Author: The Nation

  • Firm partners Hilda Baci

    Firm partners Hilda Baci

    Viva Dishwash, household cleaning brand, subsidiary of Aspira Nigeria, has partnered Hilda Baci, Guinness World of Records’ hopeful for longest hours of cooking,

     Chief Marketing Officer,  Santosh Kumar, said the collaboration between the brand and the cook-a-thon showcases the brand’s commitment to excellence and innovation in the kitchen. 

    “We are proud to be associated with this history-making cook-a-thon. Our collaboration with Hilda Baci highlights our dedication to excellence in the kitchen…”  

    Head of Advertising for Aspira, Lynda Aguocha, congratulated Baci. 

    Read Also: Hilda Baci: Speed up confirmation, Moses Bliss urges Guinness records

     “We congratulate Hilda Baci on her accomplishment. Her dedication, passion, and culinary prowess have set a benchmark in the industry, and we are happy to have been a part of this moment.

    “With a longstanding reputation for outstanding quality and unmatched effectiveness in eliminating tough grease and food residues, Viva Dishwash is rapidly becoming a preferred choice for culinary professionals and cooking enthusiasts worldwide. The brand’s innovative formula guarantees sparkling clean results, simplifying the dishwashing process and enabling cooks to focus on creating delectable dishes.

    “Aspira Nigeria Ltd. is part of the Lee Group of Companies, and is one of the largest manufacturers and distributors of Hygiene, and Personal care and laundry care products in Nigeria. Its operations span over a decade with an enduring commitment to quality and a determination to impact the daily lives of consumers through its products.

    “Aspira Nig. Ltd commenced operations in Nigeria in 2009, and it is the brains behind the local production of over eight leading brands of soaps and detergents, including Viva Plus Detergents, Siri Soap, Oracare, Sabil, Chic, Family Care, Baby & Me, Fizz, Manuka and MP3. They are also the leading manufacturer of petroleum Jelly in Nigeria.”

  • 9th National Assembly: Gbajabiamila’s record of excellence

    9th National Assembly: Gbajabiamila’s record of excellence

    It is time for the stewardship account as the 9th National Assembly  gradually winds up. The duo of Dr Ahmed Lawan and Rt Hon Femi Gbajabiamila have been at the helm of affairs in the last 4 years. They assumed the positions of Senate President and Speaker, House of Representatives respectively in 2019, amidst huge expectations.

    The 8th National Assembly was embroiled with controversies following the ‘parliamentary coup’ of Senator  Bukola Saraki and Hon. Yakubu Dogara who outsmarted the ruling party and emerged Senate President and House of Representatives Speaker respectively, against the decision of the party. 

    The unsavory development in the parliament, unarguably affected the change mantra of the Muhammadu Buhari-led administration, who ousted the incumbent president due to the mass support of Nigerians who were in dire need of transformational leadership. The ambitious plan to fasttrack much needed development was bugged down by primordial political interest of the legislative leadership.

    In 2019, the ruling party got its act right and ensured that the preferred candidates of the party, who are ideologically aligned with the transformational agenda of the progressives emerged. They are: Senate President Ahmad Lawan, Deputy Senate President, Ovie Omo-agege. For ther House of Representatives, the party settled for Rt Hon Femi Gbajabiamiala and Idris Wase.

    The decision has paid off in the light of massive achievements under the leadership of the 9th National Assembly. Gbajabiamila, in particular, has demonstrated great astuteness and capacity as a legislator and proved to the many Nigerians that the government can truly serve the interest of the people.

    Buoyed by the mantra of the 9th National Assembly, codenamed, Nation Building: Joint Task worked well for the nation in many respects, Gbajabiamila ensured  a delicate balance of checks on the Executive arm of government, without necessarily being confrontational and hostile.

     This strategy unarguably remains the masterstrokes that propelled the 9th  National Assembly to  succeed where the previous Assemblies had failed. Landmark legislations like the Petroleum Industry and Governance Bill, PIB that was precariously hanging in the balance for years became a reality. Also, fundamental issues that border on true federalism, devolution of power, which form the major plank of the agitations of the various interest groups got some attention in the constitution amendment process that was enabled by the House of Representatives under the leadership of Hon Gbajabiamila and the Nigerian Senate. 

    It is also imperative to note that the much anticipated amendment of the nation’s  Electoral Act came through under this current National Assembly. They elevated national interests over and above personal interest by strengthening the extant law to address the loopholes in the electoral system of the country. This has further deepened the nation’s democracy and raised the hopes of Nigerians for free, fair and credible elections. 

    The NotTooYoungToRun bill that was passed under this current Assembly, opened the political floodgate for many young and brilliant Nigerians who were hitherto restrained from contesting because of age barrier. Many of them today, like the Speaker of the Oyo State House of Assembly, who is under 30, and many more gained entry into the nation’s leadership cadre.

    Under Gbajabiamila, the PIB was also passed into law. It will address the inefficiencies in the oil and gas sector and also end the rip-off of Nigeria by the International Oil Corporation, IOCs, ensure better deals for the host community and open up other ancillary sectors and create massive employment opportunities.

    In line with the global trend of E-governance, the Gbajabiamila-led House of Representatives set in motion the  E-Parliament in order to strengthen the legislative performance of members and ensure inclusiveness in governance..

    Gbajabiamila made history as the first Speaker who showed more than passing interest in parliamentary transnational diplomacy.  He has been to many countries to douse tension and to look out for the interests of his country men.

    He was in Ghana to champion a better deal for Nigerian traders who were affected by the obnoxious trade policy of the country. He met with the authorities in what he referred to as Back-door diplomacy and succour came the way of traders whose means of sustenance was about to be whipped out.

    He extended the same patriotic overtures to the Chinese government and the South African Authorities in the heat of xenophobic attacks on Nigerians and other Africans.

    Another landmark achievement is the restoration of the budget circle from January to December is another major feat. The new order has strengthened investors’ confidence  in the nation’s economy, and enables Nigerians and companies to plan, ensure implementation of capital projects which averaged about 30 percent implementation rate.    

    Those accusing the Gbaja House of Representatives of being a rubber stamp legislature are either ignorant or being mischievous. The House which has on several occasions summoned Federal ministers and  Heads of government agencies to account to the cannot be labelled a rubber stamp.

    Gbajabiamila facilitated truce between the Federal Government and by the Academic Staff Union of Universities (ASUU) culminating in the suspension of the protracted strike.  

    When doctors down tools over poor conditions of service, it was Gbajabiamila that waded in and ensured that normalcy returned to the nation’s public health  sector. 

     The House that was galvanized by Gbajabiamila to protect the vulnerable Nigerians during the COVID-19 pandemic, and during the periods of national distress cannot be said not to be serving the interest of the people. In all, Gbajabiamila has demonstrated that he is indeed a pro-people leader who truly cares about the general welfare of the people.

    •Adams Ogunniyi writes from Abuja

  • Partitioning Nigeria?

    Partitioning Nigeria?

    Man is nothing but history after his demise. Therefore, endeavour to be a veritable archive of reference from which others can learn lessons after you might have left the stage”.  – Arab poet

    Observation

    What is true of man in the above quoted poem is equally true of a nation. As a matter of fact, nothing is qualified to be called a nation or a country in the absence of man.

    Monologue

    Professor Anthony Ijaola Asiwaju is a Nigerian celebrated historian of international repute. Any time the title of one of his books

    ‘Partitioned Africa’, published in 1984, comes to mind, it quickly serves as a reminder of the history of Nigeria. Thus, the thought of that famous book can be called the motivator of today’s article in this column.

      Preamble

    Man is both a product and a producer of history. He lives by history and leaves history behind, as his legacy, at the time of his exit from this ephemeral world. This confirms the fact that man and history are like Siamese twins. The one cannot do without the other. History makes man just as man makes history. The symbiotic relationship of both of the two makes them look like a pair of scissors in which one blade cannot effectively function without getting firmly attached to the other.

    Necessity of History

    This is a period, in Nigeria, when recalling history is a necessity. And, that necessity has raised some vital questions which require some cogent answers.

    How did the African   territory called Nigeria become a country? How and when was she named Nigeria? Does this name befit our country? Can the name be changed? And, if it is changed, can there be any sensible difference? These are some of the questions that ‘The Message’ column seeks to answer here today. The venerable readers of this column can also provide answers from their own thoughts as they may deem fit.

    Accident of History

    The seed of Nigerian history was planted on January 8, 1897. That was the day that this country was named Nigeria. It was on that day that an article appeared in The Financial Times, of London, which suggested a name for the vast area of land, around river Niger, here in Africa. Shortly before then, the territory that now bears that name was colonized, by a British company called ‘Royal Niger’ Company, on behalf of the British Government. The suggested name given to it in the referred article was Nigeria. And, that name was coined from two words: Niger and Area. How the word Niger itself came into existence is another story to be told on another day in this column.  Meanwhile the author of the said article was one Miss Flora Shaw, a 45-year old British journalist who was then the colonial editor of The Financial Times of London who was also a weekly columnist. The   title of her column, in that newspaper, was ‘The Colony’.

    In coining the name ‘Nigeria’, Flora Shaw logically took certain facts into consideration. Those facts were as follows:

    1. At the time of her writing, the colonized vast area of West Africa which came to be named Nigeria had no specific name, by which it could be called, other than a protectorate of the ‘Royal Niger Company’ which Miss Shaw considered inappropriate.

    2. She also considered an earlier suggested name, ‘Central Sudan’, as aberrational since that name had already been given to a particular area around River Nile, which was occupied by a population of Black Africans now called Sudanese.

    3. Miss Flora Shaw  also examined the appropriateness of a name ‘Slave Coast’, which the British colonialists had attempted to give to the vast land in question and found it  derogatory. Finally, after a lot of efforts, Flora settled for ‘Nigeria’, which she coined from ‘Niger Area’.

    Who was Flora Shaw?

    The British   woman called Flora Shaw was born at N0 2, Dundas Terrace, Woolwich, England, on December 19, 1852, as Miss Flora Shaw. She was the fourth of her parent’s fourteen children. She grew up to become a novelist and a versatile female journalist, who gained fame through her pungent analyses of African colonial economy. She was later to become  Honourable Dame Flora Lugard, the wife of Frederick John Deatry Lugard of Abinger who colonized the southern and northern parts of the area now called Nigeria, and later merged them together in the name of amalgamation, in 1914.

    Flora was six years older than Frederick Lugard who was born in India on January 22, 1858. The two historic personalities married in 1902 and lived together without children for the rest of their lives.

    Profile of Fredrick Lugard

    Lord Frederick Lugard was a military adventurer and an ardent administrator who played a major part in Britain’s colonial history between 1888 and 1945. He served in East Africa, West Africa, and Hong Kong. His glorious name, in history, is particularly associated with Nigeria, where he served as High Commissioner (1900-1906) as well as Governor and Governor-General from 1912 to 1919. This man was knighted, in 1901, and promoted to the peerage in 1928.

    His Military Incursion

    As at the time of Lugard’s military incursion into the territory now called Nigeria, in the late 19th century, most of the vast land of over 300,000 square miles or 800,000 square km was still unoccupied and even unexplored by Europeans. In the southern areas, at that time, were mostly animists while in the northern areas were multitudes of Muslims with city-states and large walled cities.

    After colonizing the the two areas, Lugard’s intention was to merge the occupants of the areas together, to enable him manage them as a single people in a single nation despite the diversity of their cultures and traditions. Thus, within three years of his expedition, he had established a British control over the vast territory using diplomacy on the one hand, and effective mobilization of the meager military force at his disposal, on the other hand.

    His policy, at the time, was to forbid local slave raiding and impose severe punishments for recalcitrants while seeking a central comtrole over the area through the native rulers.

    The Lugards’ Historic Marriage

    After Lugard’s marriage to Flora Shaw in 1902 and the latter could not cope with the Nigerian climate, he (Lugard) felt obliged to leave Africa and accept a junior position of the Governorship of Hong Kong which he held from 1907 to 1912. It was like stepping down as president, to accept the position of a Governor.

    Thereafter, Lugard and his wife managed to come back to Nigeria with the purpose of joining the Southern and Northern parts of this country in a way that makes that merger a repeated talk of the town till today.

    But to worsen the situation, a tribal military incursion was brought into the scenario with a strong intention of domination in January 1966. Since then, Nigeria has not been a country of comfort again. Now, after almost 63 years of independence, Nigeria continues to wallow helplessly, in a paroxysm of despair, despite her abundance of wealth. It became so bad that at a time, we suddenly found ourselves in a situation where figure 16 was officially declared higher than figure 19 and theft was officially defined as a lesser crime than theft in the framework of politics. On a daily basis, billions of dollars were declared missing from our national or State treasuries just as our foreign reserves are recklessly being depleted with fiat. Where are we going from here?

    Democratic Tenure

    Four years is a long period in a democratic tenure of a nation. It is long enough to lay a solid foundation for a nation. It is long enough to build a formidable edifice that can be inherited from generation to generation. If 24 years of democracy can not do any of these in Nigeria, can one century do anything? If a journey of one year cannot take a traveler to the port of embarkation, who says 10 decades will take him to the port of disembarkation?

    As an OPEC country, we have abundant oil wealth but we must import refined fuel for domestic consumption. We have a massive army of unemployed youths and we cannot provide electricity and security to enable them to be self-employed. Yet, we are insisting that we must continue like this even as billions of dollars are being funneled out of the country daily, by the means of corruption. Where are we going from here?

    Obama’s counsel

    In his direct presidential address to Nigerian populace on Tuesday, March 24, 2015, the then American President, Barrack Obama said something quotable about a Nigerian election that was to come up the following day (March 25, 2015). Here is how he put it: “Hello.  Today, I want to speak directly to you-the people of Nigeria.

    Nigeria is a great nation and you can be proud of the progress you’ve made.  Together, you won your independence, emerged from military rule, and strengthened democratic institutions.  You’ve strived to overcome division and to turn Nigeria’s diversity into a source of strength.  You’ve worked hard to improve the lives of your families and to build the largest economy in Africa.

    Now, you have a historic opportunity to help write the next chapter of Nigeria’s progress-by voting in the upcoming elections.  For elections to be credible, they must be free, fair and peaceful.  All Nigerians must be able to cast their votes without intimidation or fear.

    So I call on all leaders and candidates to make it clear to their supporters that violence has no place in democratic elections-and that they should not incite, support or engage in any kind of violence-before, during, or after the votes are counted.

    I call on all Nigerians to peacefully express your views and to reject the voices of those who call for violence.  And, when elections are free and fair, it is the responsibility of all citizens to help keep the peace, no matter who wins.

    Successful elections and democratic progress will help Nigeria meet the urgent challenges you face today.  Boko Haram and Bandits-brutal terrorist groups that kill innocent men, women and children-must be stopped.

    Hundreds of kidnapped children deserve to be returned to their families. Nigerians who have been forced to flee deserve to return to their homes.  Boko Haram and Bandits want to destroy Nigeria and all that you have worked to build.  By casting your ballot, you can help secure your nation’s progress.

    I’m told that there is a saying in your country: “to keep Nigeria one is a task that must be done”. Today, I urge all Nigerians-from all religions, all ethnic groups, and all regions-to come together and keep Nigeria one.  And, in this task of advancing the security, prosperity, and human rights of all Nigerians, you will continue to have a friend and partner in the United States of America”.

    Conclusion

    No country in history ever came into existence with monotribe or monotongue by design. Whether in the primordial or contemporary time, all countries are inhabited by diverse people of diverse cultures. The continued existence of such countries is just by management by reciprocal understanding, tolerance, endurance and sacrifices through dialogues. Every famous country is like a currency which recognition and validity depend on its intact posture. If it is torn, there can be no fame for it any more. Nigeria cannot be an exception. This a fact which those agitating for secession should note very carefully in their own interest. GOD SAVE NIGERIA!

  • Virdi Nigeria mulls AI integration into biometrics devices

    Virdi Nigeria mulls AI integration into biometrics devices

    West African wing of Union Community, Virdi Nigeria, said it plans to integrate Artificial Intelligence (AI) into its biometrics, face recognition, access control, and time and attendance management devices.

    Regional Sales Director, EMEA, Union Community, Mr Manzoor Fatmi, who spoke during a media chat with The Nation at the 2023 SECUREX West Africa Exhibition, in Lagos said AI plays a key role in delivering value-added experience to end-users of devices.

     “As a biometrics device manufacturer, we are coming up with new ideas, especially in AI to give added value to the end-users of our biometrics and Time and Attendance devices,” he said, adding that Nigeria has huge market potential.

    He said there is a very important chance growing the biometrics market in Nigeria.

    According to him, from mid to enterprise market segments, Virdi Nigeria has captured about 40 per cent market share. He attributed the company’s market dominance to product quality and durability, noting that biometrics devices by Virdi could work perfectly for up to eight years. He also stated that the company plans to grow its current market share to at least, seventy per cent within the next five years.

    As part of the strategies to expand market share in Nigeria, the Regional Sales Manager, EMEA, Union Community, Mr Sudhir Pillai said Virdi Nigeria is working with the right partners to achieve a higher penetration for its products outside Lagos, especially in the Northern parts of Nigeria.

    Also, speaking on how the company integrates emerging technologies and AI into its devices to create better user experience, Mr Pillai said AI would be a very helpful part in the biometrics industry going forward. He explained that the UBioX Premium device by Virdi Nigeria seamlessly integrates AI technology, which gives some added value experience such as video-running module, to the end-users.

    Consulate-General of India, Lagos, Mr Chandramouli Kern, who visited the 2023 SECUREX West Africa Exhibition commended Virdi Nigeria for its leading role in biometrics and access control security in Nigeria. According to the Consul-General of India, “technology related to access control through biometrics and securities through AI-enabled cameras are mandatory in the present scenario. Companies like Virdi Nigeria and others were offering state of the art solutions for homes and enterprises”.

    It would be recalled that during the SECUREX Exhibition last year, Virdi Nigeria showcased its FBI-certified biometrics device, which has gained premium acceptance across private and public enterprises in Nigeria and other markets across Africa.

  • Polaris Bank’s affluent customers get new product 

    Polaris Bank’s affluent customers get new product 

    Polaris Select Plus Account is offering its current and prospective customers a range of exclusive lifestyle and banking benefits, especially for those who value comfort and luxury.  

    One of the product’s key benefits is the free Visa Signature Card, which provides premium travel and lifestyle and a wide range of exclusive rewards and benefits. 

    With a Visa Signature Card, one can enjoy a world of luxury and comfort whether shopping, dining, or traveling. Other benefits include; complimentary travel insurance of up to $750,000, 24/7 concierge service, exclusive access to events and experiences, and free visits to over 1,300 local and international airport lounges globally.  

    The account also offers business and personal loans at competitive interest rates and flexible repayment terms.    

    Customers can receive free advisory services on expanding their global footprint and gaining access to new trade and investment opportunities. They also receive a dedicated relationship manager who provides expedited and personalized services, discounts on annual medical exams abroad, and access to mortgage loans.

    Polaris Bank is a leading bank in digital innovation and is adjudged Nigeria’s Digital Bank of the Year in 2021 and 2022.  

  • CSO pushes for transparency in extractive sector

    CSO pushes for transparency in extractive sector

    Accountability in Extractive Sector (AES) Cluster, comprising 10 partner organisations, has advocated effectiveness, transparency and accountability in the use of revenue accruing from the extractive sector.

    The cluster, within framework of Strengthening Civic Advocacy and Local Engagement (SCALE) project with support from USAID, spoke at an event to  educate the public on progress made on Nigeria’s beneficial ownership disclosure reform; contract transparency disclosure and implementation of Petroleum industries Act provision.

    It added the progress measured is situated within frameworks of implementation of the third National Action Plans (NAP III) of Open Government Partnership (OGP) initiative, Extractive Industries Transparency Initiative (EITI) standards; provisions of Petroleum Industries Act 2021 and within stipulated objectives of the project.

    Programme Manager of civil Society Legislative Advocacy Centre (CISLAC),  which promotes the cluster, Chinedu Bassey, said it is creating awareness about existing initiatives and sensitising the public to lend their voices.

    He added the cluster is looking at  entrenching some initiatives that Nigeria had signed on to, which include contract transparency Initiative, beneficial ownership disclosure, commitments within OGP and pushing for implementation of Petroleum Industry Act.

    “This project presents an opportunity for us as one of the auspices for which we want to make sure that we throw this information out to the open and elicit citizens’ opinions and push towards having government make good of what they committed to do.

    “We have identified public knowledge gap around sector-specific issues as well as lack of multi-stakeholder coordination in advancing expected outcomes as a challenge. So, as one of our strategies, we seek to build and strengthen the ecosystem to support what we do.

    To this end, we’ve been working with responsible institutions, as Nigeria Extractive Industries Transparency Initiative (NEITI) as champions and promoters of relevant transparency and accountability reforms in the sector.

    “We have good relationship with Corporate Affairs Commission (CAC), which have been crucial to BO transparency progress, and Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which went a step further to create civil society liaison desk where we can go for information”, he added.

    The Personal Assistant to the Registrar-General of the Corporate Affairs Commission (CAC), Auwal Ibrahim Sani, who spoke on the Commission’s efforts and progress so far in the BO reform process, noted that technical requirements for the BO register to meet Open data standards had been met and the register is to be deployed on May 25, 2023.

    He acknowledged the strategic relationship between the Commission and CISLAC and the Cluster, while appreciating the significant role they had played in supporting the process all the way.

    The Accountability in Extractive Sector (AES) Cluster, anchored by CISLAC, comprises 10 organisations- Community Conciliation and Development Initiative (CCADI) in Rivers state, Support for Training and Entrepreneurship Program (STEP) in Akwa-Ibom state, Good Governance Team (GGT) Nigeria in Abuja, Connected Advocacy for Empowerment & Youth Development Initiative (Connected Advocacy) in Edo state, Speak Out Africa Initiative in Abuja, Policy Alert in Akwa-Ibom state, Social Development Integrated Center (Social Action) in Abuja, International Centre for Women Empowerment and Child Development (ICWECD) in Delta state, Institutional and Sustainable Development Foundation (ISDF) in Abuja and Lagos state and Better Community Life Initiative (BECOLIN) in Imo state.

  • Artificial Intelligence boosts loan access to FastCash customers

    Artificial Intelligence boosts loan access to FastCash customers

    FastCash, an instant loan solution platform, has been enhanced with Artificial Intelligence (AI) capabilities to ensure that more individuals and households have access to credit.

    The funds are meant to meet emergency obligations under friendly repayment terms. 

    The enhanced instant loan solution, powered by First City Monument Bank (FCMB), is designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion.

    FastCash is a collateral-free, convenient and easy-to-access personal digital loan product that provides credit up to N200,000 to existing customers of FCMB in less than five minutes to meet emergency needs, such as school fees payment for children and medical fees. Customers can conveniently access the loan through the FCMB New Mobile App or by dialing the Bank’s USSD code, *329*11#.

    FastCash’s integration of Artificial Intelligence enables customers to access loans tailored to their ability to repay flexibly, providing a personalised banking experience. 

    Additionally, customers with a good repayment history can increase their current loan without having to pay off the existing loan. Another advantage is the ability to top up a loan with friendly repayment terms for a specific amount. This feature benefits every customer who needs to borrow more.

    Commenting on this digital milestone, the Divisional Head of Personal Banking of FCMB, Shamsideen Fashola, said:

    “The enhancement of FastCash with Artificial Intelligence is a bold move and statement of our intent to leverage technology to deliver secure, convenient and accessible offerings to our teeming customers. We realise the financial challenges facing people, and as a responsive Bank, we are committed to providing solutions that are impactful and beneficial in a sustainable manner. We are proud that our FastCash is changing lives and will continue improving the product to deliver exceptional customer experience”.

    FCMB is making a far-reaching impact with the FastCash instant digital loan product. Between January and March 2023, almost N10 billion was disbursed to over 290,000 Nigerians via the platform. Since FastCash was launched in 2018, nearly 3.2 million loans worth over N100 billion have been disbursed.

    In addition to FastCash, FCMB offers a Salary Plus Loan, a consumer credit scheme for salary account holders. Through this scheme, qualified FCMB customers can access short or medium-term funding before salaries to meet urgent needs, such as school fees payment for their children. Existing customers on Salary Plus can also top up their loans when they require additional financial support.

    Artificial Intelligence has revolutionised the banking industry by enabling banks to effectively manage customers, detect fraudulent transactions, and enhance customers’ privacy and security credit history. The market valuation of Artificial Intelligence in banking is expected to exceed $130 billion by 2027, compared to $8.3 billion in 2019, according to a recent report by EmerGen Research.

  • Polaris Bank grants N1b loans to women businesses in Q1

    Polaris Bank grants N1b loans to women businesses in Q1

    Polaris Bank disbursed some N1 billion loans to support female-owned businesses in first quarter 2023.

    This focus on female-owned business was part of the bank’s commitment to supporting women and female-owned businesses through the provision of soft loans.

     According to the bank, the disbursement of the loans which impacted close to 20,000 beneficiaries across different sectors, is aimed at addressing the existing financing gap and providing a vital boost to female entrepreneurs. This is expected to help them to thrive, expand their operations, and contribute to the nation’s economic growth.

    The sectors impacted include: transportation; agriculture; education; construction; engineering; general commerce; health; hotel & leisure; manufacturing and media.

    Part of the major selling point for the loan at Polaris Bank are quick turnaround time, instant disbursement,  flexible terms and conditions, competitive pricing, financial education and mentorship, amongst other value adding features.

    “Polaris Bank envisions a future where female-owned businesses play an increasingly influential role in driving economic progress, innovation, and job creation. The bank firmly believes that empowering women entrepreneurs will contribute to a more prosperous and equitable society.

    “Within the quarter, the bank also celebrated the International Women’s day (IWD) with a well-attended webinar titled: Advancing Women Empowerment through the Adoption of Technological Innovation and Digital Education”. During the webinar, availability of a single digit interest loan was re-echoed to women entrepreneurs that meet the set criteria. This is in line with Polaris Bank’s commitment to the Nigerian Sustainable Banking Principles,” the bank stated.

    Speaking on the development, Polaris Bank’s Group Head, Brand Management and Corporate Communication, Nduneche Ezurike, said, “At Polaris Bank, we are dedicated to building an inclusive economy that fosters opportunities for all. We recognize the immense talent and potential of women entrepreneurs and understand the challenges they face.

     Through our women and female-owned business loan window, we aim to break down barriers and provide the financial support necessary for businesses being run by women to flourish.”

    He said women entrepreneurs interested in scaling their business to the next level are encouraged to visit Polaris Bank’s website, or contact any of the bank’s nearest branch to learn more about the application process and eligibility criteria.

    Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 in BusinessDay’s Banks And Other Financial Institutions Award (BAFI). It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.

  • Beware of loan sharks, NCC warns consumers

    Beware of loan sharks, NCC warns consumers

    Nigerian Communications Commission (NCC) has cautioned members of the public to be cautions of fraudulent activities of those it described as loan sharks.

    The commission said it has received over 20,000 complaints from those who have fallen victims of the sharp practices of the online fraudsters.

    Head, Consumers Affairs Bureau, Nigerian Communications Commission (NCC), Mr. Ayanbanji Ojo, made the disclosure yesterday during a telecom consumers sensitisation programme themed: “Shine Your Eyes- No Fall Mugu,” held at the spare parts Market, Agodi-Gate, Ibadan.

    Noting the need to educate the people on the financial fraud going on in the telecom space, Ojo said the activities of the loan sharks have caused a lot of people pain with many traders vulnerable to what is going on.

    He enjoined telecom consumers to approach their service providers to resolve their complaints adding that if they are unable to resolve it, they should approach the commission by dialling 622 which is toll-free.

    He said “The market people are our telecom consumers, without them we can not exist as a regulator. The market people deserve to know what is going on. Today’s programme is different from what we did at Bodija and University of Ibadan. 

    “Today we are talking about ‘Shine-your-eyes’ which means there are so many financial fraud going on through the telecom and we want to educate our people particularly the traders because most of them are vulnerable to what is going on in the telecom space.

    “There have been so many complaints on loss of money, so we need to educate our consumers all the time because we are now in the sustainability of telecommunications industry and if we do not sustain the telecom consumers there is nothing we can  not do. 

    “The complaint we have been seeing so far is over 20 thousand, even this money the loan shark saying a person on your contact list collected loan, how did they get your number, this is the kind of things we are trying to protect and to protect people, we have to educate them, so when people have information they are protected.”

    Ojo, however, advised the traders to use strong password in emails, private networking platforms, avoid clicking on any link to avoid theft.

    In his remarks, the President of Ibadan Motor Parts Dealers Association, Olanrewaju Ishola thanked the commission for bringing such educative program to the market.

    He said market men and women were glad to receive the commission adding that the program was helpful and educative.

    He said: “This program is very important. As you can see, our people came out in their numbers to attend. They have listened and have learnt a lot.

    “We love the program. It’s very helpful. We want to thank the NCC for bringing it to our doorstep. We look forward to having more programs of this kind.”

  • Ecobank shareholders okay new capital raising

    Ecobank shareholders okay new capital raising

    Shareholders of Ecobank Transnational Incorporated (ETI), the holding group for the Ecobank Group, have approved a new capital raising for the group.

    At the 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting in Lomé, Togo, shareholders approved the resolution authorising to raise senior-ranked debt, additional Tier 1, Tier 2-qualifying subordinated debt or a combination of any of these forms of instruments as the board of directors may deem appropriate.

    Shareholders also approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI. The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified.

    Group Chairman, Ecobank Transnational Incorporated, Alain Nkontchou, said Ecobank was a powerhouse in the African banking landscape and has positioned to support and facilitate the growth and development of African businesses as they grasp the immense single market opportunities created by the African Continental Free Trade Area.

    According to Nkontchou, Ecobank is the solution for SMEs and corporates as strength of its borderless payment, collection, working capital and financing solutions exemplifies this.

    Chief Executive Officer, Ecobank Group, Jeremy Awori, said Ecobank in 2022 demonstrated strong financial results and performance, despite the challenging economic conditions of high interest rates, inflation, and Ghana’s debt restructuring.

    “This success can be attributed to the bank’s diversified business model, digital expertise, innovative approaches, growth momentum, and efficiency. These strengths allowed the bank to navigate the adverse economic environment, absorb the impact of the debt restructuring, and continue to thrive,” Awori said.

    ETI’s profit for the year was $222 million compared with $295 million in 2021. The Group’s profit before tax, net revenue and total assets increased by 13 per cent, 6 per cent and 5 per cent, to $540 million, $1,862 million and $29,004 million, respectively. In addition, the return on tangible equity of 21.1% in 2022 is the highest Ecobank has achieved in the last decade. For the first quarter of 2023, our Group performance results are showing momentum as we continue to benefit from our pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers.