1 month ago

BusinessDay 11 Apr 2018


Wednesday 11 April 2018 L-R: Akeem Oyewale, chief executive, Stanbic IBTC Nominees Limited; Stephen Falomo, director, Lagos Zonal Office, Securities and Exchange Commission; Inwang Akpan, head, transactional products and services, Stanbic IBTC, and Hari Chaitanya, head, investor services products, ‎Standard Bank South Africa, at the 2018 investor services forum organised by Stanbic IBTC in Lagos, yesterday. Pic by Pius Okeosisi ‘Capital flight in maritime industry alarming’ IGNATIUS CHUKWU & DAVID EJIOHUO The size of capital drained from the maritime industry is alarming, according to members of the Nigerian Maritime Security Association (MSPAN) who spoke exclusively with BusinessDay at the Port Harcourt International Airport. A retired commodore, Fred Oyedele, who serves as spokesman for the association, expressed the concern when he said the rate of capital flight in the industry was very huge and was better seen than imagined. According to Oyedele, the security of the Nigeria Maritime Security and Water Ways is nothing to write home about. Because of this, he said the Nigerian coastal and waterways had been turned into what he described as ‘the survival of the fittest.’ He pointed out that the Anambra to resuscitate Ojukwu Bunker to boost tourism EMMANUEL NDUKUBA, Awka Anambra State governor, Willie Obiano, has revealed plans to resuscitate and refurbish the famous Ojukwu Bunker, which provided a sanctuary to the great Ikemba Nnewi, Dim Chukwuemeka Odumegwu Ojukwu during the Biafran War for tourism purposes. Obiano said this in Awka, the state capital, on Tuesday. The Bunker is located in Amorka village in Uli, Ihiala Local Government Area of the state. The governor also explained that the Light-up Anambra Campaign would install its streetlights on the roads and footpaths leading to the Caves and the Bunker in the state. According to Obiano, … as security association seeks solutionw scope of the coastal and waterways was large and good enough for Nigerians to really tap from, but noted that Nigerians were not reaping from them because of ignorance, lack of awareness and security challenges. “The Nigerian maritime land scope and the Cabotage regime are very good and large, but Nigerians are not benefiting much from them,” he said. Instead, foreigners were at present having a field day at it, making their money and leaving little or nothing behind. Members of the association, he explained, were in Port Harcourt to brainstorm and fashion out an end to the loss and how the nation could benefit more from the industry, especially as it related to Nigerians. “What we intend to achieve now is on how we could harness all our human resources and see through Fidelity Bank plc has flagged off a Digital Banking Awareness Campaign Week as part of efforts to make financial services easy and accessible to its customers. Organised by the bank’s South-West directorate, the week-long campaign aptly dubbed “Go Digital” seeks to create awareness on its electronic banking products and services. Speaking at the opening ceremony in Lagos, regional bank head, Ikeja, Ken Opara, says the campaign is aimed primarily at sensitising customers on the attendant benefits of using the bank’s e-products. He harps on the need for banks to leverage digital technologies and platforms to provide greater convenithere are also plans to open a window into the attractive tourism offerings of the state by constructing access roads to the famous Ogbunike Cave in Ogbunike town in Ayamelum Local Government Area as well as the Ogbaukwu Caves and Waterfalls in Owerre-Ezukala town in Orumba South Local Government Area of the state. He said he planned also to construct concrete footpaths that would lead into the bowls of the caves to make them more accessible to tourists. “To demonstrate his administration’s resolve to harness Anambra’s tourism potentials, some heavily branded two 30-seater buses would soon be deployed to operate shuttle services to tourism locations in the state. “Anambra is home to most our laws with the view to improving on them and possibly blocking some loop holes,” he said. The Nigerian Security Partners Association was partnering the Navy, NIMA- SA, and other security agencies in their task to ensure that Nigerians and indeed the nation would benefit from the lucrative maritime industry in Nigeria, he said. “What we have decided to do now is to change the local content vote, which is small, and then create awareness among our business community and make them see reason to invest in the Nigerian Maritime Industry,” he disclosed. He explained that because the Nigerian local content vote was small, foreigners had taken advantage of it and were investing in the industry and making huge profits but repatriating them to their of the historic sites of the Igbo people and home to some of nature’s amazing works. Apart from the two awe-inspiring caves in Ogbunike and OwerreEzukala, Anambra is home to the famous Igbo Ukwu Bronze which has not only been described as the oldest bronze artefact in West Africa but as a more distinctly advanced bronze work than the contemporary bronze casting in Europe. The Igbo Ukwu Bronze is dated in the 9th Century. “Anambra is also home to the ancient kingdom of Nri and Aguleri which together offer a rich historical insight into the ancestral roots of Ndigbo. Both Nri and Aguleri provide an array of historical sites and symbols that make for interesting scholarly enquiry while offering a rich tourism experience. countries, leaving little or nothing behind. The association, he disclosed further, had sent a ‘Save Our Soul message’ (SOS) to the Federal Government to do more and ensure that the Nigerian Coastal Region and the Water Ways are made safe for our people to benefit more from it. To him, the security of the Nigerian Water Ways is nothing to write home about because its water ways and coastal territories is rated as the worst in the world, apart from that of Somalia. The security of the Nigerian Water Ways he advised must be made safe for the nation to benefit maximally from the maritime industry, pointing out that only the Navy, cannot do it alone and therefore must partier with the private maritime security organisations to have control of our territorial waters. C002D5556 BUSINESS DAY A1 NEWS WHO regional directors arrive Nigeria for global policy group meeting Fidelity Bank flags off digital banking awareness campaign Lassa fever kills three, eight new cases confirmed in five states ANTHONIA OBOKOH Nigeria Centre for Disease Control (NCDC) has confirmed eight new cases of Lassa fever and three deaths in five states, within one week. According to the latest update of situation report by the agency, for week 14 (April 02-08, 2018), “eight new confirmed cases were recorded from five states – Edo (three), Ondo (two), Ebonyi (one), Plateau (one), and Taraba (one), with three new deaths in confirmed cases from Ondo (one), Ebonyi (one) Taraba (one), and a backlog of an old death in a confirmed case from Kogi State. “From 1st January to 8th April 2018, a total of 1,781 suspected cases have been reported from 20 states. Of ANTHONIA OBOKOH Director-general, World Health Organisation (WHO), Tedros Adhanom Ghebreyesus, and other top global directors arrive Nigeria to hold its Global Policy Group (GPG) meeting. The GPG consists of the director-general, deputy director-general, six regional directors and the executive director of the WHO emergencies programme, and the meeting holds from April 10 to 12. The discussions will focus on WHO’s technical support to strengthen the country’s health system to achieve health related Sustainable Development Goals (SDGs) within the context of revitalisation of Primary HealthCare (PHC) for universal health coverage and humanitarian response in the Northeast. The Group is an internal advisory mechanism to the these, 408 were confirmed positive, nine are probable, 1,351 are negative (not a case) and 13 are awaiting laboratory results (pending). “Since the onset of the 2018 outbreak, there have been 101 deaths in confirmed cases, nine in probable cases. Case Fatality Ratio in confirmed cases is 24.8 percent,” according to the report. Lassa fever is an acute viral haemorrhagic illness, transmitted to humans through contact with food or household items contaminated by infected rodents. Person-to-person transmission can also occur, particularly in hospital environment in the absence of adequate infection control measures. The agency notes that at least one confirmed case director-general, established to ensure the coherent implementation of decisions, policies and strategies of WHO across all levels of the srganisation. Isaac Adewole, minister of health, says, “Nigeria is honoured to host the director-general and regional directors of WHO at this auspicious time. “The presence of WHO’s top decision makers provides opportunity for Nigeria to strengthen collaboration between the WHO and the Federal Republic of Nigeria.” The WHO director-general will carry out a full programme of activities including field visits to relevant health agencies such as Nigeria Centre for Disease Control (NCDC), model revitalised primary healthcare, and he is expected to hold discussions with high-ranking government officials and key stakeholders. ent banking solutions for customers and, according to him, one bank that is the vanguard of this is Fidelity Bank. “The bank has continued to invest significant resources on technology thus enabling it to digitize and offer easy to use e-banking products and services” he said. Some of the flagship products and services the staff would be creating awareness for include the recently upgraded Fidelity Online Banking platform. “The new look and more advanced and user-friendly online banking platform comes with additional functionalities thus making financial service activities easier and faster for an unmatched customer experience,” he says. has been recorded in Edo, Ondo, Bauchi, Nasarawa, Ebonyi, Anambra, Benue, Kogi, Imo, Plateau, Lagos, Taraba, Delta, Osun, Rivers, FCT, Gombe, Ekiti, Kaduna, and Abia, making it 20 states across 57 local government areas. “Nine states have exited the active phase of the outbreak while 11 states remain active,” the report notes. In the reporting week 14, one new healthcare worker was affected in Ebonyi with one death. “Twenty-seven health care workers have been affected since the onset of the outbreak in seven states, Ebonyi (16), Nasarawa (one), Kogi (two), Benue (one), Ondo (three), Edo (three) and Abia (one), with seven deaths in Ebonyi (four), Kogi (one) and Abia (one).

A2 NEWS BUSINESS DAY C002D5556 L-R: Stephen Van Coller, vice president, digital services, MTN Nigeria; Ade Ayeyemi, group chief executive officer, Ecobank; Rob Shuter, group chief executive officer, MTN, and Patrick Akinwuntan, group executive, consumer banking, Ecobank, during the MoU signing between MTN Group and Ecobank Group for the provision of Pan-African Mobile Financial Services, in Lagos yesterday. Pic by Pius Okeosisi FX inflow through I&E window hits $41.97bn HOPE MOSES-ASHIKE & SEYI JOHN SALAU Foreign exchange inflows through the Importers and Exporters Foreign Exchange Window (I&E Window) between April 2017 and April 5, 2018, stood at $41.97 billion. The highest monthly foreign exchange inflows to Nigeria through the I&E window was recorded in January 2018 at $6.04 billion, while the inflows in March 2018 at $5.15 billion was higher than the highest amount recorded in 2017 at $4.53 billion. In its monthly economic and financial markets outlook, titled, ‘Growth Prospect Improves but Uncertainties Remain,’ research analysts at FSDH Merchant Bank Limited said the rising foreign capital inflows into Nigeria; favourable crude oil price, and increased oil production had led to significant accretion to the external reserves. The merchant bank- Edo’s institutional reforms deepen development, fast-track economic growth Secretary to the Edo State government (SSG), Osarodion Ogie, says Governor Godwin Obaseki’s development-focused transformation in is driven by institutional reforms. Ogie said this when he hosted delegates from the Institute for Security Studies, Abuja, who were on a study tour to the state, at the Government House, in Benin City. He said the Obaseki-led administration would continue its institutional reforms to ensure the restoration of cultural values, economic growth and prosperity for Edo people. “The focus of the administration from the onset has been to create an enabling environment for economic growth by restoring law and ers expect inflation rate for March to decline to 13.49 percent on account of base effect of previous year, as it also state that the declining trend in inflation rate may lead to a further drop in the yields on fixed income securities, particularly at the short-end of the yield curve. Ayodele Akinwunmi, head of research, FSDH Merchant Bank Limited, at the launch of its economic outlook for March, said the 30- day moving average external reserves increased by 8.76 percent to $46.21 billion as of end-March 2018, from $42.49 billion at end-February. However, FSDH Research noted that the current strategies of the Debt Management Office (DMO) to reduce the interest expense on the debt of the Federal Government of Nigeria (FGN) was working, stating that DMO plans to achieve a debt mix of 60 percent and 40 percent for order, which is known to be a major catalyst for development. There is little government can do if there is no law and order,” he said. Speaking on the theme of the study group: “Cultural values and contemporary governance: challenges of ethnic nationalism and youth disillusionment,” he said, the erosion of institutions and morals, which were hallmarks of the military regime, account for human trafficking and other social vices. He added that the report of the study group would be of immense value to the state, as it will serve as pointers to areas where government needs to tweak its reforms to sustain results recorded in maintaining law and order. He stressed that the domestic and external debt, respectively. It observed a relative increase in the revenue accrued to the FGN from the Federation Account Allocation Committee (FAAC). These two factors, according to FSDH Research, have led to a drop in the ratio of the interest expense to the FAAC revenue, which stood at 20 percent in December 2017. On its financial market analysis and outlook, the analysts said they expect a total inflow of about N1.85 trillion to hit the money market from the various maturing government securities and FAAC in the month of March. “We estimate a total outflow of about N594 billion from the various sources such as government securities and statutory withdrawals, leading to a net inflow of about N1.25 trillion. We expect the market to remain relatively liquid in April. smooth-working relationship between the state government and the traditional institutions has led to enormous progress in changing behaviours, curbing social vices and setting the state up for industrialisation. According to Ogie, the Oba of Benin has shown tremendous support for the state government and its policy reforms, which recently culminated in the placing of curses on human traffickers, a watershed in the campaign to curb the ugly trend of illegal migration and human trafficking in the state. Leader of the delegation, Angela Olaseni, said Edo State was chosen for the tour because it was reputed for undiluted culture, in tandem with the theme of the course. PAC Holdings enters strategic partnership with CWEIC Rainy season: NCAA issues weather hazard notice to airlines IFEOMA OKEKE Nigerian Civil Aviation Authority (NCAA) has issued a weather hazard alert to all pilots and airline operators indicating hazards associated with rainy season in flight operations at this period of the year. With this alert, air traffic controllers may temporarily close airspace when hazardous weather conditions such as severe thunderstorms, squall lines, microburst or low-level wind shear are observed or forecast by NIMET. The NCAA has further asked operators to ensure necessary measures are put in place to manage effects of flight delays or cancellations on their passengers. This alert, according to the regulatory body, is quite imperative at the beginning Diamond Bank partners MTN, Visa, Microsoft, NIBSS, others to unveil Tech Fest Nigeria’s technology space is set to witness a gamechanging experiential platform with the unveiling of Tech Fest by Diamond Bank plc in partnership with MTN, Visa, Microsoft, NIBSS, Deloitte and Touche, Interswitch, and Beat FM. Scheduled for Tuesday, 15 and Wednesday, 16 May 2018 at the Landmark event Centre, Oniru, Lagos, Tech Fest will feature the best talent in the Nigerian technology space - one of the country’s fastest growing sectors. The event will showcase technological solutions for businesses, connect technology providers with new markets, provide access-to-market opportunities for tech start-ups amongst others. Speaking at the official unveiling of the event, Diamond PanAfrican Capital Holdings Limited has joined Commonwealth Enterprise and Investment Council (CWEIC) as strategic partners. PAC Holdings is a proprietary investment company with a special focus on key sectors of the African Economy such as Financial Services, Hospitality & Entertainment, Real Estate, Agro-Allied & FMCG, Health Care and ICT & Media. The company has an extensive Commonwealth footprint with operations across Nigeria, Ghana, Kenya and Mauritius. Africa’s vast opportunities have seen it become the new hub of global investment, but investors still need partners that understand where to invest, and that are well equipped to navigate the local business environment. Relationships and a deep knowledge of local markets are PAC Holdings’ strongest currency – allowing them to create investment footprints of the rainy season, which is usually accompanied with severe thunderstorms and many other hazardous weather phenomena such as turbulence, microburst, low-level wind shear and hail events. The above-mentioned factors are known to pose obvious threat to aircraft operations. The advisory circular as approved by Muhtar Usman, director-general, NCAA-AEROMET -25, is based on the Seasonal Rainfall Prediction (SRP) released for the year 2018 by the Nigerian Meteorological Agency (NiMet), which predicts March/April and May/ June 2018 as the onset for rainy season in the Southern and Northern parts of Nigeria, respectively. Therefore, pilots, operators and air traffic controllers should take note of their responsibilities as follows: Air traffic controllers Bank’s CEO, Uzoma Dozie, stated, “Tech Fest for me, is a platform that we can share with our customers to help them get the best of technology and to partner together to run better businesses. If there is one thing we have learned at Diamond, it is that you can’t do everything on your own and you need to collaborate if you are going to win and be the best at what you do.” Also at the event, Emezino Afiegbe, country director, VISA, expressed his company’s excitement to partner with Tech Fest. In his words, “We are happy to collaborate with reputable firms like Diamond, MTN and others to make Tech Fest a success. We are here to provide support to retail customers and consumers to make payment seamlessly, securely and as quick as possible. We believe that if they can make payment Wednesday 11 April 2018 that can be leveraged across the continent on clients’ behalf, whether institutional, private investors or multilateral partnerships. As strategic partners of CWEIC, PAC Holdings are looking to build new, and strengthen existing relationships with governments and businesses from across the Commonwealth. They are also looking to identify and explore new partnerships; whether with multinationals operating across countries or thriving SME’s that specialise in niche markets. Welcoming the new Strategic Partnership, CWEIC Chairman Lord Maryland said: ‘This is a fantastic time for PanAfrican Capital Holdings to join CWEIC. PanAfrican Capital’s unique local expertise makes them a vital partner to businesses and investors working to unlock value across the African continent. We are thrilled to have them on board.” may temporarily close airspace when hazardous weather conditions such as severe thunderstorms, squall lines, microburst or low-level wind shear are observed or forecast by Nimet; Flight Crews/Operators and Air Traffic Controllers (ATC) shall ensure adherence to aerodrome weather minima; Pilots shall exercise maximum restraint whenever adverse weather is observed or forecast by Nimet; Pilots/Flight crewmembers shall obtain adequate departure, en-route and destination weather information and briefing from Nimet Aerodrome Meteorological officer prior to flight operations. “Operators are therefore advised to ensure necessary measures are put in place to manage effects of flight delays or cancellations on their passengers. quickly and safely, we are sure that GDP will grow for not just the country but also prosperity in the region. It all starts here and we are happy to be part of this journey as we go into the future”. Telecoms giant, MTN through its General Manager, Enterprise Business Unit, Barbara Anozia, told newsmen at the event that MTN’s vision is to offer customers a whole new digital world and make their lives brighter using technology to help them grow and this informs their decision to partner with Tech Fest. Commenting on what to expect from Deloitte and Touche at Tech Fest, the company’s West Africa Consulting Leader, Yemi Saka said, “We at Deloitte and Touche understand that business advisory is a key aspect of the entire value chain of any entrepreneurial venture.

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