The Nation Newspaper

Category: CEO

  • Tech firm to appoint new CEO

    Tech firm to appoint new CEO

    A leading provider of software development, cybersecurity Innocent Michael Network Inc. has said that there are plans to expand its operations hence the need for a new Chief Executive Officer.

    This was made known recently in a chat when the founder, Innocent Michael held a media chat with selected journalists.

    He said, “We are excited to announce the opening of the CEO position. Our company has been able to achieve significant growth milestones under our leadership, and we are looking for someone who can build on our success.”

    “We are expanding our operations so we need a highly experienced professional to lead the organization to new heights.

    “And as a part of our commitment to the selection process, the company has officially entered all current staff members into the performance evaluation stage. This evaluation stage is a crucial component in the selection process for the CEO position.

    Read Also: Technology for sustainable drinkable water debuts in Nigeria 

    “To qualify for the position, potential candidates need to meet two key requirements. Firstly, candidates must have at least two years of experience within the company. Secondly, the candidate must demonstrate exceptional performance in their current role.” He said

    Speaking further, he said, “As a visionary leader, the CEO will be responsible for providing strategic direction and executing the company’s growth plans. The successful candidate will lead the organization in new initiatives, and continue to build on the company’s successes to date.

    Innocent Michael Network Inc. is a leading provider of software development, cybersecurity, business reputation management, and search engine optimization services. The company offers an extensive range of services that cater to all aspects of their clients’ digital needs. The company is committed to adhering to the guidelines of cybersecurity to ensure the safety and protection of their clients’ sensitive data.

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  • ‘Nigeria, a fertile ground for rapid private financing, expansion’

    ‘Nigeria, a fertile ground for rapid private financing, expansion’

    The Project Management Institute (PMI) has produced the best project managers in digital transformation, health care, aerospace, construction and defence industries globally.The President of its PMI, Nigeria Chapter, Mr. Paul Omugbe, sees the country as a shining star of the global economy though it faces inflation and supply chain disruptions and other challenges making implementation of projects difficult to attract more overseas investments. He sees tremendous scope and potential for good quality infrastructure in sectors such as roads, railways and waterways, which are going to lead the growth of the economy. He shared his thoughts on factors limiting execution of infrastructure projects with DANIEL ESSIET.

    What is your perspective on the economic outlook of Nigeria?

    Nigeria is the largest economy in Africa, with over 200 million people. The country is rich in natural resources, including oil, gas, and minerals, traditionally the backbone of its economy. However, Nigeria has faced several challenges in recent years, including falling oil prices, high inflation, and a depreciating currency. These challenges have led to declining economic growth and increased poverty rates.

      Despite these challenges, there are reasons for hope in Nigeria’s economic outlook.The government has implemented several economic reforms, including diversifying the economy and reducing its reliance on oil exports. In addition, the country has a large and growing youth population, which could provide a strong foundation for future economic growth.

      Furthermore, Nigeria has made progress in recent years in improving its business environment and attracting foreign investment. The country has also made strides in improving infrastructure, including transportation and energy, which could support further economic development.

      While Nigeria faces significant economic challenges, there are reasons to be hopeful about its economic outlook. The country has the potential to leverage its natural resources and youth population and improve the business environment to drive future growth and development.

    Are you satisfied with the national budgets in the last five years with regards to boosting economic prosperity?

    The Federal Government has released several budgets in the past five years, with varying funding levels and priorities. Some of the key priorities in these budgets have included infrastructure development, social services, and job creation. One significant challenge affecting these budgets’ impact on Nigeria’s economic prosperity is revenue generation. Nigeria relies heavily on revenue from oil exports, which can be volatile and subject to global price fluctuations. As a result, the government has recently struggled to generate sufficient revenue to implement its budget plans fully.

     Also, there have been concerns about the effectiveness of spending in previous budgets, with reports of corruption and mismanagement. This has hindered the government’s ability to realise its budgetary plans’ potential benefits fully. Despite these challenges, there have been some positive developments in recent budgets, including an increased focus on non-oil revenue sources and a commitment to invest in infrastructure and social services. If properly implemented, these measures could help boost economic prosperity in Nigeria.

    Overall, while there have been challenges and concerns with Nigeria’s national budgets in the past five years, there is still potential for them to contribute to the country’s economic growth and development if they are effectively implemented and properly managed.

    What steps should be taken to advance the government’s fight against poverty, illiteracy and poor health standards and to improve the enabling environment for businesses to generate employment?

    Addressing poverty, improving the social sector, and creating an enabling environment for businesses to generate employment are complex and interrelated issues that require a comprehensive and sustained effort from the government.

     Nevertheless, I would recommend some concrete steps that could be taken to advance the government’s fight against poverty and improve the social sector while also supporting economic growth. First, I will suggest more investment t in education and skills training. Education and skills training are critical for reducing poverty and improving the social sector.

    The government could invest in education and skills training programs that equip individuals with the skills they need to find employment and contribute to the economy. The second is quality healthcare.The government  should increase funding for health care and invest in programmes that will enhance access to health care services, particularly in rural and remote areas. No advanced economies have recognised accelerated growth without  access to reliable infrastructure, such as electricity, water, and transportation. There are essential for economic growth and job creation. I will urge  the  government to  invest in infrastructure projects. This will help to catalyse economic growth and job creation, particularly in areas that are  underserved.

    Like other developing nations, Nigeria has been confronting corruption which has proven a s a significant barrier to economic growth and poverty reduction. The government could take steps to address corruption, such as strengthening anti-corruption measures and increasing transparency in government operations.

    Then, also, empowerment of  small and medium-sized enterprises (SMEs). SMEs are a critical source of employment and economic growth. The government could create policies and programmes that support SMEs, such as access to financing and technical assistance.

    Above all, a good business environment is essential for attracting foreign investment and supporting economic growth. The government could create policies and programs that create a favorable business environment, such as reducing bureaucratic hurdles and improving the ease of business.

    Social protection programmes  such  as  cash transfers and insurance can help reduce poverty and improve the social sector. These are just a few steps that could be taken to advance the government’s fight against poverty and improve the social sector while also supporting economic growth.

    However, it is essential to note that these steps will require sustained effort and collaboration across multiple sectors and stakeholders.

    Would you say the economy is suffering from a lack of strategy and vision for infrastructure development?

    Infrastructure investment is critical to long-term economic growth and progress in Nigeria. But, unfortunately, the country has lacked investment in its core infrastructure assets for many decades. The challenges transporters face, including congested roads, fatigued rail tracks, and water shortages, are symptoms of this underinvestment.While the government has made commitments to invest in infrastructure, there are still significant challenges to overcome.

    One of the biggest challenges is the large gap between the committed funding and the total cost of the projects, making it challenging to implement the planned infrastructure development fully. In addition, there may be a lack of strategy and vision for infrastructure development in Nigeria.

    Without a clear strategy and vision, it can be challenging to prioritise projects and ensure that they align with the overall economic and social goals of the country. However, it is essential to note that infrastructure development is a complex issue that requires a comprehensive and sustained effort from the government and collaboration with the private sector and other stakeholders. It is not enough to invest more money in infrastructure; there must also be a clear strategy and vision for how that investment will drive economic growth and social development.

    Overall, while there may be a lack of strategy and vision for infrastructure development in Nigeria, it is clear that investment in infrastructure is critical to the country’s long-term economic growth and development. However, it will require sustained effort and collaboration across multiple sectors and stakeholders to overcome the challenges and fully realise the potential benefits of infrastructure development.

    At what levels should the local governments be involved in funding infrastructure and essential services?

    Local governments are essential in funding and providing infrastructure and basic services in Nigeria. As the level of government closest to the people, local governments are responsible for providing services such as primary healthcare, primary education, and maintenance of basic infrastructure such as roads, water supply, and sanitation.

    On funding, local governments in Nigeria receive a share of the Federal Government’s revenue through the Federation Account. In addition, they are expected to generate revenue from their sources, such as taxes, fees, and fines. However, local governments often face challenges in generating revenue, which can limit their ability to fund infrastructure and essential services.

    To address these challenges, it is crucial to strengthen local government capacity in Nigeria, particularly on revenue generation and management. This could involve providing training and technical assistance to local government officials, improving governance and accountability at the local level, and creating a more enabling environment for local economic development. In addition, there may be opportunities to explore innovative financing mechanisms, such as public-private partnerships, to fund infrastructure and essential services at the local level.

    Local governments can leverage private sector expertise and resources to help fund infrastructure and basic services by partnering with the private sector.

    Overall, local governments should be involved in funding infrastructure and essential services in Nigeria, as they play a critical role in providing these services to the people.

    However, local government capacity and revenue generation must be strengthened to fund and deliver these services effectively, and innovative financing mechanisms should be explored.

    What role has project management in this regard?

    Project management is critical in helping government and industry embrace innovation across the infrastructure project lifecycle. Project management involves the application of knowledge, skills, tools, and techniques to plan, execute, monitor, and control project activities, to achieve project objectives on time, within budget, and to the desired quality standards.

    In the context of infrastructure projects, effective project management can help to promote innovation by providing a framework for identifying and evaluating new ideas, technologies, and processes. By incorporating innovation into project management, infrastructure projects can become more efficient, cost-effective, and sustainable. Project management is critical in helping government and industry embrace innovation across the infrastructure project lifecycle.

    By promoting innovation, improving project performance, enhancing collaboration and communication, mitigating project risks, and fostering continuous improvement, project management can help to ensure that infrastructure projects are delivered in a manner that meets the challenges and opportunities of the future.

    Nigeria faces a $30 trillion investment gap by 2030. Do you think that the country can meet its infrastructure demands?

    There are many examples that demonstrate how public-private partnership models (PPPs) can effectively fund and facilitate the delivery of major infrastructure projects. While Nigeria faces a significant infrastructure funding gap, PPPs can be crucial in delivering infrastructure projects. To create more opportunities for private investment in infrastructure projects through PPPs, the government can develop a pipeline of bankable projects, provide an enabling legal and regulatory framework, facilitate access to financing, enhance transparency and accountability, and strengthen institutional capacity. With these measures, Nigeria can continue to drive PPPs and meet its infrastructure demands. So far, the government has made progress in driving PPPs across different infrastructure sectors. However, there have been challenges in implementation, including delays in project execution and contract renegotiations.To address these, the government can work with private sector partners to address potential risks and uncertainties, including regulatory and policy changes, currency fluctuations, and project delays.

    What relationship do PMI have with the national infrastructure and concession commission and other government agencies?

    PMI Nigeria, as a professional association for project management practitioners, can work with government agencies and other stakeholders to promote best practices in project management, including PPPs. PMI Nigeria can share its experience and knowledge of PPPs with the government as a priority and, in doing so, help the nation bridge its infrastructure gap.This can involve providing training and capacity-building programmes for government officials and other stakeholders on PPP procurement and management and offering technical assistance and advice on project planning and execution. Moreover, PMI Nigeria can work with government agencies to develop a pipeline of bankable projects and provide guidance on project feasibility, risk management, and stakeholder engagement. By collaborating with the government in this way, PMI Nigeria can play a critical role in driving PPPs and supporting the delivery of essential infrastructure projects in Nigeria.

    What can be done to fill the current infrastructural data gap in the country?

    To fill the current infrastructure data gap in the country, several actions can be taken. Firstly, there  is need for  a concerted effort to gather and maintain accurate data on infrastructure projects. This includes tracking project performance and asset management to ensure projects deliver the expected benefits. In addition, the Nigerian government can work with development partners and private sector organisations to improve data collection and management practices. The e government can encourage private sector investment in infrastructure projects by creating an enabling environment that supports investment. This includes reducing regulatory hurdles, providing fiscal incentives, and implementing transparent procurement processes. When investors see a reliable and transparent system in place, they are more likely to invest in infrastructure projects. Lastly, the government can collaborate with international organizations to access technical expertise and financial support. This includes working with organizations such as the World Bank, the African Development Bank, and the United Nations Development Programme to improve project management and data collection practices. In summary, improving the quality of infrastructure in Nigeria requires a concerted effort by the government, private sector, and international organizations. By implementing best practices, improving data collection and management, and creating an enabling environment for investment, Nigeria can attract more investments in infrastructure and achieve sustainable economic growth and development.

  • Business tycoon Sodiq Rufai hosts star-studded birthday bash

    Business tycoon Sodiq Rufai hosts star-studded birthday bash

    Prominent Nigerians in the social circles gathered on Thursday May 1 when Lagos big boy, Sodiq Babatunde Rufai, who is the CEO and Managing Director of Wear It All luxury and Ruffy Realty Investment celebrated his birthday in grand style at Circa Non Pareil in Lekki Lagos.

    The event was marked with glitz, glamour and a star-studded guest list that included several top Nigerian celebrities.

    The birthday bash featured top-notch performances from Timaya, 9ice, and Sean Tizzle, who thrilled guests with their hit songs. 

    The comedic stylings of Bovi had everyone in stitches while football legend Obafemi Martins also graced the occasion.

    The celebrator was filled with gratitude and appreciation for the outpouring of love and support from friends, family, and colleagues. He expressed deep appreciation for the immense love shown to him on his special day.

    The birthday celebration was a testament to the achievements of the highly intelligent Sodiq Rufai, who has made a name for himself in the business world.

    As the CEO and Managing Director of Wear It All luxury and Ruffy Realty Investment, he has built a reputation for himself as a savvy entrepreneur and a leading figure in the Nigerian fashion and real estate industry.

    The event was attended by a host of top celebrities, fashion icons, and business tycoons, who turned out in their best attire to celebrate with Babatunde. 

    It was an opportunity for guests to network, socialise and celebrate with one of Nigeria’s most prominent business leaders.

    The birthday celebration was a grand affair that brought together some of Nigeria’s biggest stars in music, comedy, and sports. It was a fitting tribute to a man who has made a significant impact in the Nigerian business world and an opportunity for guests to celebrate and honor his accomplishments.

  • How COVID-19 changed my hair business , says Tamzy Empire boss

    How COVID-19 changed my hair business , says Tamzy Empire boss

    The story of Loveth Tambou, CEO, Tamzy Empire is a lesson in resileience, determination and grace.

    At a time when the entire planet earth was on lockdown was when Tambou began to smile. And to think that her product may not be the inthing at that period or how would one explain staggering sales in women’s hair during lockdown? It is incredible but that was exactly what happened to Tambou, who have been struggling in her hair business for a whole of three years.

    Not minding the disappointments and discouragements, she kept hope alive and believing that someday, there would be light at the end of the tunnel. And that was exactly what happened.

    She Said: “I couldn’t imagine that I will get to this stage in life where I earn Nine figures, three years back. Things were so hard for me that I decided to try business. I tried a lot of businesses before starting hair business.

    I remember when i started selling wigs, I got just five pieces from a company back then, I can’t forget this and I won’t stop saying it. I was like “this is my starting point, let’s push it.

    I wasn’t making any sales and nobody would buy; I even learnt how to do Ads, still there wasn’t any sales forthcoming. I remember getting my first order in 2020 and I couldn’t sleep. I was so eager to deliver it to the customer; I was willing to do a doorstep delivery myself.

    It wasn’t easy, regardless; I will make sure to do new videos and post on my WhatsApp status where I start (I was very consistent). Despite the way people would criticize hair blend business. They would say all the ladies on earth are now into hair business and that I should just quit especially the affordable hairs that have little or no profit. The hairs are too cheap bla bla bla but still, I knew what I wanted and I just continued.

    Read Also: Five million for COVID-19 recovery programme

    Fast forward to March 2020. People, who know me, knew that I love giving no matter how small, that was the secret behind it all. I started doing small wig giveaways on my WhatsApp platform even with no sales. Thereafter, God said your season is now!!

    The COVID-19 lockdown was my season. Job 22:29 says; ‘When men are cast down, then thou shalt say, There is a lifting up; and he shall save the humble person’

    I did a Lockdown sales and it was so massive that I sold to over 400 people. I was confused; I have never in my life handled that much crowd. It shocked me! My pictures were everywhere both on Facebook and Instagram..

    Thank God for Instagram/Facebook Ads too. I also invested money on Ads with the profit I had back then.

    That was how everything changed. I have helped over 80,000 women look their best on a budget. All of these in just three years!

    You see this brand, Tamzy_Empire” it’s God own Brand.”

  • FCMB will prioritise purpose, culture, technology says CEO, Ladi Balogun

    FCMB will prioritise purpose, culture, technology says CEO, Ladi Balogun

    The Group CEO of FCMB Mr Ladi Balogun has stated the bank aims to prioritise purpose, culture and technology to achieve robust performance in the 2023 financial year.

    He told shareholders at the 10th Annual General Meeting in Lagos that the company aims to prioritise culture and technology to achieve this goal.

    Balogun said: “Our purpose is to foster inclusive and sustainable growth in the communities we serve. We plan to build a supportive ecosystem that connects people, capital and markets in Nigeria and the rest of Africa.

    He added that the company adopted this approach because it believes it will create value for all stakeholders while enhancing the tangible difference it makes to lives and communities.

    “We also intend to deepen our use of technology and accelerate our digital transformation to ensure convenience, speed and safety of transactions for our customers,” he said, adding that the company aims to provide greater convenience to customers and better economics for each business while innovating faster and more effectively.

    Read Also: FCMB Group pays N5b dividend

    He stressed the importance of building an innovative performance culture reinforced by the company’s purpose and core values of Execution, Professionalism, Innovation and Customer focus. According to him, the FCMB Group believes that a consistent, group-wide performance culture will create agents of change and progress for its businesses and the communities it serves.

    Commenting on the financial results for the year ended December 31, 2022, the Group CEO said the company delivered impressive results and achieved a Profit Before Tax (PBT) of N36.6 billion, representing a 61 per cent Year-on-Year growth and a 33.5 per cent growth in gross revenue to N283 billion from N212 billion the previous year.

    He announced that the company also recorded double-digit growth across all business segments, with the banking group growing by 71.7 per cent, while the consumer finance, investment management and investment banking segments grew by 25.6 per cent, 45.7 per cent and 26.7 per cent, respectively.

    Besides financial growth, the FCMB Group also achieved positive environmental, social and governance results, Balogun said. He added that the company switched 12 additional branches to solar power in 2022, removed 75 per cent of its branch network from grid/diesel generators and provided micro-loans totalling N13 billion to 120,000 MSMEs.

    Balogun told shareholders at the AGM that the FCMB Group also extended its partnership with the agency banking arm to 100,000, acquiring over 211,000 customers. He said the company also partnered with operators in the agricultural value chain to support 280,000 smallholder farmers, create over 600,000 jobs and helped deliver Africa’s first cassava-based Sorbitol factory.

    Headquartered in Lagos, the FCMB Group is listed on the Nigerian Exchange Group (NGX). Its subsidiaries have strategic interests in companies serving over 10 million customers across five platforms: banking, consumer finance, investment management, investment banking and financial technology.

  • ‘$355m CVFF: It’s 15% contribution or no deal’

    ‘$355m CVFF: It’s 15% contribution or no deal’

    For some time, the Cabotage Vessel Financing Fund (CVFF) has been a subject of debate in the maritime sector. Though ship owners are yet to access the fund, estimated at about $355 million, the Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Bashir Jamoh, says the agency and other stakeholders are working round the bottleneck that has stalled the disbursement of the fund. However, Jamoh insists that intending beneficiaries of the fund must deposit their equity contribution of 15 per cent before accessing the fund as provided for in the law. Jamoh, in this interview with OLUWAKEMI DAUDA, also highlights some of the steps taken by the agency in the last three years to boost maritime security, staff welfare and other sundry issues affecting the sector.

    Recently, Nigeria was removed from the International Bargaining Forum (IBF) unsafe water list. How was this achieved?

    This is a confirmation of the improved global ratings of security in the nation’s maritime domain as a result of sustained collaborative efforts of NIMASA and the Nigerian Navy. The removal is a landmark achievement under the Administration of President Muhammadu Buhari. This achievement is a product of a well-structured multimodal policy, which has been implemented over the years to fight piracy and other criminalities in Nigerian waters. The legal instrument called SPOMO Act signed into law by President Buhari in 2019, the full implementation of the Deep Blue Project by NIMASA, expanded assets and capacity of the Nigerian Navy, enhanced cooperation between NIMASA and the Nigerian Navy and the regional collaborative efforts under the umbrella of SHADE Gulf of Guinea midwifed by NIMASA, are policies of the current administration and the benefits are gradually coming to fruition. We are focused on, ultimately, improving and reducing the cost of commercial shipping in the country. That is our goal.

    What is your take on harnessing regional maritime potential?

    It has become very pertinent for African countries to continue to collaborate and strengthen their relationships; helping one another in their areas of need, for us to harness the vast opportunities we have to the best of our abilities. The Gulf of Guinea is one area that is most needed as encouraged by the International Maritime Organisation (IMO). Evidence in the past have shown that when nations and organisations work together, each bringing in their vast areas of strength, they tend to develop faster and grow their economies better.

    Which step are you taking on submarine regulation considering its huge implication on navigation?

    NIMASA is actually developing the guidelines to regulate submarine cable operators in line with the provisions of the United Nations Convention on the Law of the Sea (UNCLOS), which we have ratified and NIMASA is the agency of government responsible for its implementation. We do not just implement laws, we consult. Where the responsibility of an agency stops, that is where the responsibilities of another agency start. Collaboration is a key component of ease of doing business in the best interest of the country and we will work with the Nigerian Communications Commission (NCC) to achieve this.

    How will you say NIMASA has fared in  assisting shipping development? What have you done so far in this regard?

    This was the COVID-19 era and we had to be proactive. The first thing we did was to see how we could comfort the seafarers because at that time, they were in different locations in the world. And it happened that when they arrive at their destination, they will experience a number of restrictions. First of all, they will not have to leave their ships and come on shores. Therefore, we tried to declare them as essential workers. We issued marine notice; we were one of the first five countries to do that. After that, we looked at the issue of validation of their certifications. Some of them, their certificates were about to expire and if they expire, you cannot go to shore and renew your certifications. On that level, we have some challenges. We have to issue marine notice which automatically validated their certifications. In those areas and many more, marine notices were introduced to comfort the seafarers, including the issue of crew transfer. If you come to Nigeria and you want to leave Nigeria, it is either you fly out or you do crew change. We issued marine notice for crew change, we allowed them to bring the crew and change them. So, all this one give us a lot of recognition by the international community. This is where we started.  From there, we began to look at the maritime industry itself. What are the low-hanging fruits that can make the stakeholders more comfortable. There is no country that is developed and you will check the history of that country that they  don’t give recognition to their maritime sector. If you recognise maritime sector, certainly, there are certain efforts you have to make so that you can ensure you support that industry in line with your coast. The first thing we did was the issue of incentives.

    Internationally, incentives are given to stakeholders, so that it will give them a kind of level-playing ground with other countries. But in Nigeria, we have seen incentives given to so many sectors; the road transport sector,   air transport sector, the agriculture, especially during the COVID-19. The President announced number of incentives, but the maritime industry was left behind. We accessed the situation and we developed our own papers and we sent it to the Federal Ministry of Finance and then to Central Bank of Nigeria for two incentives: fiscal incentive and monetary incentive.The fiscal incentive is for those who have money to import ships; we secured incentive for them to pay zero duty on new vessels that they are bringing into the country.

    What have you done on fleet expansion?

    We have been saving money for the Cabotage Vessel Financial Fund (CVFF) since the enactment of the Cabotage  Act in 2003. But till today, we are unable to disburse those funds. We took that issue head on to ensure that we disbursed those funds. The then Minister of Transportation (Rotimi Amaechi) did his best to ensure that we disbursed the funds. But, unfortunately, there were some bottlenecks. When the approval came, we were unable to get it to move the money from the Treasury Single Account (TSA) to the commercial banks as stipulated by the Act and the guidelines of the Primary Lending Institutions due to the contribution they will have to make. So, we were unable to achieve that. But when the current minister came, we revisited the issue and we looked at those areas that hindered us to disburse the fund, we addressed it and went back to the President and the President granted us the approval. Now, we are almost in the last lap of disbursing the funds.

    There seemed to have been a disagreement between NIMASA and ship owners over the actual amount of the CVFF? How much is the money?

    We don’t have any disagreement. But we have heard that the ship owners mentioning different amounts. If you Google it, the second time we officially declared the balance of money in that account of CVFF was during the  regime of Engineer Mu’ azu Jaji Sambo.

    All along, I remember that when Patrick Akpobolokemi was the Director-General of  NIMASA, the issue of balances was raised. And if you Google it, you will see his answers between $100 million and $190 million. That was what he was announcing at that time. That was around 2013 to 2015. So, if you look at the backlog between 2004 and 2015, and then from 2015 till date, you will agree with me that it was an illusion. How can somebody that doesn’t keep money, somebody who doesn’t have custody of money, tell you the amount that is in your pocket? We know the balances in the accounts. But we don’t have any disagreement with them. When Engineer Mu’azu Sambo came, he did not ask us to give him the balance, he gave us in writing, saying, “I want to have the bank statement of the Cabotage Vessel Financing Fund ” and we provided the bank statement. I think as at that time, we provided the bank statement of about $350 something million.  I know that between that time and now, the amount of the balance is about $355 million. I am not in a position now to give you the precise balance of the naira component. But the bulk amount of money is in dollar.  I think it is about 95 per cent of the CVFF, is coming in dollars. And the balance as at today is about $355 million. So there’s no disagreement whatsoever.

    How many ship owners do we have in the country? How many are ‘portfolio’ shipowners? What are they going to use as collateral to access the CVFF loan?

    As far as definition of a ship owner is concerned, he is somebody that buys, operates and owns a ship but as you said, some of them don’t have a ship because of economic reasons. Some of them lost their investment on ships, some sold their ships due to hardship or lack of cargo but once they own a ship, they are into either Nigeria Indigenous Ships Owners Association (NISA) or Nigeria Ship Owners Association. So, once they enter into those association by virtue of the ownership, even if they leave the ownership, they pose themselves as ship owners; so, that is one aspect of it. We don’t want to complicate matters. I am not in a position to tell you what is going to happen, but we don’t want to complicate matters by giving a lot of difficulties to access this particular fund. NIMASA is giving 50 per cent of the total cost and the PLIs are giving 35 per cent, the beneficiaries are giving 15 per cent. The intention is collateral, so you don’t have to go and bring one extra ship as your collateral. The new ship we are going to buy is the collateral which you are going to pay 15 per cent and the monies they are giving to the PLIs and the NIMASA is there so that is the control. If you fail, we will seize the ship.

    But, they have been complaining they don’t have the 15% equity?

    Well, it is not necessary for those who do not have the 15 per cent them to get the loan. The criteria stipulate that you have to pay 15 per cent. If you want to meet the criteria go and get the 15 per cent.  We want to see your commitment. If you don’t have 15 per cent, it means you are not ready to operate as a cabotage operator. We want to see your commitment. Out of 100 we say you will give only 15 per cent- what is 15 per cent?  I am not in the position to just take money and give you free of charge. If you know you have your investment there, you will hold my investment very well. So, is it by force that you must take the loan? If you don’t have 15 per cent, you go to where there is no 15 per cent to get loan. This requirement is not manufactured by DG NIMASA; it was enacted by the National Assembly and that is what the law says. If you don’t have it, another person has it.  So, the person that has it, let him go forward am not arguing, am not forcing anybody to go and have 15 per cent.  There are so many windows where you can get the loan. Before now, banks and other financial institution do grant loan for ship financing. But in as much as it is the CVFF you are after, that is the guideline. If you don’t have, leave it. Another person will have it. We had meeting with the PLI’s, we had meeting with the stakeholders. In all the meetings we had, I have never heard anybody telling me that he doesn’t have 15 percent. It is you that is just telling me that they don’t have the 15 per cent.

    How many of them have brought the 15% equity?

    I assure you they will bring it. They are bringing it. I have seen the 15 per cent already. I have the guarantee of eight companies.

    Three years on as the Director-General of NIMASA, how has it been?

    Well, we thank God. So far, we have been steering or anchoring the ship to a kind of safety level. But you know, in life there is nothing you do without a challenge.The maritime industry has been facing a lot of challenges and NIMASA is one of the agencies that align with the responsibility via its own mandate to see how such challenges can be addressed.

    The biggest challenge we had when I assumed office had to do with maritime security. To the extent that hardly there was a week without a negative report; there were persistent attacks on vessels in our own territorial waters. But, today, it has become history, because, at least, for over one and a half years, we haven’t had anything to do with attacks. You can see that the industry  is moving ahead when it comes to the issue of safety, especially safety of navigation.

    Today, when you look at it, we have the issue of wreck removals, we have done up to 40 per cent of wrecks removal within our territorial waters.

  • Osman: A force to reckon with

    Osman: A force to reckon with

    Osman is a man with many caps. An amazing gentleman plenipotentiary. A custodian of great businesses and proponent of excellence.

    He was born December 16, 1991 in Freetown, Sierra Leone to a Nigerian father and Sierra Leonean mother.

    His educational background was all in Sierra Leone and he holds a Bachelor of Science degree in Banking and Finance, a hard skill that thought him money management and funds appropriation. 

    As an astute industrialist, he heads a range of businesses and understands people management and conflict resolution.

    He is a successful metropolitan business man and a force to align with.

  • New entrepreneurs can build on existing brands to grow – Magnus Chukwuekezie

    New entrepreneurs can build on existing brands to grow – Magnus Chukwuekezie

    Chairman of Everyday Foods Group of Companies Ltd, Dr. Magnus Chukwuekezie, has charged upcoming entrepreneurs to tap into established and experienced brands to scale their income.

    Chukwuekezie, who stated this in Uyo at a business summit organised for business men in Uyo, said everybody cannot afford the luxury of starting afresh as building a business in Nigeria entails a lot.

    He said his decision to get the franchise for Tantalizers was to tap into the big name and customer base of the food chain.

    “Building a new food chain would have been very tasking and engaging, so we decided to add an extra leg to the Tantalizers brand and so far we have won the best branches award.Now we are proud to have the franchise to operate and deliver the best quality food to our customers under the Tantalizer Plc. Tantalizers has been on ground since May 1997 and Nigerians love our food and excellent service standards. Our Tantalizers can do same.

    “I expect other entrepreneurs to also find creative ways to use older brands to expand their capital base and safe costs. After gaining enough reach, you can now start building your line of business,” Chukwuekezie stated.

  • How to change the phase of Nigeria’s foreign currency landscape – Joseph Oladukun

    How to change the phase of Nigeria’s foreign currency landscape – Joseph Oladukun

    The CEO of RataFX, Joseph Oladukun, has stated he is poised to changing the phase of Nigeria’s foreign currency landscape.

    Oladukun, who spoke at an event, organized for Foreign Exchange dealers, said, in a world increasingly reliant on digital transactions and international commerce, Nigerians are set to experience a financial revolution with the upcoming public launch of RataFX, a peer-to-peer currency exchange platform. Co-founded by Joseph Oladokun, a seasoned data engineer, aimed at empowering individuals and businesses with the ability to exchange foreign currency at better rates.

    Born out of personal frustration, Oladokun conceived the idea for RataFX while working remotely for a Lithuanian company. He faced difficulties in receiving salaries and exchanging them to Naira at favorable rates through existing fintech platforms, leading to the creation of RataFX in 2021. The platform underwent internal testing and beta versions for selected users before its highly anticipated public debut later this month.

    Oladokun who holds a Bachelor of Technology degree from the Federal University of Technology, Akure, has worked with Bored Panda in Lithuania and Autochek Africa in Nigeria and authored “Jupyterlab Quickstart Guide” in collaboration with other writers. He has also contributed to the R programming community through the Kano R users group, earning multiple recognitions and scholarships in the process.

    RataFX, which aims to democratize access to foreign currency, simplifies the process of sourcing and exchanging foreign exchange for importers, exporters, international students, freelancers, expats, and immigrants. The platform’s mission is to provide a more efficient and user-friendly alternative to traditional financial services, enabling greater control over money and access to fairer exchange rates.

    Despite regulatory challenges and the need to build trust with customers, it has forged partnerships with banking partners to ensure regulatory compliance and has implemented robust security measures to protect customer data and funds. Under Oladokun’s leadership, the platform has already processed $350,000 in transaction volume during its three-month internal testing phase.

    When asked about his greatest accomplishment since starting the company,  Oladokun praised his team’s passion and commitment to the company’s mission. He is grateful to be playing the long game with long-term people, striving to make a difference in the financial landscape of Nigeria.

    Oladokun’s personal philosophy revolves around trusting that every action and step taken serves as a necessary stitch in the fabric of one’s destiny and his team are weaving a new tapestry for Nigeria’s financial future, empowering individuals and businesses to exchange currency with freedom, without the need for intermediaries or high fees.

    As we prepare to launch publicly, it’s evident that this innovative platform has the potential to transform the way Nigerians engage with foreign currency. With Oladukun at the helm, we’re poised to break barriers and usher in a new era of financial empowerment for Nigeria, Oladukun stated.

  • Firm’s chief recognised at digital marketing summit

    Firm’s chief recognised at digital marketing summit

    The Chief Executive Officer of Socialander, Bella Victor, has been applauded for his role as keynote speaker for the 2022 Global Digital Marketing Summit.

    Victor has over eight years experience with high-level certifications in digital marketing such as inbound marketing certification from Hubspot, social media certification from Hootsuite, and a professional diploma in digital marketing from the Digital Marketing Institute.

     He has also contributed to helping various businesses succeed in the digital space.

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    The CEO has empowered over a thousand student entrepreneurs and start-ups through his student business club and social media training, this helping to increase their online presence.

    In 2015, Victor won the Ideatrophy Business Challenge, where he represented Nigeria in South Africa and showed passion about emerging technologies in the social space as well as  non-profits for low-income and first-generation students.

    Victor’s agency, Socialander, in the five years of its existence, has positioned itself as one of the fastest-rising agencies in Africa. It recently announced its expansion into Ghana, and has begun its planned internship program Socialander Internship Program 2022 (SIP2022), where 5,000 persons will be trained in various digital marketing skills.

    The chief executive has authored three books – The Power of Social Media, Instagram Authority, and Grant Winning Secrets. He is also a member of Hexavia Business Cub.