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18 — Vanguard, THURSDAY, FEBRUARY 13, 2020 ONCE again, Nigeria is reminded that she is one of the most backward countries in the world. Our rankings in such areas as education, healthcare, electricity, infrastructure, human development, food security, poverty/prosperity, human rights and what have you, show we are either at the bottom of the scale or very close, even in the world’s poorest zone: sub-Saharan Africa. In 2017, the International Police Science Association, IPSA’s, World Internal Security and Police Index, WISPI, ranked the Nigeria Police Force, NPF, 127th out of 127 countries in the world. That was during the regime of Inspector General of Police, Ibrahim Idris. Then Police spokesman, Jimoh Moshood, dismissed the ranking, saying that the IPSA survey did not take into account the “reforms” the NPF had been undergoing. The 2019 WISPI ranking is out, and the situation has remained unchanged. Our police world ranking As in 2016, Singapore came tops followed by Nordic countries - Finland and Denmark. Botswana, one of Africa’s best examples in good governance, came 47th in the world and tops in Africa followed by Rwanda, 50th; Algeria, 58th; Senegal, 68th; and Tunisia, 72. The WISPI ranking examines the four domains of internal security, capacity, process, legitimacy and outcomes. No one in Nigeria will argue that Nigeria is heavily challenged by internal security as we are hostages to terrorists, armed robbers, bandits, herdsmen militias, militants, kidnappers, economic saboteurs (pipeline vandals), cultists, human traffickers, ritualists, election robbers and every kind of lawbreaking. Our Police are so backward that in recent years the Federal Government, rather than correct the ills of that noble institution, has compounded the situation by resorting to the deployment of the armed forces to do purely police duties. Nigeria, with over 200 million population, is the most under-policed entity in the world (219 policemen for every 100,000 Nigerians, well below the Index Median of 300 and the 268 sub-Saharan average). Virtually abandoned to its fate by a system still being governed with military mentality, the Nigeria Police personnel descended on the populace they are supposed to secure with vengeful brutality and extortion. About 81 per cent of Nigerians who responded to the Global Corruption Barometer admitted bribing the Police in 2017. Due to loss of faith in the Police and the nation’s justice system, only 0.06 per cent of thefts were reported to the Police in 2017. Against this background, it is obvious that the President Muhammadu Buhari administration has not done enough to fulfill its pledge to restore the nation’s security. The neglect of the Police continues. This ugly situation must be arrested. A nation that paints a picture of itself as lacking the ability to provide security, safety and justice to its citizens and visitors alike will never be taken seriously by international development partners, except those with rogue intentions. OPINION Hospitality as key driver of Africa’s economic growth By GEORGE UKADIKE THE tourism sector is expected to drive Africa’s economic growth following the African Continental Free Trade Agreement, AfCFTA, through its travel and hospitality subsectors. This can be attributed to the progressive contribution of the two sectors to the continent’s GDP, from 7.8 per cent in 2016; 8.1 per cent in 2017 to 8.5 per cent (about $194.2 billion) in 2018). This impressive growth made African region the second fastest growing tourism industry in the world, with a growth rate of 5.6 per cent in 2018. In 2018, there were 67 million visitors to Africa on business and leisure. This showed a seven per cent increase from 63 million recorded in 2017 and a significant increase from 58 million in 2016. This figure is expected to rise in astronomical proportions in the coming years when the AfCFTA becomes operational. There are 55 countries on the African continent with about 1.2 billion people, and with a combined GDP of $2.4 trillion. The expectation is that AfCTA would create the world’s largest free trade area. This will hopefully promote intra-African trade that currently stands at a paltry 16 per cent. The free movement of people and goods within the continent will expectedly open up new vistas in the tourism industry, creating business opportunities for investors. A few years ago, Pricewaterhouse Coopers, PwC, predicted that the hospitality sub sector would be one of the key drivers of economic growth on the continent. The prediction was premised on the fact that an increase in both domestic and international travels would lead to an expansion of hotel chains on the continent, which would in turn reinforce the growth potential of the subsector. PwC named five countries in Africa where the hotel sector is going to experience growth, with significant increase in room revenue, namely: South Africa, Nigeria, Mauritius, Tanzania and Kenya. The company expected Nigeria to be the fastest growing hotel market in Africa over a five year period, ending 2022. Indeed, the forecast is that Nigeria will become the fastest growing tourism market on the continent, with a projected 12 per cent compound annual increase. This forecast is predicated on Nigeria’s growing affluence which would make consumer tourism a more important sector. Adventure tourism is becoming more popular and the growing interest in experiences is allowing the country to attract visitors interested in the local culture. International hotel brands have apparently recognised the potential of the African hospitality industry, which explains why some of them are currently embarking on expansion programmes on the continent. In 2017, the Hyatt hotel chain announced plans to double its presence in Africa by 2020. Marriot started an expansion programme that would increase its portfolio on the continent by 50 per cent by 2023. It is the same year the Hilton group intends to double its presence in Africa, while Radisson will reach the same goal in Francophone countries on the continent by 2022. A number of African hotel brands are establishing strong footholds on the continent, though without the spread of their international counterparts. The spread has started, all the same. The big Job creation is expected to receive a boost in the coming years, a direct fallout of the growth in the tourism industry ones are predominantly South Africanowned, like Tsogo Sun under which are Southern Sun and Sun International, Protea as well as Laico Hotels and Resorts. The expected growth of the hospitality sub-sector is going to impact on many other sectors in the value chain – the reason it is predicted to be an economic growth driver. Such sectors include agriculture, garment, civil, mechanical and electrical engineering; furniture, manufacturing, etc. Hotels will rely on local farmers for sources of agricultural produce, including poultry, beef and fish, thereby creating jobs and enhancing those businesses, with the ultimate benefit of Send Opinions & Letters to: opinions1234@yahoo.com improving the quality of lives of people in those sectors. They will also rely on local manufacturers of agro-allied products like fruit juice and dairy as well as alcoholic and non-alcoholic beverages. Establishment of more hotels means a boost to the garment sector that provides the source for the supply of curtains, table clothes, bedsheets and staff uniforms. There will be something for interior decorators as well. The economic benefits for producers and suppliers in the entire chain are quite enormous. Job creation is expected to receive a boost in the coming years, a direct fallout of the growth in the tourism industry. In 2018, the industry provided direct and indirect employment for about 24.3 million people in 2018, accounting for approximately 6.7 per cent of total employment on the continent. The expected boom in the industry is one that will create a healthy competition, which would enable hotels to bring out their best in terms of service delivery. This is an opportunity for highly skilled and specialised workers such as managers, chefs, waiters and porters – the category of workers that may also benefit from regular training by hotels intent on maintaining the highest standards. All these will contribute to improving the quality of service delivery. The emerging scenario is one that holds high hopes for African hotel brands, though it will also task their ingenuity and resourcefulness in the face of stiff competition from international brands. •Ukadike, a hospitality consultant, wrote from Abuja.
BPE to raise N267bn from privatization •Warns against re-nationalisation of electricity assets of 20 coys By Emma Ujah, Abuja Bureau Chief The Director-General of the Bureau of Public Enterprises, BPE, Mr. Alex Okoh, has advised against re-nationalisation of the nation’s electricity power assets. He also projected that the bureau would raise N266.9 billion from privatization of 20 companies in order to fund the 2020 federal government budget. He spoke at a breakfast meeting where he presented the bureau’s 2020 Work Plan, Revenue and Expenditure Projections to the media in Abuja, yesterday. Responding to concerns over the fate of the privatised power companies, as the National Economic Council, NEC, committee on the review of the sector’s privatization commenced work, Okoh stated: “What I will not advocate, as an individual, is the re-nationalisation of the power sector. I think it will be a fundamental error to go in that direction.” He added, “The problem, as far as I am concerned, is not the privatization of the DisCos (Electricity Distribution Companies) or the entire value chain. The problem essentially is in the design of the reform of the power sector for privatization. “Recapitalising the DisCos, will it solve the problem? Maybe, maybe not.” He said that the electricity sector had to be taken more seriously, as according to him, Nigeria, the largest economy in Africa has a mere Electricity per Capita of about 150 KWh, compared to South Africa, the continent’s second largest economy, with a record of Electricity per Capita of 4,437 KWh. He said: “We have not started to even scratch the issue of resolving the problem of power in Nigeria and if we don’t resolve the problem CURRENCY BUYING SELLING US DOLLAR POUNDS EURO FRANC YEN CFA WAUA RENMINBI RIYAL SDR DANISH RAND $ 100.45 0.05 $2,895.00 23.00 $15.72 0.31 $55.67 1.66 $51.27 1.33 305.9 306.4 306.9 397.2112 397.8604 398.5097 333.8287 334.3743 334.92 313.6792 314.192 314.7047 2.7817 2.7862 2.7908 0.4892 0.4992 0.5092 418.333 419.0167 419.7005 43.8822 43.9543 44.0265 81.5581 81.6914 81.8247 418.9912 419.6761 420.3609 44.6687 44.7417 44.8147 20.6885 20.7223 20.7561 CBN Exchange rate as at 12/02/2020 of power, then we are not going anywhere in terms of economic growth in the country. I think we have to be more concerted on resolving the power issue.” Okoh said that the major problem with the sector was the transmission and distribution, as there was excess capacity in the generation segment of the industry. Budget funding Okoh projected that the bureau would raise N266.9 billion from the privatization of 20 companies in order to fund the 2020 federal government budget. The sum of N3.9 billion is expected to be spent on the privatization exercise this year. He projected a revenue of N268 billion from nine power enterprises including the Yola Electricity Distribution Company; Afam Power Plant; and the Nigeria Integrated Power Plants (NIPPs). Vanguard, THURSDAY, FEBRUARY 13, 2020 — 19 The Post Transaction management unit of the bureau is expected to yield the sum of N1. 987 billion; while Infrastructure and Public Private Partnership sector would be expected to generate N626. 2 million. According to him the Development Institutions and Natural Resources sector would yield N440 million; while another N220. 136 million would come from the Industries and Communications sector. From left, the Head Recruitment, CSR & Sustainability, Fidelity Bank Plc, Chris Nnakwe exchanges pleasantries with the Commissioner of Youth & Sport Development, Aminu Bala Bodinga at the opening ceremony of the Fidelity Youth Empowerment Programme (YEA 7) held in Sokoto State for undergraduates and other selected participants Sokoto State University Monday while the Regional Bank Head (RBH), North west 2, Salihu Jibrin, and the Founder/CEO, Gazelle Academy, Muna Onuzo look on. Access Bank N15bn Green Bond sets for cross listing •As bank makes exciting offers to customers atValentine By Peter Egwuatu The Access Bank’s proposed listing of its N15 billion Green Bond on the Luxembourg Stock Exchange (LuxSE) has created some excitement in the fixed income market. This comes as the bank sets to unveil exciting offers to celebrate its customers this Valentine season. The 15.5 percent fixed rate green bond with five-year maturity is the first-ever climate bonds standard certified corporate green bond to be issued in Africa, and was first listed on the Nigerian Stock Exchange, NSE, in 2019. Vanguard gathered that if the Bank’s application to the LuxSE is successful, it will be the first cross listing of a Green Bond born out of the partnership between NSE and LuxSE. At the time of signing, the chief executive officer, NSE, Mr. Oscar Onyema, said the partnership would deliver increased visibility for issuers, as well as deepen the Nigerian capital market through the mobilisation of the foreign green capital needed to fund sustainable projects in Nigeria. ... unveils exciting offers to celebrate customers this Valentine Meanwhile, the bank has unveiled a series of great deals and exciting offers to celebrate its customers this Valentine season. The campaign, tagged “It’s a Love Thing” is the 4th edition and will kick off from February 11 to February 29, 2020. Speaking at the launch of the campaign in Lagos yesterday, Victor Etuokwu, Executive Director, Retail Banking, Access Bank plc said, “Valentine season is another opportunity to show love to our customers by rewarding their loyalty and enabling them achieve their valentine wishes. We are using this opportunity to thank our customers for their loyalty to Access Bank. We are grateful to our customers and non-customers who depend on our banking services and products to achieve seamless banking transactions and wish everyone a happy valentine celebration”. Commenting further on the campaign, Adaeze Umeh, Group Head, Consumer Banking, Access bank Plc, said, “In the spirit of the love season, we are going to reward customers who finance the purchase of a Suzuki car through us with free vehicle registration, free servicing for a year and N100,000 fuel allowance. We will also reward 30 lucky customers with a 5–star dinner experience when they perform a minimum of 5 transactions on their mobile app, POS & Web and USSD (*901#) platforms. NSE to complete demutualisation process, April 24 By Nkiruka Nnorom All is now set for the final conversion of the Nigerian Stock Exchange, NSE, to a public liability company as the process for the demutualisation of the Exchange would be concluded on April 24. This follows the Court-Ordered Meeting and Extra-Ordinary General Meeting scheduled to hold on March 4, 2020, where members of the Exchange are expected to sanction the planned demutualisation and also approve the appointment of the inaugural Board of Directors. According to the scheme of arrangement for the demutualisation, the final approval for the demutualisation would be obtained from the Securities and Exchange Commission (SEC) on April 22, 2020. If the proposed exercise is approved, the Exchange would become the 57th exchange to demutualise among the 70 members of the World Federation of Exchanges. According to the Scheme of Arrangement between the Exchange and the shareholders/ dealing member firms, each dealing member would get 6.01 million ordinary shares, while each ordinary member would get 2.44 million units postdemutualisation. Following the demutualisation, N1.25 billion comprising 2.5 billion ordinary shares and 2.0 billion ordinary shares of 50kobo each, representing the issued share capital of newly demutualised Nigerian Exchange Group Plc would be registered with the Corporate Affairs Commission (CAC) and the Securities and Exchange Commission (SEC) respectively. The Scheme of Arrangement showed that a total of 40.83 million ordinary shares, representing two percent of the issued shares of Nigerian Exchange Group, would be set aside for allotment to parties who are adjudged as being entitled to shares in the demutualised Exchange, pursuant to the provisions of the Demutualisation Act 2018. “The apportionment of two percent as the Claims Review Shares is based on an analysis of the probable quantum of shares that would be required to settle each claim. This was determined given the rigorous and robust process undertaken to verify and confirm the names on the Register,” the Exchange said. Additionally, 1.96 billion ordinary shares representing about 98 percent of the issued shares and the balance of the issued shares following the reservation of the Claims Review Shares would be distributed between the dealing and ordinary members on the basis of a ratio of 78:22 respectively allotted on equal basis between the dealing and ordinary members. Post-demutualisation, the Exchange will be better positioned to implement commercial strategies to improve its role as a trading arena and undertake improvements to facilitate more competition. Improvements will allow for efficient, effective and more competitive trading, while improved global trading facilities will maximize economies of scale and scope and increase the Exchange’s accessibility and market reach.
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