British Airways Provides Passengers Top Tips for Long Haul Family Travel

TThere’s something magical about flying when you’re a child – being awed by the size of the aircraft, the anticipation as you fasten your seatbelt, the thrill of takeoff and the wonder of looking down at the clouds.

Usually, it’s not quite as fun an experience for parents. Airports can be stressful places at the best of times and particularly so when escorting one or more easily distracted children, while juggling bags and passports and negotiating urgent appeals to use the bathroom.

Onboard the aircraft, there’s the inevitable debate about who sits where and the need to keep an eye on an insatiably curious child intent on heading off for some exploring while you wrestle your bag into the overhead compartment.

Even when you’ve settled in your seat and answered a seemingly endless barrage of excited questions, you sometimes aren’t able to relax. Your duties as maître d’ and entertainments officer usually preclude anything other than snatching a bite or two of an inevitably cold meal and pretty much rule out following the plot of anything longer than a cartoon.

But Kola Olayinka, British Airways Regional Commercial Manager West Africa, who has being flying with his family and children since they were babies, says that by being pro-active, you can reduce a lot of the stress that can accompany long haul family travel.

“You need to consider the children even before you make your reservations, even if they are a bit older because everyone can act up when they’re out of their comfort zone. For example, when you’re booking connecting flights, factor in an additional 30 minutes per child to the minimum connection time.”

He also suggests trying to book the entire trip on one airline or its alliance partners as this makes life much easier if there are any delays or connection problems. “If you need a baby seat or bassinet, book it when you make your reservation as these are allocated on a first-come, first-served basis.

“Make sure all your paperwork is in order. If you travel frequently, your passport will be up to date, but it’s worth checking the children’s are too. Also find out if the country you’re leaving or visiting require any additional paperwork for children.

“To take some of the stress out of the airport experience, do as much as you can before you arrive at the check-in desk. You can pre-empt some queuing and any arguments about who sits where by requesting your seats using the Manage My Booking function on ba.com 24 hours before the flight departs.

If you want to be absolutely sure of getting the seats you want, you can secure these earlier for a small charge.
“You can also check-in on ba.com and print your boarding pass out at home. If you’re travelling with teenagers and they really want to be cool they can get a mobile boarding pass sent to their smartphone using the ba app.” Even if you have checked in online and already have your boarding passes, Olayinka suggests that it’s wise to leave more time than you normally would if you’re flying with the family.
“Rushing through an airport is not conducive to a stress-free journey for anyone.”

“Above all, keep a careful eye on your children in the airport so they don’t wander off. Make sure that if you do get separated from young children, whoever finds them can get in touch with you. You can write your mobile number on their boarding cards etc.

When the flight starts boarding, take advantage of the priority boarding procedures for parents with children. This means you aren’t juggling the luggage and children while other passengers are trying to board and you have some time to get settled and relax. If you’re using a small folding pushchair you can take it right to the door of the aircraft at most airports.

“Another hint is to ask your travel agent or use Manage my Booking to pre-book children’s meals. These are specially prepared to be interesting and filling, but importantly are packed with the things children love to eat.

“Boredom is, of course, one of the biggest threats to a fantastic family flight. Onboard British Airways offers dedicated in-flight entertainment channels for children and teens, but remember you’ll also be spending time at airports. It’s a good idea to download their favourite game to your phone or mobile device or to pack some familiar, small, lightweight toys or books in their hand baggage. The trick is, in an unfamiliar environment, to provide them with something they know and like.”

British Airways Provides Passengers Top Tips for Long Haul Family Travel

TThere’s something magical about flying when you’re a child – being awed by the size of the aircraft, the anticipation as you fasten your seatbelt, the thrill of takeoff and the wonder of looking down at the clouds.

Usually, it’s not quite as fun an experience for parents. Airports can be stressful places at the best of times and particularly so when escorting one or more easily distracted children, while juggling bags and passports and negotiating urgent appeals to use the bathroom.

Onboard the aircraft, there’s the inevitable debate about who sits where and the need to keep an eye on an insatiably curious child intent on heading off for some exploring while you wrestle your bag into the overhead compartment.

Even when you’ve settled in your seat and answered a seemingly endless barrage of excited questions, you sometimes aren’t able to relax. Your duties as maître d’ and entertainments officer usually preclude anything other than snatching a bite or two of an inevitably cold meal and pretty much rule out following the plot of anything longer than a cartoon.

But Kola Olayinka, British Airways Regional Commercial Manager West Africa, who has being flying with his family and children since they were babies, says that by being pro-active, you can reduce a lot of the stress that can accompany long haul family travel.

“You need to consider the children even before you make your reservations, even if they are a bit older because everyone can act up when they’re out of their comfort zone. For example, when you’re booking connecting flights, factor in an additional 30 minutes per child to the minimum connection time.”

He also suggests trying to book the entire trip on one airline or its alliance partners as this makes life much easier if there are any delays or connection problems. “If you need a baby seat or bassinet, book it when you make your reservation as these are allocated on a first-come, first-served basis.

“Make sure all your paperwork is in order. If you travel frequently, your passport will be up to date, but it’s worth checking the children’s are too. Also find out if the country you’re leaving or visiting require any additional paperwork for children.

“To take some of the stress out of the airport experience, do as much as you can before you arrive at the check-in desk. You can pre-empt some queuing and any arguments about who sits where by requesting your seats using the Manage My Booking function on ba.com 24 hours before the flight departs.

If you want to be absolutely sure of getting the seats you want, you can secure these earlier for a small charge.
“You can also check-in on ba.com and print your boarding pass out at home. If you’re travelling with teenagers and they really want to be cool they can get a mobile boarding pass sent to their smartphone using the ba app.” Even if you have checked in online and already have your boarding passes, Olayinka suggests that it’s wise to leave more time than you normally would if you’re flying with the family.
“Rushing through an airport is not conducive to a stress-free journey for anyone.”

“Above all, keep a careful eye on your children in the airport so they don’t wander off. Make sure that if you do get separated from young children, whoever finds them can get in touch with you. You can write your mobile number on their boarding cards etc.

When the flight starts boarding, take advantage of the priority boarding procedures for parents with children. This means you aren’t juggling the luggage and children while other passengers are trying to board and you have some time to get settled and relax. If you’re using a small folding pushchair you can take it right to the door of the aircraft at most airports.

“Another hint is to ask your travel agent or use Manage my Booking to pre-book children’s meals. These are specially prepared to be interesting and filling, but importantly are packed with the things children love to eat.

“Boredom is, of course, one of the biggest threats to a fantastic family flight. Onboard British Airways offers dedicated in-flight entertainment channels for children and teens, but remember you’ll also be spending time at airports. It’s a good idea to download their favourite game to your phone or mobile device or to pack some familiar, small, lightweight toys or books in their hand baggage. The trick is, in an unfamiliar environment, to provide them with something they know and like.”

British Airways Provides Passengers Top Tips for Long Haul Family Travel

TThere’s something magical about flying when you’re a child – being awed by the size of the aircraft, the anticipation as you fasten your seatbelt, the thrill of takeoff and the wonder of looking down at the clouds.

Usually, it’s not quite as fun an experience for parents. Airports can be stressful places at the best of times and particularly so when escorting one or more easily distracted children, while juggling bags and passports and negotiating urgent appeals to use the bathroom.

Onboard the aircraft, there’s the inevitable debate about who sits where and the need to keep an eye on an insatiably curious child intent on heading off for some exploring while you wrestle your bag into the overhead compartment.

Even when you’ve settled in your seat and answered a seemingly endless barrage of excited questions, you sometimes aren’t able to relax. Your duties as maître d’ and entertainments officer usually preclude anything other than snatching a bite or two of an inevitably cold meal and pretty much rule out following the plot of anything longer than a cartoon.

But Kola Olayinka, British Airways Regional Commercial Manager West Africa, who has being flying with his family and children since they were babies, says that by being pro-active, you can reduce a lot of the stress that can accompany long haul family travel.

“You need to consider the children even before you make your reservations, even if they are a bit older because everyone can act up when they’re out of their comfort zone. For example, when you’re booking connecting flights, factor in an additional 30 minutes per child to the minimum connection time.”

He also suggests trying to book the entire trip on one airline or its alliance partners as this makes life much easier if there are any delays or connection problems. “If you need a baby seat or bassinet, book it when you make your reservation as these are allocated on a first-come, first-served basis.

“Make sure all your paperwork is in order. If you travel frequently, your passport will be up to date, but it’s worth checking the children’s are too. Also find out if the country you’re leaving or visiting require any additional paperwork for children.

“To take some of the stress out of the airport experience, do as much as you can before you arrive at the check-in desk. You can pre-empt some queuing and any arguments about who sits where by requesting your seats using the Manage My Booking function on ba.com 24 hours before the flight departs.

If you want to be absolutely sure of getting the seats you want, you can secure these earlier for a small charge.
“You can also check-in on ba.com and print your boarding pass out at home. If you’re travelling with teenagers and they really want to be cool they can get a mobile boarding pass sent to their smartphone using the ba app.” Even if you have checked in online and already have your boarding passes, Olayinka suggests that it’s wise to leave more time than you normally would if you’re flying with the family.
“Rushing through an airport is not conducive to a stress-free journey for anyone.”

“Above all, keep a careful eye on your children in the airport so they don’t wander off. Make sure that if you do get separated from young children, whoever finds them can get in touch with you. You can write your mobile number on their boarding cards etc.

When the flight starts boarding, take advantage of the priority boarding procedures for parents with children. This means you aren’t juggling the luggage and children while other passengers are trying to board and you have some time to get settled and relax. If you’re using a small folding pushchair you can take it right to the door of the aircraft at most airports.

“Another hint is to ask your travel agent or use Manage my Booking to pre-book children’s meals. These are specially prepared to be interesting and filling, but importantly are packed with the things children love to eat.

“Boredom is, of course, one of the biggest threats to a fantastic family flight. Onboard British Airways offers dedicated in-flight entertainment channels for children and teens, but remember you’ll also be spending time at airports. It’s a good idea to download their favourite game to your phone or mobile device or to pack some familiar, small, lightweight toys or books in their hand baggage. The trick is, in an unfamiliar environment, to provide them with something they know and like.”

Air France’s New Cabins Take off to Guangzhou

Air France continues to roll out its new cabins on board its Boeing 777, at the heart of its long-haul fleet. Since the 31st of March 2015, customers can fly to Guangzhou on board a Boeing 777-200 equipped with the new Business, Premium Economy and Economy cabins.

This summer, Air France is offering 14 weekly flights to Guangzhou on departure from Paris-Charles de Gaulle, including seven frequencies operated on a code-share basis with its partner China Southern Airlines.

The gradual entry into service of the equipped Boeing aircraft enables Air France to serve this destination with the new cabins three times a week as from 31 March 2015 and up to seven times a week during the 2015 summer season.

The new Air France travel cabins are already available on flights to New York, Tokyo, Singapore, Jakarta, Shanghai, Sao Paulo and Dubai and it will soon be available on the African network. 
Customers going to any of these destinations from Lagos can now enjoy the new cabin and its features on their connecting flights from Paris CDG.

Why We Hate MultiChoice So Much

MultiChoice 

Eyitayo Akingbade
As a DStv subscriber in Nigeria, I have followed the uproar over the MultiChoice price increase with keen interest. I am curious to see how it will end, and more importantly, if I will continue to pay the previous subscription rate. As a consumer, I naturally welcome reduced rates everywhere possible. Who doesn’t?

In all of this though, the vehemence with which the uproar has gone on suggests to me that it is orchestrated.
The court injunction ordering MultiChoice to revert to its old rates was celebrated the way barbarians did when they beheaded rivals in those battles of yore. It has left with the feeling that there is actually a hatred for MultiChoice and I have been compelled to locate the sources of irritation with the company. Why, I have asked myself, is there this amount of ill-will towards MultiChoice? A few of the obvious reasons are listed here. Are they justified? Perhaps. Perhaps not.

The market leader is never loved: The market leader in most industries is perceived as strong and powerful. Most often, it is viewed as a bully.

It towers above all other competitors. Everyone, especially competing brands, love to hate the market leader.   This hatred stems from the perception that it is a monopoly and has grabbed all the advantages for itself. As MultiChoice was the first of its kind in the Nigeria market, it has first arrival advantage and has made quite a name for itself. It cornered the juiciest sport and entertainment content, which is the major driver of pay-TV. It also brought in two of the biggest reality shows: Idols West Africa and Big Brother Africa (both of which I am no fan of).

2. High Expectations From A Company You Have Come To Rely On: I don’t know about you, but sometimes the constant calls and text messages from companies trying to sell me a product, or in the case of MultiChoice, reminding me to pay my subscription, really irritate me. It is true that I don’t always remember when my subscription is due and even when I see that intrusive flashing envelope, I experience fear, knowing that a fresh subscription is due any day. Even at that, I simply press escape and hide the annoying reminder.

Sometimes, I get the phone call or text message reminding me of my due date, which although even more intrusive than the envelope on the top left corner of my TV screen, eventually prompts me to pay. That being said, I get even more annoyed when I don’t get the call that normally reminds me and my service goes off. At that moment, I never recall that just the day before, I had ranted about their intrusive style.

Someone shared a similar experience with me recently. His subscription expired and he scooted to the DStv office, hoping to renew as soon as possible. He got there at about 7:30pm, expecting the office to still be open to customers. He found it had closed and he all but lost it.

His mother-in-law was visiting and he desperately needed DStv to keep her entertained. This reliance on their service is what really upsets us. We love to hate them, but rely so much on their content. I feel his pain and although I know that they encourage customers to employ their self-service options and other payment platforms, I simply never remember to use them. They could do some more in terms of further educating their customers on the convenience of these self-help options.

3. Remaining Afloat: I suppose another reason MultiChoice is so hated is because it has dared to remain afloat. Who doesn’t trawl the papers and social media for details when there is a rumour that a corporate giant is in danger of collapsing? Things like this bring great, often malicious pleasure at the trouble of the successful. This brings to mind General Motors’ Chapter 11 Reorganisation in 2009. General Motors actually filed for bankruptcy and the world watched with rapt attention, expecting the very worst. It got a bail out in billions of dollars from the US government. It eventually regained profitability and resumed full operations, but not after its competitors had seized a sizeable chunk of the market.

A similar scenario was the emergence of HiTv and the perceived shift in the balance of power from MultiChoice to HiTv, when the latter won the rights to broadcast the Barclays Premier League. There was great jubilation at the time. This precious commodity had been snatched from MultiChoice, a huge cause for celebration, indeed. Feeding our obsessions became that much more affordable. Alas, the celebration was shortlived, as all too soon, HiTv went under. We were so pained as we had been backing the underdog in this fight. Why? Because we were paying less to watch football. Imagine the disappointment when the rights were re-won by MultiChoice. This made us even more suspicious of MultiChoice, as we assumed it had done something sinister to wrest the rights from the competitor.
Hopefully, those who ran HiTV will someday tell us why they failed when we were solidly rooting for their success. But I suspect they failed because they failed to charge appropriately for the service they were providing. Anyway, I digress.

4. Repetition of movies: This one really irks and I know I am not alone in this! Despite the number of movies that are produced annually, I find that I still see the same movie repeated more than once within a week. The explanation is that it is a universal programming strategy to ensure that there are more viewing opportunities for the movie. This means if I miss the movie in the morning, I can catch it at another time and on another day. I will not deny that there have been times when this strategy has worked to my advantage. Those are the times I caught the end of a movie that I had been hoping to watch and then wished it could be shown again the next day. That being said, just how many movies are produced annually? If a new movie is shown every hour or two, every single day, we might run out of entertainment by mid- year. And that is assuming we have absolutely nothing else to do but watch movies all day long.

5. The Pay-Per-View Myth: I lived in the United States for a few years before coming back to settle in Nigeria. It was while I was in the States that I first encountered pay per view. As a young Nigerian just getting to the US, I expected to be able to catch all the big boxing fights via satellite television, as I had been doing at home. That was not to be. I waited and kept scanning the first time around, then I called to confirm, and very patiently, a representative calmly told me I had to subscribe separately for that. After telling me how much it would cost, she concluded by providing the various payment platforms available to me. I immediately did the exchange rate math in my head. What I came up with was cripplingly expensive! I’d  rather pay a subscription and get all the matches inclusive of that subscription than having to pay a huge sum on top of my monthly subscription to get one match every single time. The pay-per-view model is one I’d rather do without.

Pay-per-view is not exactly pay-as- you-watch. It is a model used in the broadcast of high-ticket, one-off events. It is not a model that delivers a cheap television buffet from which you take what you want and leave out what you don’t. It is actually far more expensive.
6. The origins of the company: The fact that MultiChoice Nigeria owes its origins to a South African group of companies has also not added to its likeability. Why the hatred for fellow Africans anyway? MultiChoice Nigeria is no more South African than Coca-Cola is American or Airtel Nigeria is Indian or Startimes Nigeria is Chinese. Coscharis Nigeria, well, is German.

From my observation, companies establish operations in other countries and continents to remain ahead of the competition in their countries of origin, and also to improve profitability. They enter into a market because they see potential. They enter a market, knowing there could be risks, and a lot of times they enter knowing they could break even or get their calculations all wrong and flop drastically. It has never been about exploitation, but business.

These companies also tailor-make business models that are operable in the countries they have entered into. A good example is Diageo, which also has Guinness Nigeria to manage the beer brands; or Coca-Cola International, which has stakes in the Nigerian Bottling Company. However, the NBC runs its own business model and not Coca-Cola International’s.

Even when companies perceived to be South African or American or Italian enter into a market, they partner (often equally) with local shareholders. This facilitates acceptance. There is no way a South African business model can work in Nigeria. It is a Nigerian market, with its unique people, needs and peculiarities.
Akingbade, a tax administrator, lives in Lagos

Investors look to earnings for market direction

A Wall Street sign is pictured in front of the New York Stock Exchange, open during Winter Storm Juno, in the Manhattan borough of New York January 27, 2015.

REUTERS/CARLO ALLEGRI

(Reuters) - Investors attempting to determine whether U.S. equities will rebound from Friday's selloff or continue to sink will look to a deluge of earnings next week for a clearer picture of the economy.

The S&P dropped 1.1 percent on Friday, its biggest decline since March 25. Equities lost ground after industrials Honeywell International and General Electric took hits from the strong dollar, while concerns over new trading regulations in China and Greece's place in the euro zone dented sentiment.

Since hitting a high of 2,119.59 on Feb. 25, the S&P has held in a range of about 80 points. Investors have grown concerned about the impact of a strong dollar on quarterly results, even as they remain leery of missing out on any rally.

"Our markets will get kind of quiet again as we wait for some of those earnings and what is going to happen on the 24th with Greece," said Keith Bliss, senior vice-president at Cuttone & Co in New York. Euro zone finance ministers meet April 24 to try to reach a deal for Greek debt repayments.

Next week is among the busiest of the earnings season, with results expected from companies including Amazon.com Inc, General Motors, Boeing and Morgan Stanley. The results could help investors gauge the impact of the rise in the greenback and assess the strength of the economy after a string of lackluster economic reports.

"Most companies have been able to beat on the bottom line and miss on the top line, and that has been the story now for quite a while," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey, referring to companies' ability to beat profit estimates while falling short of sales expectations.

"Their ability to make numbers keeps their stocks from really selling off, but their inability to show top line growth keeps their stocks from really taking off."

According to Thomson Reuters data, of the 59 companies in the S&P 500 that have posted earnings to date, 74.6 percent have topped profit expectations, above the 70 percent beat rate for the past four quarters and 63 percent rate since 1994.

Early returns on revenue have been disappointing, however, as 45.8 of companies have topped estimates, well short of the 58 percent rate for the past four quarters and 61 percent rate since 2002.

"Next week you get everybody, you get a much better picture of what corporate America looks like in the first quarter," said Art Hogan, chief market strategist at Wunderlich Securities in New York.

Although earnings season is typically choppy for stocks, traders in the options market do not seem to be raising many red flags about volatility for companies set to report results.

There are a few exceptions. DuPont, facing activist pressure to add board seats and split the company, is expected to show more volatility than usual. So is United Technologies Corp.

Both companies' share prices typically move about 1 percent in reaction to earnings; this season, options activity is suggesting a move of about 2.3 percent for United Technologies and 2.7 percent for DuPont.

    Shares of typically-volatile Internet giants, Facebook Inc and Google Inc, could move 6.5 percent and 4.3 percent, respectively, based on their options activity. Those are below the average moves seen in these shares after earnings.

(Additional reporting by Saqib Ahmed; Editing by Linda Stern and Nick Zieminski)

IMF Tasks Nigeria on Fiscal Reforms, Subsidy

IMF Managing Director, Christine Lagarde

Ndubuisi Francis in Washington DC, USA

The International Monetary Fund (IMF) has advised the federal government to adopt a stringent approach on public spending to ameliorate the adverse effects of plummeting oil price on the citizens.

Fiscal prudence and removal of all forms of subsidies often funded with public resources, the IMF noted, should be among options left for Nigeria and other oil exporting countries to overcome the threats posed by dwindling crude prices at the international market.

IMF Managing Director, Christine Lagarde, who fielded questions at the on-going spring meetings of the IMF/World Bank in Washington DC, United State,  also noted that although the Nigerian government has been talking about economic diversification, the impact remained to be seen on the people and the economy as a whole,  urging the government to take more concrete steps to stem the vulnerability that could arise in the face of the falling oil prices.

Since mid-June of 2014, Nigeria and other Organisation of Petroleum Exporting Countries (OPEC) have suffered an over 50 per cent loss in crude oil prices, thereby affecting budget implementation and other obligations.

In a bid to manage the development, the federal government late last year rolled out a cocktail of belt-tightening measures aimed at minimising the vulnerability arising from the attendant revenue losses from oil exports.

Such belt tightening measures include surcharges on some luxury consumption, reduction in overseas trainings by government officials, voluntary cut in National Assembly budget, salaries of President Goodluck Jonathan and other top government functionaries as well as State House budget.
About 70 per cent of Nigeria’s revenue is derived from sale of crude petroleum products.

Nigeria in Talks with Russia’s Rosatom for Nuclear Power Plants

Nigeria Atomic Energy Commission Chairman and Chief Executive Officer, Franklin Erepamo Osaisai

Nigeria is in talks with Russia’s Rosatom Corp to build as many as four nuclear power plants costing about $20 billion as Africa’s biggest economy seeks to boost generation and end daily blackouts.

“A joint coordination committee is in place and negotiations are ongoing for FINANCING and contracting,” Nigeria Atomic Energy Commission Chairman and Chief Executive Officer, Franklin Erepamo Osaisai, said at a conference in Kenya’s Kwale coastal region on Monday.

“We are meticulously implementing our plans.”
According to Bloomberg, the West African nation signed an agreement with Rosatom to cooperate on the design, construction, operation and decommissioning of a facility in 2012. A further three nuclear plants are planned, taking total capacity to 4,800 megawatts by 2035, with each facility costing $5 billion, Osaisai said.

The first Nigerian plant will be operational in 2025.
Peak electricity output of Africa’s biggest economy is about 3,800 megawatts, with a further 1,500 megawatts unavailable because of gas shortages.

South Africa, with a third of Nigeria’s population yet eight times more installed capacity, has also signed an agreement with Rosatom as the nation looks to add 9,600 megawatts of atomic power to its strained grid.

It may spend as much as 1 trillion rand ($83 billion).
South Africa’s agreement with Rosatom gave the company the right to veto the nation doing business with any other nuclear vendor, Johannesburg-based Mail & Guardian reported in February.

Rosatom and Nigerian officials met last month within the framework of a 2009 intergovernmental agreement to discuss cooperation, Rosatom spokesman Sergei Novikov said by phone from Istanbul.

He said to date, no memorandums have been signed about the development of a nuclear plant.

Osaisai said Rosatom would hold a majority, controlling stake in Nigeria’s nuclear facility while the rest would be owned by the country, with roles to be specified in contracts.

“The government will enter a power-purchasing agreement for the nuclear plant.”

The plants will be FINANCED by Rosatom, which will then build, own, operate and transfer them to the government, he said.

Rosatom is marketing its reactors with generous FINANCING offers as Moscow seeks new markets for its technology amid a looming recession. Over the last year, its international portfolio of orders has grown to more than $100 billion, including deals to build new reactors in Iran, Hungary, India and Jordan.

Hungarian Prime Minister Viktor Orban and Russia agreed last year on a 12 billion-euro ($12.7 billion) deal to expand the Paks nuclear power plant, scrapping plans for competitive bids for the biggest Hungarian public contract in a generation.

Under the deal, which Hungary’s parliament classified for 30 years, Russia agreed to provide 10 billion euros for the project in a 30-year loan at below-market rates. Hungary is in talks with the European Union after the bloc raised objections that Russian companies had exclusive rights to supply fuel to the plant and started a probe of possible state aid in the FINANCING of the project.

One megawatt is enough to provide energy to 2,000 average European homes.
Africa’s sole nuclear power station is Koeberg in South Africa, which is owned by state-owned Eskom Holdings SOC Limited.

Money Market Awaits N2.118 Trillion Inflow in April

Obinna Chima

A total inflow of about N2.117 trillion is expected to hit the money market from the various government maturing securities and Federation Account Allocation Committee (FAAC) this month, a report by FSDH Merchant Bank Limited has shown.

On the other hand, the expected outflows from the various sources such as government securities and statutory withdrawals are estimated at N666.09 billion during the month.

Analysts at FSDH Merchant Bank Limited revealed this in their latest monthly report. They however pointed out that these does not include the possible Central Bank of Nigeria’s (CBN’s) interventions at the inter-bank segment of the FOREIGN EXCHANGE market; and NNPC withdrawals from the system, which are most times difficult to estimate.

They also expect that the CBN would issue treasury bills at the long-end (182day and 364day) at slightly lower yields in April 2015 due to the expected liquidity and the renewed interest from the institutional investors.

“The foreign investors believe that the EXCHANGE RATE has not reached an equilibrium position. Thus, they may be less aggressive to enter the market until they are sure that the exchange rate risk has disappeared,” the analysts added.

The report projected that yields would drop slightly this month. It listed some factors that would drive yields on the fixed income securities in the next few months to include the expected liquidity in the market, the renewed interests in the government securities by the institutional investors as well as the political stability in the country.

They advised fund managers to INVEST in longer tenored fixed income securities, adding that deposit rate and yields on the fixed income securities may appear attractive.

“The current high yields may attract more foreign portfolio INVESTMENTS (FPIs) into the Nigerian fixed income securities market, as soon as the general election is successfully conducted. Placement of funds with banks to earn attractive yields will be a good strategy.

“The yields on the FGN Eurobonds have remained relatively stable, as well as lower than that recorded in February 2015. The prices of both the 10 year 6.75% FGN Eurobond January 2021 and the 10 year 6.375% FGN Eurobond July 2023 closed the month higher than the par values,” they added.

Nigeria’s credit rating was lowered by Standard & Poor’s (S&P) last month because of falling OIL PRICESand rising political risks that had trailed the postponement of the recently concluded general elections in February. The country’s foreign and local currency long-term rating was then cut one level to B+, four levels below investment grade, while the outlook was changed to stable. Meanwhile, Moody’s Investor Service, another global credit rating agency notes that the Nigeria’s recent peaceful transition of power is credit positive, but admits that the Nigeria’s economic challenges still remain. It had added that despite the external and fiscal headwinds facing the government, Nigeria’s balance sheet is very strong, with the government enjoying a low level of debt and access to a domestic CAPITAL MARKET that is deep and rapidly developing.

“In our opinion, the various threats identified by Fitch Ratings on the Nigerian economy had been factored into the pricing of the domestic equity and fixed income instruments by both local and foreign investors. We do not expect any further price correction from the downgrade of the Nigeria’s credit rating,” the report added. 

World Bank Commends Buhari’s Move to Address Past Corrupt Practices

Muhammadu Buhari

• Cuts Africa’s growth forecast to 4.0% in 2015 *Says falling oil price unlikely to alter economic dominance
• Commends economic diversification

James Emejo in Abuja

The World Bank Chief Economist for Africa, Mr. Francisco Ferreira, on Monday welcomed the resolve of Nigeria’s President-elect, Major-General Muhammadu Buhari (rtd), to visit past corrupt practices, stressing that it would help strengthen public institutions and promote cleanliness in politics and management of public resources.

Answering questions from journalists across sub-Saharan Africa via video-conferencing from Washington on the occasion of the launch of Africa’s Pulse, a bi-annual World Bank Group analysis of the issues shaping Africa’s economic prospects, he said the current emphasis of the “elected government to look at what happened in the past hopefully would have consequences for the future.”
According to him, such consequences would help institutions become stronger, while the culture of impunity is eliminated, allowing for more resources to be committed to the betterment of the poor.

Specifically, he said ridding the Nigerian National Petroleum Corporation (NNPC) of alleged corruption would be a major achievement for the incoming government.

Noting that tackling past corruption won’t be a distraction for the incoming regime, he said:”I think it’s very well spent time because institutions are built in part on norms and one norm that needs to be change is the norm of impunity. I am from Brazil myself so I am also used to a country where people could be corrupt and escape justice. And that just teach the people to keep doing it.”

He said:”I think the current emphasis of the elected government to look at what happened in the past hopefully would have consequences for the future. And those consequence for the future is that institutions would be stronger, hands would be cleaner and people have to sense that if they steal billions of dollars from NNPC: people have alleged in the past that there be been major corruption scandals there-if that stops, then that could have very high returns in terms of the money staying around and being spent on education, health, roads and power and electricity that the poor people in Nigeria and across the country need.

“I think actually that it is good investment to promote cleanliness in politics and in the management of public resources.”

The World Bank chief economist also praised what he termed as political maturity in Africa when President Goodluck Jonathan conceded defeat in the recent presidential elections and urged other African leaders to emulate him.
He said if rules about elections are established and followed, fears of foreign investors exiting markets would be minimised.

He said:”We’ve all recently seen a great example of political maturity in Africa from the handling of election results in Nigeria where President Jonathan was very quick to concede after an election that was judged mostly free with irregularities in some places but this was a substantial progress over previous elections and transition of power from an elected government to another elected government from a different party which is the norm everywhere, the norm in democracies and Nigeria can do it and hopefully other countries can do it too if we make sure that becomes the norm everywhere.”

According to him: ”There’s no reason why foreign investors should be nervous about elections; we don’t see a declining foreign investment in the United States and in the UK when they have elections because we know all the people play by the rules. So long as rulers play by the rules, and the elections are fair-and they concede elections when they lose them, elections are good things and should actually promote investment.”

On the possibility of countries raising taxes amid the dwindling revenue from oil, he noted that though governments have to provide basic services, such taxation needed to be progressive as well as beneficial to the poor.

He said: ”In fact, there’s probably room for African governments to tax a little bit more. But the important thing is who they are taxing and who they are providing the services for. What we want is progressive taxation, where the tax incidence falls mostly on the rich. And as we all know, Africa has many rich people who can pay taxes.

“So if the taxes fall on the right people and if they are used not for corruption to provide good public services like the much needed infrastructure and education and health spending, then it helps to diversify the pool of resources which governments use and that’s no bad thing. In fact to a number of countries, I advise them that they probably should diversify not only their economies but also sources of their fiscal revenues.

“The key thing as I say is to ensure that the people are not paying the bulk of those taxes but in fact receiving the bulk of the benefits of those spending.”

Meanwhile, Ferreira said Nigeria was more likely to recover from the current fiscal crisis occasioned by the falling price of oil ahead of oil dependent countries like Angola because of its more diversified economy.

It also said the current drop in oil prices was unlikely to alter Nigeria’s current economic dominance in the continent in terms of Gross Domestic Product (GDP).

A South African journalist had asked anxiously whether her country would take advantage of the current fiscal challenge in Nigeria to regain its position as the continent’s largest economy and that goes to show the rivalry between the two African economic power houses.

Nevertheless, the newly released Africa’s Pulse projected that Sub-Saharan Africa’s growth would slow in 2015 to 4.0 percent from 4.5percent in 2014.
It noted that the 2015 forecast was below the 4.4 percent average annual growth rate of the past two decades and well short of Africa’s peak growth rates of 6.4 percent in 2002-08.

Excluding South Africa, the average growth for the rest of sub-Saharan Africa is forecast to be around 4.7 percent.

Ferreira said: ”As previously forecast, external tailwinds have turned to headwinds for Africa’s development. It is in these challenging times that the region can and must show that it has come of age, and can sustain economic and social progress on its own strength. For starters, recent gains for the poorest Africans must be protected in those countries where fiscal and exchange rate adjustments are needed.”

Nevertheless, World Bank Vice President for Africa, Mr. Makhtar Diop said:”Despite strong headwinds and new challenges, sub-Saharan Africa is still experiencing growth. And with challenges come opportunities. The end of the commodity super-cycle has provided a window of opportunity to push ahead with the next wave of structural reforms and make Africa’s growth more effective at reducing poverty.”

The report further noted that fiscal policy stance in the region was expected to remain tight throughout 2015 in most net oil-exporting countries across the region, as countries take measures to rein in spending in light of anticipated lower revenues.

It said:”While capital expenditures are expected to bear the brunt of expenditure measures, recurrent expenditures, including fuel subsidies, will also be reduced. Despite these adjustments, fiscal deficits are likely to remain high. Fiscal deficits are also expected to remain elevated in net oil-importing countries.”

FirstBank Expands to Sierra Leone

 Logo of First Bank of Nigeria Limited


First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc said it has expanded its footprint Sierra Leone with the unveiling of FBNBank Sierra Leone, formerly registered as International Commercial Bank (ICB).

The development came on the heels of the agreement reached by FirstBank and the International Commercial Bank Financial Group Holdings Ag (ICBFGH) for the acquisition of a 100 per cent equity interest in ICB Sierra Leone.

A statement from the bank explained that the expansion drive further consolidates FirstBank’s position as the largest corporate and retail banking financial institution in sub-Saharan Africa (excluding South Africa) with presence in Ghana, Guinea, Gambia, Sierra Leone and Senegal as well as presence in the UK and Representative Offices in Johannesburg, Abu Dhabi and Beijing.

The expansion represents FirstBank’s strategic objective to maintain significant market share, expand its pan-African footprint and diversify earnings while delivering value to shareholders, it added.

It stated that FBNBank Sierra Leone had been strategically positioned to foster greater collaboration and provide better service for the country’s public and private sector clients, and the general public at large.

The bank stated that it leverages its international network, business expertise, which is part of the diversified synergies of the FBN Group to offer innovative, convenient and secure banking services to its customers and better seize the emerging opportunities in the local market.

Speaking on the development, the GMD/CEO of FirstBank, Bisi Onasanya, said, “The launch of FBNBank Sierra Leone fulfills one of the critical stages of our ambition to steadily broaden and build a more diverse footprint across Africa. We are committed to developing a multi-local business model that broadens our geographic revenue base while providing enhanced service delivery to our new customers and equity participation to local investors.”

Commenting further, the Ag. Managing Director, FBNBank Sierra Leone, Nelson Akande said “Having built value for Nigeria over the last 120 years, FirstBank through FBNBank Sierra Leone is poised to do even more in the Sierra Leonean financial market.  FBNBank Sierra Leone will provide customers with a bouquet of banking solutions that make their financial lives more convenient and stress-free whilst providing a delightful service experience.

“Given our heritage and market leadership at FBNBank, we are committed to co-creation; to listen and input feedback received from our customers in the development of products and services that are relevant.”

Group Seeks Partnership with Buhari to Boost Trade

Muhammadu Buhari 

By Obinna Chima

The Nigerian London Business Forum (NILOBF) has expressed its preparedness to support the incoming administration of the president-elect, General Muhammed Buhari in order to boost trade and investment in Nigeria.

While congratulating Nigeria on the success of the recent presidential election, the group noted that Buhari’s antecedents as a tough minded leader may be a good thing capable of shaping a better future for the country.

They pointed out that both within and outside Nigeria, it is generally held that “the fear of Buhari is the beginning of wisdom,” adding that the statement essentially points at those who in one way or the other may have something to hide or protect either in public or private sector activity.

They alleged in a statement at the weekend that Nigeria, over the years, had suffered from attracting enormous foreign investment due to corrupt activities.

“As a non-profit business chamber, trade and investment promotion British association working assiduously in the past three years, we have significantly pushed up trade and investment into Nigeria and the United Kingdom; Nigerian London Business Forum believes that only strict enforcement of laws by the incoming government of General Muhammed Buhari can bring about attitudinal change in Nigeria.

“Nigeria can be like any other “decent country” if courage, fairness and firmness are exercised in the enforcement of laws on the part of the government. All over the world, it is the enforcement of laws in an objective and impartial sense that results to the virtues of orderliness, respect for one another, trust and confidence all of which are essential for a robust trade and investment relations,” it added.

The Nigerian London Business Forum stated that it had over the years organised series of trade, business and investment networking conferences in which British and Nigerian business leaders were brought together in London.

“The forum is willing to continue to work with Nigerian government under the leadership of General Mohammed Buhari. We will support his government, we will attract, encourage British investors and business leaders to connect business and investment pipes to Nigeria.

“We will continue to work hard to remain the preferred, most credible and popular private sector platform for the strengthening of bilateral relations between Nigeria and the United Kingdom; we will ensure that Nigerian leaders are given the opportunity on the floor of business and investment conferences of the forum one of which will be holding on July 29 in London with a view to informing British investors and business leaders about opportunities for investing in different parts of Nigeria.

“All these are in line with our objective of promoting and attracting trade and investments, support or oppose legislation or other policies and measures capable of affecting trade, investment, and business between Nigeria and UK,” they added.

AON Congratulates Buhari, Seeks Improved Aviation Sector

General Muhammadu Buhari

Chinedu Eze

The Airline Operators of Nigeria (AON) has congratulated the President-elect, General Muhammadu Buhari (retd) and the outgoing President Goodluck Jonathan for the peaceful atmosphere that reigned supreme during the just concluded presidential elections.

The body has also charged the in-coming government to introduce urgent policies that would help to improve the aviation industry.

In a congratulatory letter, the association said the task to rebuild the aviation/airline sector must remain on course in the light of many issues that domestic operators have consistently put on the front burner for government's attention.

“Against this background the AON wish to draw government's attention to issues agitating the minds of operators which are not limited to the following: the need for aircraft maintenance hangar in the country, the exclusion of domestic airlines by the Central Bank of Nigeria window for credit facility, the skyrocketing price of aviation fuel and the multiple tax regime by aviation authorities to domestic carriers,” AON said in the letter signed by its executive chairman, Captain Nogie Meggison.

The operators also called for the removal of Value Added Tax (VAT) on air transportation as other modes of transportation, including foreign airline operating in and out of Nigeria are not paying VAT; improvement of service delivery by aeronautical agencies; access to single digit loan by financial institutions and engagement of more Nigerian pilots / engineers by foreign carriers (over 500 pilots and engineers youths unemployed).

AON condemned the multiple entry points granted foreign carriers, the inadequate airport facilities and day time only operation of most of our airports in the country and urged for stimulus package / intervention for domestic airlines.

They said they are opposed to the 1940 -50th  model and idea of  national carrier quest in the electric age of 2015 when the world has move far from national carrier as employment bureau, which didn’t work in NEPA , NITEL and others.

“We hope that as the incoming administration settles down in office will put a strong aviation policy in place , it would engage AON on how to move the strategic air transport sector forward to a place where we should be, which is one, as a major contributor to Nigeria  economic and GDP .(from 0.4% to 10% in 2 years ) and two, as a source of employment of  teaming youths  and skilled pilots and engineers  (create 5000 skilled and 50,000 indirect and indirect jobs  in two years.) Nigeria must wake up and take the God-given natural/geographical position as the aviation hub for Africa i.e. Dubai, Atlanta, etc.

The AON expressed the hope that the in coming administration would leverage the aviation sector to national development, economic contributor and creating of jobs for Nigerian youths.

"Special commendation must also go the incumbent President, Dr. Goodluck Jonathan for his statesmanly acceptance of the outcome of the election. The AON wishes to express its gratitude to Mr. President for his strides in the aviation sector in many ways that impacted on airline operations,” AON also said.

IMF Highlights Opportunities, Challenges in Pan-African Banks’ Expansion

 United Bank of Africa Plc

By Obinna Chima

The International Monetary Fund (IMF) has noted the rapid improvement in Africa’s finance as a result of the strong expansion of pan-African banks across the continent in recent years.

It also pointed out that Nigerian banks are expanding their branch networks across their host countries, including in rural areas.

The multilateral agency stated these in its latest Global Financial Stability Report (GFSR) titled: “Navigating Monetary Policy Challenges and Managing Risks,” obtained on its website.

Some pan-African banks such as the United Bank of Africa Plc (UBA), Ecobank Transnational Incorporated (ETI), FirstBank Nigeria Limited, South Africa’s Standard Bank, amongst others had expanded rapidly in the years up to the global financial crisis, starting or buying operations across the sub-continent.

Continuing, the IMF stated that the number of operations of the seven largest business groups in the continent has more than doubled since the mid-2000s, noting that specific factors that contributed to the expansion of the groups included the increasing trade linkages between African countries, which have induced banks to follow their clients.

According to the IMF, the growth of pan-African banks offers a number of opportunities and benefits to the continent.

“Anecdotal evidence suggests that the expansion of these banks has improved competition and given rise to economies of scale, especially in host countries with small local markets. Pan-African banks are driving innovation, offering opportunities to enhance financial inclusion, and in some cases contributing to lowering borrowing costs.

“For example, in the East African Community, Kenyan banks have introduced innovative business models such as agency banking into neighbouring countries. Similarly, Moroccan banks’ focus on small and medium enterprise development is being exported to francophone West Africa, while Nigerian banks are expanding their branch networks across their host countries, including in rural areas. African banks have also become lead arrangers for syndicated loans, filling the gap left by European banks,” it added.

Furthermore, the fund stated that from a home country perspective, the geographical expansion of pan-African banks increases diversification and provides further growth and profit opportunities for banks.

However, it noted that “as these groups have developed in reach and complexity, significant supervision gaps, governance issues, and questions about cross-border resolution have emerged that could pose risks to national and regional financial stability if unaddressed.

“With their rapid expansion, the largest pan-African banks have become systemically important in many of their host countries, raising concerns about spill-over risks. Most groups conduct their foreign operations through subsidiaries, which rely on local deposits for funding, somewhat mitigating potential contagion.

“However, with limited information about intra-group exposures and interconnections within pan-African banks and cross-border cooperation between supervisors just emerging, undetected risks could be mounting. In addition, pan-African groups have become more complex, encompassing nonbank activities that could give rise to additional contagion channels,” it added.