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Unlocking Investment in West Africa

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Despite West Africa’s enormous investment potential, its integration into the global economy is low. One sign of this is that the region captures only 5% of Africa’s total Foreign Direct Investment (FDI). The main hurdles for national, regional, and foreign investors are cross-border constraints. Small businesses and service providers are especially affected.

“In Nigeria, burdensome and non-transparent administrative procedures, land, the clearance of goods and services at ports and airports, and access to finance are some of the obstacles hampering investors,” said Bala Bello, Deputy Director for Policy and Advocacy at the Nigerian Investment Promotion Commission.

With its Improved Business and Investment Climate in West Africa Project, the Trade and Competitiveness Global Practice of the World Bank Group is looking at ways of addressing these problems by supporting both regional organizations and individual West African countries. It wants to help them address a range of investment policy issues that constitute barriers to private sector investment across the region.

“This project seeks to take pragmatic steps to facilitate the emergence of a conducive and predictable investment climate in advancement of the ECOWAS Common Investment Market vision,” said Kalilou Traore, Commissioner of the Industry Private Sector Directorate at the Economic Community of West African States (ECOWAS).

At the heart of its work is the establishment of a strong, regional public–private dialogue mechanism. “The participation of the private sector in contributing their opinions and practical experiences is essential,” said Iyalode Alaba Lawson, Vice-President of the Federation of the West African Chambers of Commerce and Industry.

“Since 1979, the private sector has held observer status at the ECOWAS Heads of State Summit, contributing the view of business to the Trade Liberalisation Scheme,” she said. “Regional-level private sector involvement, from investment policy initiation to formulation through to execution, allows for easier implementation when introduced into the business environment.”

The first forum for this was at an inaugural technical workshop in the Senegalese capital of Dakar in June 2015, and has since been moved up to national level. National reform action plans have been made by six, pilot countries—Cote d’Ivoire, Mali, Senegal, Ghana, Nigeria, and Sierra Leone—for a formal commitment to a regional monitoring scorecard.

Non-pilot countries have been invited as observers to help them prepare for future reform. A regional workshop with national governments and private sector associations deepened their familiarity and understanding of investment policy and promotion. Countries explored how they can promote and retain new and existing investment, and how they can leverage FDI for domestic business environment reforms.

Another avenue for convergence is the launch of the ECOWAS Investment Climate Scorecard. Over 70 public and private sector representatives from 15 member states, as well as representatives from the ECOWAS Commission, the West African Economic and Monetary Union (WAEMU), the European Union, and the World Bank Group, have formally endorsed the scorecard as a tool for deepening regional investment integration.

The scorecard is an innovative instrument that enables both the ECOWAS Commission and national policymakers to identify investment barriers and track the progress of national and regional reforms.

A digital dashboard will aggregate its data to facilitate analysis and decision making.

“At the national level, we must make our countries more attractive to investors, each focusing on its own unique potential,” said Zeinabou Keita, Head of the Technical Unit of Business Climate Reform at Mali’s Ministry of Investment Promotion in Private Sector, who added that removing constraints would make individual economies and the region more competitive. “The scorecard is an indispensable tool to help countries refocus efforts on issues that result in too much red tape for investors,” she said.

“West African countries have enormous potential to strengthen competitiveness and increase investment, which can drive growth, reduce poverty, and deliver jobs to the region,” said Eme Essien, International Finance Corporation Country Manager, Nigeria. She said the project was using a unique, hybrid approach to support the ECOWAS Commission to further regional integration by working simultaneously at regional and national levels to identify, address, and monitor the elimination of specific barriers to the expansion of cross-border investment.

The Improved Business and Investment Climate in West Africa Project is a four-year initiative that was launched in November 2014. The project is funded by the European Union and implemented by the World Bank Group.

Arne Hoel

‘Nigeria’s Rising Public Debt Worrisome’

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Yemi Osinbajo
Yemi Osinbajo Acting President Federal Republic of Nigeria

Euler Hermes, the global leader in trade credit insurance recently presented its latest analysis on Africa’s economic performance at a ‘Risk Frontiers 2017’ conference in London. Highlights of the speech by Stéphane Colliac, Chief Economist for France and Africa with Euler Hermes, follow:
While Africa’s external debt has increased slightly, at 32% of GDP it remains far below its past peak (55% in 2002). While there is no general solvency issue, liquidity requirements are pushing some countries to request IMF support.

The increasing public debt on the continent is also a concern, driven by countries with fiscal vulnerability, particularly some oil exporting economies such as Algeria, Angola, Libya and Nigeria. After a three-year commodity shock, the moment of truth is approaching: many countries will have to accept IMF money and adjust their fiscal balance accordingly.
“Despite its challenges and recent severe financial pressure’s on commodity exporters, the African continent has significant economic potential,” said Stéphane Colliac.

“Further corporate expansion and development is possible – we predict Africa’s growth to be +2.6% in 2017. However, liquidity is under pressure as many countries have recently experienced currency depreciation pressures.”

Main Continental Risks

#1: Political risk and uncertainty

#2:  Commodity price/exchange rate issue

#3:  A growing debt pile due to vulnerable fiscal policies

Africa: The Problem is Not Growth, But How to Finance It
Political uncertainty, be it in major economies in the world or within the region, is the biggest concern. It compounds weak economic performance in commodity exporting countries such as Gabon, Ghana, Nigeria and South Africa.

It also affects Foreign Direct Investment (FDI) as foreign investors are skeptical about putting money into a country / region experiencing political upheaval and extremism.
Exchange rate policy is another major challenge, as floating exchange rates have in past acted as shock absorbers for Egypt and South Africa.

However, for countries with fixed rates such as Nigeria and Angola, the fear of floating worsened the liquidity shock. Furthermore, increasing public debt and vulnerable fiscal policy affects government spending on critical matters, as fiscal spending is key for social cohesion and further development. Unfortunately, public debt has increased in many sub-Saharan economies, and countries such as Ghana and Tunisia are facing liquidity issues, while Mozambique and Angola faced solvency risks.
 “Although Africa is lagging behind the rest of the world, this is paradoxically an advantage for the region as it approaches development differently. It has already taken concrete steps to address the backlog, especially in some of its key economies,” adds Colliac.

Nigeria: Recession Should End Soon
Nigeria is a dominant economy in West Africa in terms of population and GDP, and is now the continent’s largest economy.

Its hydrocarbon resource base includes 2.2% of global oil reserves (11th in global rankings with 43 years of additional extraction at current rates) and 2.7% of natural gas reserves (9th and over 100 years).
The hard currency peg was not credible and the gap with the black market exchange rate widened significantly. Capital controls implemented to maintain the peg hit growth hard (-2% in 2016). With stagflation, the consumer suffered from major purchasing power losses and low Day Sales Outstanding (DSOs) hit corporates.

Finally, the unwinding of capital controls in March 2017 reduced the exchange rate issue and helped to stabilise economic activity. GDP growth of +1% is expected in 2017.
The World Bank’s Doing Business 2016 survey ranks Nigeria 169th out of 189 countries assessed, above Cameroon and Bangladesh but below Algeria and Guinea.

Nigeria ranks 143rd in terms of both the enforcement of contracts and the ease of resolving insolvencies.

South Africa: Recession to be short-lived

The country experienced a technical recession with two consecutive quarters of negative growth, at     -0.2% in 2017 Q1, following -0.1% in 2016 Q4. The 2016 laggard — commodities — performed well during the first quarter (agriculture +5.1% and mining +3% q/q), when the resilient domestic economy of 2016 no longer held on.

Retail sales weakened markedly in January and February 2017. This was just after inflation peaked as a result of increasing oil and food prices — fuel prices increased by +16% y/y at the beginning of the year. The recession should prove short-lived, since inflation decreased markedly at +5.3% y/y in April.

Unfortunately, the negative carry-over effect is driving growth expectations lower (from +1% to +0.6% in 2017 and from +1.5% to +1.2% in 2018). South Africa will probably remain at near stagnation for some time.

But all is not doom and gloom as there is good news in the form of inflation. Euler Hermes now expects a decrease in inflation of +5% in both 2017 and 2018, comfortably within the Central Bank’s target band (3%-6%)], providing a bit of breathing room.

Recent political evolutions have not shown any sign of resolution that would break this stagnant growth; instead public debt is growing, to 53% of GDP in 2017.

Nigerian Equities Market Extends Gains to 5th Consecutive Session… NSE ASI up 0.5%

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The Nigerian bourse, at the close of trade today, extended gains to the 5th consecutive session as the All Share Index (ASI) rose 0.5% to settle at 32,981.63 points, thus nudging YTD gain to 22.7%. Quite similar to yesterday, performance was buoyed by sustained buy interest in market heavyweights – GUARANTY (+1.9%), NIGERIAN BREWERIES (+0.6%) and DANGCEM (+0.1%).

Consequently, investors gained N52.9m as market capitalization increased to N11.4bn. However, activity level was mixed as volume traded declined 17.6% to 180.3m units while value traded rose 22.7% to N2.6bn.

Positive Performance Across Sectors
Performance across sectors was positive as all indices closed in the green. The Banking index advanced the most, up 1.3% due to sustained buy interest in GUARANTY (+1.9%) and ETI (+5.0%) while upticks in NIGERIAN BREWERIES (+0.6%) and 7UP (+8.8%) drove the Consumer Goods index 0.5% northwards.

Similarly, the Insurance and Industrial Goods indices rose 0.3% and 0.2% on the back of gains in NEM (+4.9%) and DANGCEM(+0.1%) respectively while appreciation in SEPLAT (+1.1%) and FORTE (+2.7%) pushed the Oil & Gas index 4bps higher.

Investor Sentiment Strengthens
Investor sentiment as reflected by market breadth improved to 1.9x (from 1.2x recorded yesterday) – 29 stocks advanced while 15 declined. The best performing stocks were 7UP (+8.8%), NEIMETH (+7.1%) and CAP (+5.0%) while UPL (-9.6%), CHAMPION (-7.6%) and UCAP (-7.3%) were the worst performers. Whilst we expect market performance in the near term to remain largely driven by expectation of positive H1:2017 corporate reports, we do not rule of the possibility of some “end of the week” profit taking in subsequent sessions.

NASD OTC Exchange Market Activities
In the NASD OTC exchange, three counters traded – NDEP, SOURCE, CSCS AND IGI  – with total volume and value of transactions closing at 16,300 units and N47,375 respectively. IGI accounted for 61.3% of total volume traded, followed by CSCS (30.7%).

Market Statistics: Wednesday, 12th July 2017

Market Cap (N’bn)              11,367.1
Market Cap (US$’bn)                    37.2
NSE All-Share Index            32,981.63
Daily Performance %      0.5
Week Performance %         2.1
YTD Performance %                  22.7
Daily Volume (Million)                 180.3
Daily Value (N’bn)                      2.6
Daily Value (US$’m)             8.4

 

SMEs Reap Rewards at RedStar SME 1000

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L-R: Adedapo Adelegan, President, Nigerian British Chamber of Commerce/speaker (left); Anna Einarsson, Chief Executive Officer, Tribute; Sola Obabori, Group Managing Director, Red Star Plc, and Paul Foh, Chief Executive Officer, Katalyst Consulting, during the Red Star 2017 SMEs 1000 Forum in Lagos.

Determined to rejuvenate and strengthen SMEs in the country while also bridging the logistics gap for SMEs, Red Star Express hosted small start-up owners at the SME 1000 workshop.

Tagged ‘Breaking Boundaries, the event was intended to serve as a ground-breaking medium for Red Star Express to bridge the logistics gap faced by SMEs, give them support by sharing insights, information and industry advice as it affects them in relation to the growth of their business. It was also intended to identify business opportunities for the company while helping SMEs expand the SMEs’ reach locally and internationally.

Held recently in Lagos, the workshop created an opportunity for entrepreneurs and owners of Small and Medium Enterprises (SMEs) to receive advice and logistics resources from Red Star Express, other industry leaders and concerned regulatory agencies, so as to assist in creating an excellent opportunity to interact and network. It also created an opportunity for these entrepreneurs to exhibit their products.


L-R: Adedapo Adelegan, President, Nigerian British Chamber of Commerce/speaker (left); Anna Einarsson, Chief Executive Officer, Tribute; Sola Obabori, Group Managing Director, Red Star Plc, and Paul Foh, Chief Executive Officer, Katalyst Consulting, during the Red Star 2017 SMEs 1000 Forum in Lagos.

According to the Group Managing Director/CEO, RedStar Express, Mr. Sola Obabori, “Red Star is committed to supporting the growth of SMEs in Nigeria which is the bedrock of the economy. We believe that a more connected world means more opportunities. This is why customers including SMEs count on our diverse portfolio of offerings to connect to more than 220 countries and territories, linking more than 90 percent of the world’s GDP.”

“Through our foreign partners, we can take you from here to any part of the world within 72 hours. That is the kind of strength we have brought to the table. So if you are a businessman in Nigeria, we can take it from here and deliver your goods to anyone who has made an order from any part of the world.”

Some of the speakers at the event encouraged these start-up owners and admonished them on the way to go in achieving success in their various businesses. The President, Nigerian British Chamber of Commerce, Mr. Adedapo Adelegan, reiterated the need for patience while waiting for business growth. “You must have the patience to wait for 10 years to grow.

A business is like letter ‘S’ because when your business is at its peak, you start developing another idea. The reason for the second curve is to ensure that your business stands the weight of time. The internet brought information technology.  I however urge you to use the internet to get customers.”

Similarly, the CEO Tribute, Anna Einarsson, advised the young entrepreneurs to map out a clear vision which will be a roadmap to business growth.

“Vision without a plan is just a dream, so you need to write down your goals, set clear goals, make good contacts, take care of your contacts, celebrate small wins, keep your team motivated and goal focused, always keep a positive mind, think deep, take advantage of great social media tools, partner with good people build your tomorrow today and learn everything you can do.

The General Manager, SME Group, Fidelity Bank, Mr. Kenneth Opara, pointed out that SMEs are seen as agents of growth that drive the economy. He however counseled the entrepreneurs.

“Focus on critical sectors, recognise investment opportunities, build an internal strategy to survive, build your capacity as a business, build a process where investors can be interested in what you are doing, build a business model that supports your business opportunity and continue to innovate.”

Red Star Express has been a major e-commerce delivery backbone for a large number of SMEs, by ensuring hassle free order fulfillment.

The SMEs will be availed the opportunity of choosing from a bouquet of services depending on their business needs and requirements ranging from deliveries within 3 to 6 hours in Lagos, door-to-door deliveries nationwide, Cash-On-Delivery, Prepaid Delivery, Drop off & Pickup Centres, Freight, Warehousing, Inventory Management, Outsourcing, among others.

Broadband Commission: World Leaders Should Harness ICTs to Drive Dev

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The Broadband Commission for Sustainable Development has issued a statement urging policymakers, the private sector and other partners to make deployment of Broadband infrastructure a top priority in strategies to accelerate global development and progress towards the United Nations Sustainable Development Goals (SDGs).
The statement was presented to the 2017 High-level Political Forum on Sustainable Development (HLPF), which is meeting in New York City, 10-19 July 2017 to guide global efforts on the achievement of the SDGs.
In the statement, the Commission – a high-powered community, including top CEO and industry leaders, senior policy-makers and government representatives, international agencies, academia and organisations concerned with development – outlines the many ways that Broadband can improve global sustainable development, and in so doing, better the lives of millions around the globe.
These include addressing basic needs such as healthcare and food production, and helping lift people out of poverty through e-commerce opportunities and job growth, monitoring climate change and planetary processes, and bridging the digital gender divide.
“We must work together,” said the Commission in its statement, “to harness the opportunities and benefits of ICTs, new and emerging technologies such as big data and artificial intelligence, as well as broadband-based technologies, while safeguarding against their downsides and risks. This will be critical to achieve the SDGs and realise the future we want. Let us seize the historical opportunity of the SDGs to build a model of sustainable development anchored by universal access to affordable Broadband technologies and digital literacy in order to fulfill a future where no one is left behind.”
“The theme of the 2017 High-Level Political Forum on Sustainable Development is ‘Eradicating poverty and promoting prosperity in a changing world’. The Broadband Commission statement to the HLPF highlights the critical role of ICTs to do so, and outlines the fundamental role Broadband technology can play in helping the world achieve its most pressing sustainable development goals,” said Houlin Zhao, ITU Secretary-General.

“Their statement urges HLPF attendees to recognise the need for the global roll-out of broadband infrastructures, devices, applications and services to make progress towards achieving the SDGs.”

 

About the Broadband Commission for Sustainable Development
The UN Broadband Commission for Sustainable Development aims to showcase and document the power of information and communication technologies (ICTs) and Broadband-based technologies for sustainable development.

It embraces a multi-stakeholder approach to promoting the roll-out of Broadband and brings together a multi-stakeholder community, including industry leaders, senior policy-makers and government representatives, international agencies, academia and organisations concerned with development.

IGI Names Bayo Folayan New CEO

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Industrial And General Insurance Plc (IGI) has announced the appointment of a new management, in continuation of its restructuring programme aimed at repositioning the company for optimum performance.

The Board of Directors said the new team would occupy the positions in acting capacities, pending when substantive officers are appointed in line with the regulations of the National Insurance Commission (NAICOM).

They include Mr. Bayo Folayan, acting Managing Director, Mr. Shade Ajayi, acting Executive Director, Technical and Operations, Mr. Nnamdi Iwuoha, acting Head, Technical Division, Mr. Bolade Ashaolu, acting Head, Marketing, and Mr. Emmanuel Udoh, acting Chief Finance Officer. The appointments take immediate effect.

This development follows the retirement of members of the executive management led by the Managing Director/Chief Executive Officer, Mr. Rotimi Fashola, alongside the Deputy Managing Director, Mr. Sina Elusakin, both of whom have served the company in various positions for over 20 years. The Executive Director, Finance and Accounts, Mr. Yinka Obalade, also retired, while his Information Technology, Human Resource and Administration counterpart, Mrs. Foluso Gbadamosi, tendered her resignation.

The change in leadership is part of the restructuring process initiated by the Board of Directors to revitalise the organisation.

The erstwhile management, having laid the requisite foundation and structures for the success of the repositioning agenda, offered to step aside to pave the way for fresh ideas that will further galvanise the advancement of the new strategic direction of the company.

The Board thanked the exiting management for its immense contribution to the growth of the company and for laying the proper structures and processes for the ongoing restructuring. From the performance indices, it is clear that IGI is applying the right strategies and moving in the right direction, with strong momentum. We recognise the need to sustain this momentum in order to create a formidable platform for long-term performance.

Shareholders have every cause to look forward to a better future as the company is being positioned to enhance sustainable growth and improve return on equity.

‘In the months ahead, there will be strong emphasis on strategy execution in order to efficiently and effectively realise our expected gains. Our projections indicate positive growth in all areas and we are committed to exceeding the benchmark for standard performance.’

Global Airlines Financial Monitor: June 2017

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IATA
  • Global airline share prices increased, and outperformed the global equity index, for the third month in a row in June.
    Airline shares have risen by more than 20% since start-2017, and are currently around 44% higher than a year ago.
  • The recent gains in airline share prices indicate that investors are continuing to look through the impact that squeezed profit margins has had on airline financial performance in Q1 2017, and are focusing instead on signs that the upward pressure on the breakeven load factor is easing.
  • The resilience of US crude oil supply has continued to put downward pressure on oil prices. Brent crude oil prices fell back below US$50/bbl during June, and are currently broadly unchanged from levels seen a year ago.
  • Meanwhile, although passenger yields remain around 4.5% lower in year-on-year terms, the latest monthly data add to signs that the downward trend in yields has bottomed out.
  • Passenger and freight demand have both continued their strong start to 2017. The passenger load factor remains close to an all-time high, while the freight load factor recently recovered to its highest level since July 2014.
  • The pick-up in global trade is helping to support premium passenger demand, particularly to, from and within Asia Pacific. Premium revenues have risen in year-on-year terms on key routes to and from the region so far in 2017.

Ethiopian Wins African Airline of the Year 2017 Award

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Mr. Meseret Bitew, Acting Chief Financial Officer, Ethiopian Airlines, while receiving the award.

Africa’s largest airline group, Ethiopian Airlines, is delighted to announce that it has won the African Aviation ‘African Airline of the Year’ Award for 2017, for the second year in a row, during the 26th Annual Air Finance Africa Conference & Exhibition held in Johannesburg, South Africa.

The award was presented to Ethiopian in recognition of its continued rapid growth, increased profitability and its outstanding contribution to aviation development in Africa.

While receiving the Award Mr. Meseret Bitew, Acting Chief Financial Officer, Ethiopian Airlines, said: ‘’We are pleased to win the African Airline of the Year Award for the second time in a row; a testimony of our commitment to serve our beloved continent Africa. The commendable success of Ethiopian Airlines attributes to the visionary leadership of Ethiopian management and the hard work of thousands of Ethiopian employees who work hard around the clock with unity of purpose. Mobility and air connectivity being the economic engine of growth and development, we shall continue to play vital roles in connecting African countries with their major trading partners around the world and realise an economically liberal Africa.“

Mr. Meseret Bitew, Acting Chief Financial Officer, Ethiopian Airlines, while receiving the award.

Announcing the Award, African Aviation CEO, Mr. Nick Fadugba, said: “In the past 12 months, Ethiopian Airlines has further expanded its route network, modernised its fleet, inaugurated three new aircraft maintenance hangars, as well as a new world-class in-flight catering facility and has strengthened its airline joint ventures in Africa. In addition, Ethiopian Airlines has achieved a record financial turnover and profitability in spite of various industry challenges. Currently, the airline is well on track to exceed the goals of its Vision 2025 Strategy.”

Ethiopian is a multi-award winning airline: Airline of the Year Award, for the fifth consecutive year, by African Airlines Association (AFRAA), SkyTrax World Airline Award for Best Airline Staff in Africa, Best African Cargo Airline of the Year Award, and Passenger Choice Award for Best Airline in Africa are few to mention.

About Ethiopian

Ethiopian Airlines (Ethiopian) is the fastest growing airline in Africa. In its seven decades of operation, Ethiopian has become one of the continent’s leading carriers, unrivalled in efficiency and operational success.

Ethiopian commands the lion’s share of the pan-African passenger and cargo network operating the youngest and most modern fleet across five continents. Ethiopian fleet includes ultra-modern and environmentally friendly aircraft such as Airbus A350, Boeing 787, Boeing 777-300ER, Boeing 777-200LR, Boeing 777-200 Freighter, and Bombardier Q-400 double cabin.   Ethiopian was the first airline in Africa to own and operate each of these aircraft.

Ethiopian is currently implementing a 15-year strategic plan called Vision 2025 that will see it become the leading aviation group in Africa with seven business centers:

Ethiopian Domestic and Regional Airline; Ethiopian International Passenger Airline; Ethiopian Cargo; Ethiopian MRO; Ethiopian Aviation Academy; Ethiopian In-flight Catering Services; and Ethiopian Ground Service. Ethiopian is a multi-award winning airline registering an average annual growth of 25% in the past seven years.

Courtesy: HWMIIA

Africa’s Future: The Leadership Imperative

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FOR THE RECORD:

Keynote Speech

By

Professor Kingsley C. Moghalu

Chairman& CEO, Sogato Strategies LLC

Former Deputy Governor, Central Bank of Nigeria

Professor of Practice in International Business & Public Policy

The Fletcher School of Law & Diplomacy, Tufts University

At

The Africa Leadership Conference

“Rethinking Africa: Leadership for Possibilities”

Organized by Guardians of the Nation International (GOTNI) USA

Washington, DC

July 9, 2017

Leadership Is Under Threat Worldwide

Around the world today, the very idea of leadership confronts big challenges, big opportunities, and big possibilities. From corporate leaders in advanced industrial countries who have to worry about the implications of disruptive innovation, the demands of corporate citizenship on business models, and the rising political risk to bottom lines from the surge in populism in western democracies, to entrepreneurs in Africa faced with unstable macroeconomic environments, absent infrastructure, policy inconsistency, and weak institutions, leadership is stressed and challenged.

From the political ferment in the United States in the era of Donald Trump to the stunning victory of Emmanuel Macron in response to the yearnings of French citizens for bold, new leadership. From the electoral shifts in the recent elections in the United Kingdom in the era of Brexit to the political crisis in Brazil over allegations of corruption against its elected leaders, leadership is the big issue. For good or ill, we live in its shadow.

We can understand why: in all its manifestations – political, corporate and entrepreneurial, science and innovation, academia, healthcare and public policy, leadership is the main determinant of social and economic progress.

Although our focus here is on leadership in Africa, we must understand that the leadership challenge in the world today is universal. That should help us keep things in perspective. As Mark Beeson, Professor of International Politics at the University of Western Australia has observed: “If we scan the international political horizon, it is difficult to spot anyone that might be described as an unambiguously great leader. Perhaps the last person to fit this bill was Nelson Mandela.”.

Now, it should be clear that the consequences of leadership failure, while not good for any society, developed or developing, are far more profound for developing countries such as those in Africa. Developed countries have strong institutions that can mitigate the effects of bad or weak political leadership. But many African countries, saddled as they are with fledgling or undeveloped institutions, cannot achieve transformational progress without effective domestic political leadership.

What Real Leadership in Africa Should Mean

For our continent, then, leadership is the critical challenge we must confront and overcome. We must, if democracy is to yield good governance, if the entrepreneurial talent expressed in the narrative of an Emerging Africa is to yield true economic transformation, and if Africa’s rich historical scientific heritage is to translate into an explosion of innovation that can make us competitive in a globalized world.

How do we get leadership to make Africa prosper and matter? (Forgive the pun on my book Emerging Africa: How the Global Economy’s ‘Last Frontier’ Can Prosper and Matter.) In the area of business and entrepreneurship we have seen impressive leadership by African entrepreneurs. These businessmen and women are altering Africa’s narrative from one of poverty and foreign aid to one of creativity and wealth creation. From Nigeria’s Nollywood movie industry to Aliko Dangote and his Africa-wide industrial empire, Tony Elumelu and his Heirs Holdings investment group, and the blogger and entrepreneur Linda Ikeji; from Tanzania’s Ali Mufuruki and his Infotech Investment Group and Kenya’s Michael Macharia and his Seven Seas Technologies to Ethiopia’s Bethlehem Tilahum Alemu whose firm, Sole Rebels, manufactures and exports environmentally friendly footwear that’s “hot” in the western world; and from Ghana’s Patrick Awuah, founder of the 21st century non-profit Ashesi University, Ken Offori-Attah and his Databank Corporation, and the young Harvard-educated investor Sangu Delle to Cameroon’s Yaya Moussa, the former International Monetary Fund economist that founded Africa Today TV in the United States, Africa’s entrepreneurs are making progress against all odds.

Our continent’s leadership problem is located mainly in our internal political spaces. But it is precisely these spaces that determine what kind of societies, economies, education and health systems that we have.

The first order of business, as I have argued consistently, is that of our minds. We must reinvent the African mind. Our minds determine whether or how we understand what leadership means or doesn’t. Our minds determine what kind of mindset or worldview we bring to the task and responsibility of leadership. And our minds determine whether we have, or can acquire, the character and competence of leadership.

My personal understanding of leadership, especially in the context of countries like those in Africa, is that great leadership must be transformational. And I always approach the subject with the end in mind: what, for example, would be said about my service after I have completed a specific leadership task or responsibility? Indeed, to envision more radically, what will be said at my funeral? (One should hope that that event will hold somewhere north of my 100th birthday!)

I have sought to apply this understanding to every leadership role in which I have had the privilege to serve – from national reconciliation and nation-building work by the United Nations in New York, Cambodia, Croatia and Rwanda to institutional and management reform in the UN, from building global partnerships and raising billions of dollars for social investments in developing countries by The Global Fund in Geneva to structuring and facilitating investments in emerging markets, from leadership roles in monetary policymaking and banking sector reform in Nigeria in the wake of the global financial crisis to serving as a professor in one of America’s premier universities, my vision has always been to leave the situation, institution or assignment I was tasked to handle much transformed from where I met it.

Leadership is about utilizing appointive, elective or situational authority to envision. To inspire. To take calculated risk.All in order to take societies, family units, organizations or institutions from A to Z or whatever point in the 26 alphabets is relevant, necessary, and possible. It is not, as we often misunderstand it in Africa, about merely holdingpositions of power or deploying authority mainly for self-serving purposes. This is why manycareer politicians in Africa that consider themselves “leaders” are in fact – and despite the veneer of democratic processes — more accurately “rulers”, or minions and accomplices of despotic power.

Leadership requires a certain kind of character that emphasizes and upholds core values, a sense of abnegation to consciously forgo opportunities to advance self or other narrow interests, and the competence to bring these values to bear in a manner that creates change and sustains social progress.

In an illuminating article by Sunnie Giles that was published in the Harvard Business Review (“The Most Important Leadership Competencies, According to Leaders around the World, HBR, March 15, 2016), the author’s research found that the top 10 leadership competences, based on the percentage of respondents from 200 global leaders asked to rate 74 qualities, were:

(1) Has high ethical and moral standards (67%);

(2) Provides goals and objectives with loose guidelines/direction (59%);

(3) Clearly communicates expectations (56%);

(4) Has the flexibility to change opinions (52%);

(5) Is committed to my ongoing training (43%);

(6) Communicates often and openly (42%);

(7) Is open to new ideas and approaches (39%);

(8) Creates a feeling of succeeding or failing together (38%);

(9) Helps me grow into a next-generation leader (38%);

(10) Provides safety for trial and error (37%).

As Giles explained, neuroscience confirms that a leader having high standards based on core values and acting consistent with it, when combined with the ability to communicate expectations clearly, creates a safe and trusting environment and heightens brain activity related to creativity, social engagement, and a drive to excellence.

Leadership in African countries requires a worldview that can build real nation-states from the hodge-podge of ethnic nationalities lumped together by the Berlin Conference of 1884-85 that carved up the continent between imperial global powers at the time. That worldview must understand the dynamics and mechanics of globalization. It must grasp the truth that being a market for globalization is not what is beneficial. Finding a niche in the production value-chain of economic globalization is what really matters.

That worldview should be able to create a common goal and destiny around which citizens in our countries can unite and strive together for progress. This is different from the narrow views that fuel the ethnic and religious-identity irredentism that has dominated the domestic political space in many African countries. We are trapped in these ethnic tensions and strife because our rulers have exploited these divisions instead of liberating and educating their citizens. But in order to liberate and educate your citizens, you, the leader, must have the substance with which to educate and liberate. As the legal maxim puts it, nemo dat quad non habeat (you cannot give what you don’t have). Fela Anikulapo-Kuti, the late Nigerian musical maestro, had little time for elegant Latin maxims. He puts it bluntly in one of his songs: “Teacher, don’t teach me nonsense”!!

The Role of Nigeria and South Africa

In the quest for good leadership and governance in Africa, few if any countries are more important than Nigeria, Africa’s largest economy and most populous country with 180 million people, and South Africa, the continent’s most advanced and industrialized economy. Both countries can and should set worthy examples of internal domestic leadership that are worthy of emulation. But over the past several years, this expectation of both countries has been observed more in the breach. South Africa has been caught in the throes of a debilitating leadership crisis involving its current President, Jacob Zuma since he assumed office in 2009. One of the very few countries in Africa with independent institutions, efforts by Zuma and his allies to whittle down or block the effectiveness of the country’s Public Protector, which indicted President Zuma with charges of corruption and state capture by Zuma’s cronies and business allies, have created existential threats to Zuma’s government, the political dominance of the ruling African National Congress (ANC) party, and the political stability of South Africa.

Nigeria, like many African countries, has made some progress, but is a far distance in its stage of development from where it could have been after 57 years of independence. Nigeria’s case is especially disappointing when we consider the country’s vast reservoir of human capital and the dynamic nature of its enterprising people.

Nothing illustrates Nigeria’s challenge better than three statistics: the country produces only 4,000 megawatts of electricity when South Africa, with 50 million people, produces 40,000; despite being the largest economy with a GDP of about $345 billion (the figure was $568 billion in 2014 but has been decimated by the country’s worst recession in 25 years), its 2016 per capita GDP is $2,260 and the average figure from 1960, when we became an independent country, up to 2016, is $1,648. This means that there has been very little real progress in average individual income and human well-being.  Malaysia’s GDP per capita is $9,360, Brazil’s is $8,727, and South Africa’s $7,504. And the third statistic is that Nigeria is ranked at 187 out of 189 by the World Health Organization ranking of health systems around the world.

As the great African writer Chinua Achebe wrote, “Nigeria’s problem is simply and squarely that of leadership”. This leadership failure has led to slow progress (and many outright reversals) in the quest to build a united nation, and a dependence on raw mineral and commodity exports (crude oil) for foreign exchange earnings that has prevented real economic transformation.

Citizen-solutions

How can African countries overcome their leadership capital deficit?

Fortunately, democracy offers a great opportunity for an improved process of leadership selection. This brings to mind the role of the citizen. In a normal scheme of things, it is leaders that shape the destinies of nations, but in functioning democracies the citizens act as a check on leadership performance. In those countries where contemporary African leaders have performed poorly, then, it is time for citizens to stand up for their own future.

Our citizens must exercise their democratic rights more effectively and make choices informed by objective leadership selection criteria. That criteria needs to include character, competence, and relevant experience, as well as the track record of persons seeking positions of leadership. To do so, voters must understand what really is in their best interest. That “what” is frequently different from the primordial affiliations and the patronage systems that politicians exploit and build to continue ruling us instead of leading us.When citizens in our countries in Africa, including my own country Nigeria, focus on subjective factors instead of objective leadership competence in leadership selection, they become very active accomplices in their own poverty.

A paradigm shift in leadership selection will require voter education by civil society organizations. It calls for increased demands for democratic accountability by citizens and civil society, the institution of a real social contract between states and citizens as demanded by the latter, and an all-important emphasis on leadership training for the up and coming generation of youth who we should want to be real leaders, not rulers, of tomorrow. GOTNI is blazing a trail in this regard.

The African Diaspora have a role and historic responsibility here, and they have much to contribute the development of their home countries. But few, if any African countries have been able to position their diaspora as a core component and driver of development strategy in the manner that Israel, India and China have done.

First, the diaspora must demand and secure the ability to vote abroad in elections at home, and thereby participate in leadership selection. Second, they must demand a more institutionalized framework for diaspora engagement and contributions to governance and economic life. Here, I note with keen interest the recent issuance of a Diaspora Bond by the Federal Government of Nigeria. The spirit behind this initiative is a commendable one.But the devil is in the execution. We need more transparency on the bondholder base and the subscription process for the bonds. These bonds provide an important window of opportunity for diaspora to engage with economic governance at home by checking to ensure that the bond raised is utilized for appropriate purposes. It is not enough simply to get your financial returns.

Conclusion

The economic, social and political conditions in African countries is the responsibility of African leaders. It is not that of Donald Trump. Indeed, one of the ultimately beneficial outcomes of the rise of populism in the West for African countries is that it will enable our countries look inwards and take responsibility for driving their own destiny; even in a world of globalization, sovereignty and the authority and responsibilities that go with it have not gone away.

Our destiny is not the responsibility of the foreign aid agencies. And we cannot continue to blame the colonial powers. The leaders of our countries must build real nation-states out of what Count Clemens von Metternich, Europe’s leading statesman in the early 19th century, referring to Italy, called “a mere geographical expression” – in other words, countries that are artificially formed and are not nations in a real sense. Our leaders have the responsibility of building institutions that can create a level playing field for everyone and shield citizens from tyranny, to achieve economic transformation, and to reclaim our countries’ place in the world.

Citizens, for their part, have the responsibility to decide who has responsibility for their welfare. In many African countries, they have not taken this duty as seriously as they should. Professor Ameena Gurib-Fakim, the competent and erudite President of Mauritius — one of Africa’s most successful countries –put it so pithily: “But the onus is also on all Africans. People have to start asking the right questions. Politicians, leaders, policymakers in normal democracies are all accountable to the people. But, and I am sorry for saying this brutally, we get the government we deserve. The one we vote in. It’s your vote”.

NSE Wins Employer of Choice Award for 2nd Year …Oscar Onyema named 2016 HR Champion

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NSE Wins HR People Magazine 2016 Employer of Choice Award NSE was named the 2016 Employer of Choice in the under 1,000 Employees category by the HR Peoples Magazine.

The Nigerian Stock Exchange (NSE) is pleased to announce that it has won for the second consecutive year, the Employer of Choice Award, 2016, in the “Under 1,000 Employees” category.

This award which is in recognition of the Exchange’s outstanding contributions to human resources development in the workplace was presented by the HR People Magazine at an award ceremony held in Lagos.

In addition, the Chief Executive Officer (CEO) of the NSE, Oscar N. Onyema, was named the 2016 HR Champion of the year, for demonstrating outstanding leadership through sound and laudable people management practices. He emerged winner ahead of CEOs of United Capital Plc and Unilever Nigeria Plc.

NSE Wins HR People Magazine 2016 Employer of Choice Award
NSE was named the 2016 Employer of Choice in the under 1,000 Employees category by the HR Peoples Magazine.

According to the organisers of the awards, the HR People Magazine Awards is an annual event designed to recognise companies and individuals for their outstanding contribution to the HR profession.

They noted that eight (8) organisations were shortlisted for further screening for the Employer of Choice Award (Under 1,000 Employees category), out of which the final top four (4) contenders, MainOne, DHL Nigeria, Airtel Nigeria and The Nigerian Stock Exchange, were selected.

Receiving the award on behalf of The Exchange, Ms. Pai Gamde, Acting Head, Corporate Services Division, NSE, stated that “we are very honoured to be recognised as the Employer of Choice in the ‘Under 1,000 Employees’ category and are extremely proud to have achieved this feat not once, but twice in a row. This award is hugely encouraging and a testament to the innovations we have undertaken on the people front. I would like to thank the esteemed jury for recognising our efforts and considering us worthy of this honour.”

“Our heritage of success and winning culture is attributed to our employees who are the core of our business. It is their skills, creativity and commitment that shape the Exchange’s performance. As such, we invest great efforts in recruiting and retaining the best employees. These recognitions will continue to spur us to providing an enjoyable work environment and culture that is characterized by diversity, equal employment opportunity, affirmative action and trustful collaboration in ensuring employee well-being and satisfaction”, said Ms. Gamde.

Ms. Gamde further stated that the NSE has automated most of its HR processes and established many other practices such as Employee Recognition Schemes, Graduate Trainee Programme, Enhanced Maternity Leave, Paternity Leave, and Activity Centre comprising a Gym, Crèche and Café among others, to enhance employee productivity and work life balance.

Linkage Assurance Maintains Strong Growth as PAT Grows 167% in Q1

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Dr Pius Apere MDCEO Linkage Assurance Plc
Dr Pius Apere (PhD/FCII) (Actuarial Scientist and Chartered Insurer)

Linkage Assurance Plc is set for a strong growth this year as major indices, according to the Company’s unaudited first quarter results for the period ended 31 March, 2017, show a significant increase over the period in 2016.

The results released at the Nigerian Stock Exchange (NSE) shows a 167 percent growth in Profit Before Tax (PBT), which rose from N665.68 million in 2016 to N1.78 billion during the review period, while Profit After Tax (PAT) also inched remarkably by 167 percent to N1.42 billion in the review period against N532.55 million in 2016.

Linkage also grew its investment income by 993.5 percent from N125.01million in 2016 to N1.37 billion in 2017.

The company’s gross premium written rose by 9.3 percent from N1.61 billion in the previous year to N1.76 billion at the end of first quarter 2017. While shareholders fund moved up by 8.07 percent from N17.57 billion in 2016 to N19.0 billion in 2017 and the company’s assets rose by 1022 percent from N20.62 billion in 2016 to N23.14 billion in the review period.

Thus, the company is optimistic that this growth will be sustained for the remaining part of the year and hopes for good returns on investment to its shareholders.

At the last financial year ended 31 December 2016, Linkage Assurance achieved a 7 percent growth in profit after tax, from N508.42 million in 2015 to N544.56 million in 2016.

Its underwriting profit was a resounding indication of good underwriting and risk management capabilities, as the figure grew 56773 percent to N720 million in 2016 as against N1.27 million in 2015.

Dr. Pius Apere, Managing Director/CEO, Linkage Assurance Plc., said “the company will continue to refine its strategy in line with the political, economic, sociological and technological changes in the industry. Also, we will continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us achieve our corporate goals and objectives. With a medium-to-long term perspective, we believe that we will benefit from growth in these initiatives.”

In addition, Dr. Apere said “the company will consolidate on the going initiatives to improve our operational efficiency so as to reduce the cost of doing business, improve business processes, eliminate wastages and achieve higher margins in our core business”.

According to him, Linkage Assurance recently launched a number of retail products which include Linkage Third Party Plus, which is a budget friendly motor insurance that provides not only the compulsory Third party protection but an additional own damage protection to the tune of N250,000. “This product is only available from our Company, Linkage Assurance Plc.

Other products are the Linkage SME Comprehensive, Citadel Shield – which provide compensation to pupils and students in recognized academic establishments for injuries sustained from accident; Linkage Events Xclusive Insurance, Linkage Shop Insurance, Purple Motor Plan – a comprehensive motor cover exclusively for women, and the Linkage Estate Insurance.

Dr. Apere also disclosed that the company was also making efforts to deploy her online portal to make its products and services available to its customers especially the digital savvy customers and enterprises.

SMILE Excites Customers with New Device, Bonus Offers

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Smile Telecoms Holdings Ltd

Smile, pioneer 4G LTE telecommunications service provider in West Africa, has announced its new device and bonus offers to reward their customers. The offers will make it easier and more affordable for Smile customers to enjoy the benefits of its SuperFast, reliable Internet without worrying about high costs of data.

Through the offers recently introduced by Smile, customers will upon purchase of a SMiFi or Router Starter Pack get 50% bonus data on recharge for three consecutive months.  Customers are at liberty to get 20GB/7GB plus SMiFi or UnlimitedPremium plan, which offers customers unlimited access to the Internet, with a router to create their own hotspot, stream, download and connect with family and friends. Prices start from as low as N16, 500

“We recognise that the Internet is becoming more and more important for nearly everybody in their everyday lives, and as such, it is our goal to enable as many new connections as possible. These offers are yet another step towards realizing this goal,” said Lotanna Anajemba, Smile Nigeria’s Head of Marketing.

Emphasising further, he said the need to have instant continued access to the Internet has resulted in a higher demand from customers for data to be easily accessible at an affordable rate.

The new device and bonus offers give customers great value and rewards them for their usage. The offers can be accessed via online shop at smile.com.ng, Smile shops and authorised distributors spread across the cities that they operate.

Applauding the offer, leading industry analysts opined that, through these efforts, Smile Nigeria has championed the goal to extend Internet access to the majority of Nigerians who still don’t have access to the Internet.

Smile’s effort to get Nigerians on to the Internet is demonstrated by its aggressive investment in what is now the largest 4G LTE network in Nigeria, introduction of a wide and affordable bundle portfolio, affordable data enabled devices and now these offers.

For Smile Nigeria, these feats align with the company’s commitment to create differentiated value propositions and provide customer centric services. These services are aimed at adding unrivalled benefits to its teeming customers spread across major cities and towns in the country.

More than anything else, the new offers meets with Smile’s position as the Broadband provider of choice in Nigeria that enables its customers to do and achieve more.

AKINWUMI ADESINA and THE WORLD FOOD PRIZE

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On Monday, 26th of June, 2017, Nigeria’s former Minister of Agriculture and Rural Development, now the President of African Development Bank, Dr. Akinwumi Adesina, was announced as the winner of the 2017 World Food Prize, at a ceremony at the U.S. Department of Agriculture, in Washington D.C.

The World Food Prize, which is regarded as the Nobel Prize for Food and Agriculture, was founded in 1986 by Dr. Norman E. Borlaug.

The Award recognises the achievements of individuals who have advanced human development by improving the quality, quantity or availability of food in the world.

In announcing the Award, the President of the World Food Prize Foundation, Ambassador Kenneth Quinn, stated that the selection of Dr. Adesina reflects both his breakthrough achievements when he was Minister of Agriculture in Nigeria, and his critical role in the development of the Alliance for a Green Revolution in Africa, where as Vice President, he led a major expansion of commercial bank lending to farmers.

Adesina has over the past two decades provided strong leadership in expanding food production in Africa; introducing initiatives to exponentially increase the availability of credit for smallholder farmers across the African continent; and galvanizing the political will to transform African agriculture.

As Nigeria’s Minister of Agriculture and Rural Development, Adesina was known as “the farmer’s Minister.”

Among other reforms, he introduced the E-Wallet system for fertilizer distribution. The system saved the government significant amount of money and ensured farmers have direct access to buying fertilizers.

Speaking on his selection for the Prize, Dr. Adesina said he was humbled by the award. He said his work to ensure Africa could feed itself is still an uncompleted business.

Adesina, a son of a farmer, sees his life’s mission as lifting millions of people out of poverty, especially rural farmers; and turning agriculture into business all across the continent to create wealth for African people.

According to Adesina, the Prize Award serves as an encouragement for him to continue to pursue his vision for enhancing nutrition, uplifting smallholder farmers, and inspiring the next generation of Africans as they confront the challenges of the 21st century.

As President of the African Development Bank, Dr. Akinwumi Adesina has put in place the High 5s Agenda which, among others, consist of a strategy to feed Africa.

The key to feeding Africa is to practice agriculture as a business and not as a development activity, Adesina is known to advocate. Africa has 65 percent of the world’s uncultivated arable land but, regrettably, African countries imports food worth $35 billion every year from outside the continent. He said if this is unchecked, it will swell Africa’s food import bill to $110 billion by 2025.

Under Adesina as President of the AfDB, the Bank is launching an agriculture strategy that will rapidly transform Africa’s agricultural sector, develop agro-allied industrial zones, push for food self-sufficiency and move the continent up the global agriculture value chain; and place Africa as the food basket of the world.

Adesina has called on governments and institutional investors, such as pension and insurance funds, to “see the gold” in African agriculture and invest in it to unlock its potential.

In his words, “the future of African young people lies in a more prosperous and inclusive Africa, and there is no other sector that has greater power to create growth than the agricultural sector.”

Adesina will be presented the $250,000 World Food Prize and Laureate sculpture at a ceremony that will hold later in the year on October 19 in Iowa State, USA.

Since its establishment more than 30 years ago, the World Food Prize has honoured45 individuals from 18 different countries.

Adesina is the 46th person, and the sixth African, to win the World Food Prize.

By Ebere ECHENDU

NB: Ebere Echendu, Accountant and Agro-industrialist lives in Lagos

Osinbajo Set for National Insurance Conference

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Mr. Shola Tinubu, Chairman, Planning Committee of the National Insurance Conference (c) flanked by other members at a media briefing in Lagos.

Professor Yemi Osinbajo, the Acting President is expected to declare open the National Insurance Conference being organied by the Insurance Industry Consultative Council (IICC) in Abuja from July 9-11, 2017.

Mr.  Shola Tinubu, Chairman of the Planning Committee said the idea behind the formation of the IICC was actually to give a unified and cohesive voice to the Nigerian insurance industry, with a view to making the industry accelerate its impact and contributions to the nation’s economy.

‘The National Insurance Conference is one of those programmes aimed at fostering intellectual and professional development of insurance practitioners and further creating a platform for networking and exchange of ideas between industry operators and critical stakeholders in the nation’s economy. It is most heartwarming that the 2017 Conference is being organised to further underscore the aim of the insurance industry to continually upscale the knowledge of insurance operators and other professionals in the financial services sector as well as other stakeholders about contemporary dynamics in the economic development of the country and the globe generally.’

Tinubu said the Conference would also highlight the catalytic roles which the insurance industry in achieving financial inclusion and by so doing, accelerating its contributions to Nigeria’s Gross Domestic Product.

Guild of Editors Seek Tolerance, Unity in Nigeria

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nigerian guild of editors

The Nigerian Guild of Editors (NGE) has called for tolerance and unity for a stronger Nigeria as it condemns the hate speeches emanating from different sections of the country.

After the second quarterly meeting of its Standing Committee in Lagos, the NGE released a nine-point communiqué stating as follows:

1. The Guild condemns the hate speeches from different sections of the country and calls for restraint and tolerance among Nigerians, stressing that the country remains stronger together.

2. The Guild notes that those sowing seeds of discord should realise that they are not just destroying the dreams of the nation’s founding fathers but the progress we have made over the years as a nation; their actions have the capacity to alter the destiny of Nigeria negatively.

3. The Guild reminds the hate agents that as major stakeholders in the Nigerian Project, Editors and Journalists fought for the enthronement of the current democratic dispensation, with some paying the supreme price, to birth a constitutional government.

4. The Guild regrets that elders from different parts of the country kept quiet for too long, which allowed the youths to take over the socio-political space and brought the nation to the present situation. The Guild urges the elders across the country to always keenly take interest in the affairs of the nation, rather than play the ostrich.

5. The Guild also urges Nigerians to ignore those agitating for the dismemberment of the country and to go about their businesses without fear or let, and focus more on repositioning the country for present and future generations.

6. The Guild appreciates the firm and decisive intervention of the Acting President, Prof. Yemi Osinbajo, which has calmed the situation and urges the government to do more.

7. The Guild notes that the Inspector-General of Police, Ibrahim Idris, has been issuing orders to his men to get these persons arrested but is worried that no commensurate action has been taken. It urges the Police to be more responsive and pragmatic.

8. The Guild commends the Nigeria Police Force for the arrest of the kidnap kingpin, Chukwudi Dumeme Onuamadike and other kidnappers and urges that they should do more to ensure the release of the abducted pupils of Igbonla Model College, Epe in Lagos State, who have been missing for more than three weeks now.

9. The Guild notes and condemns the overzealousness of operatives of the Economic and Financial Crimes Commission (EFCC), and other security agencies against the media. At all times, duties come with deep responsibilities that must be upheld.

Funke Egbemode, President;  Victoria Ibanga, General Secretary