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CBN Meeting and NSE in Focus

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By Lukman Otunuga, Senior Research Analyst at FXTM

Nigerian stocks struggled for direction on Tuesday as investors adopted a guarded approach ahead of the Central Bank of Nigeria’s interest rate decision this week.

After claiming the title as the world’s best-performing stock market in 2020, equity bulls in Nigeria seem to be missing with the NSE All-Share Index down only 0.36% year-to-date. While appetite towards the local stocks was fuelled by a sense of optimism over Nigeria’s economic outlook, the primary driver behind such gains last year revolved around the bond markets. It must be kept in mind that investors were hunting for gains at a time where the country’s fixed income markets offered negative real yields. Given how this has drained demand for Naira bonds, they may remain unloved and depressed over the coming months.

The Central Bank of Nigeria is unlikely to change its monetary policy stance this week with interest rates expected to remain unchanged at 11.5%. While central banks across the globe have embraced looser monetary policy and lower interest rates, the CBN may not have the breathing space. Inflation which has accelerated to a 34 month high of 14.9% in November is likely to push higher amid dollar shortages. On top of this, the country is still battling with COVID-19 with a new variant emerging a few backs back.

On the bright side, Oil prices are trading to levels not seen since February 2018 amid signs of tightening global supply. For emerging market oil producers like Nigeria, this is a welcome development and could boost optimism over the growth outlook for 2021. While prices could push higher in the near term, surging coronavirus cases and lockdowns across the globe may fuel fears around weak oil demand. Oil is up almost 10% since the start of the year with the commodity’s near-term outlook likely to be influenced by the pending OPEC monthly market report on Thursday.

Away from Nigeria, things are set to heat up in Washington after Democrats introduced a resolution to impeach U.S President Donald Trump for a second time, setting the stage for a vote on Wednesday. The idea of Democrats pushing for the removal of Trump who has less than two weeks left in his term is likely to fuel risk aversion and spur demand for safe-haven assets. If this becomes reality, the move would mark a first in history as no president has ever been impeached twice.


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Polaris Bank Wins Sectoral Award at the 2024 NEC A Employers’ Excellence Awards

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Polaris Bank has achieved yet another milestone by emerging as the Sectoral Winner in the Banking and Other Financial Institutions Sector category at the 2024 NECA Annual Employers’ Excellence Awards.

Polaris Bank

Polaris Bank

The Bank received the sectoral recognition for its innovative HR practice at the NECA’s Excellence Awards, (the 4th edition) which held recently at the Balmoral Convention Centre, Ikeja.

The recognition is particularly significant as it marks the first award the Bank has received for its efforts in Human Resources Management, reaffirming Polaris Bank’s commitment to creating a people-oriented workplace culture.

The NECA Annual Employers’ Excellence Awards celebrate organizations that excel in key areas such as leadership and people management practices, sound human resource systems, effective corporate governance, responsible business conduct, technological innovation, Environmental, Social, and Governance (ESG) practices, and the elimination of child labour.

Speaking on the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal, stated: ” Winning this prestigious award accentuates our deliberate approach to promoting an environment where employees can thrive, innovate, and contribute meaningfully to the Bank’s success.

“It also highlights Polaris Bank’s leadership commitment to evolving into an employer of choice and a great place to work. Congratulations to the entire Polaris Bank family for this outstanding achievement on a sectoral scale! This win is a testament to the hard work, dedication, and innovative spirit of every member of our team. It could not have been any BIGGER! ”

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024, 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.


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Ina Alogwu Joins 9mobile as Chief Digital and Innovation Officer

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9mobile has appointed Ina Alogwu as its new Chief Digital and Innovation Officer (CDIO), marking another significant step in the company’s business transformation agenda.

In his new role, Alogwu will be responsible for guiding the development and execution of 9mobile’s long-term strategy across the entire digital and technology ecosystem, including new technologies, digital platforms, and business models while nurturing a culture of innovation within the organization.

His appointment demonstrates 9mobile’s firm commitment to driving digital transformation and enhancing its innovative capabilities to better serve customers and stay ahead of market trends.

Alogwu is a visionary leader and seasoned strategist with nearly two decades of transformative experience in digital commerce, mobile payments, and technology ecosystems, making him an invaluable addition to 9mobile’s leadership team.

He has a proven ability to identify emerging trends and harness them to develop and execute groundbreaking digital products and strategies. His expertise spans product innovation, data strategy implementation, and agile business transformations, all of which have delivered significant and sustainable results across diverse industries and regions.

He joins 9mobile from ARM Holding Company, Nigeria, where he was the Group Director, Digital Transformation and spearheaded innovation initiatives, implemented a robust data strategy, and managed venture-building programmes that supported numerous African tech startups.

His very distinguished and diverse professional journey also includes an impactful tenure at Interswitch Limited, where he held roles such as Group Head, Verve Digital, and Group Head, Payment Processing. In these roles, he led the creation of groundbreaking payment platforms and digital solutions across West and East Africa.

Earlier in his career, Alogwu held roles at the Economic and Financial Crimes Commission (EFCC) as a Training Specialist and worked at Integrated Business Strategies as a Business Analyst.

Speaking about the appointment, 9mobile CEO Obafemi Banigbe expressed confidence in Alogwu’s ability to lead the company’s innovation efforts, saying, “Alogwu’s broad professional background makes him the perfect fit for our innovative and business transformation journey as he joins a team of recently appointed senior business leaders to drive this process and the next phase of our growth.

“His role is crucial for navigating today’s fast-paced digital environment. And he has been entrusted to lead the charge in harnessing new technologies, driving digital transformation, and ensuring the company remains adaptable to change, which is integral to fostering innovation and positioning 9mobile as a forward-thinking leader in its industry.”

The New CDIO said, “I’m delighted to join 9mobile and collaborate with the CEO and the leadership team on the innovative initiatives already in progress.

As we navigate the rapidly evolving digital landscape, I’m eager to leverage my expertise in digital strategy, technology, and innovation to drive 9mobile’s mission to deliver exceptional customer experiences and achieve our strategic objectives.”

Alogwu’s academic credentials further underline his readiness for this role. He holds an Executive Master’s in Digital Transformation and Innovation Leadership from IE Business School, Madrid, and a Postgraduate Diploma in Digital Business from Emeritus Institute, in collaboration with MIT and Columbia Business School.

He also completed the Senior Management Program at Lagos Business School, Pan-Atlantic University, and earned a BSc. in Geology & Mining from the University of Jos, Nigeria.

His education is further enriched by certifications in Product Management, Lean Six Sigma, and Strategic Innovation, equipping him with a robust foundation to drive innovation, lead digital transformation, and achieve business excellence in competitive landscapes.

His ability to combine academic knowledge with practical expertise has positioned him as a trailblazer in the digital commerce and technology sectors.

Beyond his technical expertise, Alogwu is adept at cultivating and managing strategic relationships with global multilateral organizations and financial institutions, leveraging these partnerships to unlock profitable opportunities. He has consistently demonstrated excellence in leading multicultural teams and navigating complex, multi-stakeholder environments to deliver transformative outcomes.


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NAICOM Signs Agreement with NDPC on Data Protection in Insurance Sector

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The National Insurance Commission (NAICOM), has signed agreement with the Nigerian Data Protection Commission (NDPC) with the aim of enhancing data protection within the insurance sector.

According to NAICOM, the Memorandum of Understanding (MoU) has as its objectives training and capacity building in the area of providing training to enhance awareness and skills in data protection, establishing privacy clinics by setting up specialised clinics to address data protection concerns and provide guidance.

NAICOM said other objectives of the agreement include conducting compliance activities, regularly monitoring and enforcing compliance with data protection regulations, promoting awareness in the area of educating insurance companies on the importance of data protection and the benefits of adhering to best practices.

Developing data protection guidelines through creation of specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.

NAICOM said the collaboration marked a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.

The commission said to ensure the effective implementation of the agreement, an implementation committee would be established. The committee, the commission said, would comprise of representatives from the two agencies, as well as other key industry associations, including the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB).

 


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