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FG to Cut Deposits in Banks over their Refusal to Lend to Nigerians

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The federal government said that it might be forced to cut her deposits with Deposit Money Banks (DMBs), otherwise commercial banks in the country over their reluctance to grant loans to agricultural, mineral resources and small and medium enterprises sectors of the economy.

President Goodluck Jonathan who expressed his government’s dismay, said that banks were not doing enough to support the real sector despite the policies and other measures provided to create an enabling environment for them to thrive over the years.

The President spoke at the opening session of the 7th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, Tuesday.

Represented by Dr. Yerima Ngama, minister of State for Finance, Jonathan, warned that unless they increase their funding to these critical sectors, government might be compelled to reduce their access to public sector deposits.

Public sector deposits in banks are currently estimated at about N2 trillion but the Central Bank of Nigeria’s  (CBN) decision to increase their Cash Reserve Requirement (CRR) for public sector deposits to 50 per cent, as part of the monetary tightening mechanism, had already reduced public funds available to banks to trade with.

The apex bank has intervened through financial intermediation support initiatives such as the Commercial Agricultural Credit Scheme (CACS), and Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL.

The President noted that the banks were getting money from the government at zero interest rate but continued to deny the productive sector the required funding support.

He added that if the banks failed to play their roles, the government might withdraw its deposits in the banks and use a substantial part of the fund to support the productive sector.

Describing the oil sector as external to the economy (because there is little it is drawing from Nigeria to create wealth), Jonathan expressed desire for the banks to jointly do more in agricultural lending, which he noted remained too low to achieve the Agricultural Transformation Agenda’s (ATA), goals of making Nigeria a net exporter of food and catalyst for job creation in the economy.

He said: “The banks have to come together and see how they can put funds together to really support the farmers. “The statistics we have coming from the Central Bank is that when you lend to farmers they pay you. I think we have First Bank’s experience where the percentage of the nonperforming agric loans to performing is less than 1.5 per cent.

“So, the poor actually pay their loans, but why are the banks always eager to go and lend to the riskier businesses than this safe agricultural businesses? “The issue is with our psyche, we think that maybe they are not high tech or maybe there is too much documentation based on a loan of N50,000 or N100,000.

But as a nation, you have to look at it as your responsibility. We owe this nation; we have to rise to that challenge and see that the banking sector should come together with a solution and no longer wait for the Central Bank to be coming with the solution.

“But if we want to believe that the banking sector is not innovative, that it is not ready to come with solutions and they are always looking for government and they are always looking for the Central Bank to do the magic, I am saying that time is running out and people are not patient,” the President warned.

Noting that the banks needed to do more in lending to the agricultural, solid minerals and real sector as a corporate imperative, the President said unless they played their roles in a manner that suggests their readiness to support the nation’s economic development objectives, the CBN may have to introduce new policy measures that would deny the banks continued access to government deposits.

Mr. Segun Aina, president of the CIBN,  had in his remarks re-assured the government of the institute’s readiness to partner government in its various initiatives aimed at deepening banking knowledge and improving delivery of top class financial services to the economy

He expressed the hope that the conference would serve as a veritable platform for players in the industry to explore, share experiences and identify strategies to be pursued in ensuring that the financial services industry effectively plays its expected roles in supporting economic development.


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UK Pledges €1Bn to Fight against Malaria in Nigeria

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The UK has pledged £1 billion to Nigeria’s fight against malaria and other diseases from 2024 to 2026.

UK Pledges €1Bn to Fight against Malaria in Nigeria

Ebere Anyachukwu, health adviser at the British High Commission, announced this on World Malaria Day in an interview with NAN.

This contribution supplements existing funds from other donors and will primarily support the procurement of insecticides, treated bed nets, malaria diagnostics, and chemoprevention efforts.

“There are some states in Nigeria where malaria is seasonal. Those are states where chemoprevention is used to prevent children from coming down with malaria,“ he said.

“In those states, malaria spreads in a few months within a year, and during that period, there is a high level of malaria transmission in children, resulting in lots of deaths.”

The health adviser said children in such states are usually given malaria drugs, whether or not they have the infection.

He said the UK is a big contributor to the global fund, currently supporting about 13 states in Nigeria.

He listed the states to include Adamawa, Delta, Gombe, Jigawa, Kaduna, Kano, Katsina, Kwara, Niger, Ogun, Osun, Yobe and Taraba.

“With the global funding support, there has been a significant reduction of malaria-related deaths in children in Nigeria,“ Anyachukwu said.


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60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech

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The story has often been told in tech circles of how a relatively unknown Nigerian female student became a sensation of sorts among the international student population back in the early 80s in India owing to the unusual course of study she was undertaking.

60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech

Chioma Ekeh

Electing to study Mathematics at Bachelor’s degree level – a course that required not only battling differential equations, calculus, advanced algebra, and so on, but also pitting one’s wits against that of wizened professors – is not a task for the faint-hearted. But that was the path that this unusual lady took at Punjab University, located in the culturally rich and aesthetically pleasing city of Chandigarh, India.

It was a decision that would lead Chioma Ekeh (nee Emelonye) along the path of meeting the love of her life, a certain Leo Stan Ekeh and returning to Nigeria with him to play a leading role in shaping the course of technology distribution in Africa.

Undoubtedly, unusual may also be a word that defines Chioma and Leo Stan Ekeh’s remarkable journey together. A power couple and exemplary partners who have worked together for over 30 years building a successful technology empire is a rarity, one that is not often seen.

That sojourn to India and her subsequent career trajectory laid the groundwork for the impressive reputation Chioma Ekeh has built in the highly competitive technology space. Business associates and representatives of global brands never fail to cite her intellect and brainpower.

Job seekers who cross her path during interviews often recall being asked to solve a simple arithmetic problem. For those who eventually become employees, there is never-ending adulation.

Her husband, Leo Stan Ekeh, describes her as the integral analytics, the backbone behind the brilliant success of the Zinox Group where she has continued to support all the businesses across the board.

Such is the cerebral aptitude of this unusual woman that she is reported to have taken the stage once at a company-wide business review to present a financial report punctuated by humongous accurate numbers, figures and percentages, all from memory and without recourse to any notes, a device or an actual presentation document.

Born on April 25, 1964, the story of the impressive diffusion, accessibility, useability and affordability of cutting-edge technology devices and solutions in Nigeria and indeed, sub-Saharan Africa will be grossly incomplete without a detailed citation on Chioma Ekeh and the leadership role she has played – one she has continued to play as a silent innovator and disruptor–alongside her legendary spouse.

A Fellow of the Chartered Institute of Certified Accountants (FCCA, UK), Mrs. Chioma Ekeh is the brains behind TD Africa, a regional technology distribution powerhouse headquartered in Nigeria and with branches across Africa and in four other continents.

A company she led from start-up stage, TD Africa with Chioma Ekeh as CEO, pioneered ICT distribution in Sub-Saharan Africa and has remained the industry leader by market share in the region and the biggest provider of credit to resellers.

Founded in 1999, TD Africa is Africa’s leading distributor of technology and lifestyle products, boasting an unmatched and growing network of partnership with global brands like HP, Microsoft, Apple, Starlink, IBM, Dell Technologies, Ring (by Amazon), Cisco, Lenovo, APC by Schneider Electric, Samsung, Bosch, Phillips, Logitech, Vivo, among several others. Under Chioma’s exemplary leadership, the company has achieved numerous milestones, earned a long list of local and international awards/accolades and ensured Nigeria and indeed Africa is reckoned with at the global table of technology conversations and discussion-making.

However, this remarkable story may have turned out differently, had Chioma not returned to Nigeria under the guidance of her husband.

Armed with a formidable Mathematics degree after completing her studies in India, Chioma had the world at her feet and was the toast of leading companies the world over.

Moving to the United Kingdom at the invitation of her husband, Chioma joined the exalted league of Chartered Accountants and thereafter, bagged an MBA at the reputable Heriot Watts University.In 1987, she joined Sterling Deveraux as an Investment Analyst, engaging in researchand analyzing assets, such as stocks, bonds, currenciesand commodities.

Her acumen and exceptional skills were growing in demand and before long, she left Sterling Deveraux, joining the London Borough of Lewisham as an accountant in 1988.

Between 1988 and 1991, Chioma’s sterling work saw her rise swiftly through the ranks at the London Borough of Lewisham, moving from Accountant to Senior Auditor and then to Financial Auditor.

Certainly, Chioma Ekeh had a clear path to becoming CFO and possibly CEO at the London Borough of Lewisham or even going on immediately to taking up other elevated roles at other organizations. But the love of motherland and the call of her husband – Leo Stan Ekeh – to return home to Nigeria with him and build a technology legacy for Nigeria and Africa proved too strong.

Back home, Chioma Ekeh’s initial area of responsibility was with Task Systems Ltd., the first of many companies in the Zinox Group set up by Leo Stan Ekeh.

She took up the position of Financial Controller and spent six achievement-filled years at Task before driving the vision of technology distribution birthed by her husband in launching TD Africa where she became the company’s pioneer CEO.

A quiet, unassuming tech icon, Chioma Ekeh has acquired a well-deserved status as unarguably one of Nigeria’s top three leading Women-in-Tech, a female technology business leader with extensive years of proven capacity in building high-performing teams and transforming businesses beyond stakeholders’ expectations.

In partnership with her husband, Chioma Ekeh has played immense roles in growing and nurturing partner businesses, launching several thriving new businesses and successfully closing some of the biggest acquisitions in the technology space in Nigeria.

The Tech Experience Centre – Africa’s first technology experience centre – located at Yudala Heights, a sprawling edifice in the heart of Victoria Island – is another project that has Chioma Ekeh’s indelible signature on it.

The launch of the Tech Experience Centre in October 2020 received high praise from the Nigerian government and representatives of global Original Equipment Manufacturers (OEMs).

Under her guidance, Celebrating You, an annual showpiece celebratory event hosted by TD Africa has become unarguably the biggest year-end event in the Nigerian technology industry for over a decade.

Also, she has spearheaded several CSR projects, including The Herwakening – an empowerment programme for female entrepreneurs– and Girls in ICT – a project targeted at encouraging young girls to take up STEM (Science, Technology, Engineering, Mathematics) disciplines and considering careers in technology.

As she turns 60, Chioma Ekeh deserves rarefied mention and unmitigated encomiums. An amazon, this unusual female tech icon who has shattered several glass ceilings, knows no fatigue and has continued to innovate, effortlessly leading from the front.

 

 


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Academic Technologists Propose N350,000 Minimum Wage

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National Association of Academic Technologists (NAAT), has proposed N350,000 as the new minimum wage for Technologists in the tertiary institutions.

Academic Technologists Propose N350,000 Minimum Wage

Comrade Ibeji Nwokoma, national pesident of NAAT, stated this at 5th National Delegate Conference in University of Abuja.

Nwokoma, said the proposal was based on the present economic situation in the country occasioned by the removal of fuel subsidy, high inflationary rate and the attendant hardship.

Nwokoma maintained that technology rule the world and advanced development and shaping the landscape of education in developed countries.

Prof. Tahir Mamman, minister of Education, said the federal government will soon introduce the policy that will make skill acquisition compulsory for primary and secondary schools.

The minister said global space is driven by technology which the advanced world is using to solve problems and gaining grounds.

The Union protect, defend, and promote the rights and well being and interests of all members and to advance the cause of members, employed in Nigerian Tertiary Institutions Universities, Polytechnics, and Colleges of Education.

The theme of the conference is, “Technology, a recipe for national development and socioeconomic growth in the 21st century: the Nigeria quest for a better tomorrow.”

 

 


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