NBCC Monthly

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NBCC MONTHLY | MARCH 2015 |1 M O N T H L Y A publication of Nigerian-British Chamber of Commerce MARCH 2015 A.B.C. Orjiako on Nigeria and Falling Oil Prices Enforcement of Foreign Arbitral Awards in Nigeria Nigerian-British Trade Relations & Politics

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The NBCC Monthly is the Nigerian-British Chamber of Commerce’s magazine produced by Revilo Company Ltd, leading Lagos-based publishers. It brings the latest news about the Chamber and its events, as well as up-to-date information about the Nigerian-British business arena. It also provides a platform for member companies to present sector trends and insight into their own businesses featuring contributions from key experts about recent legal and tax issues.

Transcript of NBCC Monthly

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NBCC MONTHLY | MARCH 2015 |1

M O N T H L YA publication of Nigerian-British Chamber of Commerce MARCH 2015

A.B.C. Orjiakoon Nigeria and Falling Oil Prices

Enforcement of Foreign Arbitral Awards in Nigeria

Nigerian-British Trade Relations & Politics

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NBCC MONTHLY | MARCH 20152|

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M O N T H L YA publication of the Nigerian British Chamber of Commerce

MARCH 2015

Contents

GREETINGS

OUR CHAMBER

BRIEFING

SOCIALS

COVER STORY

TRADE AND INVESTMENT OPPORTUNITIES

GOVERNMENT AFFAIRS

LEGAL & TAX ISSUES

CALENDAR

ARTS, CULTURE & ENTERTAINMENT

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Up Close with Femi Kuti

Upcoming Events

Enforcement of Foreign Arbitral Awards in Nigeria

Nigerian-British Trade Relations: Hostage to Politics?

The Case for Investing in Nigeria

January and February Events in Pictures

Dr A.B.C. Orjiako on Nigeria and Falling Oil Prices

In the News9

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Mission & Vision Statements, Core Values Member Spotlight, Upcoming EventsCorporate PartnersExecutive & Council MembersFrom the Director-Genereal

From the President

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GreetingsPresidentfrom the

Good is not Enough!

It is my pleasure and privilege to welcome you to the year 2015 with the introduction of a new magazine, the NBCC Monthly. It is an exquisite voice of the Nigerian-British Chamber of Commerce that promises to offer credible business news and information from all over the world with music, art, educa-tion, knowledge and so on. Easy to read and informative, it is designed to be an invaluable companion of every business executive.

What a year 2014 was for the NBCC! It was a year we re-discovered our vision and voice. That year we entered into a new dawn with quality pro-grammes, a solid reach out to our old members, re-surgence of members’ interest, enlisting of major corporates as premium members, the celebration of 100 years of post amalgamation business relations between Nigeria and Britain, a comprehensive review of our constitution, a major re-organization of our secretariat and employment of key personnel, constant advocacy interven-tion on topical business issues, a new image, taking the annual President’s Din-ner and Awards to a new height, the introduction of the NBCC Golf Classics and so on.

Indeed, the new NBCC came alive and found its voice as a credible voice of business in Nigeria and became a vigorous collaborator in global trade with a close association with the British Chamber of Commerce and its global net-work. We also gave the NBCC a new visibility in the UK, reaching out vigor-ously to the diaspora and the British business community.

In Nigeria, we started an audacious EXPORT NIGERIA (ENi), a private sector initiative to operate in the export space alongside with NEPC, NEXIM and others but with a unique perspective of its own. What a year that was!

Today, the value proposition of NBCC is to be a well run business member-ship organization, constantly creating value for its members, offering projects,

G R E E T I N G S

MissionTo continuously encourage and

promote mutually beneficial trade relations between

Nigeria and Britain

VisionTo be the foremost channel of trade and commerce between

Nigeria and Britain

Core ValuesIntegrity

Co-operationCommitment

Respect

THE NIGERIAN-BRITISH CHAMBER OF COMMERCE

Olubunmi Owa Street, off Admiralty Way Opposite CBC Towers, Lekki Phase 1, Lagos

P. O. Box 9803, MarinaLagos, Nigeria

T: +234 1 4540395 www.nbcc.org.ng

THE NIGERIAN-BRITISH CHAMBER OF COMMERCE is the foremost bilateral chamber of commerce in Nigeria. The

chamber is accredited under the NACCIMA/CIPE, Washington,

D.C. USA accreditation programme. There are over 350

corporate members who are found in all sectors of the Nigerian

economy. Our membership base ranges from the small and

medium enterprises to large scale multinational corporations and

government agencies. We organize workshops, business luncheons,

seminars, trade fairs, trade mission, members’ evening and other

such activities that aid trade and investment.

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Member Spotlightevents and partnerships, which will advance their businesses and values, and offer them a credible voice and advocacy. While our legacy as an organization established to advance the Nigerian-British trade remains sensible and a top priority, we will measure our strength by our everyday relevance to the businesses of our members and the advancement of their business interests. We will continue to sell the best of Britain to Nigeria and the best of Nigeria to Britain.

The NBCC Monthly, with its dynamic editorial board, is part of the projection of the values of the new NBCC. Every organization with a message will need a messenger. Published online and in print, the Nigerian monthly adds to a myriad of our other organs of projection and expression. These include a weekly membership newsletter, an interactive website and a dynamic social media presence. We have also advanced our marketing of Nigeria to the organized private sec-tor in the UK through the NBCC UK Network. All these organs are designed to project the values of NBCC and create a community with which it will continuously engage and which will engage with itself. While these are early days, the initial response has been very encour-aging. Some are already generating trade inquiries from all over Britain and other parts of the world. We hope it is the beginning of a new level of beneficial discussions and interaction.

How will the success of the Nigerian monthly be measured? As l said in my charge to the editorial board, the NBCC Monthly must achieve three goals to be regarded a success. Firstly, it’s editorial content and creativity must be constantly exciting. It must appeal and invigorate. Secondly, our members must find in it a most useful organ of com-munication with which to remain attuned to the NBCC mission. It must promote their cause and constantly project NBCC. Thirdly, as a self-financing organ, it must always retain the confidence and enthusi-asm of advertisers as a veritable outlet for reaching out to a dynamic audience not only in Nigeria but all over the world. It is only by the achievement of these three goals that this new organ would have lived up to its billing.

In conclusion, let me say that the NBCC has no intention of relenting in its vigorous engagement. As we approach our 40th year, rather than begin to age, the NBCC is re-engineering itself and taking on a new spirit. We will constantly challenge ourselves, go overboard with our drive and reach to surpass the expectations of our stakeholders. Good is no more enough when we can achieve better and, why not, best. Welcome to a new year, a new dawn.

Very truly yours,

Prince Adeyemi Adefulu, MFR

NEW MEMBER

The Chamber welcomes one of its newest members: Priority Communications Limited

UPCOMING EVENTS

Premium Members’ EveningThursday, 5th March, 2015 The Wheatbaker Hotel, Ikoyi, Lagos6:00pm

Breakfast MeetingFriday, 13th March, 2015Eko Hotels & Suites, Victoria Island, Lagos Guest Speaker: Mr. Aminu JalalDirector-General, National Automotive Council7:30am

Extra-Ordinary General MeetingThursday, 26th March, 2015 The Lilygate Hotel10:00am

PROFILE

Mboho WorksMboho Works & Stevedores Limited is a mem-ber of the Chamber that specializes in building and road construction.

Though a medium-sized construction company, the safety of its employees and those it does business with is of paramount importance to it. Consequently, it is the policy of the company to carry out is activities in such a way that the lives of its employees and those who may be connect-ed with their operations are safeguarded. Also, the company is committed to ensuring a clean and healthy environment at work place. Conse-quently, Mboho Works has established standard procedures towards the minimization of dust released during the course of work and disposal of injurious chemicals. The company expects its employees to live in a healthy environment.

Mboho Works was incorporated in 2009.

Special Thanks to Our 2014 Corporate PartnersSpecial thanks to those who have contributed to orsupported our activities in the past year.

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DG’s DeskFrom the

It gives me pleasure to welcome you to 2015 after an exciting and challenging 2014.

I am also delighted to be writing this message in our revamped monthly publica-tion now called NBCC Monthly, which going forward will be published by Revilo Company, given their experience and pedigree in the industry. The publication will be available in both print and electronic formats. Be prepared for an inter-esting and captivating monthly that will be a reader’s and advertiser’s dream.

Your Chamber is improving to meet up with global standards. Participation by members is on a gradual increase and we hope this gets better. May I seize this opportunity to thank members who have volunteered their time through par-ticipation in various committees and also those who have sponsored activities. Without them, we would not have recorded the success thus far.

In the course of 2014, we were able to undertake the following well-attended and successful activities:

• 8 breakfast meetings• 2 missions to the UK• 2 business roundtables• 1 SME workshop • Centenary Lecture• Golf tournament• President’s Dinner and Awards

In 2015, we are committed to sustainable growth in membership, improved participation and value addition to members through:

• Frequent and relevant networking and knowledge sharing events;• Improved stakeholder communications;• Improved advocacy on behalf of members; • Business services;• Member discounts; and • Member-to-Member offers.

Remember, we are your Chamber, use us!

Joyce Akpata

G R E E T I N G S

EXECUTIVE MEMBERS

COUNCIL MEMBERS

PresidentPrince Adeyemi Adefulu, MFR

Deputy PresidentPrince Dapo Adelegan

Vice PresidentsMr. Kayode FalowoMr. Ray AtellyMrs. Theresa Ananyi

Hon. TreasurerMr. Uwami Igein

MembersMr. Dotun AdegboyegaMr. Akin OlaworeBarr. P.C. AbukaChief Fola OsiboIyalode Alaba Lawson, MFR, JPMrs. Bisi AdeyemiPastor Ituah IghodaloDr. Ikenna Nwosu

Engr. M.O.AminuMrs. Ladun LawalDr. Obiora ChukwukaMr. A.I. OgiloDr. S.O. OyefesoMr. Babatunde BelloChief Bintan FamutimiMr. Mutiu SunmomuMr. Mike PurvesMr. Tunde OgundeDr. Ikenna NwosuMr. M.O.AdeleyeAlhaji I.A. BelloPastor Ituah IghodaloMr. Ladi BalogunMr. Joe DadaMrs. Bisi AdeyemiMr. Seni AdetuMr. Alan DaviesMr. Roger WoodbridgeMrs. Bola AdesolaDr. A.B.C. OrjiakoMr. Kolawole OlayinkaMrs. Owanari DukeChief Keith Richards, OBEPrincess Sarah SosanMr. Victor Ezenwoko

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Editor’s Note

Dear Readers,

Let me start by first wishing you a Happy and Prosperous New Year, while thanking you for your support and partnership all through last year!

This year, our NBCC Monthly returns revamped in a high quality glossy print, and is now published by leading Lagos-based publishers Revilo Company Ltd.

As part of our efforts to serve our members better, we have introduced a segment, Members’ News, which includes information about member activities and upcoming events. Other initiatives include Member Spotlight, both segments serving to promote our members to increased audiences. The magazine has also been restructured for easier navigation with leading experts providing in-formed opinion in our segments on Trade & Investment Opportunities, Govern-ment Affairs, Legal & Tax Issues, and Arts, Culture & Entertainment.

In this issue, we start off with an interview with Seplat Chairman Dr A.B.C Orjiako on Nigeria and falling oil prices. We also investigate Nigerian-British trade relations with a survey on Nigeria’s pre-colonial background to her cen-tenary by specialist communications consultant and founder of Customs Street Advisors Obiora Onyeaso. This is followed closely with an inquiry into investing in Nigeria with an overview of the investment opportunities and potentials the country has to offer by management consultant Dr Nneka Enwonwu. Experi-enced litigator, Professor Ikechi Mgbeoji also provides an examination of crucial factors that determine the preferable method for enforcing foreign arbitral awards in Nigeria such as the type of award, the jurisdiction form, as well as the forum the arbitration was conducted. Finally, on a lighter note, we get close and personal in a revealing interview with the iconic Afrobeat legend Femi Kuti. It is my hope that the NBCC Monthly con-tinues to increase in content with a bit of information for everyone as we enlist your support this 2015.

I wish you happy reading!

Pastor Ituah Ighodalo

Editor-in-Chief

PASTOR ITUAH IGHODALO

MR RAY ATELLY

MR OLIVER ENWONWU

MRS YEMISI MOKUOLU

MRS JOYCE AKPATA

MRS ABIMBOLA NWOZURU

BUKOLA DOSUNMU

MR GODY AMADI

ART DIRECTOR

MR YUSUF ARIYO

PHOTOGRAPHER

OLA PHOTOS

MEDIA SALES, ADVERTISING & DISTRIBUTION

Reproduction in whole or part is forbidden

save with express permission in writing

of the publishers. All material is compiled

from sources believed to be reliable, but

published without responsibility for errors

or omissions. Revilo accepts advertisements

from advertisers believed to be of good

repute, but cannot guarantee the authenticity

or quality or objects or services advertised

in its pages. The NBCC Monthly does

not assume responsibility for unsolicited

manuscripts, photographs or illustrations.

Copyright worldwide of all editorial content

is held by the publishers, Revilo Company

Ltd. The name, NBCC Monthly is a registered

trademark owned by The Nigerian-British

Chamber of Commerce and cannot be used

without its express written consent.

Revilo Company Ltd24, Ikoyi Crescent, Ikoyi, LagosT: + 234 818 455 3331, 809 802 7583

NBCC Monthly is published quarterly by Revilo Company Ltd on behalf of The Nigerian-British Chamber of Commerce.

Editorial Board

E D I TO R I A L

M O N T H L YA publication of Nigerian-British Chamber of Commerce MARCH 2015

A.B.C. Orjiakoon Nigeria and Falling Oil Prices

Up Close With Femi Kuti

Enforcement of Foreign Arbitral Awards in Nigeria

Nigerian-British Trade Relations & Politics

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Contributors

24, Modupe Alakija CrescentIkoyi, Lagos, NigeriaT. +234 818 455 3331 +234 809 8027583www.reviloco.com

Revilo is a multi-platform

media company that

produces, publishes

and distributes

compelling content

across media channels

like TV, mobile,

digital, audio, and

print for clients

with remarkable commercial

results. Our services are

tailored towards the cultural,

business, legal and

academic communities.

Ladun Ogidan is the Deputy Editor of Omenka magazine.

She holds a first degree in Mass Communication from

Covenant University, Nigeria. Ogidan is the Chief

Operating Officer of Revilo. She is also Assistant Curator

at the Omenka Gallery, and has co-ordinated several

exhibitions home and abroad.

Ladun Ogidan

Oliver Enwonwu is the founder and Chief Executive/

Managing Director of Revilo. He is an artist, curator,

art administrator, brand strategist and writer. His

expertise is built on 11 years of developing creative and

intellectual content for clients. He holds a first degree

in Biochemistry, an Advanced Diploma in Exploration

Geophysics (distinction), Post Graduate Diplomas in

Applied Geophysics and Visual Art (distinction) and a

Masters in Art History, all from the University of Lagos.

He writes regularly on art and investment for several

important publications including the Vanguard newspaper,

as well as speaks, moderates and participates in public

events and discussions.

Oliver Enwonwu

Obiora Onyeaso is the founder of Customs Street

Advisors, an investor relations consultancy, where he

also serves as Managing Director. A prolific writer on

investor engagement, Onyeaso is the content curator

for Vanguard Markets, the special business section of

Vanguard Newspaper, (Nigeria). He has contributed to

Capital Aberto magazine (Brazil), Africa Investor magazine

(South Africa), and IR Magazine (UK). Onyeaso holds a

Bachelor’s degree in Political Science and Philosophy from

the University of Nigeria, Nsukka.

Prof. Ikechi Mgbeoji is a highly experienced

litigator. His expertise is in Intellectual Property

and Commercial Litigation. Mgbeoji is also a

professor at Canada’s Osgoode Hall Law School,

York University, Toronto, Canada. He may be

reached at [email protected].

Professor Ikechi Mgbeoji

Elvis Udegbe became a contributing writer for Hints

magazine from his undergraduate days and rose to the

position of staff creative writer and later assistant editor,

Family Magazine, published by the same company. He

later moved to Viva magazine as editor. He has worked

variously as contributing editor, Omenka magazine and

editor-at-large, Soulmates Magazine. Udegbe is presently

MD/CEO of Goldleaf Communications Enterprises,

and serves as a consultant editor for Africa Fashion Week

London Magazine, Africa Fashion Week Nigeria Magazine

and New Celebrity Magazine.

Elvis Udegbe

Dr. Nneka Enwonwu currently works as an intervention

manager for a DFID funded project called the Business

Innovation Facility, which encourages Nigerian companies

to adopt inclusive business models that will result in

sustainable sector level growth. Enwonwu has over 14

years of working experience and she has consulted for

several institutions in the public and private sectors and

some development agencies including DFID, IFC and

World Bank. Nneka Enwonwu graduated as a dental

surgeon from the University of Lagos and holds an MSc

in International Business with distinction from Aston

Business School (Aston University), UK.

Nneka Enwonwu

Obiora Tabansi Onyeaso

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I N T H E N E W S

NBCC: Business Roundtable Meeting

Seplat

6th February, 2015

The Chamber held a business roundtable on The Role of Corpo-rates in Governance with Governor Babatunde R. Fashola, SAN as the Keynote Speaker on Friday 6th February, 2015 at The Wheatbaker Hotel, Ikoyi, Lagos. In attendance were government dignitaries, members of the diplomatic corps, captains of industry, members of the Chamber and gentlemen of the press.

Prince Adeyemi Adefulu, MFR the President of the Chamber in his welcome address informed the audience that the NBCC was ready to partner with the Lagos State Government for a better society. He stated that private capital goes to where it is wanted; consequently it was necessary for the state to be more investor friendly.

The panelists at the roundtable meeting were Chief Keith Rich-ards, Managing Director of Promasidor and Mr. Frank Aigbogun, Publisher of the Business Day Newspaper. Among the distinguished audience were His Excellency, Dr. Andrew Pocock, CMG, British High Commissioner to Nigeria and Mrs. Olusola Oworu, Com-missioner for Commerce and Industry, Lagos State.

In his keynote speech on the public sector expectation of the business community, Governor Fashola stated that there is con-stant need for the business community to engage the government on its functions. Continuing, he mentioned that without the sys-tem being used, the business community would not see the lapses to develop ways of reforming the system to its maximal efficiency. He emphasized the need for tax payment to enable the govern-ment provide better services.

Governor Fashola also informed the audience that the Lagos State Government in the bid to serve the citizens better, published tele-phone lines of government officials to give the citizens direct access to them. He said that the government was always re-inventing its image, assigning greater responsibilities and deadlines to ministries, departments and its agencies towards efficient service delivery.

Indigenous oil and gas firm, Seplat Petroleum Development Company Plc (SPDC), has announced it has acquired 40 per cent interest in Oil Mining Leases 53, and 22.5 per cent in OML 55, both from Chevron Nigeria Limited.

The firm said in a statement last week that it had completed the acquisition of 40 per cent working interest in OML 53, which is located onshore in the north eastern area of the Niger Delta, and that the remaining interest belonged to the Nigerian Nation-al Petroleum Corporation.

The firm confirmed in the statement that the up-front acquisi-

The Lagos State Government has developed partnership with the private sector on schools, transportation and housing among oth-er areas according to Governor Fashola. Specifically, he mentioned that in 1999, the state’s internally generated revenue was N600 million monthly, but its partnership with Alpha Beta had led to a revenue increase of between N19 billion and N21 billion, monthly. He informed the audience that Alpha Beta had put in place a system that closed revenue leakages.

Governor Fashola also mentioned that the state government’s partnership with the British Government through DFID has led to the installation of 172 booth kits in public schools and 11 in public health facilities for solar lights.

Chief Richards in his submission stated that there was much du-plication in the system between the state and local governments, which have made it difficult for businesses to thrive. He also said there should be collaboration between the government and the private sector when drafting legislations, to which Governor Fashola responded that there is always a public debate before any law is made.

Mr. Aigbogun in his submission stated that it was the duty of the press to continuously challenge the government for a better society. On the quality of education, he also said that the Inspectorate Divi-sion of the Ministry of Education should be strengthened.

tion cost to it after adjustments was $259.4m, of which $69m had previously been paid as a deposit in 2013, and $190.4m paid on completion.

The adjustments to the up-front acquisition cost include a deferred payment of $18.75m contingent on oil prices averaging $90 per barrel or above for 12 consecutive months over the next five years. The company estimates net recoverable hydro-carbon volumes attributable to its 40 per cent working interest to be approximately 51 million barrels of oil and condensate, and 611 billion standard cubic feet of gas.

Seplat said it had been designated as the operator of OML 53 pursuant to the joint operating model approved by the Federal Minister of Petroleum Resources.

Mr. Raji Fashola, Lagos State Governor and Dr. Andrew Pocock, British High Commissioner to Nigeria and Permanent Representative to ECOWAS

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The Chief Executive Officer, SPDC Mr. Austin Avuru was quoted as saying “This transaction fits neatly with our strategy of securing, commercialising and monetising natural gas in the Ni-ger Delta, with a view to supplying the rapidly growing and evolving domestic market.”

“In addition to the large scale dis-covered, but undeveloped gas and condensate resources that are yet to be fully classified through detailed technical work, there are near term

opportunities to increase and optimise oil production significantly above current levels.”

The Federal Government has said it will soon mandate all those seeking for govern-ment contracts to present their compulsory insurance certificates as one of the criteria for qualifying to apply for such contracts.

Government said this is a way of achieving its target of positioning insurance as the pillar of the nation’s economy and a way of enforcing the five compulsory insurances launched five years back under its Market Development and Restructuring Initiative (MDRI).

Commissioner for Insurance Mr. Fola Daniel, disclosed this at the 2015 seminar for insurance correspondence organised by the commission in Benin City, Edo State.

Daniel said contrary to expectation by insurance industry operators and stake-holders that government would use the various law enforcement agents like the po-lice, the Vehicle Inspection Officers(VIO), and the Federal Road Safety Commission among others to compel people to buy the compulsory insurances launched in the six geopolitical zones of the country since 2011, it would rather attach it to contract applications and awards pending the time Nigerians would be financially literate enough to understand and appreciate the benefit of insurance and willingly patronise the industry.

“We very much look forward to working with NNPC and le-veraging our technical and commercial expertise as operators to realise the full potential of this high grade acreage.”

The firm also said it had concluded negotiations to purchase 56.25 per cent of the share capital of Belemaoil Producing Limited, a Nigerian special purpose vehicle that has completed the acquisition of 40 per cent interest in the producing OML 55, located in the swamp to coastal zone of south eastern Niger Delta, from Chevron Nigeria Limited.

The NNPC, according to Seplat, holds the remaining 60 per cent interest in OML 55, adding that its effective working interest in OML 55 as a result of the acquisition was 22.5 per cent.

Source: Punch (5/2/15). Author: Stanley Opara. Photo: http://seplatpetroleum.com

He said one of the reasons the commission will not use the services of law enforce-ment agents to enforce the compulsory insurance is because the police is already over stretched and lacked the capacity to enforce the compulsory insurance regula-tion.

He also said for the commission to use police to prosecute offenders in the compulsory insurance regulation, it needs to obtain the permission of the Attor-ney-General of the Federation, which according to him will mean a long process that may scuttle the zeal and effort of the commission to achieve effective implemen-tation of the compulsory insurance.

The five compulsory insurances slated by government for enforcement are Third Party Motor Insurance, Group Life Insurance, Occupiers Liability Insurance, Professional Indemnity Insurance and Compulsory Insurance of Public Buildings and Buildings under Construction.

These five insurances were since 2009,

made compulsory by the Federal Govern-ment in a campaign for their implementa-tion launched in six geopolitical zones of the country. Till date their enforcement in practical reality has suffered serious setbacks prompting the insurance industry operators, stake holders of the industry and investors to make repeated calls on government for use of law enforcements to compel people to comply.

But addressing journalists at the annual media seminar, Daniel said government has decided to attach the purchase of the compulsory insurance to contract awards as a way of compelling Nigerians to comply with the law.

According to him, this is similar to what government did in the Group Life Insur-ance, which is currently enjoying more patronage. He said when this is achieved, the government will later extend it to other Nigerians wishing to do any other business-es even with the private sector.

He said, having realised that insurance is the main driver of many countries’ econ-omy, government has decided to focus on insurance as one of the ways of building a virile economy.

“The co-ordinating minister of the econ-omy told me towards the end of last year that the Federal Government wants to focus on insurance as one of the ways of building a virile economy. The banking sec-tor has run it’s full circle but the insurance sector is still untapped. So we discussed a lot, he said this thing is so important that we need to do something before the end of the year. So we began to choose dates for the summit, which successfully held last Mr. Fola Daniel, Commissioner for Insurance

I N T H E N E W S

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year. I was very proud of that summit. It has not been on record that the minister stayed in a function for two hours but he stayed with us for five hours”, he stated.

According to him, government is deter-mined to promote insurance and that is why the commission will not leave any stone unturned in its effort to ensure that operators do play by the rule in the area of claims payment.

He said having realised that claims payment is the best advertisement to the public, as well as an effective tool to deepen insurance penetration in the country, the commission will not rest on its oars until it has achieved zero tolerance on non-settlement of genuine claims.

In an effort to achieve effective distri-bution of insurance in the country, the commission, he said, has decided that any insurance firm that wants to open any offshore branch must open four branch offices in Nigeria.

According to him, in doing this, com-mission wishes the Nigerian insurance industry to occupy the first position among insurance industries in the African sub-region. He said currently Nigeria occupies the third position in the sub-re-gion, an improvement from the fifth position it occupied before 2009.

This, he added, will also improve on the present level of operators’ annual premium income, which currently stands at N300 billion.

Source: This Day (6/2/15) Author: Ebere Nwoji. Image: http://dailyindependentnig.com

The Special Adviser to the President on the New Partnership for Africa’s Development, NEPAD and African Peer Review Mech-anism, APRM, Ambassador Mrs. Fidelia Akuabata Njeze, says Nigeria loses N1bil-lion daily to rice importation.

Mrs. Njeze stated this at a one-day stake-holders forum on the establishment of the Nigeria/ECOWAS rice sector policy and regulation advocacy platform held in Abuja last week.

She also added that due to the importation of rice, Nigeria has been exporting jobs and financial resources meant for the transfor-mation of the domestic rice sector in the country.

While commending the Competitive African Rice Initiative program, CARI for organizing the event, she said the effort would compliment government efforts to end rice importation into the country.

The project is implemented by GIZ, Tech-noserve, the John Kufuor Foundation and Kilimo Trust, and in joint partnership with FMARD, NEPAD, FAO and ECOWAS, and aims at resolving the importation of rice into Nigeria and the West African sub-re-gion, which is close to 50 percent of rice from foreign countries outside the shores of the African continent.

Head of Programs CARI, Stefan Kachelriess Matthess, said as parts, of CARI’s imple-mentation agenda to empower small scale rice farmers in Sub-Saharan Africa, CARI

has contributed 3.3 million dollars to the production of rice in Nigeria, which is 40 percent of the implementation cost agreed with the private sector by Nigerian partners that will contribute the remaining 60 per-cent of the implementation cost. Mr. Stefan also explained that the CARI program is being implemented in three other African countries; Ghana, Tanzania and Burkina Faso by GIZ, Technoserve, the John Kufuor Foundation and Kilimo Trusts, and in joint partnership with FMARD, NEPAD, FAO and ECOWAS, which began 2013 and will run till 2017. The idea is aimed at reaching 120,000 African rice producers in the four African countries involved.

Earlier, the chairman of the occasion, Mr. Kingsley Olusola Olurinde noted that the major constraint in the production of rice in the country was low productivity and poor quality of milled rice as the demand for rice in Nigeria is about five million tons yearly, and the domestic production is less than three million tons, which makes the importation of rice into the country more than two million tons.

He stated the need to improve the qual-ity of locally made rice to international standards , adding that the introduction of dry season production will see rice being produced twice in a year and the introduc-tion of lowland and irrigated rice will see the production of rice increase to six tons/hectare as compared to upland rice, which is two tons/hectare.

Source: Vanguard (6/2/15). Author: Favour Nnabugwu.Photo: http://agronigeria.com.ng

Nigeria Loses N1bn Daily To Rice Importation

The five compulsory in-surances slated by gov-ernment for enforcement are Third Party Motor Insurance,Group Life Insurance,Occupiers Liabil-ity Insurance, Professional Indemnity Insurance and Compulsory Insurance of Public Buildings and Build-ings under Construction.

Mr. Akinwumi Adesina, Federal Minister of Agriculture and Rural Development

I N T H E N E W S

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January Events - Members’ Evening with Mr Ike Chioke, CEO, Afrinvest

February Events - Business Roundtable Meeting with HE, Mr Raji Fashola, SAN, the Governor of Lagos State

S O C I A L S

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You built Seplat Petroleum from scratch to its current staff strength of about 200. Can you tell us some of Seplat’s key achievements?Our staff strength is actually over 300. This is one of the achievements of Seplat, in contributing to job creation in the country. Our strength is anchored on our people who deliver success to all stakeholders.

So our achievements are both within and outside the company. Production growth, reserve replacement, a strong balance sheet and profitability are achievements that bring shareholder value, as well as impact positively on the national economy.

What competitive advantage does Seplat have to offer over other local firms, and in what activities do local firms hold a competitive advantage over foreign ones?Being a pioneer in the spades of asset acquisition gave Seplat a competitive advantage from the beginning. We were also the only indigenous company to take over operatorship of

the acquired assets. That enabled us set the tone for the track record we have achieved so far. We strive to improve on these but our host community engagement, innovative leadership and broad stakeholder care, distinguish us from the competition. Being indigenous confers some advantages over foreign operators in the host communities but it is the mode of engagement by the company that makes all the difference regardless of whether the company is local or foreign.

There is currently pressure on the Naira, expected to continue through the first half of 2015 due to further declines in oil prices and the upcoming March 28 general elections. What measures can the Central Bank of Nigeria (CBN) take to prevent further devaluation of the Naira?The strength of any currency is a function of the level of productivity in the local economy. For Nigeria, where oil is the main source of foreign earnings, the weak oil price is bound to bring about the pressure we are seeing on the Naira. This has been exacerbated by anxiety over security and the elections.

A.B.C. Orjiako on Nigeria and Falling Oil PricesIn 2009, Dr. Ambrosie Bryant Chukwueloka Orjiako co-founded Seplat and is the company’s present Chairman. Since inception, Seplat has quickly gained recognition in the Nigerian oil sector, and is now considered the industry benchmark. Orjiako speaks on the falling prices of oil and its implications on the Nigerian economy.

Oliver Enwonwu and Ladun Ogidan

C OV E R S TO RY

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The CBN will need to take a long term view on this. In the short term, the intervention with forex supply can work but it is not sustainable. A monetary policy that will bring an aggregate of factors to improve productivity and diversify the sources of our earnings will provide the sustainable solution. The CBN can also explore measures to make Naira a convertible currency. This will check the one-directional currency pressure on the Naira.

What is your perspective on the local content policy, its achievements to date and how it can be used to improve Nigeria’s participation in the oil industry?The Nigerian Content Act is one of the most effective tools that positions indigenous participation in the oil industry for a quantum leap. It has created awareness among Nigerians, created a large pool of entrepreneurs with the multiplier effect on job creation. It will take time for the country to experience the full impact. There are a few challenges in areas of capital and capacity building. The good news is, where there is a will, there is a way. The policy implementation has started, it is working and should be encouraged. Seplat is well committed to it.

What challenges are Nigerian companies who have taken over upstream oil exploration experiencing with the oil communities?The challenges faced by Nigerian oil companies are not different from what others are facing. But once they have the right competencies and community engagement strategies, they will overcome these challenges. At Seplat, we have created several opportunities from the challenge.

Scotland was the base of the North Sea oil operations, and has turned her experience of management to a major foreign exchange earner by extending her experience and technology to other oil producing countries. What do you think Nigeria can export?The long existence of oil development in Nigeria has created enormous manpower among Nigerians. Consequently, Nigerians are providing expertise all over the world. Certainly, we can replicate the Scottish experience .

A whooping sum of 400,000 barrels of oil are reportedly stolen daily out of Nigeria’s oil production, what is the impact on the Nigerian economy and how do you think

government can tackle this problem?It is difficult to put a specific figure to the volume of stolen crude oil in Nigeria.

What is certain is that criminal activity is thriving. It can be stopped once there is the right political will and co-operation among the producing oil companies. The Nigerian water ways should be secured. Government should take this matter more seriously, and take the fight overseas trace the buyers of the stolen crude in the international market, and impose appropriate sanctions.

According to data released by Wood Mackenzie, Nigeria has lost over $37 billion in private sector investments in the oil and gas industry in the last five years due to the non-passage of the Petroleum Industry Bill. This has led to stagnation between 2008 and 2012. The report also listed reduced investments, reduced crude oil production, reduced government revenues, increased debt and increased borrowings. In your opinion, is it ironical that the Federal Government intends to commence a review of pioneer status exemptions to some oil companieshaving failed in its duty to provide an enabling environment for the oil and gas sector, as well as basic Turn Around Maintenance (TAM) for the nation’s refineries?The uncertainty around the PIB has created investment hesitancy in the oil sector, especially in the deep offshore. The PIB is currently at the National Assembly. If the current form cannot be passed quickly, then the Executive should call it back and amend

the existing Act in stages.

In terms of the state of the refineries, the way to go is privatization. Government should leave this to the private sector.The pioneer status for tax is a different matter. The law is clear on this and once it is followed, the benefits are many for the common good. If abused, the country loses.

In the event that the Federal Government is unable to offset oil-price induced losses, there is bound to be a gross reduction in capital expenditure, thus adversely affecting the construction and agricultural sectors, as well as government contractors. What does this entail for the average income earners in Nigeria?The declining government revenue receipts obviously has a trickle down effect on all aspects of the economy. The disposable incomes for the average Nigerian is weakened. This calls for eliminating waste and creating credible alternative sources of revenue.

Many oil-producing countries have created huge reserves for rainy days. For example, Norway has over $1 trillion in its trust account. Nigeria has not developed its oil and gas industry adequately, or even diversified other sectors. What should Nigeria begin to do urgently regarding management? Nigeria has launched the Sovereign Wealth Fund. It is move in the right direction. We should have started several decades ago, but I’m happy that we have started now. We look forward to its growth and impact on the Nigerian economy.

C OV E R S TO RY

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NBCC MONTHLY | MARCH 201516|

in NigeriaThe Case for Investing

600

500

400

300

200

1002016 2008 2010 2012 2014

600

500

400

300

200

100

NIGERIA GDPBillions of U.S dollars

Source: www.tradingeconomics.com | World Bank

112.25145.43

166.45

208.06

169.48

366.35

413.54

459.62

522.64

The Nigerian economy is considered by many as ‘too large to ignore’. It is one of the fastest growing globally, increasing at an annual rate of approximately 7% (faster than three of the four BRIC nations). Following a GDP rebasing exercise in 2014, the country became the largest economy in Africa and the 26th largest globally with a GDP of $509.9 billion.

As a result, the nation is fast on its way to becoming one of the 20 largest economies in the world by 2020 and is now catego-rized as one of the next set of ‘hot’ econ-omies to watch – the ‘MINT’ countries (Mexico, Indonesia, Nigeria and Turkey). Also, Nigeria is one of two countries from Africa among the N-11 Global Growth Generators countries (which are essentially 11 economies, which have been identified as sources of growth potential and of prof-itable investment opportunities).

A third reason to invest in Nigeria is the

wide variety of resources that the country has. For example, it’s the 8th largest ex-porter of crude oil globally and the largest in Africa. The country has 84 million hectares of arable land and is the largest producer of several crops including cassava, oil palm, cocoa, and sesame. Nigeria also has the largest number of livestock in Africa, making the agricultural sector re-sponsible for a huge chunk of the country’s GDP (26.8%) and the biggest employer of labour (employing two-thirds of the adult population). Lets not leave out the huge non-oil mineral resources the country pos-sesses – Nigeria has over 34 minerals under its soils including widely used ones like coal, limestone, phosphate, iron ore, uranium, gold, zinc and lead.

A fourth reason is Return on Investment (ROI). It would be interesting to note that Nigeria has one of the highest returns on investment in the world and ranks 4th globally (with an average ROI of about

O

Dr. Nneka Enwonwu

T R A D E A N D I N V E S T M E N T O P P O RT U N I T I E S

One cannot ignore the huge prospects Nigeria presents as an excellent desti-nation for potential investors. In spite of negative reports regarding the risks about the country, there are still huge oppor-tunities that I hope to illustrate with this article (and subsequent ones).

The first reason is the population. Nigeria is the 8th most populous country in the world with over 167 million people (growing at a rate of 3.2% annually), which provides the largest domestic consumer market in Africa driven by its rapidly expanding middle class. This has created a high, unmet demand for basic goods and services and created huge opportunities for businesses in consum-er markets like financial services, food, energy and telecommunications. It also presents a large and flexible workforce for potential investors.

The second major reason is the economy.

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NBCC MONTHLY | MARCH 2015 |17

36 per cent compared to the global aver-age of 6.6 per cent).

In addition, action is being taken to im-prove Nigeria’s notoriously poor infra-structure, which is the largest challenge for business in Nigeria. The ongoing power sector reforms for instance should lead to significant improvements in power supply in the coming years. Analysts reck-on that sorting out this sector alone may see the country reaching growth rates of 10 – 12%, which would double the size of its economy in six or seven years. Furthermore, the last couple of years has seen the Nigerian Government focusing on diversifying the nation’s economy and reducing dependence on crude oil ex-ports through a Transformation Agenda that will assist in reaching its objectives. A major thrust of the Agenda is an empha-sis on attracting FDI that will fund growth and create jobs. The government is also focusing on privatizing important sectors by promoting public-private partnerships and encouraging strategic alliances with foreign firms especially for infrastructure development and technology acquisition. It has also put in place foreign investment policies and regulatory frameworks that encourage foreign ownership of local industries (except for broadcasting and financial services).

The reasons above represent only a sum-mary of why the country is fertile ground for companies looking for growth oppor-tunities. Although there are challenges in investing in Nigeria, the opportunities largely outweigh the risks. Potential inves-tors will do well in exploring prospects in the following sectors:

• Infrastructure especially Power (Generation, Transmission and Distribution) and Transportation (Rail, Air, Road)

• Manufacturing, which is the third largest on the continent and pro-duces a large proportion of goods and services for the West African region. Areas to take note of include: Pharmaceuticals, Textiles and Garments, Automobiles, Iron and Steel

• Agriculture and Agribusiness, which is worth $180 billion and is growing at 5% per annum

• Real Estate and Construction, which was worth $10 billion in 2012 and is projected to grow at a rate of 17%, driven by growth in other sectors and the population

• Retail, worth $81 billion and is driven by FDI, urban population growth and increase in disposable income

• Services including Telecommu-nications, Health Care, Tourism/Hospitality, Education and Waste Management and Treatment

• Mineral Mining

• Oil & Gas (up-and down-stream operations)

In subsequent articles, I will be discussing each of these sectors at a closer range.

In addition, action is being taken to improve Nigeria’s notoriously poor infrastructure,

which is the largest challenge for

business in Nigeria.

Egypt

Sri Lanka

Indonesia

Mongolla

Phillippines

Vietnam

Bangladash

Iraq

India

Nigeria

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0

6.4

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6.8

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7.7

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8.5

AV. Real GDP Growth 2010 - 2015 (%)

T R A D E A N D I N V E S T M E N T O P P O RT U N I T I E S

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NBCC MONTHLY | MARCH 201518|

Nigerian-British Trade Relations:Hostage to Politics?

Outside the Colony of Lagos, which was annexed in 1861 under the blazing guns of British gunboats, the British sphere of exclu-sive interest in the Niger Basin received international recognition at the Berlin Conference of 1885.

All this time, commerce was the main driver of British expansion. Therefore, it was no accident that when British interests in the Niger Delta were administratively formalized, they were given the name Oil Rivers Protectorate, from the major export product of the region. After a few years, the name was changed to the Niger Coast Protectorate.

Throughout the 20th Century, British enterprises retained their links with the country. In the commanding heights of the Nigeri-an economy, many businesses that can trace their origins to the colonial era have maintained their dominance. These companies like British Airways, First Bank, Unilever, and UAC are household names today.

Britain Pays the Price of Perceived Interference

However, trade has often been subject to the vagaries of the po-litical affinity between Downing Street and State House. It is futile to pretend that Nigerian-British trade relations exist in a vacuum.

Since Nigeria gained independence in 1960, bilateral trade be-tween the two countries has had its share of ups and downs. In February 1976, relations plumbed a disturbing low. The murder of General Murtala Mohammed in a failed bloody coup led by Lt. Col Buka Suka Dimka, amid suspicions of external influence and the unsubstantiated involvement of exiled General Yakubu Gowon, who was resident in the UK, soured relations between the two countries.

When the local Reuters office reported that Lt. Col Dimka had sought audience with Sir Martin Le Quesne, the British High Commissioner, though without success, rampaging demonstra-tors descended on the premises. In a less than tactful action, Sir Martin notified the Nigerian foreign minister that Britain would submit a full claim for compensation in accordance with standard international practice. Emotions were raw on both sides. Piqued by his request and suspicions of British involvement, Sir Martin was expelled from Nigeria.

In Not My Will, an account of his career up 1979, Olusegun Obasanjo wrote that “The time and manner of his demand were

G OV E R N M E N T A F FA I R S

Obiora Onyeaso

TTrade between Britain and the territory now known as Nigeria has been going on for about four centuries. Since Nigeria gained inde-pendence in 1960, trade with its former metropolis has suffered hiccups when local political turbulence interfered. With the en-trenchment of a democratic culture and regular elections in Nigeria, it is important for business groupings focused on bilateral trade like the Nigerian-British Chamber of Commerce to constantly monitor the policy tendencies of elected officials and candidates. This way, it can provide its members with invaluable intelligence and scenarios beforehand. The alternative is to be taken unawares causing mem-bers to bear huge costs, and lost opportunities.

London to the Rescue

Last year’s Centennial Celebrations provided an opportunity for Nigerians to rediscover the formative and adhesive roles played by Britain in the country’s history. Every schoolboy knows that Sir Frederick Lugard amalgamated the Northern and Southern Protectorates in 1914. History buffs might remember the role played by Sir Francis Cumming-Bruce, the British High Commis-sioner in Nigeria (1964-67), in persuading the green Colonel Yakubu Gowon and other northern officers to shelf their plans to secede from Nigeria after seizing power in July 1966. It is an irony of history that these same army officers who planned to break away from Nigeria were to fight for its unity within a year.

During the fratricidal war, the British Government under the premiership of Harold Wilson brought all its diplomatic arsenal to bear so that Nigeria would remain united. Without the shad-ow of doubt, Britain’s active intervention at critical moments in Nigerian history, have helped its former colony escape the realization of its cynical characterization of Nigeria as a “mere geographical expression”, a term coined by Chief Obafemi Awolowo.

Precolonial Background

What is less well known is the contribution that commerce has played in the relationship between Nigeria and Britain. Long before the abolition of the slave trade in 1807, British mer-chants and coastal middlemen had been exchanging goods. The outlawing of trade in humans spurred the extension of trading contacts as competition increased among both local merchants and European parvenus, the French and Germans in particular.

Page 19: NBCC Monthly

NBCC MONTHLY | MARCH 2015 |19

most inappropriate.” On the eve of the coup, Sir Martin, whose career ambition had been to be appointed High Commis-sioner in Lagos, had less than a year before his statutory retirement. He was never to hold another diplomatic post.

In 1979, Mohammed’s successor, Lt. Gen-eral Olusegun Obasanjo nationalized the assets of British Petroleum, BP and Barclays Bank due to the British Government’s tacit support for the apartheid regime in South Africa. Nigeria’s Supreme Military Council wanted to show its displeasure at BP’s resumption of the supply of crude oil to South Africa and Barclay’s purchase of South African government bonds in violation of a trade embargo on the racist regime. There was also a hint at the Nigerian government’s opposition to Prime Minister Margaret Thatcher’s de facto rec-ognition of the white minority government on Southern Rhodesia.

Less than a decade later, a major diplo-matic ruckus would erupt under another military regime. In the aftermath of a coup d’état led by Major General Muhammadu Buhari, the Nigerian government launched a housecleaning exercise to rid the country of corruption. Naturally, politicians and top government functionaries were the target.

In search for a big whale to haul in, the junta settled on Alhaji Umaru Dikko, the most powerful minister in the cabinet of ousted President Shehu Shagari. The only problem was that he had fled the coun-try to seek refuge in the UK. In 1984, a plot was hatched for agents acting on the government’s behalf to kidnap him and crate him back to Nigeria to face charges. For the next two years, both countries did not have diplomatic representation at the highest level. It failed. Coupled with the economic crisis at home, bilateral trade between both countries dipped.

Fast forward to the nineties. The arbitrary execution of Ken Saro-Wiwa and eight other activists from the Movement for the Survival of the Ogoni People (MOSOP) on November 10, 1995, despite international pleas for a stay, shocked the world. In com-plete disdain for diplomatic sensibilities, the hangings were carried out during the Commonwealth Heads of Government Meeting (CHOGM) in Auckland, New Zealand. Immediately, the country was placed on suspension.

In reprisal, General Sani Abacha, the Nigerian military Head of State, in 1996 imposed a ban on British Airways that would last for 14 months. The reason was Britain’s refusal to allow Nigerian Airways, the country’s flag carrier, land at Heathrow due to safety concerns.

In an act calculated to spite the British, the Nigerian ruler declared at the Francophonie summit held in Ouagadougou in January 1997 that the country would adopt French as its second official language.

Events reached a head later that year when Tony Lloyd, the British minister responsible for Africa, commented on the transition programme, that “the process of establishment of political parties has been so one-sided as to guarantee that there will be one serious candidate ... [resulting in] the transition of General Abacha to President Abacha. The British Government cannot accept that.”

London Plays to the Gallery Too

This is not to say that the political instability is limited to Nigeria. Reverse political re-verberations have flowed from the UK too. When the Conservative Government of Prime Minister David Cameron proposed to start a £3,000 visa bond pilot scheme in 2013, a number of knowledgeable commentators attributed it to attempts to appease anti-immigrant Tory voters who were attracted by the xenophobic rhetoric of the UK Independence Party (UKIP). Whatever the anticipated gains to the Treasury, it was primarily a populist measure at heart.

The proposal was dropped after a howl of protests from the governments of Nigeria, India, Pakistan, and other countries that would have been affected by the new re-quirement. British retailers and businesses voiced their concerns at the discriminatory policy.

Michael Ward, the Managing Director of

G OV E R N M E N T A F FA I R S

In May 2013, the British-born politician of Nigerian descent led a trade mission to Nigeria on behalf of the London Chamber of Commerce and Industry and UK Trade and Industry. In his speech to the Nigerian-British Chamber of Commerce, he urged British businesses to move quickly to stake their claims in Africa’s largest economy.

His words: “Britain is in danger of missing out on the huge opportunities here in Africa. I was very struck by the warning given last year by former President Olusegun Obasanjo on how, in relation to Africa, Britain risks falling behind and how the energetic approach of the Chinese, the Indians and even the Brazilians risks trumping the strong historical and cultural ties we have. There can be no room for complacency.”

He expressed his confidence that the future of Nigerian-British trade relations is bright “Because it remains the truth that Britain and Nigeria – London and Lagos – are natural partners.”

Chuka Umunna, MP. Photo: London Evening Standard

Page 20: NBCC Monthly

NBCC MONTHLY | MARCH 201520|

David Cameron, British Prime Minister. Photo: http://imgkid.com/david-com

Goodluck Jonathan, Nigerian President. Photo: http://247ureports.com

Mohammed Buahri, All Progressives Congress (APC) candidate. Photo: http://www.nigeriansinamerica.com

luxury store Harrods, called it “embar-rassing.” He said that “It’s embarrassing that our country would consider these measures against visitors who spend so much in our stores. There seems to be a deeply frustrating attitude in Westmin-ster that they should do whatever they can to actively prevent people coming to the UK.” Julia Carrick, Chief Executive of Walpo-le, the luxury goods consortium, cautioned Downing Street “We should be welcoming these lucrative visitors from Nigeria – not putting up barriers to entry.”

When the reactions flooded it, Nigel Farage, Leader of UKIP jumped on the bandwagon. He denounced the visa bond as “nasty.”

All the above point to one thing. The political mood is the dog that wags the commercial tail in Nigerian-British trade relations.

G OV E R N M E N T A F FA I R S

private sector in a bid to solicit its sup-port and explain their plans if elected to office.

This is not to imply that businessmen are indifferent to the elections’ outcomes. On the contrary, what happens in the Nigerian context is that a group of the candidate’s business friends organize a fund-raising event to curry favours before the elections. Rarely is any indication of future policy discussed at these galas.

On their side, business groupings, notably the chambers of commerce, try to avoid any semblance of partisanship by refusing to host particular candidates. They re-

Elections and Uncertainty

Returning home, President Goodluck Jon-athan will be standing for re-election this year. His main challenger, former military ruler Major General Muhammadu Buhari of the All Progressives Congress (APC) will be giving the ruling People’s Democratic Party its toughest fight since the start of Nigeria’s Fourth Republic.

The two candidates have laid their cam-paign emphases on all too familiar topics like national security, the economy, job creation, investment in infrastructure, and the fight against corruption in public life.

The candidates’ campaigns have however been silent on more complex subjects such as foreign economic relations, and boosting the balance of trade between Nigeria and its preferred partners such as the United Kingdom.

Among the presidential candidates, none has engaged directly with the organized

serve their invitations till after the elections when the winner is safely known.

The result is that these groups lose the chance to exert influence on the candidates before the polls. They also give up the chance to garner useful intelligence on how they plan to prioritise objectives that affect them after they are sworn into office.

The research units of business associations, with the Nigerian-British Chamber of Commerce at the forefront, owe a duty to their memberships to discover the views of the candidates on matters that affect them. There is too much at stake in a globalised world for Nigerians to wake up to hear that a multinational has been nationalized or a multi-million dollar programme to benefit SMEs doing international trade has been cancelled abruptly. Those days should be gone forever.

British-Nigerian trade relations have come a long way. They are too important to be left to a wing and a prayer.

Page 21: NBCC Monthly

NBCC MONTHLY | MARCH 2015 |21

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Page 22: NBCC Monthly

NBCC MONTHLY | MARCH 201522|

Enforcement of Foreign Arbitral Awards in Nigeria

A

Ikechi Mgbeoji, LL.M., J.S.D.

L E G A L & TA X I S S U E S

New York State Supreme Court. Photo: http://nhsglobalevents.com

Arbitral awards do not enforce them-selves. For decades now, foreign awardees in arbitral disputes have been challenged by the means through which such awards may be enforced in Nigeria. This short piece briefly examines each of the five methods by which arbitral awards may be enforced in Nigeria. In making a choice, proper regard must be given to the type of award in issue, the jurisdiction from which the award originated, and the forum in which the arbitration was conducted. These are crucial factors that determine

the preferable method for enforcing any particular arbitral award. The article concludes with the observation that individual awardees should be very careful in the choice of the particular method through which enforcement of an arbitral award is sought.

Commercial arbitration has become a major attraction in international transac-tions owing to its speed and effectiveness in resolving commercial disputes. Having obtained the award however, the success-ful party would have to enforce the award

against his adversary.

The willingness of Nigerian courts to enforce foreign arbitration awards and the ease or difficulty of doing so, as well as the likely timescale of the process of enforce-ment are issues of immense concern to any foreign person wishing to enforce an arbitral award in Nigeria. This is the focus of this short piece.

Foreign arbitral awards can be en-forced in Nigeria through five principal

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ways, namely: (a) By an Action upon the award In Toepher Inc. of New York v. Edokpolor (trading as John Edokpolor & Sons) [1965] All N.L.R. 307, the Nigerian Supreme Court held that a foreign arbitral award could be enforced in Nigeria by suing upon the award, even where there is no reciprocal treatment in the country where the award was obtained. To succeed in the action, the plaintiff must prove the existence of the arbitration agreement, the proper conduct of the arbitration in accordance with the agreement, and the validity of the award.

The defendant may, however, resist the enforcement of the award by challenging the award, the conduct of the arbitration or the jurisdiction of the arbitral tribunal. The defendant cannot however, rely on misconduct or impartiality on the part of the arbitral tribunal, for those points can only be taken on an application to set aside the award. In Nigeria, this proce-dure could take about a year or more to conclude. (b) By registration under the Foreign Judg-ment (Reciprocal Enforcement) Act 1990 Under the Foreign Judgment (Reciprocal Enforcement) Act 1990, a judgment or award obtained in a foreign country may be enforced in Nigeria within six years of the judgment or award.

The judgment or award would have to be registered first in a Nigeria court with jurisdiction to hear the dispute. The judgment must be final and conclusive as between the parties and they must be payable thereunder a sum of money, not being a sum payable in respect of a fine or other penalty. However, only countries which accord reciprocal treatment to Nigeria, as designated by the Minister of Justice, would be recognized.

Under Section 6 of the Act, the registered award or judgment may be set aside on the application of the defendant if the court is satisfied that:

The Act has not been complied with, or

The original court had no juris-diction, or

The judgment was obtained by fraud, or

That the enforcement would be

contrary to public policy, or

On grounds of res judicata, or

That the rights under the judgment are not vested in the person by whom the application for registration was made.

Ordinarily this is a fast process but of limited application due to the requirement that the award must be for the payment of a sum of money and the judgment must have become enforceable as judgment of a court according to the law of the place where it is made. If the registration is challenged, the process may become prolonged for up to a year or more.

However, the judgment of the Supreme Court in the case of Macaulay v. R.Z.B of Austria (2003) 18 NWLR part 852 page 282, has thrown into serious doubt the feasibility of the option of registering under the 1990 Act. The Supreme Court held that the governing legislation is the Reciprocal Enforcement of Judgment Ordinance 1958. This is an antiquated legislation with even more ancient rules of procedure!

(c) Under Section 51 of the Arbitration & Conciliation Act, 1990 Section 51 of the Arbitration and Concili-ation Act, 1990 provides that: (1) An arbitral award shall, irrespective of the country in which it is made be

L E G A L & TA X I S S U E S

recognized as binding and subject to this section and section 32 of this Act, shall, upon application in writing to the Court, be enforced by the Court.

(2) The party relying on an award or applying for its enforcement shall supply (a) the duly authenticated original award or a duly certified copy thereof; (b) the original arbitration agreement or a duly certified copy thereof (c) where the award or arbitration agreement is not made in the English language, a duly certi-fied translation thereof into the English language.” Section 52 provides a list of grounds for refusing recognition or enforcement which are similar to the ones mentioned in (b) above. These grounds could also be a hindrance to an otherwise very expeditious method of enforcement. (d) Enforcement under the New York Convention 1958 The New York Convention on the Recognition and Enforcement of Foreign Arbitral Award 1958 applies in Nigeria by virtue of section 54 of the Arbitra-tion and Conciliation Act 1990. Nigeria has made reciprocity reservation and so only awards made in contracting states that undertake to recognize and enforce awards made in other contracting states, including Nigeria, will be recognized and enforced in Nigeria. (e) Enforcement under the International Centre for Settlement of Investment Disputes (ICSID) Nigeria ratified the ICSID Convention on 23 August 1965. In pursuance of its com-mitment to domesticate the ICSID Con-vention, the convention was re-enacted as a local legislation vide the International Centre for Settlement of Investment Dispute (Enforcement of Awards) Act, cap 19 Laws of the Federation of Nigeria 1990.

The Act provides that an ICSID award shall be enforced in Nigeria as if it were an award contained in a final judgment of the Supreme Court if a copy of such an award, duly certified by the Secre-tary- General of the Centre is filed in the Supreme Court by the party seeking its recognition and enforcement. This is perhaps the fastest procedure in Nigeria for enforcing an arbitral award as there is little or no room for objections to the enforcement of the award.

The New York Convention on the

Recognition and Enforcement of

Foreign Arbitral Award 1958 applies in Nigeria by virtue of section 54 of the Arbitration and Conciliation Act 1990.

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NIGERIAN-BRITISH CHAMBER OF COMMERCE2015 Programme Schedule

The monthly breakfast meeting of the NBCC provides a platform to discuss topical economic and trade issues among key and prospective stake-holders of various sectors.

The Nigerian-British Chamber of Commerce Breakfast Meeting is renowned as an important forum for policy-makers, business leaders and

The NBCC Roundtable is a plat-form for discussion of an array of business issues that impact on the Nigerian business environment. This by invitation discourse is highly practical, interactive, and open to a limited number of top management

This is a networking event organized quarterly for mem-bers of the Chamber. A guest speaker is always invited to speak. The evening is a platform for members to interact and build business relationships with one another and with the British community in Nigeria.

Dates• 16th June• 30th September

Dates• 22nd April - Developing Personal Leadership

• 15th July - Improving Organisational Skills

• 28th October - Problem Analysis and Decision Making

BREAKFAST MEETINGS

QUARTERLY BUSINESS ROUNDTABLE

QUARTERLY MEMBERS’ EVENING

QUARTERLY TRAININGS

scholars to gather and exchange ideas about economic issues in Nigeria.

Dates • 12th March• 16th April• 14th May• 11th June • 9th July• 13th August • 10th September• 8th October• 12th November of participating companies, quarterly. A communiqué is issued at the end of every roundtable.

Dates• 18th June - Corporate Expecta-

tion in Employability Skills

• 24th September - Corporate Expectations on Educational Development

C A L E N DA R

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NIGERIAN-BRITISH CHAMBER OF COMMERCE2015 Programme Schedule

June, 2015

This EXPORT NIGERIA project is a private sector

export initiative of the NBCC. It was borne out of the

Chamber’s resolve and determination to forge on with

promoting the export business especially export of

non-oil products to the UK. The Maiden Export Nigeria

Study Tour held from 20th-24th October, 2014.

30th & 31st October, 2015

The NBCC Gold Classics is an annual sporting and networking event held at the Ikeja Golf Club. This corporate golf tournament is aimed at providing a platform for members to fraternize and to further entrench close ties between members of the NBCC and the organized private sector.

Participating companies at this great sporting and business-networking event can leverage on the unique opportunities provided to promote their business and relationships with existing and prospective customers.

27th November, 2015

The event marks the year-end of the NBCC and also

an opportunity to recognize and celebrate outstanding

achievements across various sectors of Nigerian

business with the NBCC Awards. The NBCC Awards is

designed to be a unique event on the Nigerian business

landscape and a reflection on NBCC as a promoter and

encourager of good business practice.

EXPORT NIGERIA TRADE MISSION TO UK

NBCC GOLF CLASSICS

NBCC ANNUAL PRESIDENTIAL DINNER AND AWARDS

C A L E N DA R

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Stimulating and uncompromising, Femi Kuti scion, of the famous Kuti musical family takes no prisoners. In a no-holds bars interview at the shrine, Femi speaks to Elvis Udegbe about politics, his father, dropping out of school, and his international success.

A RT S , C U LT U R E & E N T E RTA I N M E N T

UP CLOSE WITH

FEMI KUTINBCC: Let’s picture Femi Kuti campaigning for a political office…Femi Kuti: I cannot campaign for a political office in this country because I am not a thief. When you sit down to look at the gravity of the problems besetting this country as a result of corrupt politicians, you cannot want to be associated with politics in this country. How can one sit down to look at the problems of this country and believe he can single handedly change this country? If I am going to make any difference, the only way I could do it is by using what God has given me. I can only use music to console the poor, suffering masses and to speak the truth on their behalf. I cannot go into politics, sorry; I am a musician.

Does music give you a platform to propagate your opinions on politics or does politics give you inspiration for your music?I sing about what I see. There is no love story that can be more important than the suffering of my people. You can’t expect me to be singing about a broken heart when I know that this night, mosquitoes will feed on my blood. Even if someone like me can maintain a decent life, right at my doorstep, there is poverty beyond the imagination of people living outside this country. When you are in love with this country, you must be afraid for her future. When my father was talking about the issues of this country, I was twelve. Now I am over fifty, we are still talking about the same issues but on a worse level. See, I am going bald, I am getting grey hair. My son can’t even get a good education here in Nigeria because the schools will keep going on strike while his peers all over the world become graduates. You can go on and on and keep complaining but I choose to sing about it. I use my music to speak out so that at least the truth will be heard.

Do you feel privileged or burdened by the fact that you are expected to live up to expectations, considering your father’s legacy?It is an understatement to say that my father was a great man. I don’t think it is possible for Nigeria to see another Fela; a man who stood his ground and never compromised, even when his life was threatened. I don’t think I can go through the beatings my father went through in his fight for human rights, for speaking the truth for the benefit of the common man. I don’t envy my father at all, considering what I saw him go through. I am not in competition with him, but people on the street expect you to live up to that name. In that respect, I don’t think I am doing such a bad job. I have taken Afrobeat further than most people anticipated. I have won awards that no one thought Nigerians could ever aspire to. I have been travelling all over the world with a fifteen-piece band for over twenty years, despite the economic hard times. I have not compromised the

Elvis Udegbe

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A RT S , C U LT U R E & E N T E RTA I N M E N T

integrity of the music or what my father stood for. I still have a very strong fan base despite the fact that while in Nigeria, I do not perform outside the shrine. I perform for free here every Thursday night.

Why don’t you play outside the shrine?Because the multinational companies feel they have to promote music that is not politi-cal. My music is very political and I will speak my mind when I get on stage. I don’t think they want me to start a revolution. I can’t compromise my integrity and my standards because of music performance contracts.

Take us back down memory lane, how did your music career start?I dropped out of school to join my father’s band for six years in 1979. To live under his law became impossible for me, so I had to start my own band. I recorded my first track Africa Centre of the World in 1986. I went on my first international tour in 1988. I have been touring the world since 1988. I was the first Nigerian to win the CORA Awards. Bang Bang Bang was the track that won the award, but then it was banned. All these are by the way. I don’t really care about awards; they are not my goal. My care and con-cern is the fight for social justice, and political and moral rectitude through my music. My objective as always, is a better life for my people.

Do you have any regrets about dropping out of school?Not at all. Few of my mates that are graduates have been able to attain the heights I have as an individual. I am more famous and better travelled than they are. They might be better read academically but I don’t think they know more of history or that they appreciate this country more than I do. None of them have fought the battle for freedom and social emancipation better than I have.

In 1985, you were going abroad to perform with your father and he was stopped at the airport, but you went ahead and represented him at that concert. How did you feel in front of that mammoth crowd at the Hollywood Bowl in the United States, standing instead of Fela?I was shaking like a leaf, I was scared.

But it was recorded that you put up an excellent performance to the adulation of the crowd.

Well if you say so, but you see, it was not easy to be Fela. I don’t know how to explain it to you. My father was

idolized. We saw him in the house before he became a superstar or a social crusader.

We saw him at his peak in the seventies. We saw him when he was so rich that he had 14 cars. In those days you couldn’t have more than one car. That is probably why I was shaking

that day. It was also the starting point of what I knew my

responsibility would be in the future. It was

a blessing for me in the sense

that it made me start

taking so

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A RT S , C U LT U R E & E N T E RTA I N M E N T

many things around me seriously. By the time he came out of prison three years later, I had developed so much that he was truly amazed.

Was Fela a strict father?He couldn’t stand thieves; he couldn’t stand liars. So perhaps you could say he was a disciplinarian in that respect. He would also never joke with his music. You couldn’t play the wrong note; you dare not come late for rehearsals or performances. But then he was a very nice person. He used to joke with us and tell us stories. You dare not address him as ‘Sir’; you had to call him ‘Fela’. If as kids we called him ‘Daddy’, he stopped giving us mon-ey. Everyone called him Fela. We talked as though we were mates, as brothers. We could discuss any issue even about girlfriends. When I failed in school, he praised me! He was like: “Oh you failed? That’s very good! That’s my son. Don’t go to school again, stay in the house. But then if you are going to sit in the house, you better do something for yourself, do

not become a nonentity.” He made sure I was reading major books. I read books like Stolen Legacy, Black Man of the Nile, How Europe Underdeveloped Africa. I read books about Egyptian Pharoahs; Egyptian Book of the Dead, The Life and Times of Martin Lu-ther King, Jnr, Marcus Garvey, and Malcolm X. There was almost no famous book I did not read. In terms of history, I knew that I was far ahead of my peers who were still studying Medicine and other subjects. I had a very broad knowledge of the politi-cal situation in Nigeria. So if you do not go to school, it doesn’t mean that you are going to become a fool. If you want to be a musician, you must work. It was under my father that I studied karate for self defense. Back in the days, you never knew when the police or thugs would come to harass and molest you.

Fela invented Afrobeat as a genre of mu-sic. Would you say it is growing or dying?In New York alone, there are over 15 dif-ferent bands playing Afrobeat. There are bands in Australia, Sweden, France, and all

over the world, playing too. More Euro-peans are playing Afrobeat than Africans. Fela on Broadway has travelled all over the world. It has been to England, and toured the whole of America. It has also come to Nigeria, Australia, Japan and South Africa. I think Afrobeat is gradually becoming a world phenomenon; it is growing faster than I imagined it would.

Your son also performs, do you see him taking over from you the same way you did your dad?I sincerely hope and pray that he becomes a million times better than I am in future. That is every father’s dream. My purpose as a father is to give him the best so he can learn from my mistakes and become a better person than I am. I believe from what I have seen so far, that he is a better person and I am sure that he will become a better musician than I am.

Would you say that your music is being appreciated more abroad than in Nigeria?I wouldn’t say so. I see people that react to

Source: http://omobaswagz.blogspot.com

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A RT S , C U LT U R E & E N T E RTA I N M E N T

my music here in Nigeria. They know me. Just because I am not doing tours here does not mean Nigerians do not know me. If I drive to any bus stop here in La-gos, the crowd will mob my vehicle. I may not get the kind of radio play that I am supposed to get in my country but that doesn’t mean the people are not listening to my music. I cannot say that I am more appreciated outside the shores of my country. I still prefer playing at The New Africa Shrine than anywhere else.

Tell us about working with Macy Gray, Nile Rogers and other international superstars.It was a great experience, no doubt. I have had a wonderful career, I cannot complain. When I did all these shows with Nile Rogers and the rest, I was probably the first African musician to open the door for other African musicians to work with American ones. After I recorded Bang Bang Bang, the French recording company wanted to use the track as a vehicle to sell some French artistes on their label to American promoters in exchange for American artistes who will perform in France. I used that opportunity to sell Af-rican artistes to the American entertain-ment world. At that time, the American entertainment world had heard too many bad stories about Nigerian artistes. So I

had to talk to them from the true African perspective. I tried to make them under-stand the real situation of the man on the Nigerian street. Now when you see a lot of American artistes working with Nige-rian artistes, it is because between 1999 and 2004, I did a lot of work to disabuse the American entertainment world about Nigerians in particular and Africans in gen-eral. I had first hand access to people like Alicia Keys and Eryka Badu. I saw them on a regular basis and every time we had an opportunity to talk, we discussed Nigeria. They wanted to know about our politics, economics and society. As for African artistes, I am a brother to Baaba Maal and Youssou n’dour. Angelique Kidjo is also like a sister to me.

What is your objective when you are doing international collaborations?Promoting African culture and the integ-rity of the African man. To prove that given a fair chance and an opportunity, the African man will excel beyond any rea-sonable doubt. To prove that Africa can be the envy of the world and that there is absolutely no reason why Africa should not be the envy of the world.

Which would you prefer as an avenue to promote music from Africa; live perfor-mances or recorded CDs?

They are two different worlds, you cannot compare. When you are in the studio, it is a different world, and when you are live it is also different. It is very hard to take what you do live and put it in a CD. Very few artistes can manage to do that. In the stu-dio, the technology is so high and you can enhance your voice and everything else. To bring that same quality of production to a live performance is next to impossible. The cost can be higher than the budget of your entire tour! So monetary-wise, it is not prudent. Perhaps one of the few artistes I know who managed that is Ma-donna. These are top class acts the world over. I try to make sure that I do not use that much technology so when you see me live, you won’t feel disappointed.

What is your take on the issue of piracy in Nigeria today?It is not the fault of the boys out there on the streets pirating music; it is the fault of the government. Why won’t they get involved in piracy when the people in government are thieves? The money the government is taking from me is worse than what the pirates are taking from me. Piracy is not the issue in Nigeria; it is ‘gov-ernment corruption’ that is Nigeria’s issue and once we stop corruption in govern-ment, everyone will be honest.

Where do you see Afrobeat in the next 10-15 years?The possibilities are limitless, you can’t fathom it. The music must keep on chang-ing. My son cannot play Afrobeat the way I do. If you listen to my music and that of Fela, you will notice the similarities but you will also notice the changes. Hip hop came out of Afrobeat, no matter what anyone may say. Afrobeat has contributed and will continue to contribute to music in so many different genres.

These days you don’t get any content from the lyrics of our contemporary artistes, what is your take on this? I am not a critic. Isn’t it better for all these young people to be doing what they are doing than for them to become criminals and drug dealers? They are at least trying to be creative, isn’t that better? I would like to criticize Nollywood; their films are not as good as those of the Americans. But isn’t it better that they are at least doing something? It all shows that the youth want to do something positive with their lives. I cannot expect all of them to be like Fela.Source: http://omobaswagz.blogspot.com

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M O N T H L YA publication of Nigerian-British Chamber of Commerce

A D V E R T I S E

NBCC Monthly enjoys distribution at major events including, breakfast meetings, luncheons, and the World Trade Mission.

NBCC Monthly is also strategically placed at VIP events, VIP airline lounges, luxury hotel suites, private members clubs, major financial institutions, global corporations, and banks based in Lagos, Abuja, Port Harcourt etc.

NBCC Monthly is circulated to over 400 NBCC member companies ranging from multnationals to SMEs.

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Membership of the Chamber is open to firms and companies established in Nigeria or the United Kingdom, who trade with or have business connections or dealings with the countries involved and/or are interested in developing or furthering such interest and/or connections.

JOINTHE NIGERIAN-BRITISH CHAMBER OF COMMERCE

For more information, please visit:www.nbcc.org.ng.