The appointment of Oladunni, who is chairman of the Lagos State Chapter of the Sports Writers Association of Nigeria (SWAN) is coming a few months after she was elected Public Relations Officer of the Association of Certified Protocol Practitioners in Nigeria.
The appointment letter dated 19 March 2024 and signed by Prof. Toks Onabanjo, Chairman of the Board of Directors, Pan African American Chamber of Commerce reads: “Office of the Ambassador and Permanent Representative of Pan-African American Chamber of Commerce (West Africa) is glad to announce the appointment of Olatutu OLADUNNI, as the Special Adviser on Foreign Relations and Head of Protocol.
“She is expected to act effectively within the capacity of her position to initiate and establish a productive synergy and valuable partnership between PAACC and West African nations, members of the diplomatic community, Diaspora Commission, Commerce and Trade Organisations and Institutions accredited to West Africa etc.”
Oladunni was also aide to the Chairman Sabré West Africa and Central Africa Region on Foreign Relations/Protocol.
Nigeria’s ambition to reach a $1 trillion economy hinges on a robust and resilient financial system. Banks play a critical role in this system, acting as the backbone for channeling funds from savers to businesses and individuals who fuel economic activity. However, a healthy banking sector requires well-capitalised institutions that can withstand internal and external shocks. This perhaps explains why the Central Bank of Nigeria has once again set a target for the banks to inject fresh funds into the system. In this report, Assistant Editor Nduka Chiejina examines the issues
●CBN headquarters, Abuja
The Nigerian banking sector plays a pivotal role in the nation’s economic growth and development. Banks act as the backbone, facilitating financial intermediation – channeling funds from savers to borrowers who can invest and contribute to economic activity. However, a healthy banking system hinges on its robustness and resilience to withstand internal and external shocks. In recent times, concerns have been raised about the adequacy of capital held by Nigerian banks. This has reignited discussions on bank recapitalization as a critical strategy to bolster the health and stability of the financial system.
Bank capital refers to the financial cushion a bank maintains to absorb potential losses and continue operating as a going concern. It acts as a safety net, protecting depositors’ funds and ensuring the bank’s solvency. There are two main types of capital: Tier 1 Capital (Core Capital). This is the highest quality and most critical form of capital. It consists of equity capital (common stock and retained earnings) and disclosed reserves. Tier 1 capital acts as a primary buffer against losses, absorbing unexpected financial strains before depositors’ funds are at risk.
Tier 2 Capital (Supplementary Capital). This tier provides a secondary layer of protection and includes instruments such as perpetual preference shares and subordinated debt. While considered less loss-absorbent than Tier 1 capital, Tier 2 capital can still play a significant role in supporting a bank’s overall capital adequacy.
The Rationale for Recapitalisation
There are several compelling reasons why bank recapitalisation is a necessary step to strengthen the Nigerian banking sector:
A higher capital base allows banks to absorb unexpected losses without jeopardizing their solvency. This is particularly important in the face of economic downturns, credit defaults, or unforeseen market fluctuations. Stronger capital buffers prevent a domino effect where a single bank failure can trigger a broader financial crisis.
Adequate capital allows banks to lend more confidently, knowing they have a larger buffer to absorb potential loan losses. This translates to increased credit availability for businesses and individuals, fueling economic activity and investment. A well-capitalised banking system inspires greater public confidence. Depositors are more likely to entrust their savings to banks knowing their funds are well-protected. This fosters financial stability and encourages long-term investment.
Stronger capital adequacy ratios are increasingly becoming a global benchmark for sound banking practices. Nigerian banks with higher capital levels will be better positioned to compete with international financial institutions and attract foreign investment. The Central Bank of Nigeria (CBN) has set minimum capital adequacy ratios (CARs) for banks operating in the country.
Recapitalisation ensures banks meet these regulatory requirements, promoting a level playing field and a safer financial environment.
The Nigerian banking sector has witnessed significant growth in recent years. However, concerns persist about the adequacy of capital held by some banks. The 2008 global financial crisis exposed vulnerabilities in the system, highlighting the need for stronger capital buffers.
The CBN, recognising these vulnerabilities, has taken proactive steps. In 2014, the CBN introduced a “Vision 20:2020” programme aimed at transforming Nigeria into one of the 20 largest economies globally by 2020. A key component of this vision was strengthening the banking sector through increased capital requirements. Similarly, the recent announcement of a recapitalisation programme for Nigerian banks underscores the CBN’s commitment to a more robust financial system.
Why the CBN Excluded Retained Earnings in Nigerian Bank Recapitalisation
The Central Bank of Nigeria’s (CBN) decision to exclude retained earnings from Tier 1 capital during the ongoing bank recapitalisation exercise has sparked discussions within the financial sector. While official CBN pronouncements haven’t explicitly elaborated on this exclusion, here are some insights into the rationale behind such a move:
Tier 1 capital, consisting primarily of equity capital (common stock) and disclosed reserves, represents the highest quality capital. Equity acts as the first line of defense against losses, as it can be entirely written down before depositors’ funds are impacted. By excluding retained earnings, the CBN might be aiming to ensure a stronger core capital base that can absorb significant losses without jeopardizing bank solvency.
Retained earnings, while technically part of equity, can be influenced by a bank’s profit distribution policies. Dividends paid to shareholders reduce retained earnings. The CBN might be concerned that allowing retained earnings to contribute to Tier 1 capital could incentivize excessive dividend payouts, thereby diluting the core equity base.
Accounting practices and historical profitability can significantly influence the level of retained earnings reported by a bank. The CBN might be concerned about potential manipulation of accounting practices to inflate retained earnings figures. Excluding them from Tier 1 capital would necessitate fresh injections of equity from shareholders, promoting greater transparency and a more accurate picture of a bank’s core capital strength.
By excluding retained earnings, the CBN might be sending a strong signal to banks and investors that a significant capital injection is necessary. This fresh capital injection, likely in the form of new shares issued by the banks, would directly strengthen the core equity base and demonstrate a renewed commitment from shareholders to the bank’s long-term health. A recapitalisation exercise funded primarily by retained earnings might not inspire significant confidence among new investors. Fresh capital injections can attract new shareholders and bolster overall investor confidence in the Nigerian banking sector.
On the flip side, excluding retained earnings can limit the amount of capital banks can allocate towards dividends in the short term. This could negatively impact shareholder returns. Smaller banks with limited access to fresh capital might struggle to meet the new requirements. This could lead to consolidation within the sector, potentially reducing competition.
However, the CBN’s decision to exclude retained earnings from Tier 1 capital reflects their focus on building a more resilient banking system. While there might be short-term implications for profitability and potential consolidation, a stronger core capital base ultimately benefits the entire financial sector by fostering stability, public confidence, and long-term growth. Recapitalisation, when implemented thoughtfully and strategically, is a powerful tool to strengthen the Nigerian banking sector. By increasing capital buffers, banks will be better equipped to weather the storms.
The CBN in reviewing the minimum capital requirements for banks stated that “For existing banks, Commercial banks with: International Authorisation N500 billion; National Authorisation N200 billion; Regional Authorisation N50 billion; Merchant banks, National Authorisation N50 billion; Non-Interest with National Authorisation N20 billion and Regional Authorisation N10 billion, the capital requirements specified above shall be paid-in capital (Paid-up plus Share Premium) only. Bonus issues, other reserves and Additional Tier 1 (AT1 Capital shall not be allowed or recognised for the purpose of meeting the new minimum capital requirements.”
The CBN’s directive that only “paid-in capital (Paid-up plus Share Premium)” will be considered for meeting the new minimum capital requirements reinforces the emphasis on high-quality core capital (Tier 1). This type of capital, unlike retained earnings or bonus issues, represents fresh equity injections from shareholders. Since retained earnings can be influenced by dividend payouts, potentially diluting the core equity base, by excluding bonus issues and other reserves, the CBN directly addresses this concern and ensures a stronger core capital position for banks.
The CBN’s exclusion of “other reserves” further aligns with the potential concern of manipulation of accounting practices. Other reserves can encompass a wide range of items, and their inclusion could potentially lead to inflated capital figures. By focusing solely on paid-up capital, the CBN promotes greater transparency and a more accurate picture of a bank’s core capital strength.
The requirement of fresh capital injections through paid-up shares sends a clear message to shareholders and investors. Banks will need to demonstrate a renewed commitment to the long-term health of the institution by raising fresh equity. This focus on new capital can attract new investors and bolster overall investor confidence in the Nigerian banking sector, a key factor for long-term growth.
Capital Adequacy Ratio (CAR):
The CBN emphasised that while “paid-in capital (Paid-up plus Share Premium)” is the primary focus for meeting minimum requirements, “relevant reserves” will still be considered when calculating the risk-based capital adequacy ratio (CAR). By continuing to consider relevant reserves in CAR calculations, the CBN acknowledges the importance of a comprehensive risk management framework. Reserves can act as buffers against specific risks a bank might face.
The Capital Adequacy Ratio (CAR) plays a crucial role in the ongoing bank recapitalisation exercise in Nigeria, acting as a vital metric for assessing a bank’s financial health and risk management capabilities.
Here’s how it fits into the bigger picture: CAR is a key regulatory ratio that measures a bank’s capital adequacy in relation to its risk-weighted assets. It essentially indicates the amount of capital a bank has available to absorb potential losses before its solvency is jeopardized.
The CBN’s focus on core capital (equity) during recapitalization directly impacts CAR calculations. By requiring banks to raise fresh capital through paid-in shares, the CBN is aiming to increase their core equity base (Tier 1 capital). This directly strengthens a bank’s CAR, as Tier 1 capital carries the highest weight in CAR calculations. A higher CAR signifies a better buffer against potential losses. This allows banks to take on calculated risks associated with lending activities without jeopardizing their financial stability.
The CBN also said it “assessed various factors in determining the appropriate level of the minimum capital requirements. These include: Risk profile of banks; Global and domestic headwinds and their potential impact on banks’ balance sheets; Impact of inflation; and Stress tests of banks’ balance sheets, to gauge their resilience to absorb current and unexpected shocks.”
By assessing the individual risk profile of each bank, the CBN can set targeted capital requirements. Banks with higher risk profiles, due to factors like loan types or exposure to volatile markets, will need to raise more capital to ensure they have adequate buffers. Higher capital requirements for riskier activities can incentivize banks to adopt more prudent lending practices, ultimately contributing to a more stable financial system.
Anticipating potential challenges like economic downturns or global financial crises allows the CBN to set capital requirements high enough to withstand such headwinds. This ensures banks have sufficient resources to absorb potential losses and maintain solvency. By requiring banks to raise capital now, the CBN is proactively strengthening the banking system’s resilience before external shocks occur.
Inflation erodes the purchasing power of money. Higher capital requirements help to account for inflation, ensuring banks maintain an adequate real capital base to absorb losses and support lending activities. By raising capital through recapitalisation, banks can maintain a stronger capital buffer even in inflationary environments, promoting long-term stability.
Stress tests simulate various economic scenarios and assess how banks would perform under stress. This helps the CBN identify potential weaknesses in individual banks’ capital positions. The results of stress tests can be used to determine which banks require the most significant capital injections during recapitalisation. This ensures resources are allocated strategically to address the most pressing vulnerabilities.
By considering these factors, the CBN has set minimum capital requirements that are tailored to the specific risks and challenges faced by the Nigerian banking sector. The proposed recapitalisation efforts, focusing on raising core capital, directly address these identified needs.
A successful recapitalisation exercise, based on a comprehensive assessment of risks and vulnerabilities, will lead to banks with stronger capital buffers and will be better equipped to weather economic storms and unexpected shocks. A more robust banking system fosters greater public confidence in the safety and security of deposits. Recapitalisation can promote a more stable financial environment, attracting investment and supporting long-term economic growth.
CBN Provides Options for Banks to Meet Recapitalisation Requirements
The circular on the reviewed minimum capital requirements for banks, stated that “Banks may meet the new requirement through the following options: Issuance of new common shares (by way of public offer, rights issues, or private placements); Mergers and Acquisitions (M&As); or upgrade/downgrade of their respective license category or authorisation.
“The CBN will issue guidelines to prescribe the definition, options and approaches to meeting the new minimum capital requirement. The CBN will actively monitor and supervise the recapitalisation process to ensure compliance with set guidelines. This will involve the conduct of on- and off-site reviews, verification of capital, periodic interventions when necessary and broader stakeholder engagements.”
The CBN offered banks three primary methods to achieve the required capital levels: Issuing New Common Shares. This allows banks to raise fresh capital directly from investors through various methods like Public Offers, this involves selling shares to the general public on the Nigerian Stock Exchange (NSE). Rights Issues, in which case existing shareholders are offered the right to purchase additional shares at a pre-determined price. Private Placements, shares are sold directly to a select group of institutional investors.
Mergers and Acquisitions (M&As). This approach allows smaller banks to consolidate with stronger institutions, achieving the required capital base through combined resources. With regards to License Up/Downgrade, banks can adjust their license category (national, regional) based on their new capital position. This option might be suitable for banks that strategically decide to operate with a smaller footprint.
Experts’ opinions
Professor Uche Uwaleke of the Nasarawa State University said, “recapitalisation of banks is justified by the erosion of the Capital base of banks due to huge depreciation of the naira over the years.”
He also stated that “the exclusion of retained earnings is meant to ensure a very high quality of minimum capital requirement for banks given the nature of their operations. This is why the CBN is emphasising fresh capital injection since some proportion of retained earnings may have been impaired by losses.
“Nevertheless, in order to make it a lot easier for banks to meet the minimum requirements within the two years deadline, the CBN should allow the inclusion of retained earnings on the condition that they are unimpaired by losses.”
Mr Gbolade Idakolo, Managing Director/CEO SD&D Capital Management Limited said “the exclusion of retained earnings or shareholders’ funds as additional Tier 1 capital shows the CBN wants to distinguish fresh funds from existing funds which could be subject to regulatory infractions because shareholders’ funds is not a statutory capital base. CBN also wants to be able to trace the legitimacy of funds for the recapitalisation process by banks.”
He added that the recapitalisation of banks in categories is long overdue and advocated for the expansion of our economy. “The Tier 1 banks operating internationally have already envisaged this process and have started making provisions early enough. Nigeria has the highest GDP in Africa and for us to maintain that position and also operate a trillion dollar economy then the banks must be adequately capitalised.
“A trillion dollar economy must have local capacity to initiate and execute million dollar transactions locally without foreign intervention in key areas of development like oil and gas, steel production, mining, mega construction projects and Public Private Partnerships with the government.
“This can only materialise if we have adequately capitalised banks that can rise to the occasion. Nigerian banks also need to take their pride of place in Africa as regards capitalisation because presently Nigerian banks are not among the most capitalised in Africa.
“Therefore, this new recapitalisation policy will adequately position our banks for the emerging economy that will adequately equip them to take on large ticket transactions in Nigeria and African continent,” he stated.
Recapitalisation, when implemented thoughtfully and strategically, is a powerful tool to strengthen the Nigerian banking sector. By increasing capital buffers, banks will be better equipped to navigate economic cycles and support the nation’s ambitious growth targets. A robust and resilient banking system is a cornerstone for a thriving $1 trillion Nigerian economy.
The 2024 World Health Day celebration themed ‘My health, my right,’ focuses on the critical importance of good food and nutrition, particularly in regions like Central and West Africa.
Nutrition is the foundation of human health, influencing every aspect of physical, cognitive, and emotional well-being. In these regions, where socio-economic gaps, environmental challenges, and diverse cultural norms converge, the importance of good nutrition becomes even more pronounced.
That is why multinationals like Nestlé are championing affordable and good nutrition for families through its brands while ensuring the sustainable sourcing of raw materials such as coffee, cocoa, soya among other ingredients in its supply chain.
“Nestlé reaffirms its commitment to promoting quality and affordable nutrition, particularly in Central and West Africa. We believe that access to balanced diets, rich in essential nutrients, is vital for maintaining optimal health and well-being. Together, we strive for a future where everyone has access to nutritious diets, ensuring not only physical health but also fostering local communities and prosperous societies,” says Mauricio Alarcón, CEO Nestlé Central and West Africa.
Likewise, in Central and West Africa, numerous health challenges persist, ranging from enduring malnutrition to the rising incidence of diet-related non-communicable diseases. These nutritional deficiencies not only hinder physical growth and development but also weaken immune function, cognitive abilities, and overall disease resilience.
Essential nutrients found in a balanced diet, including vitamins, minerals, proteins, carbohydrates, and fats, are the building blocks of health. Ensuring adequate nutrition during critical life stages, such as pregnancy, infancy, and early childhood, is vital for optimal growth, development, and long-term health outcomes.
Also, in recent years, Africa has seen an increase in the rate of non-communicable diseases such as diabetes, cardiovascular disease, high blood pressure, and obesity. This rise mirrors global trends but is amplified by unique regional dynamics. While infectious diseases remain significant, lifestyle factors, like diet and physical activity, drive much of this burden.
A balanced diet is paramount in promoting overall health and preventing chronic diseases. A balanced diet encompasses a diverse range of nutrient-rich foods from all food groups, including fruits, vegetables, whole grains, lean proteins, and healthy fats. This dietary approach not only supports physical well-being but also aids in weight management and reduces the risk of obesity and associated health issues.
Empowering communities through education on nutrition is a powerful tool in the fight against malnutrition. Providing knowledge about healthy eating habits and balanced diets through initiatives in schools, community centers, and healthcare facilities can help dispel myths and empower people to make informed dietary choices.
Some companies, like Nestlé, recognises the importance of nutrition and quality in their product offerings. For instance, Nestle’s R & D centre in Cote d’voire employs scientists and food technologists dedicated to developing affordable nutrition solutions for the region. They consider local dietary preferences and nutritional needs, integrating regionally sourced cereals and plant protein sources into formulations. These products are fortified with essential micronutrients like iron, iodine, zinc, and other vitamins and minerals ensuring optimal nutritional value.
Additionally, these experts have access to Nestlé’s global network of experts, advanced analytical equipment, labs, and pilot plants across all company R&D locations.
Products like Maggi, widely recognized across the continent, are fortified with essential micronutrients such as iron and iodine, meeting local preferences while boosting nutritional intake. Likewise, Celerac, enriched with iron, and Nido, fortified with calcium, provide vital nutrients essential for children’s growth and development.
In Nigeria, the company recently introduced Nido & Soya, a product that integrates locally sourced soybeans. This initiative offers a budget-friendly option for nutritious consumption, while providing healthy nutrition among consumers.
The path to improved nutrition in Central and West Africa necessitates collaborative efforts across sectors and stakeholders.
Sola Sobowale stands tall amongst her peers having established herself as a top film star in Nigeria. Her popularity has gone over the roof with her appearances in global streaming platform originals like ‘King of Boys’ and ‘Anikulapo.’ In this interview with The NATION’s ASSISTANT ENTERTAINMENT EDITOR, GBENGA BADA, Sobowale opened up on her roles in cultural films and why she has decided to do more of them.
You are not new to big titles nor are you new to playing major characters, what distinguishes your role as Anikulapo from others?
It’s very very glaring. I have never done anything like this in my career, this challenging and brings out this side of me. First of all, I was opportune to speak the Oyo language, Yoruba. I said this because I speak the Urban Yoruba and not the Oyo Yoruba, they are two different things. Number two, what I wish and want to do more are cultural and traditional movies, that is why the film more. We have lost a lot of things, the way we behave now, years back when my parents went to the market and the seller wasn’t around. They pick whatever it is they want to buy, they already know the price and they leave the money after taking what they want to buy and move on. But now are days, where we are now, even if the seller is there, we still steal and go but if you steal those days, there must be a repercussion for stealing but nowadays, we don’t know what is happening, how can we go back to a better life, how can we rewrite the history, give Nigeria another name, to have a better place to live. Majority of the children we have now don’t know about our culture because they are living another man’s life, borrowed lifestyle, the way we dress, what we eat, what we say and the only thing that will change that is when we go back to our roots and embrace more of it because there are a lot of morals to be learn and parents lost it when everyone is chasing after money and no one is looking after the children, we want to have everything and at the end of the day when you die, you are leaving everything behind. We will have a better place, not a comfortable Nigeria when we are back to our culture and I plan and pray to do more because that is what I stand for now.
Having taken on several audacious roles, what extra efforts did you take or do to bring your character, Awarun, to life?
First of all, I had to learn the language because if you can not speak it, you can not act it. If you can not speak it, there would be discomfort, so that is what I first went for, to learn the language and be comfortable in speaking that Yoruba dialect, then others the story.
You were in the first franchise of Anikulapo and now the series, what would be your take away as an actress and as Sola Sobowale on the set?
I took more away from the series than the movie and there are lots of new things that the audience would learn from. It is well written, well made and well acted.
What were the challenges you faced on the set of Anikulapo which is the first in all your years of being an actress?
Maybe the Oyo language but truth be told, this is what I have been ordained to do, this is what God almighty called me to do in the world and when I am in there on the set, I am there, I don’t think I had issues but even if there were issues because I am not perfect, the director Kunle Afolayan is quick to call my attention and put me on the right path.
Considering your decision to do more cultural and traditional films, how did you feel when you were approached to feature in the biopic, Awujale?
I have played so many roles as you have rightly said. I have played an Oba before like in King of Boys, I have also played the role of Iya Oba, so I was happy. I felt so honoured. In Awujale, I am playing the mother of a very important Oba in Yorubaland, so that is a plus on my CV.
For the role of Iya Oba in upcoming biopic, Awujale, were you worried at any point seeing as you would be depicting the mother of someone who is still alive, someone who can say you did well or you didn’t do well?
Definitely, but that is always the challenge. You have to depict the mannerism of Mama, the way she talks, how she composes herself, and everything she embodies. So, yes, that part was quite challenging.
As a veteran actress, many expect that when you get a role like this, you won’t find it challenging, how true is this?
The reality is that it is not me. I am Sola Sobowale, I am not the real Iya Oba, so I am playing somebody else entirely, and that has got to be challenging.
What would you say is the significance of a film biopic like this to the youths of today?
It is a lesson to live a good life, a positive life, a life that touches other people’s lives. To make an impact. It is an eye-opener about coming to this life, living the life and making an impact as opposed to just passing by like a snake on a rock that leaves no trail. As a human being, you have to be somebody in life that others will look up to, and that is why I am so happy playing the role of Awujale’s mother.
You have played several kinds of mothers in the past from good mother to crazy mother. What are you bringing to this role in the Awujale movie that is different?
What I am here to do is to bring Mama Awujale back to life. When you see the movie, you must be able to say truly that this is Awujale’s mother.
In your opinion, what makes documenting history important?
When there is no history, there is no life. You must have your background, and your identity as a person. When we started this interview, I asked if we were speaking English or Yoruba. That is because I want my language and culture known all over the world. I want people to speak and know about my culture. Our language is beautiful, and our culture is beautiful. We can’t even speak English more than native speakers, so let us speak what is ours. my roots, my background. That is what I stand for.
Did you get to speak a lot of Ijebu dialect on set?
They put it in my mouth, and I simply deliver it. I am not Ijebu.
Did you get special training for the project?
I have acted in so many Igbo films, and I spoke Igbo Language. I am not an Igbo woman, but that is something you have to learn to do as an actor, and even pronounce it better. That is the challenging aspect of the job. If it has to be done, we will do it.
Did you have a language coach on set to help with the dialogue?
So many of them are teaching and monitoring.
As a mother yourself, what do you think is the most significant part of Awujale’s life?
This is what I stand for. If you are not prepared to be a mother or a father, don’t bring a child into this world. You must know the full definition of a mother, of parenting. The mother and father of Awujale know what parenting is about. Mama stood her ground and said, ‘My son, you must get an education, you will go to school.’ That woman suffered and stood by what she believed in. And that woman achieved it. At the end of the day, when Sikiru realised everything that was done, he said thank you to her. I love that aspect, and I would keep harping on that.
I make speeches and give talks now and I must ask, in five years, where would Nigeria be? Charity begins at home. In many homes in Nigeria, we have failed in the aspect of parenting. So, doing this is a big lesson for parents to learn that they must stay and monitor the education and learning of their children, teach them morals, etiquette, make them somebody in life.
As an experienced actor, is there something that you would have loved to see that you are yet to see in this film?
Nothing. Awujale is the full package. If it is not full, we will hold Seun Oloketuyi responsible because he knows how to criticise films.
Editha Francis is a Nollywood actress and producer. She has featured and produced many blockbuster films. She shared her favourite things with OLAITAN GANIU.
The name Ejibunu Mercy, most times, doesn’t ring a bell in the fashion world but at the mention of Hellidiiam Couture, brides, fashion designers, photographers, event designers scramble to share their experience of the brand built by a Chemistry graduate turned fashion entrepreneur in Ondo State. In this interview with ASSISTANT ENTERTAINMENT EDITOR, GBENGA BADA, Ejibunu opened up on how she gets design inspirations from dreams, her passion for fashion and capacity building and vision for the future.
How did Hellidiam couture come to be?
Helidiiam Couture was a passion that later became a business. I loved sketching/ drawing while growing up. I used to go as far as sketching my own style for my tailor then. Some of my aunts too and my mum, I would sketch for them. After my school leaving certificate exams, with the push from my mum; I went into the proper training to become a tailor.
What are the unique sources of inspiration for many of your designs?
Most of my inspiration comes from dreams. Although most of our clients bring a particular design, we try to add little changes to make it look a bit different while they still get the sophisticated and beautiful design they envision.
Many people are of the opinion that fashion designing is different from tailoring, can you let us in on the process and the difference
Fashion designing is the act of creating original clothing and accessories. By sketching designs, selecting fabrics, drafting of patterns, and giving instructions on how to make the products they design. While tailoring is the art of designing, cutting, fitting, and finishing clothes.
So basically, tailors produce, repair, and alter clothes, whereas fashion designers design new clothing patterns and styles. The major difference is that while one is in the business of remaking clothes, a fashion designer makes original pieces.
Let’s digress a bit, tell me about yourself, the face behind the successful fashion house
I am Merch Ejibunu-Fadoju, a native of Arigidi Akoko in Ondo State, Nigeria. A graduate of Chemistry from Adekunle Ajasin University, Akungba Akoko, Ondo State. I am the CEO of Helidiiam Couture, a fashion brand operating out of Ondo City. Growing up was amazing with its ups and downs. I was born in my hometown, but spent most of my years in Ondo town which has become a home for me and my family. I grew up here with my nuclear family of six people.
How did you come by fashion designing despite studying Chemistry?
I have always been a fashion lover since I was very young. From making clothes with needles for teddy bears and plastic babies now to sewing for people. I also loved drawing then. Whenever I did any drawing, I made sure I designed the dresses to my taste. I started choosing my designs for my tailors at age 10 because I always loved to stand out wherever I went, even among my age groups then. Aside from the fact that I loved drawing designs at a very young age and making dresses for dolls, few things that shaped me back then was watching fashion shows on TV, and whenever my father bought newspaper then, I always never cared about the other news, all I wanted to see was the page for the fashion trends. I had a book back then, I would cut out different people who were in the newspaper with beautiful designs and paste on that notebook.
Tell me about your journey into the world of fashion designing
My journey into the world of fashion designing was not an easy one I must say. It all began in 2013 after my training was completed, I was already a student of AAUA then. I made sure everyone around me in the hostel, at the department became aware of my sewing skills. I talked about it at every given opportunity. From there, I get clothes to take back to Ondo for customers during the semester break. That was when I decided to bring a sewing machine to school to make my work easier. I moved back to Ondo town after my BSc and was using my room (in my father’s house). I had about 12 apprentices then, after two years, I decided to get a three-bedroom flat in the heart of the town to contain our work and apprentices. Well, after four years of being there, with the help of God and my husband, we now own a permanent fashion home in Ondo town.
For every chosen career or profession, there are challenges, share some with us and how you overcame these challenges
Back then, while training, I had a few challenges which included training as a part-time student then, because I had to also go to work. After the training, I went to the university. The very first challenge I had was having clients to sew from me. Also, the fear of starting on my own was also a challenge. Finance was one of the many challenges, ranging from buying equipment and fabrics. The first thing was to sell myself to the people around me. My mother got me my first sewing machine. So, I decided to start making beautiful designs for myself. I made sure I attended church every Sunday, events too. I always wore what I made for myself and people began to like what I wore and all.
Why have you decided to remain in Ondo state and Ondo Town to be precise after many years?
Wow, this is a big question. So, after my B. Sc from Adekunle Ajasin University, Akungba Akoko in 2015, I decided to come back to Ondo town cause my family are based in the town. Although, I have planned to relocate out of the town countless times which was always futile. I then concluded that God has a better plan for me being in this town. And has started to materialize.
What distinguishes your design from many others?
I’ll say it’s the way we best interpret designs and the neatness of our designs. Hellidiam is the one-stop shop for all things female fashion and we make sure it is pristine and beautiful. That is our hallmark, if you want it beautiful, you want it different, it is Hellidiam that can deliver it.
So, what is Hellidiam Couture’s trademark signature when a design is made?
Beauty is first and foremost, a trademark of the brand.
It was discovered that you also own an academy that trains fashion designers. Tell us about it.
Yes, we have a fashion academy that has been in existence since the birth of this brand. We train people how to become fashion designers from the beginner’s class to the Advanced class.
We have different classes where students can pick a particular niche in fashion designing. These niches include; ready-to-wear class, a bridal class, kid’s dresses class, corsetry class, amongst others.
So, what is the ultimate aim behind Hellidiam Couture Academy and how many fashion designers has the academy churned out?
To create an avenue for young women to be independent and showcase their skills.
Since the birth of Helidiiam Couture Academy, we have graduated over 40 fashion designers and presently, we have 10 students.
All roads lead to Ofada on Easter Sunday as God’s Mercy Revival Ministries (GOMERM) holds its COVENANT DAY special programme at MERCY CAMPGROUND in Ofada, Ogun State by 9am.
The programme, which will bring together delegates from different parts of Nigeria, has as its theme “NEW GARMENT FOR NEW WORLD: BREAKING FREE FROM STRONGHOLDS”.
GOMERM General Overseer, Dr. James Akanbi will be ministering during the programme while celebrated gospel singer, Evangelist Bukola Bekes is Guest Artiste.
According to a statement by the ministry’s Director of Communications and Public Relations, Pastor Femi Kolawole, there will be free transportation from different locations in Lagos, Ogun, Oyo and other states to the campground which is located on Km. 4 Papa Lanto Road, Off Shagamu-Ibadan Expressway, Ofada, Ogun state.
For the several thousands of people who will attend the service, it was gathered that free feeding arrangements have also been made in the spirit of the Easter celebrations.
“As God’s people, we are set and our faith is strong. We are ready to meet with our faithful and covenant-keeping God of the Commission for a fresh supernatural impartation at this Easter as we celebrate the death and resurrection of our Lord and saviour,” Pastor Kolawole said.
“When Jesus Christ ascended up to heaven, the scriptures make us understand that He led captivity captive and gave gifts unto men. During the COVENANT DAY programme, we believe that God will give out new garments that will bring forth new world in the lives of people, especially through the prophetic ministration of His anointed prophet and our father in the Lord, Dr. Akanbi,” Kolawole added.
Text:”….Peter remembered ….He had said …. Before the cock crow, thou shalt deny me thrice… Peter went out, and wept bitterly”. (Luke 22:61-61)
All the world’s a stage’, according to William Shakespeare, ‘and all men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages”. This gives further credence to the fact that life is surely not only a stage with different actors, but need be added that life is also in stages, acts, scenes and phases. One stage of life dovetails into another; in fact, life is a continuum of stages. In view of the unpredictability of human beings, which is a message of caution to everyone, particularly people who are dancing to the Victory songs of today, is to learn from Jesus Christ’s experience on His way to the cross, that human beings are unpredictable and unreliable, and be mindful of the fact that after the Victory song of today, a hymn of betrayal can follow tomorrow. The only person who can and will never change or betray is the Almighty God (Isaiah 49:15-16). As this year’s 40 days lenten journey is ending tomorrow, it is important to continue to stand with Him who is the author and giver of life, and trust in Him alone; anything to the contrary, is an invitation to disappointments, sadness, high blood pressure and sudden death in the changing scenes of life.
Simon Peter was a man whose life and ministry were interspersed with the good, the bad and the ugly.. The event cascading to his call, as recorded in Luke 5:1-11, brought him out as a man of diligence, selflessness and faith. He obeyed Jesus Christ mindless of toiling all night without catching anything. He cast aside the business failure of the previous night and surrendered his boat and services for the spread of the word of God at the requisition of Jesus Christ. When the time for Jesus’ crucifixion was near, Jesus informed Simon Peter that “….. this night, before the cock crow, thou shalt deny me thrice”. Peter replied Him that “…Though I should die with thee, yet will I not deny thee. Likewise also said all the disciples” (Matthew 26:34-35). True to Simon Peter’s words, few hours later, Judas led the Chief priest and others to arrest Jesus Christ, Peter in a show of courage “…. stretched out his hand, and drew his sword, and struck a servant of the high priest’s, and smote off his ear” (Matthew 26:51). Although he had displayed that act of gallantry, he no sooner thereafter, in the changing scene of life, he became a turncoat and manifested spinelessness. Peter betrayed Jesus thrice to the extent that at a time he denied Him with an oath and at another time he denied he ever knew Jesus Christ cursing and swearing (Matthew 26:72-74). Peter manifested disloyalty to the man who few days ago he joined the multitude to herald into Jerusalem with songs of “Hosannah!” – the world and its stages!
Apostle Paul too, despite being a giant in faith, was once in a very hellacious state that defied human assistance at Asia. There, his travail, as recorded in Acts 19:22-41, was so serious that when the uproar ceased he departed to Macedonia following opposition which arose because of The way (Acts 9:2). In fact, there was a man called Demetrius, a silversmith, who was making shrines for Artemis and was losing business because of the Way (Acts 16:16, 19). Demetrius ganged up with other workers of similar occupation and they raised up great animosity against Paul. He was in a quagmire between who to follow – himself, loyalists, friends or God. He was helpless and hopeless but he “…. had the sentence of death …. not to trust in ourselves, but in God which raiseth the dead” (2Corinthians 1:9). Paul sentenced himself in that changed phase of life to the fact that no matter what, he would not trust in himself or his ability or anyone but to repose his trust in God who alone has the power to raise from the dead.
It is unfortunate that many people in the world today have faith or trust in ephemeral beings, things and positions – that are here today and not there tomorrow. In order to stay afloat in this world and be able to steer the affairs of life to where God desires to take you to, you must eschew the attitudinal traits of the Israelites who “…… committed two evils; they have forsaken me the fountain of living waters, and hewed them out cisterns, broken cisterns, that can hold no water” (Jeremiah 2:13). You must depend absolutely on the leading of the Holy Spirit and avoid putting trust in your education or knowledge (cf Acts 27:9 ff) or depend on any man because human beings alter their stands and positions at frequent will (Jeremiah 17:5-6; Micah 7:5-6). No matter how sound or seemingly dependable a medical practitioner is for instance, Doctors have their limits (Mark 5:25-34). Even parents are not omnipotent and can fail (Isaiah 49:15-16).
It doesn’t matter what you may be passing through now, hold tightly to Jesus Christ and remember that after the suffering of the Good Friday and/or the seeming silence of the Father on Good Saturday, there shall come the Supernatural intervention of the Father on Easter Sunday. Dear beloved, in whatever dire situation you may be in today, as you put your trust in God, I join my faith with yours that He would send help to you and raise you ‘from the dead’, to the community of the living. You shall rise again! You shall be lifted and you shall be celebrated in the name of Jesus Christ.
Prayer: Father, thank you for this year’ Lenten season that is ending, Lord give me grace to continually depend on you in this uncertain world and times, in Jesus’ name
Afrobeat and gospel music share a profound synergy, as articulated by Jeremiah John Oluwatoke, a Gospel Afrobeat singer and the creative director of the Jeremiah Music Company (JMC).
Speaking at a press conference in Lagos, Oluwatoke emphasized how these genres intertwine harmoniously, blending rhythms and melodies to create a compelling musical experience that transcends boundaries and resonates with audiences globally.
Drawing from common historical and cultural roots, Oluwatoke highlighted how Afrobeat and gospel music weave together to form a rich tapestry of sound, celebrating both cultural heritage and spiritual expression.
He said: “Afrobeats, with its fusion of African rhythms, hip-hop, and dancehall, is a vibrant and dynamic genre that has drawn inspiration from various musical traditions.
“Similarly, gospel music has a rich history rooted in African-American spirituals and hymns, which have influenced generations of musicians across different genres.
Both genres have evolved and continue to influence each other, creating a unique blend of sounds and styles.
“As the creative director, Oluwatoke leads a powerhouse of creativity, boasting music studios and offering services ranging from jingles and adverts production to live band performances, event planning, coordination, and styling.
With a passion for delivering soul-stirring music, Oluwatoke’s journey into the music industry was inspired by childhood experiences of singing in family devotions, leading him to master various musical instruments and pursue formal music education.
Specializing in gospel Afrobeat, Oluwatoke’s musical repertoire spans genres including R&B, rock, Christian music, Nigerian traditional music, soul, disco, reggae, salsa, and more, catering to diverse audience preferences.
Currently, Oluwatoke is gearing up for a live recording concert scheduled for April 28, in Lagos, with anticipation for support from industry giants and friends.
Turning the spotlight to gospel music in Nigeria, Oluwatoke highlights its role as a source of economic empowerment for musicians, leveraging digital platforms to reach wider audiences and monetize their craft.
Expounding on the synergy between Afrobeat and gospel music, Oluwatoke underscores their shared history and influence, creating a unique blend of sounds and styles that transcend cultural boundaries.
When asked about collaborations, Oluwatoke expresses interest in working with Justin Bieber on future projects, while also acknowledging the wealth of talent within the Nigerian music industry
As a solo artist, Oluwatoke believes in championing his vision while surrounding himself with a dedicated team to execute premium music experiences.
Looking back on past achievements, Oluwatoke reminisces about the success of his anthem “Momajojo” and the impactful charity event “OMPP – One-love Mega Praise Party,” aimed at giving back to the community.
With his unwavering dedication to creating uplifting music and spreading positivity, Jeremiah John Oluwatoke continues to leave an indelible mark on the Nigerian music landscape, bridging genres and inspiring audiences with his soulful melodies and infectious rhythms.
The need for the church to be intentional in mentorship and discipleship of content creators so that their works can glorify God came to the fore at the maiden edition of Creators Nexus held recently at DayStar Christian Centre in Lagos.
Creators Nexus is a special gathering designed to bring creatives, influencers, and content creators together for a day of networking, collaboration, and connection.
It featured panel sessions, word rendition, interactive sessions, and prophetic impartation.
Speaking at the event, Nigerian comedian, and on-air personality, Woli Arole said that the need for the church to arise and mentor today’s creatives is imperative to avoid losing new and emerging creatives to the world.
He said: “We have a wide margin of youths and creativity is the language they speak. We need to resonate with them, and engage and mentor them so their content will glorify God.
“We need more kingdom influencers. We need more good, ethical, reasonable, and sensible content. There is a lot of energy among our youths that we need to channel it right.”
Arole, who started his craft over a decade ago, said that his desire as a young man was to be the light in his generation, adding that he was very intentional and got mentored by revered men of God which helped him to toe the path of grace and godliness.
On his part, an Assistant Pastor in the Redeemed Christian Church of God, Pastor Ayorinde Adebello stressed that the church must acknowledge the fact that creativity is not just a gift but a ministry, adding, “The church should create a department, ministry, or a platform within the body of Christ so that we can give the youths a voice and they can be heard.”
He noted that the creatives can pass the message of their gifting in a way that pastors may not be able to.
Earlier, in his words, the Resident Pastor of Celebration Church International, Ibadan, Pastor Tomiwa Immanuel said that the creatives need a hold on discipleship in a local assembly so that they don’t stray and find themselves with a strange form of inspiration that brings strange kinds of content.
Also speaking at the event, the Managing Partner/CEO of SwiftThink Limited called for effective collaboration among players in the creative industry so that they can forge a formidable force for greater impact.
He cautioned Christian Creatives against using their skills for entertainment, saying that their gifts were given to them by God and thus, they must use them to glorify his name at all times,
In her opening speech, the Convener of Nexus Conference, Moromoluwatiketike Abolaji, said creators Nexus aims to create a space where like-minded individuals gather to share ideas, exchange experiences, and forge meaningful connections.
“We are building a community of strong Christians and reminding each other that we are not alone in this race but we can lean on each other shoulders. Distraction is one of my biggest concerns and is a burden I share and we have to address it”, Abolaji said.
She added that the church remains a safe space for the creatives, noting that the church should encourage creatives, support them with funds, and pray for them every time.
She charged the creatives to belong to a local church, serve there, and stay focused on the God-given mandate for their lives.
