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Bi-Courtney
Highways Services Limited, the concessionaire of the Lagos-Ibadan
expressway, has said it does not have financial constraints concerning
the road construction.

Wale Babalakin, the Bi-Courtney Group chairman, added that the financial hurdle has been conquered.

Mr. Babalakin spoke
at a press conference and site visit yesterday at the Ojota end of the
expressway. “Work commenced on that road on (last) Friday. Work
commenced with the phenomenal movement of equipment. We are getting
other people involved, especially before the flag off,” he said.

He added that the
company will raise all the required funding, largely through equity and
long term loans. He drew inference from the proposed national budget of
N4.5 trillion for next year, declaring that, “the value of outstanding
work going on in Nigeria today, in the road industry, from what I
gathered, is over N1 trillion. The budget for next year, for road, is
N117 billion.”

“What this means is
that no road will have more than 10 percent of the cost of doing it
next year, which means assuming there is no escalation, it would take
another 10 years to build an average federal road. This is why we can
then understand why it took over 10 years to do Ibadan to Oyo; why it
will take over 10 years to do Ogbomosho to Ilorin, the Abuja to Okene
road, and so on. It will take over 10 years to do any major road in
Nigeria,” he said.

“This is why the
only way out is to reconstruct the road on concession. It is not
whether you like it or not, it is just the logical way out. We have to
get the private sector actively involved,” he added.

The concession is a
Public-Private Partnership project between the federal ministry of
works and Bi-Courtney, under the Design-Build-Operate-Transfer scheme,
with no monetary costs to the government.

Cost still unknown

“We got the letter
of intent, May 27, 2007. After that, it took two years to get a
concession signed. As we speak, we don’t have the right of way, it is
yet to be cleared and handed over to us. However, we have decided that
despite the constraints, we will start,” Mr. Babalakin said.

He added that
modern expressway services and facilities will be introduced, such as
dawn lighting, improved and new interchanges, a new drainage system,
recesses service areas, lay-by emergency parking areas, footbridges in
heavy pedestrian areas, weighbridges, electronic traffic control,
obligatory or informative signs, trailer parks, motels, and gas
supplies, among others. Road users will subsequently pay tolls on the
road, which will be operated and maintained by the company for 25
years, the duration of the concession. The number of toll gates is not
yet determined, though.

The firm said the
project would be in phases, with the first phase consisting of three
lanes from Lagos to Ibadan. The final phase would have four lanes on
each carriageway from Shagamu to Ibadan, but all these are subject to
traffic study.

Mr. Babalakin, however, declined to disclose the exact amount the
contract is worth currently, after the designs amendment, saying, “An
agent does not reveal figures. The federal government will let us know
the figures in due time.”

As Nigeria’s huge
unbanked population steadily migrates to the formal banking system,
Stanbic IBTC Bank Plc, a member of the Standard Bank Group, has
restated that it will continue to offer new and innovative products and
solutions aimed at meeting the demands of the various segments of the
market.

Tolu Oladipo, the
bank’s head of personal banking, noted that the Nigerian financial
market is extensive and expanding, a situation that demands consistent
evaluation to identify potential customers, their needs, and
aspirations, as well as supporting these with the appropriate products
and solutions.

Mr. Oladipo said
Stanbic IBTC already has an array of product and service solutions,
including Stanbic IBTC Home Loans product and Vehicle and Asset Finance
product, among others, targeted at a diverse customer segment, to
ensure that all customers will have access to the best products and
services wherever they are and whenever they desire it.

“Awareness of our
products is growing rapidly in the market, driven by our significant
expansion within the country. Since the beginning of the year, we have
rolled out more than 70 points of representation nationwide, and we
expect to see this trend continuing over the next few years.

“In addition to this, our growth is fuelled by the strength of our
brand as well as the quality of service we strive to continue to
deliver to our customers,” he said.

Samsung Electronics
West Africa, in partnership with Dajcom Limited, on Tuesday, unveiled a
new line-up of Samsung air conditioning systems. The Samsung Digital
Variable Multi commercial air conditioners systems, in addition to the
existing Samsung air conditioning range, was introduced to key
influencers and customers at an upscale event tagged ‘Digital Air
Solutions Forum’ in Lagos. The event coincided with the annual Nigerian
Institute of Architects Day.

Samsung Digital Air
Solutions Forum is another pioneering initiative from the Samsung
brand. Speaking at the event, the managing director, Samsung
Electronics Nigeria, Idy Enang, said, “It is our tradition at Samsung
Electronics to improve the standard of living of the populace, both in
the private and commercial sectors. One way we have achieved this is in
the air conditioners business.”

Due to the
emergence of numerous high rise buildings in need of centralized air
conditioners and the departure from the Chiller AC system, Samsung
Electronics West Africa has decided to introduce the Samsung DVM Air
Conditioners.

Also speaking at
the event, managing director, Dajcom Limited, David Safa, said his
company was thrilled to be part of the launch.

The Global Business
Coalition has announced the election of Aigboje Aig-Imoukhuede, group
managing director of Access Bank Plc, to its board.

The coalition is
the world’s largest group of businesses dedicated to fighting HIV/AIDS
and promoting the health of employees and the communities where they
work.

Widely regarded as
the preeminent organisation for businesses engaged in major workplace
and public health issues internationally, it is a network of over 220
businesses that fight AIDS, tuberculosis, and malaria in their
workplaces or in communities where these issues loom large.

The coalition’s
headquarters is based in New York and provides strategic advice and
support for member companies. It creates public private partnerships
with leading international organisations, donors, governments, and NGOs.

In announcing Mr.
Aig-Imoukhuede’s election to the board, the coalition’s co-chairman,
Mark Moody-Stuart, said, “From 2011, GBC will be introducing an
aggressive strategy to rally more businesses and support their work in
global health. Africa is of course a top priority, and Aig-Imoukhuede’s
success at growing businesses, his stature in Nigeria, Africa, and
among international leaders, and his track record on fighting HIV/AIDS
and other health challenges, make him a natural choice for the GBC, and
I am delighted to have him join us.”

Ghana is now the
seventh African nation to become a member of the Africa Finance
Corporation, joining host country Nigeria, Guinea-Bissau, Sierra Leone,
The Gambia, Liberia, and Guinea.

The Ghanaian
Parliament, on Tuesday, formally approved a resolution ratifying the
AFC agreement and the country’s request to join the pan-African
organisation. Parliament also approved a resolution for Ghana to
subscribe for shares in the institution.

First deputy
Speaker, Edward Doe Ajaho, who chaired the session in parliament, said
Ghana was pleased to join her sister African nations that had already
become members of the Africa Finance Corporation.

“Clearly, Africa’s
area of greatest need today is infrastructure development, and AFC is
well positioned to help fill the void in this important area. My
country welcomes the opportunity to lend our support to AFC’s efforts
in bridging the dire infrastructure investment gap on our continent.

“Ghana is one of
the countries that supported the establishment of AFC from the very
beginning. We are, therefore, exceedingly happy that the country has
today finally become a formal member of the organisation,” Mr. Ajaho
said.

Speaking to senior
parliamentary and government officials on behalf of AFC’s president and
chief executive officer, Andrew Alli, immediately after the
proceedings, the corporation’s executive director and general counsel,
Adesegun Akin-Olugbade, expressed his organisation’s appreciation to
the government of Ghana for the confidence reposed in the institution.

The focus of this
column last week was on Airtel and the need to observe the perception
of consumers about its services. The online reactions to the column
were very revealing and thought provoking. Some readers disagreed with
my viewpoint, others supported it, and also added other dimension to
it. These dimensions focused more on the consumers and why they should
not be underestimated.

It is important to
continuously engage consumers, as this helps to shape their opinions
about the brand. There should be sessions whereby consumers are engaged
in down-to-earth discussions to feel their views about a brand or
service. This, I believe, is what the telecomm companies should be
doing. It should be a consistent activity which helps shape opinions
and views about their services. The absence of a solid platform to
engage consumers leaves them guessing and ultimately making wrong
assumptions. Engagement sessions help brands resolve consumers’
frustrations and address their grievances.

Some of these, to a
large extent, erode their confidence in brands. Consumers are not
docile people, and they should not be treated as such. They should also
not be taken for granted in whatever form and under any circumstance.
This is one raging issue against telecomm companies, as they take undue
advantage of consumers. That is why I commend Sola Salako and her
Consumer Advocacy Forum, which has really kept the telecomm companies
on their toes. I have watched a few of the forum’s programmes, and I
believe it is right to checkmate the excesses of companies and their
brands.

The inability to
analyse consumers, determine their perception, and thoroughly profile
their personality pose serious threat to companies and their brands. It
is important to know who the consumers are, what they do, how they
think, and what influences their decisions.

Consumers’ pressing need

Quality service is
all the consumers want. This should be a serious point of focus for the
telecomm companies. Tariff reduction does not have any meaning if there
is poor service delivery. The services should be both realisable and
dependable.

One of the other
readers mentioned this as being more important than any sales promotion
that is not hinged on quality service delivery. I believe it will get
to an interesting level when companies and their brands will go to the
streets and touch base with consumers. This will definitely lead to
building sustainable relationships with consumers.

Come to think of
it, Airtel roaming the streets of Lagos and gauging consumers’
perception! This will be real and authentic. If this is done, the
network would create a true connection with consumers. This will chart
a strategic direction for the brand.

The end result is a
real and long time relationship with them, built on trust and mutual
respect. I believe that we are getting to the level whereby companies
would account for themselves. This is known as vigilante consumerism.
Consumers hold brands accountable for their actions more than what any
legislation can do. This has started already with the Consumer’s
Advocacy Forum.

A good tracking
programme also helps build consumers confidence and serves as a signal
to track their complaints and grievances. When consumers are not given
an opportunity to express themselves, they resort to complaints and
resultant effect is their willingness to share their negative
experiences.

Consumers do not
like to be exploited by brands, as they want brands to offer themselves
for appraisal. A customer-centric approach will always restore
confidence and make them see reason why they need to connect more with
a particular brand or service. Through all these, consumers will show
their love and loyalty to such brands, even during recession.

Ayopo, a
Communication Strategist and Public Relations specialist is the CEO of
Shortlist Limited, shortlistedprspeacialists@gmail.com

The
Attorney General of the Federation and Minister of Justice, Mohamed
Adoke, has asked Arunma Oteh, the director general, Securities and
Exchange Commission, to comment on allegations of abuse of office in
the recent sack of the former director general of the Nigerian Stock
Exchange.

Paul
Erokoro, counsel to Ndi Okereke-Onyuike, the former Exchange’s director
general, had in a petition dated November 8, to Mr. Adoke, alleged
abuse of office by the commission and the Nigeria Police, as due
process was not followed in the sack of his client.

The
minister responded in a November 11 letter, signed by P.T. Akper, his
special assistant, demanding explanation from Ms. Oteh. Lately, there
has been summons by the House of Representatives and Senate over Mrs.
Okereke-Onyuike’s sack.

Mr.
Erokoro claimed in his petition that the commission showed bias in its
action by denying his client fair hearing before being relieved of her
position. He said that despite the acceptance of a written notice last
June 16 to the Exchange’s council about her intention to commence her
terminal leave from September 1 and voluntarily retire from service
with effect from December 15, the commission later sent a letter to
Mrs. Okereke-Onyiuke about a complaint by another member against the
Exchange management.

He
said contrary to normal procedures, the regulator “acted with undue and
indecent haste”by not asking his client to respond in writing to the
allegations, adding that the period of notice for her to appear before
a commission the next day for hearing on the matter was ‘unreasonable”,
as council members were not given sufficient time to deliberate and
decide on the allegations.

Illegal action

Besides,
he said the securities commission flouted Section 262 of the Companies
and Allied Matters Act, as well as numerous provisions of the
Investments and Securities Act, as no administrative committee was set
up to examine the allegations and evidence of rebuttal.

“No
impropriety was alleged against our client personally in the reasons
advanced for her removal. The allegations were against management
generally. So, why was our client singled out? SEC abused its powers in
the way it acted. Its actions were contrary to its own statutes as well
as the constitution,” he argued.

Describing
Mrs. Okereke-Onyiuke’s sack as “a premeditated and orchestrated move by
SEC to rubbish the image of our client and deny her a dignified exit
from the Nigeria Stock Exchange,” Mr. Erokoro urged the minister to
intervene and ensure that the former Exchange’s boss is allowed to
retire properly with her full benefits.

Meanwhile, Lanre Oloyi, the commission’s spokesperson, said he is not aware of such a letter.

The top price for
Kenya’s benchmark AA coffee declined to $604 from $701 per 50-kg bag at
the previous sale, data from the Nairobi Coffee Exchange (NCE) showed
on Wednesday.

However, the lowest
price for AA grade at the sale held on Tuesday increased to $250, from
$241 at the previous auction two weeks ago.

Overall, the
average price for all Kenyan coffee grades also increased to $341.22
from $295, with 16,127 bags sold out of the 23,421 on offer.

The high cost of the coffee has been attributed to low supply of the commodity due to the rainy season.

“We expect the high coffee prices to continue to early next year,” said Peter Kinyua, director, Servicoff Limited.

Kenya’s largest
telecoms operator, Safaricom, said on Wednesday the second tranche of a
five-year medium-term note, worth 4.487 billion shillings, will have
both fixed and floating rates.

Safaricom said in a
statement the fixed rate would be set at 7.75 percent and the floating
rate would have a margin of 185 basis points above the 182-day Treasury
bill rate.

The weighted
average yield on the 182-day Treasury bill stood at 2.464 percent at
the latest sale last week, from 2.256 percent previously.

The bond will be on sale for a fortnight, starting December 1.

South African
manufacturing activity swung back into positive territory in November,
as business activity picked up and managers saw conditions improving
further, a survey showed on Wednesday.

Sponsor, Kagiso Securities, said the November Purchasing Managers’ Index (PMI) rose to 52.9 points, from 49.8 in October.

PMI is a leading indicator ahead of official manufacturing activity and most of its sub-indices were above the 50 level.

“Together, business
activity and new sales orders are responsible for 55 percent of the
headline PMI and were mainly responsible for the move to above 50 seen
for the overall index,” Kagiso’s Theo Vorster said.