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Ministers, Bank Chiefs Jostle for Sanusi’s Job @ CBN

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Mr. Olusegun Aganga, minister of Industry, Trade and Investment and Dr. Yerima Ngama, minister of State for Finance have reportedly joined the high-wired corporate cum political chess game to succeed Mallam Sanusi Lamido Sanusi, as Central Bank of Nigeria, (CBN) governor.

Elsewhere, another report had it that as the tenure of the current governor slowly grinds to an end, not less than 17 managing directors of Nigerian banks are currently in Abuja lobbying for the job.

Sanusi steps down possibly in March when he proceeds on terminal leave, according to sources close to the presidency.

Thisday newspaper gathered that both men are being tipped for the job because of their performance in the trade and investment and finance ministries, as well as their respective backgrounds in investment and commercial banking.

Aganga, who has the confidence of President Goodluck Jonathan, is also currently being adjudged as probably the best minister in the trade and industry portfolio in years.

Another thing going for him is the fact that he bestrides the two geopolitical zones of the South-south and South-west, more so as both the South-east and North have successively produced Professor Chukwuma Soludo and Sanusi as central bank governors.

Aganga, though originally from Edo State, was born and bred in Lagos, and represents the state as well as the South-west zone in the Federal Executive Council (FEC).

Ngama, on the other hand, is from Yobe State and would bring to the job extensive experience as a commercial banker and regulator, having worked for many Nigerian banks and the Nigeria Deposit Insurance Corporation (NDIC).

With Aganga and Ngama’s emergence for the CBN job, they will be joining the list of other contenders for the high profile post.

THISDAY had in October 2013 exclusively reported that six persons were in line for the job including the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Mustafa Chike-Obi; the Group Managing Director/Chief Executive Officer, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede; and Managing Director/Chief Executive Officer, First Bank of Nigeria Limited (FBN), Mr. Bisi Onasanya.

Others on the list are the three deputy governors of the CBN who are considered insiders and who share similar views with Sanusi on monetary policies. They are Dr. Kingsley Moghalu, Mr. Tunde Lemo and Dr. Sarah Alade, who analysts say will ensure monetary policy continuity.

However, THISDAY further gathered that Sanusi’s departure has created divisions within the CBN as camps loyal to the three deputy governors have emerged.

The internal politicking by the deputy governors, THISDAY was informed by CBN sources, is quite fierce, with each of them reaching out to politicians and friends of the president in their bid to replace Sanusi.

Also, a source in CBN said his early departure, possibly in March, would mean that his successor would be announced much earlier than expected.

Sanusi’s tenure is expected to end in June this year, but he would be proceeding on terminal leave by March.

Born Olusegun Olutoyin Aganga in 1955, he was first nominated by Jonathan as Minister of Finance in April 2010. In July 2011, Aganga was redeployed by the president to the Ministry of Trade and Investment, to make way for Ngozi Okonjo-Iweala to return as the Minister of Finance.

He was educated at the University of Ibadan, Nigeria where he obtained a B.Sc Degree in Biological Sciences in 1977 and the University of Oxford, United Kingdom, where he obtained a degree in Theology in 2000 just like the outgoing governor who has a diploma in Islamic studies. He is also a Chartered Accountant.

Aganga previously worked in Arthur Young in Nigeria, Ernst & Young in London UK, and Goldman Sachs International in London, where he was Managing Director, Hedge Funds.

As finance minister, one of his key accomplishments was the establishment of the Nigerian Sovereign Investment Authority (NSIA), better known as the Sovereign Wealth Fund (SWF).

His only drawback is his not being so well acquainted with the banking industry in Nigeria, which he is also expected to oversee.

Ngama’s professional experience, however, covers several banks at top executive management positions ranging from First Bank Nigeria Limited, Diamond Bank Plc and Victory Merchant Bank. He also worked in NDIC where he was the head of Bank Analysis Unit, Off-site Supervision Department.

He was appointed Minister of State for Finance by Jonathan in July 2011.

Born in 1961, Ngama obtained a Bachelor of Science degree in Accountancy from the University of Maiduguri and Masters of Science in Accountancy from the University of Glasgow in Scotland, United Kingdom.

He also obtained a second Masters’ degree and Ph.D in Money & Banking and Finance from the University of Birmingham, where he received the coveted Ashley Prize award for producing the best thesis in his faculty.

In addition to his academic qualifications, Ngama has significant training in Islamic Banking and Islamic Capital Market Products.

Whoever emerges Sanusi’s eventual successor will be the 11th central bank governor in Nigeria.

As specified in the CBN Act 2007, the central bank governor’s principal remit is to provide economic advice to the federal government, while acting as the official banker to the government of the federation.

Apart from signing every currency denomination, the governor among other duties, oversees the country’s banking sector. Alongside the Monetary Policy Committee of the CBN, the governor also determines the monetary policies of the country, which have an impact on the financial system and the macro-economy.

Elsewhere, the Pilot reported that as the tenure of the current governor slowly grinds to an end, not less than 17 managing directors of Nigerian banks are currently in Abuja lobbying for the job.

Sunday Pilot gathered reliably from a highly placed financial source that the chief executives are using their various political godfathers to lobby for the job in the apex bank.

It was also gathered that six out of the 17 bank chiefs are currently putting up at the Abuja Transcorp Hotel.

The outgoing CBN governor will embark on his terminal leave in April 2014 to pave way for the appointment of a new CBN Governor by President Goodluck Jonathan.

The terminal leave is meant to end the controversial reign of Sanusi, which got to a head after he made an allegation against NNPC that was later proven to be false and unfounded. The President in replying former President Obasanjo’s letter regretted the baseless allegation which Sanusi leaked to the media.

Late President Umaru Musa Yar’Adua nominated Sanusi as Governor of the Central Bank of Nigeria on June 1, 2009 and his appointment was confirmed by the Senate on June 3, 2009. His five year tenure is scheduled to end on June 3rd, 2014.

Since Jonathan took over Sanusi had worked at variance with his economic team, creating the impression that he was not part of the administration and reeling data that are later controverted.

When contacted, Director of Corporate Communications, Mr. Ugo Okoroafor said he was not aware of the CBN Governor being forced to proceed on retirement leave.

“It is a normal thing, some people go on six months, some on three months. So, there is nothing abnormal about it. You cannot force your Central Bank Governor to go on leave, it could damage the economy”, a source at the CBN said.

Sunday Pilot recalls that Sanusi had in a chat with Bloomberg on March 24 last year, indicated his intention not to seek second term as CBN governor.

Sanusi said that he had intimated President Jonathan way back in 2011 that he would not be interested in seeking second term in office on the expiration of the present tenure in June 2014.


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Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

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The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

 L – R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.

The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.

Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.

“In the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.

“If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.

This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.

“This is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customers”.

The draws for the new season are going to be the same like the previous ones as it will be held in different regions.

“So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year”, Animashaun added.

At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.

Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.

Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.

One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.

She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.

The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.

To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.

However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.

DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years.  Please click HERE to learn more.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Lafarge Africa Launches Girls-in-Tech Programme to Empower Women Innovators

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Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.

Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.

The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.

In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.

Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.

She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.

“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”

Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”

Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.


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Hydrogen, CCHub Partner to Encourage Fintech Startup Success

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As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.

The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.

Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.

By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.

“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.


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