E-Financial
Sekibo, Obi, others Harp on Security, Leadership for Economic Prosperity
Ifie Sekibo, managing director/ceo of Heritage Bank Plc, and other notable Nigerians have affirmed that the apt way to boost economic prosperity and peace in the country is to start addressing leadership challenges and insecurity.
L-R: Prof. Oyelowo Oyewo; Coordinator of the Nigerian Association of Constitutional Law (NACL); Dr. Oruene Finebone – Secretary, Mediacal Women Association of Nigeria, Rivers State Branch; Barrister Sotonye Inyeinengi-Etomi, President of the Men’s League of Christ Church Port Harcourt; Very Rev. (Dr), Ivan Ekong, Asst. Resident Minister, Christ Church Port Harcourt; Figbene Briggs, Regional Head, South South 1 & 2 Zone; Dr. (Amb.) Victoria Ekhomu, Group MD/CEO of Trans-World Security Systems Ltd.; Very Rev. Jonathan Udofia; Pastor Ituah Ighodalo, Trinity House, International Christian Worship Center; Elder (Engr.) Stanford Tassie and Alabo (Arc) Duboye Donald Graham-Douglas, during the 2nd Edition 2022 Forum, one-day International Colloquium organized by The Men’s League of Christ Church Port Harcourt, tagged, “What do Nigerians Want?”, held in Port Harcourt.
Sekibo and other notable Nigerians like the Presidential aspirant of Labour Party, Peter Obi, Pastor Ituah Ighodalo, Prof. Oyelowo Oyewo, Dr. Victoria Ekhomu and Barrister Sotonye Inyeinengi-Etomi, during the 2nd Edition 2022 Forum, one-day International Colloquium organized by The Men’s League of Christ Church Port Harcourt, tagged,
“What do Nigerians Want?”, extensively brainstormed on the kind of leadership the country needs and how to rescue the country from its current debacle.
Speaking on the topic, “The Economy Nigeria Needs to Break Forth,” Sekibo stressed that of important to achieving the transformation the country needs, there was urgent need to address insecurity, which according to him, is the foundation of prosperity, as no nation can achieve much where the is no peace.
Sekibo, represented by Segun Akanji, divisional head, Strategy & Business Solutions, emphasized that for security purposes, there must be an established functional and value adding identity system in place.
“On a higher note, I think one of the things that we need to achieve as a country is the issue of functional and value adding identity management, which is still far away from us, although, some people know that we have BVN, NIMC and a few other identity capture systems but they have not been as functional and value adding, like the social security number that most people in advanced economies carry,” he stated.
Sekibo further explained that to achieve a prosperous economy, Nigeria needs to find ways and means by policies to build dual circulation economy which thrives on three pillars.
According to him, we need to focus on building dual circulation economy where we can expand domestic production and demand by making sure that the masses are employed.
“We need to make our people are productive and stop putting subsidy in unproductive zones. When you give subsidy to people with inadequate or no income, they really cannot add value to the economy, and money has a way of flowing away due to import of consumables from other countries and because of this, a larger portion of every consumption or cash given as subsidy gets out of the country,” said Sekibo.
The bank’s helmsman further explained that to expand the domestic production, government must give the private sector support to drive employment creation, technology, which is riding on innovation and manufacturing must be in place and, the population which is an added advantage must be well educated.
He highlighted the need to examine how the country could add value to primary production for global export, emphasizing on reduction of over dependence on foreign markets but rather increase local production for export, whilst also increasing demand on local products.
Sekibo further affirmed that if states could function as proper federating units and take the lead of the competitive comparative advantages therein, wealth creation would be achieved that would bring about the desired changes.
The former governor of Anambra state and presidential aspirant, Peter Obi lamented the huge indebtedness of the country, which he blamed on unproductivity due to the inimical situation of high unemployment rate resulting to over 80million Nigerians being jobless.
He blamed the cumulative failure of government over the years on insecurity, failure to migrate from sharing formula to production formula and lack of will to transform the power sector and the need to focus and support the micro, small and medium enterprises (MSMEs).
In his paper titled, “The President Nigeria Needs”, Pastor Ighodalo harped on the need for leadership change.
He argued that what the country needs now are leaders who have vision and are ready to sacrifice for the common man, stating, “things must be done differently”.
Ighodalo believed leadership remains the bane of Nigeria’s transformation, stressing that once we get good leadership other things will fall in place.
Prof. Oyewo while speaking on the topic “Restructuring and True Federalism” was of the view that some responsibilities need to be decentralized like the police, power provision and railway.
Once there is decentralization, he believes that the state will have less dependence on the centre, “rebalancing of the constitution in terms of power and security. So, there is reason for state police.”
Oyewo maintained that regions are closer to the people, thus it will boost security, the economy and sense of belonging by the populace.
He also identified data and planning as key factors in ensuring that programmes are tailored towards the people.
Nine leading Nigerian banks collectively generated N14.26 trillion in interest income in 2024, reflecting a 119.55% increase from N6.49 trillion in 2023.
This surge is attributed to the Central Bank of Nigeria’s Monetary Policy Committee raising benchmark interest rates to combat inflation, which reached 34.80% by the end of the year.
Among the banks, Zenith Bank recorded the highest actual income increase, while First Holdco led in percentage growth. Access Holdings, UBA, GTCO, Stanbic IBTC, FCMB Group, Fidelity Bank, and Wema Bank also reported significant gains.
However, a portion of this income was derived from non-performing loans, raising concerns about the sustainability of these earnings.
In contrast, the manufacturing sector faced operational costs of N2.5 trillion, with high interest and energy expenses straining growth. Industry leaders have called for a halt to further rate hikes, warning of potential risks to the real sector’s recovery.
This financial dynamic underscores the contrasting fortunes of Nigeria’s banking and manufacturing sectors. What are your thoughts on these developments?
In a bid to woo global capital and enhance investor’s confidence, Nigeria’s top financial leaders presented a unified front at a strategic investment forum hosted at the Nasdaq MarketSite in New York.
The event was organised by the Central Bank of Nigeria (CBN) in collaboration with Nigerian Exchange Group (NGX Group), JPMorgan, and the African Private Capital Association (AVCA).
The exclusive gathering brought together leaders from the Nigerian diaspora, global investment institutions, and corporate executives for insightful dialogue on the country’s evolving financial landscape and its readiness to attract global capital for sustainable growth.
Governor of the CBN, Olayemi Cardoso in a fireside chat with Nobel Prize-winning economist Dr. James Robinson, outlined Nigeria’s monetary policy direction, growth prospects, and efforts to deepen its financial markets.
He reaffirmed the CBN’s commitment to disciplined policy management, market-friendly reforms, and enhanced transparency to foster a stable, investor-friendly environment. Cardoso also stressed the importance of strong collaboration between regulators like the CBN and market operators such as NGX Group, describing it as critical to building a resilient financial system and mobilising long-term investments.
Temi Popoola, Group Managing Director/CEO of NGX Group, moderated an engaging discussion on how Nigeria’s reforms are repositioning the country as an increasingly attractive destination for global capital.
“Today’s dialogue marks a pivotal step in reshaping global perceptions of Nigeria’s investment story,” said Popoola. “The candid engagement between policymakers, market operators, and investors reflects the real progress Nigeria is making. NGX Group remains committed to supporting reforms that strengthen market structures, drive innovation, and accelerate economic growth.”
While investors welcomed Nigeria’s reform agenda, they emphasized that sustained confidence will require consistent FX policies, lower transaction costs, reduced regulatory friction, clearer direction on non-oil revenue reforms, an improved ease of doing business, and continued transparency in monetary and fiscal communication.
The forum ended on an optimistic note, with participants expressing strong confidence in Nigeria’s economic prospects and its potential for deeper integration into global financial markets, provided reform momentum continues.
Union Bank of Nigeria has rewarded another set of customers in the ongoing Save and Win Palli Promo 4 campaign. Six lucky customers each won a brand-new motorcycle, and 120 additional winners won cash prizes.
The third monthly hybrid live draws were transparently conducted at the Bank’s Sabo, Yaba Branch in Lagos under the supervision of relevant regulatory institutions.
For integrity purposes, some of the winners were contacted to congratulate and remind them that the Bank will never call to request or confirm their confidential banking details such as BVN, date of birth, pins, or passwords.
Save & Win Palli Promo 4 is a nationwide campaign designed to reward both new and existing customers with cash prizes and other exciting gifts worth N131,000,000.
This initiative aims to support them in achieving their savings goals while getting rewarded at the same time.
To stand a chance to win, customers can continue to top up their savings in multiples of N10,000 or more and perform a minimum of five transactions a month to increase their chances of winning in the draws. This promo is open to new and existing savings and current account holders.
Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch.
Returning customers can call the 24-hour Contact Centre on 07007007000 or visit any Union Bank branch nationwide to reactivate dormant accounts.
FG to Introduce New Tax Credit Scheme to Replace Pioneer Status Incentive
NITDA Fixes Date for Inaugural Meeting of the Startup Consultative Forum
OpenAI Eyes Chrome Acquisition if Google is Forced to Sell
Internet Exchange Point of Nigeria Achieves Historic 1 Terabit Per Second Local Internet Traffic Milestone
Digital consumers are driving a new era of online shopping, transforming how Nigerian youth buy
We’re Confident in the Super Eagles – Karl Toriola
FG to Harmonise Fiscal Data Across MDAs
SEC Declares War on Capital Market Fraudsters
EFCC Arrests 133 @ Ponzi Scheme Training Academy
FG, UK FCDO, and Ghana Partner to Launch Sankore
Telecom2 days agoMTN Nigeria Takes Broadband Services to the Next Level with FibreX Launch
News2 days agoSERAP Files Lawsuit Against NBC Over Ban on Eedris Abdulkareem’s Protest Song Tell Your Papa
Telecom1 day agoDigital Transformation Remains Africa’s Gateway to Economic Advancement – Adumike
Telecom1 day agoPAFON 2.0: Experts Discuss Pathways to Boost Financial Inclusion in Nigeria
E-Financial1 day agoCBN, NGX Group Defend Economic Reforms at Nasdaq
E-Financial2 days agoFCMB Group Redefines Corporate Storytelling with The Power Of The Group TVC
General News1 day agoEFCC Clarifies SCUML Certificate Misuse amid CBEX Ponzi Scheme Scandal
General News1 day agoFlashChange Partners Ruth Foundation to Empower Vulnerable Children in Alimosho with Skill Acquisition