BusinessDay 11 Apr 2018

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42 BUSINESS DAY C002D5556 Wednesday 11 April 2018 NEWS Belemaoil makes case for US presence in... Continued from page 4 with the backing of the Rivers State government, to make the case for heavy US presence in Port Harcourt by setting up a ‘US Business Liaison Office’ in Port Harcourt. The US government however says such consideration could only gain traction if Rivers State could have free, fair and peaceful elections that are now around the corner in 2019 with primaries starting this year. The founder/president of Belemaoil, Jack-Rich Tein Jr, who led a team of investors to hand in the appeal at the corporate headquarters of the indigenous oil company on Odili Road in Port Harcourt on Tuesday, April 10, 2018, said Port Harcourt remained the hub of Nigeria’s oil and gas industry. Saying there was urgent need to rescue the oil city and save the bulging youth population to avoid political instability in Africa’s largest population, Tein said the US has much to do to help some few courageous investors like Belemaoil pumping huge funds to prove that Port Harcourt can rise again. He unveiled the Belema Model that shows intricate designs and schemes to integrate the oil host communities in oil operations as a way to restore the once-cherished love and trust between the oil industry and host communities, saying the presence of the US in Port Harcourt would simply complete the rebuilding process and cause DMO embarks on... Continued from page 1 of Finance and Office of the Accountant-General of the Federation have started the inspection of the roads being financed with the Sovereign Sukuk issued in 2017. The proceeds of the N100 billion Sukuk were designated for the financing of 25 road projects across the six geopolitical zones of the country. From the list of Road Projects made available to the public when the Sukuk was issued, these were major roads that will facilitate the movement of people, goods and services, thereby contributing to economic growth and development. It would be recalled that the current Muhammadu Buhari administration had prioritised investment in infrastructure as a major focus in its plans for the growth of the economy and job creation. The Sukuk represents a promise kept and a step forward in Nigeria’s drive for the development of infrastructure, which is in line with the Economic Recovery and Growth Plan (ERGP) launched by the Government in 2017. The team visited the Abuja- Abaji-Lokoja Road, the Obajana- Okene Road, the Suleja-Minna Road and the Kaduna Eastern Bypass Road. During the Inspection, the Team assessed progress on the work that had been done as well as ongoing rehabilitation and construction works on the roads. The Team interacted with the various contractors handling the projects. The inspection revealed that significant amount of work had been done and the contractors expressed their appreciation for the Sukuk which assured them of prompt payment for work done. The Sukuk has incentivised the contractors to accelerate work on a mass return of investors to the Garden City, the acclaimed hub of the Gulf of Guinea. Explaining the model for peace and prosperity in the Niger Delta so as to make case for US presence in the oil region, the founder talked about creating wealth both for the company and the communities. He pointed to the employment of 3,000 youths by Belemaoil from the communities; and award of 374 scholarships at a go to indigenes with beneficiaries going home same day with their cheques. He also talked about certified water from water projects to places that never saw good water in over 600 years of existence; roads built by USmade bulldozers; and the building of what he called the Technology Centre to groom technically sound youths. On the medium and long term, the Belema president mentioned mouthwatering figures including 36,000 jobs to be created in three years and 60,000 in 10 years with plans to create $1.4bn value in over 240,000 homes. To achieve this, he said Belema must increase value and production to 2000 per cent in the next 10 years from the present 12,000 bpd from OML 55 acquired from Chevron in 2013. He added that the company would need to work with at least 240 vendors. The benefits would go to all in terms of peace, increase in oil output, more investors and stability in the Niger Delta again with business More details of MTN Nigeria IPO coming in... Continued from page 4 by 42percent last year, and is up 5.9 percent year to date. MTN crossed major huddles to the Nigeria unit listing after three different Emergency General Meetings (EGMs), BusinessDay gathered. At the meetings, the group got the nod of different categories of shareholders to proceed for the listing on the NSE. At the latest Emergency General Meeting, issues of complaints by different categories of shareholders and that of shares managed by IBTC, among others were resolved. MTN said last month in a note preceding its financials for the year ended December 31, 2017, that Nigerian operations maintained positive momentum during the year, with the overall macroeconomic environment stabilising and the increased oil price and production offering some relief, with data revenue increasing by 86.6percent. The Nigerian operations had revenues of R36 billion, while EBITDA margin (excluding the impact of the regulatory fine) declined to 38.9 percent. Shuter said MTN has struck an agreement with pan-African lender Ecobank to offer mobile banking across Africa, enabling both companies to leverage each other’s assets. The move comes as telecoms Jack-Rich Tein Jr (l), founder/president, Belemaoil, hosting F. John Bray, US Consuler-General, in Port Harcourt. the selected roads because of the confidence that the Government had dedicated funds already in place to pay them upon completion of milestones. Of particular significance was the fact that the funds from the Sukuk had made it possible to construct the Okene Bypass, a new road which would ensure a safer and more convenient journey for travellers and residents by moving traffic away from the township and reducing congestion on the roads within the town. Similarly, the Kaduna Eastern Bypass, whose construction had been delayed by inadequate funding, will ease traffic within the Kaduna metropolis, while also improving the travel experience for persons transiting through Kaduna to other towns. According to information made available, the Government delegation will inspect all the Sukukfinanced Roads to confirm that the Sukuk funds have been utilised as planned. operators choosing the oil region once more. Placing a definite appeal, the oil magnate said: “We cannot do it alone. We appeal to the US to establish presence here in the form of Business Liaison Centre in Port Harcourt.” The Rivers State Commissioner of Commerce and Industry, Nancy Nwankwo, who added a push, described the founder of Belemaoil as a highly respected investor who garnished his business process with high dose of philanthropy. “He is very passionate for local communities. He has done so well in the state.” She said Gov Nyesom Wike has so far done so much in the area of security and infrastructure to boost investments. “The region was neglected for long and it was about importation of contractors and marginalisation of the local people. Rivers State is a business hub, blessed with so much in terms of assets and natural resources. Our hands are open for investors.’ In his response, the Consul-General, F. John Bray, urged the people and government of Rivers State to work on the image of the state in terms of security to attract businesses. He regretted that the state tended to post the worst electoral violence during the 2015 elections (which went into endless re-runs and court disputes with more violence each time). He hinged any attempt to consider the plea of the business group and the state government on posting a positive image of free, fair and peaceful elections next year. Analysts believe that this debut Sukuk has breathed new life into old projects and provided funding for new ones. It is, therefore, a financing instrument that is very appropriate for the development of infrastructure. The N100 billion “7-Year 16.47 percent Ijarah Sukuk due 2024” was listed at The Nigerian Stock Exchange and the FMDQ OTC Securities Exchange yesterday April 10, 2018 for better secondary market trading and liquidity for investors. The Sukuk Bond admission on FMDQ platform demonstrates Federal Government of Nigeria unrelenting commitment to the development of Nigeria’s infrastructure sectors through the Nigerian debt capital markets (DCM). To formally welcome the listing of the pioneer Sukuk to its platform, the OTC exchange held a memorable ceremony to commemorate and honor the issuer, the FGN, represented by the Director General of the DMO, Patience Oniha, along with key representatives from the DMO. Also present at the Ceremony were the co-sponsors to the issue on FMDQ and Registration Members of the OTC Exchange, FBNQuest Merchant Bank Limited, represented by its Managing Director/CEO, Kayode Akinkugbe and Lotus Financial Services Limited, represented by Hajara Adeola, Managing Director/CEO, and other parties to the issue. Welcoming the guests to the Ceremony, Emmanuel Etaderhi, Senior Vice President, Economic Development Division, FMDQ, congratulated the issuer and cosponsors to the issue. He reiterated the OTC Exchange’s commitment to continue to support the initiatives of the DMO towards the development of a highly liquid, deep and welldeveloped DCM in Nigeria. Patience Oniha, Director-General of the DMO, during the issuer’s special address, stated: “the DMO operators are expanding mobile services to boost margins and access new revenue streams. The two entities, with an extensive footprint on the continent, have signed a Memorandum of Understanding to develop their partnership agreement, which will allow them to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank Banking services. Shuter said the South African telecoms group was targeting 60 million customers via mobile services over the next three years, up from 23 million now across the 14 markets where it has launched the product. “Ecobank has very similar aspirations to us,” he said. Ecobank, which operates in 36 African countries, has said it expects its digital banking platform to boost its customers to 100 million from 13 million by 2020 and that it will focus expansion on existing markets via low cost mobile services to tap customers on lower incomes. Ade Ayeyemi, CEO of Ecobank said: “Combining Ecobank’s innovative digital banking range with MTN’s enormous subscriber base means that virtually every African can now have an instant bank account, savings accounts, loans and make instant remittances on their mobile phone.” in pursuit of its objectives to diversify the sources of government funding and deepen the domestic capital market successfully issued the debut N100.00bn 7-Year Sovereign Sukuk on September 26, 2017. The purpose of the Sukuk is to integrate ethical investors into the domestic securities market, establish benchmark for pricing of Sukuk by other domestic issuers and offer investors the opportunity to earn returns while contributing to the infrastructure development of the country.” Delivering the Registration Member (Listings) remarks, Kayode Akinkugbe, highlighted, “we are pleased to have advised the FGN on its N100.00bn debut Sukuk issuance, and despite fairly volatile market conditions, we leveraged FBNQuest Merchant Bank’s superb distribution platform to successfully distribute about 65percent of the offer. The N100billion Sukuk issuance is the first attempt by the Federal Government to raise funds through non-interest instrument in the capital markets for infrastructure development.” Similarly, co-sponsor and Registration Member (Listings), Lotus Financial Services Limited, represented by Hajara Adeola, during her remarks stated, “The FGN N100billion Sukuk has been instrumental in financing road projects, while ensuring socio-economic development and financial inclusion. With this listing, the Sukuk will trade like other FGN securities through registered brokers and dealers on the Exchanges.” Tumi Sekoni, Associate Executive Director, Capital Markets, FMDQ, whilst giving the closing remarks, applauded the issuer for achieving this milestone, stating that this was another highly laudable step by the Sovereign, through the DMO towards supporting the growth and development of the nation’s DCM.
Wednesday 11 April 2018 LCCI celebrates Business Excellence at 2018 commerce, industry awards Lagos Chamber of Commerce and Industry (LCCI) has concluded plans to honour excellence in business at its 2018 Commerce & Industry awards slated for May 1, 2018, in Lagos. This year’s edition, which is the 5th in the series, promises to be an improved edition and hopes to attract major players in the various sectors of the Nigerian economy. Muda Yusuf, directorgeneral, LCCI, said: “The objective of the annual awards is to recognize, celebrate and promote private and public institutions that have exhibited the core values of best business practices, growth through innovations, business sustainability and have positively impacted the society.” He added that “the LCCI Commerce and Industry Wapic holds conference call today as earnings surge BALA AUGIE Wapic Insurance plc, an underwriter in the country, will hold a teleconference call for investors and analysts today at 2pm Nigeria time, (1pm London/3pm Johannesburg/9am New York) with its senior management, to announce the unaudited financial results for the period ended December 31, 2017. The 2017 unaudited financial statement showed gross premium income spiked by 23 percent to N9.81 billion in December 2017, from N8 billion the previous year. Underwriting profit surged by 304 percent to N1.53 billion in the period under review from N381 million as of December 2016, while net underwriting income increased ‘Leader’s ability to create a social architecture is key competitive advantage’ SEYI JOHN SALAU Leaders and administrators’ ability in the church and secular workplace to create a social architecture has been said to be the key for competitive advantage to generate intellectual capital for capacity building of staffers, while followers need direction, trust and hope from their leaders to stay ahead of the curve. Johnson Odesola, assistant general overseer, admin and personnel, Redeemed Christian Church of God (RCCG), made this submission at the international conference of RCCG Administrators 2018, themed ‘No Bounds.’ According to Odesola, No Bounds is a phrase that triggers a feeling or quality Awards prides itself as a credible platform where winners emerge through a painstaking selection process supported by robust research and market intelligence. Some of the awards categories to be won at the prestigious event include: Award for Excellence in sectors of the economy such as Banking, Insurance, Health Care, Manufacturing, Real Estate, Aviation, Pharmaceuticals, Education, Media among others. “The LCCI aims to celebrate deserving corporate organisations and public institutions that have made remarkable contribution to the development of commerce and industry, and the economy at large. Good corporate governance is also a major consideration in the evaluation of nominees for the award.” by 28 percent to N6.33 billion in December 2017, as against N4.94 billion the previous year. Profit before tax increased by 36 percent to N1.62 billion in December 2017, from N1.19 billion the previous year. “I am delighted about our results and the growth we were able to achieve in all key performance metrics. Our full year 2017 performance reflects the strength and resilience of an organisation that is focused on delivering on its financial commitments,” Yinka Adekoya, managing director, WAPIC Insurance, said. “We have made significant investment in technology to enhance our operational efficiency and overall customer experience, which we expect will impact our bottom line in a sustainable manner going into the future,” Adekoya said. of no limits to something or not to be limited, loosen, leave someone to their own devices, to be at liberty to do something. Odesola said, “An interesting extension of the traits theory of the leader’s performance suggests that certain traits are necessary requirements for leadership but that they do not guarantee it.” According to the RCCG administrator, element of leadership excellence is a function of the right person being in the right place at the right time. “The fact that one person with certain traits becomes an excellent leader, while another with the same traits flounders may be no more than the results of timing and chance,” he C002D5556 BUSINESS DAY 43 NEWS 2019: Why I want to unseat Buhari - Moghalu INNOCENT ODOH, Abuja truly usher Nigeria into the private venture capital fund rule, oil boom and bursts and 21st century and build a better future for our children and N500 billion (with private class have combined to rob with a minimum capital of failures of the civilian political Former deputy governor of the Central youth.” sector co-investment to fund Nigeria of what seemed its Bank of Nigeria (CBN), Moghalu declared his interest for the presidency on to create jobs by investing in 1960. could attain a size of N1trn) destiny at independence in Kingsley Moghalu, says the pervasive hardship in the country occasion by poor economic management are reasons he intends to challenge President Muhammadu Buhari in the contest for the presidency in 2019. February 28, when he assured Nigerians that if elected President in 2019, he would lead a government that would unite Nigeria and build a stable and secure nation, reverse extreme poverty and high unemployment new businesses by unemployed youth, reform the Nigerian Police Force by recruiting, training and equipping a minimum of 1.5 million persons with improved remuneration to create safe and se- “I am standing with the 100 million Nigerians experiencing crushing poverty, living on less than N300 a day.” I am here today because 33 million of our able men and women are unemployed or Moghalu, in a statement with effective economic cure communities, empower underemployed, nearly 15 on Tuesday, acknowledged that President Buhari, who declared his intention to run for the presidency had every right to seek a second term in office if nominated, but it would be up to Nigerians to management, and restore Nigeria’s standing in the world. The 55-year-old Anambraborn technocrat has, however, not declared for any of the 68 registered political parties even as he expressed sadness that women with a 50:50 gender parity policy in political appointments, and initiate a constitutional restructuring of Nigeria to restore true federalism for stability and prosperity,” he said. million children are out of school, and only 60% of Nigerians are literate” he said during his declaration. He said that education will enjoy a prominent place in is government pointing out that judge his track record so far. despite Nigeria’s enormous The erudite professor of he will establish and propagate Moghalu, however, noted that he would challenge the President based on the record of increasing poverty and insecurity in the country, wealth and talents, about 180 million people and thousands of businesses in the country were struggling to share a measly 4,000mw of electricity. International Business had during his declaration lamented that nearly 60 years ago, the vision and hope of Nigeria’s founding fathers such through the educational system a foundational philosophical worldview for the Nigerian state, around which all Nigerians will unite in a common saying, “I offer my vision “My government will as Nnamdi Azikiwe, Obafemi purpose. “Education will be of something new, bold and different. I offer a new kind of competent, inclusive and effective leadership that will establish a productive innovation-led economy that reduces dependence on oil revenues, establish a public- Awolowo and Ahmadu Bello, have not materialized following successive years of misrule. He added that military allocated 20 per cent of the federal government budget, with a progressive increase to 30 per cent over eight years,” he said. L-R: Segun Agbaje, GMD/CEO, Guaranty Trust Bank plc; Osaretin Demuren, chairman, and Erhi Obebeduo, company secretary, at the 28th annual general meeting of the bank in Lagos, yesterday. Pic by Olawale Amoo said, urging the participants that staying with the status quo would not work. “Leadership is not an exclusive club for those who are just born with it, leaders are made. Although leadership relies on some inherited characteristics, it also depends on training and experience. “Indeed, many of the traits and abilities that are raw materials of leadership can be acquired. If you link those traits with an essential desire to achieve; nothing can keep you from becoming a leader. You may even become a great leader. When leadership is pure, it always starts with a need. That need sparks a passion within a person. That person acts in response to the need. This action moves others to cooperate,” Odesola stated. Delta extends empowerment scheme to more PwDs MERCY ENOCH, Asaba Delta State government has extended its Skills Training and Entrepreneurship Programme to 29 more persons with disabilities (PwDs), bringing to 80 the number of PwDs included in the job creation training and empowerment scheme under the Governor Ifeanyi Okowa-led administration’s SMART agenda that targets prosperity for all Deltans. The 29 persons, the second tranche of the PwDs, are to be trained and empowered in 2017/2018 cycle of the scheme. They were drawn from the various cluster groups and evenly distributed across the 25 LGAs of the state. They would be trained for a period of three to six months depending on their trade, using the community based vocational rehabilitation (CBVR) model approach where trainees are attached to relevant trainers in their respective communities of residence, clustered and provided with interpreters where necessary to facilitate learning within the stipulated time. The Commissioner for Women Affair, Community and Social Development, Williams Omatsola, made the disclosure while declaring open a one-day orientation course organised by the Chief Job Creation Officer in collaboration with the ministry, in Asaba, Monday, April 9. Williams, a reverend, said the governor approved the 29 beneficiaries as a result of his continuous passion for the welfare of the PwDs in the state, coupled with the success story of the first tranche of PwDs trainees engaged in the programme last year (the 2016/2017 cycle) According to her, the 51 persons who were trained in the first tranche (2016/2017 cycle) were drawn from the various cluster groups and equitably distributed on the basis of two per LGAs across the state. “I am delighted to recall, here that because of the present administration’s avowed commitment in ensuring that all categories of persons are carried along without discrimination of their birth, health condition etc in 2016/2017 cycle magnanimously approved, trained and empowered 51 PwDs drawn from the various cluster groups and equitably distributed on the basis of two per LGAs across the state”, she stressed.
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