The Nation Newspaper

Author: The Nation

  • Ganduje on Uzodimma, Ododo’s victories: Testament of Nigerians faith in APC

    Ganduje on Uzodimma, Ododo’s victories: Testament of Nigerians faith in APC

    National Chairman of the All Progressives Congress (APC) Abdullahi Umar Ganduje has described his party’s victory in Imo and Kogi states at the weekend governorship election as an indication that “Nigerians are at home with the ruling party”.

    He made the remark while congratulating Imo Governor Hope Uzodimma on his re-election.

    The chairman also expressed happiness with the overwhelming support exhibited by the electorate in Kogi in electing Alhaji Ahmed Usman Ododo.

    In a statement by his spokesman Edwin Olofu, the APC chair said the electoral feats of Uzodimnma and Ododo reinforced the fact that Nigerians are at home with the ruling party.

    Ganduje noted that the victory by the APC in both states underlines the fact that the citizenry is appreciative of the delivery of democracy dividends by Governor Hope Uzodimma of Imo state and the outgoing Governor of Kogi state, Yahaya Bello.

    The statement reads: “What gladdens me about the victory of the APC in both Kogi and Imo state is that Nigerians are appreciative of good governance and they want continuity in peace and sustainable growth in their states.

    “As a progressive party, we will always live up to our promises to deliver good governance. The people of Imo and Kogi state can rest assured that Uzodimma would sustain his developmental strides in the state while Ododo would consolidate the enviable legacies of Governor Yahaya Bello.”

    Congratulating Uzodimma and Ododo over their landmark victory, he urged the members of the opposition political parties in both states to accept their defeat in good faith.

    He said: “You are true democrats. The truth is that we are all winners at the end of the day. Without a viable opposition, there won’t be contestations and democracy. I urge you to join hands with Governor Hope Uzodimma and the incoming governor of Kogi State, Ahmed Usman Ododo in the task of moving your respective states forward.

    You all fought a good battle. As the saying goes, there will always going to be another chance to test your level of acceptability among the electorates.”

    Read Also: Imo, Kogi governorship polls: Uzodimma, Ododo triumph

    Also last night, the party’s National Deputy Publicity Secretary, Duro Meseko  said of the poll: “This is a truly remarkable achievement and a testament to your inate skills, dedication and  trust that the people of Kogi state have placed in you.

    “We have been following your journey closely and we are impressed by your vision and plans for the development and progress of Kogi State. Your commitment to see to the wellbeing of the people as well as your focus on infrastructure, education, healthcare and job creation is truly commendable. We are confident that under your leadership, Kogi State will reach new heights of prosperity and excellence.

    “Your election as governor is not only a testament to your own capabilities but also reflects the wishes and aspirations of the people of Kogi State. They have chosen you to lead them into a brighter future and we have no doubt that you will work tirelessly to fulfill their expectations.

    “We firmly believe in the power of technology and innovation to drive positive change. We are excited to see how you harness these tools to bring about progress and development in Kogi State.

    “Once again, congratulations on your well-deserved victory. I wish you great success, good health and wisdom as you embark on this important journey as the governor of our dear state. We look forward to witnessing the positive impact you will make in the lives of the good people of this state”.

  • PDP stakeholders protest members’ disenfranchisement in Nembe-Bassambiri

    PDP stakeholders protest members’ disenfranchisement in Nembe-Bassambiri

    Stakeholders of the Peoples’ Democratic Party (PDP) have embarked on a peaceful protest over the alleged disenfranchisement of their members in Nembe-Bassambiri during Saturday’s off-cycle governorship election in Bayelsa State.

    The party stakeholders took the protest to the Independent National Electoral Commission (INEC) head office at Swali in Yenagoa yesterday morning.

    The protesters were received and addressed by the INEC Resident Electoral Commissioner, Mr Obo Effanga.

    After being addressed, the protesters stopped their demonstration and turned the barricaded road by security agents into a carnival.

    Many of them were seen dancing away as they awaited the outcome of the results collation.

    The security around the INEC office is as impregnable as different arms of security agents were present. People without any means of identification were turned back from accessing the INEC office.

    The Bayelsa State Attorney General and Commissioner for Justice, Biriyai Sambo SAN, who spoke to journalists said they were at the INEC office to register their protest on the disenfranchisement of party members in the Nembe-Bassambiri in Nembe local government area of the state.

    He said: “Precisely on November 10, most of our members in about 60 buses left Yenagoa for Nembe with escorts. When we got there, the SWAT team was blocking the entrance into Nembe with other All Progressives Congress (APC) acclaimed youths and they said we should come down.

    Read Also: Inflation rises on soaring food, energy prices

    “Immediately, one of our boys, his name is Barrister Akili, came down, and they manhandled him. He just escaped by a whisker. Thereafter, they started threatening them, up to the extent that they threw tear gas at us. They said they could not come in, most of them were scared for their life, so they had to leave.

    “But subsequently, we now saw that there was no voting, there was no election in Nembe-Bassambiri, Constituencies 2 and 3. We now found out that results started coming out on social media; results that were uploaded on the BVAS, the kind of results that were outrageous. We don’t know where they were coming from.”

    “We are here to appeal to INEC; we are not coming to discourage INEC. We just want them to follow the rule of law and ensure that they do what is right in line with the President’s resolve that there have to be free and fair elections in this country.

    “They would have allowed everybody to go into Nembe-Bassambiri and vote; one man, one vote. But this one none of us went in there to vote. Only the APC people were there, they manipulated everything and then started posting results on social media.

    “We don’t want that to continue. We are here to appeal to INEC that they should look into those results and do what is right in line with the rule of law. There has to be a fair play in our electioneering process.”

    Addressing the protesters, the INEC REC, Mr Obo Effanga represented by the head of Voter Education and Publicity, Mr Wilfred Ifogah, said the Commission is not joking with the Bimodal Voter Automated System (BVAS).

    He assured them that the units where the BVAS were not used would be cancelled.

    He said: “No BVAS, no election in that particular unit, and it will be cancelled, so that is the assurance I am giving you right now.

    “This protest definitely will get to the REC. I want to thank you all and assure you that other processes will continue at the collation centre. It will also be presented before the Collation Officer.”

  • Arrest sponsors of electoral offences, SERAP tells INEC

    Arrest sponsors of electoral offences, SERAP tells INEC

    Human rights and transparency watchdog, the Socio-Economic Rights and Accountability Project (SERAP) has asked the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, to promptly establish a joint, credible, transparent, effective, and broad-based investigation into allegations of electoral bribery and violence in the off-cycle governorship elections in Kogi, Imo and Bayelsa states.”

    SERAP urged Prof Yakubu to “identify, arrest, name and shame suspected perpetrators and their sponsors of these grave human rights crimes, and ensure their effective prosecution, regardless of their political status or affiliations.”

    SERAP also urged him to “disclose the spending details on the governorship elections in Kogi, Imo and Bayelsa states, including the specific amount spent to conduct voter and civic education and activities carried out in these states.”

    In a letter dated November 11, 2023, and signed by SERAP deputy director Kolawole Oluwadare, the organisation said if INEC is to live up to its constitutional and statutory responsibilities, it must take bold and effective measures to combat the culture of impunity for electoral bribery and violence in the country.

    SERAP said the recurring cases of electoral bribery and violence make a mockery of Nigeria’s electoral process and participatory democracy. The letter reads: “There are reports of specific cases of pre-completed result sheets including in five local government areas of Kogi State – Adavi, Ajaokuta, Ogori/Magongo, Okehi and Okene.

    “Suspected political thugs reportedly harassed journalists covering the governorship election in Omuma Community in Oru East Local Government Area of Imo State. INEC official in the Oguta Local Government Area (LGA) of Imo State also alleged that some men invaded her polling unit and carted away result sheets.”

    “According to a report by the Centre for Democracy and Development (CDD), there were several reports of electoral violence and vote buying across the three states. For example, there were reports of incidents in PU 1, Ward 8 and PU 11, Ward 1 in Sagbama LGA in Bayelsa West.”

    “In Bayelsa Central, vote trading was reported in PU 16, Ward 6 in Yenegoa LGA, PU 22, PU 30 and 31, Ward 13 in Southern Ijaw LGA with reports of voter inducements ranging from N5,000 – N22,000, and items such as wrappers and rice were also reportedly shared to buy votes.

    “In Kogi, there were reports of vote buying in PUs 004, 038 and 039 in Ward A of Lokoja LGA, where party agents were allegedly sharing out money to voters upon confirmation that they voted for their party candidates.

    “In Imo, the two major parties’ agents reportedly engaged in vote buying, sharing between N2000 to N3000. INEC officials were reportedly bribed. Electoral violence was reported in Dekini where a thug was reportedly shot and killed by military officials while fleeing in an attempt to snatch a ballot box.

    “INEC presiding officer was also reportedly abducted in Bayelsa while on his way to the Registration Area Centre – 06 (Ossioma) in Sagbama Local Government Area.” There are reports of thugs attacking several polling units in the three states.”

    It continues: “INEC must acknowledge its limitations and now embrace a transparent, credible, inclusive and broad-based investigation into the allegations of grave electoral offences in Kogi, Imo and Bayelsa states.

    “Electoral integrity is critical to a legitimate democracy. When the integrity of that process is compromised, the legitimacy of our government and the public confidence in our public institutions is seriously undermined.

    “Reports of grave electoral offences in Bayelsa, Kogi and Imo states have shown that INEC and politicians have learnt little or nothing from the well-documented problems during the 2023 general elections.

    “We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel INEC to comply with our request in the public interest.

    “The right to vote is fundamental and is the essence of a democratic society, and any restrictions on that right strike at the heart of representative government. Nigerians should have the final say in the election of governmental officials.

    Read Also: Imo, Kogi governorship polls: Uzodimma, Ododo triumph

    “Persistent cases of bribery and violence in the country’s elections gravely violate Nigerians’ right to vote, which is central to the effective participation of every citizen.

    “Unless there is a transparent, effective, credible, inclusive and broad-based investigation into these allegations and perpetrators and their sponsors are named and shamed and brought to justice, impunity for these electoral crimes will continue. And citizens will continue to lose confidence in the electoral process.

    “Nigerians have the right to know how INEC is spending public funds in the discharge of its constitutional and statutory responsibilities. It is in the public interest to publish the details of spending on governorship elections in the three states.

    “According to our information, the governorship elections in Kogi, Imo and Bayelsa states witnessed cases of electoral offences including electoral violence, vote-buying, conspiracy, and undue influence.”

    “The proposed joint investigation should comprise of INEC, anti-corruption and law enforcement agencies, the Office of the Attorney General of the Federation, the National Human Rights Commission, the Nigerian Bar Association (NBA), and independent leaders and citizens’ groups from Kogi, Imo and Bayelsa states.

    “Electoral bribery and violence and other electoral offences undermine the ability of INEC to discharge its responsibilities under Section 153 of the Nigerian Constitution and paragraph 15(a) of the third schedule of the Constitution, and the Electoral Act.

    “Electoral bribery and violence and other electoral offences reportedly committed during the off-cycle governorship elections in the three states are contrary to the Nigerian Constitution, the Electoral Act and international standards.

    “The Nigerian Constitution provides in Section 14(1)(c) that, ‘the participation by the people in their government shall be ensured under the provisions of this Constitution.

    “Sections 121 and 127 of the Electoral Act prohibit electoral bribery and undue influence before, during and after any election. Section 145(2) provides that, ‘a prosecution under this Act shall be undertaken by legal officers of the Commission or any legal practitioner appointed by it.

    “Under section 2(a) and (b), the commission ‘shall have power to conduct voter and civic education and to promote knowledge of sound democratic election processes.

    “The crisis confronting the country’s elections and lack of public trust and confidence in the electoral process can be addressed if impunity for electoral bribery and violence is combated through a transparent, credible and effective investigation and prosecution of suspected perpetrators.”

  • Inflation rises on soaring food, energy prices

    Inflation rises on soaring food, energy prices

    Nigerians are spending more to buy basic living items, as inflation continues to erode disposable incomes, savings and investments.

    Economic intelligence reports by many economic and finance firms surveyed yesterday by The Nation indicated that continuing increases in costs of basic foods, logistics, energy and other living items have pushed up inflation.

    Ahead of the release of the October inflation report by the National Bureau of Statistics (NBS), independent analysts’ reports were unanimous that headline inflation rate would rise for the tenth consecutive month.

    The reports indicated that inflation rate may rise by more than 110 basis points to more than 27.5 per cent for October.

     The Consumer Price Index (CPI), otherwise known as inflation rate, had risen for the ninth consecutive month from 25.80 per cent in August to 26.72 per cent in September.

    Afrinvest West said it expected inflation rate to rise by 102 basis points to 27.9 per cent in October.

    Analysts noted that despite estimation of a modest boost to food supply due to the ongoing green harvest, the combined effect of low-base year and rising transportation costs pose significant risks to food inflation.

    Read Also: Melaye kicks as INEC declares Ododo Kogi Gov-Elect

    They said that material depreciation of the foreign exchange (forex) rate during the month coupled with the high price of Premium Motor Spirit (PMS) and Diesel (AGO) were estimated to have further strained the core basket.

    Cordros Capital said it expected downside risks to continuing moderating food supplies, further fueling inflation.

    It said: “We expect food prices to temper in October due to the impact of the primary harvest season, although the downside risks that could limit food supplies remain intact. At the same time, we see no respite yet for the non-food inflation.

    “Overall, we see a 1.90 per cent month-on-month headline inflation in October, translating to an 83 basis points increase in the year-on-year inflation rate to 27.54 per cent.”

    Analysts at Arthur Steven Asset Management explained that the key drags to inflation remain largely on the supply side, including illiquidity of forex, dependency on imported raw materials, continued currency depreciation, and insecurity in the food producing region.

    Afrinvest noted that taming the spiralling inflation scourge would require a simultaneous deployment of harmonised supply and demand side strategies.

    “On the demand side, the CBN under its new management team must rein in the growth of money supply – M3 grew 40.1 per cent annualised in September compared to the annualised real output growth of about 2.5 per cent in the same period. The lag effect of robust liquidity management should be positive for taming inflation. Also, market rates must be allowed to clear at a level high enough to incentivise investment and savings in a high inflation-battered environment.

    “In addition, fiscal spending must be more tilted towards value-creating capital spending as against consumption-focused recurrent needs. On the supply side, the quick win would be to ease restrictions on food imports in the form of lesser tariffs while a more long-term approach would be to tackle the structural issues that affect food supply, especially security, transportation, and logistics,” Afrinvest stated.

  • ‘Financial institutions reported N159b fraud’

    ‘Financial institutions reported N159b fraud’

    Nigerian financial institutions reported N159 billion fraud since 2020, Group CEO, Moniepoint Inc., Tosin Eniolorunda has said.

    Speaking during a courtesy visit  to the Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe in Lagos, he said There was  need for all players in the financial services sector to come together in tackling these challenges.

    Both financial sector leaders held discussions around the growth of the digital payments and contributions of the financial services to Nigeria’s socio-economic development.

    Eniolorunda  said  Moniepoint remains a responsible and compliant organisation which takes Know Your Customer rules very seriously. 

    “KYC is not merely an acronym but indeed a cornerstone in establishing trust, ensuring security, and complying with regulatory standards. All accounts created on our platform have Bank Verification Number -BVN- verification,” Eniolorunda maintained.

    He said the company has zero tolerance for fraud and typically go all out to ensure that we track fraudsters and fraudulent transactions on our platforms. 

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    “We have deployed and utilise robust fraud detection systems and technologies that can analyse patterns, identify anomalies, and detect suspicious activities in the system. As such, we are better empowered to identify potential fraud incidents and trigger alerts for further investigations and remedial actions,” he said.

    On her part, Onyeali-Ikpe reaffirmed her bank’s appreciation for the patience and understanding demonstrated during its banking channel integration optimisation which resulted in service disruptions and the inability of Moniepoint customers to receive financial inflow.

    As partners in deepening the CBN’s mandate of ensuring provision of adequate and convenient financial services to consumers and guaranteeing their protection as well as the various undercurrents in the financial services industry, Moniepoint and Fidelity agreed to work closely together to develop a tightly knit mechanism to stem the menace of fraudulent transactions and collaboratively push through in addressing payment challenges in the country.

  • Governance, cooperation key to unlock Africa’s trade potential, says StanChart

    Governance, cooperation key to unlock Africa’s trade potential, says StanChart

    African exports are expected to cross $1 trillion by 2035 based on support from the African Continental Free Trade Area (AfCFTA) while Intra-Africa trade is expected to grow by 3.9 per cent per annum and reach $140 billion by 2035, the latest Standard Chartered Bank report on Africa trade potential has shown. 

    CEO Standard Chartered Bank, Africa and Middle East, Sunil Kaushal, said  the opportunities in Africa are enormous. He said   a well implemented AfCFTA can boost this figure even higher by 29 per cent. Intra-Africa exports, which are forecast to reach $140 billion by the same year, could be boosted by an additional 81 per cent as a result of AfCFTA. 

    He said that governance and cooperation are key to achieving this as there needs to be a concerted effort to put into place policies that promote regional value chains which include coordinated industrial and trade policies. 

    Kaushal explained that in the four years since it first entered into force following almost a decade of negotiations, the implementation of the AfCFTA has emerged as a critical imperative for delivering cross-continental cooperation, development, and progress. 

    He said  the global pandemic demonstrated the acute need for Africa to build a robust economic and social model that can withstand substantial external shocks without derailing the significant progress that has been made over the past three decades. During the pandemic, treasuries ran low on foreign reserves, many African markets struggled to obtain vaccines, key industries and supply chains were disrupted, and raising capital became extremely difficult and costly. 

    “AfCFTA forms part of the solution. The AfCFTA has now been ratified by the majority of African states and, once fully implemented, will enable, and drive intra-Africa trade and accelerate sustainable economic development. This report sets out key considerations for policymakers and stakeholders to support the AfCFTA in transforming its objectives into tangible outcomes,” he said. 

    Read Also: Africa has innate potential to become major world’s economic bloc, says Oando

    Continuing, he said: “Informed by in-depth research, a comprehensive survey of business leaders across Africa, and our expert analysis of key policies, this report establishes our perspective on how to enable African economies to develop manufacturing while avoiding the commodity trap through value chain formation and value adding for local, regional and global export markets.” 

    Group Chairman, Standard Chartered Plc, José Viñals, explained that within the story of modern global trade, Africa remains an important but peripheral player, nudged aside by developed markets in America and Europe, and the growing power of Asian economies. 

    “This is not for a lack of prospects on Africa’s part. It has a young and fast-growing population, set to double by 2050 to 2.5 billion. Many of its markets are resource-rich, with growing manufacturing muscle and pioneering digital services,” he said. 

    He explained that as globalisation continues to power cross-border trade, exports from Africa, currently $645.3 billion, are set to reach $952 billion by 2035, across connections with South Asia, East Asia and the Middle East growing at particular pace. Intra-Africa trade is also expected to flourish – flows within East and West Africa will grow by 15.1 and 13.2 per cent respectively, far outpacing the global average of 4.2 per cent. 

    There’s work to do to guarantee this expansion, though. African markets face complex and uncertain trade rules, poor governance, underdeveloped infrastructure, and high costs of capital. These are all a concern for – on average – half of the business leaders in the region. 

    Africa also has a high rate of variance in development levels among its constituent nations. We must take care to avoid the pitfalls of a blanket approach to trade policy and development. 

    This report lays out our recommendations for navigating the challenges ahead. Broadly, Africa’s businesses and markets should focus on building up regional value chains and integrating into the global economy. The introduction of the African Continental Free Trade Area (AfCFTA) – a landmark achievement bringing together 54 diverse markets – should help significantly here. 

  • Access Holdings seeks prosperous Africa with creative sector backing

    Access Holdings seeks prosperous Africa with creative sector backing

    Access Holdings is advancing the course of a prosperous Africa. This long-standing commitment is underscored by its mission to empower the next generation of African creatives through the transformative power of art.  

    At the eighth edition of West Africa’s leading international art fair, ART X Lagos,  Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe emphasised the potential contribution of the creative sector to the economic development and to changing stereotypical views of the continent.

    “At Access Holdings, our focus on changing the African narrative runs through the very core of our mission, as we firmly believe that by supporting and promoting African art, we contribute to a more accurate and balanced view of our continent. We recognise the potential of art to reflect the present and shape the future. Furthermore, we are cognisant of the potential contributions of the creative sector, particularly visual and contemporary art, to our continent’s GDP if our budding talents can be given the right support and structure to be seen and appreciated.

    “Through our support of ART X Lagos, we aim to highlight the multifaceted brilliance of our people and the richness of our culture. In doing so, we will unabashedly celebrate the diversity and strength of the African continent, nurture relationships that transcend borders, build bridges, invest in talent, and foster collaboration on a global scale,” Wigwe added.

    This belief is the driving force behind Access Holdings’ continued sponsorship of the Access ART X Prize, an award in partnership with ART X Lagos, which provides early-career artists from Africa and its diaspora with opportunities to develop their craft.

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    Speaking on this year’s edition, Founder of ART X Lagos, Tokini Peterside-Schwebig, said: “ART X Lagos remains a cornerstone of the African art industry, and demonstrated with its eighth edition that it is more than a traditional art fair. Our uniqueness and strength lies in our ability to gather a wide spectrum of artistic voices on one stage, ranging from a revered 91-year-old artist and prominent collectors, to the hottest new musical talents and DJs in Africa.  

    “We are delighted at the response from our galleries and artists, who judged the fair a resounding success. This year’s fair further entrenched our uniqueness on the world stage as an innovative multidisciplinary platform that exemplifies unity and excellence across Africa.”

    ART X Lagos has become a symbol of empowerment for emerging artists across the continent and Access Holdings’ enduring partnership as the fair’s Lead Sponsor has significantly expanded its reach and impact, providing even more artists with the opportunity to chase their creative dreams.

  • BAT MD advocates sustainable business practices

    BAT MD advocates sustainable business practices

    British American Tobacco (BAT) initiated the Environmental, Social, and Governance (ESG) Forum to address the need for sustainable and responsible practices in the manufacturing sector, its Managing Director, West and Central Africa, Yarub Al-Bahrani, has said.

    He gave the explanation at the maiden edition of the Private Sector ESG Forum hosted by BAT Nigeria in partnership with the Manufacturers Association of Nigeria (MAN), Nigerian Bottling Company (NBC), and Nigerian Climate Innovation Centre (NCIC), in Lagos, last week.

    Other partnering organisations and companies for the forum aimed at promoting a sustainable future included Stanbic IBTC, Enactus Nigeria, Sterling One Foundation, International Breweries, Private Sector Advisory Group (PSAG) and Blue Echo Foundation.

    Al-Bahrani, in his opening remarks, said: “The vision behind the forum is to create a platform that connects industry players, bridges knowledge gaps, and promotes the adoption of sustainable business practice for inclusive growth and shared prosperity.”

    According to him, the forum was important because the private sector is a formidable force in shaping economies and societies.

    The BAT boss stated that the company has made a bold commitment to create ‘A Better Tomorrow’ by reducing the health impact of its business and delivering sustainable value for its stakeholders – the society, the people, and its consumers and shareholders.

     “Our ambition to create ‘A Better Tomorrow’ transcends mere rhetoric; it encapsulates our keen belief that we have a role, an obligation to be stewards of change.

    “This ambition has driven a profound shift in our corporate ethos, ensuring sustainability is not a random pursuit but is front and centre of everything we do and integral to every facet of our operations. It is this bold purpose that has given rise to the Private Sector ESG Forum,” Al-Bahrani added.

    KPMG Partner and Africa ESG Lead, Pieter Scholtz, in his keynote address, highlighted the need for organisations to incorporate financial reporting and other ESG strategies into their operations.

    In his words: “It has been proven that sustainability-linked products grow six times faster than others while companies that employ net zero emissions are seen to reduce their operating expenses.

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    “Also, lots of companies are now starting to gain productivity via ESG incorporation so the private sector has to take the aggressive lead seeing that there is no logic in not embracing ESG.”

    Announcing the private sector pledge at the forum, Director, External Affairs, BAT West and Central Africa, Odiri Erewa-Meggison, said the private sector has resolved to set up a Working Group as a measure to ensure that manufacturing companies operating in Nigeria embrace sustainable practices and implement actions to safeguard the environment and support their operating communities.

    She said the working group will be inaugurated in the first quarter of 2024. “BAT is proud to be part of this transformative journey, working hand in glove with our partners, co-organisers, and collaborators. We remain dedicated to being a catalyst for change and to continually advancing the cause of sustainability in the private sector,” Erewa-Meggison added.

    The forum had three expert panel discussions where renowned experts in the field of ESG led engaging panel discussions on topics focusing on reducing carbon emissions and building a resilient climate future; harnessing the opportunities for collaborative growth and reporting and transparency in ensuring accurate and transparent ESG performance.

    Panelists shared their experiences, best practices, and vision for a sustainable future. The panelists included CEO, Nigerian Climate Innovation Centre, Bankole Oloruntoba; Head, ESRM & Sustainability, UBA, Dr. Chidozie Uriel Ezike; Partner & Head, Enterprise Risk and ESG Services, KPMG Nigeria, Tomi Adepoju.

    Others were Director, Ghana Climate Innovation Centre (GCIC), Ruka Sanusi; Director, Corporate Affairs, Pernod Ricard, South Africa & Sub-Saharan Africa, Pamela Nkuna; and Managing Director, Precise Platforms Limited, Bolaji Okusaga, amongst others.

  • Firms wax stronger on modern digital payments

    Firms wax stronger on modern digital payments

    AC Worldwide, a real-time payment software company,  and Interswitch Group, have announced a new frontier in their 20-year old relationship which consolidates Interswitch’s relationship with ACI from reseller to strategic partner status across multiple markets in the Sub-Saharan Africa Region.

    The partnership will enable banks, fintechs and other financial institutions in the region to progressively transform and modernise their payments infrastructure through ACI’s Enterprise  Payments Platform.

    On the back of this partnership, Interswitch will incorporate the full range of payments solutions that form part of the ACI Enterprise  Payments Platform into its technology stack, enabling banks and financial institutions across Africa to respond rapidly to regulatory mandates, new competition, and evolving trends in a fast-changing payments landscape.

    Interswitch, a strategic partner of ACI for more than 20 years, will offer new innovative products and services in Nigeria and 31 other markets in Sub-Saharan Africa where the payments sector is experiencing an unprecedented revolution and is poised to witness significant further growth on the back of a growing young population, increased digitisation and progressive regulatory outlook.

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    “We are thrilled to announce the extension of our long-term partnership with Interswitch,” said Thomas Warsop, President and CEO, ACI Worldwide. “Our flexible, agile and innovative payments software solutions will now be available to banks and financial institutions across the continent. We have committed to a long-term investment in Africa, collaborating with local partners and experts, and are now in a fantastic position to support all stakeholders on their quest for digital transformation and innovation, whilst enabling the resiliency and service quality required by next-generation payment systems.”

    “We are excited about our new strategic partnership with ACI Worldwide, which essentially consolidates our 20-year relationship across Sub-Saharan Africa,” said Mitchell Elegbe, Founder/Group Managing Director & CEO at Interswitch. “With the continued rise in real-time transactions and digital payments, providing sustainable payments infrastructure to support the increased demand in transactions is imperative. Interswitch and ACI are committed to driving digital transformation across Africa via the deployment of relevant digital solutions and innovative infrastructure that optimize business efficiency and drive our customers’ growth and profitability.”

  • Shun wonder banks, NDIC advises public

    Shun wonder banks, NDIC advises public

    The Nigeria Deposit Insurance Corporation of Nigeria (NDIC) has advised depositors, traders and businessmen  to avoid patronage of wonder banks and ponzi schemes which always leave their victims with untold stories. 

    NDIC Managing Director/CEO, Bello Hassan made the disclosure at the just completed Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry, advised them to always ensure that their funds are saved in licensed banks.

    He disclosed that while the NDIC continues to collaborate with the CBN in ensuring the effective supervision of banks and adherence to prudential thresholds and the Code of Corporate Governance for banks to safeguard the safety and stability of the Nigerian banking system, I would like to therefore call on the ,” he said.

    In a statement, Hassan said NDIC’s key priorities remain to  protect the interests of small depositors by providing a mechanism for reimbursement in the event of imminent or actual bank failures amongst others. 

    He said that NDIC was established by the Federal Government under the NDIC Decree 22 of 1988, which has been replaced by NDIC Act No. 16 of 2006 and recently amended as the NDIC Act No. 33 of 2023. Contained therein is the feature of our public policy objective of the Deposit Insurance Scheme in Nigeria to protect inter of small depositors.  

    “This is done while entrenching safe and sound banking practices, contributing to an orderly payments system, and enhancing fair competition in the banking sector. Thus, the DIS is designed as a “risk minimiser” with core functions of deposit guarantee, bank supervision, distress resolution, and liquidation of failed insured deposit-taking financial institutions. The NDIC complements the Central Bank of Nigeria in ensuring the safety, soundness, and stability of the financial system thereby instilling public confidence in the nation’s banking system,” he said.

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    He said that following the recent revocation of licenses of some Microfinance Banks and Primary Mortgage Banks by the Central Bank of Nigeria (CBN), the NDIC promptly commenced the liquidation of these banks and began disbursing insured sums to depositors within a record time of three days of the banks’ closure. 

    “It’s worthy to note that as of September 22, 2023, the Corporation had paid a cumulative insured sum of N1.393 billion to 36,163 depositors of 110 closed MBs and three Primary Mortgage Banks.  Most importantly payments of the statutory insured sums are still ongoing, and depositors with funds exceeding the insured limit will receive liquidation dividends after the recovery of debts and the sale of the closed banks’ physical assets,” he said.

    He disclosed that the Corporation is currently in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 banks in liquidation including Allied Bank, Peak Merchant Bank, Commerce Bank, Continental Merchant Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Icon Merchant Bank, Liberty Bank, Nigeria Merchant Bank, North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank, and Merchant Bank. 

    He said that while the NDIC continues to collaborate with the CBN in ensuring the effective supervision of banks and adherence to prudential thresholds and the Code of Corporate Governance for banks to safeguard the safety and stability of the Nigerian banking system, I would like to therefore call on the general public, especially traders and businessmen, to always ensure that their funds are saved in licensed banks and to avoid patronage of wonder banks and ponzi schemes which always leave their victims with untold stories,” he said.