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BusinessDay 10 Apr 2018

12 BUSINESS DAY

12 BUSINESS DAY C002D5556 Tuesday 10 April 2018 Editorial PUBLISHER/CEO Frank Aigbogun EDITOR-IN-CHIEF Prof. Onwuchekwa Jemie EDITOR Anthony Osae-Brown DEPUTY EDITORS John Osadolor, Abuja Bill Okonedo NEWS EDITOR Patrick Atuanya EXECUTIVE DIRECTOR, SALES AND MARKETING Kola Garuba EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, DIGITAL SERVICES Oghenevwoke Ighure ADVERT MANAGER Adeola Ajewole MANAGER, SYSTEMS & CONTROL Emeka Ifeanyi HEAD OF SALES, CONFERENCES Rerhe Idonije SUBSCRIPTIONS MANAGER Patrick Ijegbai CIRCULATION MANAGER John Okpaire GM, BUSINESS DEVELOPMENT (North) Bashir Ibrahim Hassan GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu HEAD, HUMAN RESOURCES Adeola Obisesan EDITORIAL ADVISORY BOARD Dick Kramer - Chairman Imo Itsueli Mohammed Hayatudeen Albert Alos Funke Osibodu Afolabi Oladele Dayo Lawuyi Vincent Maduka Wole Obayomi Maneesh Garg Keith Richards Opeyemi Agbaje Amina Oyagbola Bolanle Onagoruwa Fola Laoye Chuka Mordi Sim Shagaya Mezuo Nwuneli Emeka Emuwa Charles Anudu Tunji Adegbesan Eyo Ekpo State police: How desirable? On February 8 2018, at a security summit in Abuja, vice president Yemi Osinbajo appeared to endorse the creation of state police. “We cannot realistically police a country the size of Nigeria centrally from Abuja. State police and other community policing methods are clearly the way to go,” Osinbajo told participants at the two-day National Security Summit organised by the Senate. “For a country our size, meeting the one policeman to 400 persons ratio prescribed by the UN would require us to triple our current police force, far more funding of the police force and far more funding of our military and other security agencies.” Then taking a cue from the vice president, the 36 state governors also threw their weight behind state police. Chairman of the Nigerian Governors Forum, Abdulaziz Yari, at a security summit organised by the Senate barely a week after the vice president spoke, said “We cannot realistically police a country the size of Nigeria centrally from Abuja. State police and other community policing methods are clearly the way to go.” He gave example with Zamfara state. “There are about 4 million people in Zamfara and we have fewer than 5000 policemen...We in governance agree that we can find a way through which we can fine tune the issue of state police.” But Yari wasn’t unaware of the problems associated with state police. How can state governors who are unable to pay workers salary take on the additional burden of setting up a state police? Yari has an answer. He explained that, “It is not all the states that are supposed to have the state police. Those that could should be able to have it” and those that can’t can continue with the present arrangement. “It is something we cannot take off at the same time. We were created differently.” Of course, we know for now only Lagos and a handful of other states could afford to maintain an effective police service. It also appears the authorities are coming to a realisation that the current police arrangement cannot adequately respond to the complex security situation in the country such as the Boko Haram, cattle rustlers, farmer-herders clashes, armed banditry, Niger Delta militancy and kidnappings. But even if states have the resources, the question remains: Is state police desirable in Nigeria? Although the constitution vests operational control of the police on the president, it still allows state governors to exercise authority and give directions with “respect to the maintenance and securing of public safety and public order within the state” to the commissioner of police. However, it circumscribed the powers of governors by adding in Section 215(4) of the constitution that “provided that before carrying out any such directions... the Commissioner of Police may request that the matter be referred to the president or such minister of the government of the federation as may be authorised in that behalf by the president for his directions.” While it is true that the powers of state governors to control or issue directives to the police have been severely curtailed, the creation of the Nigerian Police Council by the 1999 constitution was meant to ameliorate the loss and make control of the police a federal affair and not that of the president alone. The Constitution defined the powers to include: •Organisation and administration of the NPF and all other matters relating thereto (not being matters relating to the use and operational control of the force or the appointment, disciplinary control and dismissal of members of the force; •The general supervision of the Nigeria police force; and •Advising the president on the appointment of the IGP Curiously though, since its creation by the Constitution, there is no evidence that the Nigeria Police Council has ever met. Governors seem not to be aware or even interested in the NPC. It appears the overriding interest is in control and not efficiency of the police. We must realise the dangers of state police. In fact, it was the gross abuse of the local governments and regional police forces by the Nigerian political elite and ruling parties that necessitated the centralisation of the police in the first instance. Even the recent experiment with traditional vigilante/traditional police organisations such as the Bakkassi boys, OPC and others demonstrates the clear danger that the society faces if state policing is allowed. The fact that no state electoral commission, to date, has been able to conduct simple credible local government gives an indication of what goes on in the states. We recommend the comprehensive restructuring and repositioning of the police and the revival and strengthening of the Nigerian Police Council where all governors and the president can jointly exercise positive policy control over the police. 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Tuesday 10 April 2018 BUSINESS DAY 13 COMPANIES & MARKETS Company news analysis and insight AIICO Insurance disappointing performance could stir up a hornet’s nest Pg. 14 May and Baker’s strategies begin to bear fruit as margins improve BALA AUGIE May and Baker Nigeria Plc’s efforts to harness the potential of recent investment and cost control mechanism has yielded fruit as the drug maker was able to turn each Naira invested in sales into higher profit. The company’s stellar performance in the period under review amid a tough and unpredictable macroeconomic environment validates its growth strategy. For the year ended December 2017, May and Baker’s gross profit margin increased to 34.84 percent from 30 percent the previous year; thanks to improved efficiency and focus strategy. Cost of sales ratio declined to 64.91 percent in December 2017 from 70.0 percent the previous year. This means the company has spent less to produce each unit of product. Earnings before interest and tax (EBIT) margins followed the same growth trajectory as it increased to 12.83 percent in the period under review as against 9.69 percent the previous year. A 12 percent profit indicates the drug maker earns 12 kobo in profit for every Naira it collects. May and Baker’s implementation of many growth initiatives are paying off as investors continue to buy into its stock, signaling they are upbeat that the company’s aggressive expansion plans will magnify their earnings. The drug maker’s shares have gained 23.08 since the start of the year, outperforming the Nigerian Stock Exchange (NSE) All Share Index (ASI) of 6.79 percent. Last year, the Federal Ministry of Health signed a Memorandum of Understanding (MOU) with May and Baker for the production of vaccines under the Public Private Partnership by 2019. The ministry stated that the country would need $738 million for vaccines in 2014, 2017 and 2018. Analysts say they expects investors to swoop on the drug maker’s stocks given an array of projects in the pipe line that are expected to trickle down to the bottom line (profit). They added that they expect further margin expansion by the time these copious investments crystallize. Despite the tough and unpredictable macroeconomic, May and Baker posted a profit after tax of N370.86 million in December 2017 as against a loss N41.09 million it posted the previous year. Sales increased by 10.05 percent to N9.35 billion in the period under review while gross profit spiked by 29.24 percent to N3.27 billion in December 2017 from N2.53 billion as at December 2016. The year 2016 was horrendous for May and Baker and other drug makers in the country as a severe dollar scarcity brought on by lower oil price hindered them from importing raw materials to meet production. In short the country slipped into its first recession in 25 years that same year as drugs on the shelves of pharmaceutical stores shrank. However, the introduction of the new foreign exchange window by the central bank in mid 2017 coupled with the rebound in crude oil price and production saw the country exist a recession. The gross domestic product of Africa’s largest oil producer expanded for three straight quarters last year after a 1.6 percent contraction in 2016, with year-on-year growth reaching 1.9 percent in the final three months of 2017. The above gradual economic recovery means May and Baker’s future profit will get a boost as the availability of dollars will enhance its ability to import plants and raw materials. Shareholders and investors should expects a higher returns on their investment as the inauguration of the board of Biovaccines Nigeria Limited, (a subsidiary of the company), has raised the prospects that the subsidiary will soon begin to impact positively on the group performance. The company’s worldclass manufacturing facility in Ota, Ogun State, is fast growing into a hub of pharmaceutical manufacturing in West Africa; the imminent commencement of operations by Biovacccines Nigeria Limited will open up a new vast vista of growth for the group. The board of directors of the company has recommended distribution of N196 million as cash dividend for the 2017 business year, representing a dividend per share of 20 kobo. 2018 TAMS summit to reward productivity amongst Nigerian workforce FRANK UZUEGBUNAM ria Work: The Imperative of Youth Engagement and Empowerment in Corporate and Public Workplaces.” “We chose the theme, ‘Making Nigeria Work: The Imperative of Youth Engagement and Empowerment in Corporate and Public Workplaces’” because of the critical role the bulging youth demography plays in the economic growth of Nigeria. So, we felt that by motivating them to work harder, dream bigger and go further in their careers, we will be setting the tone for the future of our country,” said Afolabi Abiodun, the convener of the summit and chief architect of the TAMS workforce management solution. The TAMS Productivity Summit started in 2016 as a platform for national discourse about issues and factors that enhance workplace and national productivity. The Summit examines the interrelationship of elements such as time management, employee performance and workforce productivity vis-a-vis their impact on operational efficiency, resource optimisation and service delivery in all sectors of the economy. In addition to aiding organizations to digitally monitor employee’s timeliness and optimise Human Resource The 2018 edition of the foremost Time Management and Productivity Summit in Nigeria organised by IT powerhouse, SB Telecoms, will hold on May 17, 2018 at the Agip Recital Hall of the MUSON Centre, Onikan, Lagos. The focus this year is on youth engagement and empowerment in corporate and public workplaces a priority as a catalyst for national growth. The theme of the TAMS Summit 2018 is succinctly captured: “Making Nigemanagement, the TAMS Summit also celebrates exemplary employees in Nigeria who have consistently exhibited top performance markers in term of productivity and time management, as measured by the TAMS Solutions Software. Now in its third year of driving the conversation for workplace and national productivity, TAMS Summit 2018 will be conferring the prestigious TAMS Ambassador recognition on top 50 employees out of about 50,000 in over 1200 organisations in Nigeria. While discussing the rationale for such a large number of awardees, Abiodun enthused: “Our dream of a Great Nigeria is achievable when we all invest in human capital development by creating a team of change agents. The TAMS Ambassadors are imbued with the change culture where they influence their immediate workplace and the larger community to achieve a Nigeria that truly represents our heritage and our future.” Speaking to these issues are experts and social influencers, including Ndidi Nwuneli of LEAP Africa, Andrew Gbodume of MRS Oil, Emily Liggett of Stanford University, Fola Tinubu of Primero, Andrew Hanlon of TVC, and a host of others. At the centre of this spectacle is the revolutionary Time and Access Management Software (TAMS), an easy to use workforce management tool for SMEs and large corporations alike, with functions such as remittance, appraisal, shift, leave and payroll management at the fingertip. Abiodun said “TAMS has made a positive impact to our client organisations and business owners who have seen a significant rise in employee punctuality and productivity. When we set out to develop a homegrown human resource management solution.”

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