Business
LOCAL AND WORLD NEWS, BUSINESS, SPORTS AND ENTERTAINMENT FOR TODAY MON. 23 JULY 2018


Tracking Times – headlines
LOCAL NEWS
NIGERIAN PILOT
IPOB hammers ICC for inviting Buhari for lectures
APC crisis deepens As R-APC declares party’s reconciliatory move belated, Insist on defection
Mega coalition: Oshiomhole, Buhari jittery, says PDP
Buhari not ready to release Dasuki: Northern Youth Council
IPOB hammers ICC for inviting Buhari for lecture
PUNCH
Defection: Your intervention too late, R-APC tells Buhari
Fayoses arrogance caused PDPs defeat in Ekiti Kashamu
VANGUARD
Court stops Kano govt from collecting consumption tax
Osinbajo on a needless jamboree
DAILY INDEPENDENT
Relocation Of Agencies’ HQs Will Hurt Aviation Industry ‘ Stakeholders
Police Arrest Five PDP Leaders Over Death Of Party Chieftain
Many Killed As Troops Repel Boko Haram Insurgents’ Attack
Why Bill On State Police Will Fail ‘ Senator
NEW TELEGRAPH
2019: PDP can’t survive without rigging ‘Oshiomhole
Media stakeholders: Press council bill obnoxious, draconian, anti-press freedom
DAILY TIMES
Mesut Ozil retires from Germany after political tensions over Turkish roots
Khlo Kardashian Admits She Thinks About Getting a Nose Job Every Day
Plateau APC elders frown at politicisation of security, land grabbing
DAILY TRUST
Another Okorocha in-law insists on vying for Imo govship
THISDAY
Senator: Why State Police Bill will Fail in Senate
Apapa Gridlock: Ambode Extends Operation to 48 Hours
GUARDIAN
Turkey hails ‘goal against fascist virus’ after Ozil quits Germany side
Trump hits back at Iran ‘war’ talk
Three Online Businesses You Can Start Today
Hope for paralyzed people as mice with spinal cord injury made to walk again
WORLD NEWS
11-year-old gets his college degree – CNN
15 Tips For An Amazing Sailing Vacation In Croatia – Forbes
2018 British Open Men’s Fashion Notebook: Rickie Fowler Takes the Best-Dressed-Pro Title – Forbes
4 simple steps to trick your brain into feeling less stress – Business Insider
49ers Reportedly Sign First-Round Pick Mike McGlinchey – Forbes
5 Core Reasons You Continually Trust The Wrong People And How To Stop – Forbes
5 Ways To Network Without Leaving Your Home Or Office – Forbes
A brief history of the peace symbol – CNN
A new draft of Cuba’s constitution drops communism and allows same-sex marriage –Business Insider
All-caps tweet is latest escalation of rhetoric between Washington and Tehran – CNN
AL JAZEERA
Canada: At least one dead, 13 injured in Toronto shooting
Mesut Ozil cites ‘racism and disrespect’ as he quits Germany
Iraq accused of abusing detained ‘terror suspects
What role does Pakistan’s military play in politics
Greenland villages face tsunami threat over giant glacier
India: Village mourns death of man killed in cow-related lynching
Pakistan election: Is Imran Khan’s party on the rise
Do not play with lion’s tail’: Rouhani warns Trump
Iran to US: ‘You cannot provoke the Iranian people
UN combats Bangladesh’s leading cause of child deaths: Drowning
Cuba’s draft constitution omits the aim of building communism
Gaza reporter: ‘My brother’s body was in pieces in front of me
Pakistan election candidate killed in suicide attack
BBC
Full-fibre broadband pledge for new homes
New Zealand beat England in Rugby World Cup Sevens final
Trump and Rouhani trade angry threats
Chinese Premier calls for crackdown on vaccine industry
Meet the mayor of a French World War One ‘ghost village
Macron orders office reorganisation over protester beating row
Multiple people shot in Toronto – media
Israelis demand equal gay surrogacy rights
Brazil far-right politician enters presidential race
Trade tensions pose a risk to global growth – G20 ministers
American student makes 3D arm for County Durham girl
Brush fire burns in Californian hills
Kitten yoga: The class where you can play with feline friends
CNN
Trump tweets explosive threat to Iran
North Korea wants US to make ‘bold move’ towards peace
Japan: Deadly heat wave continues; Tokyo temperatures near 40C
German footballer Mesut Ozil quits national team, citing racism
All-caps tweet is latest escalation of rhetoric between Washington and Tehran
WhatsApp adds new restrictions again as killings continue in India
North Korea’s economy has its worst year in two decades
Alleged agent testified about backing from Russian billionaire
G20 finance chiefs talk unity despite trade war
Source: 17 who died in duck boat tragedy weren’t wearing life jackets when found
The US and the EU need a trade ceasefire
BUSINESS NEWS
$350m BUA Plant: Osinbajo charges cement manufacturers on pricing – Vanguard
15 Tips For An Amazing Sailing Vacation In Croatia – Forbes
17m Deficit: Adopt Ethiopia’s Mass Housing Model, Dangote Tells FG – Leadership
2017 Dividend Payout Excites NAHCO Shareholders – Leadership
2018 British Open Men’s Fashion Notebook: Rickie Fowler Takes the Best-Dressed-Pro Title – Forbes
2018 Budget: Udoma Requests More Time To Provide Details Of Lawmakers’ Insertions– Leadership
2019: Otti returns for Abia governorship race– BusinessDay
323 FG agencies fail to submit 2016 financial report ‘Auditor General of Federation – Tribune
324 Federal Agencies Flout Audit Law In 2016 ‘Auditor-General – Daily Independent
4 simple steps to trick your brain into feeling less stress – Business Insider
SPORTS NEWS
170 players, 27 countries for 2018 ITTF Challenge Nigeria Open – Punch
1960BET Returns, Assures Of Twice Daily Payment – Daily Independent
20 countries for African Freestyle Football meet – New Telegraph
2018 AYG: Team Nigeria places second with 36 medals – Nigerian Pilot
76ers Rumors: Markelle Fultz’s Jump Shot Has Been ‘Rebuilt – Bleacher Report
Agbo In Action As Standard Liege Lose Belgian Super Super Cup To Club Brugge –Complete Sports
Alexander Gustafsson Reportedly Out of UFC 227 with Undisclosed Injury – Bleacher Report
Alexis Sanchez, Manchester United Play to 0-0 Draw vs. San Jose Earthquakes – Bleacher Report
Angry Ozil dumps Germany, cites racism –Punch
Arsenal Put Up Iwobi For Sale – Daily Independent
ENTERTAINMENT NEWS
#IstandwithOzil: Embattled midfielder gets Twitter backing after quitting Germany because of ‘racism – Pulse
2face babymama, Sumbo Adeoye reveals she had 4 miscarriages before she got married – Information Nigeria
Accolades as ‘The Last Carver’ novel debuts Sept – New Telegraph
Actress, Adunni Ade, replies nosy followers for body shaming her – New Telegraph
Actress, Dayo Amusa holds Slumber Party to celebrate her birthday (Photos) – Information Nigeria
Alex Iwobi: Super Eagles star to sign new Arsenal deal – Pulse
Anonymous Night Post.. – Stella Dimoko Korkus
Another mass shooting leaves 13 wounded, 2 dead inToronto – Linda Ikeji
Basketmouth: Comedian hosts billionaire, Femi Otedola in his home – Pulse
Ben Murray-Bruce reacts to the swift manner in which the Ghanaian authorities handled police brutality on its soil – Linda Ikeji
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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