Category: Money

  • Future Project Africa okays LGPR report for growth

    Future Project Africa okays LGPR report for growth

    The Future Project Africa (TFP) has launched the Local Government Performance Report – a report aimed at assessing the delivery of public goods and services by local governments in Lagos as well as promoting economic growth

    The project launched yesterday showed a pool of  research associates who surveyed Lagosians across the 20 local governments in Lagos. The report gathered crucial insights on the delivery of local government administration in Lagos, resulting in a 24-page report.

    The report, which consists of 6,531 Lagosians surveyed, shows that 67.31 per cent are unaware of any project executed by their local government administration. Furthermore, it offers conclusions and recommendations for revitalising the local government system.

    Speaking on the purpose of the report, Senior Advisor at The Future Project, Bukonla Adebakin, said: “Local government administration is meant to pivot public goods and developmental projects to people at the grassroots – those who may never have the platform to make known their demands to the state governments. However, development has not thrived up to public expectations at this level due to the lack of open, transparent and accountable local government administration in Lagos State.

    To foster accountability, it is essential that Lagosians and Nigerians in general, have access to a detailed report assessing the performance of local government administrations hence, the Local government performance report.”

    With a mandate to build empowered citizens across Africa through inclusive enterprise and active citizenship, TFP is on a mission to inspire a generation of equipped leaders committed to social and economic development.  The Local Government Performance Report was presented by YMonitor, The Future Project and National Endowment for Democracy.

     

  • Access Bank’s women banking, foundation partner on cancer fight

    Access Bank’s women banking, foundation partner on cancer fight

    Access Bank, through the W Initiative, has partnered Optimal Cancer Care Foundation to provide free breast and cervical screening for 1,000 women in Lagos State in an effort to fight breast and cervical cancer.

    The initiative, which is the home of everything Access Bank has to offer women, is dedicated to Inspiring, Connecting and Empowering women in business; women and family; as well as young professional women.

     At the core of the bank’s business is providing opportunities to access affordable healthcare services amongst other offerings available to women.

    Speaking at the launch, Executive Director, Retail Banking Division, Victor Etuokwu, said: “Early detection opens doors to timely care and treatment. While we do everything to provide bespoke financial services to our customers, we also harness every opportunity to make other solutions available. Their businesses, health and career are of utmost priority to us. Hence, the importance of this partnership.”

    The initiative is a five-month drive. which started in June and will run till October 2021. The bank believes that, through this initiative, breast and cervical cancer related issues will be detected when it is most treatable thereby mitigating the risks of the condition.

  • Mixed reactions trail CBN’s hammer on forex sales to BDCs

    Mixed reactions trail CBN’s hammer on forex sales to BDCs

    The Central Bank of Nigeria’s (CBN) decision to stop forex sales to Bureau De Change (BDC) operators has continued to attract reactions from stakeholders. Analysts insist that the decision was show of courage meant to bring efficiency and credibility to the forex market. COLLINS NWEZE reports

    THE Central Bank’s decision to stop dollar sales to Bureau de Change (BDCs) aimed at tackling abuses in the system has, expectedly, been eliciting mixed reactions.

    While some commentators have responded to the policy from the perspective of the immediate shocks of the stoppage of sales of forex to the BDCs in the market and, are, therefore, advocating a return to the status quo, many are applauding the CBN’s stand given the wider long-term benefits of the ban on the economy.

    According to a financial analyst, Emmanuel Onyebeke, no one expected that the reactions in the market would be jubilant given that the immediate shocks resulted in the fall in the unit of our local currency leading to the purchase of dollars at a higher rate, at the parallel market, within days of the introduction of the policy.

    He said CBN’s aim to sell forex to BDCs was to make forex easily accessible to the end-users, halt the scarce forex, and shore up the naira exchange rate.

    CBN figures showed that the number of the BDCs grew from 74 in 2005 to over 5,500 BDCs as of July 27, this year.

    Onyebeke said were the quantum leap in the number of the BDCs ( 5,426  in 16 years) a reflection of real growth in that sector and in support of the attainment of the CBN targeted objectives, there wouldn’t have been any cause for alarm.

    “Rather, from the reasons adduced by the CBN, the increase was informed by selfish interests and the perpetuation of illicit transactions which are antithetical to Nigeria’s socioeconomic growth and a negation of the nation’s apex bank monetary policy projections. For many years, the activities of some of the BDCs have continued to undermine genuine efforts at stabilising the currency which informed CBN’s commencement of weekly sales of forex to the BDCs operators. It is a known fact that the apex bank had been supplying each licensed BDCs upwards of $10,000 twice per week at the rate of N393 with a mandate to sell with a margin of N2,” he said.

    “Instead of easing access to forex and enhancing the exchange rate of the Naira, the BDCs operators have engaged in round-tripping and hoarding of forex, thereby creating artificial scarcity to sell at higher than approved rates thus serving as conduit pipes for money laundering and indulging in many other illicit transactions not envisaged by the CBN.”

    Read Also: How we get forex, by BDCs

    The negative implications of the compliance failures of the BDCs include but are not limited to the dollarisation of the economy, subversion of the cashless policy, common ownership of several BDCs by the same operators in the sector to obtain multiple forex from the CBN, and continued patronage of illegal BDCs by international organisations and embassies.

    These unwholesome activities were the build-up to the ban on sales of forex to the BDCs announced by the CBN Governor, Godwin Emefiele, after the Monetary Policy Committee (MPC) meeting, which was held on July 27, 2021. Some are of the opinion that it would have amounted to insensitivity had CBN turned blind eyes to these anomalous practices which have derailed the good intentions that informed the CBN regular sales of the forex to the multitude of BDCs at discounted rates.

    Emefiele said: “Despite the fact that Nigeria is the only country in the world today 0where a central bank sells dollars directly to Bureau De Change operators, operators in the Nigerian Bureau De Change segment have not reciprocated the bank’s gesture to help maintain price stability in that market. Given this behaviour, it is not surprising that since the CBN began to sell foreign exchange to Bureau De Change, the number of operators has risen from a mere 74 in 2005 to over 2,700 in 2016 – and almost 5,500 BDCs as of today (July 27, 2021).

    “In total disregard of the difficulty that the (apex) bank is facing in meeting its mandate of maintaining the country’s foreign exchange reserves to safeguard the value of the naira, we have continued to observe that stakeholders in some of the sub-sectors have not been helpful in this direction. In particular, we have noted with disappointment and great concerns that our Bureau De Change operators have abandoned the original objective of their establishment which was to serve retail end users who need $5,000 or less. Instead, they have become (illegal) wholesale dealers in foreign exchange to the tune of millions of dollars per transaction.”

    The additional disclosure, by the CBN Governor, that the CBN constantly receives nothing less than 500 new applications for BDC licenses every month, indicates that there is more than meet the eye in the business of BDCs as currently operated in Nigeria.

    Admitted that constructive criticisms are necessary for the shaping and re-shaping of policies, the unusual increase in the number of interests in securing BDC licences, as reported by the apex bank, should also be of interest to those opposing the recent ban of sales of forex to BDCs; aside from the players and their sponsors who have been benefiting from the ‘anomaly’.

    Against this background, the change in CBN’s policy direction to sell forex to Deposit Money Banks (DMBs) and to retain them as forex retail outlets should be given a chance. And not a few have applauded the shift.

    Other stakeholders contended that apart from halting the prevailing anomalies and illicit transactions in the BDCs, the policy would lead to saving the waste of scarce forex in funding the BDCs. With the recent decision, there appears a consensus that the apex bank has streamlined forex transactions and brought it under its control to enable it to monitor, achieve transparency, garner compliance to the regulatory framework, ensure accountability on sales of forex as well as achieve financial stability.

    Former President, Association National Accountants of Nigeria (ANAN), Sam Nzekwe, and a university don and capital market expert,  Prof. Uche Uwaleke, among other pro-ban advocates, have in their various interventions, since the new policy, commended the CBN’s decision and advised that the BDCs should source their money having deviated from their core roles and resorted to undermining their privileges by embracing illegal dealings.

    According to Nzekwe, BDCs are meant for light travellers, someone that is travelling and has no time to go to the bank who can just stop over at the airport and buy few dollars and travel with it.

    For Uwaleke, the ban is consistent with the move by the CBN to unify exchange rates and bring more transparency to the forex market.

  • We’re empowering youths to build new businesses- Asamani

    We’re empowering youths to build new businesses- Asamani

    George Asamani, Business Development Leader, Africa at Project Management Institute (PMI) speaks with COLLINS NWEZE on the progress made by the institute in empowering project managers ad youths with knowledge and bringing positive changes to the business environment.

     

    Specifically, where are the areas your impact is being felt, and do you have plan for physical office in Nigeria?

    Our stakeholders include universities, individuals, among others even as we are working with chapters all round the world to help them work locally.

    In terms of where our impact is being felt, I give you an example. One thing that is very, very important to PMI, is the youth.

    A lot of people have this thought that the youth is their future, but when does the future come? We believe that the future is now. So, we are empowering the youth to do what they are doing now, in terms of building new business, getting jobs, or whatever they need now.

     

    Are your discussions round PMI focused only on project managers?

    We are not talking about only project managers, we are also talking about people who are change makers. The change maker can be an entrepreneur, like someone in Lagos building a tech-company, or other person who wants to achieve a task, which we are always ready to support.

     

    If the youths are your priority what exactly have you done to prove that?

    Youth is indeed our priority. Last year, for about three months, we ran a Masterclass upscaling series together with the Tony Elumelu Foundation.  As you know, the foundation is Africa-wide and reaches nearly a million population across the continent.

     

    What advice do you have for the youths concerning learning and PMI certifications? 

    As part of the learning and certification, the youths and others should be working with their peers or teammates. That is the best way to make progress. If you look at your job, you do not work alone, you work with your team mates, that’s the best way to make progress. So, it is highly relevant to everyday problem solving skills.

     

    Tell us about the Wicked Problem Solving plan and how people can apply for other certifications?

    The Wicked Problem Solving is about visualisation of the complex problem solving.

    There is a new concept in the world around Citizen Development, which is a concept, where even if you are not a software developer, you can build your own App. How that is useful is that, imagine  there is a guy in the marketing team of a bank,  wanting to launch a campaign.

    Right now, he is depending on the IT to build marketing software, or whatever he is going to use for the campaign.

    The problem is the IT guy is overloaded with requests and probably the request will not go to top of the queue. What Citizen Development does is to now build the App yourself, instead of relying on the IT guy. First, you are killing two birds with one stone.

    The benefit is that the IT guy will be reducing the workload on him and focusing on what is more important. The goal is to allow the non-IT people to be able to build their own software, where there are no IT available. The Google, Microsoft and other tech companies provide the technology. What PMI provides is the education on the best way to use this Citizens Development tools.

    We work together with the Microsoft and Google which provide the technology and we provide the education to the people.

    For me, if there are products I am most excited about, it is the Citizens Development tool. It is very very important for organizations. You can imagine what happens when we put Citizens Development in the hands of millions of youths with great ideas.

     

    How can we use the Wicked Problem Solving solution to tackle Nigeria’s epileptic power supply challenge?

    What the tool does for you is to help you think about the problem the way you have not done before.

    And because you are doing that, you are more likely to solve the problem. So, that’s what the tool does for you, helping you to think about the problem in a different way, and you are most likely to find the solution to the the problem.

     

    Are you working with teams, or partnership in Nigeria to push your message not only to the top but to the grassroots?

    Yes we are working with teams but we also want to work with as many people as possible. We have chapters in Nigeria, and we work very closely with the chapters and the chapters, that entities set up and run by volunteers.

    So, it is a volunteer organization.

    We also work closely with non-profit organizations and training companies. But the essence of what we do is that we want to make more impact, and doing this would require we work with as many people as possible.

    We are open to working with more people, and we just recently partnered with the Agile Practitioners Association of Nigeria which is part of your plan to work with more partners so that we can make more impact.

     

    What is the future of PMI for Nigeria ?

    The future looks amazing. Recently, we were just speaking with some of the students at the African Leadership University and I was saying to them that they are really fortunate to be studying today. Today, I can get the same knowledge as someone in Los Angeles, Tokyo,  and so on at the same time using technology. That arbitrage or gap is no longer there.

    When I was growing up, I had to wait for someone from overseas to bring a new tape. Sometimes I will get a new album that is one year old. But today, technology has made it easier to have access to whatever information you need fast.

    What does that mean when you are talking about education. Sometimes, education has no lag today. It is on a level playing field.

     

    What are your thoughts about the future for the youths?

    The future looks amazing because for the first time in history, education is on a level playing field and that is a game changer.

    The youths that we are having now, are very, very lucky, because they get information at the same time, and they can do some amazing stuff with it.

    For instance, the work we did with the Tony Elumelu Foundation, I was really blown away by the youth.

    That is another reason why I am excited at the citizen development program because we gave people the tool and they can build amazing solutions.

     

    Tell us about the impact of PMI on economic development and the innovations being driven by the institute?

    Project Management Institute (PMI) is the world’s leading association for project professionals and changemakers.  The Institute recently announced the release of Talent Gap: Ten-Year Employment Trends, Costs, and Global Implications, a ten-year outlook of project management-oriented employment.

    At a global scale, the report demonstrates the continual gap between the demand for project management skills and the availability of talent. It also discusses why the disparity exists, how it can affect economic growth, and the opportunities for organisations and individuals to strategically fill the gap.

     

    Why are the number of jobs requiring project management on the rise?

    An increase in the number of jobs requiring project management-oriented skills, higher demand due to economic growth, and retirement rates will create the global need for 25 million new project professionals by 2030.

    What that means is that  2.3 million project managers and changemakers will need to fill project management-oriented roles every year to keep up with the demand. This shortage of talent may pose a considerable risk to organisations as they rely on project teams to implement strategic initiatives on time and on budget.

     

    What does PMI use mean for global Gross Domestic Product (GDP) growth?

    The impact of the gap could be felt globally and result in a possible loss of up to $345.5 billion in global GDP by 2030, creating a great opportunity for project professionals and changemakers, who, regardless of their role, are inspired and equipped to drive change.

    “Projects and the changemakers behind those projects play a vital role in the global economy and society as a whole. While project managers are the quintessential changemakers, any individual who possesses project management skills can help steer change.

    Upskilling the workforce and empowering a new generation of talent with project management skills will be critical in narrowing the talent gap and creating positive impact. Organisations can help empower employees by providing learning opportunities, but can also spot qualified candidates by seeking out those who hold project management-related certifications.

     

    Can you speak more on the PMIs’ Project Management Professional programme?

    PMI’s Project Management Professional (PMP) certification is globally recognised as the “gold standard” of project management certifications. Earning the PMP® certification supercharges professionals’ careers regardless of industry as it proves project leadership experience and expertise in any way of working, as well as helps organisations to empower candidates to work smarter and perform better.

    The in-demand nature and shortage of experienced talent makes project management-oriented roles financially attractive.

    According to the Talent Gap report, in 2019, salaries for project management-related roles in the U.S. were far higher on average than wages not related to project management by 78 percent.

    The average project management-oriented salary is substantially higher than other occupations in industries with significant project management requirements—$111,399 versus $62,572.

    The report also demonstrates which sectors are most affected by this gap. According to an analysis of U.S. Bureau of Labor Statistics data, the largest and fastest growing project management-oriented role will be in software development—a projected increase of 14 percent between 2019 and 2030. Much of this growth will come from the development of mobile applications, IT security, and a rise in healthcare technology.

    The report highlights that projects, and the successful management of them, are essential to industry and economic growth.

    The total GDP of projectized industries—industries with significant project management requirements—is estimated to increase from $24.7 trillion in 2019 to $34.5 trillion in 2030. The share of GDP increase due to productivity improvement in projectized industries is projected to be highest in China, Europe, and North America. In order for regions with a lower GDP to sustain growth, higher levels of productivity held up by project management-oriented roles will be crucial to their future.

    “Organizations can be proactive in enabling project managers and changemakers by upskilling employees and building a culture that promotes continual learning. Now more than ever, it’s vital for employers to champion new learning initiatives and explore partnerships to equip employees with the necessary project management skills.

    These capabilities include power skills such as collaborative leadership, business acumen to create well-rounded employees, and mastering new ways of working such as tech-enhanced problem-solving tools.

    What is the PMP?

    Research indicates that employers will need to fill nearly 2.2 million new project-oriented roles each year through 2027. This means skilled project managers are in high demand.

    The PMP certification is designed by project professionals, for project professionals and validates that you are among the best—highly skilled in People: emphasizing the soft skills you need to effectively lead a project team in today’s changing environment.

    Process: reinforcing the technical aspects of successfully managing projects.

    Business Environment: highlighting the connection between projects and organizational strategy.

    PMP certification validates that you have the project leadership skills employers seek.

     

    Could you throw more light on the PMP  Authorised Training Partner (ATP), what it takes to be an ATP and their operational modalities?

    The Operational modalities for PMP exam prep courses, ATPs use high-quality PMI-developed course content from PMI-approved and –vetted instructors to ensure a high-qualify exam prep experience – so students learnings are aligned to what is tested on the exam.

    Pre-COVID, exam prep courses were often in-person, instructor-led courses and very few were virtual instructor-led. As economies around the global are beginning to emerge from the pandemic, there are both in-person instructor-led courses and virtual instructor-led courses, but certainly more virtual instructor-led.

    To earn the PMI Authorized Training Partner designation, a provider must meet rigorous standards for quality and effectiveness.

    The new PMI Authorized Training Partner Program is designed to help you find high-quality training. Training with an Authorized Partner will ensure you are trained by an organization, you can trust, with high-quality PMI-developed course content

    All PMI Authorized Training Partner instructors who teach PMP exam prep course content are required to complete the PMI Authorized Training Partner Train the Trainer – PMP Exam Prep program and use PMI-developed training course content.

     

    Do you have a way of assessing professionals that have secured the PMP certification to see how their work improved after getting the certification and how has the feedback been?

    Our 2021 Pulse of the Profession research found that organizations have better outcomes when they have a high percentage of PMP-certified project managers.

     

    What are the top Plays and Applications in the WPS Workbook Sample Giveaway and what values are they bringing to the 214 countries and territories where they are possibly deployed? 

    The value these plays bring are that they are creative ways to address specific types of problems a team is likely to face, as well as strategies for how to address each challenge as it arises.

     

    How can PMI tools be used to bring positive changes in local organizations, multinationals and universities in the different countries where they are adopted? 

    This is basically PMI’s value proposition/the “Work Smarter” brand messaging.

  • N50b export expansion facility to drive development

    N50b export expansion facility to drive development

    The N50 billion Export Expansion Facility Programme (EEFP) under its Economic Sustainability Plan is expected to boost Nigeria’s non-oil export earnings and promote sustainable economic development. COLLINS NWEZE writes that the implementation of the EEFP will cushion the effects of the COVID-19 pandemic on non-oil export businesses and support job creation.

    When the Federal Government inaugurated the Steering Committee to implement its N50 billion Export Expansion Facility Programme (EEFP) under its Economic Sustainability Plan, many people envisaged the huge economic benefits it would bring to businesses.

    Expectedly, the EEFP’s focus is to increase Nigeria’s export capacity in the near term and its export volumes in the medium term while also cushioning the effects of the COVID-19 pandemic on non-oil export businesses.

    The scheme is also meant to safeguard jobs and create new jobs, as well as accelerate growth of non-oil sector to diversify the economy.

    When the EEFP was kicked off and the first online Grant Management Portal (GMP) for non-oil exports launched earlier in the year, the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, who also chairs the 11-Man Steering Committee implementing the EEFP, said the scheme was to help in the recovery of businesses from the COVID-19 impact.

    “The Ultimate aim of the Export Expansion Facility Programme as an intervention following the devastating economic effects of COVID-19 to exporters and MSMEs in Nigeria will be to save jobs, create jobs, support resilience in shoring up foreign exchange, diversification, modernisation of Nigeria’s economy and acceleration of economic growth and economic support,” he said.

    The Programme is being implemented by the Nigerian Export Promotion Council under the supervision of the Federal Ministry of Industry, Trade & Investment.

    The Executive Director/Chief executive Officer (CEO), Nigerian Export Promotion Council (NEPC) Olusegun Awolowo commended the Federal Government for approving the facility, pointing out that monetary stimulus package as provided in the Facility would help in reviving not only the SMEs, but also big corporations in the non-oil export sector that have been negatively impacted by the pandemic.

    He observed that the devastating effects of the pandemic on exporting businesses might be further exacerbated with the official take-off of the African Continental Free Trade Area (AfCFTA) in January, this year, adding that with the emergence of the single market, there would be challenges for exporters.

    The Economic Sustainability Plan (ESP)  (under which the EEFP is a component) was approved by President Muhammadu Buhari in June, last year, as a N2.3 trillion stimulus plan to tackle the socio-economic effects of the pandemic on Nigerians. The plan was developed by the Economic Sustainability Committee chaired by Vice President Yemi Osinbajo, who the President also asked to lead its implementation.

    Under the Export Expansion Facility, there are 16 programmes as approved in the Implementation Work plan under seven Workstreams, namely – Capacity Building, Emergency Interventions, Export Aggregation, Export Inclusion, Export Trade facilitation, Institutional Strengthening and Market Development.

    While the capacity building/development focuses on the development fund and export market access programme; the emergency intervention is to support exporters in responding to shocks caused by COVID-19.

    Similarly, export aggregation involves Domestic Export Warehouse (DEW)/Aggregations Centres and National Export Infrastructure and Aggregators Programme; export inclusion involves the promotion of women empowerment and youth export development programmes.

    The export trade facilitation involves the establishment of an export trading house in African region and similar emerging markets globally.

    While Institutional Strengthening work stream involves institutional support to NEPC through service enhancement and digitalisation; market development involves penetrating identified export markets, value chain analysis for priority products, leveraging the African Growth and Opportunity Act (AGOA) and other trade treaties.

    In all, the EEFP is expected to raise the volume of non-oil exports, and it’s a spin-off of the zero oil plan developed by Awolowo and approved by the President.

    In a nutshell, the Zero Oil Plan is hinged on ensuring that Nigeria‘s export is boosted to a level where the country would no longer be dependent on oil as its main foreign revenue earner.

    In developing the Zero Oil Plan, Awolowo noted that the NEPC engaged hundreds of MSMEs exporters across the geo-political zones  to get the perspectives of small businesses on exports.

    Significantly also, the group that will benefit more from the EEFP and the Export Development Fund (EDF) are the Micro, Small and Medium Enterprises (MSMEs), which has been described as the engine room of the economy.

    It has been said the Export Development Fund would serve to complement the other areas that were not covered by the MSME Survival Fund, for export-oriented firms.

    Recall that the Survival Fund, also a scheme under the ESP, was designed to support vulnerable MSMEs in meeting their payroll obligations and safeguard jobs in the MSMEs sector.

    The strategic objectives of the EEFP include  increase the access to grants by exporting businesses; increase the ability of MSMEs to export non-oil products and services, improved the use of export infrastructure, including trading information for export related decisions by MSMEs, as well as increased access of MSMEs in selected sectors to international business opportunities in targeted markets.

    Expectedly, there is excitement in the MSME sector about the EEFP grants. Since the grant scheme kicked off with the Export Development Fund, the Programme anticipated 500 beneficiaries, but over 3,500 people applied for the grant out of which about 2,400 were verified after meeting the eligibility criteria. The verified applications have been assessed by Enablers, while the NEPC noted that further details and plans on disbursement to final successful beneficiaries are being awaited.

    “The ultimate aim of the Export Expansion Facility Programme as an intervention following the devastating economic effects of COVID-19 to exporters and MSMEs in Nigeria will be to save jobs, create jobs, support resilience in shoring up foreign exchange, diversification, modernisation of Nigeria’s economy and acceleration of economic growth and economic support,” Adebayo emphasised.

    Minister of State, Industry, Trade and Investment, Mariam Yalwaji Katagun, also reiterated Adebayo’s view. She said: “We are confident the Export Expansion track will go on to impact the export-related small businesses even more. We must ensure that small businesses within the export-related sector benefit from the scheme in great numbers as this is the core objective of Mr. President’s approval of the scheme.”

    With its strategic objectives in mind, analysts say that the ESP N50 billion Export Expansion Facility Programme looks well on the right track towards charting a new course for Nigeria’s economic development through non-oil exports earnings.

     

  • How to invest wisely, by Stanbic IBTC

    How to invest wisely, by Stanbic IBTC

    Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings PLC, has organised a webinar aimed enlightening the public about  safe investment.

    The session themed ‘Investing in uncertain times’ via Instagram, as part of the Stanbic IBTC #BlueTalks series, featured Head, Investment Management, Fadekemi Obasanya,  and  Fund Analyst, Ekene Nwaokoro, both of Stanbic IBTC Asset Management.

    It educated the public on the fundamentals of investing and viable investment options, especially in an uncertain economic terrain.

    Obasanya emphasised the importance of gaining requisite knowledge from investment professionals about the best investment options.

    She highlighted various investment options offered by Stanbic IBTC Asset Management which  investors could avail themselves of, adding that the organisation has provided avenues to enable customers make financial decisions.

    One of the investment options was mutual funds, such as the Stanbic IBTC Money Market Fund, Stanbic IBTC Dollar Fund, Stanbic IBTC Enhanced Fixed Income Fund, Stanbic IBTC Bond Fund, Stanbic IBTC Nigerian Equity Fund and Stanbic IBTC Shari’ah Fixed Income Fund.

    The advantage of investing in the Stanbic IBTC Dollar Fund, a dollar-denominated mutual fund, was also discussed as a response to the questions asked on how to hedge against inflation and Naira devaluation.

    Individuals were urged to invest wisely, especially as the COVID–19 pandemic had adversely affected the global economy and traditionally viable instruments.

    The audience was advised to conduct due diligence and verify crediblity, transparency and safety before investing.

    Obasanya stated: “A lot of people fell prey to fake investment platforms in the previous year. It is wise to stay disciplined and informed about credible investment outlets to avoid losing money, as the main objective of investment is to generate regular income and capital appreciation.”

    Obasanya added, “People need to be mindful of the type of investment they put their money in. This is why we designed a tool called ‘InvestBeta’ for intending investors to identify their risk appetite, which simply means the amount of risk they are willing and able to take, as well as the available investment options that can help them achieve their investment objective. There are also well-experienced financial advisors on standby to help investors decide on the most suitable options for them”.

    Stanbic IBTC Asset Management is an award-winning financial institution offering an array of advisory and investment services ranging from traditional assets: equities, fixed income securities, and mutual funds. The organisation has proven to be a leading investment firm by constantly demonstrating a high level of professionalism and integrity with its product offerings and services.

  • Fidelity Bank promotes 745

    Fidelity Bank promotes 745

    Fidelity Bank has promoted 745 employees following its 2019 and 2020 financial years performance reviews.

    The promotion is to boost staff’s morale and enhance their efficiency and productivity.

    In a statement at the weekend, the bank stated that  a total of 461 staff members benefited from the 2019 financial year exercise, while 284 staff members benefited from the 2020 financial year.

    The bank said beneficiaries cut across the senior, middle, and junior management cadre of the bank, and the promotion was based on merit, using a transparent and robust performance management system in line with global best practices.

    The Managing Directr/CEO, Fidelity Bank Plc, Nneka Onyeali-Ikpe,  said: “I am very delighted to announce the promotions for 2019 and 2020 financial years. Releasing the list for two financial years’ promotion at the same time, is something we are very proud of.”

    “We strongly believe that the continuous growth of our bank over the years has been largely attributed to the commendable efforts and unrelenting sacrifices of our employees. Promotion is one of the many ways we express our gratitude. We are thankful to be a home to many amazing talents that continue to drive our value and most importantly, serve our stakeholders in the highest standards.”

    She  added:“Since I was appointed the MD/CEO of our great bank in January 2021, I have been committed to a seven-point agenda to move our bank further, out of which workforce transformation is a key category. Staff performance and reward is a critical to us, and as an organisation, we will continue to make available adequate resources to deepen the skills and entrench a culture of high performance amongst employees.

    “I wish to appreciate all members of the Fidelity Bank family for their commitment and drive, and unrelenting sacrifices towards delivering our objectives. As we move forward in our quest to becoming a leading tier-one bank, I encourage all elevated staff to see their promotion as a call to rededicate themselves to excellence.”

    Fidelity Bank has continued to empower its employees with resources to put them at the forefront of innovative transformation.

    In March 2021, the bank announced two capacity-building projects – One Culture Project and Project Alpha – targeted at transforming the workplace for its staff.

    In particular, the bank created Project Alpha to help Fidelity Bank develop a robust and holistic learning and development framework for all staff while it rolled out One Culture Project  to reinforce the behaviour and value systems that will help the bank, as well as staff, achieve the bank’s set goals.

  • Sekibo seeks market formation framework for solid mineral sector

    Sekibo seeks market formation framework for solid mineral sector

    By Collins Nweze

    The Managing Director/CEO of Heritage Bank Plc, Ifie Sekibo, has said market formation framework is the key to optimally exploit Nigeria’s precious metal and solid minerals endowments.

    He spoke during a webinar organised by the Securities and Exchange Commission (SEC), in collaboration with the Federal Ministry of Mines and Steel Development.

    The theme of the event was “Financing the solid minerals sector through the capital market and the critical role of commodity exchanges.”

    Sekibo explained that a fully established market formation process that would lead to having a Corporation as an integrated solid mineral institution like the Nigeria National Petroleum Corporation (NNPC), which allows the collateralisation of assets that banks can rely on for alternative funding options.

    According to him, this will guarantee other creative ways of raising funds for financing commercial activities relating to solid minerals and viable projects along its value chain.

    Sekibo, who was represented by the Divisional Head, Strategy and Business Solutions, Olusegun Akanji, said for the sector to be viable, it requires lots of converged government interventions because for any development focused sector to kick-off around the world, it needs government intervention to lay the foundation for the private sector and funders to step-in and pool their resources.

    “Once, we can collateralise these assets, whether they are under the ground or being determined, you use different instruments to bring liquidity into them. Then investors will follow up once we have established there is enough they can explore,” the MD stated.

    He further suggested that finance sector regulators need to expand its Prudential Guidelines to accommodate the instruments such that precious metal backed or solid minerals backed assets could qualify as part of the computation of liquidity ratios.

    “Once banks start injecting their resources, customers would certainly follow that trend. You can start arranging for sophisticated solutions like bonds, bullion backed assets and pension notes. Again, banks will have to be poised to hold the funding that comes from this sector; that way, they can open new transactional frontiers either locally or internationally.

    “At the base of this, are the issues of pricing and integrity of the market. Once banks play in that sector and we have a government institution like the NNPC type to hold all these documentations, it would be very easy to establish price discovery on an ongoing basis. This will in turn attract international funders, hedge funds and retail investors. Today, we have retail bonds in the same way; we can have gold backed or any of the solid mineral assets where retail investors can put in the funds,” Sekibo explained.

    Meanwhile, it would be recalled that Heritage Bank Plc has said its involvement in the private sector collaboration with Dukia Gold & Precious Metals Refining Co. Limited is set to unlock the over N344 trillion market worth of gold investible instruments in the solid minerals sector.

    However, he reiterated that consistent packaged framework, which could only be held by an established government institution, as part of the layers of framework, would help to tackle major challenges in trying to support Dukia Gold’s clients.

    “With consistent packaged framework, it will be easier for Dukia Gold and help in less spending. If Dukia Gold should speak of their challenges, they will speak about tonnes of tonnes of documents they have to produce. But with a unified source of documentation, it makes the process easier and improves cost management. These are some of the challenges we have experienced in trying to support a few clients we worked with,” Sekibo stated.

  • Coronation Merchant Bank provides market insight to investors

    Coronation Merchant Bank provides market insight to investors

    By Collins Nweze

    The Managing Director/Chief Executive Officer of Coronation Merchant Bank, Banjo Adegbohungbe has said there is need to provide insights for corporates and investors seeking to explore options for raising capital and investing in the private markets.

    He spoke ahead of the bank’s hosting of the next edition of its Interactive Session themed “Capital mobilisation through the private markets”  billed for next Monday.

    He said the purpose is to provide clarity in these uncertain times to those seeking alpha returns.

    He further added: “The session seeks to strengthen the private market and provide solutions for corporates looking for avenues to raise capital. We intend to host more webinars on other critical drivers of economic growth.”

    Group Head, Investment Banking, Suru Daniels stated that: “In this new reality that has enveloped the whole world, we have a duty to enlighten our clients on how they can navigate these uncertain times. The Coronation Interactive Session is an ongoing event that provides a platform to create significant value for our customers around major issues that impact their business objectives.”

    Delivering the keynote address will be  the Chief Executive Officer of FMDQ Group, Bola Onadele.Koko.

    The session will also include a panel discussion with leading professionals such as Magnus Nnoka, National President of Risk Managers Association of Nigeria and Chief Risk Officer of Coronation Merchant Bank; Chinwe Egwim, Chief Economist, Coronation Merchant Bank; and Suru Daniels, Head of Investment Banking at Coronation Merchant Bank.

    Speaking about the event,  the Managing Director/Chief Executive Officer of Coronation Merchant Bank, Banjo Adegbohungbe stated that “the idea behind the webinar is to provide winning insights for corporates and investors seeking to explore options for raising capital and investing in the private markets. Our intention is to provide clarity in these uncertain times to those seeking alpha returns”.

    He further added that “the session seeks to strengthen the private market and provide solutions for corporates looking for avenues to raise capital. We intend to host more webinars on other critical drivers of economic growth”.

    Group Head, Investment Banking, Suru Daniels stated that: “In this new reality that has enveloped the whole world, we have a duty to enlighten our clients on how they can navigate these uncertain times. The Coronation Interactive Session is an ongoing event that provides a platform to create significant value for our customers around major issues that impact their business objectives”.

  • CBN to partner NALDA on farms

    CBN to partner NALDA on farms

    By Collins Nweze

    The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele has said the bank would collaborate with the National Agriculture Land Development Authority (NALDA) to develop integrated farms across the country.

    He said the farms would provide affordable and accessible finance to farmers in Nigeria’s rural communities and provide jobs for its teeming population.

    Emefiele spoke during the inauguration of the first National NALDA Integrated Farm Estate in Suduje Daura, Katsina State.

    Emefiele said the bank would collaborate with the NALDA to develop integrated farms across the country, provide affordable and accessible finance to farmers in Nigeria’s rural communities and provide jobs for its teeming population.

    He noted that the NALDA integrated farm estate would serve as an agricultural hub for inhabitants of the area with its wide-range of facilities to support rearing of poultry, goat and rabbit pens as well as fish ponds, crop farming areas, processing and packaging plants, storage, clinics, residential area, school, training centres, and an administrative facility.

    Emefiele therefore expressed the CBN’s readiness to work with NALDA to replicate similar integrated farm projects in rural communities in order to make life more meaningful for inhabitants of those areas through the provision of affordable and accessible finance to the beneficiaries under the integrated farm programme.

    During the inauguration, President Muhammadu Buhari reiterated that his administration remained committed to the goal of ensuring that Nigeria produces what Nigerians eat and eating what the country produces.

    The president also restated that the government was determined to get 100 million Nigerians out of poverty during his tenure, stressing that he would continue to drive policies that will ensure food sufficiency and boost exports.

    While commending the Buhari administration for resuscitating NALDA to optimally deliver on its mandate, Emefiele noted that Nigeria’s survival as a country was hinged on the resourcefulness and synergy among the government’s ministries, departments and agencies (MDAs) in areas of policy formulation and implementation, which he emphasised was essential to the attainment of Nigeria’s desired economic growth.

    He said the apex bank would partner NALDA and explore the potential of providing affordable and accessible finance to the beneficiaries under the integrated farm programme.

    This, he added, would scale up productivity and provide jobs for Nigerians. He also urged deposit money banks  to support the NALDA mandate, which he noted aligned with the developmental priorities of the CBN.

    Speaking further, Emefiele reiterated that the CBN, through the deployment of well targeted intervention programmes to farmers in the rural communities, was aiding the government’s efforts at improving job and wealth creation.

    “These measures are also supporting our nation’s food security objectives. Nigeria is likely to make significant strides over the next three years in repositioning our agricultural sector for greater growth, given the combined efforts of NALDA, and the CBN’s in making land and credit available to farmers,” he added.

    The CBN Governor also emphasised the successes of the Bank through specific interventions such as the Anchor Borrowers’ Programme (ABP), Accelerated Agriculture Development Scheme (AADS) and the Private Sector-led Accelerated Agriculture Development Scheme (p-AADS), the Agri/Business Small and Medium Enterprise Investment Scheme (AgSMEIS) and the Targeted Credit Facility (TCF), all of which he noted were aimed at stimulating investments in critical sectors and segments of the economy, particularly those with high-growth impact and high employment potential.

    Continuing, the Governor said that the measures taken by the Buhari administration had provided finance to key sectors and segments, with their implementation tailored to support the administration’s policy of repositioning Nigeria to become a self-sufficient food producer, creating millions of jobs and supplying the domestic industries with their raw material needs.

    “Our development finance efforts were also driven by the need to diversify the economy by reversing the ugly trend of relying largely on revenues from crude oil,” Emefiele said, adding that the CBN was also positioned to ensure the integration of rural farmers into the Federal Government’s Economic Sustainability Plan, which is focused on providing five million homes with electricity using renewable energy.

    Also speaking the host-Governor, Hon. Bello Masari and his Kebbi State counterpart, Abubakar Atiku Bagudu, lauded the commitment of the Buhari administration in boosting agriculture to enhance food security and employment.