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  • Nigerian artistes who pulled their weight in 2014

    Nigerian artistes who pulled their weight in 2014

    As a pointer to the fact that Nigerian music artistes ruled their game and dominated the global music scene last year, the organisers of the prestigious Music of Black Origin (MOBO) Awards announced 10 nominees in its Best African Act, five of which were Nigerians.

    Like every other industry, music in Nigeria is getting more competitive by the day and after all the dust has settled, it ends up as a win-some-lose-some situation. But by their very nature, artistes come and go and while some lived up to the expectations of their fans, others fell short by not a few points.

    While some argue that receiving awards is not a confirmation of an artiste’s talent, one cannot deny the fact that it not only serves as an acknowledgement of success, it also recognises an artiste’s other qualities which include ability, struggle for excellence and reputation. Below are some of Nigeria’s biggest artistes who stood out among their peers in 2014.

    DAVIDO: “I’m only 21 years old and I’m living my dream.” With those words Nigerian hip hop artiste, Davido received his Mtv Africa Music Awards (MAMA). Going by the number of sold out shows he embarked on in the European, African and American capital towns, attracting millions of spectators during his shows; it is safe to say that David Adeleke, aka Davido won the admiration of his fans last year.

    His cache of awards last year brimmed over earning him, not just respect but also envy in some quarters.

    Some of the awards received (which he says numbers 22) include; Best International Act Africa (BET); Best Male Artiste in West Africa, Artiste of the Year’ and Song of the Year (AFRIMA); Song of the Year and Artiste of the Year (Headies); Artist of the Year, Best Male (MAMA); Artiste of the Year, Song of the Year (HiphopTv Awards); African Artiste of the Year (Ghana Music Award) among numerous others.

    To add to his achievements, his song, Aye ranks with Say Yes by the trio of Beyonce, Kelly Rowland and William, former Destiny Child, as the most viewed video on YouTube with more than 8 million views.

    Tiwa Savage

    With the year almost marred by tales of a failed marriage that is barely a year old, Mavin’s First Lady Tiwa Savage also reaped a bountiful harvest of awards. She draws her strength on the fact that some of her biggest nominations were international awards. That includes MOBO which she eventually didn’t receive.

    Like her counterpart, Davido, she took home the Best Female award at this year’s edition of MAMA. She also registered her presence at the Chanel O Music Video Award, clinching the Most Gifted Female at the ceremony.

    She dedicated her MAMA award to her husband, stating; “I just want to thank God, fans, 323 Entertainment, my label, Mavin my producer and boss, Don Jazzy and finally, I want to say thank you to the most handsome and amazing husband in the whole wide world, TeeBillz who has put so much to make our story a success thank you and I love you very much.”

    In her kitty also are the R&B Artiste of the Year and Female Artist of the year awards (Nigeria Entertainment Award) and Artiste of the Year Female Award (City People Awards) among others.

     Oritse Femi

    By all standards, his hit-song, Double Wahala can be called the anthem of the year. Gigs were not complete without Oritse Femi’s presence, whether to entertain or just as a guest. This artiste can best be described as one of the wonders from the entertainment scene this year. Though he is yet to prove to his fans that his’ is a case of a one-hit-wonder, the artiste is still basking on the success and recognition the song, Double Wahala has and is still garnering him.

    Among his list of awards this year are Best Music of the Year Award (City People Awards); Best Street-Hop Artiste (Hip-hop TV awards); Best Afrobeat Video (NMVA) as well as Hottest Song of the Year and Best Indigenous Artiste of the Year (NEA).

     Flavour

    Gradually, as a highlife artiste, Flavour N’abania has come to establish himself as a darling of music lovers, especially since the release of the video of his wedding themed song, Ada Ada. To his credit, the artiste has been pulling his weight in the Nigerian music scene.

    He was the biggest winner of this year’s edition of the Nigerian Music Video Awards carting home four categories; best Indigenous Concept, Best use of Costumes, Best Highlife Video and the overall, Video of the Year.

    He also won the Best Video of the Year 2014- Flavour, the Best Traditional Artist 2014 at this year’s African Music Magazine Awards (AFRIMMA) as well as the Best Live Act (MAMA) last year. These are among other awards he bagged in the course of the year.

    Kcee

    His’ can best be described as a story of resilience. After going under, following the split of his group, Kcee Presh, Kingsley Okonkwo buoyed back to life last year with the song, Limpopo. Limpopo was a huge success but to prove that it was no fluke, he quickly followed it with other hits like Pull Over, Ogadinma among others.

    His award pool this year shows that his stay in the music scene is far from over. With his song, Pull Over tying the Hottest Single of the Year category with Davido’s Aye at this year’s NEA, Kcee can be said to have had a good year. He also bagged the Song of the Year 2014 (AFRIMMA) and Hip Hop World Revelation (Hip Hop TV awards). Kcee also won the Most Gifted Duo for his song, Pull Over which features one of Nigeria’s best-selling artists, Wizkid.

  • Nigerian culture: Why dry bones must rise again

    Christian folks will be familiar with the story of the dry bones that sprang back to life like a corpse sent to haunt its killer. It is an epic experience that anyone would like to witness. And, say for instance, one was given the opportunity to pronounce life to any cadaver of one’s choice, a plethora of options will flood into one’s heart: the imperative of having one’s granny back to life; the quest to fill the vacuum left by the demise of one’s parent; the need to have a dear sibling back; the pinch to save the helpless carcass of one’s spouse or the thirst of wrapping one’s arms around a deceased child. They will keep rushing in like edgy commuters on Nnamdi Azikwe Lane in Lagos.

    And needless to dwell on the feeling of ecstasy that will emanate should such request be acceded to, the merriment will surely exceed that on the day of the prodigal son’s return. Duties will be put on hold. Holidays will begin. It will not only remind one of the gone good days, it will give one an ample opportunity to experience them again. Indeed, even the staunchest of sadists will rejoice at such development.

    Like we cherish our loved ones, it is expedient that we cherish our dwindling culture. It is sad to discover that a large number of the purported leaders of tomorrow are so estranged from the tenets of the nation they are to supposed to lead. If the words of the Yoruba be true, that doom looms for a deity that young folks know nothing about, then, tragedy lurks in the corners.

    A visit to various schools will reveal the hopeless state of our local dialects. Severe punishments dangle on anyone found speaking such languages within the school environs. I remember the N10 fine we paid if we faltered in keeping that directive. Parents are helping matters, as they start training their kids in the whiteman’s ways, from a very early stage – keeping to the catch –them – young principle. A child that speaks thorough English is considered precocious and that whose grammar is not as sound is not presentable. A recent report on Silverbird Television reveals the dearth of Nigerian languages, even among the celebrities – some of whom were unable to speak their local dialects without infusing a bit of the English language. We have forgotten that the proverbial river that forgets its source is predisposed to draught. Our languages are as important as our existence as a society.

    Even the America that we sheepishly revere and follow, in its diversity, refutes any servility to foreign language, hence the invention of American English.

    According to Olusanya in his work, Introduction to Sociology, our education system is run as a means of propagating the colonialists’ culture. It divorces the kid from its native culture. And, sadly, that is the kind of system Nigerian parents extol and pray their kids epitomise. It is ponder-worthy the raison d’être of school’s expeditions. What drives such excursions? Are they truly another form of lessons or a mere way of making students have fun? If the former, do the students see it that way, or do their instructors make them see it from that angle?

    Nigerian history is no longer taught in secondary schools. Those that teach it relegate it to the Art students – and even there, unfortunately, it is optional. In a society like ours, it is yet cataclysmal that youths are alienated from their history. In an insightful publication, fiery Nigerian columnist, Sam Omatseye, noted: “Most secondary schools in the country are doing away with the study of history, and the universities are diluting it, making history major study a lost cause.” History is a congruent tool for tackling topical problems in any society. He who knows little about history lacks the bedrock for tackling contemporary issues. Hence, Omatseye submits that: “If our young know history, they know their country. Tragically, the old, including our leaders, know little about our past, except the ones they experienced. If they know our history, they would know that some things happening today hark back to our past.” Little wonder our leaders find it herculean to solve our problems.

    It is therefore quintessential that we help our culture recuperate from its current state of comatose and our heritage be upheld against colonial underpinning. It is expedient that the entirety of the citizenry rise to the clarion call to salvage our culture. We indict the government of post-colonialism and its imperialist leanings– that they are yet under the shackles of the colonialists. Yet, we promote the very sermons of the colonial leaders. We are predisposed to the Western culture at the expense of our native culture – dressing, eating, lifestyle, etc. In the words of Governor Babatunde Fashola, “it is regrettable that culture and tradition may go into extinction if something urgent is not done by relevant stakeholders, including the government, to revive the state of our culture.” Indeed, if holistic measures are not taken towards resuscitating the dry bones of our socio-cultural heritage, like a rootless tree, we may be extirpated by the winds of time.

     

    Oyindolapo, 200-Level Law, UNILAG

  • 2014: Difficult year for Nigerian tourism

    THIS year is supposed to be an epoch year for Nigeria being 60 years since Nigeria, through the Nigerian Tourism Association (NTA), joined the United Nations World Tourism Organization in 1964. Many expected much within the years,but unfortunately, not much was achieved.

    In January, Nigeria, through the Nigerian Tourism Development Corporation, was expected to participate in the FITUR tourism expo to market the country. Unfortunately, the NTDC failed to attend, having earlier promised to participate.

    The next event was the ITB-Berlin in March.  It is the biggest tourism fair in the world where virtually all the top players, countries and corporate organizations participate. It was an embarrassment for the country as the organizers left a space for Nigeria. Unfortunately, the Nigerian stand at Berlin was left empty. Many Nigerians at the fair were disappointed.

    Ebola and Nigerian tourism industry

    Nigeria’s hospitality industry is the fastest growing in Africa. Annually, bed spaces  above 1,000 are being added by new international hospitality brands. Although the hospitality industry is still growing with new hotels springing up,  2014 turned out to be the most difficult year for the hospitality industry in recent times.

    The biggest single event that impacted on tourism in Nigeria was the Ebola virus disease. Ordinarily, most hotels in Nigeria’s two major cities, Lagos and Abuja run at an average room occupancy of 70 per cent, but 2014 was different.

    It all started on July 20 when an Asky Airline flight originating from Liberia landed at the Murtala Muhammed International  Airport, Lagos. One of the passengers, Mr. Patrick Sawyer, collapsed and was rushed to the First Consultant Medical Centre, Obalende, Lagos. It turned out  Sawyer had contracted the dreaded Ebola disease. The ripple effect sent the Nigerian hospitality industry crashing. Because of the failure of the late Sawyer to disclose his health status, some  health workers were infected. There was genuine fear that the country would soon see an outbreak of Ebola. This sent the country into panic. Many foreigners took the next available flight out of Nigeria. Many airlines cancelled flights to Nigeria and many countries treated visitors from Nigeria with suspicion. Countries like Australia outrightly denied visitors from Nigeria visas.

    It was a nightmare for international hospitality brands in the country, as they saw the occupancy rate crashing overnight from 70 to 90 per cent to less than 10 per cent.  Suddenly, hoteliers were faced with the problem of survival. Many were forced to cut down their budgets and devise means of survival. They had empty rooms with fixed costs.

    It was an industry on the verge of collapse that heaved a sigh of relief when on September 21  Nigeria was declared an Ebola-free country by the World Health Organisation (WHO). However, four months after this declaration, the hospitality industry is yet to recover from the effect.

    Appointment of new Director-General for NIHOTOUR

    When the tenure of the former Director-General of the Nigerian Institute of Tourism (NIHOTOUR), Alhaji Munzali Dantata,came to an end, President Goodluck Jonathan approved the appointment of Mrs. Chika Balogun  as the new Director-General. It was a new dawn for the NIHOTOUR.

    In her maiden meeting with stakeholders recently in Abuja, Chika unfolded her agenda for the industry, promising to reposition the institute to be more responsive to the industry and attuned to the needs of the industry.

    The Brazil misadventure

    Nigeria also lost the opportunity to burnish the country’s tourism profile in Brazil during the 2014 World Cup mundial . Prior to the World Cup, there were plans to set up a Nigerian village to showcase Nigeria’s tourism and culture and also use the opportunity to invite visitors to Nigeria. However, the plan was scuttled when the NTDC and its partners led by Mr. Azania Omo-Agege entered into a serious disagreement.  At the end of the day, it was a show of shame as Nigerian tourism  made little or no impact in Brazil.

    The  Synagogue hostel

    Outside business tourism, the biggest tourist attraction to Nigeria is religious tourism and a large chunk of this tourist traffic  comes from the followers of T.B. Joshua, the man in the Synagogue.  Before the collapse of a building belonging to the church, every week, tens of tourist visitors flocked to Nigeria for spiritual experience. It is rather  unfortunate that Nigeria is bereft of a Tourism Satelite Account (STA), it would have captured and given the specific figure of the number of tourist arrivals that flock to Synagogue Church of All Nations, Ikotun.  The  hostel of the church  killed more than 100 religious tourists to the church. Since then, the number of tourist visitors has shrunk. The church has a very effective bus shuttle service that caters for these inbound visitors. Despite this, many of the visitors still provide big business for the airport  car hire service. Many of them complained of low patronage with the dwindling number of tourist visitors.

    Many stakeholders  complained that the handling of the information after the collapsed building by the NTDC, from a tourism perspective, was very poor. They complained that there was no publicized visit by Director-General of the NTDC, Mrs. Sally Mbanefo, to visit the site for on-the- spot assessment. They  pointed out that disasters do occur in distinations, but the aftermath is very critical. The country, through the tourism board, ought to keep tourists within and outside the country abreast of what was happening. This is done by telling the truth about the situation and then going on to say what the country of the tourism board would help solve the situation. This, they say, was never the case. Tourists in and outside the country were left with no assurance and what was being done would be expected by any tourist organization on top the event.

    The effect, they say, has made many  ruled out coming to Nigeria.  It was double jeopardy for Nigerian tourism industry,having lost heavily as a result of the hurried departure of business tourists due to the Ebola scare and the country heavily lost in the area of  religious tourism as a result of the Synagogue hostel collapse.

    Akwaaba 2014

    October saw the hosting of the 9th edition of the Africa Travel Fair, Akwaaba. It was a success. This year’s event was heavily affected by the Ebola crisis. Many international participants withdrew at the eleventh hour. However, this did not affect the quality of  the attendance as many from within and outside the country trooped to the venue. Among those honoured at the fair were Africa’s first female pilot of Boeing Dreamliner.

    In the first week of November, Nigeria, for the first time in 2014, put up a stand in a major tourist fair to promote Nigerian tourist. Unfortunately, due to the past experience, many boycotted it. The tour operators boycotted the stand. One of the leading travel personalities in the country described the Nigeria’s performance at the fair as the worst from Nigeria since Mrs. Omotayo Omotoso, the former Director- General of the NTDC. However, the NTDC was quick to explain that they had a financial constraint.

    Generally, 2014 was welcomed with high hopes in the industry, but a series of events, including self-inflicted ineptitude conspired to stop the country from making progress in the industry.

  • MultiChoice to sowcase three Nigerian festivals

    MultiChoice to sowcase three Nigerian festivals

    Living up to its bid on current happenstances, management of Pay TV channel, GOtv, have promised to boost content this yuletide season, with special broadcast of some of the best Nigerian festivals on GOtv Plus channel 29.

    The plan, according to the company, is to feature the select events of 2014 from Friday December 19 to January 1, 2015 on its special event pop-up channel, starting with the sixth edition of the Akwa Ibom Christmas Concert from December 19 to 21.

    The concert will feature a top line-up of artistes, including a 200-man Ibom Choral and Orchestra as well as renowned five-time Grammy Award-winning singer, Israel Houghton and South African gospel legend, Lionel Peterson. International worship leaders, Sinach and Nigerian gospel rock artiste Frank Edwards will also form part of the entertainment lineup.

    Known as Africa’s biggest street party, the annual Calabar Carnival, which celebrates its 10thyear, will air from the 26 to 29 December.

    The musical concert, which takes place on the streets of Calabar, the Cross River State capital, features top Nigerian artistes plus a parade of colourful costumes, dancers, elaborate floats, all interpreting this year’s theme, Celebration Time.

    The on-screen festivities will culminate in the Lagos Countdown to the New Year from December 29 to January 1, 2015, where viewers will join the city of Lagos as it counts down to 2015 with a massive concert featuring top artistes and a spectacular fireworks.

  • The Gambia woos Nigerian tourists

    The Gambia, dubbed the Smiling Coast, is wooing Nigerian tourists to visit the country. In a release by the country’s tourism bureau, The Gambia said it is providing a variety of quality resorts and an eclectic mix of sophisticated facilities catering to the needs of all categories of visitors, including the newlyweds. The Gambia truly deserves its reputation as the honeymooners’ paradise.

    The country is offering Nigerian tourists excitement and also a perfect ambience for romantic escape.

    Within the Tourism Development Area, there are nine main resort getaways within the palm fringed Atlantic coast. These resorts run along the entire length of the majestic River Gambia.  The resorts are ideal for honeymooners who wish to stay off the beaten track. Each resort offers a unique ecological setting from which couples can choose. Bird Safari Camp, Brefet Cultural Camp, Njawara Cultural Camp, Sindola Safari Camp, Sittanunku Lodge, Tendaba Camp, TumaniTenda with Makasutu Culture Forest and Sandele Eco Retreat are the notable getaways for honeymooners.

    Situated in Brikama is Makasutu Culture Forest which was voted the best eco lodge by The Sunday Times, London. Set in a 1,000 acre reserve and encompassing different eco-systems, Makasutu offers an up-market experience which includes 5-star luxury lodge within the meandering and lush green River Gambia “wilderness”. Weddings and wedding receptions are held in the purpose built facilities which offer breathtaking views from all corners of the resort. Guests can enjoy traditional drumming, tribal dancing and singing, guided canoe rides. Visit the “resident holy man” or spend time on short lessons in pottery, cooking, furniture making or wood carving at the resort craft shop.

    Sandele Eco Retreat has won a number of awards, including The Guardian’s “Ethical Travel Award” and Trip Advisor’s Certificate of Excellence. Located in Kartong, Sandele Eco Retreat is set in the forest at the end of miles of beach, with high quality accommodation located in vast, unspoiled surroundings, from where it offers a wide range of activities exclusively for guests.

    Most 5-star hotels in The Gambia serve as one-stop venues for weddings, wedding receptions and exquisite lodges for honeymooners. They are not only kitted to host wedding ceremonies in their banquet halls and ball rooms but also host wedding receptions in surrounding beautiful gardens, or on the expansive decks of their swimming pools.  The Coco Ocean is a case in point.

  • ‘Nigerian politicians are selfish, lack fear of God’

    ‘Nigerian politicians are selfish, lack fear of God’

    Adejare Adegbenro is a Lagos-based businessman and grandson of the late Chief Dauda Adegbenro, former Premier of the defunct Western Region. His mother is the daughter of the late Pa Alfred Rewane, the renowned activist and financier of the defunct National Democratic Coalition (NADECO). In this interview with Deputy Political Editor RAYMOND MORDI, he talks about his heritage, the state of the nation and Nigerian politics, particularly the forthcoming general elections.  

    You are from two prominent political families; in what ways has this influenced you?

    My heritage has been a rudder that has guided me through life. Using the lives and achievements of grandparents as my benchmark continues to influence my personal and business life. From a very young age, I was always expected to be above-board. My actions are judged and considered always within the context of: “isn’t he Pa Alfred Rewane progeny” or “Pa Adegbenro would never do such a thing!”

    What is your impression about the current state of the nation?

    I believe our current challenges will make us stronger. Things cannot afford to go on like this. It is insane to do the same thing over and over again and expect a different result. Where do you think we got it wrong?

    I will say we went wrong in our historical choice of leaders. To be fair, some seized leadership in the past, but we would be committing a serious blunder if we refuse to learn from it. It is alarming that I still see elders I knew as a boy growing up still actively running for political offices and appointments. I am 42, so that tells you how old some of them are.

    Are you thinking of running for an elective post one day?

    No. Not at the moment. If it is the wish of my people and God’s calling later in life, then I may consider doing so. The present Nigerian political terrain is devoid of the fear of God and I fear the wrath of God. I will not dabble into anything that will comprise my religion. For instance, God commands us to love our neighbours as we love ourselves. Is this doctrine imbibed in Nigerian politics? Majority of our government functionaries are selfish and self-centred. Elections in Nigeria are not free and credible. I don’t have a place in something that lacks credibility. Nigerian politics does not sit well with me. But, I can assure you that outside politics I have been doing my best to help humanity and I will continue to do so.

    What is it that you don’t like about being the late Pa Rewane’s and Pa Adegbenro’s grandson?

    I think they left shoes almost too big to fill in today’s world. The odds seem stacked up against our generation: there are more hate-filled ideologies on religion and tribal affiliations. The norm now is to tow the path of least resistance. It is hard living the ideals and values embodied in their lives today.

    What should be the guiding philosophy for politics in Nigeria?

    The interest and will of the people should come first. This should lead to an introspective assessment of one’s motivations: is there a genuine value proposition for the people? Do I have the capacity to deliver on this value? How much of my decision is based on self-interest? If we play politics based on the rules of value proposition and not religious and ethics sentiments, we will have a vibrant political climate that is focused on giving maximum value to the people.

    What is the best way to curb insurgency in Nigeria?

    Deal with the root-causes of the problem, empower these youths, educate them, make them feel cared for by their government; show them that there is room for their aspirations in Nigeria.

    What should be done to make the fight against insurgency more impactful?

    In terms of security, they have made Boko Haram a northern problem, but it is a Nigerian problem. If you ask me where I am from, I will say I’m a Nigerian before mentioning my ethnic group. We have to address this issue as a country because it is not only northerners that are dying. We all have to come together to safe guard the unity of Nigeria. The Federal Government needs to curb the insurgency of Boko Haram. We don’t expect the President to deal with the problem alone, we all have to help. If you know who Boko Haram is, expose them; let us know how we will deal with the issue.

    How do you think we can put the country back on track?

    It is simple. Just allow a level-playing ground for all contestants. If I was Mr. President, I would just replicate what happened on June 12, 1993. I would just provide a level-playing field for all the contestants and let the people’s vote count. So, if a farmer becomes governor, everybody would know that truly people voted for him and he was not imposed on the people by godfathers. So, let us go back to the basics.

    What are your expectations for Nigeria?

    As far as I’m concerned, my grandfathers came before their time. Now should be their time to teach us how to be true Nigerians, who would consider God first, others second and themselves last. The politics of my two grandfathers was not based on religion or ethnicity. Nigeria was secure. You could confidently drive from Lagos to Kaduna and nothing bad will happen. All these things are still achievable. All we need is god fearing leaders. Nigerians know what is right and wrong; we just need to imbibe discipline and this involves you and I. When I was a child, children were taken to schools in vans, but now they are driven to schools in Mercedes Benz and the likes and that’s part of the problem. It is absurd that some people have between 12 and 13 cars with sirens. When they are cruising on the road they cause traffic and compound the country’s problem. We lack discipline, until we imbibe discipline, we won’t be able to move forward. I believe the President should surround himself with people that can help him. The issue isn’t the President because if another president comes in, we will still have the same problem. Everybody that owns a Nigerian passport, Christian or Muslim, should help out.

    What is your assessment of Jonathan administration?

    I don’t know Mr. President personally, but from what I see, he inherited lots of problems that he has been trying to grapple with. Jonathan must be an extra-ordinary person to still remain focused in the face of the security challenges that can run a normal human being crazy. In the midst of all the chaos, he is still focusing on other sectors that have bearing on the lives of Nigerians.

    With oil price going down, naira devaluation and other disturbing issues, how can Nigeria get out of the present state of economic quagmire?

    Some of the issues you noted are global issues affecting even economies that are bigger, older and better structured than Nigeria’s. Oil price slump and the resultant devaluation of the naira is a wakeup call for Nigerians to aggressively, yet sustainably, begin the process of diversifying its export income. Since oil and gas export accounts for more than 90 per cent of Nigeria’s total export revenue, the value of the naira will continue to be vulnerable to the price of crude oil. There is also the global issue of an over-supply of oil to the market. But, the question is: is the extent of devaluation of the naira proportionate with the erosion in planned export income? I leave this to the economist to work out.

    Nonetheless, I believe the fundamental solution will be to ramp-up our domestic production of exportable goods. Our capacity to achieve this is evident in the abundance of non-oil resources, manpower and land. This brings us to the issue of electric power supply, which is the main driver of most manufacturing and processing industries. How can goods be exported when local production costs are uncompetitive relative to other international revenues?

    The CBN recently announced a string of monetary policy measures which devalued the naira, claiming that it is aimed at achieving macroeconomic stability in the nation. Whereas, in reality, the desperate actions of the Federal Government is a consequence of what book makers have since observed and called to its attention. Some of which are the government’s uncontrolled spending; jacking up our debt portfolio from $3.9billion in 2007 to $9.3billion today; rapid depletion of our external reserves with $68 billion available under the Yar’adua administration to as low as $36.75 billion at the end of October 2014; misapplication of the excess crude account which stood at $470 million today and the sluggish effort of diversifying the economy. These are some of the reasons why we have found our nation sleep-walking into austerity.

    Some of these embarrassing outcomes could be addressed by fine-turning our monetary policies such that while targeting currency policies speculators on the one hand, we can boost investors’ confidence on the other hand to forestall dreadful capital flight. It is again imperative for the Federal Government to create a deliberate bailout intervention for small and medium-scale enterprises (SME’s) whose organizations require foreign expenditure in order to ensure that the already bad unemployment rate does not worsen. We should also create an export-oriented agricultural market, which is the best way to improve productivity, strengthen farmers’ income, ease rural unemployment, reduce poverty and forestall rural-urban migration.

    The issue has never been that Nigeria lacks the resources to invest in its people. It problem has always been that of wealth being cornered by a small group of people in positions of authority. A culture of servitude has subsequently emerged as a way to gain crumbs off the table of men in power.

    What is the way out for this quagmire? Change will not be instantaneous. Recognizing this will enable a climate for sustainable foundations from where institutional wrongs can be made right. Our politicians will need to rise above their self-interest, petty blame-games and name-calling to focus on developing and shepherding long-term programmes that will correct systemic problem that threaten our country’s existence. We currently have brilliant and ambitious plans that have identified and proffered solutions to a broad range of social and developmental issues. But, the problem always has been that these solutions have become a means of amassing wealth or extending favours and considerations to political cohorts and friends.

  • ‘ Nigerian banks are grossly undervalued’

    Nigerian banks are grossly undervalued and currently present good opportunities for large strategic and minority investors to buy undervalued assets, Exotix, a major global finance and investment company has said.

    In its latest valuation report on the Nigerian banking system, Exotix indicated that the market value of the Nigerian banking system is substantially below the intrinsic value of the banks. The report was coordinated by Kato Mukuru, Partner and Head of Equity Research at Exotix Partners LLP and Ronak Ghadia, a chartered financial analyst.

    Exotix is a major global finance and investment company with considerable imprints in world and Africa’s commercial centres. It coordinates its global operations through five major offices in London, New York, Lagos, Dubai and Nairobi.

    According to the report, Nigerian banking assets should end this year at around $155 billion, some 29 per cent of nation’s Gross Domestic Products (GDP) and subsequently grow to $212 billion, some 34 per cent of GDP, by 2019.

    With this backdrop, the question we ask is how much would you pay today for US$212bn of banking assets in Nigeria by 2019?

    “Whilst most equity investors are rarely gifted with the benefit of time and have passive mandates, surely the current structure of the value split in Nigeria has opened up a very rare opportunity for strategic investors or other global and regional banks to buy controlling shareholdings in some of the $74 billion of banking assets that are currently being valued at $6.7 billion. To this end, we have seen some smart money come in recently, but there is much more on the sidelines,” the report stated.

    Analysts noted that fair value estimate of the Nigerian banking system is 46 per cent higher than the current market value of the banking system at $17.4 billion.

    Analysts outlined that what is interesting about this conclusion is not only that fair value estimate is 46 per cent higher, but how this valuation is currently being split.

    “The market is telling us that: the $36 billion of Guaranty  Trust Bank and Zenith Bank assets are worth $7.9 billion, the$45 billion of First Bank and United Bank for Africa assets are worth $2.8 billion and the $74 billion of all other banking assets are worth $6.7 billion,” the report stated.

    Analysts indicated that the valuations appeared to suggest that the market is not ready to believe in the convergence of asset shares with profit shares.

    “This value gap shows that the equity market is clearly not ready to pay up for this transfer of value and hence its decision to back the two leading franchises. This is the reason why valuations in Nigeria between GTB and  Zenith and the rest of the banks have not converged, even when the outlook is more positive. The market is telling us that a more positive outlook for Nigeria does not mean a change in the profit contributions, just more for the better banks. And since the last crisis, the market has been broadly correct,” Exotix noted.

  • ‘Why foreign investors are dumping Nigerian equities’

    Foreign investors are nervous about Nigeria’s macroeconomic and monetary outlook and increasing political risks as the nation struggles with steep decline in global crude oil price, insecurity and political tension.

    Against the background of a recent exclusive report by The Nation that Nigeria recorded net foreign portfolio investment deficit of N101 billion over the past 10 months, financial and investment experts said the sell pressure from the foreign investors was due to anxieties over the nation’s economy and political situation.

    Chief Executive Officer, Stanbic IBTC Asset Management Limited, Mr. Olumide Oyetan, said the foreign investors were concerned about the adverse effect of the decline in global crude oil price on Nigeria’s macro economy, especially the stability of the nation’s monetary and exchange system.

    According to him, foreign investors were anxious Nigeria may be forced to devalue its currency directly or indirectly, thus exposing them to foreign exchange risks and potential loss of value.

    He however noted that the downtrend at the stock market occasioned by the foreign investors-induced sell pressure presents opportunities for investors to build up their portfolios at good prices.

    Head, research and investment advisory, Sterling Capital Markets, Mr. Sewa Wusu, also said investors were anxious about Nigeria’s macroeconomic and monetary outlook in the light of the declining global oil prices and rising economic risks.

    According to him, foreign investors are pulling out from their Nigerian assets including stocks because of exchange rate risks and concerned over Nigeria’s macroeconomic and monetary stability.

    He said foreign investors were concerned and were pulling out to play safe because of apprehension over implicit and explicit devaluation of Naira, especially in the light of the declining oil prices and its impact on Nigeria as oil-dependent mono-product economy.

    “It’s flight to safety, they are pulling out from Naira-denominated assets including stocks, we also saw that affecting the bond market too,” Wusu said.

    Head, financial advisory, GTI Capital Limited, Mr. Kehinde Hassan, said the political risk was also a contributing factor as investors are worried about the tension in the political terrain as the 2015 elections draw near.

    According to him, the foreign portfolio inflow-outflow scenario may remain unchanged till the end of this year.

    Head, equity research, FBN Capital Limited, Mr. Olubunmi Asaolu, underscored the need for Nigeria to further diversify its economy to stave off negative impact of decline in crude oil price.

    According to him, intense naira pressure due to the recent fall in oil prices has killed off any hopes of a late-year recovery in Nigeria’s equity market. This has further highlighted the consequences of the nation’s huge dependence on the oil sector.

    Asaolu said the falling oil revenues do not bode well for reserves and increase the risk of currency devaluation, which simultaneously lead to the offshore investor community finding ways to exit. This then compounds foreign exchange pressure.

    In its latest Foreign Portfolio Investment (FPI) report, the Nigerian Stock Exchange (NSE) indicated that Nigeria has so far recorded a net foreign portfolio deficit of some N101.41 billion over the past 10 months as divestments significantly outpaced investments by foreign investors.

    The NSE report is generally regarded as a credible gauge of foreign portfolio investments in Nigeria as it coordinates data from nearly all active investment bankers and stockbrokers. Nigeria presently operates a mono stock exchange, which makes the NSE the sole gateway to the nation’s stock market and the NSE’s benchmark indices, the country indices for Nigeria.

    The NSE report used two key indicators – inflow and outflow – to gauge foreign investors’ mood and participation in the stock market as a barometer for the economy. Foreign portfolio investment outflow includes sales transactions or liquidation of equity portfolio investments through the stock market while inflow includes purchase transactions on the NSE.

    The latest report, which aggregates data for the 10-month period ended October 31, 2014, showed that foreign portfolio outflow was N676.67 billion as against inflow of N575.26 billion during the period, representing a net deficit of N101.41 billion.

    Foreign investors remained the dominant bloc at the Nigerian stock market. Total foreign transactions during the period stood at N1.25 trillion compared with domestic transactions of N964.74 billion, representing foreign-domestic ratio of 56.5 per cent to 43.4 per cent. Aggregate foreign and domestic transactions stood at N2.22 trillion over the 10-month period.

    Nigerian equities market particularly has witnessed increased foreign divestment in recent period. In October, when foreign transactions accounted for 87.5 per cent of total market transactions, foreign outflows totaled N101.22 billion as against inflow of N52.06 billion. Total transactions stood at N175.10 billion in October, with Nigerian individual and institutional investors only contributing N21.82 billion.

    The foreign portfolio outflow had impacted negatively on the overall market situation at the Nigerian stock market. In October, the stock market lost an average of 8.88 per cent, equivalent to about N1.17 trillion.

    Aggregate market value of all quoted equities closed October at N12.437 trillion compared with the opening value of N13.607 trillion for the month, representing a loss of N1.17 billion. The All Share Index (ASI), the composite value-based index that tracks prices of all quoted equities on the NSE, closed October at 37,550.24 points as against 41,210.10 points recorded as opening index for the month.

    The decline in October pushed the average year-to-date for the past 10 months to -9.14 per cent. This simply amounted to a loss of N789 billion, although the average decline in market capitalisation was moderated by new listings.

    The ASI indicated a 10-month average decline of 9.14 per cent. The ASI, as the pricing barometre for the stock market, serves as the country index and measures the pricing direction of the country’s stocks within a particular period.

    Aggregate market value of all quoted equities had opened this year at N13.226 trillion, indicating a loss of N789 billion. The ASI had opened the year at 41,329.19 points, representing average 10-month return of 9.14 per cent.

  • Nigerian student among the best in the Philippines

    From the Republic of the Philippines came an honour for Nigeria. Cynthia Oluchi Nworgu, a Nigerian studying nursing in the Southeast Asian country,  was named one of the three outstanding international students by the Philippine International Friendship and Understanding Association (PIFUA).

    Cynthia’s good academic mark at the Institute of Nursing of the Far Eastern University (FEU) won “Student Achiever” award in her sophomore year and qualified her to participate in Outstanding International Students’ Contest organised by PIFUA.

    Despite the language barrier which many international students faced in the country, Cynthia won laurel for her feat. Although she said she had hard time expressing herself in the Philippines language but added that she hated being given “special treatment” because she wanted to learn the way regular students did.

    Cynthia said: “I feel at home in FEU because the university has a nurturing environment. The Filipinos are accommodating and good listeners. I took up nursing because I know I can be a better doctor since I will understand the dynamics of both professions.”

    Cynthia’s class adviser, Leonardo de Guzman, said she displayed resilience and independence to earn recommendations from her professors in the institute. Guzman said: “Cynthia is hardworking and a fast-learner, who is very active in the class discussions. In fact, when the class was exposed to clinical activities, Cynthia was compassionate and empathised with her patients.”

    Cynthia’s exceptional traits, Joeven Castro, FEU Student Development Director said, are what endeared her to many.  “I saw the potential in her and thought she could win the competition. You can sense her sincerity and the depth of her thoughts,” Castro said.

    “I prayed first,” said Cynthia when asked how she prepared for the competition. She said she studied everything about the Philippines by reading books and articles on history and current events. She received help from Castro in speech presentation and interview strategies.

    Cynthia beat 12 other international students to be part of the three winners. At the contest, she performed a traditional dance for five minutes.  The Nursing student said her impromptu speech on “happiness” helped her won.

    Dr Belinda Buenafe, the Institute Dean, hailed Cynthia for the feat, saying she displayed the FEU’s core values of excellence and uprightness.

    PIFUA is an organisation that introduces international students to Filipino cultural life and, in turn, exposes Filipinos to the culture of foreign students.

     

  • Nigerians Sports Awards: Okagbare, Enyeama win double

    Nigerians Sports Awards: Okagbare, Enyeama win double

    •Fashola, Oshoala, Quadri, Dedevbo shine

    Africa’s fastest woman and Commonwealth gold medalist Blessing Okagbare and Super Eagles Goalkeeper Vincent Enyeama won two awards at the 2014 edition of the Nigerian Sports Awards.

    Okagbare carted home the Track and Field Star of the Year and Sportswoman of the Year categories while Enyeama won the Footballer of the Year and Sportsman of the Year awards.

    The event, which was held at the Muson Centre, Onikan, Lagos, was well attended by dignitaries from the Nigerian sports circle made up of ex- internationals, sports administrators, the media as well as personalities drawn from the corporate world.

    Governor Babatunde Raji Fashola of Lagos State emerged the Sport Governor of the year ahead of Governor Liyel Imoke of Cross Rivers State and Dr Emmanuel Uduaghan of Delta State.

    Mr. Wahid Enitan Oshodi, the Lagos Sate Commissioner for Youth Sports and Social Development who is also the President of the Nigerian Table Tennis Federation (NTTF), emerged the winner of the Sports Administrator of the Year.

    Other winners at the 2014 award include Super Falcon striker and Most Valuable Player (MVP) at the just concluded African women Championship (AWC) Asisat Oshoala who won the Footballer of the Year (Women) category, the Ball sports personality of the year was won by Portugal based Aruna Quadri who also won the category in 2013 while Falconets star, Courtney Dike emerged as the Discovery of the Year 2014.

    Three prominent Nigerian Sports Legends were honoured with the Lifetime Achievement Award. They are Pa KAB Olowu, who won two silver medals at the 1954 Commonwealth Games, Dr. George Ogan who won a Silver medal at the 1966 Commonwealth games and Dr. Awoture Elaye who was the coach of the Nigerian team to the 1990 Commonwealth games. This category of the award was presented by another veteran, Modupe Oshikoya who was honoured with the same award at the maiden edition.

    In the School Sports category, St. Barnabas Primary School, Ilorin emerged winner for winning the West African Football Union (WAFU) under-13 Football competition thereby displacing Greensprings School, Lagos who won the category back to back in the last two editions.

    The Falconets emerged the Team of the Year while their Coach, Peter Dedevbo who is also a nominee of the FIFA Women Football Coach of the Year emerged the Coach of the Year.

    In the Combat sports personality of the year category, Odunayo Adekuroye emerged winner; Efe Ajagba won the Boxer of the Year; Loveline Obiji won the Special Sports Person of the Year and Maryam Usman won the Weightlifter of the Year.

    In the Sports Journalist category, Tana Aiyeina of Punch Newspaper emerged the Journalist of the Year (Print), Ayodele Ojo of the Sun Newspaper emerged the Sports Photo Journalist of the Year, Godwin Enakheana of Top Radio won the Sports Journalist of the Year (Radio) while Miyen Akiri of Galaxy Television won the Sports Journalist of the year (Television).

    The Chairman of the award panel, Mr. Ikeddy Isiguzo described the third edition of the award as a significant milestone not only for the organisers of the award but for the country as a whole in commemoration of the centenary celebration of the nation.