Business
LOCAL AND WORLD NEWS, BUSINESS, SPORTS AND ENTERTAINMENT FOR TODAY TUE. 24 JULY 2018


Tracking Times – headlines
LOCAL NEWS
VANGUARD
2019: We don’t want election in Biafra Land, groups warn INEC, political parties
My discussion with APC isn’t for personal benefit ‘Saraki
Hate speech, insecurity threat to 2019 polls, US groups warn
Nigeria needs competent people in leadership
Delta govt committed to devt in Burutu LGA ‘ HOSTCOM
THE SUN
2019: No election’ll hold in South East, pro-Biafra groups vow
IPOB demands release of Dasuki, El-Zakzaky
Okorocha boasts as APC picks new chairman
Coomassie: Dickson condoles with IGP
Akwa Ibom: Ikot Ekpene Senatorial District not neglected ‘ Commissioner
PUNCH
Begging R-APC, not an act of cowardice ‘ Oshiomhole
Defection scare: Buhari meets Kwankwaso, others
Naval officer, others arrested for stealing Tompolos property
SAHARA REPORTERS
BREAKING: IGP Summons Saraki For ‘Further Investigation’ On Offa Bank Robbery
PEOPLES DAILY
Suicide bomber attacks Borno Mosque, kills 7
Police dismiss 4 SARS officers for robbery, kidnapping, others
Why state police will fail in Senate, by C’ttee chair Ibrahim
Beware of fake news, FG tells Nigerians in Diaspora
TRIBUNE
Omisore receives certificateof return as SDP governorship candidate in Osun
BREAKING: Buhari meets Kwankwaso, other senators in Aso Rock
DAILY INDEPENDENT
Falconets To Play Two Tune-Up Matches In Austria
Oshiomhole Threatens To Suspend Ngige From APC
WORLD NEWS
10 disappointing photos of airline meals –Business Insider
10 Student Loan Myths That Are Costing You Money – Forbes
11 taxi drivers killed in an ambush in South Africa – CNN
13 Things Highly Successful People Do Not Waste Their Mental Energy On – Forbes
15 signs you’re about to be promoted at work ‘ even if it doesn’t feel like it – Business Insider
16 signs you’re underpaid ‘ and what to do about it – Business Insider
20 of the most beautiful campsites around the world – Business Insider
23 everyday objects you’re probably using incorrectly – Business Insider
26 vintage photos of music festivals that will make you want to go back in time – Business Insider
3 Signs Your Job Is Helping You Evolve – Forbes
BBC
Thai cave boys to be ordained in Buddhist ceremony
Greece wildfires: At least 20 killed, dozens injured
N Korea ‘begins dismantling’ rocket launch site
Toronto shooting suspect identified as Faisal Hussain, 29
Migrant crisis: Italy to accept arrivals until deal reached
Nicaragua president defies calls to step down
Bangladesh cafe siege: Briton Hasnat Karim freed without charge
Trump targets Obama-era critics’ security clearances
Bullets and bills: The cost of getting shot in America
First UK Interview: Sean Spicer on Newsnight
Stand your ground: No charges after man shot dead in Florida parking row
Migrants cross the Strait of Gibraltar
One injured as building collapses in Miami Beach
CNN
Defense bill offers harsh words for Russia and China
Trump moves to silence critics
Congress won’t reinstate penalties on ZTE
Russia releases video of new nuclear weapons
Vaccine scandal exposes contradictions at heart of ‘Chinese dream
Disney director fired after offensive tweets
Global immigration backlash could hurt India’s top tech companies
Elon Musk tweets, Tesla’s stock tumbles
Tariffs and Brexit could kill this steel company
The Gates Foundation is now one of Berkshire’s largest shareholders
Hipster cocktail sends Aperol sales soaring
US defense bill has harsh words for Russia and China
Satellite images show North Korea has begun dismantling key test site
AL JAZEERA
In Pakistan’s election, PML-N battles PTI in political heartland
Cigarettes case’ testing Jordan government stance on corruption
As campaigning closes, Pakistan’s Khan makes final push
Does Africa benefit from its relations with China
Greece: Major forest fires rage near Athens as homeowners flee
French interior minister grilled over Macron aide assault scandal
Philippines’ Duterte vows to continue ‘chilling’ war on drugs
UK marks 40 years since birth of world’s first IVF baby
UK ‘will not oppose’ death penalty for suspected ISIL members
Gaza resident: I am very worried about a future war
Domestic violence and art in the #MeToo era
Government forces close on last rebel group in southwestern Syria
UN’s top court rules UAE blockade violated Qataris’ rights
BUSINESS NEWS
$322m Abacha loot: Senator advises on measures to avoid re-looting – BusinessDay
10 disappointing photos of airline meals –Business Insider
10 Student Loan Myths That Are Costing You Money – Forbes
13 Things Highly Successful People Do Not Waste Their Mental Energy On – Forbes
18 banks at risk of losing commercial banking licence in Ghana – BusinessDay
20 of the most beautiful campsites around the world – Business Insider
2019: PDP set-up committee on name change – Financial Watch
23 everyday objects you’re probably using incorrectly – Business Insider
26 vintage photos of music festivals that will make you want to go back in time – Business Insider
3 Signs Your Job Is Helping You Evolve – Forbe
4 Ways Entrepreneurs Can Make The Most Of Their Summer Vacations – Forbes
5 Appealing Rapid-Sales-Growth Stocks – Forbes
5 Ways To Proactively Engage Prospects And Customers On Social Media – Forbes
65 agencies have never submitted accounts for audit ‘AuGF – Punch
77 people have been killed and tens of thousands hospitalized in Japan’s scorching heat – Business Insider
9 Navy SEAL Sayings That Will Improve Your Organization’s Ability To Lead Change – Forbes
SPORTS NEWS
27 countries for Nigeria Open ITTF Challenge– The Sun
300 taekwondoist storm Lagos for IGP tourney – Vanguard
Abdullahi Happy To Join Bursaspor’s Pre-season Programme After World Cup Break –Osun Defender
Acosta’s trade to Colorado a wake-up call for the USMNT midfielder – Goal
Acosta’s trade to Colorado a wake-up call for the USMNT midfielder – Goal
Africa Freestyle Football Championship holds in September – Nigerian Pilot
Alex Iwobi close to securing new contract with Arsenal – Daily Trust
Alisson will make mistakes’ ‘ Liverpool title talk calmed by Fowler – Goal
Alisson will make mistakes’ ‘ Liverpool title talk calmed by Fowler – Goal
Andrea Pirlo Backs Cristiano Ronaldo to ‘Make the Difference’ at Juventus – Bleacher Report
ENTERTAINMENT NEWS
“My love is still for you” young wife mourns the death of her soldier husband who was killed in the line of duty – Linda Ikeji
20-year old Suspected Cultist narrates How she Kills for N10,000 – Bellanaija
A video game turned this self-taught 23-year-old programmer into a budding mogul who can support his mom and brother – Business Insider
Activist Prince Harrison rejoices as 2 of the SARS officers who sent him to jail are dismissed and imprisoned – Linda Ikeji
Baddo: They pay me N10,00 to kill – 20-year-old female cultist – Pulse
Buba Galadima: RAPC chairman involved in auto-crash – Pulse
Charly Boy to defend homosexual daughter, others – The Nation
Chidinma latest photos will make you fall in love with her over again – Nigerian Pilot
Chidinma’s New Picture Sparks Pregnancy Rumours – Osun Defender
Cristiano Ronaldo Is So Fit That The Result Of His Juventus Medical Is Shocking – Information Nigeria
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
Nigeria Is Not Meant To Exist, A Collateral Damage And British Royal Niger Corporation -Burna Boy
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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