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Bring On the CTO: Why Having a Chief Transformation Officer Makes Sense in a Post-COVID World

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Ricardo Vargas Executive Director _ Brightline Initiative, PMI
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By Ricardo Vargas Executive Director, Brightline Initiative, PMI

The case for having a Chief Transformation Officer (CTO) has been building for years. Now, as companies undertake the difficult task of rebuilding in the wake of COVID-19, the CTO role is more important than ever.

Ricardo Vargas Executive Director _ Brightline Initiative, PMI

“Life will never be the same after COVID-19.”

You hear that a lot these days. But for many organizations, life will indeed be different in a post-COVID world. Whether they’re restructuring their supply chains, reframing their go-to-market strategies or reconsidering their office space needs, organizations rebuilding in the wake of COVID-19 will need to undergo significant transformation.

To aid in these efforts, it becomes relevant to think about formalizing the role of the Chief Transformation Officer.

The role of Chief Transformation Officer, or CTO, is tailor made for times like these. A CTO can take top management’s transformation vision and make sure it’s properly disseminated throughout the organization.

He or she can translate that vision into concrete goals. Even more important, the CTO can devise and deliver the master plan for achieving these goals—overseeing the multitude of projects that will be needed to turn the organization’s transformation strategies into reality in the post-COVID world.

A Constant State of Transformation

Even before the onset of COVID-19, however, the argument for formalizing the CTO role had been building. That’s because many organizations are already dealing with near constant transformations due to disruptive societal and technology changes. These include growing urbanization, climate change, massive demographic shifts and the revolution caused by advanced technologies like artificial intelligence, robotics and 5G.

There’s also the reality that transformations are costly, time-consuming and difficult. They tax the capabilities of even the most agile organizations. In fact, Forbes estimates that 70 percent of large-scale transformations fail to achieve their goals, resulting in a loss of approximately $900 billion in 2018 alone.

Transformations fail for a variety of reasons. Executives we spoke to as part of a 2020 Brightline study, titled Mastering Strategy Implementation in Transformative Times , cited such challenges as limited resources, insufficient technology, skill gaps among internal talent and a lack of processes for guiding strategy.

This same research—among 1,000+ C-level executives from around the world—also provides supporting evidence for the CTO role. Indeed, one of the key variables contributing to the success of a strategic transformation is strong leadership. Brightline’s years of experience in researching strategic implementation suggests that naming a CTO may be the best way of providing that leadership.

Using Standardized Processes

The CTO can serve as a catalyst for formalizing the processes used in transformation initiatives. That’s important because one of the other key variables behind a successful transformation is implementing and adhering to such standardized processes.

The CTO can bring the discipline needed to do so—helping organizations be more adaptable and allowing them to take full advantage of the technology and frameworks they already have.

Finally, having a CTO leads to greater accountability. Investing one person with the responsibility for overseeing a transformation eliminates any potential leadership gaps. It ensures that there will always be one person—the CTO—whose sole priority is the success of the transformation initiative.

Sometimes a black swan event can disrupt a trend that has been gaining momentum. In the case of the CTO role, however, the COVID-19 pandemic should accelerate that momentum. In the post-COVID world, we need to bring on more CTOs to manage the arduous task of re-building our organizations, our economies and our society.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NELFUND Investigates 34 Universities Over Students’ Missing Tuition Refunds

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Nigerian Education Loan Fund (NELFUND) says it is investigating about 34 tertiary institutions over allegations that they failed to refund students whose tuition fees were paid twice under the Federal Government’s student loan scheme.

The Managing Director of NELFUND, Mr Akintunde Sawyerr, disclosed this during an interview on Arise Television.

Sawyerr said the agency had deployed a five-member investigative team, including operatives of the Economic and Financial Crimes Commission (EFCC) and internal auditors, to examine the allegations.

According to him, the investigation was prompted by numerous complaints received from affected students.

“As of right now, there are 34 institutions that we are looking at closely with respect to this issue,” he said.

Sawyerr explained that the double payment issue arose because President Bola Tinubu directed that the student loan scheme commence in the middle of an academic session instead of at the beginning.

He said the decision compelled many students to pay their tuition fees to meet registration deadlines while awaiting approval of their loan applications.

“What happened is that a lot of schools got double payment; some from the students and some from us,” he said.

“The refund process is entirely out of our hands. It is the recipient of the double payments that is obliged to make refunds to the students.”

The NELFUND boss noted that many students had borrowed money from family members, friends and other sources to pay their tuition with the expectation of receiving refunds once the loans were disbursed.

He said while some institutions had promptly refunded affected students, others had failed to do so.

“Some have been very good at this. Others haven’t been so good at it,” Sawyerr said.

“I reserve judgement on the intentionality around it because, for some of them, they just didn’t have the process to make refunds.”

Sawyerr disclosed that NELFUND was exploring a tokenised payment system that would enable students to authorise tuition payments directly to their institutions, thereby reducing the likelihood of duplicate payments.

He said the agency deliberately chose not to disburse tuition loans directly to students to minimise the risk of fund diversion.

“Paying the funds to the students could really lead to the temptation for them to divert and do other things,” he said.

The managing director, however, acknowledged that NELFUND lacked the statutory powers to compel institutions to refund students or prosecute officials found culpable.

He added that many frustrated students had submitted complaints not only to NELFUND but also to anti-corruption agencies, including the EFCC and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

Sawyerr also expressed concern over increases in tuition fees by some institutions following the introduction of the student loan scheme.

He said NELFUND had declined to pay institutions that increased their tuition fees beyond acceptable levels.

“Some schools, because they get paid easily, started to put up their fees. We refused, point blank, to pay institutions who had hiked their fees beyond a certain level,” he said.

He reaffirmed the agency’s commitment to investigating every reported irregularity and strengthening the implementation of the student loan programme through continuous monitoring and internal reviews.


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Obi, NDC Presidential Candidate Faces N50Bn Defamation Claim over Alleged Podcast Remark

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Abayomi Arabambi, national vice chairman (South-West) of the Labour Party, has demanded a public apology, a retraction, and N50 billion in damages from Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), over an alleged defamatory statement made during a podcast interview.

Obi, NDC Presidential Candidate Faces N50Bn Defamation Claim over Alleged Podcast Remark

The demand was contained in a letter issued by the law firm Neplus Ultra Attorneys and signed by Anderson U. Asemota, Peter O. Asimegbe, and Stanley C. Eziefulle on behalf of Arabambi.

According to the letter, the legal dispute arose from comments allegedly made by Obi during the interview, where he reportedly stated that Arabambi “does not have an address.”

Arabambi’s legal team described the statement as false, malicious, and defamatory, arguing that it portrayed their client as a faceless individual without legitimacy, credibility, or standing in public life.

The lawyers further claimed that the interview was widely circulated on television stations and digital platforms, exposing Arabambi to public ridicule and damaging his reputation.

“Our client has had a known residential and business address, maintains professional and political affiliations within Nigeria, and has never been a person whose whereabouts or identity were unknown,” the letter stated.

The legal team maintained that the alleged publication caused embarrassment and harmed Arabambi’s public image and political standing.

As part of their demands, the lawyers called for an unreserved public apology to be aired on national television, published on Obi’s verified social media platforms, and carried as full-page apologies in national newspapers.

They also demanded the payment of N50 billion as compensation for the alleged injury to Arabambi’s reputation, dignity, political standing, and public image.

 


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Why We’re Partnering With NIHOTOUR To Bring Nigerians In South Africa Home – Steve Babaeko

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When Nigerians began arriving back home on emergency flights following an ultimatum from anti-migrant groups in South Africa, Steve Babaeko, alongside The Nigerian Institute of Hospitality and Tourism (NIHOTOUR), saw an opportunity to step up for his fellow citizens.

Why We’re Partnering With NIHOTOUR To Bring Nigerians In South Africa Home - Steve Babaeko

Steve Babaeko

The CEO of X3M Ideas explains that he saw a deep obligation, one that had nothing to do with advertising and everything to do with hospitality. For Babaeko, it was a reminder that an agency owes a duty of care to the community it exists within.

That conviction shaped the creative agency’s partnership with the Nigerian Institute of Hospitality and Tourism (NIHOTOUR) for the newly launched ‘Welcome Home’ pilot programme at Murtala Muhammed International Airport (MMIA) in Lagos. Rather than simply crafting a messaging campaign around the crisis, X3M Ideas helped design a tangible, physical system.

“This wasn’t built as a campaign about a crisis,” Babaeko said. “It was a hospitality agency deciding what it owes its own citizens the moment they land.”

For Babaeko, what X3M has built is infrastructure, something returnees can physically walk through, use, and benefit from the instant they clear the arrival gate.

With the MMIA pilot now officially running, NIHOTOUR directs returnees to immediate support services and issues them a Returnee Card. This card grants individuals a free first night at partner hotels, immediate transport assistance from the airport, and fast-tracked business registration support.

Furthermore, the initiative features a dedicated Restart Desk to assist returnee entrepreneurs and tradespeople with job placement referrals and business registration. This operates alongside a public Homecoming counter that tracks the cumulative number of returnees welcomed, businesses restarted, and jobs facilitated.


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