which is the first African-focused

multifamily office tailored to cater to

the unique needs of African families

and individuals. With an unwavering

commitment to preserving legacies and

propelling wealth expansion, she plays

a pivotal role that encompasses strate-

gic planning, personalised advisory,

and pioneering wealth and personal so-

lutions.

With over a decade of advisory ex-

perience, she specialises in working

with families and business owners

to navigate the intricate pathways of

multi-generational wealth transfer and

governance. As an experienced busi-

ness integrity, compliance and corpo-

rate governance expert, she engages

with clients to institute resilient family

structures and constitute robust cor-

porate governance frameworks. She

provides dynamic advice which adeptly

addresses compliance challenges and

facilitates the smooth operations of

businesses within Nigeria.

She is a trusted advisor to domes-

tic and multinational companies.

Through her journey, she has led di-

verse teams in conducting legal due

diligence investigations and provided

invaluable insights into M&A, private

equity, and corporate restructuring

across sectors ranging from FMCG

and finance to technology, media, and

agriculture. Her dedication extends

to advocating for corporate rescue

mechanisms aimed at resuscitating

distressed companies.

OLUYEMI Obadare is the Chief Ex-

ecutive Officer, Certification Partner

Global West Africa (CPG). CPG is a

full-scope certification body accred-

ited by JAS-ANZ, SAC, EIAC, SANAS

and APMG, certifying organisations,

businesses, hospitals and government

departments to both national and In-

ternational standards, and delivering

trainings across the wide array of ISO

management systems. Their technical

expertise and customer focus, coupled

with innovative creation of new man-

agement programmes and a proven

track-record in management, ensures

that CPG continues to deliver sig-

nificant contributions to the world of

standards and accreditation.

As the CEO, CPG West Africa, Oluy-

emi has the responsibility of managing

and directing CPG programmes across

the West African region, strengthening

customer experience for sustainable

interactions and deepening business

relationships, whilst, opening new

frontiers across the region.

Furthermore, she coordinates CPG

WA technical expertise and customer

centric curricula within the region to

ensure CPG continues to deliver sig-

nificant contributions to the world of

standards and accreditations.

Prior to joining CPG, Obadare

worked in the capacity of the Acting

Chief Risk Officer and Head, Informa-

tion Security and Business Continuity

for the Nigerian Exchange Group and

its affiliates, with oversight of the Group

ERM department, comprising of risk

management, internal control, informa-

tion security and business continuity

Armed with an LLB from the Univer-

sity of Lagos and an LLM in business

law from the University of Liverpool

where she graduated with merits, she

has harnessed an abundance of practi-

cal experience honed through her ten-

ure at leading commercial law firms.

This experience enriches the depth

of her contributions as she serves on

boards and offers advisory services to

emerging corporates, families & indi-

viduals.

She is an associate of the Chartered

Institute of Arbitrators (UK) and has

experience in commercial arbitration

and mediation. She has served as both

counsel and registrar in arbitration

proceedings.

Olufunke is on a mission to safe-

guard legacies, drive wealth growth,

and elevate prosperity across Africa.

With a deep-seated passion for the suc-

cess of African family businesses, she

leads transformative conversations

around business succession, family

legacies, and the vital role these enter-

prises play in shaping the continent’s

economic landscape.

Olufunke is dedicated to building

a vibrant network of next-generation

family business owners and managers

with ‘The Family Business Network

Africa’, nurturing a community of in-

novation, collaboration, and shared

success.

Recognising the immense contribu-

tion of family businesses to Africa’s

GDP and economic growth, Olufunke is

committed to driving sustainable devel-

opment and prosperity across the con-

tinent. Her vision is to create a legacy

of resilience, excellence, and prosperity

that resonates for generations to come.

management. She had the responsibility

for all risk management decisions and is-

sues that impact the strategic objectives

of the group and its entities.

As the Head, Information Security

and Business Continuity, Oluyemi

coordinated the team responsible for

maintaining the global standard for

information security management sys-

tem for the Nigerian capital market and

the ecosystem.

She has the depth of capacity in de-

veloping business impact analysis,

risk assessment, business continuity

management, disaster recovery, con-

tingency plans and procedures to mini-

mise disruptions to business-critical

services.

In the period of COVID-19, the global

pandemic, Obadare coordinated the cy-

ber security, business continuity and

disaster recovery management team at

the Exchange, and the wider capital mar-

ket. The team achieved a seamless tran-

sitioning to remote working and remote

trading for the capital market, and deep-

ened the market cyber awareness.

The business agility and resilience

demonstrated earned Nigerian Ex-

change Limited (NSE) the best perform-

ing stock market across the world in the

year 2020, the year of global lockdown,

economic downturn and business col-

lapse. In the same trajectory, emerged

as a finalist in 2021 International Or-

ganisational Resilience Awards.

The NGX Limited was also rated

above the region of operations (Africa)

and the Americas Exchanges in the 2021

World Federation of Exchanges Cyber-

security Maturity Ranking.

FRIDAY 24 MAY 2024

www.businessday.ng sign up for https://bit.ly/bdnewsletters

Editor: Tayo Fagbule. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.

Managing Partner, The Legacy Haus

Nigerians’ healthcare woes worsen as states struggle to tap N128bn fund PDF Free Download

Nigerians’ healthcare woes worsen as states struggle to tap N128bn fund PDF Free Download

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