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Info Evaluation, Decision-Making Techniques Dominate Discussion at CGMA Series

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Making use of relevant information, reaching and implementing decisions quickly, simplifying operational models, as well as building up an organisational culture, among others have been identified as factors that would enable senior business leaders to achieve better decision-making in their organisations.

This was the view expressed by speakers at the inaugural edition of the CGMA Speaks Series, which held on Thursday in Lagos and was organised by the Chartered Institute of Management Accountants (CIMA) in conjunction with Phillips Consulting under the theme; “Joining the Dots: The Future of Executive Decision Making.”

The event, which had in attendance high-profile corporate executives from both indigenous and multinational companies,

spoke to power insisting that leaders must lead by example, while also prompting their employees to realise that they are part of a system in an organisation and not working as individuals.

Delivering a keynote address, Andrew Miskin, president, CIMA, said the mode of communication in business globally has transformed as a result of the invention and development of the internet and technology, with real-time data now easily accessible to obtain and sharing of business information now a broad two-way process.

He, however, noted that despite the presence of abundant data, interpretation of information has become less clear today because of the overload of records.

‘We have real-time information about what is happening in our businesses, yet we cannot have real-time assistance with data. That gives us a very different view in terms of what decision-making can achieve and we are going to have a lot to respond to as accountants because we are not comfortable with that”, he said.

Noting that we are in the era of decision relevance in business, Miskin said; “We have got to think about how we make those decisions relevant, and also in terms of decisions, we have got to think about what information is really needed. The question is: ‘what is it you want to decide that changes the information you want?”

Also speaking, Folusho Phillips, chairman and chief executive officer, Phillips Consulting, stated that while making relevant decisions is important, the ability to articulate, make, and execute decisions quickly is also a key component in the decision-making process.

“Yes, we’ve got to take good decisions, but once we do take a decision, it is the speed of execution that matters because it is the manner with which you use to execute such decision that would determine the outcome of such programme or plan. It goes beyond taking the decision at the right time; it’s about implementing and making sure that you make that decision relevant. Take good decisions quickly and there is the need to execute it in time”, he said.

On her part, Abisola Giwa-Osagie, deputy managing director, NEM Insurance, said the operating models in organisations, both private and public, need to be simplified in order to reduce the bureaucratic mechanism, which is an impediment in the decision-making process.

She said; “It is important for us to know that we need to simplify our operational models. Any system that has a model that is laden cannot be efficient. We need to delegate, we need to empower our people, and we need to trust the decisions that they take. That is very important.”

Sam Nwanze, chief investment officer/director, Finance & Investments, Heirs Holding Plc, who also spoke at the event, emphasised the need for organisations to institute right organisational culture in their workplaces to enable them to achieve their goals.

“One of the important roles of leadership in an organisation is the shaping of culture, and culture has a very strong impact on how an organisation is perceived. It also determines how decisions are made within an organisation and how the organisation functions. Everybody is driven in a culture that is geared towards achieving the goals of an organisation. The culture that is set up helps employees to place trust and commitment in how an organisation would eventually function and achieve its goals.

“If you have a culture where people feel to get certain things or make certain decisions, you would have to please certain people, and this is the tone of the leadership, then it completely breaks down. It is only a matter of time before you see that that organisation is not functioning”, he said.

CGMA Speaks is a thought leadership parley which brings notable business leaders together for broad reaching conversations, about the context of today’s business environment in Nigeria and across the world.

 


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NITDA, NIMC Partner for Seamless Data Exchange Capabilities

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National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

l-r: Kashifu Inuwa, Director General of NITDA, and Bisoye Coker-Odusote,  Director General of NIMC, during the meeting at the NIMC headquarters in Abuja..

NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,

During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.

This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.

To ensure a smooth implementation, a 12-man committee was set up.

This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.

 

 


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Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

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Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.

Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.

The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.

Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,

“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.

According to him, the unified data pool will empower intelligence gathering and targeted operations.

He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.

“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’

Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.

“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’

Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.

“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.

“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).

“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.

Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.

According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.

Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.

Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.


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Konga launches Infinix Brand Week with Incredible Deals

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Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.

Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.

Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.

“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”

To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.


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