Business
LOCAN AND WORLD NEWS, BUSINESS, SPORTS AND ENTERTAINMENT FOR TODAY TUE. 17 JULY 2018


Tracking Times – headlines
LOCAL NEWS
THE NATION
Ekiti election: INEC dares Olusola to head for court
Killer of Ondo ex-deputy governors girl remanded
THISDAY
Crude Oil Price Drops to $73 amid Tight Supply, Outages
IMF Raises Nigeria’s 2019 Growth Forecast to 2.3%
Nigeria is Safe, Secure for Investment, Buhari Assures 20 CEOs in The Netherlands
NIGERIA PILOT
PRESIDENCY AND INITIATIVES IN THE FIGHT AGAINST INSECURITY
FG assures AARDO of N160m counterpart funding to boost agric
Defection! Gov Ortom, Sen. Nyako, Dogara’s aide others quit APC
SAHARA REPORTERS
Cliff Oguigo, 1941-2018 By Dele Jegede
BREAKING: Airlines Cancel Numerous Flights Nationwide Due To Bad Weather
BREAKING: ‘Killer Boyfriend’ Of Ex-Ondo Deputy Gov’s Daughter Handcuffed To Court
Appeal Court Says Judgement In N2.9bn Fraud Trial Against Orji Kalu Must Not Exceed September
GUARDIAN
All-conquering French team arrives to rousing welcome
Oshiomhole, Osun APC youths differ on direct primary for gov candidate
Civil servants threaten industrial action over cancellation of promotion interview
TUC wants government to spend Abacha loot on development projects
Tori
Woman Who Was Accused Of Snatching Her Friend’s Husband Last Year, Dies (Photos)
Contending Factors: Why PDP Lost Ekiti To APC
Catholic Priests Reveal Type Of Candidates Nigerians Should Support In 2019
LINDA IKEJI
Mother and daughter miraculously survive crash as car somersaults, plunges into drainage in Anambra
Update: Boyfriend of ex-Ondo deputy governor’s daughter, Khadijat Oluboyo, remanded in prison
THE SUN
Osun guber: APC suspends chairman over direct system primary election
2019: why we appoint Senator Sheriff’ Buhari Group
2019: Atiku begins nationwide tour, set mega declaration for July 21st
WORLD NEWS
0x lets any app be the Craigslist of cryptocurrency – Techcrunch
11 Strategies To Prevent Problems From Resulting In Termination – Forbes
19 great travel deals only Prime members can buy on Amazon right now – Business Insider
2 Cheap FTSE 250 Dividend Stocks You Should Buy Right Now – Forbes
2 die celebrating France’s World Cup 2018 win over Croatia – Tribune
2018 Forbes Under 30 Summit Asia Kicks Off In Hong Kong – Forbes
21 most disturbing lines from Trump-Putin press conference – CNN
25 of the biggest failed products from the world’s biggest companies – Business Insider
3 Low-Cost Secret Dividend Heroes That Could Make You A Fortune – Forbes
3 Unusual Phone Sales Tactics That Can Forever Change Your Business – Forbes
CNN
Liver cancer death rate in US surged 43% in 16 years
California ghost town sells for $1.4 million
A woman needs your help finding the family in these photos
Jeff Bezos is now worth more than Bill Gates and Larry Page combined
Timely: Amazon confirms Prime Day outages
The US President caved spectacularly to Russia’s Vladimir Putin. Here’s what might happen next
Will Elon Musk’s antics hurt his businesses
Adidas joins the fight against plastic
Amazon’s Bezos worth $150 billion
The most shameful, stunning moment of the Trump presidency
Russian national charged with ‘infiltrating’ US political groups
Lava bomb hits tour boat and injures 23
Usain Bolt in talks for soccer trial in Australia
BBC
China’s most expensive film pulled after opening weekend
US nuclear materials stolen last year are still missing
Usain Bolt may play football trial in Australia
Prehistoric bake-off: Recipe for oldest bread revealed
Putin laughs off Mueller indictment in Fox News interview
The day ‘The Myth’ became a reality at Juventus
Bolt in talks about football trial in Australia
Trump-Putin summit: US president under fire over poll meddling comments
Russian woman charged with spying in the US
Kilauea volcano: Flying lava injures 23 in Hawaii
Helsinki summit: The ways Trump and Putin see eye to eye
Fierce and angry’ protest tattoos from a Russia prison
The border ranch: Living on a ‘smuggling route
AL JAZEERA
Iraq: Deadly Basra protests spread to other cities
What will be Russia’s World Cup legacy
Putin triumphs over Trump at US-Russia summit
US ready for direct talks with Afghan Taliban
Trump-Putin summit brings end to frosty US-Russia relations
Journalist tried for reporting on Rohingya deaths testifies
Death toll rises in southern Iraq protests
Palestinians demand Israel return bodies of loved ones
Iran takes US to ICJ over re-imposed sanctions
Cornell West: ‘Obama was never the revolutionary Mandela was
West Bank students face uncertain future with demolition threat
Egypt passes bill shielding military officers from prosecution
Qatar’s emir hopes 2022 World Cup can heal Arab world divisions
US trade tariffs take the spotlight in EU-China summit
Eight migrants found dead in shipping container in Libya
Russia: What type of legacy will World Cup leave behind
Malaysia: New government sworn in after 61-year party rule
Yemen island Socotra struggles to recover months after cyclone
After Russia, focus shifts on Qatar for World Cup 2022
Mahathir: ‘Anwar Ibrahim will be the next prime minister
FARC members: We won’t back down on peace, even with Duque
US Republicans endorse arming toddlers on Sacha Baron Cohen show
As Trump engages Putin, his deal with Kim collapses
Trump-Putin summit kicks off in Helsinki
German FM: Europe can no longer fully rely on the US
Qatar 2022: World Cup preparations on schedule
BUSINESS NEWS
Auditor-General’s report reveals rot in MDAs, FG
Weak bank credit worries construction, real estate sector
Oando’s shares down 9.37% to October lows on London court ruling
Importers to pay more demurrage as gridlock returns to Apapa
Why IMF sees Nigeria’s inflation rising in H2 2018
IMF review upward sub-Saharan Africa growth outlook
Nigerian lawmakers are scarcely understood ‘ Senate Leader
DMO to List N10.69bn FGN Sovereign Green Bond on NSE
PCNI inaugurates IDPs resettlement committee in northeast
Getting the Nigeria electricity industry right
NNPC engages Cross River community on 14mw biodiesel
Transcorp half year results show pre-tax profit up 164%
AOS Orwell completes actuator valve assembly
Union Bank, Connect Nigeria celebrates Top 100 Emerging SMEs
EFG Hermes concludes advisory on ASA International’s IPO
SEC restates commitment to strengthen Nigeria’s capital market
SPORTS NEWS
2018 Home Run Derby Results: Bryce Harper Wins at Nats Park over Kyle Schwarber – Bleacher Report
Afolabi Okiki scores four as Jimma Aba Jifar lift Ethiopian Premier League – Goal
Aigbogun confidents Flying Eagles will beat Mauritania in Lagos – Peoples Daily
Alexis shows off Ronaldo-like hairstyle for new season – Goal
Alexis shows off Ronaldo-like hairstyle for new season – Goal
Alexis shows off Ronaldo-like hairstyle for new season – Goal
All-electric victory on glorious French weekend – CNN
Argentina part ways with coach after World Cup disappointment – Daily Trust
Asaba 2018 AAC: Dibaba, Okagbare other greats enter hall of fame – Vanguard
Asaba 2018: Okagbare, Dibaba, others get CAA honours – New Telegraph

Tracking Times – Entertainment
ENTERTAINMENT NEWS
#YNaijaEssays: Adeosun’s certificate scandal just shows she’s the typical privileged Nigerian child – Ynaija
“It was a sour experience” – Coordinator of Ekiti Election Observers Mission shares his experiences – Linda Ikeji
10 Physical Features That Men Can’t Resist In Ladies ‘ Number 6 And 10 Will Make Even A Billionaire Lose Control [Must Read] – Gistlover
ADE Digital launches 2018 Nigeria Digital Outlook (Free Download) – Ynaija
Ahmed Musa Battles Cristiano Ronaldo, others for Goal of the 2018 World Cup Tournament – Information Nigeria
Alex reacts to Leo and Cee-Cs relationship – Daily Times
All the notable people and politicians Sacha Baron Cohen has ‘duped’ for his new TV series, ‘Who Is America – Business Insider
Amazon has some outrageous Prime Day deals for ‘Harry Potter’ 8-film collections – Business Insider
Barack Obama launches Youth Sports Centre founded by Half-Sister in Kenya – Bellanaija
Benin, Uyo, Jos, Lagos, Produce More Millionaires in Star Lager National Promo – NET
Business
As Nigerians Battle Pains Of Soaring Petrol Price
This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy.

BY IFEANYI MOGBOLU
The Daily Times-The latest fuel price hike in Nigeria is beyond frustrating. Every time we think it can’t get worse, it does, and yet again, ordinary Nigerians bear the brunt of it.
It’s like a never-ending cycle, where the government’s promises of reforms or stabilisation always end up as empty rhetoric. The cost of living is already sky-high, and now, with fuel prices rising again, transport fares, food prices, and basic commodities are bound to follow suit.
It’s enraging because it doesn’t feel like anyone is truly considering the everyday citizen who is struggling just to survive.
This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy. The subsidies are gone, and now we’re left in a situation where the prices of everything keep climbing, while salaries remain stagnant or non-existent for many.
The disparity between the elites and the masses is growing, and it feels like nobody in power truly cares about the suffering of the people.
READ ALSO: NNPC Lied About Pump Price, Our Fuel Is 15% Cheaper Than NNPCL’s Imported Ones — Dangote
Hardship: ‘Suspend All Policies Impoverishing Nigerians’, NASME Begs Tinubu
Naira Hits Six-month Low In Official FX Market, Prof. Steve Hanke Slams Tinubu
The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground.
It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum. The state of living is unbearable, and the lack of empathy or real action from those in power only adds salt to the wound.
There’s a deep sense of anger and betrayal that comes with seeing your country’s wealth mismanaged, while the people continue to suffer. It’s hard not to feel like we are constantly being taken for granted, pushed further into hardship without any hope of relief. Something has to give, because this state of affairs is unsustainable.
QUOTE:
The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground. It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum.
Business
Nigeria To Receive $5.600,000 From Bill Gates, For Health And Agricultural Reforms, GMOs
Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

Bill and Melinda Gates Foundation is giving Nigeria through Vice President Kashim Shettima, a $5.600,000 funds to speedy up health and agricultural reforms in favour of the GMOs in Nigeria, and flood relief.
Through the Foundation’s head of Global Development Programme, Dr Christopher Elias, Bill Gates pledged $5 million grant approved for Lagos Business School and partners to develop the agricultural economics they called “industrial cassava” and $600,000 for flood relief in Borno State and other health sector initiatives.
Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.
Recall that on 4 September, Bill Gates had described the Nigeria’s economy as “stagnated” and proposed agricultural reforms for faster and increased growths in crops, fruits, vegetables amongst others to enhance nutritional values of the Nigerian citizens through the agricultural sector.
In that meeting Chaired by Vice President Kashim Shettima, Bill gates urged Nigeria to adopt “innovative crop varieties with shorter growing periods, higher yields, and better pest resistance” pointing to the GMOs to address the food crisis.
READ ALSO: Bill Gates, Anthony Fauci and conspiracy theories (part 2)
Nigeria’s economy stagnated – Bill Gates
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Moreover, at the 79th UN General Assembly in New York, VP Shettima reaffirmed to the Bill and Melinda Gates Foundation, the commitment of the administration of President Bola Ahmed Tinubu prioritizing health, nutrition, and agricultural development in Nigeria’s national agenda.
In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said: “we are deeply committed to addressing the pressing developmental challenges facing our nation, particularly the significant malnutrition crisis”.
He emphasised the Federal Government’s dedication and urgently working to secure locations for maize production under the Telemaze programme.
VP Shettima, promising swift action to the Gate’s Foundation on import permits for certified seeds, the VP said, “We recognize the critical importance of food security and industrial agricultural development. The Cassava Accelerator programme, in particular, holds immense potential for our economy.
“We are pursuing a whole-of-government approach to digitisation and data exchange systems, which we believe will revolutionise our public services,” he added while reiterating the government’s focus and commitment to digital transformation.
“With the expertise” of Nigeria’s ministers, “and the continued support of partners like the Gates Foundation,” the nation remains confident in its “ability to drive meaningful change and improve the lives of all Nigerians.”
In his response, President of the Global Development Programme at the Gates Foundation, Dr. Christopher Elias, said the Foundation is burdened with worries of the severe flooding in Borno, and is “committed to supporting Nigeria in times of crisis.”
Speaking of Polio, the Foundation said, “We’re impressed by the national task force’s efforts to eliminate variant polioviruses by year-end,” Dr. Elias noted.
Also, President of Global Growth & Opportunity Division at the Bill & Melinda Gates Foundation, Rodger Voorhies, detailed plans for scaling up drought-tolerant maize production and advancing the Nigeria Cassava Investment Accelerator programme emphasizing that a $5 million grant has been approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.
In his words, “Industrial cassava presents a multi-billion-dollar opportunity for Nigeria,” Voorhees stressed.
He requested import permits for 5,000 metric tons of certified GMO maize seed to build a foundation seed system in Nigeria.
Business
Managing, Leading, Building Institutions And Sustainability
The two primary tasks of a top-level leader are to exploit and explore the organisation with people for now and in the future.

By Babs Olugbemi
One of my concerns for leaders is their capacity to be ambidextrous. Regardless of years of experience, knowledge, and leadership capacity, the lack of a clear distinction between managing and leading on the one hand, leading and building institutions on the second layer, and ultimately focussing on sustainability is a significant threat to successful leadership change.
I have followed events and people at C-suites, coached some, and developed frameworks for leadership development. Based on the personalities and styles of the new leaders, I have confirmed my fears about leadership sustainability in most African organisations.
“Successful leaders can aptly differentiate themselves and their roles without necessarily seeing activities as performance, focussing on what is required of them with appropriate tenacity and influence.”
The challenge for leaders is how to lead for the present and future without losing sight of the stakeholders’ immediate performance expectations. Successful leaders can aptly differentiate themselves and their roles without necessarily seeing activities as performance, focussing on what is required of them with appropriate tenacity and influence.
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In my walk as a leadership coach, I have keenly observed leaders who are managing rather than leading. Managing involves ensuring that processes achieve their intended outcomes. Leaders are above managing and should focus on creating an enabling environment for innovation, inventions, and team collaboration. The primary role in leading is not to monitor process outcomes, though critical to the company’s overall objectives, but to align corporate values with the people’s aspirations to create an engaged and ownership-thinking mindset ready to take on challenges and explore opportunities. An alignment of corporate and personal goals will not only deliver the present performance expectations. Still, it will also incubate innovations to adapt to future market demands and the sustainability of the business.
Unfortunately, the capacity for ambidexterity is rare and often marked by leaders’ exposure, approach and styles, perception, and perspective of their roles in the organisation. A leader with a wrong foundation in these areas is set for failure and awaits unfavourable decisions from the board of directors. A top-level leader might manage their teams instead of leading them. Not all leaders can combine leading for the present with building institutions. However, anyone able to submit themselves to an institution-building mechanism can champion sustainability. Aside from being a leadership coach, I help leaders achieve sustainability.
Mathematically, creating an ambidextrous organisation is beyond leading. It is to lead and build an institution that focuses on sustainability in all aspects of the organisation—employee fulfilment, customer retention, strategy effectiveness, performance evaluation, stakeholder management, process improvement, and goal congruence.
In a nutshell, the role of successful leaders in ambidextrous organisations is striking a balance between exploiting current assets and capabilities to ensure short-term success and allocating enough energy and resources to exploration to ensure future viability. The two primary tasks of a top-level leader are to exploit and explore the organisation with people for now and in the future. The two seemingly contradictory aspects—exploitation and exploration—encompass different strategies and processes and have different targets and outcomes (March 1991; O’Reilly & Tushman, 2004; O’Reilly & Tushman, 2013).
O’Reilly and Tushman described the two concepts as follows:
- Exploiting: Exploiting involves building on an organisation’s achievements and maximising returns on previous investments. It focuses on responding to current business demands to remain efficient and competitive within an established market niche, as well as on maintaining an existing customer base and stakeholder relationships. Examples of exploiting are activities focused on continuous improvement, benchmarking, and redesigning business processes.
- Exploring: Exploring focuses on expanding an organisation’s knowledge and capabilities, pioneering new products and services, and discovering and venturing into untapped markets.
The common area of practical bottlenecks in exploiting and exploring in organisations is a need for foundational trust and cohesion among the resources, especially the human capital, which are often treated as costs rather than assets to the organisations. Among all the factors of production, only humans can be ambidextrous with the capacity to think about changes in economic parameters and adjust their behaviours to match the time, content, and contextual requirements.
While organisations might have the resources to deploy in fighting competition, technology to obtain first-mover advantages, and production capacity to maximise output from input, none is compared with the potential of an engaged workforce.
Therefore, for leaders to be successful, they must refrain from operating in the realm of managing. They should operate in the capacity of institution builders, with the mindset of creating sustainable leadership and growth with people first and other factors of production second.
Consequently, only the leaders who prioritise their people over profits, pride, and organisational arrogance will be successful in the long term.
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