BRINGING ABOUT REAL CHANGE

Nigeria 2020 | ECONOMY | INTERVIEW

Given the competitiveness of the Nigerian economy, Transcorp has reason to be cautiously optimistic about the local investment and business climate.

BIOGRAPHY

Owen Omogiafo has over two decades of corporate experience in organisational development, human capital management, banking, change management, hospitality, and energy. She joined Transcorp in 2018 as executive director, corporate services, and was subsequently appointed managing director/CEO of Transcorp Hotels Plc and President & CEO of Transcorp in 2020, the first woman to occupy that role in the organization's history. Before joining Transcorp, she was COO at the Tony Elumelu Foundation. She also worked as director of resources at Heirs Holdings Limited. Her experience equally includes working at the United Bank for Africa Plc as HR advisor to the GMD/CEO and at Accenture as an organization and human performance consultant, specializing in change management. Omogiafo holds a BSc in sociology and anthropology from the University of Benin, an MSc in human resource management from the London School of Economics and Political Science, and an alumnus of the Lagos Business School and IESE Business School, Spain. She is also a member of the Chartered Institute of Personnel and Development, UK, a certified Change Manager with the Prosci Institute, US, and a member of the Institute of Directors (IoD) Nigeria.

How would you assess the business environment and the investment climate in Nigeria?
I am cautiously optimistic. A number of cabinet members were retained in key offices post-election, which is a sign of stability. What businesses thrive on is stability and consistency, so we can plan better. So, we expect a continuity of policies overall into the new year. One of the reasons for optimism is the Central Bank of Nigeria (CBN), which has gone to great lengths to orchestrate new behaviors in the banking and financial market that will help the real sector. When the central bank insists on banks meeting the loan deposit ratio and putting deadlines, more money will flow into the real sector, which can help propel the desired growth. Nigeria however, continues to face a number of pressures, like the minimum wage issue and the ability to meet those obligations, the volatility in oil prices and how that impacts fiscal policies, and the direction of inflation and exchange rate. As a result of all that, there is reason to be cautious with that optimism. Indeed, looking at the competitiveness of the Nigerian market, the level of confidence needs to improve.

How has your investments in the power sector offset the decline in the growth?
The power sector is faced with many challenges. Restoring the implementation of unbundling the power holding company into generation companies (genco), distribution companies (discos), and transmission companies was fraught with difficulties. In the genco space, where we operate, we lead the advocacy charge and seek to bring the changes we feel are necessary. Not until we deal with these value chain issues will we see the level of growth necessary to orchestrate the development that we need in Nigeria. For us in thermal power, we basically make power from gas, and gas becomes the first spot of call when we talk about losses. Our losses as a result of gas issues are many, and the majority of issues border on commercial issues and pipeline security issues. Commercial issues are a major part. We are expected to pay USD2.50 for gas, whereas gas suppliers have demands for their gas ranging from USD5 to USD7. Why should they sell to me when they can sell it elsewhere for more money? On a positive note, we took two steps in 2019. First, we engaged with stakeholders and ensured we are guaranteed minimum gas volumes. Second, we moved to activate our gas equipment. We will have sufficient gas in the long run to power our assets, so we are not worried about the future. If there are issues, they will be temporary, because we have the ability to control these issues as long as we can produce and generate our own gas. The bulk of the technical issues are around funding.

Can you expand on the hospitality sector?
For the hospitality sector, what is crucial is we continue to enjoy enormous loyalty from our guests. We remain, undoubtedly, the best brand in Nigeria in this space. We have continued to win global, regional, and local awards. As a matter of fact, we were recognized as the leading business hotel in Africa for the fourth year running by the World Travel Awards. Occupancy level has been strong. There are still more business travelers than leisure travelers, and it will remain that way until we can do more in terms of improving the infrastructure for tourism in Nigeria. If we do not deal with perceptions, confidence, and security, it will be difficult for us to promote tourism. The government needs to make certain infrastructure available and team up with the private sector to build this infrastructure. Furthermore, certain policies and incentives must be implemented. Even traditional products like historical sites and museums are not in conditions to compete. That is what is lacking for leisure travel to improve.

BUSINESS LEADERSHIP

Nigeria 2016 | ECONOMY | ROUNDTABLE

A number of big names in the world of Nigerian business discuss their businesses' impacts on the economy and their expectations for the future.

ALIKO DANGOTE

Chairman

Dangote Group

FEMI OTEDOLA 

Chairman

Forte Oil

HAKEEM BELLO OSAGIE

Chairman

Etisalat

JIM OVIA

Chairman

Zenith Bank

WALE TINUBU 

Group Chief Executive

Oando

TONY ELUMELU

Chairman

Heirs Holding

You're all VIPs of the business community in Nigeria. How have your businesses impacted the country?

Aliko Dangote Nigeria's economy is dependent on oil revenue, which makes it vulnerable to fluctuating crude oil prices. Nigeria is one of the world's largest producers and exporters of crude oil; yet, due to our low refinery utilization rate, we are one of the largest importers of refined petroleum products. This opportunity and challenge were major drivers in my decision to embark on the $9 billion, 650,000bpd refinery project. The generous grant from USTDA will provide essential training of the critical human capital needed for this extremely technical project, particularly given that this has previously been a largely inactive sector with little to no opportunities to build up the necessary practical skills. The project will eliminate Nigeria's dependence on foreign refined petroleum products and, therefore, reduce costs of all goods and services. 

Femi Otedola The vision was to turn the then African Petroleum Plc around and build a world-class business. We saw a huge opportunity to build an efficient chain of retail outlets that would surpass the expectations of the shareholders. We achieved that and went on to expand the vision to become the foremost integrated energy solutions provider. Today, we own assets across various aspects of the energy chain and are poised to invest in further expansion and asset acquisition to solidify our position. 

Hakeem Bello-Osagie We have had a much stronger focus on quality of service, a much stronger focus on the youth market, and a much stronger focus on innovation. As the fourth operator to arrive, five to 10 years after every other operator, we cannot do what everybody else has done; we have to set ourselves apart to convince people to leave their existing operators to join Etisalat, in addition to tapping into the new customers in the market. We are very much a data company and a company for young people. The combination of Abu Dhabi and Nigeria has worked very well. I have to salute our foreign partners because, apart from the initial equity that it provided, it also provided the company with a significant proportion of shareholders loans so we have not had to rely on expensive bank debt as much as the other telecoms companies have done.

Jim Ovia Zenith Bank is built on the core values of people, technology, and service. A super synergy between these values has been the backbone of Zenith Bank from inception to date. Zenith thrives by attracting excellent people and putting the right people in the right places. Zenith Bank staff members receive the best training available, which has helped to build a strong corporate culture of goal-oriented activities. By the continuous training of our staff and exposing them to best practices in all aspects of banking, our people are empowered to be creative, innovative, and, at the same time, operate at the highest level of efficiency.  

Wale Tinubu We are committed to strategically expanding our African footprint, but we are first focused on expanding our operations considerably in our home country. When we went into downstream operations, our job was to become the leader. We entered the gas business, where there was only Shell Gas with the Agbara pipeline, and became the largest private sector gas distribution company in the country. When we went into the oil service business, we became the largest rig operator in the business. Now we are in the upstream sector, and we are certainly the largest indigenous company by reserve base and production. We are not stopping there, because we intend to continue profitably expanding our operations. 

Tony Elumelu The principles underlying Africapitalism are at the core of much of what I do. I believe in Africa and I also believe that Africans are best placed to solve many of the problems that the continent still faces. In my business activities, both at Heirs Holdings Limited and at United Bank for Africa Plc—a banking group with operations in 19 African countries and presence in New York, London, and Paris—which I chair, I endeavor to demonstrate how a long-term view, making investments that create jobs and impact communities while addressing a social need can be consistent with the profit motive and a decent return on investment. The key to the sustained development and socio-economic transformation will be driven by entrepreneurial activity in trade and commerce rather than aid. The private sector is obviously best placed to drive this movement. 

What are your expectations for the coming year?

Aliko Dangote It is difficult to predict what will happen in the coming year, given the fluid nature of regional and global developments; but projections for 2016 from various sources suggest that the global economy will rebound slightly next year after the slow-down experienced in 2015. Across Africa, a number of countries like Nigeria and Zambia that are historically resource dependent will likely continue to face the after-effects of lower commodity prices.

Femi Otedola Despite the economic upheavals we are experiencing at the moment, the Nigerian economy is still resilient and will stand the test of time. For the oil and gas sector, I see increased participation of indigenous firms as a result of their continuous efforts in building capacity and solid business structures

Hakeem Bello-Osagie Etisalat, subject to the government taking action to ensure that there are fair competition rules—and there have not been fair competition rules up until now—will have a good year. For Nigeria, I expect that in 2016 the government will begin to get a grip on some of the key problems from which it has suffered. It will be difficult for them to achieve a turnaround in the space of 12 months, so people should be realistic with their expectations. Next year will be challenging, but by 2017-18 we will begin to see the consequences of some of the key decisions they will take in 2016, and I expect that those will be positive.

Jim Ovia The outlook for the remaining part of the year is bright given the public confidence in the current government since government policies affect businesses to a reasonable extent. Nigeria, being the biggest economy in Africa, is the preferred investment destination for everyone looking to maximize their return on investment.

Wale Tinubu We are an integrated energy company with investments across the entire energy value chain in downstream, midstream, and upstream operations. The ConocoPhillips transaction is one that sees Oando become the leading indigenous oil and gas producer in the country. It certainly puts us in the top 100 oil and gas companies globally in terms of reserves and production, and it is a transaction that makes us the first Nigerian company to become one of the partners in an onshore joint venture. We intend to do more transactions of this nature to expand our footprint within the sector.

Tony Elumelu From an economic perspective, I am very happy that the recent elections and transition in Nigeria were without incident. This is evidence of a growing political maturity. Business thrives in a secure and stable environment so peaceful elections and transitions are good for business. Governments and policy makers also need to focus more energy and attention on a consistent policy regime aimed at ensuring the right sort of incentives are created to make African economies more productive. 

NIGERIAN WRONGFULLY INCACERATED IN COTE D'IVOIRE'S PRISON, ITUNU BABALOLA: FACTS OF THE MATTER*.

ABUJA, MARCH 19, 2021.

Following painstaking investigations by the Nigerians in Diaspora Commission and the Nigeria Mission in Abidjan, Cote D'ivoire, It is now confirmed that Itunu Babalola, a Nigerian living in Abidjan was wrongfully charged and incarcerated for a crime she did not commit.

According to the Chairman/CEO Nigerians in Diaspora Commission Hon Abike Dabiri-Erewa the Charge D’Affaires of the Nigerian Mission in Côte D’Ivoire ,Mr Mohammed Gana , sent officials of the mission to Bondoukou, a city eight hours outside Abidjan when the case was brought to his attention.

Plans are underway to engage the services of  a legal Luminary  to prove the innocence of Itunu Babalola at the Court of Appeal  after the accused had spent two years out of a ten year jail term for an offense she did not commit.

Reports indicate that the new prosecutor assigned to the case has given assurances of a fair and unbiased review and retrial of the case to secure the Release of Itunu Babalola. Reports also allegedly indicate that the former prosecutor in collaboration with the police twisted the case and accused Itunu Babalolo of human trafficking hence her conviction for 20yrs although the sentence was reduced to 10yrs from which she Has served 2yrs so far.  Itunu Babalola whose family is from Oyo State, Nigeria has been living in Bondoukou, Cote d'ivoire for a long time but got entangled in a legal battle.when she reported the burglary of her house to the Police

On efforts  made to secure her bail, the prosecutor said it is only the Court that can grant her bail as she has already been convicted. We will continue to monitor the case as it unfolds 

E-signed,

Gabriel Odu 

Media, Public Relations and Protocols Unit.

Cancelling Diaspora Nigerians?

Segun Gbadegesin

 

ABIKE

By  Segun Gbadegesin

 

Mobility is a natural feature that human beings share with animals. Our hunting and food-gathering ancestors didn’t have a settled living experience and, therefore, no attachment to a particular place. Home was wherever they found tools for survival, including food and shelter. With the discovery of farming, a semi-permanent living experience began and settled family life and the joy of community overcame the travails of solitude. With language and culture in the mix, a genuine sense of place developed.

Generational memories of common history, common struggles and achievements, and particularly, a sense of common identity, soon facilitated the transmission of communal values to younger members. With the success of cultural immersion and value transmission, individuals feel a sense of attachment that make it impossible to abandon their homeland even when they feel comfortable in a new place. This explains why diaspora communities in modern nations severally and collectively have a sense of obligation to their homeland and to the wellbeing of the family members left behind.

Think of Jewish exiles in Babylon as recorded in Psalm 137. And Prophet Nehemiah’s clarion call to his people, “Come, let us build the walls of Jerusalem, that we may no longer suffer disgrace”, typifies the anguish of diaspora communities about the embarrassment of a homeland in ruins. The Jewish Diaspora has been particularly unique and effective. With the horrific history of antisemitism that led to one of the outrageous horrors in human history, Jewish people everywhere, especially in the Anglo-American orbit, use their influence and access to benefit the state of Israel. And the Israeli government and people understand and appreciate the passion and consequential help of its diaspora.

The Middle Passage is just as terribly horrendous. The mindset of the perpetrators in both is hateful and the effect continues to be felt. With a common background of community, there is good reason for the African Diaspora to be as nostalgic and therefore as passionate and as effective on behalf of the African homeland. However, despite the laudable efforts of Pan-African pioneers like W. E. B. Du Bois, it is not until very recently that Africa has made the necessary effort to embrace her diaspora community. On the national level, Ghana has been a trail blazer in attracting African-American brothers and sisters back to the homeland, with Stevie Wonder as the latest to announce the move.

With the establishment of the Nigerians in Diaspora Commission (NIDCOM), Nigeria appeared to come on board in recognition of her diaspora community. The Act provides “for the engagement of Nigerians in Diaspora in the policies, projects and participation in the development of Nigeria and for the purpose of utilizing human capital and material resources of Nigerians in Diaspora towards the overall socio-economic, cultural and political development of Nigeria and for related matters.”

The purpose of the Commission couldn’t be clearer. The government has finally recognized the importance of harnessing the patriotic zeal of fellow Nigerians living outside the borders. They will be engaged in policies and projects and they will be encouraged to participate in the development of the country. No limit is indicated on the purpose of the Commission. It is inclusive of individuals, groups, professionals, and communities.

To its credit, the Commission has been a tireless promoter of Diaspora communities around the world. The Chairperson, Hon. Abike Dabiri, has been effective in leading the charge for the mobilization of the energy of Nigerians in the Diaspora, and channeling the resources of the Commission in cases that need attention.

Beside the government initiative, political parties of different orientations also acknowledge the potentials of the diaspora by establishing their branches in major foreign countries. Key members of the ruling party have made promises of electoral participation by the Nigerian diaspora.

On its part, the Central Bank of Nigeria (CBN) has paid close attention to the indispensability of diaspora remittances to the financial health of the nation. As PwC observes in a recent release, Nigeria accounts for more than one-third of remittances that flow into sub-Saharan Africa, with more than $23 billion in 2018 alone, accounting for 83% of the Federal Government budget that year, and 11 times over the amount of Foreign Direct Investment into the country. These remittances flow from individuals and groups to families and communities they left behind but don’t forget.

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Diaspora Nigerians also don’t forget the trauma of failed policies and insecurities that they experienced before they relocated, and from time to time they make their voices heard through messages, opinion articles, rallies and protests in their various locations, and direct contact with foreign governments and, yes, the United Nations. The Nigerian Diaspora played a vital role in the dark days of military dictatorship and their contribution to the return of civil rule cannot be wished away.

This aspect of the relationship of the Nigerian Diaspora to the homeland, this unrelenting engagement with polices and projects which NIDCOM Act so unambiguously invites, this incessant pursuit of good governance, this unabashed commitment to struggling for government’s respect for the humanity of citizens, is not always appreciated by the powers at the helm of national affairs. But Nigerians in Diaspora, having a sense of obligation to their kith and kin, have no apology for raising these issues and demanding accountability from government. If they can contribute financially, they must contribute ideas. And clash of ideals and conflict of practices are inevitable.

The latest such clash just occurred in an embarrassing videotaped encounter between an honorable member of the House of Representatives and the Deputy Speaker of the House.

Hon. Mark Gbillah representing Gwer East/Gwer West Federal Constituency of Benue State had sought permission to present a petition by Mzough U Tiv Amerika (MUTA). The petitioners are a Nigerian group based in the United States and are concerned about the security situation in their homeland.

As soon as Hon. Gbillah mentioned America along with MUTA, the organization’s name, the Deputy Speaker, Hon. Ahmed Idris Wase went on the attack. “Did you say Tivs in America? What do they know about Nigeria? What is their business? They can’t sit in their comfort zones and know what is happening in Nigeria?” as reported by People’s Gazette on March 14, 2021. These statements are also captured in the video image that accompanied the report.

Really? How does one even begin to comment on this position of a highly placed officer of the People’s House? Even when Hon. Gbillah tried to explain why Nigerians in Diaspora have good reasons to be concerned about the homeland and “should be able to file complaints because they have families residing in the state”, noting the government’s investment in the NIDCOM, Deputy Speaker Wase won’t budge. For him the functions of the Commission are “nothing relevant” to the petition and therefore can’t be taken. This is despite the clear relevance of the petition to the purpose spelled out in the Act establishing NIDCOM as stated above.

Perhaps, it is a partisan matter or a personality issue between Hon. Gbillah and Hon. Wase. Whatever it is does not justify this incomprehensible position on the part of the Deputy Speaker.

More troubling, however, was that not a single member of the House rose in defence of the rights of Nigerian Diaspora community. Not one uttered a word on behalf of reason. Yet, many members, including NASS leadership, moved back from their diaspora locations to vie for the positions they now hold. Do they forget so soon? Many of the House members are also aware of the role that Diaspora Nigerians played and continue to play in the political development of the country, since the days of the nationalist struggles for independence.

Whatever the urge is for partisan bickering and mutual disrespect, some issues are more important and must be kept outside partisan rancor. Foremost among this is the commitment to security which is the basic function of government. Next is respect for the right and obligation of citizens wherever they reside to express their views about the functioning of government and its agencies. Diaspora Nigerian communities are equal stakeholders in Project Nigeria. Canceling them portends a grave danger to that project.

Russian President, Putin responds after Biden called him a ‘killer’

March 18, 2021

Russian President Vladimir Putin has responded after U.S. President, Joe Biden called him a “killer” and promised that Moscow would “pay the price” for interfering in the 2020 US elections in favour of his opponent, Donald Trump.

Speaking on Thursday, Putin said he wished Biden well, but suggested that the US leader may be projecting; also noting that evaluating other countries “is like looking in a mirror.”

“When I was a kid, when we were arguing with each other in the playground, we used to say, ‘Whatever you say [about others] is what you are yourself,’” Putin added.

On Wednesday, Biden was asked by ABC News anchor George Stephanopoulos whether he thought Putin was “a killer,” and replied in the affirmative. He also noted that he had warned the Russian president that Washington would react strongly if it discovered evidence of interference in the 2020 presidential election.

Later that day, White House Press Secretary Jen Psaki refused to clarify whether Biden’s statement was a metaphor.
In response, Kremlin spokesman Dmitry Peskov described Biden’s statement as “very bad,” accusing the White House of not being serious about “establishing a relationship” with Moscow.

Earlier this week, a joint report by Washington’s spy agencies alleged that Moscow had run a campaign to “denigrate” Biden’s reputation during the US presidential election. This accusation has been denied by the Kremlin.

Biden’s latest statements represent a major escalation in the already deteriorating relationship between Russia and the US. On Wednesday evening, Moscow recalled its ambassador in Washington, Anatoly Antonov, to discuss the Kremlin’s next steps.

I Lied Against Gov Ortom, I’m Sorry — Oshiomhole

Published

 22 hours ago 

on

 March 18, 2021

By

 Opeyemi Damilare 

Former National Chairman of the All Progressives Congress (APC), Comrade Adams Oshiomhole, today retracted the comments he made on Governor Samuel Ortom, on 27th July, 2018.

NEWS DIRECT reports that the retraction has been published in national newspapers today, 18th March, 2021.

These include The Nation, full page, on page 29, Thisday and Vanguard, half pages on 41 and 7 respectively.

Below is the retraction:

RETRACTION OF PUBLICATION

On the 27th day of July, 2018 at the National Headquarters of the All Progressives Congress (APC) and particularly in my capacity then as the Chairman of the Party, I addressed different national issues as well as some events which occurred in Benue State, including the movement earlier that day of his Excellency, Dr. Samuel Ortom (Executive Governor of Benue State) from the All Progressives Congress (APC) to the Peoples Democratic Party.

In the course of the press conference, I made certain comments about Dr Ortom on the basis of information I have since found to be false and baseless.

His Excellency Dr Samuel Ortom felt embarrassed, defamed and deeply aggrieved by the comments I made at the said press conference, culminating in litigation.

That politics aside, Governor Samuel Ortom is a dear friend and brother with whom I have shared so much in common, including mutual respect.

That as former colleagues and one time members of the Nigerian Governors’ forum and most importantly as someone whom I am just a phone call away from, any ridicule, embarrassment, spite and insult caused Dr Samuel Ortom is regretted.

Owing to the relationship we share and in the larger interest of peace, harmony and brotherliness, I believe a complete retraction of my comments made on 27th July, 2018, and which Dr Samuel Ortom found offensive is proper and necessary.

In view of all the above, I hereby retract the comments made during the press conference on 27th July, 2018, as it relates to Dr Samuel Ortom.

Signed:

Adams Aliyu Oshiomhole