Polaris Bank held the first draw in her ongoing Polaris ‘Save & Win’ promo where 50 persons emerged winners.
The development is in line with the Bank’s commitment to rewarding its loyal customers across the nation.
The Bank, said winners emerged through a draw exercise which was witnessed by relevant Agencies of government; Federal Competition & Consumer Protection Commission (FCCPC), National Lottery Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON) who confirmed that the 50 lucky winners were selected from various regions spanning the six geo-political zones of Nigeria.
Each winner received a cash prize of N10,000. The draw which took place at the Bank’s headquarters in Lagos, further underscored Polaris Bank’s dedication to fairness in all its promotions and activities.
During the draw, winners were called at random using a hybrid media technology which enabled in-premises event; as well as participation of over 1000 customers through the Bank’s virtual network and social media handles.
One of the winners commended the Bank in putting in place the promo at this time which he said was relevant saying “Thank you to Polaris Bank, this money definitely came in at the right time, I will make sure to tell my friends to open accounts with the Bank and participate in the promo so we can all enjoy this money”.
Speaking at the live draw event, the representative from FCCPC; Susie Onwuka said, “We’ve been monitoring Polaris Bank since the promo started and it has been fair, they comply to rules and guidelines. Customers should feel free and confident to participate in the promo”.
During the unveiling of the winners, Polaris Bank’s Group Head, Brand Management & Corporate Communication, Mr. Nduneche Ezurike, also expressed the Bank’s commitment to encouraging a culture of savings among its customers. “The Polaris Bank Save & Win promo is not just about rewarding customers; it’s also about encouraging our customers to save for the rainy day”.
He emphasised that customers can still participate in, or increase their chances of winning by depositing a minimum of N10,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N10,000 before the next draw date.
The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the draws.
For those wishing to be part of the Campaign, below are four (4) ways to participate in the on-going Polaris Save & Win promo:
1. Download VULTe on iOS and the App store to open a Polaris Savings Account or dial USSD *833*0# on your phone or log into Polaris Bank savings portal.
2. Grow your account by N10,000 or more and maintain for 30 days or by N10,000 for 3 consecutive months to qualify for monthly & quarterly draws respectively.
3. If your account is dormant, you can reactivate your account without visiting the Bank by simply dialing *833*30#.
4. Follow the Bank’s handles @polarisbankltd across all social media platforms or visit the website to stay updated.
Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to delivering industry-defining products for individuals and businesses.
Polaris Bank Rewards 50 Lucky Winners in its Ongoing ‘Save & Win’ Promo
FX Convergence: ABCON Seeks Autonomy from CBN to Digitize Operation
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to democratise and centralise the operation of its members by granting them autonomy to go digital.
Alhaji Aminu Gwadabe, the President of ABCON, disclosed this to newsmen on Sunday in Lagos.
Gwadabe said that the appeal has become necessary against the backdrop of recent CBN planned reforms on BDCs, urging them to be tech savvy.
“In view of the above, we call on the CBN to diversify our scope of operation and business model from cash based to less cash and digital platforms. ABCON, in the lunch of its vision for BDCs digitisation through its exchange rate platform (naijabdcs.com), unveiled in 2018, have long prepared its members to embrace technology. It is also important to note that ABCON have spent several millions in IT research and developments, designs, implementations of various layers of automation of the business transformation process from manual to digital. Our members have through automation now have transactions monitoring systems with installed IT office equipment and internet in their location. Our members now record their transaction on AWS I -Cloud real time on line and extract their daily reports for return rendition, online real time interface with the CBN,” Gwadabe said.
The ABCON boss said that sometime in 2019, BDCs were integrated into the Nigerian Inter Bank Settlement System (NIBSS) clients’ BVN verification and validation platform in carrying out transactions with its members.
Gwadabe said that BDCs through the collaborations of ABCON and the Nigerian Fraud Intelligence Unit (NFIU) have registered on the GoAML platforms and Nil-returns platform for the rendition of their suspicious and cash transactions threshold to the NFIU in compliance with their AML/CFT obligations.
“We have also ensured that each of us execute compliance undertaking and appointment of a Compliance Officer. ABCON also constantly train and retrain, sensitise its members with regulators and security agencies as resource persons. ABCON as a custodian of regulation and auto regulatory organisation believe that the BDCs posed the most effective, transparent pass-through effect and transmission mechanism of the CBN foreign exchange policies. We have achieved convergence of rates in 2006, 2009 and 2018 to 2020 before the outbreak of COVID -19 in 2020,” Gwadabe said.
The ABCON chief said that it is in the light of the verifiable feats earlier mentioned that it is calling on the apex bank to grant a no- objection approval to various correspondences to it to grant BDCs the autonomy to embrace digital payment to the sub sector to achieve rate convergence.
He listed the benefits of the autonomy to include, but not limited to the following:
- “First it will lead to a true market rate discovery.
- “Secondly, it will enhance the achievement of the Federal Government’ harmonized foreign exchange rate policies.
- “Thirdly, it will make the BDCs transactions monitoring system effective and in conformance with their compliance obligation to statutory and regulatory requirement.
- “Fourthly, it will harmonised and centralise the market and thus making the BDCs the moderating and correcting mechanism for the market.
- “Fifthly, it will create additional employment to the over 40,000 employees directly and indirectly in the BDCs sub sector,” Gwadabe said.
He added that the autonomy would usher in transparency, accountability and ease of supervision of transactions in the BDC subsector of the FX market.
Accugas Signs MOU with Inoyo Toro Foundation to Establish Education, Internship Training Programme
L-R: Okwudili Onyia, Communications Manager, Savannah Energy; Prof. Enobong Joshua, Chairman of the Screening Committee, Inoyo Toro Foundation; Nkoyo Etuk, Head, Stakeholder Relations and Regional Manager, South East, Savannah Energy; Dr. Saturday Umanah, Assistant Director, Akwa Ibom State Secondary Education Board, and Dr. Glory Ekpo, Director, Akwa Ibom State Secondary & Higher Education, Akwa Ibom State Ministry of Education (representing Mrs. Idongesit Etiebet, Commissioner for Education, Akwa Ibom State) during the signing of the MoU between Accugas Limited and Inoyo Toro Foundation for the establishment of Savannah Energy Education & Internship Training (SEE-IT) Programme in Secondary Schools in Akwa Ibom and Cross River States in Uyo recently.
Accugas Limited, the midstream subsidiary of Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with the Inoyo Toro Foundation, a non-profit educational foundation based in Akwa Ibom State, for the establishment of the Savannah Energy Education and Internship Training (“SEE-IT”) programme within public secondary schools located in Akwa Ibom and Cross River States.
The SEE-IT programme includes:
- Teachers’ awards for excellence in teaching by public secondary school teachers in Biology, Chemistry, English, Mathematics and Physics;
- Grand Mentors’ awards for teachers who successfully mentor other teachers to become award winners in the five selected subjects;
- Principals’ awards for exceptional school heads providing a conducive teaching and learning environment for teachers and students;
- Establishment of environmental awareness watch clubs across selected Akwa Ibom and Cross River States public secondary schools;
- An annual public secondary schools’ quiz competition across Akwa Ibom and Cross River States;
- Award of full scholarships (school fees and living costs) to up to twenty students each year covering the number of years required to obtain a degree in their chosen field of study within any university (private or public) in Nigeria;
- Internship opportunities to the students receiving scholarships from Savannah.
Nkoyo Etuk, Regional Manager, South East and Head, Stakeholder Relations, Savannah, said:
“Education is an important part of Savannah’s corporate social responsibility and integral to our purpose, to meaningfully contribute to the economic development of our host communities and the countries in which we operate through the development of projects that will make a material difference. The SEE-IT programme is expected to enhance access to education and improve the quality of education in both Akwa Ibom and Cross Rivers states. We look forward to working with the Inoyo Toro Foundation and to seeing the results of this exciting partnership.”
Professor Enobong Joshua, Chairman of the Screening Committee, Inoyo Toro Foundation said:
“The Inoyo Toro Foundation is pleased to collaborate with Savannah on this programme. We have a long-standing relationship with Savannah, which we believe will be further strengthened by this ground-breaking initiative in education. The SEE-IT programme comes at a time when we need to move Akwa Ibom State’s education architecture forward and re-organise it. We are optimistic that the programme will support the state government’s education development agenda.”
Continental Re Appoints Kevin Kiambi Mworia to Lead its Kenya Subsidiary
L-R: Mr. Lawrence Nazare, Group Managing Director, Continental Reinsurance Plc; Mr. Kevin Mworia, Managing Director, Continental Re (Kenya), Mr. Godfrey Kiptum, Commissioner of Insurance, Insurance Regulatory Authority Kenya, Dr. Steve Mainda, Chairman Continental Re Kenya, Mr. Emeka Akwiwu, Executive Director – Technical, Continental Reinsurance Plc
Continental Reinsurance Plc pleased to announce the appointment of Mr. Kevin Kiambi Mworia as Managing Director for the Kenya Subsidiary.
Kevin succeeds Mr. Souvik Banerjea, who has retired from the Company after five years of service.
With a career spanning two decades, Kevin’s mark on the insurance landscape encompasses notable highlights from his previous role at Sanlam Kenya Group, where he served as the Principal Officer of Sanlam Life and Group CFO of Sanlam Kenya Plc. Before this, Kevin served at Liberty Life and Metropolitan Cannon in senior finance roles, having started his career at the ICEA LION Group.
At 51, Kevin, a Certified Public Accountant, has 18 years of senior leadership experience encompassing strategy, finance, human capital, culture transformation and strategic alliances. He is a Bachelor of Science (Hons) graduate in Mathematics and Statistics from Kenyatta University and The Stellenbosch Business School Senior Leadership Development Programme.
He also has a Circular Economy and Sustainable Strategies certification from the University of Cambridge’s Judge Business School.
“Our Nairobi office serves as Continental Re’s underwriting center for the Eastern region, catering to a diverse regional market encompassing Kenya, Burundi, Djibouti, Egypt, Eritrea, Ethiopia, Rwanda, South Sudan, Seychelles, Somalia, Tanzania, and Uganda. We started operations as a branch office in 2008 and, in 2013, converted to a subsidiary regulated by The Insurance Regulatory Authority of Kenya.
Our contribution to the Kenya Market is reflected through our 28% market share amongst peers, while the Kenya subsidiary’s contribution to the Continental Re Group’s total earned premium has grown from 4% in 2008 to 39% in 2022.
As Managing Director, Kevin will lead the Nairobi-based team to achieve our ambitious corporate growth aspirations in the country and eastern region to deliver sustainable value to our strategic partners, customers, and shareholders.
Insurance penetration in Africa has continued to lag the rest of the developed world. This presents an opportunity for insurers, reinsurers, intermediaries, and other related suppliers of insurance services to address the growing need for insurance coverage. We take this opportunity to rally your support as strategic partners and your collaboration as industry peers to collectively improve insurance practice and the industry’s value proposition to the market.”
Unity Bank Donates N10m to Fiditi National Open University
From Right: Managing Director/CEO of Unity Bank Plc, Mrs. Oluwatomi Somefun; Regional Manager, Unity Bank, Mr. Segun Olarenwaju presenting cheque to the Onifiditi of Fiditi, Oba Sakiru Oyewole Adekola-Oyelere, Ajani-Eedu II and the Chairman of the Committee, Professor John Oluokun during the during the official launch and Groundbreaking of National Open University of Nigeria, Fiditi Study Centre on Saturday at Fiditi Grammar School, Oyo State.
As part of its corporate social responsibility and commitment to promoting the development of the education sector in Nigeria, Unity Bank Plc has donated N10 million to Fiditi National Open University in Oyo Sate, Southwest Nigeria.
Making the donation at the launch/ground breaking ceremony over the weekend, the MD/CEO of Unity Bank Plc, Mrs. Tomi Somefun said:
“As a core philosophy of our business, Unity Bank is committed to promoting education as a key driver of human capacity development.”
She said, “education brings light, empowers a society to advance social change, while providing opportunity for individuals to grow and contribute to humanity.”
Mrs. Somefun, who joined other key dignitaries from the Fiditi community to lay a foundation for the university, said the Bank is “pleased to be a part of this historic moment, which will provide education to thousands of our people and open up Fiditi community even more to the outside world.”
Apart from the gesture, the Bank will deploy its financial products to enhance the operations of study centre especially through its financing packages, service channels and platforms in order for the school to optimize the centre.
The ground breaking event attended by dignitaries from all walks of life strongly reinforces Unity Bank’s commitment to supporting and promoting key pioneering efforts aimed at driving enduring impact in communities where it operates.
Unity Bank Grows Gross Earnings to N27.5bn in H1’2023
Retail lender, Unity Bank Plc grew its deposits to N333.38 billion, representing a marginal increase of 2% compared to N327.42 billion recorded in H1’22 in its Half-Year unaudited financial statement submitted to the Nigeria Exchange Group Limited.
The growth in deposits demonstrates incremental gains by the lender from its commitment to deepening its retail footprint through a well-diversified banking product suites that caters to different segments of the retail market.
Other highlights of the unaudited financial statement include gross income and total assets which recorded N27.5 billion as against N27.4 billion and N512.1 billion from N510.1 billion respectively within the period under review. The net loans portfolio reduced significantly by 31% to N198.6Billion as at 30 June 2023 from N289.4Billion as at 31st December 2022. The Bank’s NPL Ratio remained moderate at below 3% while liquidity ratio stood strong at over 45%.
However, the Bank’s profit for the period was impacted by foreign exchange revaluation on the back of Nigeria’s recent FX liberalization policy, resulting in a slide in our position.
Notwithstanding, the retail lender grew its FX trading income significantly by 17% to N239.8 million from N204.4 million in the corresponding period of 2022, underscoring the Bank’s strategic focus on diversifying and growing its earnings portfolio.
Similarly, fees and income commission also witnessed a 10% growth to N3.5 billion from N3.2 billion compared to the corresponding period of 2022, on the strength of the growing popularity of its digital banking platforms and customers’ acquisition in the retail space.
Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun noted that the significant disruptions which characterized the operating environment has impacted the positions of the Bank to the extent that we have constraints in income generation on the back of revaluation of the bank’s net foreign liabilities occasioned by the Naira devaluation during the period.
Mrs. Tomi stated:
“In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable envisaged from the positive economic outcomes of the government policies in the near term. Be that as it may, the negative shareholders’ fund has improved considerably through the injection of N135billion which moderated the negative shareholders’ fund from (-ve) N275Billion in December 2022 financial year-end to (-ve) N178Billion as at the end of June 2023, after absorbing the FX revaluation loss suffered in Q2/2023. We are however, focused with clear-cut plans to close out on our recapitalization programme very soon to enable us do business as expected in the fast-growing markets in Nigeria.”
She further stated that while we remain optimistic that the government’s policy initiatives will lead to cause correction in the market, the Bank has accelerated measures to ramp up asset creation and liability generation in the short and medium term.
The Bank is aggressively driving its retail growth in every segment of the market, expanding strategic partnerships; and growing commercial banking business to develop new and sustainable income lines for the Bank as well as pay sufficient attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and product marketing to enhance value creation in the market.
Analysts are of the view that notwithstanding the market shocks currently being experienced, the Bank is still on course given the resilience it has demonstrated over time.
AIICO Hosts Inaugural Annuitant Forum: Strengthening Customer Engagement, Service Excellence
AIICO Insurance Plc, a key player in Nigeria’s insurance sector, took a significant stride towards elevating customer engagement by hosting its inaugural Annuitant Forum.
This event underscored AIICO’s unwavering dedication to service excellence and customer-centricity.
The AIICO Annuitant Forum, held on September 7, 2023, in Lagos, provided a unique platform for annuitants to openly share insights, feedback, and queries concerning their insurance experience. The event also featured complimentary health check sessions, reflecting AIICO’s holistic commitment to customer well-being.
During interactive sessions, annuitants candidly discussed their experiences and expectations regarding AIICO’s insurance services, fostering a lively exchange of ideas. AIICO Insurance Plc highly values customer input, and this forum served as a direct feedback channel. The feedback received will be instrumental in shaping future service enhancements and product offerings.
The Forum commenced with a fully sponsored health check session organised by AIICO, aligning with the company’s commitment to the well-being of its annuitants beyond insurance coverage.
Mr. Babatunde Fajemirokun, MD/CEO of AIICO Insurance Plc, expressed his gratitude to annuity customers, stating, “This Forum provides a platform to engage and receive feedback to ensure that we improve and continue to serve you and exceed your expectations. We are here to listen and to improve.”
Mr. Gbenga Ilori, Executive Director and Head of Retail Business at AIICO Insurance Plc, emphasized the importance of the Annuitant Forum, saying, “Our annuitants are at the heart of everything we do. This forum allowed us to engage directly with them, listen to their feedback, and reaffirm our commitment to their financial security and well-being. We believe this open dialogue will contribute to our ongoing efforts to provide world-class insurance services.”
The AIICO Annuitant Forum received overwhelming appreciation from attendees, who expressed gratitude for the opportunity to engage directly with the company and contribute to the evolution of AIICO’s services. They highlighted the positive impact of such interactions on their overall insurance experience and eagerly anticipate future opportunities for dialogue.
AIICO Insurance Plc extends its appreciation to all annuitants who participated in this inaugural event and looks forward to implementing improvements based on the valuable insights shared. The company remains steadfast in delivering exceptional insurance experiences and fostering enduring customer relationships.
About AIICO Insurance Plc:
Established in 1963, AIICO Insurance Plc has a 60-year record of providing high-quality service to its clients. As a leading composite insurer in Nigeria, AIICO offers life and general insurance, health insurance, and investment management services, helping individuals, families, and corporate customers create and protect wealth.
9mobile Seeks Partnership with Cross River State to Accelerate Development, Growth in the State
L-R: Commissioner of Finance, Cross River State, Mike Odere; CEO, 9mobile, Juergen Peschel, and Director of Institutional Banking, Royal Bank of Scotland International Edinburg, Bryan Fashola during a panel session on “Infrastructural Revolution in Emerging Markets – Accessing PPP Financing for Sustainable Development” at the International Cooperation and Investment Summit, which held in Calabar recently.
Nigeria’s innovative telecommunications company,9mobile, has said it will partner with the Cross River State government to accelerate development and growth in the State.
This proposal was made by the Chief Executive Officer of 9mobile, Juergen Peschel, during a business meeting with the Governor of Cross River State, Senator Prince Bassey Otu, on the sideline of the International Cooperation and Investment Summit, which was held in Calabar recently.
Peschel informed the Governor that 9mobile is open to partnership with his administration and will offer simple, straightforward services of benefit to the State. He presented details of the telco’s proposed partnership: “We propose to build a data center that will be instrumental in hosting any government data and form the basis of digitalizing administrative processes. This will be one of the enablers of improving security in the State and will be based on the ‘Build, Operate, and Transfer Model’. This centre will also help educate and partner with universities to deepen learning”.
He explained further that data centres are vital to global connectivity and the continuity of daily business operations. He said that the benefits of having the data centre would be to support business applications and provide services such as data storage, management, backup and recovery, productivity applications, such as email, high-volume e-commerce transactions, powering online gaming communities as well as big data, machine learning, and artificial intelligence which will be beneficial to the State.
In addition, 9mobile also offered to provide electronic governance and contribute to the digitization efforts of the government, including the digitalization of the government’s administrative processes for better service delivery.
While receiving the 9mobile delegation, the State governor, Senator Prince Bassey Otu, said the State is an investment-friendly place and is an ideal hub for investment within the South-South zone. He praised 9mobile for being a worthy partner, saying he was pleased with the offer of further investment in the State through the proposed PPP projects.
Through participation in PPP, 9mobile will contribute its expertise, resources, and investment by bringing employment opportunities to Cross River State. Business owners and entrepreneurs get access to affordable and seamless connectivity.
Nigeria’s Telecom Contribution to GDP Hits 16% – Danbattah
L-R: Executive Commissioner, Technical Services, Nigerian Communications Commission (NCC), Ubale Maska; Group Managing Director/Chief Executive Officer, VDT Communications Limited, Biodun Omoniyi; Executive Vice Chairman/Chief Executive Officer, NCC, Prof. Umar Danbatta and President, Association of Telecom Companies of Nigeria (ATCON), Tony Emoekpere, at Telecom Executives and Regulators Forum hosted by ATCON in Lagos on Thursday.
The telecommunications sector’s contribution to the nation’s Gross Domestic Product (GDP) has increased significantly to 16 percent in the second quarter of 2023, according to the data reported by the Nigerian Communications Commission (NCC) based on the computation by the Nigeria Bureau of Statistics (NBS).
The Executive Vice Chairman of NCC, Prof. Umar Danbatta, stated this in a keynote address delivered at the annual Telecom Executives and Regulators Forum (TERF) hosted by the Association of Telecom Companies of Nigeria (ATCON) in Lagos.
According to Danbatta, from a 14.13 per cent contribution in the first quarter of 2023, and up from the hitherto 15 per cent all-time-high record contributed in the second quarter of 2022, the telecommunications sector added 16 per cent to the national GDP in the second quarter of 2023 to set a new record.
Danbatta, while speaking on the theme: “Success Factors and Barriers to National Broadband and Digital Economy Aspirations”, took the audience, promising executives of telecom companies and other industry stakeholders, through the giant strides being made by the Commission.
From about 8 per cent contribution to GDP in 2015, when Danbatta came on board as the EVC of NCC, he said quarterly GDP has increased significantly to reach its current threshold of 16 per cent and that this has continued to positively impact all aspects of the economy.
“Through sustained regulatory excellence and operational efficiency by the Commission, the industry has grown in leaps and bounds over the past two decades and this has impacted on all other sectors of the economy. The effective regulatory regime emplaced by the NCC and with the support from all stakeholders has been our major success factor as an industry,” Danbatta said.
The EVC stated that while there are barriers to broadband deployment in the country, ranging from the issue of right of way (RoW), fibre cuts, high capital requirement for deployment, multiple taxations and regulations, among other challenges, the NCC is navigating regulatory complexities, digital divide and literacy, security concerns with firmness and increased collaborations with necessary stakeholders such as ATCON to create measures towards tackling the challenges.
On the RoW challenge, the EVC said there are about 46 different taxes directed at the telecom sector at the moment. Such charges and levels, coming in various names, are imposed on telecom operators by some agencies and tiers of government, especially at the state and local levels. Danbatta said the challenge translates into greater economic burdens on telecom subscribers in the country.
Speaking about connectivity, Danbatta said, “Over the years, we have identified some clusters of access gaps all over the country but we have recorded a significant drop in the number of access gaps, as we continue to drive initiatives that boost access to telecommunications services.”
He stated that the Commission does this by enlisting government commitment to a digital economy with robust policy frameworks, promotion of investment and funding, stimulation of infrastructure development, digital inclusion and literacy, promotion of competition and market liberalization, effective allocation of spectrum, as well as driving the e-government ecosystem.
Danbatta said with various ongoing regulatory efforts, “The NCC is confident that we are going to reach 50 per cent broadband penetration threshold by the end of 2023 and by 2025, we would have met and possibly surpassed the 70 per cent broadband penetration target, as contained in the Nigerian National Broadband Plan (NNBP), 2020-2025.”
The EVC particularly commended ATCON and its members for being partners in progress and for constantly engaging the Commission in constructive ways towards finding solutions to the myriad of challenges confronting the industry. The EVC said a national broadband network and a thriving digital economy are not without their challenges.
“However, these challenges can be overcome through determination, innovation, and strategic planning. By focusing on the success factors and addressing the barriers, we can create a future where every Nigerian have access to the opportunities that the digital world offers,” he added.
Danbatta also stated that the success of the nation’s digital aspirations is beyond technological advancements but also about transforming lives, driving economic growth, and ensuring that a nation remains competitive on the global stage.
“As we work together to navigate this path, I enjoin all our stakeholders in the public and private sectors to remain committed to building a brighter and more connected future for our country,” he said.
Simba TVS Launches Queen Rider Program in Ile Ife
Simba TVS, the leading brand of tricycles in Nigeria, has brought its award-winning Queen Rider Program to Ile-Ife in Osun State, in collaboration with the House of Oduduwa and Queen Moremi Ajasoro Foundation.
The Queen Rider Program is a women’s empowerment initiative of the Simba Group, that trains women on tricycle riding and maintenance and equips those from under-represented backgrounds with the skills and support to start their own tricycle business.
The opening ceremony, which was held recently at the Palace of the Ooni of Ife, had several government officials, traditional rulers and transport unions in attendance.
Declaring the program open, the Oni of Ife, His Imperial Majesty, Adeyeye Ogunwusi, thanked Simba TVS for bringing the Queen Riders program to Ife, assuring that the crown will continue to partner with the company to ensure its success. While noting the dearth of commercial tricycles in Ife which is supposed to ease local transportation, he opined that upon conclusion of the training program, successful participants would also contribute to the improvement of last-mile transportation in Ife.
Speaking at the launch, Mr. Mahendra Pratap, the Business Head of Simba TVS, said: “The Queen Rider Program is not only a skill development initiative, but also a social movement that challenges the stereotypes and barriers that sometimes limits womens’ potential. By becoming Queen Riders, these women can assert their independence, confidence, and dignity. They can also inspire other women and girls to pursue their dreams and aspirations.”
He added: “The Queen Rider Program is aligned with our vision of creating a more inclusive and equitable society, where women have equal opportunities and rights. We believe that women empowerment is not only a moral imperative but also a step towards economic growth and social progress.”
One of the participants, Ms. Sowade Oluwabukola, expressed her excitement about joining the program: “I am very happy to be part of this program. I have always wanted to learn how to ride a tricycle, but I was afraid of what people would say or do. Now I have the opportunity to learn from experts and meet other women who share my passion. I hope to become a successful Queen Rider and support my family.”
The Queen Rider Program is Nigeria’s oldest tricycle training and empowerment program dedicated to women. It was established in 2017 by Simba TVS to teach women how to safely ride and repair tricycles, enabling them to partake in the industry and increase their families’ disposable incomes.
Since its inception, the program has trained over 1,000 women across Nigeria and helped them access finance, mentorship, and networking opportunities. The program also provides them with certificates and starter kits.
Ecobank Remodels Branches for Enhanced Customer Experience, Service Delivery
Ecobank Nigeria has started the remodeling of its branches across the country. This effort will see the bank turn its existing banking halls into modern smart banking arenas designed to offer a cozy experience to customers and other stakeholders of the bank who visit the branches.
Speaking on the branch transformation exercise, Titi Olarinde, Head, Branch Network, Ecobank Nigeria Limited said it is a deliberate and strategic decision of the bank to ensure that customers transact seamlessly in an environment where they are happy to come to everyday whilst providing the best banking experience for them and our staff.
She said the remodeled branches are equipped with fully functional digital service points, new ATMs, solar power for uninterrupted 24/7 electricity and other facilities for an enhanced customer experience.
She disclosed that for the first phase, the bank has earmarked 50 branches across the nation for the redesign exercise and they will be delivered before end of the year. 10 of these branches such as: Ajose Adeogun, Ikotun, Iju and Admiralty branches in Lagos; Jabi, Garki Area 8 and Maitama in Abuja; Murtala Mohammed Way, Kano; Benin Sapele Road, Benin-City and Aba Road in Port Harcourt have been completed and are already open to customers.
“For us as a bank, we decided to redesign and give our branches a new look and feel to tell the story of who we are as a pan African banking institution. The comprehensive renewal affects the ambience, aesthetics, internal and exterior branding of the branches. To complement the new look, the signages are also being completely changed or refurbished. We believe the remodeled branches will reflect the personality and values of the brand, raise the bar of customer experience and service delivery to our existing and prospective customers as well as all stakeholders. Visit any of our branches in Ajose Adeogun, Ikotun, Iju and Admiralty branches in Lagos; Jabi, Garki Area 8 and Maitama in Abuja; Murtala Mohammed Way, Kano; Benin Sapele Road, Benin-City and Aba Road in Port Harcourt and have a feel of the locations already completed and opened to customers.”
Mrs. Olarinde concluded by saying that the various innovative projects by the bank in recent times are targeted at making it the most preferred financial institution in the country.
Ecobank Nigeria Limited is an affiliate of the Ecobank Group, the leading pan-African banking group.
Ecobank Nigeria offers a comprehensive suite of financial services and solutions to its Consumer, Commercial, Corporate and Investment Banking clients at over 200 branches and 60,000 Xpress Point agency locations in Nigeria.
Nigeria’s Infrastructure Agenda Encompasses Roads, Rail, Aviation, Ports, Energy, Digital- Lazarus Angbazo
In the heart of New Delhi, India, Dr. Lazarus Angbazo, the Chief Executive Officer and Managing Director of the Infrastructure Corporation of Nigeria, passionately made the case that Nigeria, with its status as the largest economy in Africa, its youthful and educated population, abundant natural resources, and strategically advantageous geographical location, offers a wealth of investment opportunities for Indian businesses, especially in the field of infrastructure.
Addressing multiple panels during the Nigeria-India Presidential Roundtable and Conference on September 6, 2023, Dr. Angbazo did not doubt Nigeria’s readiness for investment, declaring, “Nigeria is fully open for business, now more than in the past decade.” His words resonated through the grand hall, captivating dignitaries, politicians, and business leaders alike.
Angbazo emphasised the rapid economic reforms undertaken by President Bola Ahmed Tinubu’s administration within weeks of taking office. These reforms, which include removing fuel subsidies, harmonizing foreign exchange rates, and commercialising critical sectors, signal a transformative shift in Nigeria’s economic landscape, opening doors to faster growth and opportunities for international investors.
His speech was more than just statistics and policies; it conveyed a message of hope and promise for the future of both nations. Angbazo stressed that President Tinubu’s focus on infrastructure development, spanning roads, rail, aviation, ports, energy, digital, and social infrastructure, aims to boost domestic economic growth and enhance the overall business environment, creating a fertile ground for foreign investment.
The CEO highlighted specific investment prospects within Nigeria, particularly in agriculture, manufacturing, mining, and the power value chain. As he enumerated these opportunities, the audience nodded in agreement, recognizing the immense potential for partnership and growth.
Angbazo’s limited time didn’t allow him to delve deeper into various opportunities spanning various sectors. Still, his message was clear: Nigeria and India share tremendous investment synergies, and the time for collaboration has never been more opportune.
Concluding his speech, Angbazo turned the spotlight on The Infrastructure Corporation of Nigeria (InfraCorp), the nation’s pivotal entity for mobilising private capital investment in public infrastructure. He underscored InfraCorp’s role in developing bankable and attractive infrastructure projects, emphasizing the importance of public-private partnerships.
In his closing remarks, Angbazo painted a compelling picture of the shared legacies, common languages, and the vast potential awaiting India and Nigeria. He cited Nigeria’s young and educated population, growing middle class, abundant natural resources, strategic geographical location, commitment to economic reform, and deep-rooted friendship with India as reasons for continued partnership and investment.
Angbazo’s words ignited a spark of enthusiasm and optimism in the hearts of all those in attendance, reminding them that together, India and Nigeria could achieve remarkable feats in infrastructure development and beyond.
PalmPay Recovers $677m for Customers as Fraud Jumps 277% in Q2
| As electronic payment platforms gain traction, the need for consumers to be conscious of their online security becomes paramount.
Recent data highlights a surge in Nigerians adopting electronic platforms for day-to-day transactions. According to a recent report by the Financial Institutions Training Centre (FITC) on Fraud and Forgeries in Nigerian banks for Q2, 2023, fraud cases have jumped to a whopping 276.98%. He urged Nigerians who have not embraced e-wallet to do so because it is secure, convenient and accessible. |
Danbatta Lauds Swedish Govt, Ericsson for Sustained, Remarkable Partnership
L-R: Country Manager and Managing Director, LM Ericsson Nigeria Limited, Peter Ogundele; Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC), Prof. Umar Danbatta; Swedish Ambassador to Nigeria-Ghana and Cameroon, Annika Hahn; Executive Commissioner, Technical Services, NCC, Ubale Maska and Director, Special Duties, NCC, Dr. Ikechukwu Adinde at the workshop engagement for regulators in the West African region organised by Ericsson and Swedish Programme for ICT in Developing and Emerging Regions (SPIDER) at the NCC’s Annex Office, Mbora, Abuja.
The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has commended the Swedish Government and Ericsson for their commitment and consistency in a strategic partnership with NCC on capacity building which has strengthened the Commission’s regulatory activities.
Speaking at a workshop jointly organised by NCC and its Swedish partners within the framework of the Swedish Programme for Information and Communications Technology (ICT) in Developing and Emerging Regions (SPIDER), Danbatta stressed the significant strides made by NCC in the field of ICT.
“This workshop signposts the vital role the Nigerian Communications Commission, as a regulator, has been playing in the West African sub-region. It also highlights the unending objective of keeping up with the times and ever-evolving dynamics of the telecommunications sector,” Danbatta stated.
The NCC Chief Executive reiterated the enduring commitment of the Swedish Government and SPIDER to the cause of ICT development in emerging regions and acknowledged their roles in improving access to healthcare, education, income generation, and employment opportunities in West Africa, thereby contributing to poverty reduction.
“This periodic strategic engagement under the auspices of SPIDER over the years has made the Commission a more effective regulator and enhanced it contribution to the development of the telecommunications sector. This contribution will further support the creation of an ecosystem that is beneficial to the economies and people of the region,” the EVC said.
In her speech, the Swedish Ambassador to Nigeria, Ghana, Cameroun, and Economic Community of West African States (ECOWAS), Mrs. Annika Hahn, highlighted the significance of ICT regulation and capacity building as key drivers for economic development and social progress.
The ambassador also commended the NCC for hosting the event and fostering collaboration between the two nations. She acknowledged the pivotal role ICT has played in Sweden’s economic growth being the birthplace of Ericsson, one of the world’s oldest and largest ICT companies, with a rich history in the sector.
Speaking further, the ambassador stressed the global technological revolution and its potential to catalyse industrial and economic development. She stressed the need for modern and adaptable regulation to navigate this rapidly-evolving landscape.
Hahn also stated that, “to cope with this new and swiftly-developing environment, we need to regulate in a modern and adaptable way. Therefore, human capacity building in ICT regulation is crucial for all of us.”
The diplomat said the COVID-19 pandemic accelerated the adoption of ICT across the globe, leading to an increase in Internet users as the shift impacted various sectors, including education, commerce, and financial services. She also said that e-learning practices on various platforms played a significant role in the transformation.
Speaking further, the Ambassador said Ericsson has reported that there were more than 900 million registered mobile subscriptions in Sub-Saharan Africa in 2022, with a considerable portion of those in Nigeria.
The Swedish ambassador said that, in driving growth and contributing to the ambitious goal of over a billion mobile subscriptions by the end of 2023 within Sub-Saharan Africa, “education must be an essential part of our regulatory development strategies and policies, hence the need for collaboration in knowledge-sharing and up-skilling of human resources by all stakeholders.”
SEC: Banks’ Growth Hinges on Firm Regulatory Framework
Securities and Exchange Commission (SEC) has said the remarkable growth witnessed in the Nigerian banking industry over the past decade is partly attributable to the capital market and SEC’s comprehensive regulatory approach.
Mr. Lamido Yuguda, Director General of SEC said this at the 2023 Chartered Institute of Bankers (CIBN) graduands’ induction and prize award recently in Lagos.
He said, “the harmonious relationship between the capital market and the banking sector is further exemplified by our role in facilitating capital raising, mergers and acquisitions for banks.
“By streamlining the listing process and ensuring adherence to high standards of transparency and corporate governance, we enable banks to tap into the securities market as a means to secure funds from a diverse range of investors.
“This synergy between the banking industry and the capital market is illuminated by the fact that only four (4) out of the twenty-five (25) banks that emerged from the Central Bank’s 2004 recapitalisation exercise did not access the capital market before compliance.”
Yuguda charged the graduates on professionalism and adapting to changes in the financial world.
“Distinguished graduates, as you embark on your banking careers, remember the importance of integrity, good moral conduct, and adaptability.
“The financial world is evolving rapidly due to technology and global changes. Embrace these shifts as unique and timely opportunities to contribute positively to the banking industry”, he said.
He said the theme, “Navigating the Pathways of Banking Excellence,” aptly encapsulates the journey that each of them embarks upon.
“I extend my sincere gratitude to the Chartered Institute of Bankers of Nigeria for its determined commitment to nurturing industry-ready professionals. Your dedication resonates with our shared vision of fostering a resilient, well-regulated financial ecosystem that can withstand challenges and foster sustainable growth.
“The most renowned professionals are celebrated today for building business empires and nurturing thoroughbred professionalism, achieving success through proper conduct, steadfast dedication, and a meticulous approach that allowed them to refine their long-term visions and goals.
He said the CIBN’s vision aligns with the Commission’s quest for transparent and fair conduct in securities business by ensuring that operators in the capital market play according to the rules.
“The Commission also recognises individual and corporate players whose conducts not only ensure compliance but do more to make investment an interesting endeavour.
“As regulators and professional bodies, we must ensure that our onboarding processes for new entrants are robust enough so that only fit and proper persons find their way into the very exciting careers in the financial market.
“Similar to what obtains in the money market, the Commission’s engagement spans a spectrum of activities, including registration, surveillance, proactive regulation, and robust enforcement mechanisms, all aimed at nurturing a fair and transparent market environment.
“Even though the CBN is unrelenting in ensuring full compliance by banks and other financial institutions through relevant departments, the professional bodies, especially the CIBN must leverage continuous assessment to ensure that bankers demonstrate probity and ethical conduct at all times.
“As the financial market continues to evolve with the increasing need to embrace financial technology, we must keep fine-tuning the regulatory frameworks that guide our continued operation in the market,” he said.
Yuguda said the culture of transparency mandated by the Investments and Securities Act empowers investors to make informed decisions.
“This transparency, in turn, fosters trust within the banking industry and encourages broader participation in financial markets, thereby enhancing investment inflows.
“As you may be aware, retail investors played a pivotal role in the success of recapitalisation exercises in the banking and insurance sectors, portraying the collective strength of individual contributions,” he noted.