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.
E-Financial
Union Bank Reaffirms Support for Education in Nigeria, Backs 10th Edition of Maltina Teacher of The Year
Union Bank of Nigeria, in continuation of its on-going efforts to improve the standard of Nigerian education, has partnered with Nigeria Breweries, makers of Maltina malt drink, as the official financial sponsor of the 10th-anniversary edition of the Maltina Teacher of the Year Award.
The bank is supporting this year’s anniversary edition, themed ‘A decade of inspiring excellence in teaching’, as part of its corporate strategy and vision to improve three core aspects of education in Nigeria: improving access, improving quality, and optimising learning outcomes through cross-industry partnerships.
Union Bank, an advocate dedicated to ensuring the bright educational future of Nigerian youngsters, wants to succeed in this noble endeavour by achieving its objectives by leveraging the United Nations Sustainable Development Goals (SDGs), notably SDG 4—Quality Education.
This dedication has led to the Bank developing its own unique educational assistance platform, Edu360. The Edu360 program is an initiative targeted at facilitating much needed investments in the educational sector through capacity building for teachers while developing collaborations between parents and educators regarding child development and curriculum.
According to Nigerian Breweries, the Maltina Teacher of the Year Award, which is in its tenth run since its launch in 2015, is an initiative aimed at recognising and celebrating exceptional teachers whose performances have impacted and positively improved the academic growth of students in Nigeria.
Speaking on the Bank’s support towards the 10th Anniversary of the Teacher of the Year Award Ceremony, Union Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko said “Union Bank is delighted to partner with a laudable initiative like the Maltina Teacher of the Year that seeks to spotlight and acknowledge incredible educators who have positively shaped the minds of Nigerian students.
“This collaboration closely aligns with the bank’s overall aim of improving the standard of education within the country while also ensuring there’s equal access to every child, male or female, seeking to acquire life-changing knowledge that will benefit not only themselves and their immediate family but also the wider society”.
Union Bank remains steadfast in its commitment to promoting education, viewing it not only as a Sustainable Development Goal but also as a value-adding enterprise within its chain of business interventions.
They firmly believe in investing in Nigeria’s future and recognise the strategic importance of quality education in the nation’s development.
Polaris Bank Limited has collaborated with the University of Ibadan (UI) and the Nigerian Conservation Foundation (NCF) on environmental conservation through a tree planting initiative.
Polaris Bank
This was disclosed during a courtesy visit to the UI Vice Chancellor, Prof. Kayode Adebowale, by representatives of Polaris Bank Ltd and the Nigerian Conservation Foundation (NCF).
During the visit, Polaris Executive Director, Corporate & Investment Banking, Abimbola Ozomah, mentioned that the initiative is part of the bank’s corporate social responsibility efforts.
Ozomah explained that the initiative stemmed from the bank’s desire to continuously contribute positively to the environment and communities, as well as to commemorate World Environment Day on June 5, 2024.
She highlighted that the theme for World Environment Day 2024 centres on land restoration, desertification, and drought resilience, in alignment with the United Nations’ ecosystem restoration goals.
Ozomah said that Polaris Bank Ltd is committed to sustainable practices and land restoration through the nationwide planting of economic trees.
According to her, the bank’s sustainability practices include promoting responsible banking, empowering people and society, addressing environmental issues, and ensuring sustainable economic growth.
Mr. Adedayo Memudu, Senior Manager of the Nigerian Conservation Foundation, stressed that the organization encourages Nigerian citizens to appreciate nature and thrive while living in harmony with it.
He noted that one of the NCF’s core values is its commitment to partnership development, which is why it has partnered with Polaris Bank Ltd to enhance the bank’s corporate social responsibility and sustainability platforms.
The visit culminated in the consequent actual planting of trees at a designated site on the university campus.
A Memorandum of Understanding will later be signed between the University of Ibadan, Polaris Bank Ltd, and the Nigerian Conservation Foundation.
Speaking on behalf of the Vice Chancellor, UI Registrar, Mr. Ganiyu Saliu, reaffirmed the university’s commitment to conserving campus vegetation and promoting a greener environment to improve individuals’ well-being.
Saliu pointed out that the large number of ‘Iroko’ trees on the University of Ibadan campus serves as evidence of the institution’s intentional conservation efforts, despite broader environmental challenges in Nigeria and globally.
He explained that the university does not allow indiscriminate felling of trees but enforces a structured process for tree removal.
The registrar also noted that as part of the UI@75 anniversary celebrations, the university initiated a project to plant 1,000 trees, which will be adopted by well-meaning Nigerians, with the university providing the necessary support for their sustainability.
He stressed the importance of collaboration between the academic community and broader society, stating that both sectors must work together to address shared environmental challenges.
Saliu expressed gratitude for the collective efforts of organizations to tackle common challenges in Nigeria and appreciated Polaris Bank Ltd for partnering with the Nigerian Conservation Foundation in the tree planting initiative.
Polaris Bank kick-started the nationwide tree planting initiative for land restoration on July 1, 2024 at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State; it then Proceeded to Ajingi Community Reserve, Kunkurawa, in Kano, Kano State on August 30, and next at the University of Ibadan on October 3.
Polaris Bank is known for taking proactive measures in addressing challenges of development and sustainability, including environmental and social issues.
The Bank supports the United Nations Sustainable Development Goals (UN-SDGs), Nigerian Sustainable Banking Principles (NSBPs), and the United Nations Environment Programme Finance Initiative (UNEP FI’s) Principles of Responsible Banking.
Central Bank of Nigeria (CBN) has introduced an Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions within the Nigerian Foreign Exchange Market (NFEM).
Yemi Cardoso, Governor, CBN
According to the CBN, the new system will be operational in the Nigerian Foreign Exchange Market by 1 December 2024 after a two-week test run scheduled for November.
In a circular signed by Dr. Omolara Duke, director of the Financial Market Department at the CBN, the apex bank explained that EFEMS is designed to improve governance and transparency in the FX market.
It is also expected to promote a market-driven exchange rate that will be more accessible to the public.
According to the CBN, “the introduction of EFEMS will enhance governance, transparency, and facilitate a market-driven exchange rate accessible to all.”
The system is expected to curb speculative activities, reduce market distortions, and provide the CBN with improved oversight capabilities for regulating the market effectively.
The CBN said it will publish real-time data on prices and buy/sell orders from the EFEMS. Additionally, in collaboration with the Financial Markets Dealers Association (FMDA), the CBN will release the rules for operating the system.
It added that the Nigerian FX Code and revised Market Operating Guidelines will also offer guidance to market participants.
Also, authorized dealers are required to ensure full compliance with the existing guidelines governing the Nigerian foreign exchange market and must complete all necessary documentation, training, and system integrations ahead of the December go-live date.
Union Bank Reaffirms Support for Education in Nigeria, Backs 10th Edition of Maltina Teacher of The Year
Polaris Bank partners UI, NCF on environmental conservation, tree planting
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