Category: Money

Polaris Bank has urged parents to imbibe in their kids the art of saving by opening Polaris Rainbow Account.

It gave the advice during the Children’s’ Day celebration. 

The account is for kids who are between zero and 12. It is part of a range of products designed by the bank to ensure that, from infancy to adolescent, and to adulthood, there is a financial solution for everyone”. 

The account, managed by parents or guardians, provides an opportunity for children to gain financial literacy from an early age. It also offers competitive interest rates on savings, as well as access to e-channel platforms. It provides automatic migration to the Polaris Young Achievers account (a specialised savings account designed for teenagers), once a child clocks 13. 

The bank’s Group Head, Brand Management & Corporate Communication, Nduneche Ezurike said: “We are extremely passionate about children and believe in the importance of savings in creating a successful future and helping them achieve their hopes and dreams. Our Polaris Rainbow Account has been created to support parents in establishing a solid foundation for their children.”  

Customers and prospects can sign up to the product at any Polaris bank branch, nationwide. It is also available for activation through SurePadi agents in their  neighbourhoods or online, through the bank’s account opening portal, he added. 

The possibility of wide acceptability of Central Bank Digital Currencies (CBDCs) has been scored low by the latest Payments Innovation Jury report backed by the World Bank. The Jury was not convinced that there is market demand for CBDCs, which continue to attract significant operational costs for deployment, writes Assistant Business Editor COLLINS NWEZE.

A new phase in the global digital payment industry is emerging with the introduction of Central Bank Digital Currencies (CBDCs) by major economies.

In Nigeria, the Central Bank of Nigeria (CBN) unveiled the e-Naira, and appointed Bitt Inc as technical partner in driving the scheme, which is expected to bring financial services closer to the unbanked and underbanked.

The latest Payments Innovation Jury Report  released by Interswitch, and backed by the World Bank said more economies are expected to introduce CBDCs to their payment system.

The report said the introduction of CBDCs is seen as highly likely in most markets. However, the Jury was not convinced that there is market demand for CBDCs; however, and highlighted the significant operational costs of deployment.

Essentially, the Jury believes that CBDCs will happen, but not that there are tangible benefits for much of the industry nor end users.

But in Nigeria, the CBN said the e-Naira adoption has hit N22 billion, indicating a 68 per cent increase since the beginning of this year, 2023.

With over N10 billion of it minted, and about N3.429 billion of the naira in circulation, the number of wallets created has sharply risen to 13 million.

The report:  “Payment Innovation: Myths and Realities” however, said mobile is becoming the preferred form factor for payments globally, and gathering  particular momentum in developing markets, but mobile money has significant regulatory hurdles to overcome.

The report said market share of account-to-account (A2A) transactions is expected to increase steadily over the next five years, but the lack of a sustainable income stream for participants calls elements of the A2A business case into question.

“Although the dominance of the card model in developed countries will be hard to shake, volume growth in card payments will be harder to achieve as alternative payment methods such as A2A grow their market share. In terms of which initiatives regulators should prioritise to promote innovation, the establishment of payment institution licenses with lower regulatory capital than full-service banks was seen as most effective, with sandboxes not being viewed as impactful,” it said.

It explained that there was an almost even split between whether Banking as a Service (BaaS) is a technology model or a business model.

Founder and Group Chief Executive Officer at Interswitch, Mitchell Elegbe, said: “As one of the leading and influential players in payments who regard Africa as both our origin and primary catchment market, we are extremely enthused at Interswitch to yet again facilitate this timely and important research effort, which curates practical insights and expert perspectives of senior leaders globally, and across the entire spectrum of African retail payments.”

Founder/Chairman, Payments Innovation Jury and Board Director at Interswitch, John Chaplin, said: “In the payments industry there have long been competing ideas on what will be the ‘Next Big Thing’, particularly as many good ideas fail to achieve the scale to operate economically. As such, what is surprising about the 2022 Payments Innovation Jury is the level of consensus achieved in almost all areas, from the future of BNPL to the end user benefits of Central Bank Digital Currencies.

“It has been incredibly rewarding to gather the insights of 79 of the most senior players shaping the global payments industry. My grateful thanks to them for taking the time to share their views, which have been curated in this report. The support of Interswitch, the World Bank, and Global Processing Services is much appreciated, as their patronage allows us to operate on a not-for-profit basis and distribute the report free of charge to anyone with an interest in the future of innovation in the payments industry.”

According to the report: “Payment data is still not being utilised to its full advantage, with the exception of fraud control. Regulatory restrictions on the use of personal data are leaving the field largely clear for a small number of global bigtechs who have better technology and a different business model than conventional payment providers.”

“Asia continues to lead the global charge on payments innovation and Africa comes out ahead of the USA and Europe, despite traditionally having much lower levels of investment. The two areas of payments innovation where the Jury feel reality will diverge most from the promises were cryptocurrency and BNPL”.

The 2022 Payments Innovation Jury whose expert insights and perspectives essentially drove the report, was made up of 79 senior payments leaders across 30 different markets. To give a full, 360- degree picture, a significant number of senior regulators and investors were recruited to the Jury for the first time since its inception, alongside national payments companies, banks, fintechs, and payments policy bodies. Importantly, Jury members participate on an anonymous basis to allow them to speak freely, unencumbered by the innovation priorities of their organisation. The 2022 report is the 10th in a series spanning 14 years.

Understanding e-Naira 

Speaking at the e-Naira virtual launch, Bitt’s CEO, Brian Popelka, said: “CBDCs are truly transforming the way that financial transactions are conducted around the world. This change brings significant benefits, especially to emerging economies.”

CBN Governor, Godwin Emefiele listed the benefits of e-Naira to include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection. 

According to the CBN guidelines,  e-Naira allows tier 1 consumers without bank accounts to conduct daily transaction sending and receiving limit of N50,000 each and cumulative daily balance of N300,000.

For Tier 2 consumers with accounts, the CBN pegged daily transaction limit for sending and receiving at N200,000 each  with N500,000 cumulative balance. 

Also, for Tier 3 consumers with existing account, the apex bank pegged daily transaction limit for sending and receiving at N1 million each, and cumulative daily balance at N5 million.

For merchant, the CBN guidelines  allowed N1 million sending and receiving limit each, and placed no limit on amount they can sweep to their bank accounts. The regulator is, however, still working out the eNaira transaction costs for digital currency users.

According to the guidelines,  Deposit Money Banks will be allowed to invite all their customers to register for the eNaira. With pre-generated codes, the banks can send invitation codes for on-boarding to a specific list of selected customers. On-boarding will be done for customers who have a code assigned by their banks. The banks have already validated and verified these customers.

The apex bank also specified the roles to be played by monetary authority, Central Bank, Financial Institutions, Government Agencies, businesses and merchants, banked and unbanked consumers as well as how the new currency would be designed and operated.

According to the CBN guidelines on report states that the eNaira is a legal tender for the entire country. The report also mentions that it will have non-interest-bearing CBDC status, a transaction limit for customers, and a value-based transaction limit.

Participants in the e-Naira programme are featured in five stages, including: Monetary Authority Suite; The Central Bank will be handing the first product component that includes issue, distribute, redeem and destroy the currency. Store data on a cloud server, monitor and analyse currency transactions.

Financial Institution Suite; licensed financial institution will be able to request currency or issue stable coins, manage digital currency across branches, Know Your Customer, identify and Anti-Money Laundering compliance capability.

In the eGovernment Suite; the government will be able to efficiently process digital payments sent to and received from citizens and businesses.

Merchants will provide low-cost payment and business management software, Point of Sale (PoS), remote payment solutions, online capabilities, transaction analysis and reconciliation.

Retail Consumer Suite features user-centred designs for a great user experience. The architecture will be expandable to enable innovation; features advanced privacy and security.

Consequently, the proposed transaction cost for the e-Naira wallet was also outlined by the CBN.

According to the apex bank, the digital currency infrastructure does not charge for user-to-merchant transactions and Peer-to-peer (P2P) exchange wallet transactions.

Project Giant, as the Nigerian CBDC pilot is known, has been a long and thorough process for the CBN, with the Bank’s decision to digitize the Naira in 2017, following extensive research and explorations. 

Given the significant explosion in the use of digital payments and the rise in the digital economy, the CBN’s decision follows an unmistakable global trend in which over 85 percent of Central Banks are now considering adopting digital currencies in their countries. 

Wema Bank Plc has celebrated this year’s Children’s Day with an initiative to equip teenagers with valuable skills in coding, data analysis, graphics design, among others.

The bank arranged a surprise visit from renowned Nigerian music artist, Davido, to further add excitement and inspiration to the day.

The arrival of Davido, Wema Bank Brand Ambassador and a prominent figure in the entertainment industry, turned up the excitement and added inspiration to the participants.

The presence of the music superstar and entrepreneur further underscored the bank’s commitment to celebrating and uplifting the younger generation as well as the bank’s continuing dedication to nurturing talent and potential through its tailored programmes and initiatives.

The financial powerhouse’s sense of corporate social responsibility and passion for community development is evident in such initiatives as the Children’s Day skills acquisition programme; and by providing teenagers with practical knowledge and hands-on training in coding, data analysis, and graphics design, the bank aims to bridge the digital divide and create a pathway for their success.

Participants in the programme had the unique opportunity to learn and engage with industry experts, acquiring practical knowledge and developing their capabilities in coding, data analysis, and graphics design. This initiative aimed to equip teenagers with essential skills for the future, empowering them to embrace the digital age and thrive in a technology-driven world.

 The Divisional Head, People, Brand & Culture, Wema Bank, Ololade Ogungbenro, said: “At Wema Bank, we believe in investing in the future of our children. Our celebration of Children’s Day with the skills acquisition program signifies our commitment to equipping teenagers with relevant digital skills. By partnering experts and influencers like Davido, we aim to inspire and empower the younger generation, enabling them to embrace new opportunities and excel in the digital landscape”

Children’s Day serves as a reminder of the importance of nurturing the younger generation and providing them with opportunities to excel. Wema Bank, which is known for its commitment to innovation and empowerment, took a proactive approach in celebrating this day by organising a skills acquisition programme. The focus on coding, data analysis, and graphics design reflects the growing importance of digital skills.

The Managing Director of GOXI Microinsurance, Shina Gbadegesin,  has lauded the recent release of the Regulatory Sandbox Guideline by the National Insurance Commission (NAICOM), saying they will add to sector’s growth.

He said the guideline remains a commendable initiative that would promote innovation and drive insurance inclusion at the grassroots.

He expressed optimism that the Regulatory Sandbox Guideline would inspire insurance companies to be more innovative in their approach to driving insurance inclusion in the country. He urged the insurance industry to take advantage of the opportunity provided by the guidelines to enhance their operations and improve the industry’s overall efficiency.

“The Regulatory Sandbox Guideline by NAICOM is a commendable initiative that will promote innovation and drive insurance inclusion at the grassroots,” he said.

The release of the Regulatory Sandbox Guideline by NAICOM is expected to encourage the growth of the insurance industry in Nigeria and drive greater inclusion in the sector. With the support of licensed microinsurers like GOXI Microinsurance, the industry is poised to leverage technology innovation to achieve greater efficiency and improve access to insurance services for all Nigerians.

Gbadegesin noted that regulatory sandboxes are guidelines that allow operators to seek a relaxed regulatory environment to test innovative ideas such as products, services, business models, or distribution channels.

These guidelines set parameters that have the potential to improve inclusion and efficiency. He believes that this initiative by NAICOM will go a long way in promoting innovation and driving insurance at the grassroots, especially by licensed specialized microinsurers in Nigeria.

GOXI Microinsurance has invested significantly in technology since its inception, collaborating with various aggregators such as microfinance banks, cooperatives, fintechs, and community-based associations to drive insurance inclusion in Nigeria. The company sees the new initiative by NAICOM as an opportunity to further embrace technology innovation and drive all aspects of its operations.

The Financial Markets Dealers Association of Nigeria (FMDA) will hold its 30th Annual General Meeting/Swearing-In Ceremony of the new Governing Council members today.

In a statement, FMDA Acting Executive Secretary, Mrs. Mary Gbegbaje, said the event will take place at the FMDA Secretariat, Moneymart Centre, in Lagos.

She said representatives from all member institutions and other stakeholders are expected to be in attendance.

The Financial Markets Dealers Association of Nigeria is an association of licensed Deposit Money  Banks (DMBs) operating within the Nigeria financial market, emphasizing on regulatory policy engagement/advocacy and professional ethics in the financial markets.

In a bid to empower organisations to stay ahead of innovations and excel in today’s dynamic business environment, HumanManager Limited,  provider of human resources and payroll software and a subsidiary of SystemSpecs Group, has introduced HumanManager 7.0, a more robust employee-focused solution with innovative features.

 “HumanManager’s new features demonstrate our commitment to innovation by infusing lifestyle, data management solutions with HR and payroll services for organisations of any size, structure, and location,”  Managing Director, HumanManager Limited, Adekunbi Ademiluyi said. 

 “Human Resource management is not just about the hiring process, but the entire lifecycle of the employee while they work with your organization. Post the impact of the pandemic, we have witnessed lifestyle changes which have impacted our employee work models inclusive of our work-life balance. To help our clients tackle these issues, we have added these new features to help organisations across Africa and beyond access the best suite of HR and related services in line with employees’ and employers’ needs. They include learning, remote work management, resume management, intuitive process and policy templates, and lots more,” she added. 

This announcement was made during the Breakfast with HumanManager” event held recently in Lagos attended by industry stakeholders including Prof AfÍlábí Oladapo, Former Head of Service, Nigeria, Dipo Jolaosho, General Manager, Business Development, MTN; Boluwaji Apanpa, Partner, People & Change, KPMG Nigeria, Femi Alabi, Partner Transaction Advisory Services EY and Mrs Jackie Okafor, Managing Director Cybernet.

With nearly 30 years of experience helping organisations across Africa simplify their payroll and human resource processes, HumanManager has cemented its position as Africa’s premier HR and payroll software. 

The latest version of HumanManager offers organisations of any size the flexibility to select specific service segments that meet their needs and budget. These include the Basic, Premium, and Enterprise modules that provide tailor-made business solutions, making HumanManager an excellent value proposition. Other features include eLibrary, financial services, resume management, and senior citizen empowerment.

“We believe that this will lead to improved organisational performance tracking, making HumanManager the ideal solution for businesses looking to stay ahead in today’s dynamic business environment,” she stated.

Head of Brands and Marketing HumanManager Limited, Olakunle Yusuff, also expressed his excitement about the launch of HumanManager. 

“This is a significant milestone for us at HumanManager Limited. With our new features and strategic partnerships, we are confident that HumanManager will continue to drive positive change and simplify HR processes for organisations across Africa,” he added. 

HumanManager Limited is a subsidiary of SystemSpecs Holdings Group, Africa’s leading technology powerhouse interested in payments, e-commerce, HR & payroll, and other software technology solutions and services. 

In 2022, HumanManager was recognised for its outstanding contributions to the industry and awarded the “Best Workforce Benefits Management Solution” at the Nigerian Fintech Awards. With the launch of HumanManager 7.0, the software is poised to build on this tradition of excellence and revolutionise HR and payroll management across the continent. 

African banks remain resilient and committed to digitisation to stay relevant in today’s competitive landscape, the African banking digital transformation report has said.

The core of this year’s report is the most comprehensive banking survey on the continent that attracted the participation of a record 153 banks from across the continent.

It said that as competition heats up between the different players, Artificial Intelligence (AI) is identified as key technological trend shaping the future of the banking ecosystem in Africa.

African Banker magazine, and Backbase, an engagement banking platform, have partnered to produce the third edition of their comprehensive report about the ongoing African digital banking revolution, exploring the major trends shaping the future of the banking industry and financial inclusion on the continent.

The report said that against an adverse macro-economic environment, African banks remain resilient and committed to invest in digitization to remain relevant in today’s competitive landscape.

“Most African banks understand the importance of the key technological shifts with over 50 per cent of surveyed banks considering it the most important factor for their business. Moreover, 19 per cent of banks considered identify themselves as “digital native”, further stressing the importance of digital transformation going forward.

A second element of the report focused on the key technological trends shaping the future of the banking ecosystem in Africa. Last year 74 per cent of banks surveyed named cybersecurity as one of the most important trends to shape the future of the industry. However, this year, Artificial Intelligence came out on top.

“Most importantly, on a continent where banking penetration rates are still below 50 per cent, African banks reaffirmed the importance of driving greater financial inclusion across the whole continent. Roughly 50 per cent of banks surveys named retail banking as their top priority for 2023/2024, whilst also referring to mobile wallet apps and digital payment systems as the most critical product,” it said.

The Central Bank of Nigeria (CBN) has prioritised the non-oil export sector to attract foreign capital to the economy. The third bi-yearly non-oil export summit in Lagos with the theme: “RT200: Challenges and Prospects to Success” presented an opportunity for the CBN Governor, Godwin Emefiele, and other stakeholders to chart a new path for the economy and support the realisation of $200 billion non-oil export earnings target. The CBN’s Naira-for-Dollar and RT200 initiatives are attempts to drive long-run development and give sustainable backing to the economy, writes Assistant Business Editor COLLINS NWEZE.

The third bi-yearly non-oil export summit in Lagos with theme: “RT200: Challenges and Prospects to Success” was an opportunity for the Central Governor to discuss with stakeholders how to explore the opportunities in the non-oil sector.

The CBN Governor Godwin Emefiele  made it clear that the apex bank is looking beyond the monetary policy measures in its determination to address foreign exchange challenges facing the country.

To bridge the forex gap,  the RT200 Forex Programme, an initiative of the Bankers’ Committee, was created to raise $200 billion in non-oil export earnings over the next  five years.

The RT 200 Policy was designed to incentivise exporters in the non-oil export sector to repatriate and sell their export proceeds in the foreign exchange market.

This will be achieved through value-adding exports facility extension to companies to boost production and more forex earnings to the economy.

According to Emefiele, monetary policy measures need the support from non-oil sector to lift the economy.

He said many countries are turning to export earnings and proceeds repatriation as a veritable tool for bolstering foreign reserves, maintaining a robust balance of payments’position, and a stable source of foreign exchange inflows.

According to him, in Nigeria, developing the non-oil export sector is an imperative, given that this holds great potential for generating a significant amount of forex earnings.

He said the enactment of unconventional, innovative, supportive and complementary macroeconomic policy actions that are inclined towards a market-based financing system is the right way to go.

He said now is the time for us to reposition Nigeria on a sustainable growth  by taking diversification of the economy seriously.

He said the global economic development suggests that monetary policy was reaching its limit and would need complementary help from other spheres to propel for sustainable growth.

He said some of these innovative ideas needed to support monetary policy decisions could spring from deep system thinking and powered by technology to engender growth and rapid transformation.

He said the CBN’s  Naira-for-Dollar and RT200 initiatives were attempts to drive long-run development.

The RT200 progress report

Emefiele said the RT200 programme has made good progress in export proceed repatriation since its establishment in February, last year.

“Available data shows that repatriation due to the programme increased by 40 per cent from US$3.0 billion in 2021 to US$5.6 billion at the end of 2022. The momentum for 2023 is showing strong numbers and impressive prospects,” he said.

The CBN boss added that the first quarter of the year, a total of US$1.7 billion was repatriated while about $790 million was sold at the Investors’ & Exporters Window. The balance of the proceeds remained in the Export Domiciliary Accounts of exporters.

He said  proceeds not sold at the I&E Window would  not be eligible for the rebate, adding that names of exporters who received the rebate would be published.

“So, we encourage holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling at the I&E Window. We are committed to strengthening and expanding foreign exchange supply into the market.

“Naturally, you are important in this clarion call of expanding the supply of foreign exchange inflow into the economy. For exporters, flying the flag of Nigeria in the international market, the Bankers’ Committee and the CBN stand ready to partner you to achieve your goals. You can benefit from the many financial programmes introduced by the CBN through your bank and as such grow your business exponentially,” he said.

He said the theme for the programme was  selected to review the progress made, from inception of the RT200 programme in the first half of last year to date.

He said the summit provides a platform to deliberate on how to accelerate the value and volume of Nigeria’s non-oil exports and ensure that proceeds therefrom are utilised most optimally for the benefit of our economy.

He said in some countries, the period of repatriation ranges from less than six months from export of the product and could result in prosecution if proceeds are not repatriated on time.

Emefiele said the CBN, in collaboration with the Bankers’Committee, identified the RT200 programme and export promotion as a critical tool for attaining sustainable and stable external balance and safeguarding the value of our currency.

He explained that if a nation continues to consume more than it produces,  imports more than it exports, such nation is destined to fail as there would be no meaningful national development without harnessing the export sector potential.

In Nigeria, he said, developing the non-oil export sector is an imperative, given that this holds vast potential for generating a significant amount of foreign exchange earnings.

Emefiele admitted that the challenges facing the country are many.

These challenges require the enactment of unconventional, innovative, supportive and complementary macroeconomic policy actions that are inclined towards a market-based financing system. 

Citing Ghana, he said its export earnings must be repatriated, and that 40 per cent of it is converted to the domestic currency within 15 working days of repatriation. Exporters may hold the remainder in a Foreign Exchange Account (FEA).

Also, the India’s Foreign Exchange Regulation Act permits the repatriation of the export proceeds within nine months from the date of export. For any export to a warehouse established outside India, with the permission of the Reserve Bank of India, export proceeds can be repatriated within 15 months from the date of shipment. Many countries have these requirements to ensure export repatriation.

“There is no better time than now to synergise for the benefit of our nation, as we implement a coordinated policy agenda that will support the economy and improve the economic activities,” he said.

In addition to the keynote speech by Emefiele, the Lagos State Governor,  Babajide Sanwo Olu, also addressed the gathering. There was as well a presentation by the Managing Director/CEO, InfraCorp, Lazarus Angbaso.

Besides, the summit featured two panel sessions.The first session focused on “Appraising the Gains of RT 200 & Unlocking the Opportunities in Non-Oil Exports”. The second focused on “RT 200: Challenges and Prospects to Success”.

Also, Managing Director/Chief Executive Officer, Zenith Bank, Mr. Ebenezer Onyeagwu, said export proceeds of N144 billion has been paid to exporters under the programme. He urged more exporters to embrace the scheme in the interest of the economy.

Read Also: CBN revokes licenses of 132 microfinance banks

Other stakeholders spoke on the need to support CBN’s non-oil export initiatives to protect the naira, save dollars and support local industries.

Raw materials’ exporters get rebate

Addressing concerns expressed by some stakeholders at the summit, namely the need for the inclusion of more players in the non-oil export sector, especially small exporters, the CBN announced that it would to pay rebates to exporters of unprocessed items.

Announcing this measure, Emefiele stated: “The reason we initially decided that we would only pay a rebate for value-added products was to encourage exporters to move from just exporting crude items.

“We wanted to create an opportunity to encourage you to set up an arrangement that processes these raw materials and creates job opportunities for our people rather than just exporting raw materials.”

He, however, noted that the inclusion would encourage more exporters and further strengthen the efforts of attaining the RT-200 goal, but said the rebate for unprocessed items would not be at the same rate paid for value addition or processed products.

More loans to economy

In addition, Emefiele reiterated the  commitment of the apex bank and others to helping exporter achieve their goals.

He said: “For exporters, flying the flag of Nigeria in the international market, the Bankers’ Committee and the CBN stand ready to partner  you to achieve your goals.

“You can benefit from the many financial programmes introduced by the CBN through your bank and as such grow your business exponentially.

“We are ready to break our backs for exporters to achieve this goal and that is the reason we said, when we launched this programme, that we have about N500 billion available for you as facilities to do whatever you want to do to process your export materials.The disbursement of that facility is sub-optimal.

“By being responsive to exporters, we are able to source export proceeds that help our economy, we are able to generate export proceeds that weans us away from depending on the CBN as our source of forex to meet our imports.”

Earlier, Emefiele had directed banks to lend, at least, N500 billion to non-oil export-oriented companies yearly to boost the productive sector and support dollar inflows.

He said the lending plan to support non-oil exporters would require the big banks taking a larger chunk of the loan plans, and lending more to the sub-sector as part of their support for the business segment.

He called for continuous support to exporters who might need facilities to bring improvements to the way they could process their goods and make them high standard products qualified for export due to their higher value.

Diverse and inclusive board and management tend to perform better, experts have said.

Experts, who spoke at the first  Annual Corporate Governance Colloquium organised by Nigerian Exchange (NGX), Nigerian Bar Association Section on Business Law (NBA-SBL) and Institute of Directors (IoD), said diversity helps to deepen corporate governance and performance.

Chairman, Ecobank and Chairman Board of Trustees of the Lagos State Employment Trust Fund (LSETF), Bola Adesola, said that with diversity on boards in age, background, experience, organisations can bring a broader range of perspectives to decision making processes.

According to her, diverse boards are more likely to challenge groupthink, consider different viewpoints and make better informed decisions.

Chairman, NBA-SBL, Dr Adeoye Adefulu, noted that companies benefit from the diversity of ideas and opinions expressed when men and women both occupy positions on the boards and management of companies.

Speaking at the colloquium themed “Diversity and Inclusion: Adopting a Multi-Stakeholder approach in the promotion of good governance”,  Chief Executive Officer, Nigerian Exchange (NGX), Temi Popoola, said the Exchange was committed to promoting diversity and inclusion.

Popoola who was represented by the Divisional Head, Business Support Services and General Counsel, NGX, Irene Robinson-Ayanwale, said NGX recognizes that compliance to corporate governance standards helps to increase investors’ confidence in issuers and improves their access to a broader pool of domestic, regional, and international investors.

He assured stakeholders that the exchange will continue to advance practical initiatives that will enhance diversity and inclusion in the private sector, leveraging partnerships like the Corporate Governance Triangle and the Nigeria2Equal Project with IFC.

President, IoD, Dr Mrs Ije Jidenma, who was represented by Alhaji Tijani Borodo, First Vice-President, IoD, said, that world organisations need to scale up the culture of composing well diverse boards which is best practices in corporate governance.

“Findings have shown that diverse and inclusive boards stand a better chance of reaping from the rich and innovative ideas of members, make more effective decisions and provide better guidance and direction that guarantees financial prosperity.”, Jidenna said.

The Chartered Institute of Stockbrokers (CIS) through its training arm, CIS Academy,  has signed a Memorandum of Understanding  (MoU) with the Lagos Business School (LBS) for sustainable capacity building and development training.

President, Chartered Institute of Stockbrokers (CIS), Mr. Oluwole Adeosun, said CIS and LBS shared common mandate of development of professional excellence for the growth of the economy.

He noted that both institutions were not only established about the same time but shared some common mandates  to train future leaders, adding that CIS, being a certification institute, is involved in top-notch training programmes.

 “We were both established at about the same time: LBS in 1991 and CIS charters in 1992. We both share a common mandate to train and produce professional leaders for the Nigerian economy, and we have both acquitted ourselves remarkably well in this regard, setting the pace and standards in our various jurisdictions. The partnership is expected to provide a good platform for industry professionals and executives to catch up with the rapidly changing business landscape and innovations in the contemporary business environment,” Adeosun said.

He said the partnership was of immense significance to the economic development of Nigeria as one giant step in upgrading professional competence,

 According to him, this will lead to improved service delivery and product development in the capital market which is the engine of sustainable development,

 “The Lagos Business School was named by the prestigious Financial Times of London last year as one of the Top 50 business schools in the world, for the 15th consecutive time! We truly feel very proud to be associated with such a distinguished institution. Both CIS and LBS have the human capital to train participants,

“In carrying out these functions, CIS provides continuous professional development for its members, and capacity building for professionals in the capital market and financial industry generally. The institute also engages actively in economic and financial market policy advocacy with key organs of government and regulatory bodies across the economy,” Adeosun said.

The first edition of the training programme, which was held at LBS, focused on a range of issues about board, leadership, regulation, and compliance issues in the securities and investment in Nigeria. It attracted seasoned capital market regulators and operators, captains of industries,  board members and senior management staff of pension industry. Among the facilitators at the maiden edition were some top capital market regulators, chief executive officers of quoted companies, seasoned stockbrokers, and top faculty members at the LBS.

“The maiden  training was a high-impact executive capacity development programme, designed to  provide participants with a comprehensive understanding of key and emerging regulatory and compliance issues in the Nigerian capital market. We envisage, going by the provisions of the MoU that this enduring partnership will hopefully, lead to the stage where Lagos Business School will offer Degree Programmes in Securities and Investments, at various academic levels,” Adeosun said.