The Nation Newspaper

Author: The Nation

  • Blatter won’t appeal latest FIFA ban

    Blatter won’t appeal latest FIFA ban

     

    Former FIFA president Sepp Blatter says he will not appeal against the ban imposed on him last month, claiming the members of the world governing body’s ethics committee are “biased”.

    The 85-year-old was issued with a suspension of six years and eight months on March 24, which will begin when an existing ban expires in October.

    FIFA’s ethics committee found Blatter was part of a “vicious circle” of officials who sought to award themselves over £50m in undeclared payments.

    He was given 21 days from notification of the sanction to send a statement of appeal to the Court of Arbitration for Sport (CAS) if he wished to challenge the ruling, but has opted not to do so.

    Blatter told the PA news agency via a spokesman: “I do not consider the FIFA ethics committee to have jurisdiction in this matter.

    “Further, the committee members are biased. So it doesn’t make sense to appeal.”

    The decision not to appeal means Blatter will be banned from football until June 2028, when he will be 92.

    He was found to have accepted undue economic benefits totalling 23 million Swiss francs (just under £18m) and approved payments or bonuses of a further 46m Swiss francs (just under £36m) to other officials.

    In addition to the ban, he was fined one million Swiss francs (just under £780,000).

     

     

  • Semenya wins 5,000m race

    Semenya wins 5,000m race

     

    Double Olympic 800 metres champion Caster Semenya moved closer to qualifying for the 2020 Tokyo Games in a new event after defending her South African championships 5,000m title in Pretoria yesterday.

    Semenya trimmed nearly 15 seconds off her personal best by crossing the line in 15 minutes 52.28 sec – 42.28 sec outside the Tokyo qualifying time of 15:10.

    The race was staged at an altitude of 1,339 m (4,393 feet) and Semenya is considering running the same distance at sea level, where the air is less thin and times generally faster.

    “If the guys in Durban (sea-level city) do something in May, I might run,” Semenya said after her victory.

    The qualifying deadline for Tokyo is June 29 with the Games scheduled from July 23 to August 8.

    Semenya cannot defend the 800m title in Japan as she refuses to abide by World Athletics’ testosterone-reducing regulations covering distances from 400m to the mile.

    The South African is among a minority of female athletes who have an unusually high level of testosterone, which gives them added strength.

    Two legal bids by the South African to overturn the ban have failed and she has taken her fight to the European Court of Human Rights, who have not indicated when the case will be heard.

     

     

     

     

  • TOKYO OLYMPICS: Team Nigeria to camp in Lagos, Port Harcourt

    TOKYO OLYMPICS: Team Nigeria to camp in Lagos, Port Harcourt

     

    Following the conclusion of the Edo 2020 National sports Festival with  impressive performances  of some athletes, focus now shifts to the Tokyo 2020 Olympics with home-based athletes expected to commence preparation in Lagos and Port Harcourt camps.

    This much was revealed by the Minister of Youth and Sports Development Sunday Dare, adding he was satisfied with the performances of some of the home-based athletes at Edo 2020.

    “With the successful completion of the Edo 2020 National Sports Festival, all our attention now shifts to the Tokyo Olympics,” the minister was quoted as saying.

    “As the curtain draws to a close in Benin, another opens  with  100 days countdown to the Tokyo 2020 Olympics where athletes are expected to signify to the world that we are ready and that we mean business.

    “The successes recorded in Benin would propel us to achieving greater success in Tokyo.

    “Preparations will now begin in earnest with the athletes to be camped in Port Harcourt and Lagos. We are also monitoring the performances of the foreign-based athletes closely,” he added.

    Meanwhile, the minister has lauded the feats of Ifiezegbe Gagbe, who won 15 medals in swimming,  as well as 10-year-old Stephanie Onusiriuka, a triple medalist in gymnastics and  Grace Nwokocha who won the sprint events in athletics to confirm her qualification to the Olympics.

     

     

                   

                   

     

     

     

  • Musa Pillars’ signing thrills Rohr

    Musa Pillars’ signing thrills Rohr

     

    Coach Gernot Rohr is a happy man after his Super Eagles captain Ahmed Musa finally returned to competitive football following his re-joining of Kano Pillars during the week.

    Musa has been a free agent since his departure from Saudi Pro League side, Al Nassr, on October 25 2020 and the German coach believes this would help him to find his form.

    “We are happy that Musa can play again. He will find the rhythm of competition, in a familiar environment. And he will be ready to join a bigger club at the end of the season,” Rohr told NationSport from his base in France.

    Meanwhile, former Green Eagles defender Felix Owolabi, has said that Musa’s decision to play for Kano Pillars has further endeared the Super Eagles Captain to him.

    The former IICC Shooting Stars now known as Ibadan Shooting Stars, had told the News Agency of Nigeria of Nigeria (NAN) that Musa’s move will further boost the Nigeria Professional Football League (NPFL).

    The Super Eagles Captain will be playing for his former club, Kano Pillars, for the rest of the season after leaving the Saudi Arabia Pro League.

    “This is highly commendable, now I have another reason to admire him, the truth is it’s not new, late Rashid Yekini did the same, even Daniel Amokachi, and I think it’s admirable.

    “Imagine what will happen at Liberty Stadium if Kano Pillars is playing with Shooting Stars, the crowd in the stadium will be massive.

    “Imagine what that will do for our league, our league will be better for it.

    ”As a player regular playing time is very important, he understands that, I don’t see it as a sign of retrogression,” he said.

     

     

     

     

     

     

  • Delimiting the powers of Death

    Delimiting the powers of Death

    By Soyombo Opeyemi

    It is high time the powers of Death were checked and circumscribed by legal instruments. But for equity, there should have been mass mobilization for Death to be arrested, summarily tried and sent to life imprisonment or straight to the guillotine. There is a litany of injustices perpetrated by Death against citizens. A prima facie case can be established; his guilt can be proved beyond a reasonable doubt. But our laws do not permit a man to be tried for an offence that has not been so codified. Hence, there is the need for the national legislature to enact a law to curb the powers of Death.

    There are mountains of plaints against Death. His predilection for arbitrariness, impunity, mischief, whim and caprice must be checked. No one should be invested with such an absolute power. As Lord Acton observed, “Power tends to corrupt, and absolute power corrupts absolutely.”

    I had developed some bond with Henry Boyo. Within weeks of our interactions on the Editorial Board of Daily Independent, we formed some chemistry. His passion for the economic prosperity of Nigeria was unrivalled. Here was a self-made man, who needed nothing from Nigeria. Although he belonged to the upper class, he identified with all classes of the society.

    On a daily basis, he railed against the voodoo economics of the country. He did not exactly use the word ‘folly’ though every of his listener or reader would conclude with that word. Why should the Central Bank of Nigeria pump trillions of Naira into the system or wet the system with overflowing liquidity and then turn round to complain of too much money in the system, fuelling inflation? Then at one fell swoop, the same CBN decides to mop up the excess liquidity by borrowing back through the commercial banks the same Naira it, of its own volition, injected into the system, at a colossal interest rates or loss to the public exchequer? It’s like working for the commercial banks at the expense of the masses. Or it’s more of working for the money bags at the expense of the masses through monetary instruments like the treasury bill.

    If it was a one-off egregious act, it could be overlooked. But every month, the apex bank converts the dollar proceeds for the three tiers of government into Naira at an arbitrary rate, flooding the system with Naira, which keeps the Nigerian currency on the canvas against the dollar. Since virtually everything is imported in the country, you have truckloads of the same castrated Naira looking for the dollar! Hence the more the increase in our dollar-denominated revenue and external reserves, the more the Naira allocations pumped into the system, the poorer Nigerians become, as too much Naira chases a stronger dollar. And Henry Boyo would shout from the rooftops, in broadcast and print media, especially through his columns in the Daily Independent, Punch and Vanguard. His prescription was simple and unimpeachable.

    Here is Henry Boyo’s refrain: “There is no greater instigator of excess liquidity than the constant substitution of Naira allocations for dollar-denominated revenue. This is the poison in our economic system. Truly, our nation’s development will remain stunted for many generations if we do not tackle this problem. I will not be part of the band of deceit that will trumpet cures to symptoms of a disease rather than recommend a frontal attack to the real cause of the disease. Indeed, the evidence is clear that our people have become poorer despite increasing dollar revenue and reserves in the last three decades!

     “Certainly, no economy can perform creditably when cost of funds to the real sector remains at over 20%, while stable consumer demand remains severely constrained with annual inflation rates of 8-12%. Sadly, CBN and our Economic Management Teams have never been able to construct an appropriate growth model which supports low cost of funds (i.e. 3-6%), low inflation rate (1-3%), with a non-monopolistic and open forex market that will drive the elusive quest for economic diversification and inclusive growth. Systemic Naira supply, clearly also, is responsible for weaker Naira exchange rates, as CBN’s weekly auctions of modest dollar rations, are pitched in a market against excess Naira supply, which invariably creates an imbalance in favour of the dollar! Surely, the adoption of dollar certificates for government allocations of dollar-denominated revenue will eliminate or critically reduce the burden of excess Naira liquidity and therefore give the Naira a fighting chance against the dollar in the Forex market.”

    Some of us have near pathological aversion to Lagos traffic. Any opportunity to escape the raucous city is lustily craved. A worse situation was thrown up by the endless construction on the Lagos-Ibadan highway, especially the blockage of a section of the road, which exacerbated the traffic-jam. Hence I avoided Lagos, as much as possible! My plan was to visit the “Centre of Excellence” in December 2019, when a section of the highway necessitating the closure, hopefully, would have been completed. Surely, I would visit Sir Henry Boyo in his Allen redoubt.

    Alas, I was caught unawares. I was intensely embarrassed. It was sort of a double whammy – some melancholy occasioned by denial of legitimate entitlements in a previous employment. Boyo was not afflicted by any serious illness as to warrant the exercise of the powers of Death. It was arbitrariness and naked abuse of power by Death.

    I still feel hurt. I feel intensely embarrassed by the indiscriminate, if not reckless action of Death. Boyo was a complete gentleman that could not hurt a fly. Although he was old enough to sire me, he related with me as a colleague and friend. He was a wealthy industrialist, completely self-retiring. But for his love for his country, regularly expressed in print and electronic media, you hardly would have noticed Boyo in any public space.

    Again, in the early days of 2021, I had planned to call one our aunties to express best wishes to her. Although she was 75, she was still full of life. Alas, it was again another abuse of power by Death. She only complained of a minor illness and within a few hours, Death, without any scruples, remorse or human feelings, exercised his unrestrained powers! Absolute powers corrupt absolutely. Gani Fawehinmi, Chima Ubani, Bamidele Aturu, Yinka Odumakin, Innocent Chukwuma! Haba, Mr Death! Please, what were their offences?! Why did you cut short their lives?

    There must be procedures to guide Death in his choices. There must be A Bill for an Act to curb the powers of Death, to provide guidelines for the exercise of the powers of Death.

    It is true Death cannot be held accountable for murders, accidents, killings or illnesses but the timing of the exercise of his powers must align with the law of natural justice. For instance, it’s the height of injustice for Death to allow a sickness to linger for months and years, gulping thousands and millions of Naira in hospital expenses and still strike in the end.

    The era of arbitrariness is over. Henceforth a life must run its full course before Death is permitted to exercise his powers. A good example of a life that ran its full course is to be found in the Great Book, in Genesis 49:33: “And when Jacob had made an end of commanding his sons, he gathered up his feet into the bed, and yielded up the ghost, and was gathered unto his people.” In effect, Death has no absolute power. His powers can be circumscribed by an Act of Parliament. After charging his children at an old age, Jacob literally invited Death to exercise his legal powers. There was no room for arbitrariness.  No room for whim. No room for caprice.

    • Soyombo, media practitioner and public affairs analyst, writes from Abeokuta.
  • A case for intellectuals as brand ambassadors

    A case for intellectuals as brand ambassadors

    By Ganiu Abisoye Bamgbose

    SIR: The unverified news of the ambassadorial deal of one of two up-and-coming comics, Black Camaru, inspired this piece. No doubt, the duo hit the stage with a unique style of humour and are deserving of every fortune they can bag. But then, it raises the question: why it unusual for the academically and vocationally-inclined young ones to attract public notice or social significance in Nigeria?

    As opined by John Dewey, a renowned American philosopher cum educationist, if what interests the child is not in the child’s best interest, then we have to make what is in the child’s best interest interesting. If efforts are not intensified by both government and private sector to make education as socially dignifying as entertainment, there would be devastating consequences on the country’s intellectualism.

    Entertainment can be classified under the Heart in the three H’s of education which are: Head, Hand and Heart. The significance of this domain is not being questioned as those who possess this artistic form of education help spice up the world. The danger, however, is in making those who will use their head (the schooled) and those who will use their hands (the skilled) of less societal importance to their contemporaries who dwell in the place of the heart to produce artistic contents.

    Frankly speaking, if the zeal to learn continues to depreciate in young people due to poor attraction in addition to the poor standard of education in Nigeria, the country is in for a doom. No nation that ignores its intellectual force and makes learning less attractive will compete favourably in the comity of nations. The effort of the Lagos State Government in making formal education endearing should really be commended. The Spelling Bee contest which produces the state’s one-day governor is a strong motivation for students to do well. The scholarship opportunity and the attractive cash prizes offered to the best graduating students in Lagos State University, at both undergraduate and postgraduate levels, promote the zeal to learn among the students.

    Companies such as Cowbell must also be commended for their long sustained support for academic growth through the sponsored mathematics competition. Other companies can also toe this line by encouraging geniuses and their ingenuity. This gesture should also be extended to those endowed with technical and vocational craftsmanship. The government, private sector and affluent citizens should support and promote skills in the areas of technical and vocational know-how. Even if popularity comes naturally with the field of entertainment, those who are intellectually, vocationally and technically endowed will also be assured of a decent life if these fields are made attractive and productive, and would not all want to become the next Wizkid or AY.

    On a final note, young people should also put in their best to stand out in whatever they find themselves doing. Soyinka reigns in the realm of writing and he is celebrated all over the world. His name has become a metaphor for anyone with a robust vocabulary in Nigeria. Chinua Achebe’s “Things Fall Apart” which was published as far back as 1958 is still being recommended to undergraduate students in Nigeria and beyond. The novel has sold more than 10 million copies and has been translated into more than 50 languages. This strongly suggests that you are your own kind of star and can rise to stardom in anything you do; peradventure you put in your best.

    • Ganiu Abisoye Bamgbose, Ph.D, Lagos.
  • Lucky Mary

    Lucky Mary

    Editorial

    In what seems like a glimmer of hope in the very dark social tragedies in the country, the story of Mary Daniel, the 2006 amputee victim of a car accident that claimed both her parents seems to have providence smile at her in compensation.

    Stripped of any parental care at a tender age of 10, the burden of her upbringing fell on her grandmother. At 20, her grandmother gave her out in marriage to a man who promised to love her and take care of her. She got pregnant and found herself fending for both the man and herself. Then the baby was born and the man totally abdicated his responsibility. Mary then took her destiny into her hands and decided to go to Onitsha to eke out a living.

    While hawking water in Asaba, Delta  State, a good Nigerian helped raise about N500,000 for her to start a business. The so-called father of her baby took her phone and ATM and ran away with all her money. She then decided to come to Lagos to continue to struggle.

    Just last week, technology and the human spirit worked in her favour as one Mr. Ibitoye Ayodele Adeniyi  met her around the Bolade Market in Oshodi, Lagos. The sight of the one-legged lady eagerly hawking sachet water under the sun caught his attention and he took her pictures and posted them on his Facebook page. Mary’s story went viral and help poured in from across Nigeria and abroad.  More than N14m at the time had been raised for her. The Lagos State government, through the Office of Civic Engagement, is taking over her case and has expressed willingness to offer her accommodation and other safety assistance.  Mr. Victor Anukam of Purple Prosthetics has promised to get Mary a limb.

    We appreciate the gifts but her story remains one of the signs for the dysfunctional system we run. Her story is not unusual to those living with disabilities in the country where  governments at all levels often do not provide amenities. For every Mary, there are a million others without a voice to amplify their cries.

    Most women are often exploited and abandoned like Mary. We would want a manhunt for the callous man who abandoned her. It is tough already being a woman, living with disabilities comes with a multitude of challenges that governments at all levels can help alleviate by assisting them with either scholarships or skills acquisition so they can be productively independent.

    Lagos State government must be commended for creating an agency for the people living with disabilities headed by a female aide to the governor who is herself living with disability. Their civilc engagement unit is equally commendable as it gives a human face to governance. Mary is not an indigene of Lagos but the government has adopted her. That is an example of what humanity should propel in us all.

    We find it curious too that some politicians are trying to leverage the media blitz for Mary to seek to donate when there are no records of their taking any action in their own communities to help some of the Marys there. It would be nice to have them start their charity from home.

    We equally commend Mary for her sense of industry. She worked to feed her grandmother and daughter. She took her fate in her hands and struggled to eke out a living before providence smiled on her. Some of her kind would have wallowed in self-pity and resorted to begging and being a burden on others. She said she wanted to live to give her daughter a better life than she has. That is an example of a truly thoughtful parent. It is a miracle how she even carried pregnancy on one leg. She is just an inspiration to others, of the value of determination and hard work.

    We equally hope that she would be very careful with all that she will be getting from people and possibly give back too.

    The focus must not just be on Mary and her good fortune, there are ancillary issues the country as a whole must address. We thank those that highlighted her plight and those who responded to ameliorate it.

  • The promise of Ramadan

    The promise of Ramadan

    By Victoria Ngozi Ikeano

    SIR: This year’s Ramadan comes at an auspicious time when our country is beset with a plethora of problems, most notable of which is insecurity that is growing wings. There is pervasive banditry, kidnappings, unmitigated assault on policemen and their structures and of course the age-long farmers/herders clashes  is taking a dangerous dimension with some herdsmen  running berserk in the face of threats to their economic survival due to climate change. In the economic sphere specifically, our purchasing power continues to decrease literally every month. And in politics inter and intra party dissentions are growing.

    Unable to find enduring solutions to the multiplicity of problems and now at our wits’ end apparently, the only option is for us to turn contritely upwards to God to imbue our leaders with the wisdom to govern aright and the citizenry to live aright. Also noteworthy is that Ramadan 2021 is also coming just about when Christians ended their own fasting (Lent) culminating in the Easter festival early this month.

    Are those that have taken up arms against their fellow human beings and country in the northeast, rampaging bandits and kidnappers, criminal herders and cattle rustlers in other parts of the north also fasting? If they profess to be adherents of the religion, should they not? Should they undertake this high obligation – fasting, praying, seeking to better understand the message of Prophet Muhammed (PBOH) – genuinely, steadfastly and in humility, then they should come to recognition.

    Our loving thoughts and prayers are for them to come to recognition and turn a new leaf. But should they continue with the mindless killings and other despicable acts in this holy month of Ramadan, then they show themselves as not being true worshippers. What makes you a Muslim or Christian is living the teachings which engender love, peace and justice.

    Most of us labour to be pleasing in the eyes of God during Ramadan and Lent after which we relapse to our old ways, get carried away by the hustle and bustle of everyday struggles, mix with the bellicose crowd for whom nothing is sacred anymore, eventually forgetting the enduring truths which our quiet moments of reflections during the important periods of Ramadan and Lent bequeath us. These droplets of truths are like spiritual seeds within us which need to be nurtured by being vigilant, courageous in walking the path shown. The challenge is for us to remain steadfast, pious at all times, beyond Ramadan. Indeed, we should think of God, reflect on the Word of God always as it will lead us step by step  to all Truths.

    Ramadan Kareem!

    • Victoria Ngozi Ikeano, Lafia, Nasarawa State.
  • Triumph

    Triumph

    Editorial

    The daunting human triumphs: Lagos athlete, Aminat Idrees, eight months pregnant, grabbed a gold among her three-some haul of gold, silver and bronze, in the Taekwondo event.

    The most audacious of brutal sports politics, which nevertheless paid off: the Edo 2021 Local Organizing Committee (LOC) threatened to shut down the games by noon of April 7, should the Federal Government fail to pay the hosts, promised support funding.  The Federal Government did — and the games went on, from April 2 to 15.

    Then, the basest of unsportsmanlike conduct, as either bad winners or sore losers: the allegations that Bayelsa “imported” a Kenyan, to dust all others in the long-distant races; while Ogun athletes and officials threw tantrums and missiles, at the Oba Akenzua venue of the boxing event, claiming they had been robbed.  Hosts Edo displayed similar rotten conduct, when it was clear their boxer would lose a decision, with even reported guns allegedly booming outside the venue.

    That was the 20th version of the National Sports Festival (NSF), tagged Edo 2021: a tale of different strokes.

    Though reported ugly events: controversial officiating and competition-driven passion were unfortunate, they were little dents on a festival rolled back by a year by COVID-19 challenges, being billed to have held by March 2020.

    That all involved managed to pull off Edo 2021, after many postponements, is a triumph of the human spirit.  On this score, the Edo State government deserves special kudos, though its brinkmanship, over late delivery of federal support funding, is to be decried. Arrant blackmail is hardly a sporting virtue.

    But the Federal Government too should learn to be less tardy, when the situation calls for fast-paced action.  Due lesson learnt, it’s big congratulations to the duo.  But the COVID-19 delays have abridged the two-year gap in-between each games.  Delta, announced by Sunday Dare, youth and sports minister, as next hosts, has less time to prepare for the next games, due 2022.

    So, the time for the Federal Government to start monitoring Delta’s preparedness for the games is now.  That is imperative, if the open but ugly dispute over funding, that nearly torpedoed Edo 2021, is to be avoided.  Indeed, such should be avoided in future games.

    Besides, early planning and faithful execution of plans, should take care of postponements that had plagued earlier games, even before COVID-19.  Witness that the 2018 Games were hurriedly hosted by the Federal Capital Territory, after Cross River, billed to hold them, pulled out.

    Still, since 1973 when Lagos hosted the first-ever NSF, as part of General Yakubu Gowon’s immediate post-Civil War (1967-1970) policy to foster national unity and integration through sports, the games they call the Nigerian Olympics had come a long way.

    Back at the first set pioneering games (all held in Lagos), big stars, including foreign-based athletes, mostly in America, came to grace the festivals.  Eagles stars, like Thompson Usiyen and the likes of Segun Odegbami, competed for their respective states, beyond catching the eye of national team managers.

    Even then, over the years, the focus on competing for states of origin has diminished.  Economic pull, with stress on athletes’ sponsorship and welfare, has trumped the fixation with native states.  That is not a bad development.

    Besides, that development has enhanced one of the cherished prime goals of the NSF: national integration via sports.  That must warm the heart of Gen. Gowon and his sports technocrats, that birthed the sports fiesta, like Isaac Akioye, pioneer director of sports, National Sports Commission (NSC) and the great Abraham Ordia (both of blessed memory).

    Edo 2021 also had an added importance. That Nigerian states can still gather somewhere, and slug it out in the best tradition of friendly hostility, a profound paradox that is the essence of sports, shouldn’t really be a big deal.  It was the 20th NSF.

    But Edo 2021 held, despite the virulent ethnic-powered voices of division and break-up.  The grand symbolism here is that even Nigeria’s most grievous challenges can be overcome, in the best tradition of hard, frank but friendly exchanges.  That is the prime message, from the just concluded NSF.

    After the games, it’s congratulations again to Delta, who appear perennial winners; and Edo, who as hosts, gave Delta a good run for their title.  In swimming, Bayelsa’s Ifiezegbe Gagbe grossed 14 medals (8 gold, 2 silver, 4 bronze), the most by any single athlete.  Lagos also showed class, particularly in combat and team sports; while hitherto minions are also finding their niche, like Osun, in weightlifting.

    Still, the ugly win-at-all-cost ghost remains, which seems to have fuelled controversial calls and frayed tempers.  That came into life with ugly scenes at the boxing events; and at the football men’s final, where Lagos lost the gold to Edo, after giving up a two-goal lead, before losing 2-3.  For its loss, Lagos claimed faulty officiating.

    Whatever the true facts, fairness to all is the fundament of sports.  That noble credo must drive future games, if sports must teach Nigerian politics and politicians to deal with each other with mutual fairness; and to disagree without being disagreeable.

  • Learning the secrets of wealth management

    Learning the secrets of wealth management

    The business insights released at the FirstGem 4.0 conference organised by First Bank Nigeria Limited will remain with the participants for a long time. Themed ‘The Art of Negotiation’, the event was convened to provide women with insights on the secrets of wealth management, investment and savings, reports COLLINS NWEZE.

    For centuries, people have continued to ask a critical question: what makes a successful entrepreneur? Is it the start-up capital, the operating environment, understanding government policy, size of business, cost of funds or use of technology?

    The FirstGem 4.0 conference organised by First Bank of Nigeria Limited with theme: the ‘Art of Negotiation’ provided answers to these questions and gave women entrepreneurs the compass to navigate the troubled business world.

    From investment in bonds market, adapting a resilient and seamless technology, raising seed capital to negotiating the best buys in a complex business world, the FirstGem was a delight to participants given the calibre of facilitators that attended the programme.

    First Bank Nigeria Limited Chairman Mrs. Ibukun Awosika tutored women entrepreneurs on what makes entrepreneurs tick in today’s digital age.

    According to Awosika, women should create advantage for themselves by being informed about their environment, including having understanding of government policies.

    She said the bank chose the ‘Art of Negotiation’ as the theme because it realised that although women are not less smarter, less competent, less able than their male counterparts, they are disadvantaged.

    She said women have incredible ability to compete and deliver value, but the system is structurally disadvantaged towards them.

    Awosika challenged the women to throw ignorance out of the door, seek to be empowered with education,  information and be open-minded enough to learn from a child.

    “I challenge you to seek to engage with technology because it is not about what you think, it is about what will happen. Even if you do not like technology, it is going to affect your life. So, it is your reality and you must rise up and take up the challenge on how you will engage technology. You must go to learn what you do not know. Be a child. There is nothing I love more than remaining a child all of the time. It means you are open to learning from everyone and anyone,” she advised.

    Awosika said there was no need to be afraid to confront the things one does not know.

    “So, I challenge you to be liberated from things you do not know by learning them; rise up to the challenges of this generation and season; seek to understand the entirety of the value chain of your business; try to understand the trend within your market to enable you know where you fit in and define your own portion of that value chain. That will make you the master of it, and enable you rule in your own space. I challenge you to understand that the market of today is open to you no matter where it is,” she advised.  For her, technology has closed the gap, bringing about one world, whether one likes it or not.

    “I know there is a possibility of people trying to move away from globalisation due to sense of national protection post Covid-19, but that is an impossible task. You have to understand how your product can sell, and how it will be useful to both your local market and global market,” she said.

    “When we say, global market, we do not mean everybody in the globe, we mean everybody in the globe who needs what you sell wherever they are,” she stated.

    Government policies and women-led businesses. For Awosika, understanding government policies is key to business success.

    She said: “If you do not know the direction of government policy, you cannot know if you are working against the direction of such policy and that will leave you in the dark.  It is important you create advantage for yourself, so that you can compete. And part of that advantage is in you educating yourself, so that you will be able to compete.”

    According to her, the way the world is structured makes room for small businesses that understand the power of connectivity to thrive.

    “It does not matter how little your business is, or the products you are dealing with, there is a global reference point, that affects what you do, at the corner of your room. Because every action somewhere has a ripple effect that will eventually land at your doorstep, your ability to survive situations like that gives you an edge,” she said.

    Continuing, she said: “No matter how little your business is, the connectivity across the whole world will affect it. It is important that you pay attention to what is going on around the world. Pay attention to political issues, because political issues from around the world and local environment impact the economy of your country and your business,” she said.

    FirstBank Nigeria Limited Chief Executive Officer Dr. Adesola Adeduntan said the bank would continue to support women-led businesses which, he said, have accessed of N58 billion from the bank.

    He also said the bank remains committed to supporting women-owned businesses and the economy generally with its expanding retail lending as well as its drive for financial inclusion.

    He said: “FirstBank, through the FirstGem initiative, is committed to supporting the contemporary woman’s financial services needs across the various stages of her life.

    “Our FirstGem value proposition provides real solutions to challenges faced by female entrepreneurs and working professionals.

    “Today, our work is more important and impactful than ever! A review of the performance of the FirstGem initiative shows the effectiveness of our efforts to elevate and empower the Nigerian woman.

    “In 2020, we gave out loans of N58 billion to over 81,000 female entrepreneurs and professionals.”

    Furthermore, he added: “Empowering women via agent banking proposition is one of the outcomes of the FirstGem initiative. Across our agent banking network, the largest verified bank-led agent banking network in Nigeria, we have about 24,500 female agents representing 28 per cent of the agents in our network. It gives us much joy to see that more women are embracing this proposition and getting empowered.”

    He noted that the FirstGem Initiative takes an inclusive approach to empowering women with respect to their business, family and future.

    FirstGem has since inception helped FirstBank of Nigeria to emerge as a foremost player and leader in promoting women empowerment whilst enabling them to contribute to the national economy.

    In the FirstGem community, enables like-minded women irrespective of where they are in Nigeria and abroad, gather to connect, grow and share knowledge on everything about lifestyle, motherhood, career development, entrepreneurship, health, work and family.

    Analysis of MSMEs borrowers showed that 81,000 female MSME borrowers got N58 billion, with the spread across the six geo-political zones showing that North Central, has 8,139 FirstGem customers representing nine per cent; Northwest, 4,008 FirstGem customers representing four per cent; North East,   3,809 FirstGem  customers representing four per cent; South West, with 32,477 FirstGem  customers representing 35 per cent.

    Others are Southeast, 6,919 FirstGem customers representing eight per cent; Southsouth, 36,390 FirstGem customers representing 40 per cent and private banking, three customers, bringing the total number to 91,745 FirstGem customers.

    Also speaking, a Professor of Economics at IESE Business School, Pedro Videla gave a global view of the business world, which he said affects every entrepreneur despite where he or she operates.

    He said emerging markets such as China, India, Vietnam, among others are likely to have sustained economic growth, adding that they are evolving much more quickly than traditional markets. This, he said, would affect the pattern of outsourcing and production.

    Videla said shifting demographics such as the aging population in many countries will shape demand preferences hence the need for women to innovative and develop their businesses along the demographic growth pattern.

    He said sustainability will be a major in influencing future supply chain, because of increasing global awareness of environmental issues.

    “Besides, new technologies will promote new business models and platforms and affect the design of the supply chain. Still, protectionism, which has resumed in many countries could be big barriers for trade,” Videla said.

    Agusto Consulting Head Consulting Prof. Jimi Ogbobine said commercial banks, International Oil Companies (IOCs), multinational companies, leaders in Fast Moving Consumer Goods (FMCG) and financial technology (Fintech) firms are expected to issue over N1 trillion corporate debts before year-end.

    For him, women should not just sit idly and watch, as investing in the bond market could bring bountiful returns.

    The corporate debt market in Nigeria is still in its infancy stage and has only begun to pick up in the last two to three years. Prior to now must corporates have favoured private placement transactions when raising debt outside of bank loans.

    He said over N1 trillion will be raised in corporate debt instruments in 2021, representing a 10 per cent increase from the N910 billion raised in the previous year.

    He explained that with risk free yields of Treasury Bills  currently below three per cent, there would be a significant growth in debt market offerings by corporates at both the short end of the market (in commercial papers) and in long-term maturities through corporate bonds.

    He said: “e-Transactions in Nigeria are now larger than the Gross Domestic Product (GDP) of Nigeria even without the telcos putting full hug into it.

    “So as a business, if you do not have an e-payment system, you are missing out in a major growth area in the country and by 2022 to 2023, it could grow double the size of the GDP nearing the N250 trillion mark.”

     

    Understanding FirstGem

     

    The product, FirstGem, is an account designed specifically to meet the needs of women, aged 18 years and above.

    The product is targeted at a broad spectrum of women, working professionals, entrepreneurs, or market women to promote their business through an array of benefits, from free business advisory services on business funding, specialised training on Business Development initiatives (online and physical), regular information or insights on business opportunities or openings in various sectors and industries.

    Speaking on the event, FirstBank Deputy Managing Director Francis Shobo said: “The FirstGem 4.0 is the icing on the cake in the streams of initiatives and activities we have organised and participated in March as we join the world to celebrate women for the indelible roles they play in our society.”

    “Through these activities, we spearhead the call on the need to promote women inclusiveness in the country as the role they play towards the continued socio-economic growth and development of any given society cannot be overemphasized.”