The Nation Newspaper

Author: The Nation

  • MTN Nigeria encourages women participation in tech

    MTN Nigeria encourages women participation in tech

    MTN Nigeria Communications Plc has underscored the importance of increased participation of women in engineering and technology.

    To commemorate the recently- held International Women’s Day, MTN Nigeria hosted a Twitter Space session to discuss the theme DigitALL: Innovation and Technology for Gender Equality aimed at bridging the gender gap and encourage women participation in tech.

    The National Bureau of Statistics (NBS) indicated that women make up 22 per cent of the number of engineering and technology university graduates yearly and about a fifth of the number of people working in the information and communication technology (ICT) sector.

    Chief Digital Officer, MTN Nigeria Communications (MTN Nigeria), Aisha Mumuni explained that, to encourage more women participation in tech there was the need to catch them young and introduce them to the basic aspects of tech before moving them through the educational system.

    Executive Director, Yellow Brick Road, Nnena Onyewuchi, who was the guest speaker, said part of the plan to encourage more women participation.

    “In a lot of families in this part of the world, girls enter technology later than boys. While it seems like a protective measure, the girls end up less conversant, and less comfortable with the use of tech. For older women, there are many opportunities in technology outside engineering roles,” Onyewuchi said.

    Vice President, Grid Consulting, Siemens Technology, Onyeche Tifase, highlighted three channels to effectively get women into tech early enough including exposure, education and employment.

    “Women participation in tech is a joint effort from parents, institutions, employers, and other females coming together to pass down the belief that females can thrive in a tech environment,” Tifase said.

    According to Tifase, women are active users of tech. In the kitchen, at work, and to get personal tasks done, tech is used. The right orientation on tech, emergence of skilled personnels for training, as well as the effective collaboration of women to mentor the younger generation would bridge the gap, and encourage more participation in this industry.

    Chief Executive Officer, Futuresoft, Nkemdilim Uwaje Begho, noted the need to build relationships with men in the room as a practical approach to dealing with gender bias in the workplace.

     “Being confident and understanding that when estimated, you win, will give you power,” Uwaje Begho said.

  • NGX, CBN mark Global Money Week

    NGX, CBN mark Global Money Week

    Nigerian Exchange Limited (NGX) and Securities and Exchange Commission (SEC) will be supporting the Central Bank of Nigeria (CBN) with educational programmes and events aimed at enhancing financial literacy in children and youths while driving financial inclusion.

    These events are part of activities to mark this year’s Global Money Week. 

     A financial literacy talk will be held at the Exchange on tomorrow with secondary school students from across the country in line with this year’s theme “Plan your money, plant your future.”

    The session will cover topics on personal finance and investing, trading with technology on the stock market, and the role of regulation in the capital market. These will then culminate in a closing gong ceremony, where the students will “Ring the Bell” for Global Money Week.

    Also planned by NGX is a Twitter Spaces that will hold on Saturday to educate youths, including Millennials and Generation Zs on responsible investing.This will have a focus on sustainable products in the capital market and making the right financial decisions that consider the environment, society and spur growth.

    Head, Marketing and Corporate Communications, Nigerian Exchange (NGX), Mr Clifford Akpolo said NGX, as the sustainable exchange championing Africa’s growth recognises the potential of a financially literate youth population, which is crucial to drive  development.

    According to him, the Exchange places a high value on providing young people with the necessary resources to make informed financial decisions and is dedicated to supporting initiatives that promote sustainable spending habits and financial literacy.

    “Our activities for the week have been structured to have optimal impact and reach thousands of young Nigerians, both online and offline,” Akpolo said.

    Partnering with CBN, SEC and NGX on its Global Money Week Initiatives are Miniemoney; Meristem Stockbrokers Limited and APT Securities Limited.

    Global Money Week is an annual global celebration initiated by Child & Youth Finance International (CYFI), with local and regional events and activities aimed at inspiring children and youths to learn about money, saving, creating livelihoods, gaining employment and becoming entrepreneurs. It is also aimed at empowering the next generation to be confident, responsible and skilled economic citizens.

    “Plan your money, plant your future,” the official theme of GMW2023, is aimed at raising awareness about the importance of adopting a responsible, informed and forward-looking approach in making financial decisions. It also recognises that future individual financial well-being is strictly linked to the health of the planet and of the society as a whole.

  • SEC rejects Nigerian Enamelware’s debt conversion, bonus shares

    SEC rejects Nigerian Enamelware’s debt conversion, bonus shares

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has rejected the move by Nigerian Enamelware Plc to convert a major shareholder’s debt to equities.

     The commission also declined request by the company to issue bonus shares alongside the debt conversion.

    The Board of Directors of the company said the rejection of the debt conversion and bonus issue affected the ability of the company to resolve its unallotted shares ahead of the December 31, 2022 deadline.

    In a regulatory filing, the company stated that it has also decided to cancel a new bonus issue of three new ordinary shares for every two ordinary shares announced on February 28, this year.

    At the 62nd Annual General Meeting (AGM) of the company in November 2022, shareholders had authorised the company to convert the N214.76 million debt owed  l.Feng Company Limited into 42.95 million ordinary shores.

    The meeting authorised the company to allot the debt conversion shares to l.Feng Company Limited at a conversion price of N5 per share through a special placing or private placement arrangement.

    The meeting also mandated the company to allot and issue bonus shoares to its shareholders on the basis of one new share for every one shore held by a shareholder.

    The two resolutions were expected to deal with the unalloted shares of the company before the deadline of December 31, 2022.

    However, the share conversion and bonus issuance transactions were declined by SEC, thereby affecting the conclusion of the transactions.

    Following the regulatory disapproval, the Board of Directors also decided to validate the company’s previous bonus issuance transaction to the shareholders accordingly and, therefore, proposed the issuance of a bonus of three new shares for every two shares held.

    The company, however, noted that upon deliberation and review of the proposed bonus issuance, the board considered it “absolutely necessary and deem it fit to cancel the proposed shore bonus of three new shares for every two shared held”.

    The company regretted the cancellation and sought the understanding of shareholders.

  • Transcorp Hotel seeks shareholders’ nod for restructuring

    Transcorp Hotel seeks shareholders’ nod for restructuring

    • Shareholders to get N1.33b dividends
    • To divest from Calabar hotel

    Transcorp Hotel Plc plans to divest from its business and reposition for more competitive merger and acquisition in a restructuring plan aimed at enhancing the growth outlook of the hotel and tourism group.

    The Board of Directors of Transcorp Hotel will early next month at the company’s Annual General Meeting (AGM) tabled the plan before the shareholders to secure the crucial shareholders’ approval to kick-start the implementation.

    According to a regulatory filing by the group, shareholders are expected to authorise the Board to dispose the group’s 100 per cent equity stake in Transcorp Hotels Calabar Limited, in accordance with the laws, statutes and regulations.

    Transcorp Hotels Calabar Limited owns and operates Transcorp Hotels in Calabar.

    Shareholders are also expected to empowered the board to “invest in, acquire, or divest from any business” and carry out such activities like “restructuring, reorganisation, reconstruction and such other business arrangement or actions”, as the directors may deem appropriate and in accordance with any relevant laws, any actions.

    Transcorp Hotels is the hospitality subsidiary of Transnational Corporation of Nigeria Plc. It owns and operates Transcorp Hilton Abuja, which provides luxury accommodation, excellent cuisine, conferencing and leisure facilities to business travellers and tourists from all over the world.

    Meanwhile, the Board of Transcorp Hotels has recommended payment of N1.33 billion as cash dividends to shareholders for the 2022 business year. This was an increase on N716.98 million paid for the 2021 business year. Shareholders on the register of the company as at the close of business on March 17, 2023 will receive a dividend per share of 13 kobo.

    Key extracts of the audited report and accounts of Transcorp Hotels for the year ended December 31, 2022 showed that turnover increased from N21.42 billion in 2021 to N31.44 billion in 2022. Gross profit rose from N15.9 billion to N22.39 billion.

    Profit before tax tripled to N4.66 billion compared with N1.66 billion. After taxes, net profit doubled from N1.12 billion in 2021 to N2.62 billion in 2022.

  • ‘Sustainability has enormous impact on future of companies’

    ‘Sustainability has enormous impact on future of companies’

    Chairman, Bond Forum and Capital Markets Pathway Qualifications Assessment Board, United Kingdom, Neil Brown, has urged companies to implement sustainability policies of environmental, social and governance (ESG) to respond to investors demands.

    Brown, who was the keynote speaker at a recent webinar organised by Chartered Institute of Stockbrokers (CIS) in partnership with CISI, listed some benefits of sustainability, a major tool  deployed by portfolio managers, asset managers and other investment advisers to recommend profitable companies for their clients.

    Delivering a paper entitled “Sustainability in Nigeria’s economy, Capital Markets and Investment Products “,  Brown, who is also the  Chartered Institute for Securities & Investment (CISI), explained that companies should embed sustainability in their business  to capture positive investment performance as well as offset negative effects of environmental challenges, promote good governance and community relations.

    According to him, companies should also collaborate with stakeholders to raise awareness, build capacity and promote action on sustainability. 

    He advised that companies should identify new opportunities while embedding sustainability considerations into their business to avoid, minimise or offset negative impacts.

    He said companies need appropriate governance, policies and audit to promote community relations , collaborate with stakeholders to raise awareness, build capacity, manage risks, develop solutions  promote finance of priority sectors and report value of investments made and support received.

    He added that regulators would expect companies to be transparent on their sustainability credentials as real actions can be under-reported through greenwashing tactics and its variants, including greenwashing, greencrowding, greenlighting, greenshifting, greenlabelling, greenhushing, greenlobbying and greenwishing.

    Brown noted that physical and transition risks would drive changing valuations for sectors and stocks and warned investment advisers to understand what drives their clients.

    “Some investors may be driven by part or whole of sustainability. Investment advisers must look for a measure that matches their clients’ objectives. They should also beware of misleading scorecards. There could be strong ESG score because of bad impacts and weak ESG scores despite good impacts,” Brown said.

    Head, Education and Training, CIS, Chukwudi Nga, explained that the webinar was one in the series of Mandatory Continuing Programme Development (MCPD), designed to upskill the members of CIS and CISI to enhance their professional practice.

    “Companies in Nigeria are aware of the essence of compliance with ESG.There are laws on sustainability in the Nigerian Constitution.

    “The webinar was organised as part of the Mandatory Continuing Programme Development for securities and investment professionals,” Nga said.

    Assistant Director, Global Business Development, CISI, Helena Wilson noted that CISI and CIS have a long-standing collaboration on education and continuing professional development. 

    She pointed out that sustainability and the role that the financial services profession has to play in the route to net zero is now a crucial topic for investors and businesses globally. 

    “Opportunities to enhance our learning in this important ESG area are essential and it was a pleasure to partner with the CIS for this event,” Wilson said.

  • Farmer blames egg glut on cash crunch

    Farmer blames egg glut on cash crunch

    Managing Director, Kingfarms, Mr Stephen Temitope, has blamed the oversupply of eggs in the market, also known as egg glut, on the lingering cash scarcity.

    Temitope, who is an agric-economist, expressed pain over the cash crunch, claiming it has affected the  poultry business.

    He noted that the poultry sector has been badly hit due to illiquidity and is heavily reliant on daily cash transactions.

    Also, the Poultry Farmers Association of Nigeria (PFAN) said over N30 billion worth of more than 15 million trays of eggs had been lost to the cash scarcity.

    He noted that poultry sector, particularly eggs, which is at the receiving end due to its highly perishable nature, is badly affected.

    “A compounding factor for egg glut is that egg production cannot be stopped when birds are already in lay unless, perhaps, slowed through feed rationing, which is usually sub-optimal.

    “With the high cost of poultry feeds and other input, poultry farmers are  at risk of catastrophic losses if the sale is disrupted along the distribution channel. This is because sales at the retail level, which constitutes the bulk of consumption, have been slowed significantly. Consumers at this end have been constrained and small retailers have been unable to recoup their money due to the cash crunch. This has resulted in stockpiles of eggs across many farms in the country, also made worsened by the fact that tertiary institutions are on holiday amidst the electioneering period,” Temitope added.

    He also said the worrisome situation has also been experienced in different parts of the country as a glut situation implies a lock-up of a farm’s working capital, and if not addressed, could lead to an unbearable depletion of it, for the poultry farmers.

    However, Temitope  expressed gratitude to Ogun State, Governor Dapo Abiodun, saying the state government understands the situation and has helped avert the catastrophic losses that could be experienced in the poultry sector, by assisting to mop up the accrued perishable eggs before they go bad and distributing them to final consumers across the state to stimulate household consumption of other staple foods.

    “The timing and scale of this mop-up exercise by Governor Abiodun of Ogun state, determined the extent to which further catastrophic losses could be averted, and the complementary consumption it could stimulate. This intervention could be adopted across other states for a nationwide response which is believed to be able to reduce farmers’ losses and derive multiplier effects in the economy,” Temitope said.

  • ‘$10 billion needed to transform food systems in Nigeria, others’

    ‘$10 billion needed to transform food systems in Nigeria, others’

    $10 billion is needed yearly to achieve sustainable food system transformation in Nigeria, Ethiopia, Malawi, in the next decade.

    A study by researchers from International Food Policy Research Institute (IFPRI )  and International Institute for Sustainable Development (IISD) showed that the three countries would have to implement a more effective portfolio of interventions that achieve multiple outcomes.

    IISD, engaged with the government, donors, and stakeholders in each country, synthesised the evidence, and then applied sophisticated macro- and microeconomic modeling techniques to identify pathways to provide affordable and healthy diets to all people in an environmentally sustainable way.

    The report summarised the evidence and costs of countries for effective public interventions to transform agriculture and food systems in the three countries in a way that ends hunger, makes diets healthier and more affordable, improves the productivity and incomes of small-scale producers and their households, and mitigates and adapts to climate change.

    According to the report,  the world is not on track to achieve the United Nations Sustainable Development Goals by 2030, adding that  the prevalence of hunger and poverty—the two core goals which are the litmus test for everything else—are on the rise.

    The report noted that while it is possible to achieve sustainable food system transformation in the three countries, in the next decade, it would require an average  of $10 billion yearly from this year to 2030 and targeting spending on a more effective portfolio of interventions that achieve multiple sustainable development outcomes.

    It said: “ Of the $ 10 billion, the donor share averages $5.8 billion per year, and the country share averages USD 4.2 billion per year. Importantly, comparing the financing gap between the long-term investment needed to achieve Sustainable Development Goal 2 and the short-term investment needed for emergency food assistance shows that while emergency assistance has increased in recent years, there is significant underfunding of the longer-term investment needs. The shortfall in longer-term funding increases the vulnerability to shocks, pushing the number of people affected by hunger and poverty higher. Donors should therefore complement and better link the increased allocation of emergency food assistance with increased investments in longerterm agricultural development priorities to prevent future crises when the next shock hits.”

    Filling the financing gap, the report  maintained,  would yield immense economic, social, and environmental benefits.

    The prevalence of undernourishment is estimated at three per cent  in Malawi, and 21 per cent  in Nigeria, by 2030.

    The transition toward healthier diets will be achieved for 248 million people, or 60 per cent  of the population in each country.

    The incomes of 29 million small-scale producers will double on average in 2030 compared to 2015 levels. These gains will be achieved while confining greenhouse gas (GHG) emissions to nationally determined contribution goals and increasing resilience to climate change of the most vulnerable.”

  • Access Bank’s contributions to winning the fight against female genital mutilation

    Access Bank’s contributions to winning the fight against female genital mutilation

    It is well-known that globally, “minority” groups have suffered some of the greatest inhumane treatments in history. From racism to colourism and sexism, these acts have adversely and irreversibly affected millions of people across the world. Of those minorities, women have suffered many iterations of cruelty, and female genital mutilation (FGM) may be said to be the cruellest. 

    This ritual cutting or removal of some or all of the external female genitalia is considered a violation of human rights against children as it is mainly performed on girls between infancy and 15 years of age. FGM has risked the lives of over 200 million young women in 30 countries of Africa, according to WHO reports, and Nigeria alone accounts for 10% of global cases. The report identifies Osun state as having the highest prevalence of circumcised women in the country (77 per cent), closely followed by Ebonyi (74 per cent) and Ekiti (72 per cent).

    This practice has, over time, been seen to have far-reaching, almost absolute and fatal consequences. These consequences range from complications in childbirth to haemorrhage and death.

    In a bid to eradicate this harmful practice, Access Bank partnered with HACEY Health Initiative to commemorate the International Day of Zero Tolerance for FGM. The programme was held across Nigeria’s high prevalence zones — Osun, Oyo, and Ekiti. 

    Cumulatively, over 2,000 young girls, CBOs, traditional rulers and policymakers participated and benefitted from the programmes in the three states. In addition, about 500,000 Nigerians were reached virtually with information, education and communication materials.

    Furthermore, to ensure impactful and scalable results, traditional leaders, government and community leaders were engaged in dialogue sessions to advocate for the abandonment of FGM practices in their various communities. 

    Recently, Access Bank PLC embarked on yet another campaign targeted at ending the practice of this act through knowledge drives. This time, about 1,240 individuals and families benefitted from the information and education on ending FGM in Osun, Oyo, Ekiti and Ebonyi. 

    Specifically, eight schools — 2 schools from each of the four states — were targeted, leading to 1,068 students being impacted by the End FGM campaign. Amplifying its impact, Access Bank extended the campaign to religious centres in the four states. As a result, nine religious centres — 3 in Osun State and two religious centres each from Oyo, Ekiti and Ebonyi — were reached, and about 240 people were beneficiaries of the End FGM campaign. 

    These efforts have undoubtedly contributed to the fight against Female Genital Mutilation in Africa. However, the war is far from over. Per findings by the United Nations Children Fund (UNICEF), most women in several African countries — including Egypt, Somalia, Gambia and Sierra Leone — believe the practice should be upheld. Therefore, as a global community, we need to amplify efforts to completely eradicate the practice of FGM. 

    As the world continues to celebrate women this month, Access Bank’s W Initiative, through the platform of its forthcoming conference, will continue its charge to challenge gender stereotypes, call out discrimination, draw attention to bias, and foster women inclusion. In addition, the conference will provide a platform for women and their male counterparts to learn from vibrant thought leaders about the role we must play towards achieving gender parity by #Embracing Equity from a personal, sectorial and industry-led perspective.

  • Co-working firm rolls out facilities for African SMEs

    Co-working firm rolls out facilities for African SMEs

    Enterprise-based Coworking outfit, The Adrenalina, has opened an office in Yaba, Lagos with facilities and initiatives targeted at driving the growth of Small and Medium Scale Enterprises (SMEs) in Africa by providing support for young people to create, operate, and grow their businesses.

    The facilities include workspaces, conference rooms, virtual assistants, a mini-lounge, a state-of-the-art production studio, and cutting-edge Internet connectivity, provided by Elon Musk’s Starlink.

    According to Chief Executive Officer, Chukwuerika Achum,“Africa is the next frontier for economic development, and its teeming youths are the key to the actualisation of a prosperous future. Therefore, we want to enhance the capacity of these young people to create and grow businesses.

    ”We are seeking to de-risk the process of setting up a business, by taking off the burden of capital requirements such as infrastructure and regulatory requirements. We are also providing financial structuring, helping business to get structured into entities that can access financing.’’

    He added that the company has  plans to expand to other cities in Africa.

    “We are not just building a business, we are creating an ecosystem that constantly delivers value to our community as well as the public,” said Tejumade Salami, the Head of Business Excellence.

    According to Salami, the Adrenalina has rolled out initiatives to educate and entertain. They include events and training, a newsletter, and a periodic podcast called Voltzzzz, which features celebrities from various fields. It can be accessed on digital hosting platforms such as Sound Cloud, and via the social media.

    “With Voltzzz, we are creating a social space to contribute positively to trending issues in the society,” said Hilda Edet, Podcast co-host and head of Customer Service Excellence.

    “The discussions are not limited to the podcasts because members of our online community are also encouraged to participate. Through this we can receive feedback on our operations,” Edet added.

    According to Ayodele Arowosegbe, Marketing Consultant for the outfit, the Adrenalina will serve as an incubator for startups.

    “As Africa attempts to emerge as a competitive economic powerhouse, the continent has become a hub for start-ups. The Adrenalina is poised to help facilitate this transformation,” said Arowosegbe.

    Investment into the African tech startup ecosystem passed the US$3 billion mark in 2022. According to Statista, Nigeria has the highest number of startups on the continent, numbering over 3,360 in 2022

  • Wema Bank’s Hackaholics 4.0 entries open

    Wema Bank’s Hackaholics 4.0 entries open

    Wema Bank Plc has opened application entries for its  Hackaholics 4.0, a tech talent discovery and nurturing project among university students.

    Announcing this yesterday in Lagos, the bank’s Executive Director, Digital Services,Tunde Mabawonku, “As we redefined experiential banking with ALAT, Hackaholics is at the heart of our innovative project for start ups. We are poised to host the largest campus hackahon this year.

    “As we plan the next eight decades of Wema Bank, we need to innovate and help encourage others on how to innovate. We try to get the best and brightest and give the country ideas on  how to transform out organisations to become world class.”

    This year’s Hackaholics, which is focusing on building finance beyond technology, will be looking for entries with innovative solutions on how to solve gender violence, promote entertainment, among others.

    Mabawonku said  the bank, through the project, would be engaging 10,000 tech entrepreneurs, producing 5,000 solutions, creating six pitch centres and having almost one million foot falls during the campaign.

    Also, the bank’s Chief Digital Officer, Mr. Olusegun Adeniyi, said: “We have been driving with the mindset of innovation. We are looking to be an ecosystem of platforms, a hub for fintech and other players.  We are moving to the next phase of digital unbundling.”

    The Chief Transformation Officer of the bank, Babatunde Mumini, going down memory lane, said the Hackaholics programme began in 2019 and its scope and teach had since been expanded.

    Mumini said the bank has been involved in creating solutions that solve society’s problems, just as it is leveraging the skills of young people to drive innovation.

    Wema Bank’s Head of Innovation, Solomon Ayodele, said six universities would be covered this year as against three last year.

    They are Babcock University, Lagos State University, University of Abuja. University of Benin, Federal University of Tech, Akure, and University of Lagos. “We would partner with Microsoft garage, AWS for start up (Amazon) and Endeavour Africa in facilitating incubation sessions.

    “Application should contain name of solution. Vertical, summary of your solution, competitors, Target customers. Team formation. Capital investment  management and leadership”, Ayodele adde.