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Okonjo-Iweala, Haastrup, Others for MMS Hall of Fame Induction

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Dr. (Mrs.) Ngozi Okonjo-Iweala, minister of Finance and coordinating Minister of the Economy, is among the ten influential women of substance nominated for induction into the 2014 Class of MMS Plus’ Woman of Fortune Hall of Fame.

Other nominees equally cleared for induction by the Governing Council Board are: Princess Vicky Haastrup, vice chairman of ENL Consortium Ltd, the Late Prof. Dora Akunyili, former minister, Communications and Information, Mrs. Monica Mbanefo, director, Technical Cooperation, International Maritime Organization (IMO), Mrs. Ngozi Ekeoma, Chief executive officer (CEO), Nepal Oil and Gas Services and (Mrs.) Folorunsho Alakija, chief executive officer, Famfa Oil Ltd..

Others are Mrs. Nkiruka Onyejeocha, House Committee chairman on Aviation, Mrs. Ugo Madubuike, general manager, Business Development and Joint venture, Nigerian Ports Authority (NPA), Ms. Valentina Mintah, CEO, Techno Brain WestBlue Consulting, Hajia Salamatu Umar-Eluma, executive director, Human Resources, Federal Airport Authority of Nigeria (FAAN).

According to the Organizer, the 2014 Class of MMS Hall of Fame induction ceremony scheduled for 23rd September, 2014 at NAN Media Centre, Iganmu, Lagos is dedicated in honour of the Late Prof. Akunyili.

The annual capacity building, focused event is an initiative of Kings Communications Ltd, in collaboration with the Federal Ministry of Women Affairs and Social Development.

The 2014 edition is the third in the series and has the theme: “Building Capacity for Transformative Leadership.”

No fewer than 33 women of substance have been inducted into MMS Plus’ Woman of Fortune Hall of Fame since founded in 2012.

In a press statement, Mr. Kingsley Anaroke, chief executive officer, Kings Communications Ltd., said that the initiative which arose as a result of capacity and good leadership gap among women in the Finance, Maritime, Aviation, Oil and gas as well as Political Leadership, celebrates a chosen few women of integrity and excellence in entrepreneurship and service to the country.

“The precarious dysfunctional leadership situation the country finds itself virtually in every sector of the economy requires a strategic short, medium and long term measure to build a sustainable human capital base to guarantee our future. And one of the driving keys is to have a pool of role models who will in turn mentor the younger ones. The fastest and most strategic approach to building capacity in human is mentorship.

“So our Hall of Famers are being celebrated because they have impacted their environment positively through their profession, career, entrepreneurship and leadership in the country.

“Therefore, MMS Hall of Fame is a recognition beyond an award to a deserving recipient. The position of MMS Hall of Famer bestows on the recipient the position of an authority in a given profession, career path and leadership. So, she is locked up to as a fountain of inspiration and motivation to break barriers and embrace the tape of success by the younger generation of women”, Anaroke added.

He noted that the 2014 edition was dedicated in honour of the late Akunyili, who will be given a post-humous induction because of what she represents in leadership and service to humanity, explaining that her personality represents courage in womanhood globally, integrity, patriotism, leadership by impact and service to humanity.

“while she is not alive to deliver her lines of lessions, her virtues are eternally engraved in the walls of hearts to activate the will to always do things right and the right way”, the Kings Communications boss added.

Senator Idris Umar, minister of Transport is the chief guest of Honour.


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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Amana Bank signs Comprehensive Software Deal with Path Solutions

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Amana Bank, a leading Islamic bank in Somalia has announced that it has selected iMAL, the AAOIFI-certified core banking platform from Path Solutions to replace its legacy IT system and deploy a single, cloud-based digital banking platform to underpin its banking operations.

This is Path Solutions’ third win in Somalia after Premier Bank and MyBank Ltd. The company went through a lengthy competitive bidding to which all international suppliers were invited, before being selected as Amana Bank’s preferred technology partner.

According to a statement following the signing, Path Solutions will supply and install its flagship Islamic core banking platform iMAL in addition to its comprehensive digital suite at Amana Bank Somalia. The new digital software will provide instant 24/7 service availability with fast, inexpensive, easy and convenient online banking, frictionless payments and transfers, personalization, engagement and retention.

Abdirizak Hussein Malin, Chairman of Amana Bank Somalia commented, “As part of our strategy, Amana Bank has instituted a digital transformation plan that will help us meet the emerging needs of our customers and the increasing demands of innovation.

“Consequently, we required a partner with open and agile technology that will drive powerful change. We have chosen Path Solutions for its ability to deliver vital digital financial solutions at this critical time with its depth of experience supporting Islamic banks in Africa.

“The company has differentiated itself from other vendors in its unique ability to combine core Islamic values with modern digital banking solutions, and to fully comply with Sharia and banking regulations.

“We are confident that the new technology, proven to significantly improve levels of customer fulfilment, will transform our operations by driving incredible efficiency gains while also reducing risk, lowering overall IT costs via higher automation and lower maintenance spending”.

The new iMAL platform leverages artificial intelligence and machine learning to help financial institutions get predictive insights for better data-driven decision making. It will also help strengthen customer loyalty through enhanced security transactions.

“We are delighted to partner with a leading Islamic bank in Somalia on a project that will set a new standard in digital banking for the country. Today, every financial institution has an incredible opportunity to apply advances in cloud computing to redefine every aspect of its business”, said Mohammed Kateeb, Path Solutions’ Group Chairman & CEO.

“Somalia’s Amana Bank is a good example of this transformation to drive innovation forward and ensure much more secure banking experience, enabling customers to enjoy the nuances of non-stop banking with cloud-based services.

The bank will also benefit from the full Islamic coverage which bridges the gap between modern customer requirements and intrinsic Islamic values. Our multi-award winning Islamic core banking platform will support the delivery of innovative digital products that are both Sharia-compliant and specialized for Amana Bank’s retail and corporate customers”.

The new agreement was signed by Amana Bank’s Chairman Abdirizak Hussein Malin and Path Solutions’ Group Chairman & CEO Mohammed Kateeb on Sunday 6 September at Path Solutions’ Dubai office. The implementation will be delivered 100% in the cloud and 100% remotely amidst the COVID-19 lockdown.


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