HENATES

Once upon a time, one of the most sacred earthly and official relationship between human beings was the one between banks and their customers. It never used to cross any customers mind that banks can be fraudulent. Now, however, only one destined to be set up as the next mugu (wealthy fool) will go to sleep believing that banks can not be deliberately fraudulent. For example, the German big bank, Deutsche Bank, according to reports, is now battling to stay afloat after the US department of Justice recently slammed it with $14m fine for peddling fake mortgage backed services. This amount was twice the figure the bank had set aside for settlement of the matter and some analysts now expect Germany to offer it some bail out because of the implication for her economy should the unexpected happen. While this was being chewed by international finance, yet another big player, Wells Fargo, was fined $185m for illegal practice of opening about 2m accounts for customers without their know...

It will take a while before the audited figures for the year to September to be available but it looks like Vitafoam Nigeria PLC will settle for loss this financial year, courtesy of its subsidiaries. This is because, the figures for the nine months to June, released only this week, reflect N49.1m loss for the group while the company recorded only 51% drop in profit before tax to N283.2m. The main problem really is that the subsidiaries seem to be bearing big burden of finance cost with the group figure jumping by 31.4% to N728.5m compared to only 1.1% increase in that of the company to N467.3m from N462.2m. For good reason. The group working capital eased to N653.9m from N678.2m while that of the company improved to N1831.7m from N1651.5m previously. There is also issue of higher percentage drops in cost in response to revenue decreases for the company when compared to group ones. Hence while the company's operating profit dropped by only 8.57% to N950.5m from N1039.6m, ...

If all goes well with the plans of the Federal Road Safety Corps (FRSC) of Nigeria, all vehicles used for public transport must have speed monitoring device installed in them by today or be off the nation's highways by tomorrow. According to news reports, this is because the FRSC is finally going to monitor compliance with directive for the installation of the device in all vehicles plying Nigerian roads starting the public transport facilities. Not a bad idea because it will ensure drivers stay within recommended speed limits and reduce deaths from accidents caused by excessive speed. It is not a disincentive to transport business in Nigeria either, because if it were, that would have been enough reason to suspend or cancel implementation for now. Yet, there is still a caveat to it all. Is the device too technical to be manufactured, or at least, assembled in Nigeria? If the answer is no, then someone must answer the next question: What are the plans on ground to install ...

A friend sent me below the resignation letter of Obafemi Awolowo from the federal cabinet after the civil war and the Head of state, General Yakubu Gowon's reply. It offers some good lessons on today's trying times. CHIEF OBAFEMI AWOLOWO'S RESIGNATION LETTER FROM THE FEDERAL EXECUTIVE COUNCIL DATED JUNE 13, 1971 TO GENERAL YAKUBU GOWON June 3, 1971. My dear Commander-in-Chief, You will recall that in a statement made by me and published in the SUNDAY TIMES of March 30, 1969, I declared, among other things, as follows: "Even at the federal level, I have no desire whatsoever, and I certainly cannot be tempted or induced to develop one, to head, or participate in an unelected or even an electoral-college elected civil administration in a military or any setting. At the moment, I am participating in the activities of the military government because I have been invited, and I also think it is right, so to do. I am, therefore, obliged, morally and for the purpose...

When a senior colleague who honours Henates by calling him a friend, responded recently to the post on Asset sale option, he asked that the response should be for my eyes only. That was his right and it was conceded readily but what he had to say could not be for these eyes only. The words brought back to focus the old worm called credibility gap between the government and the governed in Nigeria. He said that the real unfortunate issue is that insincerity was the problem. To him, many of those who are advocating national asset sale have money and foreign connections to buy off those assets once put on the block. On the other hand, he added, many of those opposed to the sale have political power or leverage with which they can continue to milk the national assets without caring for what happens to Nigeria in the process. Finally, there was the group in between, for and against, who are sincere and do truly believe in whatever they are saying but of course, none is listening to ...

In an earlier post based on patronage figures for the Nigerian agricultural credit guarantee scheme Henates had established that companies need to be encouraged to access the scheme. They simply do not. But that seems to be a minor part of the problem with agriculture today in Nigeria. Mostly, only local small scale farmers are involved and in particular, only peanuts flow for agriculture through capital importation. According to figures released by the National Bureau of Statistics for the second quarter of this year. Since 2013, only one quarter recorded close to $100m capital importation for agriculture: The third quarter of 2015 when $95m was so imported. In every other quarter, even $40m was worth celebrating (3rd quarter 2013) because most of the quarterly figures ranged below $5m for agriculture. In 2016 second quarter $1m was imported for agriculture. It is sad that even this peanut represented significant increase on first quarter's $0.20m and on 2015 second quart...

Of course, Nigeria has option to sell national assets to get out of the current recession.  The real issue is, should this be done? Then more questions follow in step. Is the time ripe for this to be done? After all it is well acknowledged that there is time for everything. Then, is the present administration the right one to handle it and deploy the proceeds? Finally, are there any alternatives to national assets sale in these times? What opportunity costs are attendant on these other options and the national asset sale? Perhaps, the last question should have come up first. Of course, the immediate objective is to raise investible funds that can be used to kick start the economy on to immediate path of recovery From this premise, the first option really is balance of payments support from the International Monetary Fund (IMF). Much as the IMF was set up primarily for this kind of support and Nigeria will not be the first to reach for it, antecedents and feelings that run dee...

NEW CEO FOR NESTLÉ NIGERIA Following the resignation of Mr Dhamesh Gordhon as managing director of Nestle Nigeria with effect from October 1, Mr Mauricio Alarcon has been appointed as the new CEO. Gordhon resigned because he was transfered to Nestlé Indonesia. The new CEO, Alarcon, is a turnaround expert of sorts especially after years of serving the group in different countries rescuing ice cream subsidiaries. He joined Nestle in 1999 subsequently performing sales and marketing functions in Mexico before being sent to Switzerland as strategic advisor. In 2010, he was appointed marketing manager for ice cream business in Australia before helping to transform ice cream operations in Egypt where he played key role in transforming the business by doubling turnover and profitability. 2014 saw him also in another turnaround role in Cote'd voire before being put in charge of Nestle Atlantic cluster of interests in Cote d 'voire, Senegal, Guinea, Mauritius and Cape Verde ....

In the financial year to June, Guinness Nigeria PLC finally landed in the loss league after years of profitable operations. Compared to N10,795m profit before tax by 2015 financial year, a loss of N2347.2m was recorded in 2016. This was because only 68% increase in finance income to N1185.1m gave any reason for smiles. The frown began with 13.9% drop in core revenue to N101973.0m and was compounded by a mere 5.33% decrease in cost of sale to N60162.6m and 30.7% decline in income from other sources to N500.5m. Down the same road, administration expenses increased by 0.95% to N13008.7m despite the income decrease while distribution and marketing costs dropped by only 8.21% to N24886.6m. With finance charges increasing by 42.5% to N7948m, in the end Guinness Nigeria recorded N2.26 loss on each N100 income compared to N9 gain in 2015 financial year. However, in spite of this, Guinness Nigeria PLC directors opted to recommend 50k per share dividend from retained earnings from prev...

The Securities and Exchange Commission of Nigeria (SEC Nigeria) has come up with draft new code of conduct for professional asset managers in Nigeria. The code covers basic musts for asset managers; obligations towards clients; code of conduct guiding investment process and actions; while trading; while managing risks; performance valuation and disclosures. For example, the code expects asset managers to act in professional and ethical manner at all times; act for the benefit of clients; act with independence and objectivity; act with skill, competence and diligence; communicate effectively with clients and uphold all laws, rules and regulations governing capital markets in Nigeria. While taking investment actions on behalf of clients, the asset manager  has to use reasonable care and prudence; avoid practices that distort prices or artificially inflate trading volume; and must deal fairly and objectively. As a professional, he must also have reasonable and adequate basis for i...

According to data published by the National Bureau of Statistics for August, the national average price of kerosene decreased by 3.9% to N298.19 per litre compared to N310.29 in July. However, the August figure still represents 40.3% increase on the N212.55 average price per litre in August 2015. Besides, from the figures, in these hard times, retailers could gain a lot just by buying kerosene in some States and reselling in others. This is because by August, 15 out of the 36 states had average price per litre above the national average. In particular, the average price per litre of kerosene in Kano top the bill at N374.40 followed by IMO (N368.52); Taraba (N368.18);  Abia (N339.71) and Ebonyi with average price of N333.33 per litre. Other top ten average price per litre States were Delta (N325.64); Enugu (N324.31); Borno (N322.92); Kebbi (N320.59) and Ogun (N319.54). On the other hand, the states with lowest average price per litre were Katsina (N223.11); Benue (N241.67); Kw...

The Central Bank of Nigeria (CBN) has directed all banks not to give value to customers as in withdrawal from salary accounts on the same day such monies were deposited. According to a circular signed by Director banking and payment systems, Dipo Falokun released on September 16, giving such values should now be based on transaction date plus one day ( T+1). Affected are payment of salaries, pensions, suppliers and taxes. According to the CBN, this is to reduce observed increased exposure of banks to risks attendant on immediate access. However, banks could make exceptions to this provided there is collateral pledged against the transaction, or when the payment solution provider operates a scheme of collateral arrangement which is adequate to offset irrecoverable exposures in the event of short fall. The same circular asked payment solution providers to "ensure implementation of adequate system exception monitoring tools, including alerts, to aid banks in detecting anoma...

There is no con in it, Con Oil PLC seems destined to reap more profit from less income this financial year. According to the half year results to June released recently, virtually all Con Oil's  income streams  were under pressure but like the tough one that gets going when things are tough, profit before tax was  up, not down. Total income dropped by 9.17% to N41481.3m as core revenue decreased by 8.16% to N39514.4m; other operating income went down by 25.5% to N1966.9m and as other gains dried up. The road to higher profit was thus paved by good control over costs resulting in 10.4% decrease in cost of sale to N34271.3m; 27% drop in distribution expenses to N1085.4m and 46.2% decline in finance cost to N1027.1m. In the end, of all the cost units, only administration expenses increased rather marginally by 0.95% to N3530.6m. The reward was the 97.2% increase in profit before tax to N1042.2m leading to a much improved 2.51% profit margin compared to 1.16% by June 2015. ...

OANDO PLC: HARD CURRENCY DEAL Oando PLC has struck a deal with Helios Investment Partners to let go of 49% stake in its subsidiary, Oando Gas and Power ltd for $115.8m. According to notice sent to the Nigerian stock exchange, Helios is to acquire the stake on behalf of its clients. The deal also means that Oando PLC will only exercise 49% voting rights in the company making it technically, no more a subsidiary of Oando. Oando Gas and Power ltd is one of Nigeria's play makers in the gas sector delivering gas to over 175 industrial and commercial concerns in Nigeria via above 260km pipeline network. It does this through three subsidiaries : Gaslink ltd; Gas Network services ltd and Central Horizon gas company. According to Oando, at peak, Oando Gas and Power Ltd delivers some 70m cubic feet of gas daily. Oando PLC CEO Adewale Tinubu hopes the new partnership will position gas as a key driver for Nigeria's economic empowerment. Besides, the $115.8m will come in handy...

The current financial year is almost certain to end with Mutual Benefits Assurance PLC having a lot less to mutually share amongst shareholders, if at all. According to the half year figures to June released recently, reinsuring far less of its risks did not result in higher profit for Mutual Benefits Assurance, in fact its profit before tax tumbled by 85.4% to N387.6m. Yet it hard a good foundation by reducing reinsurance by 65.3% to N888.2m as gross premium earned dropped by 23.6% to N6451.8m. Principally because of the higher risk retained, underwriting profit more than doubled to N2907.4m even as underwriting expenses grew by 34.7% to N1278.5m; and fee and commission decreased by 7.46% to N78.1m. The underwriting profit was reduced drastically by 77.8% increase in Other management expenses to N2386.7m ; 61.3% rise in employee costs to N783.1m and 82.3% decrease in investment income to N199.2m The tumble also occurred in spite of 114.8% increase in other income to N128.9m;...

It is cheery news of sorts that soon, the World Bank, China and the African Development Bank will  come to Nigeria's aid by extending soft loans to help cushion the effect of today's foreign currency squeeze. No doubt, once such inflow comes in, the Naira should be able to recover considerably and thus reduce impact of naira exchange rate induced pressure on production cost of many products and services. But, then, it must be remembered that the resultant economic recovery must be of the more permanent type resulting from more local value addition, more innovation and restructured tastes and public service delivery. If not, what Nigeria and Nigerians will reap from the current downturn will be too ephemeral to last. It may just be like the nation's gain from the civil war of the 60s: Nothing tangible. At the time the war was on, Go On With One Nigeria (GOWON) made sense and the mantra then was: To keep Nigeria one, is a task that must be done. And indeed, it was d...

In spite of the sharp depreciation of the Naira since June, Nigeria's foreign trade still dropped by 9.59% to N3942bn in the second quarter to June. That is, when compared to N4359.5bn in 2015 second quarter According to the trade figures released by the National Bureau of statistics (NBS) it also confirms the decline that started after 2014 second quarter ended with a new four year high of N6659.4bn. Indeed, the 2016 second quarter figure was the lowest of second quarter figures since 2013. Compared to 2013 second quarter it represented 40.8% decrease and 26.2% drop on 2013 second quarter's N5341.1bn. The 2016 second quarter trade though, was a major improvement on N2.72tr recorded in the first quarter and shows more clearly the impact of the Naira value drop at the inter bank market introduced mid June. Meaning that third quarter figures may be higher in view of the further naira depreciation since June but certainly, not likely because there is corresponding increas...

Capital Oil PLC ended year 2015 after all benefitting from shoe strings operations when compared to what obtained during its first quarter of the year analysed in a recent post. According to the audited figures finally published this week, the tumble in core revenue continued but reduced growth in selling costs; hands on drive down of administration cost by 21.4% and more importantly, 79.3% decrease in finance costs to N16.7m helped greatly. At least they ensured that 46.2%  drop in core income to N1132.7m did not lead to more losses. They were aided by 48.9% decline in cost of sale to N968.7m;  84.5% rise in other income and 5.33% increase in finance income to N3.16m. In the end, from 46% decrease in total income, Capital Oil reduced its loss by more than half to N56.2m compared to N113.2m in 2014. This meant that from losing N5.70 on every N100 by first quarter, it ended the year losing N4.93. This equally compares favourably with N5.36 with which it ended 2014. As a resu...

If the agricultural credit guarantee scheme is anything to go by, it looks like there is not much of corporate agricultural activities presently in Nigeria. Yet it is a well known fact that corporate agricultural activities are needed to ensure the sector adds more value to output, grows on the back of large scale operations and continues to innovate in response to challenges. According to the CBN monthly report on the agricultural credit scheme for July, it is obvious that the bulk of the loans guaranteed go to individuals and, from a long distance cooperative societies. Companies are hardly involved. In terms of number that accessed the scheme in April, individuals made up 84% and by May, it came to 92.1%. In June it was 99.4% and come July, 99.95%. In all four months only two corporate recipients featured: one each in April and June. In the case of cooperatives. 619 were involved in April compared to 3269 for individuals yet this dropped drastically to 27 by May and two ea...

The Central Bank of Nigeria (CBN) has issued its  grid of sanctions to be applied on deposit money banks that breach the agreement behind it's recent package of soft loans to help electricity distribution companies (DISCOs) find their feet. Under the package. DISCOs are expected to access billions in funds to pump into electricity distribution as part of efforts to help the recently privatised sector deliver the goods. They will access the facility through banks and re-refinancers who will ensure that repayment is at when due and that good transaction account records were kept, updated and made available when required. To ensure the banks play their own part flawlessly, the list of sanctions in the case of breach of about 11 clear ground rules were released early this month. The sanctions range from warning letter demanding for compliance within two days for first infractions in many cases; to N500,000 daily penalty for second infraction and termination of participation man...

Petroleum products marketing veteran, Con Oil PLC just released its 2015 audited results this week and it hints at subsidy juice that helped save the year in spite of 35.4% decrease in core income to N82919.2m. The juice was in the form of interest on petrol subsidy that was not paid as at when due. For Con oil, a total of N2544.9m was  earned as interest this way in 2015 compared to zero in 2014. This hiked other income to N2533.3m from 2014's N761.2m. It came in very much handy because total profit for the year was N3448.4m. Without the juice, Con oil would have probably ended with about N903.5m as profit before tax compared to N1532.2m in 2014 when no such interest income flowed in. There was also another juice not directly related to core business that also helped greatly and that was almost fourfold increase in exchange gain from N693.7m in 2014 to N2533.3m to beef up Con oil' other operating income considerably. So, the more than doubled profit for the year was dr...

Those screaming now after the release of Nigeria's gross domestic product for second quarter and inflation rate for July had better get prepared for more gloomy statistics by the third quarter. This is because the monthly purchasing managers survey report by the Central Bank of Nigeria for August hints at mass decline in manufacturing and non manufacturing indices. According to the Purchasing Managers Index (PMI) issued August 31, composite index covering manufacturing and non manufacturing hit second lowest levels since July 2014 in August. The lowest being June this year from which minor recovery occurred in July only to collapse the next month The composite for manufacturing was 42.1 in August compared to 44.1 in July. But even this is deceptive because of the items in the basket  input and output prices indices rose by 3.351% and 5.682% respectively and naturally, impact of both is negative, not positive on manufacturing. There was also 5.672% increase  in supply del...

These days the refrain from all and sundry is that Nigerians are suffering because there is hunger across the land and something should be done about it fast. Well, it is a true statement and wish expressed even  by religious leaders who, up till now, seemingly looked onto God for solutions, blessing and divine intervention. Not to talk of echoes of the same by political opponents of the APC, or better still, of the Buhari administration. The refrain is also giving bite to the renewed anger of Niger delta militants, still spreading insecurity and forcing civil rights activists back to the open trenches for chibok girls, for national restructuring and more, not less, respect for human rights and truly fair elections. But then, let us not miss the point. Yes, Buhari did not take fiscal action on time on the economic situation. He doesn't even seem to have done anything yet apart my government will ensure... Yes too, Mr President says he and his team are working seriously on the ...

For Capital Oil PLC. It looks like time is ripe for tightening its shoe strings, if it hopes to end year 2016 with broad smiles. According to figures for the quarter to March released this week, Capital Oil has to take more control over it controllable costs while the less controllable ones continue to behave. Naturally, shoe strings come in necessary when income takes unexpected dive. According to the results, total income dropped by 43.4% to N350.89m within the period. It could have even gone down faster if it was driven only by 43.5% decrease in core income to N350.1m. The minor cushion came from 25.6% increase in other income to N0.54m. The situation was helped further by a higher 48.2% decrease in less controllable cost of sale to N299.3m and 3.98% fall to N19.3m in finance cost. Thus the hard to bite bullet came from more controllable costs. For one, the 22% decrease in administration costs to N20.2m, though commendable, was less than the percentage drop in income. For a...

From the look of the report of employment generation in Nigeria in the first quarter of 2016 issued by National Bureau of statistics last week, it is obvious that targetting some sectors could create jobs faster for female or male Nigerians. According to the report, of the 9369 new jobs generated for males in the first quarter, 41.4% was for operatives and 33.6% was for managers, professionals and technical minded ones. In the case of females, of the 8297 jobs generated in the formal sector, 44% were for managers, professionals and technical hands while 29.6% were for operatives. In other words, you stood a chance of generating jobs for both with policies and investment targeted at professionals, managers and technical staff. Compared to the fourth quarter of 2015, of course, in view of the downswing in the economy, far more jobs were created than in 2016 first quarter but the distribution remained more or less the same. More specifically, by economic activity, more jobs will be g...

For Mutual Benefits Assurance PLC, 2015 year was simply one in which it was served a cocktail of pressures. According to the audited figures finally released last week, the company got some relief within the year only from finance cost and income, reduced underwriting and other expenses and from investment contracts from which it recorded N782.2m profit as against N47.6m loss in 2014. On the income side, the pressures resulted in 21.7% drop in total income to N17292.7m as gross premium earned decreased by 11.2% to N13801.2m, fee and commission went down by 22.9% to N660.4m; as investment income dropped by 19% to N854.3m and as net fair value gain dived 95.8% to N111.7m. That was not all. Other income also declined by 48.9% to N793.9m; and impairment written back decreased by 91.1% to N8.47m. However, new impairment provision dropped by 48.7% to N54.7m to counter this. On the side of costs, reinsurance decreased by only 2.04% in spite of the double digit drop in premium earned; staf...

In the first quarter to July this year, there was one warning bell Nigerian Enamelware PLC has to give attention to in other to reap better within this financial year: 38.2% increase in finance charges to N51m. For one, it turned out to be highest growth in expense within the quarter and more importantly, for another, it could have been less. That is, if more attention was given to liquidity management. This is because Nigerian Enamelware had to increase borrowed funds by 42.5% to N1736.6m and so, pay more in charges, while its receivables increased by 133.8% to N3118m. Sure, with higher N731.1m working capital surplus, the company was not under liquidity pressure as such but it certainly would have borrowed less if it grew its receivables less. It was the increase in finance costs that kept profit before tax growth at only 10.1% to N45.6m after the company had gallantly reduced its administration expenses by 13.3% to N44.4m. Before the finance charges take, the lone pressure...

On August 30, this year the Securities and Exchange Commission of Nigeria (SEC Nigeria) warned the investing public to beware of unregistered persons trying to pose as capital market operators or promote unregistered schemes in Nigeria. In two separate posts on its website on August 30, it named two such persons or schemes warning that they were not registered to engage in capital market activities. It stated that one Mrs Oge C  Ottiwu of 118, Zik Avenue, Opposite Eke market Awka, Anambra engages in capital market activities for which she was not registered. In another post it drew attention of the public to an online investment scheme tagged MMM Federal Republic of Nigeria (Nigeria.mmm.net) that promises investors 30% monthly return. It is also called "mutual aid financial network". It explained that this scheme has no business model and was certainly a scam that hopes to pay the so-called 30% from peoples invested money until the inverted pyramid collapses. SEC drew at...

After all the gloomy pictures painted by the cocktail of national statistics for July have been digested, it looks like the inter bank foreign exchange market introduced in June truncated gross signs of recovery. According to the gross domestic product statistics in particular sectors like Manufacturing, trade, and energy witnessed slight increases on first quarter to March. Also in the belly of information and communication sector, broadcasting too witnessed significant growth quarter on quarter just like Insurance in the finance and insurance sector. It is likely that preferential allocation of forex to some of these sectors and reduced interest rates in November helped to bring this about. Of course, one is talking of nominal product at current prices without adjustment for the July 17.1% inflation rate. Once all the values in the composite price index basket are discounted for inflation, no sector ends up with growth year on year or quarter  on quarter. The more reason wh...

The Central Bank of Nigeria CBN has approved 11 more international money transfer operators IMTOs to transfer funds into and out of Nigeria. This is sequel to its recent warning issued to the public to beware of unlicensed IMTOs making inroads into Nigeria. The new IMTOs, according to CBN:s acting director. Corporate Communications, Isaac Okorafor , are: 1. Transfer fast remittances LCC 2) Worldremit ltd 3) UAE exchange centre LCC 4) Wari ltd 5) Home send SCRI 6) Small world financial services group ltd 7) Weblink international ltd 8) Cashpot ltd 9) D T & T corporation Ltd 10) FIEM group LCC DBA ping express 11) C P express ltd. Hitherto, following the panic that followed its warning about fake operators, the CBN had later assured that there was still room for the licensing of new IMTOs provided they meet long established criteria.

In a move apparently intended to attract inflow of short term, in addition to more traditional long term, funds into Nigeria, the Central Bank of Nigeria (CBN) has amended its foreign exchange manual to allow for investment in money market instruments using imported funds. According to a circular signed by Acting Director Trade and Exchange. W D Gotring, the change allows resident Nigerians and companies to import funds through authorised dealers to invest in money market instruments. Under the new rule. "A resident/non resident national and entities /foreign national or entity may invest in Nigeria by way of purchase of money market instruments such as commercial papers, negotiable certificates of deposits, bankers acceptances, treasury bills etc" but subject to the following : 1) There must be tested SWIFT message evidencing remittance of the fund. 2) There must be board of directors resolution of the local beneficiary authorising the investment 3) Purpose of the impor...

Sure, the July national macroeconomic statistics finally released by the National Bureau of Statistics on August 31, remain very depressing. Unemployment has hit a new high; gross domestic product is down for the second quarter; and inflation continues to gallop and now stands at 17.1% year on year. However, the truth is that today in Nigeria there are things that statistics can not measure yet they conspire to continue trying to ensure that this patient dies of a curable disease. One side of today's state of affairs is the reality that endemic corruption; distrust, policy inconsistency; insecurity and lopsided power and national cake sharing of years past brought us this low. So naturally, it was not a bad idea really to put a man like Muhanmadu Buhari on the saddle to hopefully change things for the better. Amongst Nigeria's ex-military top brass he was and still remains in a class of his own. Even though like all commanders he enjoyed all that went with that position, ...