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NEXIM Creates Synergy with Nigerian Export Promotion Council

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Mr. Olusegun Awolowo , newly appointed ED/CE of the Nigerian Export Promotion Council (NEPC), paid a courtesy call to the Managing D/CEO of the Nigerian Export-Import Bank (NEXIM) at the Headquarters of the Bank in Abuja, to discuss areas of possible collaboration and synergy.

The visit would be the first of such courtesy calls by Mr. Awolowo since he was appointed to the position by Mr. President last December.

Welcoming his counterpart to the Government Trace Policy Bank, Mr. Roberts  Orya thanked Mr. Awolowo and his team for taking the initial collaborative step, noting that NEPC and NEXIM Bank were the principal agencies of government responsible for the promotion of non-oil exports

The NEXIM MD provided the NEPC team with a snapshot of NEXIM Bank’s mandate, mission and vision stating that the institution was established by Act 38 of 1991 as an Export Credit Agency with the broad mandate to promoting the diversification of the Nigerian economy away from oil and deepening the external sector.

Mr. Orya stated that upon his resumption in August 2009 as the MD/CEO of the Bank, he discovered that the Bank has completely moved away from its core mandate and veered into lending to both oil and gas resulting in a dismal credit performance and loss of both its Shareholders’ and investors’ confidence.

This warranted him to seek the approval of the Bank’s Shareholders to initiate a Corporate Transformation Project (Project Spring) that led to the re-definition of the Bank’s Mission, Vision and Strategic Objectives, with the intention of channelling its resources into the development of four sectors [Manufacturing, Agro – Processing, Solid Minerals & Services].

The MASS sectors were deemed to have high amount of employment and foreign exchange earnings.

An outcome of the Corporate Transformation was crafting of new Strategic Objectives to enable the Bank have a clear market focus and become a major contributor to non-oil exports.

This is in addition to turning it into a world class institution which imbibes best-in-class corporate governance and risk management practices towards becoming a relevant player in the export market with the capacity to significantly influence government trade policies.

Mr. Orya further informed Mr. Awolowo that the Bank is developing the ECOWAS and other Africa regional markets as the traditional market for Nigerian exporters.

The idea is provide a strong platform for our exporters to venture into the more complex markets of Asia and other developed economies in line with the strategy in other jurisdictions where the EXIM Banks first developed their regional market.

Towards developing the ECOWAS market, NEXIM had earlier launched the ECOWAS Trade Support Facility (ETSF) to reduce the level of informal trade and encourage the small scale exporters to use the banking system to leverage their operations.

Mr. Orya informed his counterpart that NEXIM is facilitating the Sealink Project, which will culminate in the establishment of a shipping company to own and operate ocean-going vessels to boost trade within the West and Central Africa. 

Accordingly, he invited the NEPC to cooperate with NEXIM in making this project a success hinting that an Investment Memorandum to raise the take-off grant of $60million has been prepared in English and French and the private placement is expected to open before the end of January.

On the outcome of the NEXIM Bank’s transformation initiative, Mr. Orya proudly informed his counterpart, “.we may not have achieved every item of the targets we set in our 5-year strategy plan, but we have completely strengthened our operational processes, instituted the strong pillars of corporate governance, risk management., turned NEXIM Bank from an obscure, loss-making institution to a highly visible and profit-making institution with a robust balance sheet size..We have consistently made and declared profits for three years in a row now, paying dividends to our Shareholders..That has never happened since the Bank was set up in 1991”

In closing, the MD advised NEPC to review the current provisions regarding the Export Expansion Grant to make it more effective, adding that both NEXIM and NEPC needed to work in close collaboration to boost the current level of non-oil exports which had remained below 4% over the past 5 years.

Thanking Mr. Orya for welcoming his team, Mr. Olusegun Awolowo stated that his choice of making NEXIM Bank his first ‘port of call’ upon resumption was based on what he had keenly observed as NEXIM Bank’s innovative disposition to deepening the non-oil sector and committedly contributing to Mr. President’s Transformation Agenda and Vision 20:2020.

The NEPC ED stated that he has great confidence in the country’s ability to meet her development goals and commended the initiatives of NEXIM in enhancing the level of formal trade, noting that the study conducted by NEPC revealed that informal trade annually was about $12bn, far more than the formal trade valued at $3billion.

He promised that NEPC would work closely with NEXIM to improve the level of trade flows and also improve the trade statistics.

Mr. Awolowo assured NEXIM Bank that the NEPC was already working towards reviewing the Export Expansion Grant and that the review will cover the qualification criteria and other aspects.

According to him, “. the new strategic focus will place greater emphasis on market development, with Nigerians in diaspora as major targets..” He noted that that Trade Commissioners have been appointed in major countries including China, Brazil and London to help in developing markets for Nigerian products, especially for the benefit of millions of our Diaspora citizens.

Lauding the phenomenal successes of the NEXIM Bank Corporate Transformation initiative, Mr. Awolowo informed the NEXIM boss that NEPC is also working on human resource realignment to drive export growth, adding that the objective of the new management was to increase the level of non-oil exports by at least 30% in the next 4 years.

In closing, the CEO invited NEXIM Bank to collaborate with NEPC for higher synergies and stressed that both organizations have significant roles to play in developing the Nigerian non-oil exports and that his leadership would encourage and foster even closer collaboration between the two institutions towards supporting Mr. President’s Transformation Agenda and achieving Vision 20:2020 .

 


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E-Financial

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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