Ecobank Nigeria has launched a radio programme – “Ecobank Business Hour” targeted at empowering small and medium enterprises (SMEs) in the country. Emeka Agada, Head, SME, Ecobank Nigeria, says the programme which is being syndicated across 10 radio stations in Nigeria is one of the several initiatives the bank is deploying to empower its SME customers with the right resources to thrive. He stated that the programme will also enlighten the public about the various solutions designed by the bank to help businesses.
He explained that the radio programme being produced by Royal Roots, one of Nigeria’s leading production companies, has already commenced and will be aired for an initial period of 13 weeks. He added that the rich content will help entrepreneurs and business managers to upskill and reskill for growth in the new digital landscape. According to him, “This further underscore our unwavering commitment to supporting and sustaining the development of SMEs in all sectors of the economy. The radio programme promises to be an impactful series. I encourage all small business operators including their customers, friends and family members to set aside time to listen to the programme and get tips on how to grow their businesses.”
Also speaking, Greg Odutayo, Managing Director, Royal Roots, said the program will enable aspiring entrepreneurs understand how to set up and manage successful businesses. He commended Ecobank for supporting a programme of this nature, capable of generating positive activities in the SME space.
The Business Ecobank Hour is being anchored by the duo of Greg Odutayo, a presenter, producer and director with over 28 years of professional experience and Helen Ese Emore, an international facilitator, seasoned MSME project development and business coach. The programme will run in 10 radio stations including, Inspiration 92.3FM, Lagos, RayPower 106.5FM, Kano, Odenigbo 99.1FM, Obosi, Liberty 91.7FM, Kaduna and PH Family Love 97.7FM, Port Harcourt and of others. Some of the topics and issues lined up for the broadcast include- starting a new business, structuring your business and business planning, company registration, funding your business, creating markets for your products, taxes and taxation, digital payments and collections, how to obtain SONCAP and NAFDAC registration for all products and many other relevant topics, in addition to tips on how to access Ecobank’s bouquet of offerings for SMEs.
Only recently Ecobank Nigeria was named Among 2020 Customer Experience Leaders in Nigeria by Leading audit and professional services company, KPMG Nigeria. Specifically, the report stated that respondents were impressed with the interaction between Ecobank and its customers during the COVID-19 pandemic lockdown, stressing that the bank was able to provide personalized service to its respective customer segments. KPMG’s Nigeria banking industry customer experience survey measures the performance of lenders in the country in terms of their relationship with their account holders and other users of financial services.
Gates’s Cascade Investment LLC, the No. 1 shareholder in Signature Aviation, and Blackstone are in advanced discussions with the London-based firm on a $5.17-a-share cash offer, they said Friday in a statement. Signature had said in December it would accept an approach from Blackstone if a firm offer were made at that level.
The involvement of Gates means Blackstone becomes the firm favorite to purchase Signature after Carlyle Group Inc. said Thursday it was also considering a potential offer. A third suitor, Global Infrastructure Partners, said in December that it was considering its options after its lower bid was rejected.
Shares of Signature were trading 4.8% lower as of 8:10 a.m. in London as prospects for a bidding war faded. The stock was priced at 397.90 pence, equivalent to $5.40, still above the offer mooted by Blackstone.
Private flying is one of the few travel sectors to have benefited from the coronavirus pandemic, offering the well-heeled the opportunity to continue traveling while minimizing potentially risky contact with other passengers.
Under the Blackstone plan, Microsoft Corp. founder Gates, who owns 19% of Signature, would contribute his shareholding and top it up with cash to become a 30% owner. Blackstone owns 70% of the bidding entity.
Signature, which changed its name from BBA Aviation last year, traces its origins to a Scottish industrial company founded in 1879. It’s had several names since and has focused on private aviation in recent years, selling parts distributor Ontic last year for $1.4 billion.
The company has also made several acquisitions, buying rival Landmark Aviation for $2.1 billion from Carlyle in 2016, and acquiring Epic Fuels for $88 million in 2018. Gates became an investor in 2009 and holds his stake through Cascade Investment LLC.
Signature had become a more likely takeover target since simplifying and selling its Ontic unit, according to Citi analyst Charles Mortimer.
Carlyle is working with Bank of America Corp. and Morgan Stanley on its approach, people familiar with the matter said, asking not to be identified because the information is private.
Signature confirmed the Carlyle approach and set Feb. 4 as a deadline for a firm offer. It set a Jan. 14 deadline for formal proposals from the Blackstone and GIP.
Elon Musk just became the richest person in the world, with a net worth of more than $185 billion.
Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos, who had been the richest person since 2017 and is currently worth about $184 billion. Musk’s wealth surge over the past year marks the fastest rise to the top of the rich list in history — and is a dramatic financial turnaround for the famed entrepreneur who just 18 months ago was in the headlines for Tesla’s rapid cash burn and his personal leverage against the company’s stock.
Musk started 2020 worth about $27 billion, and was barely in the top 50 richest people.
Tesla’s rocketing share price — which has increased more than ninefold over the past year — along with his generous pay package have added more than $150 billion to his net worth.
Meanwhile, Amazon’s share price has remained more subdued due to the potential for increased regulation from Washington.
Elon Musk passed Warren Buffett in July to become the seventh-richest person. In November, Musk raced past Bill Gates to become the second-richest person. Musk has gained more wealth over the past 12 months than Bill Gates’ entire net worth of $132 billion.
Tesla’s shares closed Thursday at $816.04, up nearly 8%. The company’s market value has grown to more than $760 billion.
While the Bloomberg Billionaires Index had Musk within $3 billion of Bezos’ net worth on Wednesday, before Thursday’s trading, the Forbes Real Time Billionaires List had Musk about $7 billion behind Bezos after the market close Thursday. Forbes pegged Bezos’ net worth at $184.6 billion and Musk at $177.2 billion. Forbes, however, may not be including the value of Musk’s options, which he received as part of his pay package, to buy more than 33 million shares of Tesla.
R-L: Fela Ibidapo, Divisional Head, Corporate Communications, Heritage Bank; Kyari Bukar, Lead Judge of The Next Titan; Lilian Olubi, Judge; Joshua Idiong, Winner, The Next Titan Season-7; Tonye Chris Parkes; Mide Kunle Akinlaja, Executive Producer, The Next Titan and Cole, Judge, Judge, Titan, during the presentation of N10million prize at the grand finale of The Next Titan Entrepreneurial Reality TV show Season-7, headline sponsored by Heritage Bank Plc, held in Lagos recently.
Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider, in its continued bid to support Micro, Small and Medium Enterprises (MSMEs), has again empowered the winner of The Next Titan Season-7 with whooping sum of N10million.
An entrepreneur, Joshua Joseph Idiong who is the CEO of Josult Oil Processing Company, a palm oil processing company in Akwa Ibom State emerged the winner of the Next Titan Season-7, themed: The Unstoppable.”
The graduate of Federal University of Technology Owerri with Bachelor Degree in Environmental Science emerged winner after competing with Ifeanyi Nkwonta, Chidinma Eriobu and Ifeoma Benjamin at the grand finale in Lagos.
Idiong’s entry on the show was amongst the 18, 000 entries, followed by online auditions before the top 16 moved into the Titan House for 10weeks to compete against top notch young entrepreneurs in real-life entrepreneurial tasks.
The programme paneled by technocrats with perfect blend of entrepreneurial requisite skills trained each participant on enriching, rigorous and intellectually learning journey to equip them with the fundamental competencies required of seasoned entrepreneurs.
The frontline Panel of Judges from different spectrum of entrepreneurial fields were Kyari Bukar Co-Founder/CEO Trans-Sahara Investment; Lilian Olubi, CEO, Primera Africa Securities Ltd; Chris Parkes, Chairman/CEO, CPMS Africa and Tonye Cole, Co-Founder, Sahara Group.
The winner, who highly commended the headline sponsor-Heritage Bank Plc for its continued supports to entrepreneurs and sponsorship of the Next Titan, said, “Heritage Bank is an amazing bank that has stood strong on this show. My love for Heritage Bank stems from the fact that this is my second time on this show but before I came in, I have learnt so much from the show.
“This means that Heritage Bank is truly affecting the lives and businesses of entrepreneurs positively, alongside the viewers. This is a bank that has differentiated itself from other banks in boosting the strength of SMES in Nigeria.”
Speaking at the grand finale, MD/CEO of the Bank, Ifie Sekibo stated that the programme easily aligns with the primary focus of the management of Heritage Bank to promote every laudable entrepreneurial idea meant to broaden economic horizon of the country for the benefit of citizens and other residents of Nigeria.
L-R: Fela Ibidapo, Divisional Head, Corporate Communications, Heritage Bank; Joshua Idiong, Winner, The Next Titan Season-7 and Mide Kunle Akinlaja, Executive Producer, The Next Titan presenting the 10million prize to the winner, at the grand finale of The Next Titan Entrepreneurial Reality TV show Season-7, headline sponsored by Heritage Bank Plc, held in Lagos recently
Sekibo who was represented by the Divisional Head, Corporate Communications, Fela Ibidapo further affirmed, “as a catalytic institution in the empowering of entrepreneurs in the micro, small and medium enterprises (MSME) sector, Heritage Bank has continued to make relentless efforts in this space to empower entrepreneurs in Nigeria through championing several empowerment schemes like the HB Innovation Lab Accelerator programme (HB-LAB), Ynspyre Account, Youth Innovative Entrepreneurship Development Programme (YIEDP), Centre for Values in Leadership (CVL) on Young Entrepreneurship Business Training Programme (YEBTP), Young Entrepreneurs and Students (YES) Grant and Nigerian Youth Professional Forum (NYPF), Big Brother Nigeria, Lagos Comic Con, amongst others.”
The Executive Producer of the entrepreneurial Reality Show, Mr. Mide Kunle-Akinlaja in his address explained that the project was created and designed as a deliberate attempt to provoke the spirit of entrepreneurship of young Nigerians, not only the contestants on the show, but other multitude of aspiring entrepreneurs who can watch the show on TV.
He said that the Season-7 was designed to search for business ideas that are immune to any pandemic, innovations that break boundaries and technologies that can survive any lockdown.
“It does not matter what your business idea is all about or its focus, but you must be able to prove that your business has what it takes in terms of ideas or technologies to survive any future pandemic or lockdown,” the Next Titan Producer stated.
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its ongoing digital campaign “Mask Up, Stay Safe” as part of its advocacy to encourage everyone to consciously protect one another against the COVID-19 pandemic.
The digital campaign which is designed to employ a fun approach to urge and engage its stakeholders on the need to observe the safety and precautionary guidelines during the festive season is implemented using the Bank’s customised face mask filter on instagram, that is made of the bespoke FirstBank 125th Anniversary pattern in Ankara fabric giving a distinct African contemporary an consistent look.
The “Mask Up, Stay Safe” digital campaign is part of the FirstBank’s December activities which kicked off on the 7th December 2020 themed: “12 Days of Christmas and 12 Days of Kindness”.
The activities are structured in part to increase public awareness and participation in the Bank’s SPARK (Start Performing Act of Random Kindness) initiative with the central goal of reigniting the societal moral values by encouraging people to choose to do the right thing and reinforcing a consciousness/mindset of showing compassion, empathy; as well as giving to others aimed at inspiring people to make a difference.
Speaking on the campaign, Dr. Adesola Adeduntan, the CEO of FirstBank said “In the spirit of walking the talk, I have uploaded my Instagram story with the virtual face mask and I crave your indulgence to join me in doing the same.”
“This campaign is targeted at informing our customers and the general public that staying safe and protected through face mask wearing is paramount now, more than ever, as it is a way of mitigating the unforeseen tragedy of the second wave of the COVID-19 Pandemic. Stay Safe First!” he concluded.
I would like to thank the Institute of Directors Nigeria for deeming it fit to admit me as a Fellow of this esteemed institution. It is indeed a great honour.
I remember when I was invited last year as a special guest of honour during the 2019 IOD Dinner; I announced that BUA Cement was preparing to list on the NSE. Since you all began this journey with me, please allow me to report back that BUA Cement listed afterwards and is now one of the most capitalized companies on the Nigerian Stock Exchange.
With a market capitalization of 1.9trillion Naira, EBITDA of N82bn and PAT of N60bn Naira as at FY2019, we are on course to hit EBITDA of 100billion Naira by the end of 2020 despite the dire conditions brought about by the COVID-19 pandemic this year.
Our outcomes are very significant because BUA Cement is a manufacturing and mining outfit and is currently one of the most profitable manufacturing entities on the Nigerian Stock Exchange. Our successes are exceptional because in mining, you are expected to add a lot more value compared to many other industries due to the use of locally sourced raw materials in your operations. Regardless of the hurdles posed by this global pandemic, we continued to create jobs and sustainable wealth for our workers, investors and by extension, our customers.
I must add that with the presence of resources needed across the country, we have been able to stabilize prices irrespective of where anybody lives in Nigeria and as a result, the price of cement in Lagos is similar or the same as the price of cement in Maiduguri, Yenagoa, Sokoto or Onitsha. In addition to this, only 5% of our revenues are used for imports in FX; this has freed up necessary funds to pursue further expansion and development across our brand portfolio, particularly in the field of innovative manufacturing.
The cement industry in Nigeria is currently producing about 28 million metric tonnes of cement per annum, which translates to about 120kg per head in terms of consumption per capita. This is lower than consumption per head in the rest of Africa. Based on this, it is very clear that we are not even producing enough cement. Where others see low consumption figures, I see opportunity; it means Nigeria and the surrounding region is still home to huge opportunities in housing, infrastructure, and allied industries.
Demand and consumption currently outstrips supply; our population is increasing, logistics remains a huge challenge, coupled with reduced production amongst some players. This is why the price of cement in the market is currently about 20% higher than the price of cement ex-factory. Plants are aging and BUA is one of the few that have new plants. We have therefore taken it upon ourselves to tangibly bridge the demand gap by 2022. The potentials exist because ideally, Nigeria should be producing at least 300kg per head or about 60million metric tonnes per annum – which is double our current production capacity.
Imagine with me for a second, if we were still importing cement. The cost of logistics alone would have made the price of cement out of the reach of many – especially those in far-flung states. As I said earlier, and many of us have experienced, the retail price of cement is currently high. However, at about $120/ton ex-factory this is still lower than the price of cement per ton in many African countries. This equally means the market is big enough for new investments and unless we all come out to face these challenges as leaders, development will be difficult to achieve.
In view of these challenges, I am happy to announce that our 3rd cement line of 3mmt per annum in Sokoto is expected to be commissioned in the middle of 2021, and I am also pleased to inform you that we are commencing the construction of 3 more cement plants of 3 million tonnes each in Sokoto, Edo and Adamawa at the cost of $1.050billion which should be completed by the end of 2022. The contract signing is expected to happen this week.
However, I am also of the strong belief that it is not only in Cement that these large-scale projects are possible. Nigeria hosts other huge mineral deposits waiting for us to add value, to extract maximum benefits. Iron Ore is one of them.
Our country is one of only 11 countries in the world that is sitting on iron ore, coal and even gas and yet, we appear to be the only ones yet to take full advantage. It is estimated that we spend about 3 billion dollars a year importing steel, which we can produce locally using our resources thereby saving billions of dollars in foreign exchange every year.
In fact, if we can have a two-million-tonne, fully integrated steel plant at the cost of about 2 billion dollars, we will be saving about 2 billion dollars every year. By fully integrated, I mean processing from Iron ore to Beneficiation, Pelletizing, DR Plant, SMS, Steel, Long products, sheets, angles – all aspects of the value chain. If we even decide to undertake beneficiation alone, this would be more lucrative than processed limestone, which is the raw material for cement. I daresay if we are able to take full advantage of this – then we can firmly place our sector and country on the road to sustainable development.
As business leaders, we are not exploring and exploiting these opportunities enough and the few of us who are doing it, definitely cannot do it alone. I say this because there are huge opportunities in mining, manufacturing, and the agricultural value chain – just as there are in the services space. Agriculture is a prime area in need of serious intervention, and we need more Nigerians to step up here.
Do you know that, 60% of the world’s arable land resides in Africa? And as is often said, “if potential were edible, Africa will be the best fed continent in the world.” The same applies here to Nigeria. I flew last week from Lagos to Sokoto and could see the fertile plains from Kwara, Niger, all the way to Sokoto, waiting for us to take advantage of. How long will we continue to rely on importing food? Our continued inability to grow what we eat exposes us to various shocks, the most debilitating being the 2020 pandemic. This is one of the reasons why at BUA we are renewing our focus on the agriculture and foods space.
Just like I said last year for cement, BUA is also looking to combine our foods businesses – from sugar, flour, pasta to list as BUA FOODS on the NSE by the end of 2021. In sugar, we have our integrated plantation in Kwara State set to produce 200,000tonnes of refined sugar, 20million litres of ethanol annually and 35MW of power – all utilizing the by-products of cane sugar. We also have a refinery in Lagos and Port Harcourt. In flour and pasta, we have also started looking at backward integration for Nigerian-grown wheat to reduce our dependence on imported wheat and revive production in the sector. Nigeria currently imports over 5million tonnes of wheat and this places a huge strain on our scarce FX as a country.
The opportunities in the agriculture and agribusiness space are endless. How are we as leaders looking to take advantage of this space? How can we work together, and what examples – or opportunities are on the horizon?
In terms of our plans, we recently announced that BUA will be building a Refinery and Petrochemicals complex. Why? Because we saw an opportunity even though there is another big project in that space, coming on stream. Local consumption is quite huge and estimated at 800,000barrels per day. This is in addition to the huge regional market that exists for petroleum products. Alongside the refinery, we are building a polypropylene plant, which will answer the demand for polypropylene in the region. It is common knowledge that about a third of our country’s FX earnings go towards the importation of petrol and petroleum products. More strange is the fact that the cost of logistics for transporting these products to Nigeria could instead be deployed to significantly revamp the refining space and therefore, at BUA, we couldn’t just sit back – we knew we had to take action and I am certain we have made the right call yet again.
On a final note, I want to say again that we NEED MORE PEOPLE TO COME AND INVEST in various sectors of the Nigerian economy. We have the Climate, People, Land, Water, Mineral Resources – we have almost everything. The final piece is we must begin to produce what we consume and consume what we produce. Where we cannot do either, we must become a regional powerhouse in value-addition – if not for anything, but to take advantage of the benefits of the AfCFTA. The African Continental Free Trade Area presents a massive opportunity for us as a country and unless we take full advantage, we may become a dumping ground due to Nigeria’s unique position of being Africa’s largest economy, and our huge population. We must begin to look at a cross-pollination of our industries amid economic integration and finally, as Nigerian business leaders, we need to be less shy and more bullish in taking advantage of opportunities. This is my charge to us all, and I humbly expect to cheer on, and learn from your successes in the coming financial year.
Rabiu, Founder & Chairman of BUA Group, delivered this speech last Sunday when he was admitted as a Fellow of the Institute of Directors (Nigeria)
First Bank, NAOSRE & Internal Security is a contextual analysis of NAOSRE’s commitment to a safer Nigeria and the supporting role of First Bank through a philosophical approach to the relationship between media and corporate institution. Andy Ennette, a NAOSRE member, writes from Lagos.
Unarguably, the year 2020 has particularly been very contending for Nigeria as a country. The year has been a very tough one for citizens, businesses and indeed, the security operatives. For a country like Nigeria that has to daily contend with other variables, this could be worrisome.
Aside the problem of kidnapping, banditry, and armed robbery, which the people have been subjected to across the nation, Covid – 19 pandemic added to the dimension and took toll on the people.
There was the issue of ASUU strikes. There was the threat of Labour unrest. The culmination of these crises was the #ENDSARS Protests which recently took the country by storm.
However, when the country is faced with myriads of challenges, ranging from insecurity, food scarcity and infrastructural deficit, the role of the media as the fourth estate of the realm for objective presentation of facts and the banking system in providing financial succour for small and medium enterprises, SME cannot be over emphasized.
These two institutions are very central in the quest for solutions and ameliorating the problem. First Bank Nigeria Plc, for instance, has, since the beginning of the pandemic, offered several financial succour to the banking public. The bank has shown uncommon responsiveness and compassion towards customers and communities through various offerings. Amongst them are the e learning for children in school when the foremost financial institution discovered that the recent lock down was going to negatively affect school children.
In like manner, First Bank , through its financial inclusion initiative, FirstAdvance, has disbursed over N17 billion as loans to individuals, across the country. Just last Friday, December 11, 2020, First Bank made a remarkable showing at a security dinner summit organized by the National Association of Online Security Reporters, NAOSRE which held at Oriental Hotel, Lagos.
The security dinner was organized by NAOSRE to aggregate options for a secured Nigeria. The physical presence of its staff and financial support were the needed convictions that First Bank’s commitment to the growth of Nigeria’s economy is proportionate to the efforts it deploys to the security of its personnel, deposits and assets. These financial offering and innumerable Corporate Social Responsibility, CSR, projects across the country and beyond have earned the bank, with over a century banking experience, many awards and rewards home including overseas.
Moreso, media anywhere in the world is central to the resolution of peace and tranquility necessary to the success of national development efforts. The Media must be very responsible and responsive to the needs of the populace in information gathering, processing and dissemination to avoid spreading false and dangerous information referred to as ” Fake News” , which are capable of compromising national security.
Therefore, the choice of theme by the National Association of Online Security Reporters known as NAOSRE, for this year’s Annual Dinner Night Discourse which is tagged: 2021 Nigerian Security Issues, Funding and Prospects” is apt, and the ideas generated from the deliberations would no doubt assist greatly in finding lasting solutions to the security challenges which the country is currently facing.
Interestingly, NAOSRE has successfully established a sustainable working relationship with key security players in the corporate world and security agencies in the country, including but not limited to Nigeria Army, Nigerian Navy, Nigerian Airforce, Nigeria Police Force, Nigerian Civil Defence Corps, Nigerian Customs Service, Federal Road Safety Corps, the Executive/ Legislative Arms of government as well as the traditional institution across the country.
This, we hope, would organically shape policy direction in 2021 for a safer Nigeria.
L-R: Bayo Olanrewaju, Head, Digital Banking, FirstBank; Adewale Salami, Chief Technology Officer, FirstBank; Banji Fehintola, President, CFA Society of Nigeria and Frank Aigbogun, Publisher, BusinessDay Newspaper during the presentation of the two awards won by FirstBank; Best Mobile App and CSR Bank of the Year Awards at the 8th BusinessDay Banking & Other Financial Institutions Awards (BAFI) which took place at the Lagos Continental Hotel.
From the publisher of BusinessDay, Frank Aigbogun’s welcome address at the recently held BusinessDay’s Banks and other Financial Institutions (BAFI) Awards came the following words: ‘The year 2020 has been a most interesting year. The economy and communities have been managed by disruptions imposed by COVID-19. Yet financial services have shown uncommon responsiveness and compassion towards customers and communities.’ Indeed, this has been an unusual year, no thanks to the coronavirus pandemic, but it has been a year defined as much by COVID-19 and its associated disruptions and difficulties as by the unprecedented response in kindness by corporate Nigeria.
BusinessDay’s BAFI Awards recognised achievements in a number of separate categories, each of which was worth its weight in gold. However, it could be argued that in this year of COVID-19, any recognition that took into account and was informed by the awardee’s COVID-related activities was probably the most significant of the awards/categories. It is against this backdrop that the recipient of the CSR Bank of the Year award at the BAFI Awards should be celebrated and projected as a model other corporate should emulate. And it came as no surprise that the bank that considers its destiny to be intertwined with Nigeria’s and whose commitment to nation building largely informs its approach to corporate responsibility and sustainability (CR&S), was so crowned as CSR Bank of the Year at the BAFI Awards.
The award was a well-deserved recognition for the exemplary role played by First Bank of Nigeria Ltd, Nigeria’s leading financial services provider, in support of the government and individuals’ as well as its own efforts to deal with the impact of COVID-19. Before the BAFI Awards, and, undoubtedly, proof that the award was not a fluke, CSR Reporters had named FirstBank as the 2020 Philanthropic Financial Institution of the Year in recognition of the bank’s social responsibility in the areas of e-learning and empowerment of SMEs in Nigeria. These CSR awards took cognisance of FirstBank’s unparalleled contributions to CSR, particularly through its e-learning initiative delivered in collaboration with partners from within and outside the continent, such as IBM, UNESCO and Robert & John, and the Lagos State Government.
Whilst different organisations rose to the various challenges resulting from COVID-19 crisis and were supporting in areas such as health and welfare, FirstBank chose and developed the e-learning initiative. FirstBank felt strongly that the peculiar needs of children and the youth risked being neglected at a time of unprecedented crises – with schools being closed, parents losing jobs, businesses shutting down, government revenues shrinking, health care resources being over-stretched, economic conditions worsening, etc. The bank therefore kicked off an initiative to move one million students to e-learning, alongside its partners, to minimise the disruption to the their education resulting from the prolonged closure of schools across Nigeria and ensure that they remain fully engaged during the difficult period, so they can continue to learn and compete favourably with their peers across the world. Over 140,000 students have benefitted from the e-learning initiative.
Focusing on key elements that resonated with its brand, such as dynamism, innovation and nation building, FirstBank’s e-learning initiative is an innovative and dynamic approach to learning which is not only a suitable and resourceful solution at this time, but also one that is intertwined with perhaps the next century’s likely digital approach to learning, especially with the addition of courses such as coding and robotics, which can usher students into the era of the Fourth Industrial Revolution and prepare them for jobs of the future. The e-learning initiative also aligns with the bank’s key focus area in its CSR framework – education. Education remains the single largest beneficiary of FirstBank’s enormous investments in CSR. Currently, 10 universities and three secondary schools enjoy FirstBank’s infrastructure projects; 10 universities are endowed with professorial chairs by the bank; and over 80,000 students in over 80 secondary schools in Nigeria have benefitted from financial literacy, and entrepreneurial and career counselling provided through FirstBank-sponsored programmes. Education consistently attracts the bank’s keenest attention from year to year. This is because FirstBank believes that education – quality and relevant education – remains the bedrock of any society and that when children are properly educated, the nation is enabled and global citizens who provide groundbreaking solutions for the continent and the world at large, are produced.
L-R: Oze K. Oze, Head, Internal Communications & Content Management, FirstBank; Chuma Ezirim, Group Executive, E-Business & Retail Products, FirstBank; Bayo Olanrewaju, Head, Digital Banking, FirstBank; Helen Willie, Transaction Banking Manager, FirstBank and Adewale Salami, Chief Technology Officer, FirstBank during the presentation of the two awards won by FirstBank; Best Mobile App and CSR Bank of the Year Awards at the 8th BusinessDay Banking & Other Financial Institutions Awards (BAFI) which took place at the Lagos Continental Hotel.
FirstBank’s partnership with IBM on the e-learning initiative, is making available to students the Digital-Nation Africa program, an online youth-focused learning programme that enables innovation and skills development on emerging technologies The IBM Digital- Nation Africa aims to provide African youth with effective digital literacy. The Platform seeks to enable African citizens, entrepreneurs and communities with the knowledge, tools and skills to innovate, design, develop and launch their own digital skills. It also helps African citizens enhance their digital skills to best meet the needs of the job market.
DNA provides a broad range of courses for various levels of digital literacy, from providing an introduction to the key emerging technologies beneficial for all, through an integrated innovator section to a focused skills enablement section where users can understand the skills and demands of the market and gain proven skills to enhance their job prospects. In addition, it provides free access to practical exercises and to allow for new ideas to be brought to life through focus areas such as Artificial Intelligence, Coding, Cloud, Internet of Things, Blockchain, Data Science and Analytics, and Cyber Security. There are currently nearly 14,000 registrants on the program, which is promoting opportunities to learn skills of the future.
The partnership with Curious Learning is designed to reach smartphone users using available curated and tested literacy and numeracy apps – with free access provided to these apps. Curious learning is delivering academic-based content for students aged three to eight through a number of mobile applications designed to empower these young children in a fun, self-guided learning process through exploration and curiosity to help them with their cognitive skills at a fundamental level. Examples of these apps are Feed the Monster and Read with Akili. Efforts are in place through Curious Learning to ensure the e-learning initiative swiftly moves across the country to school children and individuals with the need to promote the pursuit of knowledge, irrespective of age. This is critical in identifying with the roles of children at securing the future of any country.
Another partnership in FirstBank’s e-learning initiative is the one with Lagos State Government and Robert & John, an Edu-tech company that owns Roducate. The Roducate e-learning platform, structured in line with the government’s accredited curriculum for primary, secondary and tertiary schools across various fields of academic endeavours, such as science, commercial and arts, includes tutorial videos to reinforce the learning engagement, as well as assignments and mock exams to test students’ knowledge and progress in the course of studying. Learning on the platform also enables note taking for quick reference, and to foster extra-curricular activities, provides exciting features to make learning exciting and fun, such as podcasts and various games like brain pulse, monster munch etc. which allows students to play with one another online, thereby building relationships and promoting interactive learning.
So far FirstBank has provided 20,000 low-end devices preloaded with Roducate offline (presented to Lagos State Government for distribution to students) and enabled over 120,000 free sign-ups, on the Roducate e-learning platform, with the ultimate goal being to empower at least one million students. ‘This [e-learning] solution,’ according to Dr Adesola Adeduntan, Chief Executive Officer of FirstBank, ‘will see Lagos State offer children in the lower bracket, who may not have access to devices or data from home, affordable smart phones preloaded with the curriculum. The phones have SIMs and limited data tied, only, to the Roducate learning product, which means the recipients cannot browse, encouraging safe learning, but they can still submit tests, mock exams, etc.’ Dr Adeduntan, who encouraged parents and guardians to have their children and wards registered so their educational development is not held back, noted that the initiative is ‘in keeping with who we are at FirstBank, [where] our commitment to self-development and continuous improvement is never far from our thinking.’ In addition, FirstBank is a member of the Global Education Coalition led by UNESCO which is a platform for collaboration and exchange to protect the right of education during this unprecedented disruption and beyond.
Furthermore, in a bid to support SMEs operating in the education sector, FirstBank created a matching fund scheme of ₦5 billion LSETF-FirstEdu Loan, in partnership with the Lagos State Employment Trust Fund (LSETF). The scheme is designed to cushion the impact of Covid-19 pandemic on low-cost private schools by providing loans to them at an attractive interest rate. At the launch of the scheme, the Managing Director/CEO of FirstBank, Dr Adesola Adeduntan said: ‘At FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole. The commitment by the Lagos State Government – including this partnership – to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.’
Woven into the fabric of society for over 126 years, overcoming challenges and remaining a dominant player in Nigeria’s financial services landscape, FirstBank has been partnering and supporting various sustainable activities towards the continued growth of its host communities and the nation at large. As a responsible corporate organisation committed to supporting all its stakeholders in the most sustainable manner possible, the bank has partnered various state governments through the private sector-led Coalition Against COVID-19 (CACOVID) intervention with a view to promoting the readiness and efficiency of health care professionals and other compatriots at the forefront of fighting the pandemic. Beyond Nigeria, FirstBank’s sub-Saharan African subsidiaries have also been involved. So far they have made donations amounting to US$173,000 in cash and kind towards alleviating the impact of COVID-19 on the continent.
According to BusinessDay, the BAFI Awards, convened annually to recognise and celebrate organisations that have achieved excellence in the delivery of their financial services across the entire client and customer spectrum, is adjudged the most rigorous, prestigious and transparent awards programme in the industry. Since its inception in 2014, when the first edition held, its organisers, BusinessDay has implemented an audit-based approach in the evaluation process, meticulously reviewing each shortlisted company’s financial reports, commissioned customer perception surveys and analyst opinion, then comparing these with its competition in a longitudinal study. The BAFI Awards have become established as the benchmark of distinction for institutions in the financial services sector. Its rising popularity among leaders in the banking, investing, insurance, and asset management subsectors have earned the BAFI Awards a reputation as ‘the only recognition you deserve’.
The BAFI Awards is backed by the BusinessDay Research and Intelligence Unit (BRIU). Nominations for the BAFI Awards are the culmination of a rigorous review process. The BRIU and an independent panel of judges evaluate more than two hundred and fifty institutions and benchmark them against their global peers using several indices in a thorough evaluation process. Nominees are assessed for their vision, execution and market leading propositions. The BAFI award categories cut across banking, insurance, capital markets, investment, pension funds, trustees, registrars, stockbroking and private equity. This year’s event where FirstBank won Best CSR Bank of the Year (and a second award – Best Mobile Banking App), was themed: Interpreting an Irrational Year: Coping, Adjusting and Thriving in a Wicked Learning Environment.
L-R: Bayo Olanrewaju, Head, Digital Banking, FirstBank; Adewale Salami, Chief Technology Officer, FirstBank; Banji Fehintola, President, CFA Society of Nigeria and Frank Aigbogun, Publisher, BusinessDay Newspaper during the presentation of the two awards won by FirstBank; Best Mobile App and CSR Bank of the Year Awards at the 8th BusinessDay Banking & Other Financial Institutions Awards (BAFI) which took place at the Lagos Continental Hotel.
How Women’s Participation Can Bridge Digital Gender Divide – Adeniyi
With growing concern over the participation of women in the tech industry, it has become imperative to establish a roadmap that will help draft more women into the sector. Speaking recently at the 2022 edition of SheCan Conference in Lagos, the Chief Digital Officer of Wema Bank Plc, Mr Olusegun Adeniyi identified various areas where women can take part in the growing digital economy to stem the current female underrepresentation in the sector.
Speaking on the subject, “She can do more in technology,” Mr Adeniyi said more women’s participation would address the imbalance and gender diversity in the digital space and create greater prosperity in the world.
He established opportunities for women in the digital sector to include cloud computing, green economy, sales, product development, content production and writing. Other opportunities, according to him, are marketing, e-commerce, product development, and digital healthcare services, among others.
Quoting the World Economic Forum’s 2018 report on the “Future of Jobs”, he said we could create globally about 150 million new technological jobs in the next five years but lamented that women were grossly underrepresented in the digital sector in developing countries.
“The International Telecommunications Union “Digital Gender Divide survey” reports that women using the internet are 12 percent fewer than men and are four times less likely to use digital technology,” he said.
Noting that more traditional jobs would become technological jobs soon, he advised women to embrace science, technology, engineering, and mathematics to play well in the digital sector.
Adeniyi also called for the eradication of the stereotype that only men can play in the sector and stressed the need for women to be encouraged and supported to close the digital gender divide.
More importantly, he canvassed for a paradigm shift among women to use technology and for them to gain criteria thinking skills, interactive, leadership, self-awareness and other skills that would immune them from machine replacement.
Wema Bank’s partnership over the past few years has resulted in the empowerment of over 5,000 women across various locations in Nigeria.The bank, through its Sara By Wema proposition, has led the frontier for women’s empowerment through initiatives like Shecan Nigeria, while also providing financial support through loans, business advisory, discounted health plans and networking opportunities.
…As winner of Ynspyre Account online giveaway received N1m
R-L: MD/CEO, Heritage Bank Plc, Ifie Sekibo; Winner of Ynspyre Account’s N1m online giveaway competition, Damilola Adeyemi and Musician and Ynspyre Account’s Ambassaor, Daniel Oyebanjo (D’banj), during the N1million cheque presentation to the winner of an online giveaway competition to celebrate the bank’s Ynspyre Account ambassador, inspired by Heritage Bank yesterday at the bank’s head office
Entertainment and creative sector is about to receive a huge boost, as Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider has arranged to set aside N5billion as a support funds to drive the industry and stimulate sustainable growth to the nation’s economy.
Meanwhile, Heritage Bank doled out the sum of N1million to Damilola Adeyemi, a winner of an online giveaway competition to celebrate the bank’s product, Ynspyre ambassador, Oladapo Daniel Oyebanjo, better known by his stage name D’banj, which heralds launching of the Ynspyre Account set aside for talented young Nigerians in the different spectrum of the creative and entertainment industry.
MD/CEO of the bank, Ifie Sekibo who affirmed Heritage Bank’s commitment to the development and growth of the nation’s creative sector, described the sector as one of the leeway to solving the unemployment occasioned by the prevailing adverse macro-economic environment.
Sekibo, during the presentation of the N1million cheque, said the development and growth of the entertainment industry will get as many people as possible involved as manufacturing, banking and other sectors cannot do it alone.
The bank, in statement, yesterday, signed by the Divisional Head, Corporate Communications of the bank, Fela Ibidapo, assured “the entertainment is going to take a new leaf of life, with the Ynspyre platform; we are hoping to start with this and obviously it will grow to another level. You will see greater things in couple of months.”
Sekibo said the music industry has done so much for Nigeria in terms of employment and foreign exchange earnings and if more resources could be put into it, the country would be better for it.
Besides supporting individual artistes in the industry, the bank has also partnered with some organisers to perform and produce some entertainment shows.
In similar manner, whilst confirming the N5billion set aside for the creative sector and commending Heritage Bank for its numerous bold steps in supporting the industry, D’banji stated, “The reason for setting up this fund is for creative people like me, you (Adeyemi) and the other upcoming artists to have access to it.
L-R: MD/CEO, Heritage Bank Plc, Ifie Sekibo (5th from Left); CEO, Cream Platform, Damian Okoroafor; Musician and Ynspyre Account’s Ambassaor, Daniel Oyebanjo (D’banj); Winner of Ynspyre Account N1m online giveaway competition, Damilola Adeyemi; Group Head, Entertainment, Lagos Island 1 Zone, Kufretido Etim and Dike Dimiri, Regional Executive, Lagos & South-West, during the N1million cheque presentation to the winner of an online giveaway competition to celebrate the bank’s Ynspyre Account ambassador, inspired by Heritage Bank yesterday at the bank’s head office.
“I want to commend Heritage Bank for believing not just in me but the creative industry. Over the years, Heritage Bank has worked behind the scene to sponsor and invest in lots of creativity projects.”
Speaking on the modalities of the product, he disclosed that the Ynspyre Account is the perfect account, specifically created to accommodate and support creative ideas in the industry, which do not need collateral.
“Just open your Ynspyre account, get your proposal ready on what you intend doing in the creative industry; be it music, fashion, lifestyle, IT and others because they have created categories for each and every one of us to enable us assess funds, supports, loans and grants at single digit interest rates,” he explained.
The winner, Adeyemi who disclosed the creative industry had never gotten such spotlight before, said that he was inspired by the cash reward, as the Ynspyre Account product serves as boost to the creative industry.
“Prior to now, artist struggle to get to the level they find themselves either through their personal funds, manager or parents’ funds. Finally, it is actually time for us to shine and the spotlight is on us.
“Big thank you to Heritage Bank for creating this platform, for creating this opportunity, I am so excited. It couldn’t have come at a perfect timing; N1million during Covid-19, it only can be better. I want to thank Heritage Bank for believing in D’Banj and the creative industry, for counting us worthy to invest in us,” he stated.
