Daily Bells Newspaper, Author at Business Bells — Page 25 of 31

Business Bells

Author: Daily Bells Newspaper

  • N1.6bn Debt: AMCON Seizes Rainoil Assets, Others Accounts

    N1.6bn Debt: AMCON Seizes Rainoil Assets, Others Accounts

    A Federal High Court in Lagos has ordered the freezing of bank accounts and shares belonging to downstream oil and gas company, Rainoil Limited, and 13 others over N1.6bn debt.

     

    The 13 others affected include David Ogwu, Anthony Ezeh, Clara Rotzler, Vincent Otiono, Vincent Sankey, Victoria Alo, Preye Ogriki, Treasure Afolanyan, Chief Nwagwu, Peter Ololo, Gordons Ejikeme, Joe Idudu and Falcon Securities Ltd.

     

    The Asset Management Company of Nigeria said this in a statement titled, ‘AMCON Seize Assets of Deap Capital Directors over N1.6bn Debt’ on Wednesday, adding that the order to seize the assets was given by Justice C.J. Aneke

     

    AMCON said following the order, it took effective possession of the seven properties as listed by the court through its Debt Recovery Agent – Etonye & Etonye.

     

    The properties include Plots 14, 15, 16 and 17 in Block 1B, Isolo-Ishaga Area, Mushin, Lagos State; Mile 3 Old Isheri Road, Ikeja, Lagos State; Plot 13, Block 65 Magodo Residential Scheme, Lagos State; No. 73, Femi Kila Street, Okota, Isolo, Lagos State; Plot 22, Block 91, Lekki Peninsula Residential Scheme, Lekki Area, Lagos; and Government Land Allocation, Lekki Peninsula Scheme II.

     

    The statement reads partly, “The court also ordered the freezing of the bank accounts and shares of the company’s directors namely; David Ogwu, Anthony Ezeh, Clara Rotzler, Vincent Otiono, Vincent Sankey, Victoria Alo, Hon. Preye Ogriki, Treasure Afolanyan, Chief Nwagwu, Peter Ololo, Gordons Ejikeme, Joe Idudu, Falcon Securities Limited and Rainoil Limited.”

     

    AMCON spokesperson, Jude Nwauzor confirmed that all the property as listed by the court order had been taken over by AMCON.

     

    Recall that AMCON, which is a debt recovery agency of the Federal Government, in July 2020, seized properties belonging to the chief promoter of the company, Mr Emmanuel Ugboh, after offering him concessions and exploring all avenues to resolve the debt harmoniously to no avail.

     

    However, due to the lack of adequate collateral, AMCON had to commence asset tracing on the company’s directors, an exercise, which revealed the seven properties the corporation seized.

     

    AMCON purchased the Non-Performing Loan of Deap Capital Management & Trust Plc. during the first phase of Eligible Bank Assets purchases from Zenith Bank and FCMB in 2011

     

    When contacted, Rainoil Limited denied any involvement in the ongoing asset recovery case between AMCON and the directors of Deap Capital Management and Trust Plc.

     

    “There was neither order of the Federal High Court to freeze any accounts of the company nor was the company listed in the court ruling. We urge the general public to disregard the news in circulation,” it said in a statement.

  • Businesses Groan As Diesel Price Soars To N250/Litre

    Businesses Groan As Diesel Price Soars To N250/Litre

    This is not the best of times for most firms who depend largely on Automotive Gas Oil, also known as diesel to power their generating sets as its price has risen to a high of N250 per litre.

     

    Visits to some filling stations in Lagos show that price of the product had been increased to N250 per litre, while many others sold it at between N220-N245.

     

    Northwest Petroleum along the Oshodi-Apapa road increased the pump price of diesel to N250 per litre; AP (Ardova Plc), along Airport road, Ikeja, N248; and Oando, along Acme Road, N240.

     

    The National Bureau of Statistics, in its AGO price report on Tuesday, said the average price paid by consumers for diesel increased by 0.22 per cent to N224.86 per litre in January 2021 from to N224.37 in December 2020.

     

    It said states with the highest average price of diesel were Adamawa (N268.33), Zamfara (N262.78) and Kebbi (N257.50).

     

    “States with the lowest average price of diesel were Osun (N194.60), Anambra (N195.83) and Enugu (N198.24),” the NBS added.

     

    Crude oil price accounts for a large chunk of the final cost of petroleum products, and the deregulation of the downstream oil sector by the Federal Government means that the pump prices of the products will reflect changes in the international oil market.

     

    The international oil benchmark, Brent crude, has risen by more than 25 per cent this year from the $51.22 per barrel at which it closed last year. It rose to $65.25 per barrel as of 6:30pm Nigerian time on Tuesday.

     

    Diesel is mostly used by businesses to power their generators amid a lack of reliable power supply from the national grid.

     

    The President, Association of Small Business Owners of Nigeria, Mr Femi Egbesola, lamented that the recent increase in the price of diesel was taking a heavy toll on businesses, especially Small and Medium Enterprises.

     

    “The cost of diesel and raw material is giving us a nightmare. The price of diesel has been skyrocketing in a way that creates fear in particularly manufacturers,” he told our correspondent on Tuesday.

     

    According to him, it is difficult for businesses to factor all the increase in diesel price in their final product prices.

     

    Egbesola said, “That is why a lot of companies are downsizing and are making sure that they only produce products that they are so sure will sell in the market.

     

    “Many companies have reduced their product lines significantly just to be able to cope. And that is not good for us because by the time this goes on, unemployment will increase. I believe government should be able to do something about this.”

     

    He said although the downstream petroleum sector had been deregulated, there should be checks and balances.

     

    Egbesola said many small businesses’ savings had been eroded already because ‘we keep spending our savings to make sure we don’t close shop’.

     

    He said, “If things continue this way, there is no way we are not going to close shop. We are still struggling with the recent increase in electricity tariff.

     

    “Many small businesses still depend so much on diesel generators because there is no alternative power supply. It is only the big players that have the facilities to use gas. And we cannot use solar installation because it is very expensive.”

     

    Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.

  • Telecoms Sector, Others Take Nigeria out of Recession as Sector Boosts GDP by 12.45% -Danbatta

    Telecoms Sector, Others Take Nigeria out of Recession as Sector Boosts GDP by 12.45% -Danbatta

    The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Professor Umaru Danbatta, has reiterated that the nation’s telecommunications industry is one of the sectors whose performance lifted the country out of recession in the fourth quarter of 2020, contributing 12.45 percent to the country’s Gross Domestic Product (GDP).

     

    According to the latest data released by the National Bureau of Statistics (NBS), telecommunications & Information Services under Information and Communication grew by 17.64 per cent in Q4 2020 from 17.36 per cent in Q3 2020 and 10.26 per cent in Q4 2019.

     

    In the latest NBS report, agriculture, industries, and services sector, under which telecommunications is categorised, contributed 26.95 per cent, 18.77 per cent, and 54.28 per cent respectively. This is a pointer to the fact that telecommunications, trade, services and crop production are the main drivers of Nigeria’s exit from recession.

     

    In specific terms, NBS report showed that largest sub-sectors in Q4 2020 are crop production at 3.68 per cent, crude petroleum and natural gas at 8.2 percent, trade at 14.9 per cent, telecommunications & information services at 12.45 per cent, and real estate at 5.7 per cent, the report says.

     

    In a statement signed by NCC’s Director, Public Affairs, Dr. Ikechukwu Adinde, the telecommunications sector has, in the last five years been a major driver of the digital economy agenda of the Federal Government, as it has continued to provide the needed digital sinews that support the economy, especially during the COVID-19 pandemic and its attendant restriction period.

     

    “Since the outbreak of the pandemic, government institutions, businesses and individuals have relied heavily on telecoms services to carry out their daily operations and official routines. In response to the increased demand, the Commission put a number of regulatory measures in place to ensure seamless access by Nigerians to telecommunication services and protect against any adverse impact on the quality of service enjoyed by consumers.

     

    “The steady growth of the telecoms sector over the years with its pervasive positive impact on all other sectors of the economy in terms of increased automation of processes and digital transformation in service delivery has been remarkable. The growth trend since 2015 has reawakened hope that the economic diversification dreams of the country may finally be a reality as the sector continues to energize significant economic activities in the services sector of the economy.

     

    “Through effective regulatory regime emplaced by the Commission, under the leadership of its Executive Vice Chairman (EVC), Prof. Umar Garba Danbatta, telecoms investment grew from about $38 billion in 2015 to over $70 billion currently.”

     

    According to NCC, broadband penetration also increased from 6 per cent in 2015 to 45.02 per cent at December, 2020, indicating that 85.9 million Nigerians are now connected on 3G and 4G networks which provide enhanced high-speed Internet that has continued to boost efficiency and increase productivity across the economic spectrum.

     

    Recent statistics also indicate that between 2015 and December, 2020, active voice subscriptions have increased from 151 million to 204.6 million, with teledensity standing at 107.18 per cent. Basic active internet subscriptions grew from 90 million to 154.3 million during the period.

     

    The Commission is committed to its culture of quality regulation of the telecommunications industry that ensures a stable and robust sector which drives the digital economy agenda of the Federal Government and ultimately leads in the growth of the country’s GDP.

     

  • Vbank Debuts #Growwithv Webinar With Branding Edition

    Vbank Debuts #Growwithv Webinar With Branding Edition

    Nigeria’s leading digital bank, V bank, has debuted a webinar series to further its #GrowWithV campaign.

     

    Throughout the month of February, V bank, a product of VFD Microfinance Bank, has ran series of free advertising campaigns on Instagram, Twitter and Facebook to promote small businesses under an initiative it calls ‘Grow with V.’

     

    The bank also kicked off a webinar series where the first edition featured celebrity influencer and CEO/Founder of 360 Nobs, Noble Igwe, spoke to participants on ‘Branding Your Business for Success,’ as a part of the initiative.

     

    “At Vbank, we pride ourselves on knowing our customers and having a good understanding of their needs. And that is why we are focused on creating value in different ways that make life easier, whether indirectly via a feature on the app, or directly like publicizing your business on our social platforms or getting you into the room with experts. It’s simple: we grow when you grow, so why not help you grow,” said Ebere Ahaotu, Senior Product Manager for Vbank.

     

    The #GrowWithV initiative is an avenue to give back to micro, small and medium entrepreneurs, struggling hard to keep afloat in the Nigerian business environment, as well as to invest in the human capital of the country, by facilitating the sharing of relevant local knowledge in areas of interest selected by the webinar attendees. Some of the businesses that have benefitted from the #GrowWithV free digital advertising promotion for entrepreneurs include: Pronino Classics, Regclass clothing and Shades by AYOMIEPAT.

     

    At the debut webinar attended by more than 100 participants, Noble Igwe shared industry secrets that have kept him relevant for more than fifteen years and why it is important to brand your personality away from your business.

     

    “Being a celebrity or influencer gives good mileage to your business, no doubt. But it is important to focus on the business that will sustain the celebrity status. Your number of followers (on social media) is an indication of popularity and not necessarily a measure of your influence. Your branding determines how people perceive you or your business and that guides how they interact with you. So, it’s not just about making a good impression; it’s about letting customers and would-be clients know what to expect from the business. Building a brand’s personality is about focus,” he counselled.

     

    The one-hour conversation was moderated by Deola Aromiwura, Branding and Digital Manager, VFD Tech.

     

    V bank is an end-to-end virtual bank focused on providing simple, quick, convenient, secure, and seamless banking experience with zero transfer and sms notification charges.

     

    The app is available on android and iOS stores. It is powered by VFD Microfinance Bank.

  • NACCIMA Pledges to Support Envoys to Attract FDIs

    NACCIMA Pledges to Support Envoys to Attract FDIs

    The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) has assured newly appointed Nigerian ambassadors of its support in their quest to attract foreign investors and foreign direct investments to Nigeria from their respective countries of accreditation.

     

    The Director General of NACCIMA, Ambassador Ayoola Olukanni, gave this assurance when he spoke during the induction and training programme organised for the envoys in Abuja, recently, as they prepared to depart for duties abroad.

     

    Olukanni, who served as a career diplomat and was a former High Commissioner of Nigeria to Australia, advised the principal envoys that working closely with the NACCIMA would help them to succeed in the pursuit of economic diplomacy, which is one of the foreign policy pillars of the administration of President Muhammadu Buhari.

     

    He told them that the NACCIMA, which is composed of 51 city chambers, four bilateral chambers, nine business associations and over 400 corporate members representing over 30,000 businesses in Nigeria, is well positioned to help them to identify credible business partners on the Nigerian side in order to give practical meaning to the vision of the Ambassadors and Nigerian Diplomatic Missions as they seek investment for Nigeria.

     

    He stated that the activities of the NACCIMA and its members cut across key sectors of the Nigerian economy that provide immense opportunities for investments and have potentials for huge expansion.

     

    Olukanni cited energy generation, distribution, agro business, mining and its value chain as areas eagerly waiting for investments in the country.

    The envoys assured that they would work closely with the NACCIMA in pursuit of their assignments in the area of trade and investment at their respective posts.

  • MTN Unveils Revamped Pulse

    MTN Unveils Revamped Pulse

    MTN has unveiled a range of features and offerings giving subscribers access to affordable data rates under its recently revamped Pulse proposition for Nigerian youth.

     

    This is part of the company’s commitment to support Nigerian youths with platforms that will ignite their passion and creativity.

     

    A statement by the telco explained that the new Pulse plans include Instagram and TikTok bundles of 350MB for N100, valid for 1 day and 1GB for N200, valid for seven days respectively.

     

    It stated that the nightlife bundle of 250MB for N25 also allows subscribers to buy up to 2GB usable between 11 pm – 6 am daily.

     

    In addition, subscribers will also earn Pulse points when they buy IG/TikTok bundles, subscribe to MusicTime, or buy data via myMTNApp.

     

    The points are accumulated and can be exchanged for free data.

     

    Commenting on the Pulse revamp plans, Acting Chief Marketing Officer, MTN Nigeria, Anthony Obi said: “Nigerian youths are diverse, with varying interests. They are constantly seeking platforms, plans, and opportunities to enable them to do more.

     

    “In addition to the important need for our youth to socialise, especially in these unusual times, many of them now use the platforms as their digital office to earn a living.

     

    “We have created the new Pulse to support them in their quest to stay connected and live their dreams”.

     

    MTN Pulse is a prepaid tariff plan that allows customers to enjoy low call rates across all local networks, nightlife bundles of up to 2GB for N200, and accumulate points, which can be exchanged for free data.

  • We Didn’t Allocate 383 Million New Phone Numbers To Operators In Q1 2021 — NCC

    We Didn’t Allocate 383 Million New Phone Numbers To Operators In Q1 2021 — NCC

    The Nigerian Communications Commission (NCC) has denied media report that the commission has allocated 383 million new telephone numbers to operators.

     

    NCC, in a disclaimer signed by Dr. Ikechukwu Adinde, Director, Public Affairs, said the news story published by a national daily wrongly interpreted an update report on National Numbering Plan, posted by the Commission on its official website.

     

    The commission stated, “Specifically, the report published by the media outfit with the headline: “NCC allocates 383 million new telephone numbers to operators,” purported that the Commission allocated 383 million new telephone lines to telecoms service providers in the first quarter of 2021 alone.

     

    ‘’For the avoidance of doubt, the update report posted on the Commission’s website on Friday 19th, February, 2021, under the heading: National Numbering Plan (2021 Q1), was the Total Number of Telephone Numbers allocated to all the telecommunications services providers since the inception of digital mobile services in the country in 2001.

     

    “The update report is, therefore, by no means, either an indication of new allocation or new activation of telephone numbers in Q1 2021, as wrongly interpreted by the media outfit.”

     

    According to NCC, “rather, the report on the Commission’s website titled: ‘National Numbering Plan (2021 Q1)’ is a routine periodic report issued as part of the Commission’s regulatory mandate to publish and update all telephone numbers allocated to service providers for the benefit of stakeholders.

     

    ‘’The purpose of the National Numbering Plan in the telecommunications sector is to set up a uniform numbering scheme and the associated dialing procedures to be used in the networks to allow the subscribers and operators to set up calls.

     

    “The general public and all our stakeholders are advised to disregard the said report in the national daily and be guided accordingly.

     

    “While we appreciate the good intention of our media stakeholders in terms of timely reportage of NCC and its regulatory activities, we, however, encourage them to always fact-check their stories with the Commission for accurate reporting.

     

    “We also use this opportunity to remind our esteemed media stakeholders that the Commission runs an Open-House system. We encourage them to always feel free to contact the Commission for necessary clarification on NCC’s regulatory activities and reports published on its website before going to press.”

  • Atiku Glad With FG’s Decision to Privatise Refineries, Other Assets

    Atiku Glad With FG’s Decision to Privatise Refineries, Other Assets

    Former Vice President Atiku Abubakar has backed the decision by the Federal Government to privatise some of its assets.

     

    The assets include the country’s refineries, the International Conference Centre in Abuja, Yola Electricity Distribution Company, Zungeru Hydro Power, Tafawa Belewa Square, among others.

     

    A total of N493.4bn is expected to be earned from the sale of the assets which were classified under energy assets, industries and communication department, as well as development institutions and natural resources.

     

    In a statement titled ‘Privatisation of Refineries and Other Assets: Better Late Than Never,’ Atiku called for transparency in the process of privatising the assets.

     

    He expressed delight that the privatisation of public assets which he once championed and was scorned for by the All Progressives Congress-led administration is now being embraced by the same administration.

     

    He said, “For decades, I have championed the privatisation of our economy and full deregulation of our oil and gas sector, amongst other sectors, for greater service delivery and efficiency.

     

    “As chairman of the National Council on Privatisation, I advanced these policies which saw our economy achieve 6% GDP growth and created jobs for the masses of our people and amass the national wealth that enabled us exit the debt trap, and secure our financial independence.

     

    “Even though my ideas were scorned by the All Progressives Congress-led Federal Government over the years, I am nevertheless most fulfilled that an administration that once failed to see the wisdom in these sound economic policies, is now facing reality and has now embraced reason, by announcing the privatisation of our refineries and other assets, which have not always prospered under public management.

    “It is always better late than never. And I commend the Federal Government for coming on board. I urge that the privatisation process be as transparent as possible, as that is the only way to ensure that Nigeria reaps the greatest economic benefits from this policy.

     

    “It was never about me. My interest has always been the peace, prosperity and progress of Nigeria, and I am happy to share these ideas, and others, with the government of the day, for the betterment of our nation and its people.”

  • NCC Assigns 383 Million New Telephone Numbers to Telcos

    NCC Assigns 383 Million New Telephone Numbers to Telcos

    The Nigerian Communications Commission has provided 382.94 million new telephone numbers for the use of telecommunications operators.

    The commission assigned the numbers to 34 licensed telecom operators in the first quarter of 2021, as contained in the NCC’s Q1 2021 National Numbering Plan released on Friday.

     

    The numbering plan is used to allocate a unique national number to each subscriber connected to the national telephone system.

     

    According to the NCC, the purpose of the NNP is to set up a uniform numbering scheme and the associated dialing procedures to be used in the network to allow subscribers and operators to set up calls.

     

    Some of the operators with national and state licences listed are 21st Century Technologies, Airtel Networks, Big Picture Nigeria, Intercellular Nigeria Limited, EMTS Limited (9 Mobile), Globacom, iPNX Nigeria Limited and MTN Nigeria Communications.

     

    The states and cities where some of these telephone lines would be used by the operators include Lagos, Abuja, Abeokuta, Warri, Kaduna, Kano, Port Harcourt, Uyo, Ijebu-Ode, Benin, Asaba, Zaria, Ibadan, Onitsha, Akwa, Aba, Owerri, among others.

     

    A 100 million new lines were assigned to Airtel Networks to be used nationally, while 50 million new numbers were assigned to EMTS Limited (9Mobile) nationally as well.

     

    Globacom Limited was allocated 46,000 new telephone numbers to use in Lagos, Ibadan, Abuja, Ijebu-Ode, Ijebu-Ode, Abeokuta, Benin, Warri, Asaba, Kaduna, Kano, Minna, Zaria and Port Harcourt. Glo Mobile, a subsidiary of Globacom, was given 70 million new lines for nationwide use.

     

    MTN (Mobile Lines) was assigned 123 million new telephone numbers for national use, while MTN (fmr Visafone) was given 9.05 million new numbers for different states. MTN Nig. Comm Plc (Fixed Lines) had 25,000 lines for Lagos, Ibadan, Abuja, Ilorin, Warri, Kaduna, Aba, Port Harcourt, Calabar and Yenagoa.

     

    Earlier this month, the NCC reported a loss of 3.30 million active subscribers in December 2020.

     

    The regulatory agency had directed telecommunications companies in the country to suspend the sale and reactivation of new SIM cards.

     

    The number of subscribers to Nigeria’s mobile telecommunications services reduced to 204.22 million in December, against 207.53 million GSM users recorded in November.

     

    Also, the number of connected telephone lines in the country was 286.52 million as at the end of July 2020, of which 199.30 million were active lines.

     

    The NCC recorded 198.96 million active GSM lines, 107,860 active fixed wired/wireless lines and 238,575 active VoIP lines. The commission also put Nigeria’s teledensity at 104.41 in July 2020.

  • How Nigeria Exit 2020 Recession

    How Nigeria Exit 2020 Recession

     

    • Four main sectors got us out of recession

     

    The National Bureau of Statistics reported on Thursday that Nigeria posted a real GDP growth rate of 0.11% for the 4th quarter of 2020, which means the country just about slipped out of recession.

     

    This is Nigeria’s first positive GDP growth rate following three consecutive quarters of contraction.

     

    Whilst this is a welcome development, The Blurb Team @Nairametrics reports that this is historically the slimmest GDP Growth rate Nigeria has recorded since 2011 when the country’s GDP composition was rebased. However, the growth was just about enough to help Nigeria achieve a much sought-after V-shaped recovery. A slim GDP growth rate will always be more appreciated than any form of contraction.

     

    A further breakdown of the GDP growth rate in terms of contribution to GDP reveals Agriculture grew by 3.4%, Industries  contracted 7.3%, and Services grew by 1.31% respectively. In terms of contribution to GDP, Agriculture, Industries, and Services comprised 26.95%, 18.77%, and 54.28% respectively. From here we can deduce how Nigeria got out of recession.

     

    Digging into the data

    Digging into the data reveals the major drivers of Nigeria’s exit out of recession. The largest sub-sectors in the economy as of the 4th quarter of 2020 were Crop Production at 3.68%, Crude Petroleum and Natural Gas at 8.2%, Trade at 14.9%, Telecommunications & Information Services at 12.2%, and Real Estate at 5.7%.

     

    All 5 sub-sectors recorded significant improvement in their Real GDP Growth numbers including those that are still in contraction.

    • For example, Crop Production’s GDP grew in the 4th quarter by 3.42% compared to 1.39% in the previous quarter, nearly double quarter on quarter. Crop Production constitutes a significant portion of Nigeria’s GDP and most of all.

     

    • Trade GDP, which constitutes 15.5% of the total GDP, contracted by 3.2% compared to a 12.12% contraction in the prior quarter. This is an example of a sector that improved hugely despite still being in a contraction.

     

    • The Telecommunication sector grew by 17.64% in the 4th quarter of the year compared to 17.36% in the prior quarter. At 12.2%, the Telecommunication sector is now one of the largest in the economy. We believe this sector is a major reason why Nigeria got out of the recession.

     

    • Finally, the Real Estate sector, which had been in contraction since the second quarter of 2019, finally snapped out of recession in the 4th quarter, when it grew by 2.81%.

     

    • Thus, Trade, Telecommunications, Real Estate, and Crop Production GDP performances are the reasons why we are out of recession.

     

    Are we out of the woods?

    The result of the latest round of GDP figures does not in any way suggest the Nigerian economy is out of the woods. The economy is in a critical condition and most sectors are still in contraction, even those growing could easily fall back into a recession. However, we do know which sectors will drive economic growth in the country.

     

    For Nigeria to record faster economic growth than the slim 0.1%, we will need the telecoms, Trade, and Real Estate sectors to grow rapidly. So much focus has been placed on oil and gas for years, but there is no better time to move away from oil than now. Logistics, transportation, and ease of doing business challenges inhibiting trade must be resolved if this sector is to drive growth.

     

    A lot has been said about border closure and import substitution as being a zero-sum game for trade. However, a lot of intrastate trades still take place in Nigeria that involve strictly made in Nigeria goods. Yet, the issues listed above remain huge challenges.

     

    Real Estate, being a major job-creating sector, is also pivotal to putting money in the pockets of unskilled workers who feed off the indirect jobs it creates. For the sector to thrive, the government will need to solve the high-interest rate regime which has been the bane of progress for this sector for decades.