Archive for nigeriang

Safe as stews

Safe as stews

If
I were asked to describe the typical Nigerian palate in one word, I
would say reserved. And if I were asked to elaborate, I would say our
palates in general enjoy foods that generate feelings of comfort and
stomach fullness and familiarity, especially the safe stodgy goodwill
of starches and lubricating grease.

Very much unlike
the exploratory constantly searching out new, quirky, exciting
sensations palate, it is a lot like that hypothesis on married men and
their wives, where men are men and their wives are bowls of Kellogg’s
Cornflakes. It proposes that some men like to eat Kellogg’s every
morning, rain or sunshine, all the days of their lives, while most men
choose to eat Kellogg’s Cornflakes only about once or twice or so every
six months and sometimes do so reluctantly or because they have no
option.

This theory
fundamentally offends me since I am a married woman. Accordingly, a
bowl of cornflakes, may be useful for pointing out the contrast between
the ability or willingness to enjoy sameness, familiarity and further,
refine and extol it as does the typical Nigerian palate; and the need
for variety and constant experimentation as a premise for enjoying ones
food as is commonplace in other food cultures.

I once hired a man
called Muri Fini to take care of my garden. He had lived his whole life
on Lagos Island and every day eaten his soft white bread accompanied
with milky tea in the morning, bowl of rice and peppery stew in the
afternoon and eba and efo riro or amala and ewedu at night.

The highlights of
his meals were as much meat as he could afford, and if there was
variety, it was present in the anatomy of the cow. If one had the
ability to eat generous portions of tripe, knotted intestines, cowhide,
cow leg, oxtail, lungs and liver then one was eating like a king.

Needless to say, he
was very set in his eating habits even though he was only in his early
twenties. He was not worried about vague distant ideas like the
requirement that one should eat balanced meals. Experimentation was of
course completely out of his radar.

My mother-in-law
had come to stay and she is of the staunch unwavering belief that one
must offer everyone who enters ones house a proper meal. She offered
Muri some food. Muri agreed with visible excitement. What was he
expecting? Probably a bowl of rice and stew.

She handed him some gari and Afia Efere; White soup.

He took the food
from her, thanked her, and my mother in law and I went upstairs only to
come down a few minutes later and discover that Muri had left the food
on the table and literally absconded.

My poor
mother-in-law was offended and taken aback and confused at this sort of
peculiar behavior. Why had he not just declined the offer of food?

Because he did want
to eat, I said, but not what he was given. And what he was given was so
completely removed from anything he had eaten in his life that instead
of inspiring hunger or curiosity, it inspired fear and probably
revulsion.

If the reader looks
through the eyes of Muri’s classic superstitious “Isale Eko” Yoruba,
upbringing and twenty odd years of eating red stews; into the alien
yam-thickened off-white countenance of Afia Efere, he just might be
able to empathise.

Muri knew he would
be coming in to work in a couple of days, so, leaving the food and
running away was not really the most rational way of dealing with a
bowl of unwanted food.

When I demanded an
explanation for his behavior a few days later, he just shuffled his
feet and mumbled something about never having seen that sort of
something or the other before. He was so embarrassed, that it would
have been cruel to continue to probe.

Though Muri’s case
is comical, I have also heard of the tragic fifty year old Nigerian
woman with crippling arthritis, eating stew every day even though she
has been given medical advice that tomatoes and peppers which are in
the nightshade family sometimes cause or aggravate inflammation. She
might get substantial relief from pain, if she does not eat her daily
stews.

Any Nigerian,
whatever their age might have that same initial suspension of belief;
how is it possible to be a Nigerian and not eat stew? Not eat hot
steaming peppery red jollof rice? Or ofada? Or goat meat stew? Then
what is the use of living! Stew after all is our established safety net
for hunger. Stew with everything.

I have had people
write to tell me how unimaginably alien they find the idea of cooking a
stew with coconut milk, or fish sauce. It makes sense because a
Nigerian stew needs to accompany everything from gari, semovita to
beans, and coconut milk stew for example, is a mighty leap for the
Nigerian imagination or palate, but I wonder about Yorubas running from
Efik soups and the unfamiliarity that we smugly hold up as a defense
when confronted with food from different parts of our very own country.

I wonder that we
are not dying of curiosity about Tiv cuisine and uncommon hot peppers
that grow in remote areas of Yenogoa. Or why our “national cuisine” is
in reality so restricted. I wonder if the typical Nigerian had to
choose between not eating stew and death, if he would really choose the
latter.

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Misplaced rage against foreign education

Misplaced rage against foreign education

Last
week, the Ondo State governor and arguably one of the more dynamic
state executives in the country, Olusegun Mimiko fired a number of
broadsides against the enduring yearning of Nigerians for foreign
education. Basically, the state governor was scandalised by the huge
transfer of naira to mostly western countries by Nigerian parents,
government and private organisations seeking to educate Nigerian
youngsters in foreign climes. More specifically, Mr. Mimiko said this
huge sum of money is enough to turn around the parlous state of
tertiary education in the country. He may well be right. It is not for
nothing that one of the booming areas of foreign interest in Nigeria
these days is in education: possibly at least three foreign -sponsored
education fairs probably take place in the country every other month to
expose

Nigerian students to admission processes for western universities and
others on different continents. It is also a particular bogey of
education activists that government officials remain wedded to the
ambition of training their children abroad. Every little official in
the local, state or federal establishment wants his or her children
educated in fancy – and not so fancy schools abroad. It is often
muttered about that this fondness for foreign education is one reason
why government officials do not really care about providing public
schools with the required resources to make them attain their past
standards, not to mention meeting up with modern demands. An extension
of this is the suspicion that a large part of the funds that should
have been invested in the schools is actually stolen.

There are no statistics on the number of Nigerians enjoying the benefit
of foreign education. But the figures should be in the hundreds of
thousands. A large number of them are in the west, but there are
substantial numbers in Asia, the Middle East, North Africa and,
increasingly west and south Africa. The reason why Nigerians travel
abroad to get educated can be found in the wide variety of courses they
pursue. The genuine pain of Nigerian education activists and now Mr.
Mimiko notwithstanding, it is hardly possible or desirable to seek to
stop Nigerians from educating their children anyway they can – and to
the best of their ability.

There is one
reason why many parents also increasingly prefer to send their children
to private elementary and secondary schools namely the quality of
education on offer in Nigeria right now leaves much to be desired.
Under funded and mismanaged, public schools in Nigeria are overwhelmed
by the large number of students they have to train. As for tertiary
institutions, the problem is capacity.

According to
Registrar of the Joint Admissions and Matriculation Board (JAMB), over
300,000 students who passed in the recent Universities Matriculation
Examination (UME) will not be able to gain admission to a university
due to lack of space for them in any of the nation’s private and public
universities.

This is a yearly
ritual and is not likely change until more universities are built to
accommodate this growing number of youngsters. Then there is the
uncertainty over the school calendar. A recent NEXT report stated that
the business of foreign education recruiters boomed during the last
strike action by university lecturers. Students only know when they are
admitted. Frequent strikes make it almost impossible for them to
calculate when they will leave the university as a five-year course may
well take six or more years.

Then there is the
very real fear that Nigerian companies have a soft spot for applicants
bearing foreign-awarded degrees. There has been a lot of talk about the
fact that Nigerian graduates are virtually unemployable – and there may
well be reasons to back this up. But the likelihood of getting better
reception from prospective employers is a mighty spur to a young
person’s desire to study abroad.

The upshot of all this is that the rush for foreign degrees is a
symptom of a much larger social malaise and cannot be treated in
isolation. Putting more money in public schools and retraining our
educators would be a good way to start the process of rebuilding trust
in our education system.

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Time tough

Time tough

It was one of those days when life unexpectedly slaps you in the face.

Two mothers with
four young schoolgirls walked into a museum in an east coast USA town
on Martin Luther King Day in 2003 and I immediately recognised the
guide in his uniform jacket. He was paunchier, and balder and his face
had aged considerably. When I first knew him he was a reporter at a
news organisation full of vim, hard working and articulate, rearing to
go.

We met on
assignment in the late seventies covering the Ecowas conference holding
that year in the Ghanaian capital, Accra. I was then working at the
Daily Times, the only female reporter in a group of 15 or so
journalists on a trip that took us to Cape Verde, Ghana and Senegal and
was bookmarked in my mind by the overthrow of General Fred Akuffo that
followed soon after our departure and led to the rescheduling of our
return route to Lagos. Bros Sege was running things then.

This was my first
foreign reporting assignment, when I came to understand the “man body
no be wood” category of travelling expenses that all male reporters and
the male editors to whom they had to account, were so familiar with.

I have to say the majority of my male colleagues, this gentleman especially, were respectful and as helpful as they could be.

By the time I left
Nigeria in 1989, this man had risen to the top position at the
organisation he worked for and moved on. I think he had even done some
stints as press secretary to some governor or other.

But evidently, from
meeting him again that day at the museum he had come down on different
times living in the States. He told me he was working two jobs,
guide/guard at the museum and cashier at a big retail chain in a
neighbouring town. He had got the current job courtesy of a former
colleague, his superior at the news organisation in Nigeria, a former
university professor who also worked at the museum. They had kept in
touch through good times and bad and had maintained a network, helping
each other out.

It was one of those
encounters where everything is left unsaid and the only question just
stands there like a giant elephant in the room everyone is trying to
ignore.

Yes he was keeping body and soul together and his grown children were probably working their way through college or high school,

helping their
parents with the bills, as mother held down a similar job to Dad’s. It
would be a life lived from paycheck to paycheck, no extras. Money for
air tickets home would have to come from carefully hoarded overtime
pay, as would any other treats, and remittances to help family back in
Naija.

One wonders
sometimes whether people at home understand how hard life can be in
those greener pastures across the seas. Yes there are rewards but they
do not come easily. In the absence of kinsmen and women close to the
seats of power, or extended family members who have made it
financially, in the lands of opportunity abroad one has to make one’s
luck with hard work and the requisite qualifications. What you thank
your stars for is having reached a place where you have the opportunity
to go as far as you want.

That aside, there
is no one to call on when that message from home asking you to pay your
levy for Uncle D’s funeral comes. If you take the time off to make the
trip, you lose the pay. Finding the extra to make up your donation has
to be calculated in overtime, or the extra job on the side that you
hustled to find.

This then is the
source of the anger that sometimes follows the discovery that all the
hard work that could have offset your study loan went on some bundles
of aso ebi.

Today things
promise to get even tougher as poverty becomes the great leveler and
financial strength replaces those other arbiters of rank and status
such as age, learning, experience, even love. If a younger brother or
sister has more means they become the elders everyone turns to. Uncles
and aunts whose voices used to be strident sometimes don’t ring out so
loud when the family is gathered and decisions are to be made,
especially those that involve putting down money. The favorite son or
daughter, niece or nephew is not always the one who loves most but the
one who gives most compared to others and not in proportion to how much
they have either.

But the deep end of this is even worse. Some day, when hopefully we
will have climbed out of the quagmire into which we are sinking,
someone will offer up for symposium discussion their proposed
dissertation subject on the slippery slope that links the descent from
419 to technology-free kidnapping.

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Tweet less, kiss more

Tweet less, kiss more

I
was driving from Washington to New York one afternoon on Interstate 95
when a car came zooming up behind me, really flying. I could see in the
rearview mirror that the driver was talking on her cell phone.

I was about to move to the centre lane to get out
of her way when she suddenly swerved into that lane herself to pass me
on the right – still chatting away. She continued moving dangerously
from one lane to another as she sped up the highway.

A few days later, I was talking to a guy who
commutes every day between New York and New Jersey. He props up his
laptop on the front seat so he can watch DVDs while he’s driving.

“I only do it in traffic,” he said. “It’s no big
deal.” Beyond the obvious safety issues, why does anyone want, or need,
to be talking constantly on the phone or watching movies (or texting)
while driving? I hate to sound so 20th century, but what’s wrong with
just listening to the radio? The blessed wonders of technology are
overwhelming us.

We don’t control them; they control us.

We’ve got cell phones and BlackBerrys and Kindles
and iPads, and we’re e-mailing and text-messaging and chatting and
Tweeting – I used to call it Twittering until I was corrected by high
school kids who patiently explained to me, as if I were the village
idiot, that the correct term is Tweeting. Twittering, Tweeting –
whatever it is, it sounds like a nervous disorder.

This is all part of what I think is one of the
weirder aspects of our culture: a heightened freneticism that seems to
demand that we be doing, at a minimum, two or three things every single
moment of every hour that we’re awake. Why is multitasking considered
an admirable talent? We could just as easily think of it as a neurotic
inability to concentrate for more than three seconds.

Why do we have to check our e-mail so many times a
day, or keep our ears constantly attached, as if with Krazy Glue, to
our cell phones?

When you watch the news on cable television, there
are often additional stories being scrolled across the bottom of the
screen, stock market results blinking on the right of the screen, and
promos for upcoming features on the left. These extras often block
significant parts of the main item we’re supposed to be watching.

A friend of mine told me about an engagement party
that she had attended. She said it was lovely: a delicious lunch and
plenty of champagne toasts. But all the guests had their cell phones on
the luncheon tables and had text-messaged their way through the entire
event.

Enough already with this hyperactive behavior,
this techno-tyranny and nonstop freneticism. We need to slow down and
take a deep breath.

I’m not opposed to the remarkable technological
advances of the past several years. I don’t want to go back to
typewriters and carbon paper and yellowing clips from the newspaper
morgue. I just think that we should treat technology like any other
tool. We should control it, bending it to our human purposes.

Let’s put down at least some of these gadgets and
spend a little time just being ourselves. One of the essential problems
of our society is that we have a tendency, amid all the craziness that
surrounds us, to lose sight of what is truly human in ourselves, and
that includes our own individual needs – those very special, mostly
nonmaterial things that would fulfill us, give meaning to our lives,
enlarge us, and enable us to more easily embrace those around us.

There’s a character in the August Wilson play “Joe
Turner’s Come and Gone” who says everyone has a song inside of him or
her, and that you lose sight of that song at your peril. If you get out
of touch with your song,

forget how to sing it, you’re bound to end up frustrated and dissatisfied.

As this character says, recalling a time when he
was out of touch with his own song, “Something wasn’t making my heart
smooth and easy.” I don’t think we can stay in touch with our song by
constantly Twittering or Tweeting, or thumbing out messages on our
BlackBerrys, or piling up virtual friends on Facebook.

We need to reduce the speed limits of our lives.
We need to savor the trip. Leave the cell phone at home every once in
awhile. Try kissing more and Tweeting less. And stop talking so much. Listen.

Other people have something to say, too. And when
they don’t, that glorious silence that you hear will have more to say
to you than you ever imagined. That is when you will begin to hear your
song. That’s when your best thoughts take hold, and you become really
you.

© 2010 New York Times News Service

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‘Corporate governance must be given priority’

‘Corporate governance must be given priority’

Finance experts
have stated that with the long awaited passage into law of the bill
setting up the Asset Management Corporation of Nigeria (AMC), Nigerian
banks need to move with the times in achieving the goal of
institutionalising best practices in corporate governance, which they
say must be pursued from all possible angles.

The role of
corporate governance in management of banks is again the subject of
much debate, as a few banks have already started declaring victory over
the lapses in their corporate governance and risk management, major
factors which brought the industry down last year. Earlier this week,
John Aboh, GMD/CEO, Oceanic Bank, said that the bank had effectively
addressed the corporate governance and risk management deficiencies
that led to the Central Bank’s intervention on August 14, 2009.
According to him, the bank had since achieved stability, growing
customer confidence as well as a return to profitability as of March
31, 2010.

‘The worst is over’

“I am delighted to
report that the worst is over and what we need to do now is to
collaborate on adopting an effective recapitalization plan that will
give the bank a strong competitive edge in the Nigerian banking sector
and beyond,” he said, noting that it may be too early to declare such
victories. Finance experts have stated that caution be implemented at
this stage as “in reality, it is quite early to say all the issues have
been addressed because the banks can’t prove it, though, it is
theoretically possible,” said Mr Aboh. Eelco Fiole, Associate Partner,
Ciuci Consulting, a management consulting firm that focuses on
providing business improvement solutions to clients said
“Fundamentally, for an institution to ensure quality corporate
governance, the promoters of the institution must view corporate
governance as a priority. By doing so, necessary attention is paid to
issues which could ultimately define the company’s existence.”

Mr. Aboh said the
bank’s management, with the support of its board, had come up with a
recapitalisation plan that includes a combination of several options:
bad loan recoveries, provision write backs from restructured credits,
and sale of none performing loans to the recently established Asset
Management Corporation of Nigeria (AMCON). Oyinkan Adewale, Executive
Director/Chief Financial Officer, Oceanic Bank, said as of June 2010,
customer deposits had grown in excess of N600 billion, an indication of
the acceptance of the brand in the sector and that the bank had hit
about N98 billion in loan recoveries while sustaining a profit run rate
of approximately N2 billion monthly. She added that the bank’s books
now bear a true picture and fair picture of its state following
rigorous analysis of the past records.

Holding managers accountable

“The nature of
accountability of the managers to the stakeholders is a key factor in
determining the quality of governance,” she said. “Banks must ensure
that corporate governance codes, which clearly spell out guidelines for
decision making, reporting and compliance, as well as, the
responsibilities and limits of executives, offices and employees are
developed,” she said. “Strict adherence to such codes, which must be
developed in line with regulatory requirements and international best
practices, will ensure that the organisation operates within the
confines of globally acceptable governance standards. Agents with the
highest responsibility for ensuring corporate governance within banks
remain the executive management and the board of directors.”

Following the reconsolidation exercise in 2005, the Central Bank set
out to establish a corporate governance code to serve as a frame-work
for banks to build their governance systems on. This was done with the
objective of mitigating the challenges that came with having bigger
banks with greater liabilities, improving public confidence in the
banking sector and safeguarding shareholder funds. Consequently,
experts say the issue remains how to ensure that banks adhere to best
practices in corporate governance in order to safeguard the investments
of shareholders and enhance the value creation process.

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Shareholders promise customers of safety

Shareholders promise customers of safety

Shareholders
Association of Nigeria, Onitsha zone, has assured customers of the
eight rescued banks in the country of adequate protection of their
interest in the plans by the Central Bank of Nigeria to sell the banks.

Goodluck Akporie,
chairman of the zone, advised the customers to go about their normal
banking businesses and transactions with their various banks as plans
are underway to inject more funds into the bank in order to make them
more viable. He said the CBN has no power to sell the ailing banks, but
noted that it has power to see to the welfare of the banks in order for
them not to go under. “I want to appeal to customers of the ailing
banks that are afraid and going for panic withdrawal. They should not
be afraid as no bank would be sold. We are only going to inject more
funds. No sales at all. They shouldn’t be afraid. They should do their
normal banking businesses and transactions with their various banks,”
he said.

Recapitalization it is

He said at the last
meeting the central bank held with the shareholders, the regulator said
it was not going to sell the banks. “Our position has always remained
the same,” he said. “The CBN governor, Sanusi Lamido said it clearly
that the apex bank is not selling any bank. That has been our argument
and they don’t have power to sell and they cannot sell but they have
the power to see to the welfare and ensure that banks do not go under.
So the position right now is that the bank would go to the market and
go for recapitalization, and the recapitalization is going to be by
shareholders, Nigeria public, some core investors and the Asset
Management Company of Nigeria (AMCON) because they are likely to buy or
shore up all the debts that the affected banks are owing. I thanked the
CBN governor for that step he took because he could as well nationalize
the banks,” he said.

Mr. Akporie also disclosed that the CBN is not presiding over the
selection of those that are bidding for the acquisition of the ailing
banks, adding that the bidders apply directly to the banks and not
through the CBN just as he said that the board of the various banks
would in conjunction with shareholders participate in the final bidding
process of the banks. He however called on some of the shareholders
that have gone to court to challenge the management of CBN over the
removal of the alleged ailing banks chief executives to withdraw their
suits from the court, adding that the CBN should be commended for being
courageous enough to remove the former executives of the banks who were
indicted for financial misappropriation that led to the present
challenges currently facing the banks.

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‘NNPC to join stock exchange’

‘NNPC to join stock exchange’

The aim of listing
the Nigeria National Petroleum Corporation (NNPC), Nigeria’s oil
behemoth, on the Nigerian Stock Exchange may just be a matter of time.
Timothy Okon, group general manager corporate planning and control at
the NNPC, said a major plank of the ongoing business transformation of
the entity is for Nigerians to be given equity stake in order to make
it a more efficient and accountable business enterprise.

Speaking at the
July Breakfast Meeting of the Nigerian-South African Chamber of
Commerce held yesterday in Lagos, he said the company’s strategy is to
be a major player along the power and gas value chain. He however said
it would require the appropriate legislation to strip it of its current
regulatory function and transform into a truly competitive oil, gas and
power company. “NNPC wants to attract investment capital,” he said. “We
have a 10 year scheme and we think that the second phase will be
consolidating businesses in terms of performance management which we
are currently doing so that by mid 2011, most of the technical process
and structures would have been in place.” He said the Petroleum
Industry Bill (PIB), one of the critical legislation that would be
required would have been passed by then.

National content

He said under the
PIB and National Content policy of government, NNPC’s role would be
that of compliance with the national content provisions. “So we expect
to see those structural changes where the regulatory functions will
reside with the regulators and ours will just be a purely commercial
role.” He however faulted the provision of the PIB which stipulates
that the national oil company will become a limited liability accompany
only of the government chooses, making it optional for government to
fully relinquish control. “This is probably the only place in the world
where government retains that option two years after.” The national
content policy involves the value added to or created in the Nigerian
economy by a systematic development of capacity and capabilities
through the deliberate utilization of Nigerians and Nigerian companies
in order executing contracts in the Nigerian oil and gas industry. Mr.
Okon, who is also the director of transformation, said as part of the
transformation process, it was embarking on stabilizing and improving
the governance system. “We need to improve governance so that
transformation parties can come in. There is need to reinforce
commercial focus and reduce political patronage. You know at the board
level, the board members have fiduciary responsibility under the
Companies and Allied Matters Act (CAMA). Doing this will lead to
improved governance,” he said.

Growing business

According to him,
the company was focusing on upstream and midstream. “We are growing
businesses in gas and power,” he said. “We are growing retail
businesses. We have about 300 affiliate stations being rebranded. NNPC
is also seeking to do a lot of the importation of petroleum products.”
He added that its subsidiary, the National Petroleum Development
Company with responsibility for petroleum exploration and production
now refines 61 barrels per day compared to 40 barrels per day before
the transformation process began.

“Production at Kaduna refinery has stabilized,” he said. “We are
trying to attain some measure of profitability. By end of July we
should have a retail system with an independent structure as we prepare
for unbundling.” He said the company was streamlining its expenses in
line with its new business focus. “We are trying to guide a process to
try and instil commercial discipline. Whereas in the past budget was
about spending money without minding whether it was profitably spent or
not. So we are focused on ensuring NNPC profitability, refineries as
profit centres, and enhancing NNPC retail business, international
supply and trade business, focusing on gas and power and driving
management performance across the corporation.”

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STREET TALKING: Top Billing: Is communications ready for prime-time?

STREET TALKING: Top Billing: Is communications ready for prime-time?

‘There is a tide in
the affairs of men which, taken at the flood, leads on to fortune;
omitted, all the voyage of their life is bound in shallows and in
miseries. On such a full sea are we now afloat, and we must take the
current when it serves, or lose our ventures.’

Who can forget
Brutus’ stirring words to Cassius urging an attack on Marcus Antonius
and Octavian’s forces in William Shakespeare’s Julius Caesar? Centuries
later, the passion infused in his speech still lights a spark in
perceptive hearts to grab opportunities before they flee away to
eternal regret.

I think such an
opportunity beckons to corporate communicators. Whether they recognize
that history is offering them an invitation card to move from the
tactical to the strategic is another matter entirely. Frankly, I think
they have a once-in-a-lifetime chance to redefine their role in the
hierarchy of corporate relevance. A perfect analogy would be with IT
professionals around the Y2K bug panic who leveraged a need for their
skills to rise on the pole of corporate value. Suddenly, these guys –
they were mostly male – who were seen as just geeks tinkering away in
poorly lit air-conditioned rooms came to be accorded the respect of
critical business infrastructure engineers.

Last year, I heard
the most scalding comment ever made by a CEO on his company’s
communications team. He said that they were ‘harmless data gatherers
and speech writers. I only employ them because they know the press
people.’ How insulting and unfair. When I asked him if he had ever
given them the opportunity to be anything more, he asked aloud ‘why
should I?’ I left his office in a daze. Yet I wonder how much of this
erroneous impression had been fostered by his communications people.

In spite of his
dismissal, I persist in the belief that his words reflect a deep-seated
frustration at the inability of that department to measure up to his
expectations of what it ought to be doing to support the business goals
of the company.

This week, Lamido
Sanusi, governor of the Central Bank of Nigeria, echoed some of those
views at 19th Financial Market Dealers’ Association (FMDA) Conference
in Abuja. Speaking of the performance of the Central Bank’s corporate
communications department, the governor recognized that ‘communication
is a big problem and it is something we are working on. A lot of what
we have said here should be something you click on the Central Bank
website and find easily. So what we are trying to do is to source a
communications adviser. I think what has happened is that a lot of
corporate communications at the Central Bank has been dedicated to
dealing with the press. . . Two hours after press conferences, I have
to check to see if the communiqué is out because somebody who is
supposed to do it automatically needs to be alerted before he goes and
puts it up.’ A case in point would be waiting for the CBN’s web
administrator to put up a transcript of the governor’s speech given at
the Professor Sylvester Monye Foundation on July 9, 2010 two weeks
after the event.

In this networked
age, when news travels across the world at the blinking speed and
virality of a 140-character tweet, the importance of a rapid response
corporate communications function has never been more urgent. No
organization, and that includes listed companies, regulatory agencies,
government departments, private companies and non-profits, can afford
to move at different pace in the on- and offline worlds.

In fact, to regard
the web as the ‘far and away’ and the 3-dimensional real world as the
‘here and now’ is as archaic as relics in the National Museum. The
Great Cyber Divide no longer exists. In responding to customers,
dealing with stakeholders, updating investors, communicating in a
crisis and reaching employees it is an own goal not to synchronize the
two acts.

Speaking of
web-lag, First Bank, which has been in the news lately over the
resignation of three executive directors on a single day, July 16th,
provided further evidence of the frustration described by Lamido Sanusi
at the CBN. For the full weekend after the departure of the executives,
First Bank did not put up the release on the Media Section of its
website at
http://www.firstbanknigeria.com/MediaCentre/PressRoom/tabid/371/Default.aspx
till July 19th.

I have cited the
cases of web usage, not because the speed of updating an organization’s
website makes a communications professional of great value in itself.
That would be too simplistic. Rather I used the web to illustrate that
if on a simple matter, and it really is a basic issue as logging in to
a content management system (CMS) and updating information, they are
found wanting, then they still have a long way to go. I cannot recall a
time when the fates of organizations depended more on the competence of
their communications officers. They will have no one else to blame if
they do not rise to the challenge.

The writer is the managing director of a full service investor relations firm based in Lagos, Nigeria.

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An extraordinary watch

An extraordinary watch

The MB&F HM4 thunderbolt is simply not an ordinary watch.
It’s considered more as a horological machine, and goes for a price tag of
$158,000 (N23.7 million), enough money to buy eight new sedan cars.

The exclusive time piece represents an intriguing mixture of
high grade materials, precision engineering, and outlandishly macho design.
Taking three years to craft, the HM4 (Horological Machine No 4), finally
unveiled on 7 July, might be described as the perfect pilot’s or driver’s
watch.

Design

The watch is pure artistic in creation, and with its
groundbreaking and radically designed body, does not follow rules of
traditional wristwatch making. It has highly polished surfaces of titanium and
sapphire, also with seductive curves, and rigid forms with articulated arms. It
has a side order shaped in form of a bullet. It comes in dimensions of 54mm wide
x 52mm long x 24mm high. Its body is fully endowed with grade five titanium and
sapphire-five sapphire crystals. There are 50 jewels and 311 components in the
engine, and a black hand-stitched calfskin strap with a titanium and white gold
clasp

The HM4 is built around a completely complex and meticulous
engine. It has dual dials, with one for the time and the other a powerful
indicator.

It comes with a sapphire glass top and bottom, making the
mechanism visible and reveals as much of the oscillating wheel and validating
the “kinetic” in MB&F’s “kinetic art,” with its distinctive streamlined
cock which supports the balance. The metal case sections are milled from solid
blocks of high-tech grade five titanium.

Structure

On the left pod is the amount of fuel in the tanks or power
reserve indicator, clearly indicated by a skeleton hand echoing MB&F’s
battle-axe motif. On the right, hours and minutes are displayed by bold,
arrow-tipped Super-LumiNova filled hands. Each of the two aviation
instrument-styled dials is directly controlled by its own crown, one to wind
and re-fuel the tanks, the other to set the time, which provides direct and
instantaneous feedback of the action performed.

Engine

It’s got a three-dimensional horological engine and comes with
manual winding with two mainspring barrels in parallel. It has a power reserve
of 72 hours and balance frequency of 21,600bph/3Hz. Ensconced within the watch
is over 300 parts composing a transcendental engine.

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The new Kia Sportage

The new Kia Sportage

The Kia Sportage is
a compact Sports Utility Vehicle which stole the hearts of many auto
lovers when it was first released in 2005. Still waxing stronger, its
latest model, the 2010 Kia Sportage, has been re-defined with lots of
improvement features like fuel economy, better styling, and enhanced
driving. With the 2010 Kia Sportage, handling is secure and a smooth
ride is guaranteed and generally well accepted.

Design

The Kia Sportage is
endowed with a unique, modern and attractive body. Its curvaceous
outlook gives it a strong visual presence. The car comes in different
models of the base LX or EX trim, along with optional all-wheel drive.
Standard features on all LX models include 16-inch wheels,
multi-reflector headlamps, roof rails, front and rear towing hooks, and
a front-end skid plate. Upgrading to the EX model includes a power
sunroof, fog lights, and heated side mirrors, while the Sport Package,
available on LX V-6 models, comes with fog lights, a leather steering
wheel and shift knob, a rear spoiler, rear cargo cover, standard cruise
control, and 17-inch alloy wheels. The new SUV comes with gas-filled
shock absorbers built at the rear, and has stabilizer bars at both
ends. It comes with new grille design, new headlights and fog lights,
and new alloy wheels.

Interior

Inside, the Kia
Sportage is very attractive with a comfortable and roomy interior, for
extreme comfort for passengers. The car offers an interior that easily
seats five adults (driver inclusive), with reasonable seating comfort
for all. The seats come in options of leather and cloth. The centre
console and dash board have a sleek and highly functional look. It
comprises a Bose Stereo, while USB jacks and MP3 playback capabilities
have been made a standard. It also comes with power seating and dual
temperature controls.

Under The Hood

The new 2010 Kia
Sportage is built with two separate engines. The first comes with a
fuel-efficient 2.0-litre four-cylinder engine with Continuously
Variable Valve Timing (CVVT) technology and a respectable 140
horsepower; while the second engine is built with a 2.7-litre V-6
engine with 173 horsepower. Transmission options include a five-speed
manual transmission or a four-speed automatic transmission. The
automatic transmission is responsive enough with either engine.
All-wheel drive is an option. Five-speed manual gearbox is standard in
the four-cylinder Kia Sportage LX, and a four-speed automatic comes
optional, while V-6 models come with standard automatic transmission.

Safety

Standard safety
features include dual front, side, and curtain airbags; anti-lock
brakes; traction and stability control; and tire pressure monitors. A
total of six standard airbags, including front-and side-impact airbags
for driver and passenger, and side curtain airbags for front-and
rear-seat occupants are in the car. It has all-disc antilock brakes,
traction control, and a standard electronic stability system.

Price

The Kia Sportage has an average price of $16,695 (N2. 5 million) to $24,371 (N3. 6 million).

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