Stocks on the Nigerian Stock Exchange rallied on Monday to lift the market capitalisation of the listed equities by N132bn or 1.29 per cent from N10.253tn to N10.385tn, erasing last week’s loss.

Across the five trading sessions of last week, investors lost N114bn as the market capitalisation fell from N10.367tn to N10.253tn.

The Nigerian Stock Exchange All-Share Index depreciated by 1.10 per cent to close on Friday at 29,834.21 basis points.

Like the market capitalisation, the NSE ASI rose by 1.29 per cent or 384.8 basis points on Monday to close at 30,219.01 basis points.

A review of the sectoral market indices showed that the NSE Industrial Index recorded by best performance, rising by 2.65 per cent from 2,115.87 basis points to 2,171.90 basis points.

The NSE Banking Index appreciated by 0.39 per cent from 315.32 basis points to 316.55 basis points, while the NSE Oild and Gas Index edged up by 0.26 per cent from 352.96 basis points to 353.88 basis points.

The NSE Consumer Goods Index, however, fell by 0.24 per cent from 766.89 basis points to 765.01 basis points, while the NSE Insurance Index inched lower by 0.09 per cent from 140.53 basis points to 140.40 basis points.

Investors traded 104.465 million shares worth N1.935bn in 2,930 deals with 18 stocks gaining and 20 losing.

Dangote Cement Plc was the biggest gainer, rising by 4.93 per cent or N7.94 to close at N168.95 per share.

Berger Paints and Products Nigeria Plc gained 4.92 per cent or 51 kobo to close at N10.87 per share, while Honeywell Flour Mills was up by 4.71 per cent or 12 kobo to close at N2.67 per share.

Trans-nationwide Express Plc led the losers, shedding 7.08 per cent or eight kobo to close at N1.05.

Ahead of the week, analysts at Vetiva Capital Management had said, “Although the equity market closed the past week on a positive note, we highlight that investor sentiment remained somewhat bearish across a number of other sectors including the weighty consumer goods and industrials.

“In light of this, we expect sideways trading will persist in the week ahead.”

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The Chief Executive Officer of CONSAT, Mr. Mayowa Okunola, speaks to OZIOMA UBABUKOH on why a digital ‘switch off’ will adversely affect Nigerians, among other issues

We have heard so much about the Digital Wonderland, but many Nigerians don’t know what it is. What’s the campaign all about?

What we wanted to do with the Digital Wonderland is to create awareness for digital migration, and working with Television Continental, we thought it was something important for us to talk about. It has been on for a while now. As broadcasters and industry people, it is taking a while for it to roll out. We also felt it is important for us to make the consumers aware of the effect of digital migration and the fact that they need decoders.

What has been the response from Nigerians so far?

There have been very positive responses in terms of what we see from the media, blogs, Facebook, other social media platforms and customers that have come to our premises to get decoders. It has been an incredible response. So far, we have moved more than 50,000 decoders, and our goal is to move at least 100,000 decoders. So it is working well and we are seeing that translating into new subscribers, and it is also giving us the opportunity to showcase the content that we have on CONSAT.

Recently, you started a campaign of giving 100,000 decoders to Nigerians. What is the rationale behind this?

For our industry, it is just a different way of doing things. For CONSAT, we looked at our market. Our product is a mass-market product. The mass market has not been well informed about digital migration. While we would have loved to give out more than 100,000 decoders, we accept that we won’t be able to cover the entire nation. But at least, our action would do a couple of things. Those who will listen and those who will actually make an effort to get a decoder are aware of what digital migration means for them. In 18 months’ time when the digital migration programme would have been completed, it will mean that the average subscriber will not able to watch television anymore.

Whether it is a terrestrial decoder, CONSAT decoder or satellite decoder, you need a decoder. People need to start thinking about this rather than waiting until the switch-off would happen. It is possible that some other players in the industry will also take on a similar route and adopt what we have done.

But at least, we said, ‘Let’s step out; we have been waiting for the government and the National Broadcasting Corporation to do just that to make people aware. I think we should play our role’. And that is what we have done here.

You do not seem to have broken even after more than one year since the launch of CONSAT, compared to what you did at your previous place of work where you were the general manager. What are the challenges?

I think it has certainly been a different environment in terms of coming from a company that is more than 20 years old, is well funded, has a great deal of experience and has the right staff complement and so on, compared to a start-up like us. We are a young company and very particular about how we manage ourselves.

We are a well-run organisation and we need to be nimble in an environment where competition is constantly on the rise. So about two years ago when we entered this market, it was with the view that we will come in and find a niche among those in the mass market.

Back then, we did not have many competitors. But now, more players in the industry now recognise that the mass market is the place to play. At the same time, if you look across the board, we are all facing similar challenges in terms of dealing with the incumbent and content; and trying to get the right kind of content is very difficult. For example, in sports, the English Premier League is exclusive to the incumbent.

It is the same case with the National Basketball Association and some other sporting content. The Cable Network News is exclusive; so is the Cartoon Network. Most people have grown up with the channel brand. The top channel brands are simply not easily and readily available.

We all face this issue as new players in this industry. We would love to do more marketing, make more noise and have more of our presence, but we also have to look at our bottom line. We don’t want to be in a situation where we are so deep in the red. At the end of the day, buying content, spending money or marketing and everything else, must be offset by significant revenue through increased numnber of subscribers.

It is better for us to watch how we spend money and grow aggressively after gaining subscribers, and I think this Digital Wonderland plays a very strong role in that. We are quite fortunate to be collaborating with TVC on it.

There have been questions about blurred signals and poor transmission; don’t you think that could have affected the market and do you intend to correct these?

We are a satellite service and the channels are up 24/7. The only time when you might experience poor signal is at a time when there is a cloud cover or rain. This is something any other satellite provider faces. Not just in Nigeria or Africa, but throughout the world. In terms of how our system works, our satellite has not gone down. We have a very good support from our satellite providers and our decoders are working very well with the system we have in-house.

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IFE ADEDAPO writes on how increased productivity can be achieved with adequate information analysis

Big data has proved to be useful for large corporate organisations in outperforming their peers.

Large pools of data are being brought together and analysed to identify patterns and make better business decisions.

Experts note that the overall goal of the data mining process is to extract insight and information from a data set and transform it into an understandable structure for further use in decision making, strategy development and implementation.

According to them, by visualising recent data from companies, data mining can be used to make projections and suggest how each company can maximise its potential.

Data mining and analytics involve loading the data into a data warehouse system, storing and managing them, analysing the data for patterns and relationships and visualising it.

In addition, a report by Accenture notes that only larger companies have been seen to be among the biggest beneficiaries of initial big data implementations.

Although, big data projects still pose challenges, larger companies appear to bring a deeper understanding of big data’s scope and sources of value; a serious focus on practical applications and business outcomes; greater commitment in budget and talent and a keener appreciation of the importance and disruptive power of big data, it says.

The report titled, ‘Big success with big data’, highlights the mechanisms and global trends of its utilisation.

Start local and end global

The report states that with the support of chief executive officers and other senior management staff, users of big data in larger companies are winning big by starting small and staying realistic with their expectations, helped by frequent, direct information.

Rather than attempting to do everything at once, it says they focus resources around proving value in one area, and then letting the results spread across the wider enterprise.

It explains, “The mantra here could be ‘start local, end global,’ as users focus on practical applications such as customer support, build internal support, and concentrate on desired outcomes.”

Big data demands broad learning

While many organisations are only beginning to explore initial projects, they find that big data presents big challenges which are not limited to lack of talent, security issues and budget concerns, Accenture observes.

Moreover, many companies have different definitions of big data; and varied expectations, from the prospect of large immediate cost-savings to mistaken notions about the cost of implementation, it adds.

According to the report, many organisations hold different views of data sources and uses and often, valuable data sources are omitted or overlooked.

It notes that differing perceptions about the scope and benefits of big data are yet to be clarified.

The report reads, “More than one-third of users (36 per cent) think big data requires an extremely big investment. A roughly equal percentage (37 per cent) thinks organisations can achieve extremely large cost-savings with big data. One in four (26 per cent) believe companies are required to implement big data all at once across the enterprise.

“Many users imagine big data initiatives will be easy until they confront challenges from security and budget to talent, or the lack of it. More than four in ten (41 per cent) reported a lack of appropriately skilled resources, and almost as many (37 per cent) felt they did not have the talent to run big data and analytics on an ongoing basis.”

However, for success in any project, Accenture posits that requisite expertise should be taken cognisance of.

Big data’s disruptive potential

According to the result of the survey, majority of users of big data (89 per cent) believe that it will revolutionise business operations in the same way that the Internet did.

It says, “Almost eight in ten users (79 per cent) agree that ‘companies that do not embrace big data will lose their competitive position and may even face extinction.’ Even more (83 per cent) have pursued big data projects in order to seize a competitive edge.”

Early adopters see competitive advantage in big data, and are rapidly moving to disrupt their own data practices, rather than let competitors beat them to it, the report adds.

It works across the industry

Accenture says that the perceptions about big data’s disruptive power are not confined to technology organisations, because users see it as a new competitive weapon that has application across industries, like the financial services, insurance, and practitioners such as postal services and governments.

It notes that companies are moving rapidly to take advantage of maturing new technologies that move, mine and consume increasingly diverse data from an ever-larger array of sources and sensors, driving outcomes sooner with greater impact than anyone imagined possible.

According to the report, users are structuring projects and expecting results in weeks or months, rather than losing years in the design phase.

It adds, “Ninety-one per cent of users report plans to build out or increase their current data science expertise soon, and the larger the company, the sooner they plan to invest, 69 per cent within the coming year for companies greater than $10bn.”

Citing the example of a European government which was experiencing slowdowns in utilisation, cancelled queries and storage limitations, it says after implementing a new solution for big data processing, storage requirements fell by 90 per cent, total cost of operations dropped, and previously impossible statistical analysis is now routine.

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The ability to predict accurately what could happen tomorrow is something that many would willingly pay for. We all desire to know when it’s best to buy and when it is best to sell. Some investors have had the experience of having to sell their properties for less than they bought it. The losses sustained by such investors are painful, but the sad thing was that they never saw it coming. This ability to read the signs of the time and make informed decision in the nick of time is something we all need.

Although we cannot predict investment activities and its consequences with cocksure accuracy, there are visible signs that we can use as a pointer to what is likely to come. There are several signs that give experienced investors a hint that the property market in a particular area is heading downwards. If you do not spot and respond to these signs early enough, you may miss opportunities or lose part of your investment.

Every property is located within an area that has its own peculiar circumstances, which directly and indirectly influence the value of the property. Although there may be some bright sparks in an area, even these properties are affected positively or negatively by several environmental factors, some of which are beyond the control of the investor.

One of such critical environmental factors that could affect a property negatively is mass job losses. Whenever a major company decides to establish part of its operations in an area, it causes excitement. Government is delighted by the job creation opportunities, and private individuals look forward to the opportunities to do business with the company or its staff. The spillover effect often goes ahead to transform a sleepy part of town into a vibrant one. Workers of such companies will need housing and this will push property prices upwards. Conversely, the opposite is true if a major company whose activities are the livewire of an area decides to close its operation.

Some of the direct consequences of major job losses in that area are that several people will move away from such an area and several houses will become vacant. Of course, several other factors can trigger a high vacancy ratio with several ‘For Sale’ signs in an area. Those who have bought properties in the area because of its closeness to their work place are likely to sell off such properties in order to give themselves a new beginning in their new location.

In addition to huge vacancy factors is the fact that unoccupied buildings cost more to maintain and most property owners are not keen to spend more on a property that they are getting ready to sell. Most of such buildings would be left in a dilapidated state. This presents an opportunity for investors who are in for the quick bucks. However, the more of such properties in an area, the more the value of properties in those areas will go downwards.

These days, the importance of security as an essential for modern living cannot be over-emphasised. The more secured an area is, the higher the value of properties in those areas will go. However, if there is increase in the rate of crime in an area without it being pragmatically controlled, the value of properties in that neighbourhood will go down.

Furthermore, every area has specific infrastructural needs that are generally best met by the government. If the road networks leading to a particular area are bad and the government or private citizens do nothing about it, the value of properties in such an area could go down. Sometimes, the infrastructure required from government could be of a preventive nature. For instance, there are several flood-prone areas that lack canals. Every time it rains heavily in those areas, many houses are flooded and most tenants often leave such areas for good after such an experience.

Another environmental factor that could negatively affect the value of a property is environmental pollution. I recollect the experiences of some investors who discovered that an estate project that they bought into was close to an underground pipeline that has leaked into the underground water channels and had made drinking well water totally unsafe in that neighbourhood. The likelihood of a major fire incident as a result of this leakage further created panic, forcing some to sell off their properties or leave the estate.

The above list or circumstances are by no means exhaustive, but the point is that as an investor you need to be alert to possible factors that could push your property values down and to act pragmatically to prevent this or to mitigate it. This is a form of risk assessment that is necessary for a real estate investor to do regularly.

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Nigeria has been named one of the countries admitted to the membership of the IRC Global Executive Search Partners, a global executive search alliance, after its Annual Global Conference held recently in New York, the United States of America.

The other countries are India, Hungary, Thailand and Malaysia.

In a statement released on Tuesday by its Nigerian partner, Dr. Ije Jidenma of Leading Edge Consulting, the President of the executive board of the IRC, Mr. Patrick Westerburger, said, “More and more international organisations have discovered the added value of working with an alliance of boutique partner firms.

“Our partners have a deep knowledge of their local markets, bring an entrepreneurial spirit and operate according to the highest standards in the industry.

“Our international clients have tripled over the 10 years and we continuously measure our performance and quality, including diversity and inclusion.”

He added, “In all sectors, we are working with highly specialised teams, covering all regions of the world. Besides the traditional industry teams in areas such as manufacturing, life sciences, technology and finance, we have also developed specialist teams in real estate, education and not- for-profit.

In terms of geographical coverage, we are in the global top 4, leaving many of the big executive firms behind us.”

Jidenma further noted that the firm had successfully conducted training on executive search and job placement over the past 15 years.

“Our firm has worked consistently for various organisations across industries, levels and functions for over 15 years,” he said.

Jidenma added, “We pioneered the training and certification of human resource professionals in psychometrics in Nigeria the late nineties together with the then Psychological Corporation of the United Kingdom to elevate the qualitative levels attained in executive searches particularly in terms of objectivity and standardisation.”

Author and personal finance coach, Mr. Usiere Uko, writes about the relationship between your thinking horizon and the results you get

How far you go is determined by how far ahead you think, and this includes your personal finances. If you think on a ‘pay as you go’ basis, you will keep getting slammed by circumstances you did not see coming. A lot of people have no idea why their finances are the way they are. They are doing the best they know how to do, but somehow each month seems to look exactly the same as the one before. If you don’t look up and look ahead, you will keep running into things, including repeating financial mistakes.

Thinking for a change, a book by John Maxwell, changed the way I think for good. I was at a point in my life when I wanted to move forward, but did not seem to make much progress after so much effort. I was trying to achieve new results with an old mindset. I was afflicted with a severe case of short-term thinking. I lived for now. I made decisions based on what is happening in the moment without considering long-term consequences. I prayed for change to happen from the outside, especially in monetary terms. I could not account for the quantum of money that passed through my hands over the years, but I wanted more.

There are always consequences

I have often wondered why we make unwise decisions. Why do we indulge in instant gratification when we know tomorrow is sure to come? Why do we try to look good on the outside by making poor financial decisions? The reason is because consequences are often slow in showing up. There is a lag time between an action and the result thereof. It is not in your face, so we hardly reckon with it. We actually think we have gotten away with it. It reminds me of ‘The Godfather’ by Mario Puzo. Don Corleone does not retaliate immediately. To him, “revenge is a dish that tastes best when served cold.” When you strike at him, he lets you go. After a couple of years, you start to let down your guard. You think he has forgotten. You think you have got away with it. This is when the godfather strikes back, hard.

Many embezzle public funds. The culture of impunity makes you think you have immunity. They don’t see their reputation becoming soiled down the line when they get caught and possibly time in jail. Even when they seem to get away with it, they don’t see the spiritual consequences. They miss the fact that their children will pay for it. They may become wayward, a nuisance to society, on drugs, go mental; the money gets squandered and such ‘riches’ hardly get passed from generation to generation. They don’t see the anguish ahead in the moment. At our level, we think what we do does not matter.

How far ahead you think determines what you see

What you see influences what you do. When you think short term, you see only a part of the picture. You don’t see the big picture. You don’t see possible job loss, business downturn, possible health challenges, emergency expenses, etc. You are so focussed in winning the battle that you lose the war. You feel so happy that you caught the rat, forgetting your house is on fire. You become so focussed on the urgent that you miss the important.

In the ’90s, CNN used to show some cities on fast-forward mode. Within a minute, a scene is played on fast forward from sunrise to sunset. You see traffic build up and dissipate, people rush out and rush in, etc. The last scene shows the city go to sleep with empty streets.

The things you see today, you may see them no more in the next four years or so. There will be a ‘new government’. The latest car you drive today will become an older model. Your latest TV will become old school – same with your latest phones and apparel. You may not be on the same job; that is even if you are still employed. The only constant thing in life is change. If we remain stuck in one mode, we may become a relic or debris left behind by change.

History repeats itself

I feel pained each time I hear that someone I know has lost his job and is being forced to start a new life of forced cost-cutting – changing children’s school, cancelling holidays, selling cars, moving from rented apartment to an uncompleted emergency structure on a plot of land he bought and abandoned ages ago. It is a painful feeling. It does not have to be that way. I am told that one of the worst things that can happen to you is to become an ex, especially ex-rich. The challenges are multidimensional. You have to deal with eating the humble pie and stepping down, face the pain of your family trying to adjust and witness the betrayal of ex-friends. Suddenly, your phone goes silent. People no longer return your calls. They become too busy to see you.

History keeps repeating itself, and if we don’t learn from history, we become history. Everything that goes up comes down. Everything that has a beginning has an end, except God. Good times don’t last forever. Youth does not last forever – you grow old sometime. Markets do not boom forever – bulls and bears take turns. No government is in power forever – change comes sometime. Your job will not last forever – you can get laid off or retire sometime (often before you planned). All these phenomena are normal. It goes in cycles – up and down, boom and bust, on and on. It is unwise to use the present to judge the future. You have to look up and look ahead to see it coming, and prepare for it. You don’t take out insurance after an accident; neither do you go to military school after your neighbour has declared war on you. You prepare for war in time of peace.

How far ahead do you think? Are you ready for whatever comes, when tomorrow comes?

For questions, comments or enquiries about the next seminar, you can contact him at usiere@gmail.com,www.financialfreedominspiration.com. Follow me on Twitter @usiere, 08106788187 text only, BBM C002B2697

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The Corps Marshal, Federal Road Safety Corps, Mr. Boboye Oyeyemi, has ordered the arrest of a man who claimed to be an FRSC official but was detained last Friday by Governor Ayodele Fayose of Ekiti State for allegedly violating traffic laws.

Oyeyemi said the traffic offender, Mr. Adeola Alabi, would be prosecuted for impersonation, indicating that his name was neither on the FRSC’s employees’ register nor its payroll.

Alabi was arrested by the governor for allegedly driving against traffic along the Sawmill area of Ikere in Ekiti State and claimed to be an FRSC marshal.

The alleged offender was booked N20,000 by the Ekiti State Traffic Management Agency in Ado-Ekiti.

But the FRSC boss said in a statement that Alabi was neither a worker of the corps nor a member of the Special Marshal Unit of the corps.

According to the Head, Media Relations and Strategy, Bisi Kazeem, the Peugeot 505 vehicle driven by the offender with vehicle marked AG 738 FGB, as well as the owner are under investigation.

He added that the corps marshal used the opportunity to appeal to all the officials of the FRSC and its sister agencies not to violate traffic laws.

He thanked the governor for identifying with the “good road use culture” propagated by the FRSC.

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A former Chairman, Oyo State Council of the National Union of Road Transport Workers, Lateef Akinsola, has declared that he is still the boss of the union, hinging his claim on a court ruling he obtained from a Federal High Court in Ibadan in May 2012.

On Monday, the union held a congress where Taofeek Oyerinde was re-elected as chairman. The event was witnessed by the National President of the union, Najeem Yasin, who was represented by a former Chairman of the NURTW in Kwara State, Musa Ikhalumeh.

But Akinsola insisted in a press release he signed that the exercise was illegal, while also calling on the state governor Abiola Ajimobi to intervene in the matter to ensure the rule of law.

He said, “The swearing-in with the whole exercise was illegal. The whole process was flawed with irregularities. There was no election or proper congress. The 2012 judgment as given by Justice J.E. Shakarho was that ‘the proscription of the NURTW in Oyo State made on June 6, 2011 or any other date and that the order of proscription is hereby set aside’.”

He said although the verdict had not been respected by the union in the state, the ruling nullified Monday’s exercise, calling on the law enforcement agencies and the state governor to show interest in the matter.

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Ford has launched the 2016 edition of its Everest sport utility vehicle in South Africa and hopes it will be well received in the sub-Sahara African market, including Nigeria.

The new Everest is said to share key features with the Ranger one-tonner such as ingenuous drive train and a choppy ride, but leisure appeal.

“While we wouldn’t put the new Everest up against Audi’s sexy Q7 or a BMW X5, it’ll certainly hold its own in its price class. And of course, it has one huge advantage – an honest-to-goodness chassis.

“With separate body-on-frame architecture, the Everest is inherently tougher than any unit-construction, car style SUV, which should improve its off-road capabilities as well,” iol Motoring reports.

It says the new Everest emphasises ‘intelligent’ four-wheel drive system, active transfer case with torque on demand, 225mm ground clearance and 800mm water-wading capability.

According to the report one feature that also distinguishes the latest Everest is a switch-on-the-fly terrain management system that gives one four settings to choose from – Normal, Snow/Gravel/Grass, Sand and Rock – that re-map throttle response, transmission shift points, torque spread and traction control to suit the ground. And, when the going gets tough, one can manually lock the transfer case in low-range, all-wheel drive.

The vehicle is rated for 147kW at 3,000 revs and 470Nm from 1750-2500rpm, applied through a six-speed automatic transmission with a Sport mode as well as a Manual mode for accurate bundu-bashing.

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A popular blog I browsed recently reported that Nigeria was the world’s fifth largest exporter of footballers. This is one uncomfortable ranking too many because it represents the skewed nature of things in the Nigerian system. We export our human resources and then import goods and services. In the case of football, we force our best out to serve other nations while we keep sloping down in ranking from respectable heights attained many years ago. Countries that have organised their reward systems to progressive, competitive levels come here to shop for talents that our warped environment has marginalised, and then turn them into second-class stars in their own countries.

I have bewailed the state of the nation’s mines and steel industry in the midst of an abundance of world-class mineral deposits and professionals that can turn the sector around and change the fortunes of the nation. The most baffling aspect of it all is the near overwhelming unemployment crisis the nation faces in spite of so-much-work-to-be-done.

The Western nations passed through a phase when they had to contain the flatulence of the idle rich to create economies that respect and reward hard work, skills and talent. Perhaps, Nigeria is getting close to that juncture. If the current contempt for corruption is sustained to maturity, it will eventually yield a system that abhors a criminal rich; paving the way for a diligent, productive class to re-emerge.

I watched a woman who has been roasting corn for many years on my street one morning as she unpacked her wares for the day. She had just come back from a very muddy market for which she had set out at the first crack of dawn. Now back with bags of corn, fruits and coconut she would clean and display for sale, she would fry groundnuts while roasting corn, plantains and pears. She would put on her radio to keep her in the mood. This is the world of the crowd the nation describes as people-living-below the-poverty line. She would sit by that fire roasting, frying and selling things until 9 p.m. in the evening before retiring to her crowded face-me-I-face-you home where her idle husband, an accounts technician and three unemployed young adults will make further demands of her. The next day, the cycle of attrition continues.

Waved aside as ‘the informal sector’, she and her ilk are hardly given consideration in any government welfare packages on health, housing, and so on. She sweats for all she gets and belongs to a sector that is being considered for taxation in the next phase of things to shore up revenues with which to run an economy she hardly benefits from. In my opinion, they are a hardworking segment of the society that needs to be properly streamlined for the purposes of upgrade and inclusion in other beneficial packages before they are considered for taxation. This is one way in which the government can demonstrate to the youths that hard work does pay in Nigeria. I have consulted social scientists and psychologists on this issue who confirm that such an approach would help check the menace of unemployment and rising crime rate currently experienced in the country. An elder statesman who spoke with me on the rising incidences of cattle-rustling in the Northern parts of the country believes that such occurrences are not unrelated to the pervading perception that there are no rewards for hard work and so, unemployed youths spend time devising ways of beating the system for quick profit.

To reverse this trend, the government must urgently work towards making the operating environment tolerable and rewarding for entrepreneurs, industrialists and other people who are willing to work. A little investment to strengthen existing industries would go a long way in sending a message that the nation is genuinely interested in productivity. I watched on air the other day when Governor Rochas Okorocha was pledging to the people of his state that he would reclaim government-owned industries that had collapsed over the years, starting with a particular paper industry. This is what the states need to do now. I know the Kaduna State Government, for example, had ginger-processing, tomato-processing factories in those days.

All moribund industries across the country can be revived through private, public partnerships to create jobs. The quest for increased agricultural output must be matched with the creation or revamp of existing value addition companies to ensure that excess production is not wasted as post-harvest losses. Commodities like cassava, soybeans and other legumes including our once-famous groundnuts and cereals are valuable raw materials for agricultural manufacturing concerns that can be established across the country with the technical assistance of our research institutes that have developed processing technologies for these indigenous crops. This would make for food security, job creation and in the long term, provide foreign exchange through exports. In 2014, the Director-General of the Federal Institute for Industrial Research, Dr. Gloria Elemo had declared that FIIRO had up to 250 research and development products for the setup of both small and medium-scale industries. An inventory of these research outputs should be revisited through the Raw Materials Research and Development Council for the setup of resource-based industries across the country. This would not take a degree in rocket science to achieve.

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The Co-founder and Chief Technology Officer of Logiciel (Ghana) Limited, Farida Bedwei, has encouraged employers to engage qualified disabled candidates because they will help them gain insight into how to serve customers with similar disabilities.

Speaking at the 47th Annual National Conference of the Chartered Institute of Personnel Management in Abuja, he said engaging people with disabilities would enable organisations to fulfil their diversity quota principle.

While describing his life experience as someone diagnosed with Cerebral Palsy at age one, but had the opportunity to work in the corporate world, Bedwei pointed out that disabled people were hardworking.

According to him, talented people with disabilities are eager to prove themselves in workplaces and can be retained for a very long time.

He said, “The physically and visually challenged ones have restricted movements and so are not likely to take breaks every hour or so to ‘stretch their legs.’ So they can get a lot more done. They are unlikely to have itchy feet so you can retain them for a very long time.”

On the other hand, the Country Head, Human Capital, Stanbic IBTC Holdings, Olufunke Amobi, highlighted the strategic role organisational development practitioners play in companies undergoing change.

According to her, they play the role of a counsellor, investigative and improving the social challenges that their organisation is going through.

Speaking further, Amobi said that organisational development practitioners serve as the coach and guide the company to reach its strategic goals.

She explained that business leaders globally were constantly trying to discover the best business model for sustainable growth.

Amobi explained, “They frequently change their business models from cost cutting through revenue optimisation to customer focus just to mention a few of the notable strategic growth interventions.

“While for different organisations a different formula would work, the component that holds constant across board is “change”. However, the reality is that very few organisations successfully manage these strategic initiatives to keep up with the volatile global economy. As a recent study shows, only 18 per cent of organisations report being highly effective at organisational change management.

“Businesses today are therefore shaping up to embrace change strategically and operationally as a going concern which is where the practice of OD plays a vital role in enabling organisations to achieve their short to long term strategic objectives. The role of the OD practitioner is a powerful one. Practitioners often find themselves having to wear the cap of an organisational coach, guiding the organisation in reaching its strategic goals.”

In his remarks, the President, CIPM, Mr. Anthony Arabome, while congratulating the new fellows, charged them with adhering to the code of professional conduct.

According to him, their continuous contribution to the development of the institute is expected.

He urged them to uphold professional practices at their workplaces and be good representatives of the institute.

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The Vice Chancellor of Bowen University, Iwo in Osun State, Prof. Mathews Ojo, has advised young entrepreneurs not to be discouraged by initial challenges while starting their businesses.

The vice chancellor gave this advice on Tuesday at the ninth commencement lecture of the university. The lecture entitled, ‘Your degree is a blunt instrument: Build something bold with it- A call to entrepreneurship, was organised to stimulate the interest of the students and graduands from the university in entrepreneurship

Ojo said starting businesses could pose a lot of challenges but stated that with persistence and focus, the challenges would be overcome.

The guest lecturer, who is the Chairman of Bela Vista Property Development Company, Mr. Olatunji Bello, also said fresh graduates, who chose to be self-employed always encountered problem of financing.

He, however, said with determination, they would overcome teething problems of their businesses.

Bello, who is a former banker, said initial failure and rejection could discourage young entrepreneurs from pursuing their vision but advised that with strong determination, these challenges would give way to success.

He stated that holders of university degrees were very many in Nigeria now unlike when lucrative paid jobs were awaiting graduates even before they finished their programmes.

Based on this, he said graduates should think about how they could become job creators rather than joining the already saturated employment market hunting for elusive jobs.

Bello advised young entrepreneurs to look inward and be determined to work on their vision to translate it into reality.

He said, “Vision is the most important trait for any entrepreneur. This is the ability to see beyond the ordinary and to translate such vision into reality.

“Vision allows entrepreneurs to identify opportunities within their environment s and work tirelessly to translate such a vision into tangible projects that others can key into.

“An entrepreneur must see beyond what others can see and have passion and perseverance to pursue such dreams in an uncommon way.”

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Nigeria has attracted the most Foreign Direct Investment capital in sub-Saharan Africa since 2007, making it one of the star performers in a period the FDI flows into the region have been fairly robust, according to a new report by EY.

The EY is a global firm involved in assurance, tax, transaction and advisory services.

The 2015 EY African Attractiveness Survey, which was launched in Nigeria on Tuesday, showed that greenfield FDI projects into the country had grown at a compound rate of 14 per cent since 2007, while the capital values of that investment had grown at a rate of over 18 per cent.

The Chief Executive Officer, EY Africa, Mr. Ajen Sita, who gave the findings of the report in Lagos, said, “What is equally positive is the increasingly diversified nature of the investment. A most 50 per cent of the FDI capital invested into Nigeria since 2007 has been outside the resource sectors (primarily oil), in manufacturing, real estate and construction, renewable energy, and service-orientated sectors.”

He said there had been particularly strong growth in investment into technology and telecommunications, with the sector attracting 21.3 per cent of the FDI capital since 2007. According to the report, projects number in sub-Saharan Africa reached their lowest point last year since 2000, and some economies – including South Africa, Angola, Nigeria, Ghana and Kenya – received fewer FDI projects. But Ethiopia and Mozambique attracted growing inflows of projects.

The FDI capital grew from $6bn in 2013 to $7.6bn last year, while the FDI projects in Nigeria declined from 59 to 49.

Sita noted that despite the challenges, the Nigerian economy remained resilient, saying like most emerging markets, Nigeria would continue to face its fair share of challenges.

According to the report, corruption, threats to physical security and poor infrastructure are among those often cited as constraints to investment and doing business in the country.

The Managing Director, EY Nigeria and West Africa Regional Leader, Mr. Henry Egbiki, who stressed the importance of entrepreneurship, said the growth of any economy was driven by entrepreneurs.

The report said a key driver of growing levels of investment had been Nigeria’s robust and sustained economic growth.

It said, “The rebating of Nigeria’s GDP last year makes it the largest economy in Africa, and one of the 30 largest economies in the world. Nigeria economic performance is still somewhat dependent on oil, and remains susceptible to changes in the oil price.

“As a result, economic growth is likely to be lower this year than it has in recent times; 4.5 per cent according to recent IMF forecasts compared to an verge of closer to seven per cent over the past five years.

“Nevertheless, even with the impact of lower oil prices, Nigeria’s growth will remain able both the sub-Saharan African (4.4 per cent) and emerging market (4.2 per cent) averages this year.”

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The fear of insurgents, armed robbers and kidnappers may be the beginning of wisdom for the super-rich and the influential in Nigeria.

It is therefore not surprising that manufacturers are coming up with protective devices including automobiles targeted at this set of people aimed at eliminating or alleviating such fears.

Nissan Motor Company has thus armoured its Nigeria-assembled premium sport utility vehicle, the Patrol for those who can afford it.

The Patrol Y62 with the B6+armouring is said to protect its occupants from any form of ballistic threat.

The vehicle, which was unveiled at a brief ceremony in Lagos on Saturday, came barely 16 months after the company had presented the first set of the locally assembled Patrol to former President Goodluck Jonathan in Abuja.

It was meant to signpost the success of the just introduced auto policy designed to encourage local production of new vehicles.

The Patrol is considered one of the leading premium SUVs globally.

According to Stallion NMN, owners of the Nissan vehicle assembly facility in Lagos, the armoured vehicle is equipped to the level B6+ CEN armouring.

It says the redesigned Nissan Patrol SUV is armoured in collaboration with foreign experts to protect cabin occupants from ballistic threats up to the 7.62x51mm NATO ammunition as well as explosives up to 2x DM51 hand grenades.

The Managing Director, Stallion NMN Limited, Mr. Parvir Sighn,

says, “The Nissan armoured Patrol Y62 series is an emerging global leader in armoured vehicles and ideal base unit for diplomatic, humanitarian aid and international organisations operating in harsh terrain and dangerous region throughout the world.”

He says the adaptation of the Patrol brings to four the number of Nissan models assembled locally at the multipurpose VON Automobile plant in Lagos, including Nissan Patrol, NP300 Pick-up and Almera sedan.

Singh says Nissan’s performance since 2013 in Nigeria, after its re-inauguration with the Stallion dealership, has been remarkably appealing with key milestones achieved.

“We have so far launched seven Nissan models including Almera, Sentra, Altima, Urvan, Pathfinder, X-Trail and Qashqai crossover vehicles,” he says.

Exterior

The Head of Sales and Marketing, Stallion NMN Limited, Mr. Amit Sharma, describes the redesigned Nissan Patrol Y62 series as unprecedented among armoured vehicles with inconspicuous exterior appearance that looks like normal vehicle.

It also has full OEM interior upholstery and storage area built to accommodate seating capacity.

Sharma says, “The Nissan Patrol Y62 platform is longer, wider with more passenger room than the Toyota Land Cruiser 200 series, flaunting more horsepower, luxury and rides like an OEM vehicle.”

Interior features

He gives other attractive features of the armoured Patrol as all-round heavy duty upgraded braking system, anti-explosion exhaust insert; back door configuration manual/electronic egress system; battery armour protection, door restraints, reinforced hinges and run-flat tyre systems.

Engine

The armoured SUV comes with V8 5.6 litre engine.

It is mated to a seven-speed automatic transmission and a variable 4×4 system. The Patrol is also equipped with proprietary suspension and braking system upgrades developed and installed on the vehicle to support the additional armouring weight for improved vehicle handling, says Sharma.

The armoured Patrol which is offred for N28m, which N10m higher than the unarmoured version.

The Patrol Y62 platform is longer and wider with more passenger room than other vehicles in the same category.

Coming with one year warranty, the firm says a lot of modification has been done on the Patrol to accommodate the armouring of its vital parts.

“Our technical team will educate buyers on the specification, driving tips and other things peculiar with the vehicle, while delivering it to them,” says Sharma.

Meanwhile, Stallion NMN Limited says it has commenced a special season sales promo for Nissan Altima and Sentra sedans to encourage admirers to buy choice Nissan cars.

Singh made this pronouncement in Lagos when he unveiled the offer titled: ‘Enjoy the most affordable opportunity on Nissan sedans.’

He said, “Starting from as low as N5.99m for Nissan Altima and N3.99m for the Sentra sedans, prospective customers can now walk into any Stallion NMN accredited dealerships to purchase one of Japan most precision engineered cars. “The evolving needs and preferences of prospective vehicle buyers prompted this markdown, which aims to lessen the burden of owning a serviceable car such as Altima and Sentra.”

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PwC Nigeria says the latest edition of its company journal focuses on how financial institutions can manage their costs and comply with regulatory requirements as they affect money laundering.

According to a statement by the professional services firm, the journal also focuses on the need for robust recovery planning by Nigerian banks, especially in the face of an uncertain global economic environment.

The Nigeria Financial Services Journal, which is in its second edition, features insights from specialists in Nigeria and beyond and is a product of the firm’s rich knowledge base gathered from many years of operating in the Nigerian market and supporting some of the biggest financial institutions in the country.

The statement read, “The journal explored in details the current tax regime for Nigerian insurance companies believed to unduly put insurance companies at a tax disadvantage when compared with other companies in the financial services sector.

“The transfer pricing issues within the financial services industry was also discussed with clarification provided for rules in the various tax Acts around transactions between related parties and with emphasis on the need for taxable entities to observe the arm’s length principle.”

In addition, the journal features an analysis of Nigeria’s real estate market, highlighting the trends, opportunities and risks for investors while also examining the new auditor reporting standard issued by the International Auditing and Assurance Standards Board.

It listed some of the opportunities in the real estate sector to include Africa’s significant higher investment returns, the entry of more specialist investors, and a demand that outstrips the supply for high-quality retail, office and industrial space.

The statement added, “On money laundering, the journal informs that the anti-money laundering regulators in advanced country are shifting from a documentation-compliance based approach to a collaborative risk-based approach as advocated by the global inter-governmental Financial Action Task Force.

The Partner and Financial Services Leader, PwC Nigeria, Patrick Obianwa, was quoted in the statement to have said, “The second edition of our Nigeria Financial Services Journal focuses on what the future landscape of the financial services in Nigeria might look like.

“In this publication, we touched on some immediate challenges facing financial institutions especially around cost management and gave our insights on how the CEOs can move beyond ‘cost cutting’ to ‘cost restructuring’, thereby achieving more sustainable results.”

He added, “It is our hope that this publication gives stakeholders in the nation’s financial services sector some insight into the future of financial services in Nigeria.

“Indeed, we hope to have kick-started the shaping of that future with this journal. We will continue to support the sector with our thought leadership and in-depth analysis around industry trends, regulatory changes and economic developments and we hope that by doing this, we can evolve a stronger, resilient and more vibrant financial services sector in Nigeria.”

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Two Boeing 737-800NG aircraft belonging to Arik Air were grounded by the carrier on Tuesday afternoon after they were involved in a ground collision on the tarmac of the Murtala Muhammed Airport, Lagos.

According to the airline, nobody was hurt in the incident, which occurred at the General Aviation Terminal of the airport.

Arik Air’s spokesperson, Mr. Ola Adebanji, said the incident happened when one of the aircraft was on its way to embark on a scheduled flight.

He said the aircraft’s wing brushed that of another plane belonging to the carrier, adding that the situation was adequately handled by the firm’s team.

Adebanji said in a statement, “Two of our aircraft, Boeing 737-800NG, were this (Tuesday) afternoon involved in a wing-tip brush at the General Aviation Terminal of the Murtala Muhammed Airport, Ikeja, Lagos.

“One of the aircraft, 5N-MJP, was marshalled out of the ramp for a scheduled flight when its wing brushed that of another aircraft, 5N-MJQ, parked on the ramp. There were no incidences as the safety of passengers was not jeopardised. We have grounded the two aircraft and are looking into the incident.”

When contacted, the spokesperson for the Nigerian Civil Aviation Authority, Mr. Sam Adurogboye, told our correspondent that it was compulsory for the airline to file a Mandatory Occurrence Reporting with the agency, telling it of the incident.

Although he stated that he had not been briefed of the incident as of the time of filing this report, Adurogboye stated that it was expected of the carrier to report the incident to the NCAA for appropriate action.

He said, “It is an incident. Once there is a disruption in a flight operation, which does not involve damage to the aircraft or fatalities, then it is an incident. Once you operate an aircraft, there are bound to be incidences and the regulation requires that they file the report of any incidence with the NCAA immediately by telephone and putting it in writing thereafter.

“So, they are bound to call us within the hour. Our people will now be sent to ascertain the incident and if it is something that is worth maintenance, we will ensure that after it is done, we recertify the aircraft before they return to operation. That is the regulation.”

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Three Nigerian airports have been ranked among the 10 worst in Africa with the Port Harcourt International Airport in Rivers State topping the list.

A survey conducted by a travel website, Sleeping in Airports, which was released on Saturday, also named the Nnamdi Azikiwe International Airport, Abuja the seventh worst airport on the continent, while the Murtala Muhammed International Airport, Lagos was ranked 10th.

According to the website, respondents’ main complaints about the airports centred on corruption, crowds, chaos, confusion and uncleanliness.

It noted that lack of standard facilities, if any at all, was a common predicament in the listed airports, and advised would-be passengers not to rely on the airports for entertainment or customer satisfaction.

A statement on the website read in part, “One look at the interior of the worst airports in Africa was often enough to convince our voters to splurge on a nearby hotel. Top complaints generally revolved around corruption, crowds, chaos, confusion and a total lack of cleanliness – five Cs an airport definitely does not want to be associated with.

“Amenities across the board are decidedly scarce if not entirely non-existent, and many airports’ architecture verges on decrepit. You’ll want to arrive in these terminals equipped with your own snacks, your own entertainment, lots of patience and definitely a sense of humour.”

Also listed in the survey are the Khartoum International Airport, Sudan (2), Kinshasa N’djili International Airport, Democratic Republic of the Congo (3), Juba International Airport, South Sudan (4), and Djibouti-Ambouli International Airport, Djibouti (5).

Others are the Mombasa Moi International Airport, Kenya (6), Luanda Quatro de Fevereiro International Airport, Angola (8) and Douala International Airport, Cameroon (9).

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The Central Bank of Nigeria and the National Identity Management Commission are set to sign a Memorandum of Understanding for the takeover of the Bank Verification Number by the NIMC.

The General Manager, Corporate Communications, NIMC, Mr. Abdulhamid Umar, confirmed this in a telephone interview with our correspondent.

This followed the recent directive by President Muhammadu Buhari that Ministries, Departments and Agencies of the Federal Government should hand over the different databases of Nigerians that they had developed in the course of discharging their mandates to the NIMC, the body mandated by law to manage the identity of Nigerian citizens and residents.

Under the BVN initiated by the CBN, banks operating in the country are required to collect the biometric data of their customers and warehouse the data with the central bank. The deadline for the BVN registration ends on October 31.

Our correspondent learnt that the NIMC had also opened discussions with the Independent National Electoral Commission for the takeover of the voters’ registration database.

Another organisation that is expected to hand over the database of its customers to the NIMC in the new dispensation is the Federal Road Safety Corps.

The database from the registration of telecommunications subscribers initiated by the Nigerian Communications Commission was conceived from the beginning to be managed by the NIMC. However, due to the need to clean up the database, the telecommunications regulatory agency has not been able to hand it over to the NIMC.

Our correspondent learnt that both organisations had opened up fresh talks on the handover following Buhari’s directive.

It is expected that with the integration of the several databases, the country will have a central database that security agencies, credit agencies and other important stakeholders can refer to whenever they want to authenticate the identity of any individual.

Central in the new identity being promoted by the NIMC is the National Identity Number, a number unique to every individual on the database, which the commission claims to be more important than the national identity card that it has started issuing.

On the capacity of the NIMC to manage the disparate databases from different agencies, Umar said it had since acquired the capacity to warehouse and manage a database for 200 million people.

The Federal Government had in 2001 awarded a contract worth $214m to a consortium led by a French firm, Sagem, for the production of identity cards for all Nigerian citizens.

The contract was marred in 2003 by allegations that Nigerian officials collected more than $2m in bribes to influence its award.

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The Federal Government has disclosed how Ghana will settle the outstanding $171.5m (N33.79bn) debt owed by its Volta River Authority for gas supplied for power generation by a Nigerian company, N-Gaz.

The PUNCH had reported on Tuesday that N-Gaz, the main supplier of gas to Ghana’s VRA, had given the firm up to February 2016 to clear the outstanding debt.

This is coming as the Nigerian National Petroleum Corporation has denied involvement in the alleged $25m bid by an Indian company, Oil and Natural Gas Corp-Mittal Energy Limited, to acquire an oil block, and the consequent non-refund of the signature bonus it paid for the deal.

The Group General Manager, Group Public Affairs Division, NNPC, Mr. Ohi Alegbe, said in a statement that the modalities for the settlement of the N33.8bn debt by Ghana were reached on Monday between a team led by the Group Managing Director of the corporation, Dr. Ibe Kachikwu, and the Ghanaian President, John Mahama.

The corporation specifically stated that both governments agreed that the VRA would pay the balance of August and September invoices by October 31 at the latest.

The statement noted that it was also agreed that the total sum of gas supply debt would be cleared by February 2016 at the latest.

“It was also agreed that all other supplies as from October will be paid for on or before the due date, while the backlog of arrears from 2012 will be defrayed by February 2016,” the NNPC said.

Nigeria had threatened to cut gas supply to Ghana by 70 per cent over a $181m debt that had accumulated over the years.

The Ghanaian Minister of Power, Dr. Kwabena Donkor, had led a delegation to Abuja last week to hold talks with the Nigerian authorities with a view to resolving the issue.

The N-Gaz is a joint venture company owned by the NNPC, Shell and Chevron that delivers gas through the West African Gas Pipeline Company to Ghana.

On the alleged $25m transaction with India, the NNPC distanced itself from the deal, stressing that it should not be linked with the failed bid by Oil and Natural Gas Corp-Mittal Energy Limited to acquire an oil block.

According to the corporation, reports linking it with the transaction are not correct.

Alegbe said, “Our attention has been drawn to the repeated reports linking the NNPC with the failed attempt by a certain Indian company, Oil and Natural Gas Corp-Mittal Energy Limited, to acquire an oil block during the 2006/2007 oil bid round, and the consequent failure to get a refund of the funds it committed to the deal.

“We wish to clarify that the NNPC is not the statutory body saddled with the responsibility of organising bid rounds and so could not have received the alleged amount of $25m or any payment from OMEL for the transaction.”

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The Vice Chancellor, Ladoke Akintola University of Technology, Ogbomoso, Prof. Adeniyi Gbadegesin, has said the institution has commenced the production and repair of glassware.

According to a statement made available to our correspondent in Osogbo on Tuesday by the Public Relations Officer of LAUTECH, Mr. Lekan Fadeyi, the vice chancellor said this at the sixth induction ceremony for the 2013/2014 graduating students of the Science Laboratory Technology Department by the Nigeria Institute of Science Laboratory Technology in Ogbomoso on Monday.

Gbadegesin said the university had begun work to ensure that glassware were produced in commercial quantities.

The vice chancellor said, “Apart from being taught the theory and principle of glass blowing technology, our students now mend and produce glassware, and some of the products are available at the laboratory for interested organisations to see.”

“Work has commenced in the newly completed glassblowing workshop and laboratory complex towards achieving this goal.”

He added that the management was doing everything possible to keep the university socially relevant and to offer solutions to some of the problems confronting the nation and humankind in general.

The Dean, Faculty of Pure and Applied Sciences, Prof. Ezekiel Ayodele, said LAUTECH was the first university to present students for induction into the NISLT five years ago.

Ayodele said the university management was unrelenting in its efforts to ensure that the department was repositioned for better service delivery through the provision of facilities and continuous engagement of senior academics.

The dean stated that the university would continue to justify the resources invested in it and would strive to expand the frontiers of knowledge regularly.

The Registrar, NISLT, Dr. Ighodalo Ijagbone, advised the inductees to remain good ambassadors of the university and to refrain from any act that could tarnish the image of the institution.

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