The Nation Newspaper

Tag: CEO

  • Review mobile money model, says Airtel’s CEO

    Review mobile money model, says Airtel’s CEO

    Managing Director of Airtel Nigeria, Segun Ogunsanya, has called for a review of the current mobile money model, saying a telco-led model will help expand retail banking, thereby driving financial inclusion in the unbanked segment.

    Currently, telecoms companies are not permitted to provide their own mobile money services as the current model approved by the financial regulator, Central Bank of Nigeria (CBN), empowers banks to provide mobile money services, while telecoms companies play only a supporting role.

    Ogunsanya, who spoke at the annual lecture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos,  said for the mobile money market to reach its full potential, it is important that restrictions on telcos’ activity in m-money are lifted.

    He said Agency/Agent Banking, as well as mobile money can help deepen penetration in retail banking in the country, adding that the mobile money sector is rather slow at this time because they are led by banks.

    “The overwhelming majority of the adult population is unbanked; however, mobile penetration is approximately 78 per cent. The market opportunity for mobile money is therefore vast. The number of mobile money transactions has increased at a rapid rate over the past three years – further adoption will be driven by increased awareness.”

    Ogunsanya also advised that for banks to expand their retail footprints, they must seek to develop simple products, push for transparency and ensure that their products and services are relevant to the target segment.

    Also speaking at the event, Chairman, Lafferty Group, UK and guest lecturer at the occasion, Michael Lafferty, said he is in support of retail banking becoming a profession,   pointing out that retail bankers should be required to act in the best interest of their clients at all times.

    “This means that retail bankers must be educated to a similar standard as accountants and lawyers, bound by a demanding ethical code and required to commit to continuing professional development,” he said.

    Hosted by the President/Chairman of Council, Otunba (Mrs.) Debola Osibogun, the lecture attracted various chieftains of the banking and finance industry, top public officials, foreign diplomats, academia, as well as top executives of the organised private sector.

    The CIBN annual lecture focuses on topical issues within the Nigerian economy and is aimed at highlighting key issues and ideas that would influence policy makers.

  • CEO lauds Fashola’s housing estate

    CEO lauds Fashola’s housing estate

    CHAIRMAN/Chief Executive Officer, RedBrick Homes Ltd, Mr. Babatunde Gbadamosi, has praised the Lagos State Governor, Babatunde Fashola, for signing all necessary papers for the building of a 700-unit fully furnished duplexes, mansions and luxury three-bed room flats in Amen Estate, Lekki Peninsula.

    Speaking during the opening of the estate, Gbadamosi said that they started building the houses many years ago and at that time they only had few patronages.

    “Only about 10 people bought homes here. But because of the housing policy of this in Nigeria, over 80 houses have been bought already and as we are building, several people are showing interest in them.

    “For about seven years now, 63,000 housing units have been delivered to Nigerians and Amen Estate is adding about 700 housing units to this number. We know that with the way we’re going, very soon we will add major chunk to the thousands of housing units that the government will deliver to Nigerians.”

    President Goodluck Jonathan who did the inauguration said the enabling environment and housing policies of the present administration has spurred private individuals like Gbadamosi to invest in housing in the country.

    Represented by the Honourable Minister, Federal Ministry of Lands, Housing and Urban Development, Dr. Akon Eyakenyi, he said the housing units in Amen Estate are world-class buildings which will stand the test of time because of the quality of work done.

    “The type of structures in this estate suggests that the facilities used are durable and of high quality and whoever buys any of them will not have to worry about repairs for so many years to come, because every material used in the buildings are world-class,” she stated.

    While commending Gbadamosi for aligning with the government’s resolve to eradicate housing problems in the country, she gave a road map for affordable housing by every Nigerian, irrespective of class.

    “Those interested in owning affordable homes are encouraged to apply and then they will be given the homes while they pay over a period of 15 to 20 years,” she said.

    She, however, said that with the arrangement, Nigerians do not need to pay huge millions of naira to own houses. “Even the poor can as well own houses through this same arrangement,” she added.

  • Ecobank insulated from Nigeria’s currency risks, says CEO

    Ecobank insulated from Nigeria’s currency risks, says CEO

    Ecobank’s Group CEO,  Albert Essien has said the  current economic and currency headwinds in Nigeria has not affected his company, immensely.

    “So far so good, Nigeria is our biggest operation. Our business has not encountered downside risks despite crude oil price fall,” he told CNBC Africa.

    Essien said investors needed to make long-term investments decisions as this was not an in and out thing. “Investors need to prepare properly so as to understand the local environment; investors also need to have a focus as what one wants to do. I think Africa offers great opportunities, the continent offers good returns, and though there are challenges, they are surmountable,” he said, adding that the region was anticipating much investment from the Middle East, especially through financing infrastructure development and equity.

    He said his group had covered much ground in attracting talent and diversifying the business in Nigeria, adding that the company was now big on transaction services.

    Essien, expected to step down as soon as his tenure ends, said his group was expecting to announce a successor in June.

    He said whatever risks are identified are best viewed holistically rather than in isolation. “New market entrants will need to develop a clear risk appetite and weigh the opportunity against the cost of risk mitigation, which can be expensive,” Essien said.

    He said the setting up of a risk review board would help ensure the right level and scope of ongoing risk monitoring.

    He also urged investors to be prepared to engage with African countries on a long-term basis and avoid abrupt changes in investment focus because of perceived instability in certain markets.

     

    Essien encouraged managing risks associated with doing business in Africa, including fiscal and monetary policy issues such as foreign exchange restrictions, transparency and compliance, political instability and corruption and resource and infrastructure challenges.

    He also offered executives overseeing market entry strategy in Africa six key considerations that they would have to contend with. He said these, were: understanding the local business culture; assessing which markets represent the best balance of risk and reward; finding and vetting appropriate local partners; understanding local market regulations; local environmental factors; and levels of technological development.

  • ICT skills vital for better opportunities, says New Horizons CEO

    ICT skills vital for better opportunities, says New Horizons CEO

    Managing Director New Horizons Nigeria Mr. Tim Akano has stressed the need for the acquisition of information communication technology (ICT) skills, arguing that such skills brightens the chances of a better future for the youths in the country.

    Akano, who spoke during the inauguration of a N50 million ICT Centre for the students of Adeleke University, Ede, Osun State, said the world started with agricultural revolution, then followed by industrial revolution, adding that in the 21st century, it is ICT that is ruling the world.

    He said: “For any person to make great impact, he/she must have ICT skills. Whether you are studying nursing, business administration, accounting, medicine, biology, law and others, you need ICT skills.”

    He said the company has extended globally recognised IT certifications which are sought after by employers across all sectors to almost all the private universities in the last 10 years training over 50,000 students nationwide.  He urged the students to avail themselves of the opportunity presented by the resource centre by taking serious their coursework and strive to get the certification.

    “We felt that Adeleke University should not be left behind because the internet has turned the world to a global village. You will compete for employment with people from China, India, USA, etc even as the job market is looking for people with the requisite skills irrespective of where they come from. You owe it a duty to put Nigeria on the global stage. With your IT and e-business certification you can be a millionaire as well as an employer,” he said.

    Akano informed the students that  world economy is being ruled by the IT industry. He said: “60 per cent of the richest people in the world and USA in particular are in the ICT industry such as the founder of Facebook, Microsoft, Apple, Google, Twitter, and others who are billionaires. In the next 20 years, Nigeria’s crude oil will no longer become the major revenue earner. The services industry will depend on ICT for revenue and it is here you come in.”

    Its Vice Chancellor, Prof Oluwole Gideon Amusan, said it would enable every student irrespective of his or her discipline have minimum of four international skills certifications at 90 per cent subsidised rate, before graduation from the university. It will position them in global software development industry, e-banking, e-medical/telemedicine, e- government, e-legal administration, oil and gas as well as telecoms sector with attendant employment and self employment opportunities.

    He said:“It will provide skills that make our students more marketable and relevant to the demands of the job market. Today, ICT has made scholars to redefine literacy. Man will return to the Stone Age if ICT is removed from learning. Adeleke University deems it fit that all our students should have certifications in CCNA, Oracle, Java, Microsoft and other globally acclaimed IT and e-business professionals courses.”

    The school’s ICT Director/Head, Department of Computer Science Dr. Longe Olumide, thanked the governing council and management of the university as well as New Horizons, for the gesture. He said the ICT certifications will make the students digital natives, place the school at the top among the likes of Harvard University.  He urged the students to make use of the opportunity and entrench the young university among Nigeria’s leading institutions.

  • Dangote gets CEO

    Dangote gets CEO

    Dangote Cement has announced the appointment of a new Managing Director, Onne Van der Weijde.

    In a statement yesterday, the company said the appointment was part of strategies aimed at consolidating on its successes.

    Van der Weijde will report to the Chairman of the Board of Directors of Dangote Cement.

    The statement said the appointment was in furtherance of the implementation of strategies put in place to drive operational efficiency, support its ambitious growth strategies and delivering shareholder value

    Van der Weijde, who joined with a wealth of experience working as the Managing Director of Ambuja Cement, India, “will ensure strategic, operational and brand synergies are maintained, while underlining renewed management focus on all customer segments”.

  • Honda CEO Ito to step down

    Honda CEO Ito to step down

    Honda Motor Co Chief Executive Takanobu Ito will step down in late June after six years in the top post and be succeeded by Managing Officer Takahiro Hachigo, a low-profile engineer with global experience, the company said in a surprise announcement.

    Japan’s No.3 auto maker has hit a rough patch over the past year with quality problems that have led to multiple recalls of its popular Fit hybrid subcompact, which Ito conceded earlier this month could have been caused at least in part by an aggressive sales target.

    Such self-inflicted setbacks had been compounded by multimillion-vehicle recalls to replace air bag inflators made by top supplier Takata Corp that have so far been linked to six deaths, all in Honda cars.

    For the past three years, Ito, 61, a feisty former supercar engineer, has shaken up Honda’s decades-old, tightly-knit supply chain as the auto maker sought to trim costs and find more cutting-edge technologies. That has predictably rankled local suppliers, and some retired Honda executives manoeuvred to have Ito removed, sources have told Reuters.

    “I think this move is an attempt by Honda to tread a different course, with someone who upholds harmony,” said Takaki Nakanishi, a veteran auto analyst and CEO of Nakanishi Research Institute.

    A former senior Honda official said he was surprised by the announcement. Hachigo had been widely expected to join Honda’s board, but “like many inside Honda, I’d thought Ito was ready to continue as CEO at least for another term.”

    The former official said he thought Ito’s resignation was his own decision.

    Hachigo, who worked on the popular U.S. Odyssey minivan and CR-V crossover, would skip several ranks to become CEO after Honda’s annual shareholders’ meeting in late June. He joined the company in 1982 with a career spanning several countries including the United States, Britain and China. He is currently Vice President of Honda’s R&D arm in China.

    Ito, 61, became CEO in 2009 as the auto industry was licking its wounds from a crushing global financial crisis.

    The ensuing years were no easier, as a disappointing launch of the Civic model caused many to question whether Honda had lost its edge. Natural disasters in Japan and Thailand also hit production and profits hard.

     

  • Africa global economic hub, says Access Bank CEO

    Africa global economic hub, says Access Bank CEO

    The Group Managing Director/CEO, Access Bank Plc, Mr. Herbert Wigwe has described Africa as a hub of international economic evolution where tremendous innovation in financial services, telecoms and natural resources have become important drivers of global growth.

    Speaking yesterday at the 2014 Institute of International Finance Africa Financial Summit held in Lagos, he said the forum is part of that paradigm shift in the economic trajectory of Africa.

    “A congregation of some of the best financial minds, financial sector leaders and economic policy makers from across Africa and beyond are gathered here today and I am proud to welcome you all to this important gathering,” he said.

    The bank chief who spoke on ‘Mobilising Resources for Investing in Africa’ said more wealth has been created in Africa in the last decade than at any other time in history.

    “Across the continent, we have seen a steady drumbeat of democratisation and political reform as governments are, with some exceptions, starting to provide the environment for businesses to thrive. They are creating greater feedback from and accountability to their citizens; ensuring that people’s needs are known and addressed,” he said.

    He said  from Rwanda to Nigeria, there has been a steady increase in security of title and the rule of law; investment in regulatory and physical infrastructure to ease the doing of business; and a low-debt, low-inflation macro environment.

    He said: “All of these factors together help to build the first pillar of the African investment story – no longer is this the continent of coups and generals; instead it is a place of democratic as well as economic growth.”

    Wigwe said that despite these achievements, Africa does still face challenges that are not peculiar to the continent, but the changing global financial landscape has made it ever more important that Africa catch up as quickly as possible with the rest of the world or risk being left behind.

  • 129 teams for CEO Challenge

    Some 129 teams of university and business school students are in the race to win the ticket to represent Nigeria in the global Procter & Gamble (P&G) CEO Challenge Competition.

    They are to resolve the case studies on world class brands in five stages, namely: the Brand Manager Challenge, Country Manager Challenge, CFO Challenge, COO Challenge and the CEO Challenge.

    Twenty teams will advance from the first to the second stage, where 15 others would be dropped.  From the five that get to the third stage, one will feature in the fourth stage against teams from South Africa and Northwest Africa to determine which team represents the continent on the global stage, which is the CEO Challenge.

    Ridwan Sorunke, Corporate Communications Official, P&G Nigeria, said the competition was part of P&G’s commitment to touching and improving lives through talent development.

    “Talent development is a top business priority for us at P&G because our people are our greatest competitive advantage. This makes us aim at attracting, hiring and retaining the very best talent. Our investment in growing and developing talent over time has made us known and recognised as the number one company for developing leaders,” he said.

     

  • ‘Infection control at health facilities needed ’

    In the light of the Ebola Virus Disease (EVD) outbreak and other communicable diseases, OYEYEMI GBENGA-MUSTAPHA writes that there is the need for infection control programmes in health facilities.

    To health facilities adhere to standard infection control? No! According to Chief Executive Officer (CEO), Anu Dosekun Health Foundation (ADHF), Dr Efunbo Dosekun, the country needs to, as a matter of urgency, ensure that health facilities are up to date on infection control.  Infection Control is the act of preventing the spread of microorganisms between staff members, visitors and patients.

    It would be recalled that Ebola was brought into Nigeria by Liberian-American Patrick Sawyer who was admitted at the First Consultant Hospital after he fell sick upon arrival. He infected 11 workers at the hospital including the late Dr Stella Adadevoh who made the call to keep him confined and late 25-year-old nurse, Justina Ejelonu who had just started on the job, when late Sawyer was brought in.

    The hospital also had to be shut down and some of its equipment discarded due to exposure to the virus. Nigeria was declared Ebola free on October 20 by the World Health Organisation after losing eight citizens to the disease.

    According to the late Ameyoh Adadevoh’s friend, Dr Dosekun, health care-associated infections have become more common as medical care has grown more complex and the management/treatment of patients more complicated.

    “I was outside the window of my late friend, 24 hours before she went to rest in the Lord. As a professional, she confided in me that she was at a low risk to the index case. Our trainings outside the country made both of us know that she was a casualty of health care-associated infections.

    “I owe my late friend and colleague a resolution to ensure the system works to save many other potential health workers from infections. And that is why I am now canvassing that government at all levels should declare a national emergency on infection control in our healthcare facilities nationwide. There are emerging diseases such as EVD and re-emerging diseases such as Tuberculosis (TB) that are highly pathogenic. Infection prevention and control programmes must work. The starting point is hand washing, using the five steps, and expanding Healthcare workers’ (HCWs) vaccination programmes to reduce the risk of spread of pathogens such as influenza virus from HCWs to patients. HCWs can transmit infection to patients, vice-versa.”

    Dr Dosekun said: “In every healthcare centre, there should be a team designated to ensure Infection Control policies and procedures are in place and are being followed. In addition to this, any employee involved in patient care and/or has contact with items used to care for patients must follow Infection Control policies and procedures. This means you, as a person must be responsible.

    “Infection control is important in health care facilities because sick people are being treated in small spaces. This increases the chances that patients with a variety of different micro-organisms will come in contact with staff members who may potentially spread these microorganisms to other patients. Infection control becomes paramount. If good hand hygiene and standard precautions are practiced by all staff members, then risk is very low.”

    She explained: “Standard precautions, also known as universal precautions, are the work practices required for the basic level of infection control. These work practices include:  Good hygiene, such as hand hygiene and the use of gloves when required; protocols for managing occupational exposures plus  use of proper personal protective equipment (PPE); proper collection, storage, and disposal of waste plus the safe use and disposal of sharps; proper disinfection and sterilisation of equipment and proper use of cleaning agents. Standard precautions are needed to help minimise the spread of microorganisms and infections. All body substances (except sweat and tears) should be considered a potential source of infection; and Standard precautions should be used for the treatment and care of all patients regardless of infectious status. Hand washing is the most important procedure in preventing and minimising the spread of infection in a healthcare facility.”

    According to Dr Dosekun, her foundation is planning an introductory workshop on infection prevention and control slated for first week, next month and needs sponsorship. “This is because simple things that are significant in infection control are overlooked. For example, gloves serve as a barrier to protect the person wearing them from contamination and to prevent the transfer of organism already on the hands. As a result, gloves should be worn in any situation where a staff member may be exposed to blood or bodily fluids.

    Other precautions to take include covering open wounds and sores with a water proof dressing; get vaccinated against Hepatitis B and tetanus and making sure vaccinations are up-to-date.”

  • Crew members, Ecobank square up over unpaid salaries

    •We’re not aware- Ecobank

    Crew members aboard a vessel, the M.T. Tumini are set to tussle with Ecobank over unpaid salaries from April 2013 till date.

    The vessel previously named Tradewind Sunrise was purchased by Petroleum Brokers Limited in December 2008 from V. Ships Florida, USA.

    However, the crew made up of Guyanese nationals was unable to sail and deliver the vessel to Lagos because of mechanical reasons. Hence, it remained in Trinidad.

    Tonye Claude Wilcox, the Managing Director of Petroleum Brokers Limited, however, died in 2011. Following Wilcox’s death, officials from Ecobank Nigeria Limited visited and held a meeting aboard the vessel, stating that Mr. Tonye Claude Wilcox financed the purchase of the vessel through Ecobank and that the bank is looking at options for the way forward for the vessel.

    A decision was made and Ecobank left the vessel with Wimmar Limited as management/agent for the purposes of trade. Ecobank kept the crew and continued to finance the vessel’s operations in terms of fuel, crew wages, dry docking, technical shore services, agency fees, repairs and others worth millions of US dollars.

    But according to a SOS  from the crew, by April 2013 Ecobank stopped financing the vessel’s operations when they enquired of their salaries and Mr. Gerald Andrews of Wimmar Limited informed them that the funds will be coming shortly. “The matter will be resolve shortly,” said Andrews who represents Ecobank at Wilmar Limited by way of explanations for the delayed payments. He continued asking for time saying, “the bank is trying to resolve the matter.”

    Last October, the crew took the matter to the Seaman and Water Front Workers Trade Union (SWWTU) which is the local representative in Trinidad and Tobago for the International Transport workers’ Federation (ITF).

    The SWWTU and its attorney wrote to Ecobank and Petroleum Brokers Limited. The attorney told the crew members that Ecobank sold the mortgage on vessel to a loan recovery company-AMCON in Nigeria.

    Subsequently, Prof. Toyin Ashiru, CEO of  Tricontinental Group came forward and stated that Ecobank gave him a Letter of authorisation/contract to operate and manage the vessel.

    Ashiru in discussions with the union and its lawyer agreed to settle all outstanding wages.

    However, the crew only received salaries for between April and July 2013. And presently it is being owed wages from August 2013 till date along with other back payments which includes: vacation pay, overtime, contract work and others.

    Presently the crew is seeking legal help for the situation locally in Trinidad. The crew has met with several organisations – Nigeria Embassy, Guyana consulate, Ministry of Labour and Foreign Affairs, Maritime Department – in Trinidad to no avail.

    The crew now wonder why Ecobank has not paid them off as it seems it has abandoned both vessel and crew. They have even vowed to file a petition to President Goodluck Jonathan if Ecobank does not resolve the situation.

    Speaking in an interview with The Nation over the weekend, Mr. Austen Osokpor, of the Corporate Communications Department of Ecobank, who initially feigned ignorance, however, pleaded for more time to get to the root of the matter. “Where is the vessel you’re talking about? Is it in Lagos or where? We’re not aware. Okay, we will get the details,”Osokpor stressed.