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How Toll Gates Can Help Road Maintenance in Nigeria

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The Infrastructure Concession Regulatory Commission believes that  Nigeria has about 195,000 km of road network. About 32,000 km out of these are federal roads, and 31,000 km are state roads. In total, we have  about 60,000 km paved and the remaining 135,000 km are untarred. Most of which are in a state of disrepair.

When two cities in two different states of the country are linked up by a road, that road is considered to be a Federal Road. This is a very broad definition that could get things complicated along the line.

When I see a long  expressway where vehicles run for hours, leading to another state,  it’s easy for anyone to say that the road is a federal road ; what makes it complicated then is when this road twists and bends into streets in a particular state. Under that situation, should the twists and bends within a state, used mostly by people in the state be also a part of what belongs to the Federal Government?

A typical example is the Portharcourt road Aba in Abia State,  which joins the Enugu/Portharcourt Expressway. Most of the commuters using the road are in Aba, the streets are in Aba, the small shops and businesses there are in Aba, in fact almost everything about the road is in Abia State for instance,  and yet the road is considered a Federal Road . This dilemma has left most roads in shambles for years leaving them in deep mess as these roads are not visible enough for the Federal Government since they are hidden in the streets within a particular state.

Another example is the Lekki/Epe Expressway. Located in Lagos, leads to different places in Lagos, and used mostly by Lagosians travelling to other parts of Lagos State. Yet, the apparent reason for it’s neglected state is the fact that it is considered the property of the Federal Government.

The States think the roads should be built by the ‘owners’ ,the Federal Government thinks they are close enough to the states to be one of their own. In this state of confusion, the roads suffer neglect and the citizens get the pain. 

In many developed countries around the world,  road projects are executed using monies and revenue generated from tax. If a particularly road was built using taxpayers money,  the road users are expected to use for free. Otherwise, toll gates are introduced. I know what heavy vehicles do to roads, and anyone who thinks that vehicles should not contribute to repairing the wear and tear they contributed on the road based on how heavy they are should kindly reconsider.

I have seen a newly constructed road get ripped apart by a low bed truck carrying an excavator, I have also  seen a newly constructed drain get wrecked by a fully loaded tipper truck parking just next to it. Though this may have more to do with the quality of execution than prolonged wear and tear still; it reminds us that vehicles deteriorate roads.

Hence, the reintroduction of toll gates on roads should be seen as a need to restore efficiency and the culture of sustainable development. In some countries private companies build roads and then introduce toll gates which helps in keeping the roads maintained.  Also roads built with loans collected from banks are also serviced by the revenue generated from toll gates.

What We Can Do

So then, as the nation contemplates on the big picture restructuring, whether or not the ownership of resources within a state should belong to the Federal Government or the State Government, they have to restructure the ownership of roads. State Governments should own, maintain and generate revenue from all roads within their topological boundaries with assistance from the Federal Government in critical cases. Also,  the members of the National Assembly should as a matter of urgency to try to do the needful. Then, there should be a total, I repeat! total expulsion of touts who neither build nor maintain roads from all government owned roads.

No government would be taken seriously by anyone if there are as many touts as there are potholes and gullies in their major roads.

I Have Accepted to Speak in Turkey’s Uludag Economy Summit, March 2020

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I will be speaking in Turkey’s leading and most influential economic summit – the Uludag Economy Summit (UES) in March 2020. I accepted the invitation this week. You can learn more from MIT Media Lab here

A week after, it would be Amsterdam but for a closed gathering, hosted by a global microelectronics company. We will be talking hard technical things on circuits and systems, not economics and markets. 

Uludag Economy Summit, the most important business and economics meeting of Turkey, has been organized by Capital, Economist, and Start Up magazines since 2012. Every year, the Summit hosts substantial speakers and business people from Turkey and all around the world.

Steps that should be taken to sustain competitiveness and increase efficiency in various industries from commerce to manufacturing, retail sales to finance and education have been addressed in the Summit, which has been followed with great interest by 1,800 people from Turkey and all around the world in 2018.

In 2019, the 8th Uludag Economy Summit, in which global and local issues will be discussed, will be held on March 22-23.

A Call for Nigerian Government-Owned Hospitals to Go Digital

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I went to ESUTH University Teaching Hospital, Park-Lane, Enugu (popularly known as Park-Lane) recently. I got to the hospital shortly before 10 am and went straight to their NHIS records office so I can get my folders and go to the General Out-Patient (GOP) Unit to seek a doctor. When I got there (the Park-Lane NHIS records office), the crowd I saw that were waiting to be attended to was much. I felt discouraged. I was given a sheet of paper to write my name and wait for my turn, which will be according to my serial number on the ‘attendance sheet’. No problem; I wrote my name against number 69 (in attendance sheet C since A and B have been taken into the office) and sat down knowing that I’ll spend the whole day there.

When I looked around me, I realised I shouldn’t even complain because there were people that really needed immediate medical attention waiting on the line with me. Funny to say that what we were even waiting for was folders that we will take and then start the rigorous processes involved in seeing a doctor. We were not even sure we will succeed in seeing any doctor that day – as if I know already.

People were called in based on their serial numbers in the ‘attendance sheet’. Each set of people that go in to ‘prepare’ and pick their folders spend nothing less than 20 minutes before coming out and then giving chance for another set to go in. My turn came a few minutes to 12 noon and I walked out with my folder when it was some minutes to 1 in the afternoon. I got to the GOP Unit and there found another story to tell.

The nurses there refused to collect my folder and allow me to see a doctor because it was already late. It is not like the doctors have gone home (after all it was just 1pm), but the crowd there was so much that the nurses knew that all of them may not be able to see the doctors till it’s very late in the evening. Well, I didn’t argue; I didn’t even want to argue because what I saw there spoke for itself. Honestly, I was a bit relieved when the nurses asked me to come back the following day because I don’t think I would have wanted to sit down there wondering when a doctor will see me. But my small mind didn’t remind me that I may still come ‘late’ the following day.

I had this experience at Park-Lane, Enugu, but I know it is the same thing with most government-owned hospitals. To be honest with you, our health sector needs total overhauling. A lot of work needs to be done.

The essence of writing this article is to call the attention of those concerned to some of my observations, which may need to be addressed soon.

MY OBSERVATIONS
1. Wrong handling of confidential materials: This is not seen as something wrong in government owned hospitals, but I believe it is wrong for non-staff members to handle patients’ folders and files. When I said something about it at the hospital, a fellow patient told me that it is not the same thing with all sections. According to this person, this act is more prevalent in NHIS office, where the NHIS beneficiaries are expected to move their folders to and from the consultation areas (because they don’t pay much). But I believe it doesn’t happen only in NHIS records office because I saw other people moving around with theirs. I think hospitals need to look into this.

2. Delays and Waste of Time: I spent over two hours just to get my folder. The staff members in the office are actually doing their best, but then their best wasn’t enough. It is quite unfortunate that someone that is not healthy will be made to spend so much time waiting to be attended to. This is quite unfair.

3. Inability to See Doctors Easily: In as much as I was relieved that I didn’t have to stay any longer in the hospital (even if it means seeing a doctor), I still think the system made it hard for people to see doctors there. What then is the essence of someone going to a hospital if not to see a doctor (and to see him as soon as possible)?

I brought up this issue in the hospital and one of the patients there told me that if I don’t want to waste time seeing a doctor (that is if I will succeed in seeing one that day), I should go to the Emergency Unit and someone will definitely attend to me. But that I should be ready to pay heavily for the services. Anyway, I didn’t confirm that; but I hope it’s not true.

4. Large Number of Patients: Government owned hospitals have good doctors, and they are cheaper than private ones. For that, a lot of patients troop to their hospitals. But these hospitals find it difficult to manage this large number of patients. The waiting areas are always rowdy and filled to the brim, with some people standing, or sitting on make-shift seats. Sometimes I couldn’t help wondering if doctors actually have enough time to attend to all these patients very well.

Kindly note that I’m not against many people going to government owned hospitals (I use them too, you know); my own is that these hospitals should make provisions for the comfort of these patients, and ensure that they are well attended to.

5. Shortage of Staff: I think Nigerian health sector is understaffed. The workers I met in Park-Lane are really good, but they were over-stretched. One of the nurses at the GOP Unit was already antsy when I went there. She was yelling at patients, especially those that didn’t do as she instructed. I know that her approach was unethical but I didn’t blame her: she had more than she could chew and she didn’t know how to manage them.

THE WAY OUT
It is not enough to just observe the problems at our hospitals without finding out their causes and possible solutions. Well here are a few suggestions I can make based on what I’ve been seeing in most hospitals, especially government-owned:

1. Embracing ICT: I wasn’t impressed with the way patients folders were packed at shelves and on the floor at the NHIS record office. The worst is that when you want to collect your folder, they have to search through the shelves to bring it out, and then perform other ‘rituals’ involved in setting up a folder before a doctor is consulted. If someone’s folder mistakenly gets misplaced, or a paper falls out of it, a lot of records and information will get misplaced too. Besides, searching for folders the way they do wastes time.

But if these hospitals decide to store patients’ records and histories in their digital database, to be pulled up whenever they (the patients) visit, a lot of troubles will be saved. Someone needs to tell these Medical Directors about that.

2. Recruiting More Workers: There is no debating this: government hospitals should recruit more staff. These staff should be placed on shift-duties. I mean, I can’t come to the hospital for an urgent attention in the evening only to be told that NHIS office has closed for the day. And it is wrong to be told that the GOP Unit will no longer ‘accept’ patients because many are waiting to see doctors. Let the hospital management team do something about staffing in the hospital.

I Started With 8 Snails In A Bowl But Today I Have Over 5000 Snails. The Diary of an Entrepreneur – Joy Tope Akintan

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As we celebrate the World Food Day today, I have the pleasure of interviewing the manager of Afrifarm and Seeders Venture.

She talked about creating your own business even when everything is at your disadvantage. You will always find a way to live your dreams.

It’s good to have you here. Can you please introduce yourself to our readers?
My name is Joy Tope Akintan, and I am the farm manager of Afrifarm and Seeders Venture.”


Where do you hail from?
”I am from Ondo state but I reside and do our business in Otukpo, Benue state.”

 

Wow, that’s really a long distance away from home. What brought you to Benue state and how long have you been there?
”I came to Benue state with my parents in 2010 (that was after my secondary school education) and I have been here ever since. It’s about 9 years ago now.

Though my parents are no longer here, I am still here alone to get a life of my own and live my dreams.”

 

You talked about doing your business here earlier on, can you shed light on the business?
”My business is Afrifarm venture. It specializes in snail farming, snail management, snail production and snail packaging.”

 

It is unusual to see ladies do the hustling and bustling. You seem to be different from this societal mindset. If I may ask, what actually led you to be self-independent?
Everything leads me to be independent. My family, my dad worked as a civil servant for many years with little or nothing to fall back on. He was educated and was conditioned that – he had to work for someone to make ends meet. And that has brought him years of wasted time and resources.

The society told us, ”go to school to get good grades so that u can get a good job”, and I always wonder, why must it be all about getting “a good job”?

Who are the people trained to own companies?
What special schools do people who own companies and businesses attend and why must they train us to always work for them?

That’s how I got to know that we have been erroneously schooled. So, I committed myself to self schooling. I began to read different books, I became so irritated by mediocre associations, and I change the network of people I mingle with.

I started doing many things that an average Nigerians would not do. I volunteer, I attend conferences/workshops instead of clubs and parties.

So, I broke out of the circle of the people who look for jobs as I create my own job and also give others the opportunity to earn a living.”


Everything you’ve said here is nothing but the truth. You got me at creating your own job. How did manage to do that?
”I did through my farm – Afrifarm Venture.

Afrifarm Venture is an agro-based company (duly registered under Corporate Affairs Commission) and what we do for now is snail production.

We make snail meal consumables to all Nigerians and Africans at their own convenience. We also have a sub outlet as well that supplies crayfish and locust beans seasonings in Nigeria. But our concentration over time has been in snail farming, snail business and snail production.”


It’s good to see so many women going into entrepreneurship. Gone are those days when our society believes that they belong to the kitchen. Joy, how fast is your company growing and how many years have you been in operation?
We started about 9 months ago with 8 snails in a bowl and as we speak, we have over 5000 snails.

Social media has been one of our largest markets. In fact, social media is a blessing to us.”


5000 snails. That’s really a great number. Can you share what it takes to start this business?

  • Diligence
  • Determination
  • Relentless
  • Knowledge
  • And the last is Capital

The mistake many young entrepreneurs make is that they put capital first and they miss it all.”

 

This is a deep statement. Where do you see your business in the next five years?
We see us owning a food plant because we want to go fully into food production and many more consumable items that have their source in our natural food.

By then, we intend to have our branch offices and industries in the major states in Nigeria and extend to other African nations.

By the virtue of Afrifarm Venture, we want to create employment opportunities for hundreds of graduates in Nigeria and beyond.

Our goal is to make Nigerians and Africans healthy by offering them valued packed products from its natural source.”

That’s a great vision, my friend. Here’s my last question for you, if you will ever need support from the government or private sector, in what area of your business would it be?
In the area of plantations – some of the trees are experiencing huge deforestation which is not healthy for our planet and that’s the reason why the Chinese/Asians are trooping in to exploit our natural resources because they know we don’t value it.

Study shows that in less than 10 years, the locust bean trees would have gone into extinction and no one is planting.

Also, we will need some machinery to enhance our production.

These are the areas we feel the government can come in for us, to save our continents from being sold out completely.”


I am really impressed with everything you’ve shared with me. You are indeed a role model for many women out there. In a few years to come, I hope to see you as one of the greatest female entrepreneurs to have emerged from Africa.
My pleasure always.
I believe it is time to create wealth in Nigeria, by Nigerians and for Nigerians.

We love Nigeria, we love Nigerians and we love Africa. It’s our home and we must make it conducive for generations to come.

Thank you for having me in your interview series.”

The GTBank’s Q3 2019 Results

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Nigeria has a category-king banking institution. GTBank has demonstrated an enviable level of fiduciary responsibility on the efficiency and utilization of the factors of production in banking. The Q3 2019 unaudited financials continue the trajectory of great operating results. I am not necessarily looking at the profitability since a bank making money in Nigeria does not mean the management is smart: the Central Bank of Nigeria policy guarantees banks good profits. 

Yes, if you keep selling treasury bills at close to 14%, no bank will bother to take risks on entrepreneurs and companies when 14% annual return is assured at no risk. Why lend at 17% with associated risks when you can get 14% at no risk? Watch out for the funding of the 2020 national budget – Nigeria will hit the local market, distorting the market equilibrium as it looks for funds. The implication is that at the end, Nigeria government will get most of the funds which commercial banks could have lent to companies for growth!

So, my focus when looking at the books is the cost-to-income ratio: this quarter, GTbank has it at 36.9%. That is industry-leading, not just in Nigeria, but Africa-wide.

Now, the question – can GTBank Management run Nigeria better with that level of efficiency demonstrated in its operations? Of course, there are differences in the asset classes and and desired goals, but I am just thinking out loud. To run Nigeria, the management will have to worry about my village where it does not have a branch, and it has to take note of all the issues in Nigeria.But no matter how you see it, the GTBank process needs to reach state capitals and Aso Rock. We have a case study which someone must take to the public sector: GTBank is well optimized.

 

The Press Release below

GTBank Releases Q3 2019 Unaudited Results…….. Reports Profit before tax of N170.7 Billion

Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2019 to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Profit before tax stood at N170.7billion, representing a growth of 3.9% over N164.2billion recorded in the corresponding period of September 2018. The Bank’s Loan Book grew by 9.2% from N1.262trillion recorded as at December 2018 to N1.378trillion in September 2019, while customers’ deposit rose by 5.1% to N2.390trillion from N2.274trillion in December 2018.

The Bank’s balance sheet remained resilient with Total assets and Shareholders’ Funds closing at N3.519trillion and N636.8Billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.6%. In terms of Assets quality, NPL ratio and Cost of Risk (COR) improved to 5.6% and 0.2% in September 2019 from 7.3% and 0.3% in December 2018 respectively. Complementing the improvement noted in NPLs and COR, we maintained adequate Loan Loss coverage of 95.2% for Lifetime Credit Impaired Loans (NPLs). On the backdrop of this result, Post-Tax Return on Equity (ROAE) closed at 32.3% while Post-Tax Return on Assets (ROAA) stood at 5.8%.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “The Bank’s 3rd quarter result reflects the strength of our franchise and the quality of our business strategy to deliver sustainable long-term value for our shareholders. Going into the final quarter of the year, we will continue to differentiate ourselves by maintaining a high standard in service delivery and leveraging our resources, expertise and network to enrich the lives of our customers. That’s why, from November 10 – 11, 2019, we are organizing the GTBank Fashion Weekend, the biggest consumer-focused event in Africa’s fashion industry, to give indigenous small businesses the platform and access to new markets and customers that they need to grow.”

Over all, Guaranty Trust Bank plc continues to be best-in-class in the Nigerian banking industry in terms of all financial ratios i.e. Post-Tax Return on Equity (ROAE) of 32.3%, Post-Tax Return on Assets (ROAA) of 5.8%, and Cost to Income ratio of 36.9%. These ratios are testament to experienced Management, efficient Balance sheet structure coupled with operational efficiency of the Bank.