Category: Money

The Lagos State Employment Trust Fund (LSETF) has recognised Coca-Cola’s contribution to girl-child development, women empowerment and job creation under its 5 by20 programme.

This has given Coca-Cola System in Nigeria  the ‘Job Creation Champion’ award during the LSETF’s   fifth Anniversary Gala and Awards Night which held  in Lagos.

Chairman, LSETF, Bola Adesola, commended the Coca-Cola System (comprising Coca-Cola Nigeria and Nigerian Bottling Company) for sharing in the goal of the Fund, which led to improving the learning outcomes and economic status of 18,000 marginalised adolescent girls in Nigeria aged 16-19 under its Educating Nigerian Girls in New Enterprise (ENGINE), implemented by Mercy Corps, a global Humanitarian agency, in a partnership intervention with UK Department for International Development (DFID).

LSETF is proud to have been part of this journey as well as the Memorandum of Understanding (MoU) with Coca-Cola and Nigerian Bottling Company under its 5 by 20 initiative aimed at empowering over 1,000 women in the State.

The MoU, executed in 2018, was a framework where select women across the state received training in financial literacy and business skills, as well as startup capital to integrate them into the Coca-Cola value chain as retailers of the company’s beverage products.

Managing Director and Vice President, Coca-Cola Nigeria, Alfred Olajide, noted that the 5 by20 initiative came about upon empirical studies that revealed overwhelming evidence indicating that achieving gender parity through women empowerment would have broad ripple effects for the good of the society.

He highlighted that though originally conceived for women economic inclusion and productivity, the ‘5by20 Initiative’, was an offshoot of Coca-Cola’s ‘Global Women’s Initiative’, created in 2007 to accelerate recruitment, advancement, and retention of women across the organisation’s value chain.

“It later morphed into a 10-year master plan from 2010 – 2020 as the System collaborated with non-governmental organisations (NGOs), governments and businesses across operational locations of the company”, Olajide pointed out.

He harped on the enduring strengths of womanhood and how impactful they can be on mankind. “As pillars of their communities, women invest a sizable portion of the income they earn in the health and education of their children and in their local economies, creating a tremendous economic impact, and the Coca-Cola system remains committed to making a positive change in the communities we call home’’, he added.

He explained that though they had surpassed their target, they had also accepted that the challenges confronting female entrepreneurs across the world were still enormous and solving them would require a collective effort, a task to which they remain committed, in a bid to make the world a better place for all.

In his words, “By investing in women’s economic empowerment over the past decade, we have created shared value in the hope of a better shared future—enabling improved livelihoods for women, their families and their communities”.

With the conclusion of the 5by20 programme in 2020, more than 6 million women entrepreneurs across 100 countries had been successfully impacted—from fruit farmers, retailers and restaurant owners, to artisans, recyclers and distributors. 34 percent of this number, representing over 2 million women, benefitted from the programme in Africa, with almost 500,000 constituting Nigerian women.

Coca- Cola and its bottling partner, Nigerian Bottling company will continue to support women focused initiatives creating shared opportunity for all, contributing to an equal and better world.

Unity Bank has received commendations for its commitment to women empowerment at the National Association of Small and Medium Enterprises, NASME’s International Women’s Day, IWD celebrations held in Alausa, Lagos recently to push the frontiers of sustainable and inclusive development in Nigeria.

The National Deputy President of NASME, Otunba Gbemisola Oduntan, gave the commendation while addressing the women at the event. She said the partnership with Unity Bank enabled NASME to roll out an engagement programme for women entrepreneurs in commemoration of the IWD, adding that the programme specifically targeted those in MSME sectors and provided a platform for corporate partners to join collaborative initiatives that will impact positively on the businesses of individual members of NASME in Lagos.

Managing Director/Chief Executive Officer of Unity Bank, Mrs. Oluwatomi Somefun, who was the Chairman of the occasion said Unity Bank Plc would continue to support pioneering efforts with genuine intent on inclusivity, removing biases and unlearning stereotypes, even as the bank continues to introduce innovative banking solutions that support and empower Micro, Small and Medium Enterprises, MSMEs operated by women in Nigeria.

According to Somefun, Nigerian women continue to play a pivotal role in driving the growth of the Nigerian economy through their overwhelming involvement in economic activities as major operators of MSMEs in Nigeria as they account for 41 per cent of MSMEs in the country.

Referencing the Bank’s latest retail solution, Yanga Account, which is targeted at women-owned MSMEs, Somefun reiterated the bank’s commitment to introducing innovative products and services that support and unlock the true potentials of Nigerian women entrepreneurs.

Represented by Head, Personal and SME Banking, Dr. Opeyemi Ojesina, Somefun said the bank’s quest to grow retail segment “has enabled us to pay extra attention to women-led businesses more than any other financial services provider in Nigeria”.

She said: “Just recently, we launched the Yanga account, which is a new retail product designed to deepen beneficial impact on Micro, Small and Medium Enterprises, MSMEs operated by women in the mass market retail space. The Yanga account targets businesses of women mainly in farmers’ cooperatives, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants, etc. living in the communities or cities.”

She explained, “The Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women. It is about making sure that our women who make up 55 per cent of the financially excluded Nigerians have access to basic and life-changing financial services.”

She added, “The Yanga account will also be incorporating an affordable Health insurance scheme not only as a part of the product bouquet underpinning the Bank’s belief in health and wellness which translate to wealth creation but also to drive insurance penetration which is presently at 2% in Nigeria. We, therefore, believe that this will provide essential ingredients to growing a business as well as adding greater value for Yanga account holders.”

Over 200 women and members of NASME participated in the NASME IWD engagement programme featuring exhibitions of various businesses and it was, therefore, a platform for the Bank to onboard participants onto the Yanga Account Experience.

The Board of Ecobank Transnational Incorporated (ETI) has proposed $0.16 cent per share, totaling $40 million as dividend for the year ended December 31, 2021.

According to the Company Secretary, Madibinet Cisse, “We are pleased to inform our shareholders and the public that the Board of ETI, at its meeting of February 25, 2022, approved the Ecobank consolidated audited accounts for the year ended December 31, 2021 subject to relevant regulatory approvals.”

The board also recommended the payment of a dividend of $0.16 cents per share being a total amount of circa $40 million. The relevant resolutions will be presented for shareholders’ approval at the upcoming Annual General Meeting of ETI.”

It further stated that “The details of the audited accounts will be published upon approval of relevant regulators. Consequently, the closed period which began from January 1, 2022, will continue until 24 hours after the Audited Accounts for the year ended December 31, 2021, are released to the Stock Exchanges on which Ecobank Transnational Incorporated is listed.”

To provide more support for women,  Fidelity Bank Plc. has pledged N10 million to Dream Catchers Academy – a free educational and performing arts insitute for orphaned and underserved girls.

This was announced at the bank’s  International Women’s Day celebration tagged, ‘A Fidelity special, in partnership with Linda Ikeji’.

The event was held to celebrate the achievements of some of Nigeria’s most powerful women, drawing from their wealth of experience in challenging gender-biased norms and steering conversations geared towards creating sustainable solutions to gender inequality.

Dream Catchers Academy for Girls is a subsidiary of The Dream Nurture Foundation and an entertaining team made up of underprivileged children.

The academy is a non-profit organisation, which offers educational opportunities, leadership skills and a better life for street and underprivileged girls – through dance, drama, music and visual arts.

Managing Director/Chief executive Officer, Fidelity Bank, Mrs Nneka Onyeali-Ikpe said: “One of the pillars of our women empowerment programmes is capacity building. This is why we are supporting Dream Catchers Academy for girls – a free educational and performing arts academy for orphaned and underserved girls – with N10 million for the construction of an IT centre at the academy. We believe that this will go a long way in assisting young ladies who need a helping hand enhancing their knowledge in the areas of technology.”

In demonstration of its support for women entrepreneurs, the bank also donated N5 million to five female-led enterprises for the training of female apprentices.

They are: Wetland Human Development Centre, Yola, Adamawa; Mdee Tailoring & Fashion Design, Kano; Lady Mechanic, Lagos; BCA Ventures, Owerri and Lady Benz, Lagos.

Aside from celebrating Nigerian women’s achievements in various industries and drawing attention to the issue of gender inequality, the event also served as a platform for the Bank to officially launch HerFidelity, its niche proposition for female customers. The proposition boasts of exciting features such as capacity development initiatives, access to finance, recognition and networking events, health and wellness programmes, etc, all designed to speak to the yearnings of women.

A Council member of the Chartered Institute of Taxation of Nigeria (CITN) Prof. Godwin Oyedokun, has said high taxation affects compliance.

Speaking at the inauguration of the Association of Nigerian Taxation Students (ANTAS) by the CITN in Lagos, he listed other factors affecting tax compliance as the decision not to comply with it, and the financial  status of individuals.

He said the primary purpose of the government is the provision of security and other amenities, among others, that consume large sums.

According to him, the proper administration of taxation would help the government in its revenue drive.

“Ignorance is not an excuse to not doing it right, tax authority should, however, aid stakeholders make right decisions. Revenue agencies are to ensure that there is a transparency and accountability regime in drive for more tax revenues,” Oyedokun stated.

CITN President, Adesina Adedayo said the inauguration of the students’ body was to build a generation of taxpayers, noting the students must be carried along.

“This will dovetail into having a clear understanding of what tax is all about. There are some people that, despite their education, find it difficult to pay tax and the reasons behind paying tax.

“It is a well-known fact that the youth of any country is a great asset and they are the future. It is imperative to acknowledge the role of youths in nation-building and support them to drive positive change in the world. Therefore, there is no better time to form this association bearing in mind that taxation is a distinct course and we must develop the tax profession.’’

He said the initiative was part of the institute’s ‘catch-them-young’ agenda geared towards creating a community of taxation students who will be nurtured to become qualified tax practitioners and build leadership skills over time.

He called on stakeholders to promote awareness of the taxation discipline and operate within the constitution as provided and be a worthy ambassador of the institute.

Other tax experts also called for increased advocacy of Nigerians on the importance of paying tax, adding that more efforts should be geared towards punishing tax defaulters.

They said many people evade tax because offenders had not been dealt with.

A taxation expert, Prof. Sanni Abiola, said tax education remains a critical building to evolving an effective tax culture, adding: “This is a national ideal and policy.”

Abiola, who is of the Faculty of Law, University of Lagos (UNILAG),  stated that tax clubs in tertiary institutions should be strengthened  to serve as a veritable platform for the entrenchment of an enduring tax culture.

Prof. Kabiru Adeyemo of the Department of Accounting and Finance, Lead City University, explained that people refused to pay tax because they were not sanctioned.

This, according to him, explained while Nigeria has continued to record one of the lowest tax compliance levels in Africa.

He called for effective tax advocacy and continuous enlightenment towards evolving an effective and efficient tax system.

The youth have all it takes to succeed as entrepreneurs.  This is the objective of an ongoing campaign entitled: ‘My Time is Now’.

Senior Brand Manager Amstel Malt, Aminah Jagun, said the campaign was  aimed at enabling young Nigerians to celebrate their life’s journey and how far they had come i their pursuit.

She said the company will be giving the youth freedom to celebrate .

She continued: “We want to give young people the freedom to celebrate themselves and the significant achievements in their lives no matter how seemingly little, knowing that giant goals are not achieved without little milestones.

“We want them to move beyond this frustration and disappointment and resolve to make a change and realise that their time is not in the future; it is in the now.’’

The commercial part of the  campaign is to provide an answer to the state of dissatisfaction among young Nigerians – mainly Gen Zs and millennials – due to the perception that success and fulfillment is tied to the attainment of a certain status or the achievement of goals that society considers worthwhile.

Jagun said: “In Nigeria, a mentality of delayed gratification is very common. And while it can be a good thing, it can become unhealthy when it begins to negatively affect one’s self-image and cause one to feel incompetent or incapable.

“Many young people underestimate their capabilities and feel their lives are not yet successful enough or consider themselves not worthy of celebration just because they haven’t done something that is considered a massive accomplishment. As a result, they feel discontent with their lives.”

In affirmation of its commitment to spur Nigerians onto actualising their dreams, fulfilling their highest potential and finding personal success, Amstel Malta launched an inspirational television commercial.

The commercial follows the life of a lady who finds herself in a situation where she’s not where she wants to be in her life. After a careful exploration of her personality, she eventually finds the courage to pursue her dream and be the best version of herself.

After realising that ‘My Time is Now’, she makes moves to ensure that her dreams come to fruition.

Prominent Development Investment Institution, DLM Capital Group,has appointed Kari Tukur, as Director.

Kari is the Vice President, Products, Mastercard Sub-Saharan Africa.

For the past three years, she has led the product and implementation of Mastercard’s Sub Saharan Africa Core Products, and the Customer Solutions Centre for East and West Africa.

Earlier, Kari was Country Head, Consumer Banking and Privilege, Access Bank as head of consumer banking and had spent five years at Standard Chartered as head retail products and digital banking.

She has also worked at Stanbic IBTC, Santander and other organisations. She was named among the ‘2022 Business Day 50 Inspiring Nigerian Women’.

“Kari brings a wealth of relevant experience to our board and will be a tremendous resource as we continue to grow our customer base and expand our products and services into the digital banking space,” said DLM Capital Group Managing Director (GMD)/CEO, Sonnie B. Ayere.

“I am excited to work with her as we continue our growth and fulfill our mission to provide readily accessible financial solutions to the needs of all Nigerians, irrespective of class, gender, religion or location.

“I am inspired by DLM Capital Group’s mission and very eager to work alongside Sonnie Ayere and the other directors to guide the company’s continued growth and success,” Kari remarked.

DLM Capital Group comprises subsidiaries in investment banking, trustees, securities trading, foreign exchange, digital banking, asset management, and corporate lending.

HERITAGE Bank Plc is partnering  Fateema Mohammed Ogunkola Foundation (FAMO) to advance women’s economic sustainability.

This was made known during the International Women Day (IWD) celebration with the theme ‘Break the bias’.

The bank also hosted the four-day virtual empowerment seminar for its staff members, which focused on the various aspects of the woman’s life – business, finances, work-life balance, health, and the future.

Regional Executive, Lagos and Corporate Banking Division, Heritage Bank, Afolashade Alonge, said the society should strategise and focus on promoting women’s economic empowerment as a means of increasing the nation’s Gross Domestic Product (GDP).

According to her, closing the gender gap at every level of endeavours is a key to accelerating sustainable economic growth.

Alonge noted that it had been shown that women’s economic empowerment increases productivity and economic diversification.

She noted that to succeed and advance economically, women need the skills and resources to compete in markets, as well as fair and equal access to economic institutions.

According to her, Heritage Bank, through its unique banking services, has been in the vanguard of championing wealth creation and financial inclusion especially among women to advance economically through its banking application known as “Octiplus” to promote savings culture.

Octiplus an all-in-one digital banking application brimmed with wealth management features can help women manage money and plan the future.

She noted that Heritage Bank has provided various products to encourage saving habits among women. These products, she noted, are backed up by the CBN’s financial inclusion framework.

On the partnership, Ogunkola, the convener of the event, said Heritage Bank had seen the importance of heritage among women; that is why it is supporting FAMO to celebrate the Women’s Day.

She said: “The International Women’s Day is yet another opportunity to reexamine the critical role that women continue to play in building a peaceful and prosperous society. Today, more than ever before, we are confronted by the harsh realities of gender-based exclusivity, especially in the workplace and our homes.

“We must remain committed to empowering women who are courageous to make a difference in careers that have hitherto excluded the women’, she noted.

Speaking on the four-day virtual seminar held for its teeming staff,  Acting Group Head, Corporate Communications, Ozena Utulu said the speakers engaged held discussions around how women across all life stages can thrive despite stereotypes to attain their full potential.

According to her, Heritage Bank celebrating this day was targeted at implementing the Nigerian Sustainability Banking Principle 4 which aims at promoting women’s economic empowerment through a gender inclusive workplace culture.

Chief Executive Officer of RED For Africa, Adebola Williams has advocated increased investment opportunities for women to support sustainable economic development.

Speaking at a dinner in Lagos, to commemorate this year’s International Women’s Day, he said there was the need to teach women how to invest.

The event with the theme:  ’An evening with African power girls’, was attended by top women leaders in banking, politics, entertainment, business and entrepreneurship.

Deputy Secretary-General, United Nations, Amina Mohammed, said it is only with women and girls at the centre of our efforts that we have the best chance to succeed in addressing our global challenges; from the climate emergency to gender-based violence, political divisions and to a sustainable recovery from this global pandemic.

She said the Social Development Goals (SDGs) reflect the commitment by member states in the region over the past 40 years.

Re-emphasising how gender parity is essential to create a sustainable future, the Non-Executive Director, Adrian Group, Kenya, said, Lerato Molebatsi, said: “Achieving all-round, sustained development in society requires achieving parity in every stratum of every organisation – be it in government or private. Women and men both have invaluable contributions to make that bear the unique imprints coloured by gender characteristics and tendencies. Without these imprints, society is bound to be lopsided.”

Mohammed added that the celebration aimed at  celebrating the contributions of women and girls  to nation building.

Also at the event were Chairman, Access Bank Plc, Ajoritsedere Awosika;  Deputy Managing Director, Falcon Corporation Limited, Audrey Joe-Ezigbo; Director Corporate Affairs & Sustainable Business, Unilever, West Africa, Soromidayo George; Executive Director at Coronation Merchant Bank, Funke Feyisitan Ladimeji, among others.