Business

By Muhammadu Sabiu 
 
FrieslandCampina, a multinational dairy producer of the famous Three Crowns Milk and many others, has come under fire over the wrong translation of a billboard advertisement from English to Hausa.
 
Many Hausa-speaking social media users, particularly on Facebook, have taken it to their handles to criticise the company for the unprofessional translation of the advertisement.
 
Several of them attributed the error to Campina’s unwillingness to hire professional Hausa translators, adding that it might have been a work of a machine translation.

Attaching pictures to his post about the advertisement, a Facebooker named Aliyu M. Ahmad wrote: “Have you seen the work of ‘Google Translate’?
 
“This is done as if we don’t have Hausa brand designers.
 
“Please, somebody should translate it into standard Hausa.”
 
Another one, Ashir, posted, “Three Crown[s], you’ve raped the Hausa language.”
 
The Daily Reality has gone through social media pages belonging to the company but has not seen any responses to the criticism yet. They were not reachable for a reaction either.

In the past, many Hausa social media users complained about similarly terrible translations seen on billboards adverting one or another product in northern Nigeria.

Others called on the Advertising Practitioners Council of Nigeria (APCON) to intervene. However, The Daily Reality has not seen such an intervention from the council as during this report.
 
 

By Ahmad Deedat Zakari

Consumate entrepreneur and African wealthiest man, Aliko Dangote, has made promises of higher returns to shareholders and stakeholders of the Dangote conglomerate

The richest black man, who is the chairman of the Dangote Group, disclosed this in Lagos during the group’s 14th Annual General Meeting held in Lagos on Thursday.

He said, “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our other stakeholders… Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality. We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient. In addition, we aim to deliver higher returns and value to our shareholders.”

He also noted that despite the challenging economic atmosphere,
the company still made great strides, performed admirably, and remains Africa’s largest and leading cement producer.

He stated, ” In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas. We also increased the use of Compressed Natural Gas (CNG) for our trucks due to the rising diesel cost environment. These efforts have helped us reduce our cost base and enhanced our flexibility, enabling the Company to respond more effectively to changes in the market. As a result, we recorded revenue and EBITDA growth of 17.0 per cent and 3.5 per cent from the prior year respectively, albeit under unprecedented inflationary pressure. We also achieved a profit after tax of ₦382.3 billion, up 4.9 per cent compared to 2021.”

While speaking further on the success of the group, he stated that the company has generated more revenue in 2022 than any other year.

Kabiru Haruna Isa

I have been a loyal customer of Diamond/Access Bank Plc., and I can say without any fear of contradiction that I opened my first bank account with them. I have been banking with them for almost one and a half decades. In fact, I have been serving as a volunteer marketer to the Bank as I convinced many people, including colleagues, friends and family members, to open accounts with it ostensibly because of the hitherto quality services it delivered.

With the implementation of the cashless policy, millions of Nigerians, including myself, are forced to rely on and use alternative payment platforms such as MoniePoint, Opay, Squad and Momo Agent, to mention just a few. The services of these payment platforms are a double-edged sword which eases transactions and creates ceaseless suffering simultaneously for the poor and downtrodden Nigerians. They are also used, in some instances, especially by the agents who render services at the Point of Sale (POS), to extort powerless, hapless and helpless customers. From the time this cashless policy was introduced, millions of Nigerians were robbed of their hard-earned money by some financial service providers, and unfortunately, nobody seems to care to fight for the financial rights of these innocent victims.

And so it happened to me on the 10th day of March 2023. I stopped over at Gidan Maza Quarters, Kumbotso LGA, Kano, to make a transfer at one of the POS kiosks around. The POS agent used the MoMo Agent terminal to transfer some amount to my Access Bank account. And based on the receipt given to me, the transaction went successfully. I waited for the whole day, but my account was not credited. To cut a long story short, today 31st day of March, is exactly three weeks, but my money is still hanging at only God knows where.

I complained continuously to the MoMo agent who operates the POS kiosk, but he informed me that there was virtually nothing he could do to facilitate the unconditional release of my money. As a last option, he took me to the Office of MoMo Agent to lodge my complaint directly to the service providers. What I found shocking and troubling during my interaction with the officials was that MoMo Agent used to partner with Access Bank to provide financial services to their customers, but the relations of the duo got strained due to allegedly petty jealousy, business rivalry and unhealthy competition.

The pertinent question here is why should the business tussle between MoMo Agent and Access Bank rob Nigerians of their hard-earned money. Why these financial service providers should be allowed to inflict systematic and psychological torture on their innocent customers? What are the Central Bank of Nigeria (CBN), the NDIC and other Financial Regulators doing? The Government should know that many Nigerians are going to bed with empty stomachs because of the rivalry and skirmishes between these financial service providers. The worst part of it is that when customers go to the branches of the bank to complain, they are subjected to long and interminable waits, after which the customer care unit will only succeed in rubbing salt into the wounds. They treat customers with disdain and make sure that they maximally frustrate and confound their misery.

I finally call upon the CBN to inquire, investigate and take necessary action(s) on the ongoing tussle between MoMo Agent and Access Bank so as to end the suffering of Nigerians. The apex bank should equally penalize any of these financial service providers that are guilty of illegally withholding customers’ money.

A lesson is enough for the wise. With the kind of trouble, trauma and travail I underwent following up on this issue throughout these past three weeks, I will flee from any POS kiosk that I see using the MoMo Agent terminal, more so when it is from my Diamond/Access Bank account that I want to transact from. As a matter of fact, I am contemplating closing my Diamond/Access Bank account unless everything is rectified. This is due to the genuine fear I have that whatever happens once can and will indeed happen again.

Dr Kabiru writes from the Department of History, Bayero University, Kano. He can be reached via khisa.his@buk.edu.ng.

By Abdulbasit Toriola

I am Abdulbasit – an undergraduate student at the University of Lagos. I first heard about the CBN’s plan to redesign Naira from a hostel mate while returning from the mosque one evening. Soon, the news went all over. The boys of Biobaku Hall, my hostel, quickly picked up on it. It became a good subject for late-night arguments in a few rooms (after Messi-Ronaldo debates). I suppose the arguing parties, like me, were wondering how a change in currency design would help augment Naira’s depleting value against the US’ Dollar and other strong currencies. The Central Bank’s motive, however, was different. According to a CBN handbook I read, the redesigned notes were to help check counterfeiting, straighten the economy, reduce the expenditure on cash management, promote financial inclusion, and enhance the CBN’s visibility of money supply. These – are good benefits, anyone would say.

It was not until January 31^st that we started bearing the brunt of a new cash policy. Prior to this, immediately after its launch, we had seen from a viral BBC post what the new notes were like. Some of us said the notes were a bleached version of the old. Others said the CBN only dyed the monies, our monies. Our currency had become more of a joke. Apparently, things were unfolding in the background. CBN had given directives that all old banknotes be deposited on or before January 31, while encouraging Nigerians to explore other payment channels. The CBN, literally, put us on a thin, experimental line.

Soon, banks got filled, stacked up like they were market squares. In order to avoid hiccups, they kept their customers queued outside their premises in very long and rowdy queues that almost never moved. They kept their gates shut, too, till noon or afternoon; especially after some branches reported cases of violent protests. It was hard and perplexing. But as young students, we quickly adapted to the virtual alternatives CBN had left us with.

Still, it was hard. Perplexing. But we knew – judging from what we see or hear – that the pain we feel paled in comparison to that felt by those living beyond the walls of a campus. Sometimes, I lay still on my bed imagining what it would be like for market women, for school children, for drivers, for commuters. I remember, again, our hostel coordinator saying this was Buhari’s final ingenious gift to Nigeria and Nigerians. He says the President’s plan, like in 1984, is to checkmate politicians who have stockpiled Nairas ahead of the 2023 General Elections. I nod.

For us, hostel occupants, the deal breaker was an announcement – coming from the VC – ordering everyone to vacate school hostels for the election break. It was the last straw that broke the camel’s back. In the past few weeks, we witnessed the FG shift the deadline to February 8; various NGOs beseeching them for an even longer extension. We also saw the case brought before the Supreme Court. We saw the Court gives an order; we saw them adjourn the court case.

On February 15, the Supreme Court validated their previous order – that the old Naira notes remain acceptable as legal tender. The following day, we woke up to a nationwide broadcast, by the President, stating that only old N200 notes will remain valid till a due date. It was hard. Some of us left the hostel as early as 6:00am to join queues in front of the Nigerian banks. We had to pay commercial drivers in cash or nothing. Many of us stopped attending lectures, and sat/squat in front of bank ATMs instead. Cash was scarcer than ever. Outside campus, POS outlets had their places shut. Those that opened, literally, sold us the new Naira – they were charging exorbitantly. We looked everywhere for a way. And when we finally found one, we packed our bags, hoping silently that home would be good to us.

By Muhammadu Sabiu 

The benchmark interest rate will rise by 50 basis points to 18% following a vote by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

Godwin Emefiele, the governor of the Central Bank of Nigeria, revealed this while reading the communiqué from the second MPC meeting of the year on Tuesday in Abuja.

In a statement to the media following the two-day meeting, Emefiele stated that the committee had decided to maintain the asymmetrical corridor around the MPR at +100 and -500 basis points.

According to the governor, the small increase is intended to lessen the impact of inflation and other economic problems.

Since April 2022, when it was 11.50%, the MPR has been increasing.

The rate affects lending and inflation rates, which, when raised, have an adverse effect on the rise in the cost of goods and services.

By Muhammadu Sabiu 
 
The Central Bank of Nigeria (CBN) states that the old N200, N500, and N1000 notes are still valid until December 31, 2023.
 
The CBN spokesperson Isa Abdulmumin made the announcement in a statement on Monday.
 
The statement reads, “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement reads.
 
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
 
“Consequently, all concerned are directed to conform accordingly.”

By Aisar Fagge

About fifty trainees graduated from the Dangote Articulated Truck Driving School. The effort was to minimize the rate of auto crashes involving its drivers and other road users in the country.

The trainees who celebrated the success amidst joy have passed through a specially designed and rigorous educational curriculum, said the Divisional Director Transport (DDT), Mr Ajay Singh.

Mr Singh, who spoke at the graduation ceremony, said the trainees would now be exposed to practicals through attachments for an additional six months.

The Daily Reality gathered that the school at Obajana is one of its kind, having been the only accredited truck driving academy in Nigeria.

It was learned that the school was commissioned last year by the former Corps Marshal of the Federal Road Safety Corps (FRSC), Dr Boboye Olayemi Oyeyemi.

The effort was to bring solutions to the menacing issue of auto crashes involving articulated trucks in Nigeria.

Mr Singh said that the school would not only bring down the rate of crashes involving articulated vehicles but also positively impact other drivers.

He was quoted as saying, “The ultimate objective was to achieve zero accidents for all subsidiaries in the Dangote Group.

Also speaking, Mr Daniel Marcus Akuso said the intensive training was carried out in collaboration with the FRSC and Fantique Driving Training Centre of South Africa.

According to the Manager of the school, the three months training programme has been a big success and changed the orientation of the trainees.

He said, “This is the only articulated truck driving school in Nigeria where the students are paid stipends, trained, tested, certified, licensed, and employed. Our products are not only for Dangote Cement but for all subsidiaries of the Dangote Group in Africa.”

By Aisar Fagge

Fatima Aliko Dangote, the Executive Director, Commercial, NASCON Allied Industries, has commended women for playing a crucial role in making the Dangote Group achieve many successes.

The Director made the commendation while opening the International Women’s Day Conference in Lagos and Dangote Cement Plc, Obajana Plant.

She stated that the company had offered its employees many opportunities that helped them improve their personal and professional development.

She added that the group has been working tirelessly to achieve gender equality for all women in the organisation through the investment of numerous innovative technologies and processes.

She stated, “At the plants, we have the Gamma Neutron Activation Analysis (PGNAA) for online analysis, robotic laboratory, and fully automated central control room system equipped with Human Machine Interface technology (HMI) and innovative solutions to drive resource efficiency, process optimisation and mitigate the environmental footprints of our products while delivering quality products that meet the needs of our esteemed customers.

“We are inspired by our superheroes in STEM, and we hope this session increases your awareness of innovation, technology, and digital education, driven by women for women, and learn advancements in digital technology that address how we rethink our daily lives and achieve our personal and professional goals.

“I would like to encourage our women with a few tips on leveraging technology, Equipping yourselves academically and technically, be inspired and inspire others by creating opportunities for regular interactions with female STEM champions and leaders and tapping into opportunities for hands-on experience in the form of volunteering”, she added.

Also speaking at the event, the Chairperson of the Dangote Women Network at the DCP Obajana, Mrs Fatima Kabir Ikunaiye, said the Network has been carrying out several interventional programmes in the cause of women.

Mrs Ikunaiye said some of the programmes include: support for orphanages and vulnerable homes, sensitisation and empowerment of women as well as training them on skill acquisition.

By Abubakar Umar

On Saturday 18/2/2023 being our training day for Civil Society Situation Room Election Observers that took place in Dutse, I left my room at exactly 7am and rushed to Hadejia old Motorpark. Without a delay, I got a car that is traveling to Dutse and got seated. After waiting for other passengers to come before the car took off for some couple of minutes the conductor asked for transport fare. I said I wanted to make a bank transfer. The conductor said they don’t have an account to receive the money. I desperately brought out the last N2,000 new notes from my pocket, gave him and collected my change of N600 unsure of how I can afford to come back in such a situation.

At the end of the training, I immediately left the venue with a desperate face looking for where to get cash. I went to where banks are located in Dutse but to my surprise, all banks were closed and no single person was standing near the Automatic Teller Machines of all the banks, except CBN which is open only to collect old notes.

With a tired body and a desperate mind, I just went straight to Dutse’s modern Motorpark. On arrival, a car traveling to Hadejia is almost full and just waiting for one passenger. On seeing me, they asked me to enter and I told the driver that I didn’t have cash and wanted to make a bank transfer. The driver said he doesn’t accept transfers. I begged him and the conductor to allow me in, but they both seemed not to care, which made me to move aside and wait. 

I was there like a statue, 3 cars left for Hadejia while I was there standing and watching. The NURTW official kept saying they don’t accept transfers and we waited for almost 2 hours.

Luckily, 3 more of my co-trainees arrived at the Motorpark and they too didn’t have any cash with them. Another woman arrived too without cash. Even then, they refused to accept the transfer. 

At last we saw one car was carrying bags of rice. We gathered and begged the driver. The driver, after refusing, finally agreed and gave us someone’s account and asked us to gather the money in the account of one of us and send it to him in one transfer. I was the first to successfully transfer the money because I was using an OPAY account which has a very good network at the moment.

In addition to the time we wasted begging them, we have to wait till they confirm the receipt of the payment before we took off. The person whose account we gathered the money was using UBA Bank trying to make the transfer using USSD code. When he couldn’t, they all begged me to send 5k to the account given to us by the driver if I have it in my account and later the other person would send back to me, when there is network. 

To avoid arriving late during this unsecured time, I agreed and transferred. The driver started the car. While on our way, the driver claimed that they didn’t receive the alert and asked me to check my balance. I showed them the receipt and everyone saw it including the driver. We continued the journey till when we arrived at Kafin Hausa, the driver stopped and insisted that they must receive transaction alert before he can continue. They gave me phone number of the person whom the account belongs to and I sent the receipt via WhatsApp. He read it and claimed that we have to copy the transaction alert (SMS) and send to him. What if someone manipulated the text and sent to him? I said Opay doesn’t send SMS alert, rather only email and Application notification which I showed to all including the driver. He then agreed and continued till we reached Hadejia. He stopped again at Kwanar Jama’are for the same issue. We all insisted that they check their bank balance.

The driver then took us to a bus stop, we alighted thanked him.

The next day (today morning), I received almost 10 missed calls from the person whose account the driver gave us. I texted him and asked what is it he wanted and he replied I have to pay the money so he will stop calling me. I said I already paid, sent him receipt in the presence of the driver who brought us and my fellow passengers all saw it. If there’s any trouble, we may need a ‘bank statement’ to support his claim. Since I sent that message to him, he hasn’t called back again.

How on the earth on the eve of cash scarcity and cashless policy an official Motorpark (State level) doesn’t operate with POS devices? Where is NURTW? Where is the State Ministry of Transport? Where is the State Government itself? Does the President really care about people’s situation? 

Abubakar Umar Gbs

By Muhammadu Sabiu 

An umbrella organization for banking sector employees, the Association of Senior Employees of Banks, Insurers and Financial Institutions, revealed that banks lost N5 billion as a result of demonstrators’ attacks on assets due to naira scarcity.

Oluwole Olusoji, the group’s president, revealed this on Thursday in Lagos.

He also lamented that the attacks by demonstrators had affected 17 commercial banks.

He explained that in addition to attacks on bank employees, bank premises and ATMs were set on fire.

He said, “We call on the public to desist from threatening or attacking our members or destroying our properties as they will be only proverbially cutting their noses to spite their faces. We can only give what we have been provided with and nothing more.”