Barring any last-minute changes, one of the five new banks licensed by the Central Bank of Nigeria (CBN), Titan Trust Bank Limited is set for entry into the Nigerian banking industry in grand style, in a matter of weeks, The Witness can authoritatively reveal.
This newspaper had reported that the CBN recently approved licenses for five new banks to operate in the country.
While others are still recruiting and putting things in place, inside sources say Titan Trust, a national financial institution, has completed its processes and is set for take-off soon.
Led by seasoned banker and former deputy governor of the CBN, Mr. Tunde Lemo as chairman, the new commercial bank, sources informed The Witness is starting operation with a solid post capitalization financial base in real cash.
Some of those already on board the new bank are experienced financial gurus, giving the signal that the bank is ready the compete with the long-standing and well-rooted Nigerian banks.
According to the lender, the bank was formed to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates.
The new bank headquartered at Plot 1680, Sanusi Fafunwa Street, Victoria Island, Lagos, Nigeria has the following facilities: Commercial Banking, SME Banking, Digital Banking amongst others. On its commercial banking services, the lender said on its website: “As a national commercial bank, we are committed to supporting businesses, giving them the power to build a better future. Each day, companies are working together to create sustainable economic value.
“We are committed to that vision by ensuring we provide business capital and resources, primed to support these visions, as we continue to tell Africa’s story.”
Titan Trust Bank believes there is nothing like a small business. “All businesses are exactly that; businesses! Our team is made of professionals with an entrepreneurial mindset, working to help you and your business take advantage of the many benefits of banking with Titan, and give your competition a run for their money,” it said.
Titan Trust further posited that it will leverage on digital platforms to empower the emerging pan-African economy, whilst showcasing the industry pioneering solutions, expertise and professionalism.
Established on the 12th of December 2018, the bank obtained its national banking license on the 26th of April 2019, to operate as a commercial bank with national authorization.
OTHERS IN THE TITAN TEAM
Mr. Andrew Ojei
Mr. Andy Ojei is a Fellow of The Institute of Chartered Accountants of Nigeria as well as a Fellow and Council Member of The Institute of Credit Administration of Nigeria.
He was the pioneer managing director of Zenith Bank, Ghana. He left Zenith Bank Plc in June 2013 as an executive director after 21 years of service. He is a seasoned businessman with interests in real estate and information technology.
Ojei, an alumnus of the University of Lagos, Enugu State University of Science and Technology, INSEAD (France), Stanford (Singapore) and Wharton (Philadelphia) currently serves as a member of the Governing Council of Ritman University, Ikot Ekpene, Akwa Ibom State.
Alhaji Abubakar Mohammed
Alhaji Abubakar Mohammed is a seasoned entrepreneur with over 30 years’ experience managing and leading businesses across the country.
He is the managing director of Syndicated Investment Limited, a construction firm. He has held this post for over 33 years.
He has also been the chairman/CEO of Impex Limited, a security, contracting and trading company since 1993.
Alhaji Aminu Bashari
Alhaji Bashari Aminu (Iyan Zazzau), is the chairman of the Board of Directors of Vital Products Limited.
He is a Fellow of the Institute of Financial Accountants (UK) and a Fellow of the Association of National Accountants of Nigeria. He is a senior title holder in the Emirate of Zazzau and was a Senior District Head of Sabon-Gari, Zaria in Kaduna State from 1979 to 2018.
He is currently on the board of several companies.
Mudassir Amray – MD/CEO
Mudassir Amray is a banker with over 25 years of global exposure across six geographies (US, Nigeria, Malaysia, Hong Kong, Singapore, and Pakistan).
He has held senior positions in global banks such as: Citi New York – Managing Director & Head of Global Capital Management (LATAM), Citi Nigeria – Managing Director & Head of Corporate & Investment Banking, Nigeria and Ghana, Al Rajhi Malaysia – Country Business Head, Citi HK – Head of Capital Management, Asia Pacific, Citi Singapore – Head of Islamic Banking, Asia Pacific, Citi Pakistan, Country Business Head.
Adaeze Udensi – Executive Director
Adaeze has over 23 years’ banking experience, and was until recently, an Executive Director in Heritage Bank.
In her four years as executive director, she supervised the South businesses; oversaw Retail, Private Wealth, Collections, E-Business, Customer Experience and IT functions; and served as Executive Compliance Officer.
Adaeze also acted as managing director of Heritage Bank in 2017. Prior to this, she spent 16 years in Zenith Bank growing its Oil & Gas, Public Sector, Commercial and Retail businesses into the 2nd largest portfolio in the Bank, leaving as a general manager.
Adaeze has a first degree in banking, and MBA’s from Rivers State University of Science & Technology, and the University of Bangor, Wales.
She has also attended several Executive Management Programmes in Wharton Business School, Kellogg School of Management, Harvard Business School, and INSEAD.
Stella Nwihim – Head of HR
Stella is a seasoned professional with over 21 years’ experience spanning Human Resources, Sales and Banking Operations.
She has held key HR positions in Zenith Bank Plc and UBA Plc including Head Workforce Planning, Head Shared Services and Head Business Partnering, where she made significant contributions in organizational development, performance and change management and business strategy.
She holds a B.Sc. and M.Sc. (Biology) and an MBA (Management) and is a member of the Chartered Institute of Personnel and Development (CIPD).
Mark Oguh – CFO
Mark has 22 years’ experience in the banking industry covering Operations, Audit and Financial Control.
He is also a Fellow of the Institute of Chartered Accountants of Nigeria and Chartered Institute of Taxation of Nigeria.
He holds a Bachelor’s degree in accountancy and business administration and an MBA in banking and finance. He was the financial controller at Diamond Bank from 2015 to March 31, 2019.
Ademola Ajayi – Chief Compliance Officer
Ademola Ajayi is the chief compliance officer of Titan Trust Bank Limited. He holds Bachelor’s Degree in Accounting (First Class Honours) from Babcock University, Ilishan Ogun State. He also holds Higher National Diploma in accounting with Upper credits class from the Polytechnic, Ibadan. He is a fellow (FCA) of the Institute of Chartered Accountant of Nigeria (ICAN). He is also an Associate of Compliance Institute of Nigeria (CIN). He is a Security and Exchange Commission (SEC) registered Compliance Officer and a registered professional of Financial Reporting Council of Nigeria (FRCN). Internationally, he is a Certified Compliance Officer (CCO) and Certified Fraud and Crime; Investigation and Prevention by GAFM USA. He is also a fellow of GAFM USA.
He has been in the Nigerian Banking Sector since 1996, well over 2 decades, with experience cutting across financial control, credit review and monitoring, business development, banking operations, internal controls, internal audit, inspection and compliance functions. His career in banking started in NAL Merchant Bank, where he did the mandatory one year national youth service. Immediately after his service year, he was recruited by Zenith Bank, where he performed creditably well in banking operations generally, controls and risk management related functions, and later with specific focus on compliance risk management role. He played a key role in setting up compliance department in Zenith Bank and took same to an enviable height. Ademola AJAYI is a team player, and will positively impact any team he finds himself. He has attended compliance trainings, locally and internationally. He is also a competent trainer on compliance matters.
George Aiyudu – Head of IT
George is a certified COBIT implementer with over 21 years banking experience covering Banking Operations, International Operations and Information Technology.
He holds a Bachelor’s degree in Chemical Engineering and also holds a Masters Degree in Business Information Systems. He was the Group Head, IT Change and Transformation at Diamond Bank.
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has been recognized for its robust and exceptional human resource practices, thus reaffirming its status as a leading employer brand at the HR People Magazine Awards 2019 Awards held recently in Lagos. Stanbic IBTC won the Best Training, Learning & Development Strategy 2018 and the Outstanding Employee Engagement Strategy 2018 Awards. This makes it the third consecutive year the organisation will be adjudged best among peers for outstanding employee engagement strategy, having received the award back-to-back for 2016 , 2017 and most recently 2018.
These awards come on the back of winning an unprecedented five of a total of nine categories at the same awards last year. Stanbic IBTC Holdings PLC has consistently received in the last couple of years a number of local and international HR related awards for its top notch and effective human resources strategy, best practices, employee retention, client testimonials and the organisation’s reputation throughout the business and wider community, employee engagement and productivity levels, among others performance indices.
A representative of the HR People Magazine, a foremost magazine dedicated to the human resources and people development profession covering Nigeria and Africa, explained that the awards are evidence-based, and that the criteria used to select winners include: a demonstrable and effective strategy to drive the HR process in all the award categories, ability to show consistent best practice implementation within the organisation, evidence-based programmes and the impact of these programmes on the organisation.
Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, mentioned that winning awards in Human Resources underlines Stanbic IBTC’s strategy of growing a responsible, disciplined, motivated and highly productive workforce. It also reinforces the company’s strong management, systems and its leadership in the Financial Services industry.
According to Sanni, being selected for recognition is a constant reminder for us to always strive to epitomize one of our eight core values, which is to constantly raise the bar. He said that the organisation will continue to upskill its people and provide them with the most conducive environment, the right tools and adequate incentives to win their commitment as well as grow its people which is a testament to Stanbic IBTC’s continuous investments in its human capital and the establishment of people-friendly procedures and practices.
“We are indeed grateful to the organisers for these awards and are delighted to be recognised for our strong human capital strategies and deliberate and consistent investments in our people. For us, a highly motivated workforce, one that can deliver better services, is a function of the level of investment in our human capital for professional and personal development that helps to create a productive workforce whilst fulfilling individual career aspirations,” Sanni said.
Mr. Dapo Saheed, Editor-in-Chief of HR People Magazine, affirmed that the awards were instituted to celebrate the significant role of human resources in achieving both people and business excellence. Also, to create a platform which unites and supports the growth of HR in Nigeria and Africa at large. “These tributes were instituted to reward companies and HR managers who have strategies in place to engender a work-life harmony. They prioritise human capital as essential to delivering superior value to stakeholders and this is reflective in people-related investments, processes, policies and practices put in place.”
Country Head, Human Capital, Stanbic IBTC Holdings PLC, Mrs. Olufunke Amobi, expressed her appreciation and thanked HR People Magazine for the recognition, even as she assured that the organisation will not rest on its oars in ensuring a productive and motivated workforce.
The 19th edition of GOtv Boxing Night (GOtv Boxing Night 19) will hold at the Indoor Sports Hall of the National Stadium, Lagos, on Sunday, 14 July.
This was announced by FlyKite Promotions, organisers of the event, at a press conference in Lagos on Tuesday.
GOtv Boxing Night 19 will be headlined by the international welterweight challenge duel between Rilwan “Babyface” Babatunde of Nigeria and Daniel Lartey of Ghana.
The event will also feature six domestic bouts potentially explosive bouts, one of which will see Tope “Berinja” Agboola face reigning African Boxing Union (ABU) lightweight champion, Oto “Joe Boy” Joseph in a national challenge duel. Also in action will be current West African Boxing Union (WABU) lightweight champion, Rilwan “Real One” Oladosu, who takes on Hammed “Ese Hammed” Ganiyu.
The event will equally see former ABU featherweight title champion, Waidi “Skoro” Usman, return to action when he faces Taiwo “Esepo” Agbaje in a national challenge contest. Another featherweight challenge clash will see Kazeem “The Light” Oliwo square up to Tope “TP Rock” Musa.
In the light welterweight division, Akeem “Sugar Boy” Olaiwola will face Waheed “Showmax” Shogbamu, while Adeyemi “Spirit” Adekanla will take on Isaac “I Star” Chukwudi.
The best boxer at the event will go home with a cash prize of N1million alongside the Mojisola Ogunsanya Memorial Trophy.
GOtv Boxing Night 19 will be beamed live on Africa’s biggest sport channel, SuperSport, in 47 African countries.
As information technology evolves rapidly, the disruption or advancement in the banking sector will continue to be digitised. Only the bank that can transform itself into truly effective digital organisation and embrace the changes in digital technologies and consumer behaviour will survive and thrive in both the current and future digital environments.
Leveraging experience spanning over a century of dependable services, Nigeria’s premier financial institution, First Bank of Nigeria Limited, also called FirstBank, has kept pace with the evolving global operating environment, responding to the dynamic needs of its customers, investors, regulators, host communities, employees and other stakeholders. Through a balanced approach to plan execution, this iconic banking Brand has consolidated its industry leadership by maintaining trans-generational appeal and continually boosting its customer-base, which cuts across all segments in terms of size, structure and sectors.
With these unbroken business operations experience, FirstBank has continued to build relationships and alliances with key sectors of the economy that have served as strategic building blocks for the wellbeing, growth and development of the country. Also, with its huge asset base and expansive branch network, as well as continuous re-invention, this Nigeria’s strongest banking franchise has maintained market leadership on all fronts in the nation’s financial services industry.
Minds are still refreshing on the 125 years anniversary of this leading financial services solutions provider in Nigeria. A milestone that will continue to speak volume of FirstBank’s journey through the ages, her footprints traversing the nook and cranny of Nations with indelible landmarks of several firsts in the development of the banking industry in Nigeria, and contributions to banking sectors across Africa, the World at large.
It cannot be forgotten in a hurry, not so soon, how on Friday, March 1, 2019, FirstBank had the world stand still as it held its symbolic flag hoisting ceremony across Nigeria and other countries where it does business – a historic happening which officially flags off the bank’s commemoration of attaining the milestone year of 125th.
The last 125 years has passed, FirstBank says it is now focusing in building for the next 125 years and beyond to purposefully blaze the trail in its industry thereby sustaining leadership position and remaining youthful; an effort, no doubt, that is aimed at redefining the “Heritage of First” into the world of digital banking.
According to the digital banking report for 2018, in the past, providing a seamless customer experience has only ever been secondary to other higher priority items for banking institutions. This has to change to providing digital solutions for customers in and out of the institutional doors.
Meanwhile, before the transition to digital banking in Nigeria, conventional banking system had held sway which historically started in 1952. As it lasted, the industry witnessed a lot of regulatory and institutional advances, with FirstBank notable as one of the five out of 89 banks then; and all through, when in 2004 the banking industry went through reformation.
It could be observed that, when today’s customers evaluate financial institutions, they don’t compare different banks anymore, they compare experiences that impact everything in their lives as consumers for better than ever, with real-time, smart digital services being delivered through various devices 24/7 at the snap of their fingertips.
To survive the digital environment, FirstBank has continued to put in place the right framework to compete and succeed in the banking industry of the future, with goals set to create more efficient operations, higher profits and happier customers, “You First”.
According to FirstBank’s Chief Executive Officer, Dr Adesola Adeduntan, the digital banking offerings of the Bank have been optimised to ensure ease of banking and convenience via other channels such as FirstMobile app, Firstonline, FirstMonie, USSD banking and WhatsApp banking. Fundamental shifts where staying relevant means becoming an active part of a customer’s digital life!
Explaining about the chat banking on WhatsApp, during one of its occasions, FirstBank’s CEO said, “It is one of the ways First Bank puts You First and enables you to stay connected with your contacts, loved ones, friends and finances all on the go while you chat with them because, at First Bank, we are driven to bolster relationships on all fronts, anywhere and anytime.”
It can also be recalled that, Dr Adeduntan said, “Mobile and digital banking leverages native and responsive digital innovations to deliver aesthetically consistent physical and digital experiences to customers. Thus, we deliver real time event driven information and offer to proactively serve the immediate and long term financial needs of customers.”
As the saying does go, with digital opportunity comes digital risk, FirstBank recognises that as customers continue to gravitate to the ease and speed of digital banking, the associated risks will be on the rise.
Telling it as it were to curb the anticipated risks head-on, FirstBank CEO said, “We have adopted a disciplined approach to deliver unique customer experiences through best in class value and customer service; enabling customers to initiate, pause and restart transactions across various channels at any time. Also, we use advanced analytics to evaluate customer behaviour, determine preferences and deliver personalised customer services.” The FirstBank Boss added that, “The bank is focusing on the feelings and behaviour with the aim to provide real value for the customers so as to have a positive impact with the product and the services provided to its customers.”
With FirstBank’s involvement in every stage of national growth and development, the Bank has recorded laudable feats since the advent of digital banking in Nigeria. Starting from 1991, when the Bank introduced first ATM (automated teller machine) in Marina, Lagos, it now has more than 2,700 ATMs across its 730 business locations, 18,000 Agent Banking spread and has earned itself the 2nd Bank in Africa and 1st in Nigeria to issue 10 million cards.
In 2007, FirstBank introduced the innovative credit administration software called Innovative Finnone credit administration software, being the first bank in Africa to pioneer the service. Other notable corporate transformation projects included the launch of FirstContact, the 24/7 multi-lingual integrated and interactive customer service contact centre, a key component of FirstBank’s service delivery transformation, which revolutionised customer feedback processes.
FirstBank is also the first to launch Biometric ATM in Nigeria, consistent with its tradition of pioneering far-reaching innovation in the financial services industry. In 2010, FirstBank becomes the first organisation to be granted notable international standardization certifications, the prestigious Information Security Management System (ISMS) Certification, which is the world’s highest accreditation for information protection and security; and Business Continuity Management System Certification, both from the International Organisation for Standardisation (ISO), following rigorous certification processes by the British Standards Institution (BSI), a leading organization in the field of auditing management systems and processes.
In 2011, FirstBank launched the first Cash Deposit ATM. The Bank has earned recognition as the “Most Innovative Bank in Africa” by the African Banker, attesting to its forward-thinking approach; and named “Nigeria’s Number One Banking Brand” by Brand Finance Top 500 Banking Brands by The Banker, an international banking magazine published by Financial Times, Ltd.
Acknowledged by Interswitch, Africa-focused integrated digital payments and commerce company, as the first financial institution in Nigeria to achieve 100 million sustained monthly transactions in electronic payment, in December 2015 and again in May 2016. Same year, FirstBank celebrated 20 years of partnership with Western Union Money Transfer.
In 2017, FirstBank total number of Firstmonie (FirstBank money wallet) users hit 4,035,307 and with over 6 million digital banking users (the fastest mobile banking penetration across Africa).
Indeed, FirstBank is the first indigenous organisation in Nigeria to launch Human Resource Solution in the Cloud. As at 2018, it won Best Retail Bank in Nigeria (an award given by the renowned Asian Banker Awards) for the 7th consecutive time. In that same year, processes the highest number of transactions on electronic channels in the industry annually, representing above 1.6 billion (about 33 per cent of the industry volume).
Awarded a second time back-to-back recognition for Digital Bank of Distinction, Nigeria; Firstbank, last year, won the Best Bank in Nigeria award for the 15th time, both by Global Finance Magazine.
By and large, FirstBank continues to seek out better solutions to digitise its offerings whilst optimising its workflow and lowering operational costs for the future ahead in digital banking. – National Accord.
The President of the Dangote Group, Aliko Dangote, says the availability of consumer credit facility is an important option in fighting corruption in the country.
Mr Dangote said this on Saturday in Lagos at a consultative roundtable titled, “Going for Growth” with some economic stakeholders.
He said that the Central Bank of Nigeria (CBN) and commercial banks should develop consumer credit products to encourage low-income earners to engage in loan taking.
￼He also identified a lack of policy implementation as the biggest challenge in the country.
“How do you have economic growth without power? So, no power, no growth because without power there can’t be growth.
“Egypt increased its electricity by 10 gigawatts, which is equivalent to 10,000 megawatts in 18 months.
“In Nigeria, we have been struggling for 18 years without adding 1,000 megawatts and we have spent about three times above Egypt, why?
￼“So, I think we all need to be concerned about that.”
Mr Dangote advised that the country needed to promote import substitution for foreign exchange accumulation through proceeds from exports.
He called for a public-private partnership to boost the non-oil sector of the economy and added that Nigerians should invest in the development of the non-oil sector which had been left in the hands of foreigners.
“Government need to encourage non-oil sector growth rather than depending on proceeds from crude oil to pay salaries.
￼“Proceeds from crude oil sale should be for major investment in the country,” he added.
He urged the federal government to improve more on the power sector, saying “no business will thrive with business owners generating powers themselves.”
Mr Dangote said that all stakeholders must come together and support the government in finding a solution to power challenges in the country.
Apart from power, Mr Dangote suggested that government focuses more on three areas which include finance, manufacturing and agriculture.
According to him, Asian Tigers concentrated on these three sectors for them to be where they are.
He further urged the government to focus more on the fiscal policies for the country to move to the next level.
The business mogul said by next year, the country would have exported eight million tonnes of cement to African countries from the present six million tonnes.
Mr Dangote added that Nigeria would also be the biggest exporter of fertilizers in Sub-Sahara Africa.
￼Also speaking, the Chairman of Zenith Bank Plc, Jim Ovia, noted that government policies had supported the production of petroleum, cement and fertilizers.
Mr Ovia commended the government on broadband penetration in the country, saying it had boosted banking activities.
He supported Dangote on the need for consumer credit and said banks were doing their best on it.
Mr Ovia, however. noted that the process had been slow because of the challenges associated with people given accurate data for Know-Your Customers (KYC) process.
￼Also, the former Managing Director of Stanbic IBTC, Peterside Atedo, urged the CBN to continue with the effort taken in reducing inflation rate from 18 per cent to as low as 11.37 per cent as at April 2019.
Mr Peterside said the CBN should use the same pace to bring the country’s inflation rate to a single digit.
- A new line-up of programmes has been announced for GOtv subscribers.
From Friday, 7 June till Tuesday, 11 June, GOtv will make available to subscribers thrilling telenovelas, movies, documentaries, sports, kids and general entertainment programmes.
Viewers will be treated to another exciting episode of Mahek. A young girl from Delhi was raised by aunt after the death of her parents. Her love for cooking is tied to her mother’s memories. She aims to fulfil her ambitions but struggles through the difficulties of life (showing on Saturday, 8 June at 8pm on Zee World).
Also on offer is the intriguing telenovela False Identity. Augusto is taken to the hospital in an ambulance after losing a lot of blood. Joselito opens up to Topo about his plan to escape to Costa Rica (showing on Tuesday, 11 June at 9pm on Telemundo).
A young boy goes missing and the mother blames a black man living in the projects. A black police detective must solve a strange case and deal with racial protest. How is this mysterious case resolved? Catch all the details on Freedom Land (showing on Friday, 7 June at 8pm on BET).
Sci-fiction lovers will be treated to a spectacle in Divergent. Set in a futuristic world where society is divided into factions, Tris is confused when she discovers her true destiny. She decides to break the rules of her harsh society (showing on Tuesday, 11 June at 3:40pm on M-Net Movies Zone).
Quality African entertainment is not left out for viewers as the drama continues on the epic local series, Halita. A young girl has to face a new life filled with drama as she resides with a powerful family in the city after fleeing her village and a crooked suitor (showing weekdays at 7pm on Africa Magic Family).
Married couples have the opportunity to learn about the complexities of marriage as a marriage counselor relives her life issues through the young couples that come to her for counselling in Things I Hate About You (showing on Sunday, 9 June at 7pm on Africa Magic Family).
The kids can enjoy the weekend with shows such as Cousins for Life. This show centres around 12-year-old cousins, Stuart and Ivy, who come from very different backgrounds and learn to navigate life under one roof with their families (showing on Sunday, 9 June at 7:30am on Nickelodeon).
Mr Nnamdi Okonkwo, Managing Director/CEO Fidelity Bank Plc, on Friday, urged parents to build an enduring educational legacy for their children.
Represented by Mr Obaro Odeghe, Head, Corporate Bank Directorate, Okonkwo said that bequeathing a solid educational foundation was greater than leaving behind houses for one’s children.
The CEO made the remark at a forum hosted by the bank in partnership with Quelu Educational Centre and Nubi Educational Consult in Lagos.
The forum, which brought parents and their children together, was titled, ” Equipping Tomorrow’s Leaders.”
Also speaking, Ms Chioma Nwankwo, the bank’s Divisional Head of Private Banking, said: “Studying abroad is becoming more popular among Nigerian students as the country itself continues to pursue integration into the international landscape.
“The demand for professionals with global experience is rapidly increasing among local employers.
“Our private bank has, therefore, partnered with Quelu Advising Center over an interactive education advisory session to better equip our high networth and ultra-high net worth clients for future engagements in this respect.”
Nwankwo noted that the session was one of the fora put together by the division and targetted at the younger generation.
She said that the session was loaded with the necessary steps for achieving a greater future, “as wealth is preserved from one generation to another.”
Quelu Educational Centre is an advisory company operating under Shorelight group of companies working with top-tier universities to offer services to prospective students who wish to study abroad.
The forum, which provided sufficient information and guidelines, extensively covered; Student profiling, advice on university selection and finding scholarship opportunities.
Other information shared included application and admission process and visa application preparation, amongst others.
Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), on Saturday, emphasised the need to strengthen efforts over the coming years to stimulate growth and create jobs in critical sectors to insulate the economy from global shocks.
Emefiele said this while giving a welcome address at a consultative roundtable titled, “Going for Growth” with some economic stakeholders in Lagos.
The CBN boss said that leaders and policy makers needed to strengthen their resolve in achieving the goal.
He also said that would assist in putting in place unconventional policies that would help insulate the economy from shocks in the global economy.
The CBN governor said in doing that, the CBN had recently been caught in a syndrome termed, ‘The Dilemma of Monetary Policy in Nigeria’.
Emefiele said, “Typically, for a nation to be seen to be prosperous, any citizen of that country will expect macro-economic indices such as low interest rate regime, stable exchange rate regime and robust reserve position, low inflationary environment, as well as an environment of full employment.”
According to him, discussions and comprehensive recommendations will form part of the roadmap in actualising collective intent of ensuring the monetary policy authorities implement measures that will help drive the growth.
Emefiele said the apex bank had taken a number of actions in the last five years to support the growth of the economy which had helped in achieving the macro-economic stability.
This, he said, had led to inflation trending down to 11.37 per cent from 18.72 per cent in January 2017; exchange rate stability at current levels with considerable convergence and reserves build up to current level of over $45 billion compared to $23 billion in October 2016.
The governor said: “Although, we had hoped to achieve a lower level of interest rate, this became impossible given the normalisation of monetary policy in the United States and the over 60 per cent drop in crude oil prices between 2014 and 2016.
“You will agree with me that the consequences of these unfortunate occurrences was a heightened inflationary pressure on the economy and monetary policy had no option but to embark on a regime of tightening so as to rein inflation.
“We also deployed measures aimed at supporting improved productivity of the Nigerian economy by restricting access to foreign exchange on 43 items that could be produced in the country.
“We have also strengthened our intervention programmes which helped in restarting the flow of credit to critical sectors of the economy.
“As part of our interventions, we introduced the Anchor Borrowers’ Programme (ABP); a programme that helped to improve access to credit to Small Holder Farmers through our intervention programmes such as Commercial Agricultural Credit Scheme and the Real Sector Support Fund.
“We have enabled large agro processors and manufacturers expand their operations, thereby supporting our efforts at improving domestic production of goods,’’
Emefiele, however, said in spite of those results which were reassuring, the task of building a stronger economy was far from complete; with the pace of Gross Domestic Product (GDP) growth remaining fragile and lagging behind population growth rate of 2.7 per cent.
He noted that the country had yet to see a substantial increase in credit to the private sector by the financial institutions.
“Our domestic industries, particularly high employment generating sectors like textile and garment sectors, have to deal with rampant smuggling and dumping of materials through our borders.
“These challenges, no doubt call for action by the monetary and fiscal policies through the implementation of policies, the spirit and letter of which must be respected by all.
“Furthermore, the rising volatility which we see today in the crude oil market occasioned by the rapid increase in the supply of shale oil by the United States, and which has seen its production rise from 9 million barrels per day in 2017 to over 12 million barrels per day today.
“This portends great risk to Nigeria’s growth trajectory if we do not take actions that would wean us from excessive reliance on crude earnings for survival,’’ the CBN boss said.
According to Emefiele, our goal in participating in this roundtable session today is to generate valuable insights from key stakeholders on the role monetary policy authorities could play in formulating and implementing policy measures that will support improved economic growth.
The Lagos State Governor, Mr Babajide Sanwo-Olu in his opening remarks, said the state would continue to support the CBN’s drive in ensuring continuous economic growth.
Sanwo-Olu said that the state contributes up to 30 per cent of the nation’s GDP, saying that it was important to help unleash business potential in the country for favourable competition at the global market.
“We are going to do this so that we can become increasingly competitive and innovative. It is important to unleash the potential of the state so as to attract Foreign Direct Investments (FDIs) to the state,” Sanwo-Olu said.
He said the country had to tap into opportunities that abound in the trade war between America and China as well as that in the Brexit through exports.
Sanwo-Olu urged the CBN to continue playing its part especially in providing infrastructure that would help boost energy power for businesses to thrive.
The governor promised to ensure that Lagos as a 21st century economy requires improved power supply to drive businesses.
He pledged to modernise essential services in the state and strive for maximum efficiency in the public sector institutions.
A-listers in the Nigerian and Ghanaian music and film industries, led by ageless Juju Maestro, King Sunny Ade and hot millennial artistes like Ayodeji Balogun, popularly known as Wizkid, Afropop crooner, Davido and nine others have rejuvenated the Glo theme song “We got people talking” to promote the telco’s 5 timesvoice recharge value. The offer gives Globacom subscribers five times more value on every recharge to call all networks.
With this offer, Glo subscribers will receive five hundred per cent bonus on any recharge they make on the network. For example, a N100 recharge will get N500 value, N200 recharge will receive N1000, N500 recharge attracts N2,500 value while N1,000 recharge will get N5,000. The offer is available on physical recharge via the USSD code 555 followed by the recharge pin.
Other iconic artistes that united to promote the irresistible offer included Omowunmi Megbele, irrepressible Yemi Alade, Ghanaian pearl Martha Ankomah and velvety voiced Ego Ogbaru.
The rest include Nabania singer Flavour, Igbo ethno-rapper Phyno, Tekno, Bez, Sani Danja and smooth talking Van Vicker of Ghana. All of them combined to amplify the chorus ‘we got people talking’.
Talking is an exclusive basic human trait used to express feelings, thoughts and desires and mobile telephony had escalated man’s propensity to talk. It has shrunk distances considerably that feedbacks are now instantaneous. The star-studded television commercial extols these advantages.
Globacom first released the theme song “we got people talking” in 2010 and the 2019 star-studded rejuvenated version recently released has gone viral on the internet, generating interest amongst the young and old.
In an effort to consolidate on its impressive financial performances and market leadership across the financial services spectrum, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has announced a number of Board appointments in some of its subsidiaries.
The appointments, which are expected to bring fresh thinking and ideas as well as energy into the Group’s operations, cut across the Stanbic IBTC Group, including Stanbic IBTC Bank, Stanbic IBTC Asset Management Limited, Stanbic IBTC Pension Managers Limited, and Stanbic IBTC Insurance Brokers Limited.
Mr Adekunle Adedeji was promoted to the position of executive director Stanbic IBTC Holdings PLC, effective 22 February 2019. Mr Adedeji, who has over 20 years’ experience, is also Stanbic IBTC Group’s Chief Financial Officer. He had a similar experience with Stanbic Ghana. Adedeji has worked with Ernst & Young and belongs to several professional institutes, including the Institute of Chartered Accountants of Nigeria.
Mr Barend Johannes Kruger was appointed as a non-executive director for Stanbic IBTC Bank effective from 20 May 2019 following the receipt of all required regulatory approvals. Mr Kruger had previously been appointed to the board of Stanbic IBTC Holdings PLC in January 2019. Thus, he will now serve on both the HoldCo and the bank boards as a non-executive director. Mr Kruger is a chartered accountant with over 30 years’ experience in the financial services industry.
Also appointed to the board of the Bank, following regulatory approvals, was Ms Rabi Isma as an Independent non-executive director, effective from 09 May 2019. Ms Isma has extensive experience in the telecoms industry with 9Mobile and Etisalat Sri Lanka. She has previous worked for the British Council in Nigeria and served as special adviser to the governor of Kano State. Ms. Isma has multiple certifications and has attended several executive programmes, both at the Harvard and Michigan Ross Business Schools, United States of America.
Mrs Bunmi Dayo-Olagunju has been appointed Executive Director, Operations, for the Bank. Prior to this, Mrs. Dayo-Olagunju was Deputy Head of Operations and also previously served as Chief Executive of Stanbic IBTC Asset Management Limited, the Group’s Asset Management subsidiary. She has over 20 years of hands-on experience in the financial services industry having worked in different capacities across the subsidiaries of Stanbic IBTC Group.
Similarly, Mr. Dele Sotubo replaced Mrs. Dayo-Olagunju as Chief Executive of Stanbic IBTC Asset Management Limited effective 12 February 2019; Mr. Olumide Oyetan was appointed Executive Director, Investments, Stanbic IBTC Pension Managers Limited with effect from 1 March 2019; Mr. Charles Emelue was appointed Executive Director, Operations, Stanbic IBTC Pension Managers Limited on 1 April 2019 while Ms. Sakeenat Bakare was appointed Executive Director for Stanbic IBTC Insurance Brokers Limited, effective 26 February 2019.
These individuals are highly qualified and experienced to deliver results in their new roles. Commenting on the appointments, Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, said: “We are pleased to entrust these individuals with new responsibilities and look forward to benefiting immensely from their wealth of knowledge and experience as we enter the next phase of our growth. In filling these roles, we identified our priorities and these individuals fit into our growth objectives.”