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Consumers are choosing repellents with awful odours over odourless Mortein and Raid

The innovative advancement in the mosquito repellent market came about due to a need to combat the growing cases of malaria in Africa and around the world; albeit in a safe manner.



Consumers are choosing repellents with awful odours over odourless Mortein and Raid

The innovative advancement in the mosquito repellent market came about due to a need to combat the growing cases of malaria in Africa and around the world; albeit in a safe manner. In 2016, there were 216 million malaria cases that led to 440,000 deaths. Most of these deaths occurred in Sub-Saharan Africa.

Today, 3.2 billion people (almost half of the world’s population) are at risk.  Since 2000, malaria has cost Sub-Saharan Africa $300 million each year for case management alone. It is estimated to cost up to 1.3% of Gross Domestic Product in Africa, according to UNICEF report.

Mosquito Coil

Mosquito coil

Otapiapia used to be a household choice for keeping away mosquitoes, but the local mosquito repellent had its wings clipped by mosquito coils later in the 1990s. However, development and urbanisation have rendered both repellents redundant, due to the introduction of insecticide spray products such as RaidRamboSniperMortein, and many other repellents in the market; all of which are sold at the price of N1000 and above.

With many brands jostling for market share, Nairametrics carried out a survey to see which of them is gaining dominance. One of them actually stood out, for a reason that seems more quirky than rational. Read on to find out which brand we are talking about and why it leads the market over other innovation-conscious brands. Welcome to this week’s product review.

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The transition from cheap product to premium repellents  

With the saturation of the insecticide market with various brands, it is surprising to note that the prices are still high. One might also be curious to know why the initial cheaper repellents were dumped for more expensive options.

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Otapiapia product

Although otapiapia and mosquito coils might fit into the standard of living for the lower classes, they come with repercussions that are damaging to human organs whilst contributing to the mortality rate in Nigeria. This has prompted the call for their disuse by medical professionals. 

Otapiapia has been described as harmful to the liver, kidney, especially when people are exposed to its fumes for too long. Meanwhile, mosquito coils have often been linked to possible lung cancer.




The continuous campaign against these two mosquito repellents led to the rise of the insecticide spray products. And even though these anti-mosquito liquid vaporizer products also have side effects, these side effects are often short-term when compared to otapiapia and mosquito coils. Innovation has also seen the companies find solutions to their awful and harmful smells through their odourless products. Ironically, despite Mortein and Raid leading the odourless campaign, Nigerians prefer Sniper in combating mosquitoes. 


Poll favours Sniper: ANairametrics poll conducted on the social media platform, Twitter, showed that consumers now preferSniper when purchasing mosquito repellents. 

Out of 480 votes, Sniper recorded the most votes in the poll, accounting for 31%, with 29% of voters preferring Raid to other repellent products. The demand for Mortein earned 28%, while Rambo accounted for 12% of the total votes. 

Why Sniper is the consumers’ choice in odourless market 

The new innovation in the repellent market is the odourless insecticide vaporizer. While this is clearly absent in the range of Sniper products, Nairametrics observed that Nigerians are unbothered, as they continue to crave its strong and awful smell. To consumers, “smelling is believing” and odourless repellents are just ineffective colognes.

Sniper Mosquito killer

Sniper packaged in a bottle

Aside from its smell, the rise of Sniper vaporizer in the repellent market has been largely due to the increasing demand and commercial success of its liquid bottle. The company had launched the spray product hoping to ride on the popularity of the bottled product, and its projection has been right so far, according to a Nairametrics poll. 


Its liquid form, packaged in a white bottle, was produced for outdoor use, but some Nigerians are guilty of applying the product indoors. Despite the danger, many believe that the product is more effective. This is why when the indoor Sniper vaporizer was launched, demands for it surged.

Mortein and Raid

Mortein and Raid

While the insecticide market is in dire need of innovation, the latest odourless brands have been blessings to believers and a curse to the producers, as more Nigerians question the effectiveness of the likes of Mortein and Raid, which are leading the drive.  

Some wonder what they actually inhale since it’s odourless. Others feel that if humans can’t perceive the smell, then mosquitos won’t as well, thereby leading to the conclusion in some quarters that Mortein and Raid odourless products won’t be as effective as Sniper with the strong odour. 

Challenge against Sniper demand 

In recent years, there have been multiple deaths linked to Sniper, but not as a result of customers inhaling the product. Reports show that more Nigerians now purchase Sniper as the poison of choice for committing suicide. 

The rate of Sniper-linked deaths has caused an uproar among Nigerians, with many calling for the product to be banned, while others request strict rules against the production of Sniper in order to control access to the product. 

Note that the campaign against Sniper might affect the demand and availability of the product in the market. 

Strength, Weakness, Opportunity and Threat of the Market

Strength: Nigeria is one of the countries still battling malaria in Africa. This means that the market is still in need of mosquito repellent products, especially as both urban and rural areas are not immune to mosquito attacks. So with the working class hitting over 80 million and Nigeria’s population rising above 200 million, the demand for mosquito repellents is bound to increase. 

Weakness: The repellent market is hardly weakened by any factor, except for the lack of basic amenities needed for companies to operate in Nigeria. Nigeria’s business environment is not friendly to growth, as companies usually have to cater for their electricity and water supply to operate their businesses. 

Opportunity: Mosquito repellent users are in need of cheaper products, even as the cost of treating malaria increases. A new brand can penetrate the market by offering repellent spray at a lower cost compared to the major brands. At times, customers patronize premium products because there’s no cheaper alternative with the same or similar quality. 

Threat: The market is threatened by customer preference. At times, innovation might not just be the key to growth, especially in a complex country like Nigeria. Also, issues bordering on health have continued to threaten the market, since there isn’t any clear indication as to if the repellents are hazard free. Customers don’t want to chase away mosquitoes, only to be killed by inhaling chemical.   

What consumers are saying 

Mass Communicator, Pauline Onaja, said Sniper is more effective than other mosquito repellent products. According to her, other brands only smell without doing the job. 

“Sniper is the best among the products available in the market. Sniper really works. Other brands like Raid and Mortein don’t do anything; they just smell all over the house without doing what we buy them for.” 

Supporting Onaja’s statement, Fakoyejo Abimbola, said despite the risk attached to Sniper, he chose to use the product for its effectiveness. 

“Actually, the popular Sniper product is the outdoor one. This is very effective, but I make sure I don’t use it when I’m at home. But I prefer it because other mosquito repellent smell like perfume to the mosquito, while the effectiveness of the odourless one can’t be weighed.” 

A graphic artist and instrumentalist, Gabriel Johnson told Nairametrics that though he prefers otapiapia in freeing his house from mosquitoes, he uses Mortein once in a while. 

“Sometimes I use Mortein when otapiapia is not available. I like the two. The mosquitoes in this country are too much for someone to depend on one of them. I like otapiapia because it’s very effective but Mortein is very modern.” Johnson said. 

For Chidinma Nwagbara, a media practitioner, her family was loyal to Raid until they became aware of Mortein. She said they switched to Mortein because it’s cheaper and enables them to continue household chores without having to leave the room. 

Another customer, Awolowo Oluwaseyi, said Baygon is his preferred choice and would replace it with Mortein, which he described as an air freshener. 

Meanwhile, a diverse user, Pharm Habibi, told Nairametrics on Twitter that he uses RaidRamboRead A DreamBaygon and Tetmosol. 


While innovation is good, at times, it could be a major problem especially when customers are not fully briefed on the transformation or changes and the benefits that come with it. This has affected the odourless brands. There is no evidence that these odourless brands perform less than Sniper’s odorous repellents, but customers cling to their perceptions that odour is the key to exterminating mosquitoes and this is where Sniper has the advantage. 

It’s important that companies conduct research before embarking on a new journey. Most of the adverts on odourless repellents are lost on YouTube, which shouldn’t be so. Aggressive media campaigns should begin before launch and after the launch of a new product that is different from the norm.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips:

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Economy & Politics

CBN reduces MPR to 12.50%, holds other metrics

Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) from 13.50% to 12.50% and retains CRR at 27.5%, Liquidity ratio at 30%.



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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) from 13.50% to 12.50%.

Governor, CBN, Godwin Emefiele, disclosed this while reading the communique at the end of the MPC meeting on Thursday in Abuja.  Meanwhile, other parameters such as the Cash Reserve Ratio  (CRR) remained at 27.5%, Liquidity ratio at 30%.


READ ALSO: Bankers decry rise in public debt, weak economy

Highlights of the Committee’s decision

  • MPC cuts MPR by 100 basis points to 12.50%
  • CRR stood at 27.5%
  • The Liquidity Ratio was also kept at 30%

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READ ALSO: Nigeria’s total debt to hit N33 trillion – Senate

According to Emefiele, the decision of the MPC to reduce the Monetary Policy Rate  was informed by the impact of the Covid-19 pandemic on the economy, increased inflationary pressure, restrictions in international trade and more.

He highlighted the decline in the nation’s GDP as well as the decline in the manufacturing and non-manufacturing purchasing index which were attributable to slower growth in production, rate of unemployment, amongst others.

READ MORE: AfDB’s Akinwumi Adesina hits back, denies allegations against him

On reopening of the economy, Emefiele emphasised the need for Government to work towards a gradual reopening in line with recommendations of the Presidential Task Force (PTF) and advice from medical experts, insisting that efforts must be directed at saving not only lives but also livelihoods. He said,


“This is to enable the resumption of economic activities necessary to stimulate growth, accelerate the pace of recovery and restore livelihoods, particularly the vulnerable in our society.


“With respect to output, the Committee urged the Federal Government to continue exploring options of partnership with the private sector to fund investment in infrastructure. This would aid employment generation, support production and boost output growth.”

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Business News

CBN’s MPC unlikely to cut rates, as Nigeria’s foreign reserves hit $36.16 billion

Note that Nigeria’s inflation could potentially rise to 14% by the end of the year due to a higher VAT and a weakened naira.



CBN, GTBank, CBN disagrees with IMF, says land border closure boosting local production, Border closure: Emefiele says Benin, others must engage Nigeria before borders are reopened , bvn 2.0, CBN reveals banks’ foreign assets rise to N14.19 trillion in 2019

The CBN’s Monetary Policy Committee (MPC) is expected to leave the interest rate of 13.5% unchanged during its meeting later today.

The projection is coming on the heels of macroeconomic fundamentals released by the National Bureau of Statistics (NBS), which showed that inflation rose to 12.34%; its seventh consecutive monthly rise and highest level since April 2018.


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Note that Nigeria’s inflation could potentially rise to 14% by the end of the year due to a higher VAT and a weakened naira. Therefore, in order to minimise the risk of exacerbating inflationary pressures, the CBN is unlikely to further cut rates. This possible outcome from the MPC meeting will help stimulate economic growth, just like it did in 2019.

Meanwhile, despite the foreign exchange liquidity crisis being experienced in the currency spot market, data obtained from CBN revealed that the country’s foreign exchange reserves have further increased to $36.16 billion (Gross Estimate) as of 28th of May, 2020.

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(READ MORE: Naira depreciates to N460/$1 at the parallel market, despite improved liquidity)

The surge in Nigeria’s external reserves is due to the fact that the price of crude had gained more than 40% since the deadly COVID-19 pandemic started, coupled with reports that foreign investors are returning to Nigeria. The disbursement of $3.4 billion emergency facility by the International Monetary Fund (IMF) to CBN has also been a contributing factor.

Nigeria’s foreign exchange reserves hit $36.16 billion, Nigeria’s Central Bank MPC meet today

Recall that the CBN Governor, Godwin Emefiele, had promised more liquidity in the currency market, assuring that all genuine dollar demands would be met.

READ ALSO: Banking: Surprise hike in CRR-Implications for banks 


However, an Interest rate expert, Ola Oladele, during a phone chat with Nairametrics, advised that the CBN should keep its word by boosting Nigeria’s Forex supply as the persistent downtrend in the currency black market continues. She said:


“The depreciation of the naira in the parallel market as a result of low supply of FX from official sources and less optimistic outlook on the economy due to falling oil prices.

“The BDCs haven’t received supply from official sources since our borders were closed and the crash in oil prices has made natural sellers of FX more cautious.

“We hope that the recent statements by the regulator will restore confidence and subsequently, supply to the market.”

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CFOs of FUGAZ and their 3-year performance record

CFO is to ensure that the company is highly profitable so that no matter how high it’s share price might be, if listed on the floor of the Nigerian Stock Exchange, it would still be termed undervalued.



Among many executive positions in an organisation, the Chief Financial Officer (CFO) is sometimes considered to be one of the most strategic, and rightly so. When the firm in question is an operator in the financial services sector, then the office becomes even more critical to be thrown to just anyone.

Besides being responsible for fiscal operating results, the CFO is the senior executive directly responsible for managing the financial strategy, decision and actions of a company. He tracks cash flow, analyses the company’s financial strengths and weaknesses, and fill in for the lapses, reducing operations costs and increasing income.


In other words, we can say that the job of the CFO is to ensure that the company is highly profitable so that no matter how high it’s share price might be, if listed on the floor of the Nigerian Stock Exchange, it would still be termed undervalued.

This article looks at the CFOs in Nigeria’s tier one banks, their profiles, their last 3 years records and projections for 2020.

READ ALSO: Billionaire investors in the Nigerian Insurance space (2)

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Ugo Nwaghodoh, Group CFO, United Bank for Africa Plc (UBA)

Ugo is a seasoned financial analyst and accountant with experience spanning assurance, advisory, financial control, financial modelling & programming, strategy and business transformation, investor relations, corporate restructuring, risk management, mergers & acquisition, business integration and project management.

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He has been the Group CFO at United Bank for Africa Plc since 2011, managing the performance, financial control, portfolio investment and investor relations among others.  Before then he was the Divisional Head, Financial Control and Investor Relations between 2008 and 2011.

He also had a brief stint as Group Chief Compliance Officer, and as Head of Special Project (Corporate Mergers). He was Head, Performance Management, Strategy and Business Transformation for about 3 years, where he drove the cost optimization initiatives of the bank, and engaged in policy formulation.


Before UBA, he had worked as Manager, Assurance and Business Advisory Services with PriceWaterhouseCoopers Nigeria for 8 years, and 2 years in Kenya on secondment.


He has a degree in Accounting and Finance, and MSc in Finance & Management from the Cranfield School of Management, Cranfield University.

He is a fellow, Institute of Chartered Accountants of Nigeria (FCA).

His last 3 years performance

UBA, under Nwaghodoh’s watch, had a fairly unfavourable 2018 as cost to income ratio increased from 57.8% in 2017 to 64% in 2018, and profit after tax almost remained the same increasing only slightly from N78.59 billion in 2017 to N78.60 billion in 2018.

The bank, however, staged a comeback in 2019 with cost to income ratio reduced to 62.7% while profit after tax increased by over N10 billion to N89.08 billion.


Share price however declined from N10.3 in 2017 to N7.7 in 2018 and N7.15 in 2019, probably not Nwaghodoh’s fault though, since this happened across most financial services institutions. In addition, the bank also paid N30 million as fine to the CBN in 2018, a situation which led shareholders to cry out to Apex bank for what was termed ‘unfair penalties’.

Nwaghodoh, however, has a beautifully designed investor relations page to his credit, with answers to Investors FAQs, analysts reports and credit ratings for the bank, shareholders information and news among others.

Oluseyi Kumapayi, CFO Access Bank Plc

Kumapayi joined Access Bank in 2002. Before then, he was with the First City Monument Bank (FCMB) where he served as Financial officer.

Kumapayi got his MBA from the Kellogg school of management, Northwestern University, and  has been severally endorsed in Corporate finance, risk management and business strategy, financial analysis, mergers and acquisitions, financial modelling and investment banking.

He also attended the INSEAD course on Risk Management, London Business School (LBS) High Performance People Skills program, Euromoney, Assets and Liability Management, Strategy Master Class and Mergers and Acquisition. He is a Certified Chartered Accountant.

Now let’s look at the bank’s three years performance under Kumapayi. 

For the cost to income ratio, Access bank has remained profitable over the last three years, but now the question would be how profitable?

Cost to income ratio reduced from 72.40% in 2017 to 65.30% in 2018 showing that the bank’s strategies succeeded in reducing the ratio of cost to income and making more profits. However, 2019 recorded a negative progression to 68.7%.

This is in spite of the fact that profit after tax grew significantly to N97.5 billion in 2019, from N94.98 billion in 2018 and N53.6billion in 2017.

Overall, we can say the indices point to greater progress made in 2018, compared to 2019.

Note also that the merger between Access Bank and Diamond bank started in 2018, running through 2019 before it was eventually sealed with the launching of the new Access logo, and the slogan ‘access more’. The role of a CFO in a merger of this magnitude is ourightly priceless, given that not all merger talks result in a successful merger of assets, shareholders, and even management team.

There is also the acquistion of controlling equity interest in Transnational Bank Kenya Plc, which Access Bank undertook in October 2019.

Share price at last day of the year progressed from N10.45 to N6.8 to N10, showing that share price dropped most in 2018, which interestingly happened to be the most profitable year so far. In the same 2018, Access bank paid N20 million in fines to the Central Bank of Nigeria.

Kumapayi has kept the investor relations page of the bank’s website duly updated with annual financial reports, investor news, credit ratings, upcoming events, shareholders information and news.


Oyewale Ariyibi, CFO, First bank of Nigeria Plc

Oyewale Ariyibi, CFO, FBN Holdings

Before becoming Chief Financial Officer at FBN Holdings Plc, Oyewale Ariyibi had worked with Transnational Corporation of Nigeria Plc (Transcorp) as Chief Finance Officer, and at Standard Chartered Bank, Nigeria as Country Financial Controller.

He has a cumulative 23 years experience in banking and financial services, business assurance, tax management, business process review and consulting across several institutions.

He has been certified in areas such as capital raising, tax planning and cost management, operational risk management, strategic and corporate planning, compliance and business assurance amongst others, and is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), Associate of the Chartered Institute of Taxation (ACIT) and Certified Pension Institute of Nigeria (ACIP).

So what has he done with First Bank in the last three years?

Profit after tax has been on an increase, from N47.78 billion in 2017 to N59.74 billion in 2018 and N62.09 billion in 2019. This is laudable given that 2016/17 was not the best times for the Nigerian economy.

Share price has however dropped from N8.8 in 2017 to N7.95 in 2018 and N6.15 in 2019.

This may be no fault of his given that he has managed to keep the cost to income ratio stable at 80.17% in 2017, 80.15% in 2018, but it increased slightly in 2019 to 81.31%.

Note that the FBN Holdings also paid a fine of N32.65 million to the CBN in 2018.

This trend can be considered worrisome not only because FBN holdings has the highest cost to income ratio among the tier one banks, but because it is the only of the five banks where cost to income ratio did not reduce over the last 3 years.

This probably explains why shareholders earned 0.25 dividends per share in 2017, 0.26 in 2018 and 0.38 in 2019, the least dividends declared by any of the top banks.

The investors’ relations page of the bank’s site is a bit unclear and it is not easy to access needed information, but once a site visitor gets past the initial confusion, one can see shareholders information, corporate governance reports, financial highlights, unclaimed dividends, press releases and news.

Ariyibi might need to ask some pointers from his colleagues in other tier one banks.

Recently, Ariyibi led engagements with regulators towards FBN’s intention to divest its 65% holdings in FBN insurance Limited.


Mukhtar Adam, CFO Zenith Bank Plc.

Mukhtar Adam was appointed Chief Financial Officer (CFO) of Zenith Bank in 2018, and is currently the Group Head, Financial Control and Strategic Planning Group of the bank.

Before this, he was the bank’s Deputy CFO, and sometime before 2014, he headed the Financial Reporting, Tax Management and Strategic Planning Groups, overseeing the entire Zenith Group’s financial reporting.

Adams worked in Financial Services Group of the Nigerian and Ghanaian practices of PricewaterhouseCoopers (now PwC), as a Senior Consultant, before joining Zenith Bank in 2007.

Adam holds a PhD in Finance from the Leeds Beckett University (UK); M.Sc. (Finance – Financial Sector Management) from University of London’s School of Oriental and African Studies, (UK); MBA (Finance) from the University of Leicester (UK) and B.Ed. Social Sciences (Economics and Management) from the University of Cape Coast (Ghana).

Many feathers for one man’s cap, we must agree!

He also holds a Diploma in International Financial Reporting Standards (IFRS) from the Institute of Chartered Accountants in England and Wales (ICAEW).

He is a member of the Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Taxation of Nigeria (CITN), and Institute of Chartered Accountants of Ghana (ICAG).

So, what has Mukhtar Adam achieved for Zenith bank since he took over from Stanley Amuchie in 2018?

It’s been three progressive years for this tier one bank as cost to income ratio has continued to decline from 52.70 in 2017, to 49.30 in 2018 and further down to 48.8% in 2019. Commendably, this progression is not just a result of cutting down operation costs, but increasing income.

Profit after tax for 2017 stood at N173.79 billion and increased to N193.42 billion in 2018 and spiked further to N208.84 billion in 2019.

Whatever magic wand Adams holds over the bank, it must be working well because among the five tier one banks, Zenith bank has consistently had the highest profit after tax for the past three years.

Share price of the bank also moved from N25.6 in 2017 to N23.05 in 2018 and further down to N18.6 as at last day of 2019.

However, this cannot be counted against him as share price is subject to a whole range of extraneous factors. In the 2018, the bank paid N10 million fine to the CBN.

With his input, the bank also maintains a detailed investors relations page with press releases, credit ratings, corporate governance reports and financial updates. In addition to the BOT which pops up to help guide a visitor through the page and answer inquiries, Adams also appears to be one CFO who spells out his key financial strategies on all aspects of the banks operations, on the investors relations page.

Adebanji Adeniyi, CFO, GT Bank

Adeniyi became CFO of GT bank in 2013.

Adeniyi has been certified competent in risk management, portfolio management, risks and investments, Operational dynamics and Associated Risks among others, and has over two decades of professional experience.

He gained his early experience from notable companies including PricewaterhouseCoopers, and Arthur Andersen (now KPMG).

Adebanji Adeniyi, Chief Financial Officer, GT Bank

His banking experience comes from his stint with Lead Bank Plc, and his years at GT Bank. He is a Fellow of Institute of Chartered Accountants (FCA), and also holds a MBA.

So, what has he been up to in the last 3 years.

For Guaranty Trust Bank Plc, cost to income ratio reduced from 38.2% in 2017, to 37.2% in 2018, and to 36.1% in 2019

In addition to its gradual improvement, GT bank has maintained the best cost to income ratio among the top banks.

The bank has also maintained a high profit after tax after Zenith bank. GT Bank recorded N170.47 billion profits after tax in 2017 and this increased to N184.64 billion in 2018 and N196.86 billion in 2019.

Like other banks, however, share price has dropped over the years – from N40.75 in 2017 to N34.45 in 2018 and N29.7 in 2019. In addition to this, GT Bank also received a heavy penalty of N24 million in 2018 from the CBN.

In terms of profitability, both for the bank and for investors, Adeniyi is getting it right.

The bank also has a well laid out investors relations page detailing corporate and financial information, outlooks and insights, upcoming events and investors news, shareholders information and annual reports.


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