FIRSTBANK HOSTS FINTECH SUMMIT 3.0

Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited hosted the third edition of its annual Fintech summit themed “Banking + Tech = Solving Real Problems”. The event held on Wednesday, 16 October 2019 in Lagos with a conference and panel sessions comprising tech experts, start- ups, regulators and other stakeholders to deliberate pressing issues, trends and upgrades in the application of technology in the financial services industry. Victor Asemota, Founder, Swifta Systems & Services was the Keynote Speaker at the event.

With the evolution that has taken place in the financial services industry in recent times, especially through the advent of technological inclusion in business operations across all industries, this year’s event focused on how technology can aid the solving of large scale societal problems within the context of financial services in Nigeria. The event cuts across multiple panel sessions to deliberate issues and prospects in the business management across the financial technology ecosystem with a view to having participants exposed to the trajectory of current and future opportunities in the Fintech ecosystem.

According to Gbenga Shobo, Deputy Managing Director, First Bank of Nigeria Limited, “Our Fintech Summit 3.0 was convened to set the tone for discussions that promote disruptions in the digital space, especially in the financial industry, as we recognise the opportunities for inclusive growth and influence of FINTECH not just in banking but also business operations across all industries. The 2019 edition of our FINTECH summit would build-up from the successes achieved in the last two editions.”

He added, “FirstBank, in the last few years, has used technology to deliver solutions to promote financial inclusion. With over 33,000 Firstmonie Agents in 36 states doing over N2 trillion worth of transactions, we are reducing poverty with our Agency Banking footprint. Our Firstmobile application has become the foremost mobile banking application in the country with over 3 million users doing over 14 million transactions monthly. It is one of the major gateways for Financial Inclusion where everyone can download the app and open an account at their own convenience! This was not the case a few years ago. Our USSD channel, *894#, is also solving Financial Exclusion problems for those who do not have easy access to internet data. With over 8 million users today, transactions worth over N4 trillion have been consummated using this channel.’’

The panel sessions comprised experts with over two hundred combined years of experience in the Financial and Technological Industry space to deliberate on topical issues in today’s technologically driven business world. Topical issues to be discussed are: Solving Business Problems; Solving Regulatory, Security & Legal Problems and Solving Lifestyle Problems.

Amongst the FirstBank team of speakers and moderators are Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications; Olayinka Shittu, Chief Transformation Officer,

Oluwatoyin Aina, Group Head, Energy Downstream & Int. Oil Trading; and Taiwo Shonekan, Head, Customer Experience & Value Management.

Debo Odunlana, CEO, Doctoora Health; Damilola Emuze, COO/Co-Founder, Scholarx; Edward Popoola, CTO/Co-Founder, Cowrywise and Chinedu Azodoh, Chief Technology Officer, Max.Ng are the panelists in the Solving Lifestyle Problems session.

The Solving Business Problems panel session include Victor Asemota, Founder, Swifta Systems & Services; Lola Ekugo, Head, Digital Innovation Lab, FirstBank; Akindele Phillips, CFO/Co-Founder, Farmcrowdy; Deepankar Rustagi, CEO/Founder, Vconnect & Omnibiz and Dayo Ademola, Head of Innovation, EFInA.

The panelists in the Solving Regulatory, Security & Legal Problems are the Sam Okojere, Director, Payment System Management Dept, CBN; Tosin Faniro-Dada, Head, Startups (Lagos Innovates), LSETF; Odunoluwa Longe, Co-Founder, DIY-Law & The Longe Practice; Bunmi Akinyemiju, CEO, Venture Garden Group and Harrison Nnaji, Chief Information Security Officer, FirstBank.

Callistus Obetta, Group Executive, Technology & Services, FirstBank; Gbenga Shobo, Deputy Managing Director, FirstBank; Victor Asemota, Founder, Swifta Systems & Services and Keynote Speaker at the event (FirstBank FinTech Summit 3.0); Adesola Adeduntan, Chief Executive Officer, FirstBank and Abdullahi Ibrahim, Executive Director, Public Sector FirstBank at the FirstBank FinTech Summit 3.0 held in Lagos today.
Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank; Edward Popoola, CTO/Co-Founder, Cowrywise; Chinedu Azodoh, Chief Technology Officer, Max.Ng; Taiwo Shonekan, Head, Customer Experience & Value Management, FirstBank; Damilola Emuze, COO/Co-Founder, Scholarx; Debo Odunlana, CEO, Doctoora Health are the panelist in the Solving Lifestyle Problems session at the FirstBank FinTech Summit 3.0 held in Lagos today.

Bayelsa Governorship Poll: INEC Chairman abruptly ends stakeholders meeting as tempers flare in Yenagoa

The Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, abruptly called an end to a stakeholders’ meeting in Yenagoa on Wednesday as an argument between political leaders threatened to boil over into physical violence.

INEC had organised the meeting as part of its preparations for the governorship election coming up on November 16 in Bayelsa State.

In attendance were INEC officials led by Mr Yakubu, security officials including the Deputy Inspector-General of the Police (Operations), Abdulmajid Ali; community and political leaders, including many governorship candidates.

The argument was ignited by the Chairman of the Bayelsa State Elders Forum, Francis Doukpolagh, who said many people were displaced from some communities in Nembe Local Government Area by violence during the 2019 general elections.

He said since the elections, the people were yet to return home, calling for the assistance of the authorities to get them back to their communities.

Mr Doukpolagh said some residents in Peremabiri and BasabirI communities affected at the time were still living in neighbouring communities.

But he was interrupted by other community leaders who told him to speak on behalf of Bayelsa and not for his own political gains.

The confrontation led to a violent exchange of words as many of the stakeholders approached each other, shouting “Sit down and keep quiet.”

In the face of the tumult, Mr Yakubu abruptly brought the meeting to an end.

PREMIUM TIMES could not authoritatively confirm the reasons behind the confrontation.

The candidate of the United Patriot Party, Kenny Sotonye, told PREMIUM TIMES that the antagonists were members of the two major parties, the Peoples Democratic Party (PDP) and the All Progressives Congress (APC). He said the confrontation has roots in the previous elections in the state.

“The national ruling party (APC) chased the persons (agents of other parties) in their communities in order to take charge for their party.
“We the opposition parties do not want such, we want people to come to vote with their conscience and vote with there interest,” Mr Sotonye said.

The governorship candidate for the All People’s Party (APP), Samuel Izibeyamadu, described the incident as a shame to democracy.

He said such incidents had become a tradition in the politics of Bayelsa State.

“What we saw here is a show of shame and this has been the tradition in the state,” he said.

“Even the military has found it difficult to curtail the scourge here when it comes to elections

“In the last elections, a deputy commissioner of Police was beaten up by a particular party for allegation known to them.

“If the military and other security personnel cannot bring calm to the state elections, there is no need for fielding candidates to be part of the elections,” he said.

Nigeria’s Debt Now N25.7trn, Rises By N753bn In 3 Months

NIGERIA’S total public debt rose to N25.7trillion ($83.882billion) by the end of June 2019, according to the Debt Management Office (DMO).

This is an increase of about N753billion over the N24.947trillion reported by the government agency as the total debt as of the end of March.

According to the figures released by the DMO on its website on Tuesday, the total debt stock is made up of both foreign and domestic debts of the federal and state governments. While the Federal Government’s debt stood at N20.5 trillion ($66.75 billion), that of the 36 states and the FCT was N5.3 trillion ($17.2 billion) by the end of June.

A breakdown of the debts provided by the DMO shows that the country’s total external debt stock stood at N8.3 trillion ($27.162billion) with the Federal Government owing N7 trillion ($22.9billion), while the 36 states and the Federal Capital Territory (FCT) owe N1.3trillion, ($4.274 billion)

As of the end of June, domestic debt stood at N17.4 trillion ($56.7 billion). While the Federal Government’s owes N13.4 trillion ($43.8 billion), states and the FCT owe N4trillion ($12.9billion).

Although many Nigerians have expressed concern over the nation’s rising debt profile, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the country’s problem was not debt but revenue.

Atiku’s Appeal: CUPP Fires Back At Supreme Court

• Says its attacks, a confirmation of unholy alliance of Apex court, APC

The opposition Political Parties under the umbrella of “Coalition of United Political Parties (CUPP)” on Tuesday expressed dismay over a statement credited to the Supreme Court in which the apex court descended heavily on the coalition for alerting Nigerians on issue of appointing Supreme Court justices that sit on presidential appeal since 1979.

In a statement made available to newsmen in Abuja by its Spokesperson, Ikenga Imo Ugochinyere, the Coalition pointed out that the action was a confirmation of an unholy alliance between the Apex court and the ruling All Progressives Congress, APC in the Appeal filed by the Presidential Candidate of the Peoples Democratic Party, PDP, Alhaji Atiku Abubakar in the last general election.

According to the Coalition, “the Supreme Court has by that statement is taken sides and has decided to join issues with the opposition perhaps because the supposed quiet plan and alliance with the APC led Federal Government had been botched.

” The CUPP and opposition have before now exposed the plan to alter the order of seniority which is used in appointing Supreme Court justices that sit on presidential appeal since 1979.

” We had insisted that the plan is to truncate the appeal filed by the Coalition consensus candidate and Presidential candidate of the Peoples Democratic Party, Alhaji Atiku Abubakar.

“It is noteworthy that the attack on CUPP by the highest court in the land came less than 24 hours after the ruling All Progressives Congress (APC) issued its own statement in which it threw caution to the wind, fired a childish arrow at the grand opposition alliance and said unprintable things about the opposition while not addressing the issues raised and making claims of Nigeria being an imaginary one-party state.

“We know of a fact that it is not a coincidence that the two separate statements from the ruling party and the apex court came almost the same time.

Access Bank Records Over N1bn In Daily Digital Lending

Access Bank’s expanded digital lending portfolio, which gives Nigerians quick and 24/7 access to funds for emergencies without any collateral, has hit a record N1billion daily in loan value.

According to Victor Etuokwu, Executive Director, Retail Banking, Access Bank Plc, in the past two years, the bank has disbursed over 3.5 million loans to individuals, adding that this year alone it had disbursed over N45 billion in over 2 million disbursements to individuals and have recently witnessed a spike in volumes hitting one billion naira daily.

“This achievement and our focus on retail lending reiterate our commitment to democratize access to financial services leveraging digital technology,” he said.

Chinedu Onuoha, Head Digital Banking Business Development, Access Bank, commented recently on this laudable achievement: “Our objective is to ensure that there is a digital loan product for every adult Nigerian who has proven means of livelihood because we know that every individual at one point or another requires some form of financial support. Our flagship digital loan product, PayDay Loan, is tailored to help individuals meet their urgent cash needs. Though the tenor for this loan is 30 days, we also have loans with tenors of 3 months and 6 months.”

Osinbajo: Govt can’t provide adequate health care for Nigerians

Vice-President Yemi Osinbajo says the federal government cannot adequately provide health care services for the entire Nigerian population.

Osinbajo said this on Tuesday at the national health dialogue organised by Premium Times in Abuja on Monday.

Represented by Nicolas Audiferren, his chief physician, Osinbajo said an effective national health insurance scheme may be the best option for the development of the nation’s health sector.

“It has become obvious that the government, both at the state and federal levels, cannot adequately provide health care services. That’s the simple truth,” he said.

“Our view is that an effective national health insurance scheme remains the best option for the development of our sector and for efficient health care services in this country.”

He said the government is dedicated to attaining universal health coverage (UHC) for all Nigerians.

Reeling out some achievements of the government, he said: “We were able to allocate 1% of the consolidated revenue fund towards the funding of key health initiative in compliance with National Health act.

“Last year we also launched the patients’ bill of right, initiated renovations and improve funding for primary health care institutions. We have been able to eradicate polio.” He said

Dapo Olorunyomi, publisher of Premium Times newspaper and organizer of the event, said the conference was put together “to bring to the table experts, policymakers, stakeholders and the ordinary citizens to discuss thorny issues that matter to advance better healthcare delivery.”

Chiedo Nwankwo, a medical doctor who spoke at the event said: “Nigeria is one of the worst places for maternal, newborn childcare in the world”

Advocating for the poor, Nwankwo said: “they should not spend the little they have and get impoverished in their quest for quality health care”

She urged state and non-state actors to do more in order to improve healthcare

Muhammad Dogo, former NHIS chairman, said “Nigeria is already offtrack” in terms of achieving universal health care (UHC) by 2030.

He lamented the issue of health not having a strong constitutional backing in the country.

However, Dogo said that proper deployment of resources would help the country achieve UHC by 2030

Oshiomhole: Obaseki considering dumping APC

Adams Oshiomhole, national chairman of the All Progressives Congress (APC), says Godwin Obaseki, governor of Edo state, is contemplating dumping the ruling party.

In a statement issued on his behalf by Simon Ebegbulem, his spokesman, the national chairman said the governor wants to create crisis in the party before making his next move.

He advised the governor to focus on delivery of good governance to the people of the state rather than “blackmailing” him.

“We have it on good authority that the governor (Obaseki) intends to create disaffection and crisis in the state, APC and probably dump the party for another party,” he said.

“That is why, he has embarked on this brigandage which Edo people will resist. So, he should stop blackmailing me and face governance which is why Edo people voted him into power.

“We are even more scared now that the governor is making every effort to coerce me into giving him details of my movement in Edo State. Who knows what he is plotting again? But every evil plot against me will fail.”

Oshiomhole insisted that he was attacked at his residence in Benin, Edo capital, on October 12, blaming it on “Obaseki’s thugs”.

“Before that incident, state government sponsored thugs have been harassing, intimidating APC members across the 18 Local Government Areas (LGAs) of the state because APC leaders refused to adopt his second term aspiration,” he said.

“People are being sacked in their jobs everyday in the state.”

DanMallam Muhammed, commissioner of police in Edo, has said there is no evidence that Oshiomhole was attacked.

FirstBank sponsors Kaduna polo ‘Georgian Cup’ for 100th year

First Bank of Nigeria Limited has announced its sponsorship of the Georgian Cup of the Kaduna polo tournament for the 100th year.

In a statement issued on Tuesday, the bank said the decision to continue its support of the tournament is due to its commitment to the growth and development of sports, nation building and the economy at large.

The bank said it is “possibly the longest running sports sponsorship in the world and a Guinness Book of Records potential”.

It said the 2019 edition of the sports championship runs from October 12 to 20 at the Kaduna polo club, Murtala Mohammed Square.

“The Kaduna Georgian Cup centenary Polo Tournament commenced in 1919, with FirstBank sponsoring the sports tournament for a 100 years. The Cup, which was donated by the Bank to the Kaduna Polo Club, is the oldest and most respected Polo trophy in West Africa,” the bank said.

“The 2018 edition of the tournament was won by team El-Amin, also billed to participate in the 2019 edition to defend its trophy, contested by other teams; Rubicon, Imani, Malcomines, Lintex Agad. A total of 45 teams are billed for the 2019 tournament.”

Speaking on the sponsorship, Folake Ani-Mumuney, FirstBank’s group head of marketing and corporate communications, said it is a feat the brand is proud to achieve.

“2019 is indeed an eventful year for us and one of the many high points since we were founded 125 years ago. Part of our excitement stems from the pride we feel at having supported the Georgian Cup Polo Tournament for 100 years consistently,” she said.

“We are indeed proud to achieve this feat as it reinforces our leadership role as an institution committed to the continued growth and development of sports and the economy at large. The Georgian Cup Polo Tournament is one of the many heritage sporting sponsorships supported by FirstBank over the years.

“Another example is the FirstBank 58th Lagos Amateur Golf Open tournament, in partnership with Ikoyi Club 1938 holding in November this year which we have also supported for 57 years. We dare say perhaps another record in sports sponsorship.”

Crisis rocks Senate over secret recruitment

Crisis is allegedly brewing in the Senate over the employment slots allocated to  the lawmakers  by some federal agencies.

Some aggrieved senators have vowed to resist the sharing method  allegedly adopted by the leadership of the Senate to allocate  the slots.

Investigations by our correspondent revealed that  the agencies  gave the legislators the   slots  through their leaders.

But  the slots were allegedly shared among the 10-member body of principal officers.

According to sources, many of  the lawmakers   are particularly bitter that their leaders allegedly shared   the 100 slots allegedly given the Senate by  the Federal Inland Revenue Service among themselves.

An aggrieved senator from the South-West,  said on condition of anonymity, “We  were given  100 slots by  the FIRS but our  leaders   shared the slots  among themselves.”

A ranking senator  from the North-West said,  “We have information that one of the leaders gave  26 slots to people in his senatorial district. There is a problem in the Senate already, because the leadership has cornered jobs meant for the entire Nigerians.

“Does it mean that you must know a senator  before you get a job?  Nothing is being done on  merit. How will you get the best brains?

“The implication of this is that many people are being offered employment without undergoing any interview.

“They give them appointment letters because they know the leaders of the Senate. How can a single senatorial district get 26 slots when others have nothing?”

But a Senator from the South-East, who also  spoke on condition of anonymity, told our correspondent that he expected every legislator to have been  given a slot.

A  member of the Senate Committee on Federal Character, who also spoke on condition of anonymity, also confirmed that there was a crisis in the Senate following the development.

He said, “The fact that the leaders allegedly collected 100 slots and share  them  among themselves has  shown that we cannot win the war against the lopsidedness that we talk about in this country.

“Some of our colleagues are already coming to lobby us to take it easy with the probe but we are going ahead with it.”

Speaking with journalists on Tuesday, the Chairman,  Senate Committee on Federal Character, Danjuma La’ah, said  he was aware that some agencies  had been  boasting that nothing would come out of the (secret recruitment)  probe because they had allegedly reached out to the leaders of the Senate.

The committee is probing the allegations that some agencies had been secretly recruiting without  advertising the jobs.

La’ah said, “We are hearing that some agencies will not honour our invitation because they have connection with the Senate leadership.  I am not aware that any agency gave out employment slots to the Senate.

“The leadership has not told us that they received any slot.

“As the chairman of this committee, who is also representing Kaduna South,  I am  not in any way aware that we have been given any employment slots, so we are going ahead with our probe.

“I have taken it upon myself that I will probe deeply into the agencies’ claims and carry out an extensive investigation.  We are going to expose all those that are tarnishing the image of the Federal Government.

“We are aware that some of the agencies are selling employment slots  for as much as N1.5m when we have children who have not got  jobs since they graduated.

“Some have become bandits and terrorists because the jobs meant for them have been cornered by some greedy people. Young educated Nigerians are joining Boko Haram because of  a lack of jobs.”

On when the agencies  would  appear before the committee to defend themselves,  La’ah said, “Never mind, they will appear soon.”

He added, “President Muhammadu Buhari is not happy with what is going and he has been looking for a way to sack people with bad records. I even want him to use this as a yardstick to sanitise the system.”

La’ah said on Friday  the committee  had  asked the officials  of the affected agencies to appear before them  this week.

The  committee last week started investigating  the allegations of secret recruitment  by some of the federal agencies.

They include the FIRS, National Drugs Law Enforcement Agency, National Space Research  and Development Agency, the National Open University and the Federal Civil Service Commission.

 

Border closure pushed inflation to 11.24% – NBS

The Consumer Price Index released by the National Bureau of Statistics on Tuesday showed inflation index rose to 11.24 per cent in September, barely a month after the border closure.

The 11.24 per cent represents an increase of 0.22 per cent when compared to the 11.02 per cent recorded in August.

The prices of food items have been on a steady increase since August when the Federal Government closed Nigeria’s borders to the neighbouring countries.

The NBS report stated that increases were recorded in all the divisions that determined the index. It said the food  index  rose  by  13.51  per cent  in  September   compared to  13.17  per cent  in  August. It said the rise  in  the  food  index  was  caused  by  increases  in  prices  of  bread  and  cereals,  oils  and  fats,  meat, potatoes, yam and other tubers, fish and vegetables.

The NBS report read in part, “The  consumer  price  index,  which  measures  inflation  increased  by  11.24  per cent  year-on-year  in September 2019.

“This is 0.22 per cent points higher than the rate recorded in August 2019 (11.02) per cent.On  month-on-month  basis,  the  headline  index  increased  by  1.04  per cent  in  September  2019;  this  is  0.05 per cent rate higher than the rate recorded in August 2019 (0.99) per cent.”

In the same vein, the Lagos Chamber of Commerce and Industry noted that the border closure could have recorded a drastic reduction in smuggling of rice, and petroleum products among others. It, however, lamented that genuine businessmen who transacted legal business in the sub-region were victims of the border closure.

The LCCI who spoke through its Director-General, Muda Yusuf, in a statement noted that the government might mean well, but there were many businesses in the informal sector that had been adversely affected.

It read in part, “The closure of Nigerian land borders for close to two months now has come with benefits and costs.  There are upsides and downsides.  Reports indicate a drastic reduction in smuggling of rice, poultry products and sugar.  The smuggling of petroleum products outside the country to neighboring countries has also declined considerably.  We note and appreciate these outcomes.

“But it is important to reckon with the costs, supply chain disruptions and losses that businesses and individuals have suffered as a result of the closure.  “Corporates, large number of informal sector players and individuals doing legitimate businesses across the borders have become victims of the border closure.

“This poses a dilemma. The government means well, but there are many innocent casualties.

“As we celebrate the benefits, we should also count the costs.  Jobs have been lost; prices have skyrocketed; legitimate exports to the sub-region have been halted; intermediate products for some manufacturers have been cut off and some multinationals companies have been de-linked from their sister companies in the sub-region.”

It added that the economies of border communities had been paralysed with consequences for unemployment and poverty, stating that over 90 per cent of Nigeria’s trade with the  West African sub- region was by road.

“We export manufactured products as well as agricultural products – detergents, toothpastes, plastic products, steel products, kitchen utensils, grains, ginger, onions, among others.

“We also undertake many exports to the sub-region.  These are sources of livelihood of Nigerians doing legitimate business.  There are also thousands of transporters who make a living from these legitimate trading activities.   These are costs that would run into hundreds of billions of naira.  We must weigh the costs and benefits.”

Most often, the LCCI noted, the government failed to count the cost of government policy on the citizens and businesses.

However, President Muhammadu Buhari on Tuesday in Abuja reiterated that the border closure was an effort to support farming, fisheries and livestock sectors.

The President, represented by the Vice- Chairman of National Food Security Council and governor of Kebbi State, Abubakar Atiku Bagudu, said this during the 2nd National Unity Food Fair 2019 organised by the National Council of Women Societies in collaboration with Travel Marketing Partners (Nigeria) Limited.

The President said he was not aware of protests against the closure of the nation’s borders, adding that the decision had been embraced by farmers who were already happy over it, as demand for locally produced foods had increased.

 

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