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University Dons Proffer Solutions to Africa’s Economic Prosperity at the UBA Professorial Lecture

Intellectuals and leading minds across Africa have suggested the adoption by governments, of strategic policy actions which are expected to ultimately lead to the economic prosperity of the continent.

The Academics who spoke during the first Lecture Series of the UBA Professorial Chair in Finance at the University of Lagos (UNILAG) on Tuesday, listed a number of policy measures and strategies that can bring about far reaching results. These include instituting stable macro-economic policies, the adoption of supply-side strategies, capital market development, enhancement of banking and financial system, liberalisation of the economy, privatisation and reduced government dominance of economic management, democracy and good governance, human capital development, policy co-ordination and enabling the multilateral environment.

These polices are capable of creating a sustainable path towards the socio-cultural, economic and political development of the continent.

The Professor of Finance and Chairman, UBA Professorial Chair, University of Lagos( UNILAG) Prof John Ezike was joined by the Head of Department, Economics, UNILAG, Professor Risikat Dauda and Senior Lecturer, Finance Department UNILAG, Dr Olalekan Obademi as they took turns in making contributions on the theme ‘The Dynamic Structure of World Economy from Globalisation To Slowbalisation; The African Dilemma’.

Ezike who led the discourse, explained that the global economy is currently witnessing the fourth wave of revolution in civilisation, which is the movement towards de-globalisation or Slobalisation, adding that countries that have not benefitted from globalisation are those that fail to implement sound macroeconomic measures to maintain financial and exchange stability.

He said, “It behoves countries in sub Saharan –Africa, therefore, to strive to adopt policies that are in consonance with the realities of the rapid integration of world economies. The world must seek for answers in a new ideology which will allow globalisation to prosper faster, but prevents the rise of elitism. In point of fact, some world leaders are already of this view as they have condemned the trickledown theory of capitalism.”

Supporting his point, Professor Ezike shed light on how the mentioned policies can take the continent to a new high. On Stable Macroeconomic Policies, he explained that Globalisation increases the cost of macroeconomic distortions while enhancing the reward for sound policies. “As a result, it is important that sound macroeconomic, sectorial and structural policies are applied to improve internal balance, ensure external sector viability and increase the overall rate of economic growth”. Stable macroeconomic policies also ensure that the domestic economy is insulated from disruptive short term capital flows as investment savings decisions would be predicated on domestic economic fundamentals rather than market sentiments that may be unrelated to developments in the economy.

While explaining Capital Market Development, he explained that the capital market should be developed before opening it to international competition. He further noted that the gradual opening up of the capital market would help to reduce the influx of destabilising short term capital flows which in some cases may result in economic overheating. To avoid unintended developments, the capital market should be opened up gradually after adequate safeguards have been put in place and productive sectors have been strengthened.

Enhancing of the Banking and Financial System: In this case, he said the banking and financial systems needs to be strengthened through adequate supervisory and prudential regulations to ensure that internationalisation does not disrupt the financial sectors, precipitate macroeconomic instability and weaken the productive sectors of the economy.

L-R: Regional Head, United Bank for Africa(UBA) plc, Mr. Uche Agu; Head, Micro-small, Small and Medium Enterprises (MSMEs), UBA Plc Mr. Babatunde Ajayi; Deputy Vice Chancellor, University of Lagos(UNILAG) and Chairman Board of Trustees, UBA Professorial Chair in Finance, Professor Ben Oghojafor; Guest Speaker, Professor Dauda Risikat; Head Of Department, Finance, UNILAG, Dr. Ayo Olowe; and Chair Occupier, UBA, Professorial Chair in Finance, Professor John Ezike, at the 1st Annual Lecture of UBA Professorial Chair in Finance, themed: The Dynamic Structure of World Economy, From Globalisation To Slowbalisation ; The African Dilemma… held at University of Lagos on Tuesday

For Democracy and good governance, Ezike noted that good governance is invaluable for a prosperous economy and that the rule of law, transparency and accountability, the bedrock of public administration prevails. He added that, it is worthy to note that excessive government intervention in economic management creates a fertile ground for corruption and rent seeking agencies. “A well-focused administration geared towards reducing bottlenecks on the path of the private sector, would generate adequate impetus for the acceleration of economic growth, he concluded, saying rule of law reduces the incentives for corruption and ultimately creates an enabling environment for the efficient allocation of resources through the free interplay of market forces”.

According to him, history has shown that it is difficult or near impossible to sufficiently gain sustain growth in an economy like Nigeria which is highly multi-ethnic, has diverse parts, but is highly dependent on a mono-product export resource.

“At this juncture, it is safe to say Nigeria and other countries in its league, must out of necessity enthrone true federalism, in its governance and diversify its economic and export base in order to reposition the economy so as to reap the attendant benefits of dynamic world globalisation/slobalisation”, she noted

On his part, the Deputy Vice Chancellor, and Chairman UBA Board of Trustees, Mr. Ben Oghojafor, appreciated UBA for resuscitating the UBA Professorial Chair of Finance and the laudable support it continues to give the institution.

UBA had in 2015 resuscitated the UBA Professorial Chair of Finance at the UNILAG with an endowment sum of the N52.9 million with the aim of bridging the huge gap in the funding of educational system in the country.

Oghojafor said, “It is to the credit of UBA, that the seed they planted through the first endowment has grown and is now bearing fruit. It is on record that the first endowment in 1972 facilitated the establishment of the department of finance in 1973, the first of such department in Finance in any University in Nigeria and has helped train a great number of finance graduates who have gone on to make great impacts in the country”.

“We appreciate the generosity of UBA in helping to make this colloquium a reality today and are hopeful that the bank will sustain this noble initiative for a long time to come”, Oghojafor said.

In his response, Group Managing Director, Kennedy Uzoka, United Bank for Africa, represented by Head, Micro-small, Small and Medium Enterprises (MSMEs),Mr Babatunde Ajayi said: “UBA is very proud to be associated with the endowment of professorial chair of finance in University of Lagos and it is our plan to continue to endow that chair”. He also noted that it is the banks passion to improve the quality of education across the continent, particularly in the 20 African countries that the bank is present.

“It is also our way of giving back to the society, as we will continue to sustain the initiative and many more that concern education, because it is very important to UBA and we are more than committed to providing the necessary support for the youths in Nigeria and across the African continent,” Ajayi said

l-r: Director of Advancement office, University of Lagos; Mr. Oluwarotimi Shodinmu; Regional Head, UBA Plc, Mr Uzoechina Molokwu; Guest Speaker, Professor Dauda Risikat; Deputy Vice Chancellor, University of Lagos and Chairman Board of Trustees, UBA Professorial Chair, Professor Ben Oghojafor; Chair Occupier, UBA, Professorial Chair in Finance, Professor John Ezike; Head, Head, Micro-small, Small and Medium Enterprises (MSMEs), United Bank for Africa, Mr. Babatunde Ajayi; and Regional Head, UBA Plc, Mr. Uche Agu, at the 1st Annual Lecture of UBA Professorial Chair in Finance, themed: The Dynamic Structure of World Economy, From Globalisation To Slowbalisation ; The African Dilemma… held at University of Lagos on Tuesday

FBNHOLDINGS: SETTING THE TONE FOR GENDER INCLUSIVENESS, BALANCE IN BOARDROOM

In many parts of the world, including Nigeria, women often face the barriers of discrimination and persistent gender inequalities which deny them access to key positions in the corporate world as well as access to finance or the formal economy.

Women make up almost half of the world’s working-age population of nearly 5 billion people. But only about 50 percent of those women participate in the labor force, compared with 80 percent of men, according to a report by the International Monetary Fund (IMF).

The IMF’s research highlights how the uneven playing field between women and men imposes large costs on the global economy. Early IMF studies on the economic impact of gender gaps assumed that men and women were likely to be born with the same potential, but that disparities in access to education, health care, and finance and technology; legal rights; and social and cultural factors prevented women from realizing that potential.

Nearly 70 UK companies have been told to employ more women in senior roles. Domino’s Pizza, JD Sports and Greene King are among those that have called out by financial trade sector body The Investment Association and the Hampton-Alexander review, a diversity study backed by the government.

The number of women holding the most senior jobs in the boardrooms of Britain’s biggest companies has fallen, according to a report that criticises the lack of progress made by businesses in getting more women to the top.

Analysis from Cranfield University, as part of its 20th FTSE Women on Boards Report, shows a sharp drop in the number of women occupying chief executive (CEO), chief financial officer (CFO) or other executive roles on FTSE 250 boards, and static numbers at FTSE 100 companies.

Women constitute almost half of the Nigerian’s population and its workforce. Yet the kind of work they do, the condition under which they work, and their access to opportunities for advancement at work place differ from that of men. Women are often disadvantaged in access to employment opportunities and in conditions of work as compared to men. In addition, many women forgo or curtail employment because of family responsibilities. The removal of obstacles and inequalities faced by women is advantageous to an economy’s development. For example, the Beijing Declaration affirms a national commitment to the inalienable rights of women and girls and their empowerment and equal participation in all spheres of life including the economic domain.

Also, Goal 8, target 8.5 of the Sustainable Development Goals (SDG) is to achieve full and productive employment and decent work for all women and men (including for young people and persons with disabilities), as well as equal pay for work of equal value by 2030.

According to a report by the National Bureau of Statistics (NBS) the percentage of men employed in the State Civil Service from 2014 to 2015 was higher than the percentage of women for both senior and junior positions.

The average percentage of women employed in the State Civil Service from 2010 to 2015 in each category (junior and senior) was 38.16 per cent, while it was 68.84 per cent for men.

Also, men dominated employment in federal MDAs while women on grade level 01 –17 plus Special grade level was 34.67, 35.08 and 32.79 per cent for 2015, 2016 and 2017 respectively.

In the financial services sector, the Central Bank of Nigeria (CBN) had in 2014 directed that 40 per cent of banks’ top management and 30 per cent of board directors should be women.

Reports revealed that that women constitute only 22.3 per cent of the total board appointments in Nigerian banks, while their counterparts make up 77.7 per cent since 2014.

However, FBNHoldings, Nigeria’s leading financial holding company and parent company to FirstBank is no doubt exemplary at representing the change, thus demonstratively redefined the Women in Business trajectory with women occupying various leadership positions, positioning the financial group powerhouse as a leading institution at driving Gender Balance in the Boardroom.

Leading the pack of women in the board across the group structure which comprises FirstBank and its subsidiaries , FBNQuest is Ibukun Awosika whom has been Chairman of FirstBank since 2016. Prior to being the Chairman, she was a Non-Executive Director. since 2016 . The representation further cuts across the group entity of its parent company, FBNHoldings. Other companies across the group, FBNQuest and FBNInsurance are also not left out.

Otunba Debola Osibogun, Non-Executive Director, FBNHoldings; Cecilia Akintomide (OON), Independent Non-Executive Director, FBNHoldings; Oluwande Muoyo, Independent Non-Executive Director, FBNHoldings; Dr. Omobola Johnson, Non-Executive Director, FBNQuest Merchant Bank; Oyinkansade Adewale, Non-Executive/Independent Director, FBNQuest Merchant Bank.

Others are Kehinde Adenrele, Chairman, FBNInsurance, Folake Ani-Mumuney,Chairman, FBNInsurance Brokers; Ijeoma Agboti, Non-Executive Director, FBNQuest Capital; Funke Feyisitan Ladimeji, Non-Executive Director, FBNQuest Asset Management; Titi Adebiyi, Independent Director, FBN General Insurance and Margaret Dawes, Non-Executive Director, FBNInsurance.

Bashirat Odunewu, Group Executive, Energy and Infrastructure, FirstBank; Cecilia Akintomide (OON), Independent Non-Executive Director, FBNHoldings; Folake Ani-Mumuney, Chairman, FBNInsurance Brokers/Group Head, Marketing & Corporate Communications, FirstBank; Ibukun Awosika, Chairman, First Bank of Nigeria Limited; Fiona Ahimie, Managing Director, FBNQuest Securities Ltd; Oluwande Muoyo, Independent Non-Executive Director, FBNHoldings; Ijeoma Nwogwugwu, Managing Director, ARISE News Channel Africa; Otunba Debola Osibogun, Non-Executive Director, FBNHoldings and Oyinkan Adewale, Independent Non-executive Director, FBNQuest Merchant Bank in a group picture at the Women Corporate Directors (WCD) Foundation, Nigeria Chapter, meeting hosted by FirstBank, to promote female leadership in management.

With such an admirably notable representation, it is no surprise that only recently, Women Corporate Directors (WCD) – Nigerian Chapter – had FirstBank host its meeting, held on Thursday, 3 October 2019 with 60 female directors and leaders of various organisations across various industries in attendance. These women discussed pertinent corporate issues with a view to promote the continued influence of women in Business and the economy, also ensuring that the needed balance on the home front is bolstered. The keynote speaker is Osagie Okunbor, managing director SPDC & Country Chair, Shell Companies in Nigeria.”

FBNHoldings recognition of female impact in its business operations at management level no doubt sets the tone for other institutions across other industries to promote women inclusiveness in management, thereby instrumentally shaping gender balance in the business atmosphere, thus influencing ethical practices in a cultured way worthy of consistently reiterating the recognition of female at impacting the economy and National Income as a whole. This in no small measure transcends to the political space, the cornerstone of legislative impact in the economy and business activities as a whole.

Godwin Emefiele, governor of the CBN, said recently that the Apex bank had made remarkable progress in closing the gender gap in the Bank.

“It is heartening that today, women represent 29.0 per cent of CBN staff and 29.0 percent of directors are women. Eight departmental directors and one Director General of WAMZ as against 26.0 per cent of staff and 25.0 percent of directors in 2014. Similarly, three out of 11 board members are women (27 percent)”, Emefiele said at the 2019 CBN Commemoration of the International Women’s Day (IWD) in March, 2019.

Grammy award nominee, Burna Boy, Olamide Jidenna to perform as REDTV set to Host the Biggest Party of 2019

REDTV, the fast-paced lifestyle channel that puts Africa on the global stage is about to host the 4^th edition of its annual party , ‘The Redtv Rave’ on November 30, 2019. Powered by the United Bank for Africa (UBA), this year’s rave which is themed ‘The shutdown’, is where everyone wants to be.

From the crème de la crème of entertainment to high profile business moguls, the premium entertainment Brand, REDTV, will host creatives and guests to an unforgettable night on November 30^th, 2019, kicking off the ‘Dirty December’ party season.

The Executive Producer of REDTV, Bola Atta, who spoke excitedly about the rave, stated that a lot has gone into the preparation of this party, where over 5,000 guests are expected. “The REDTV rave is an expression of the fact that REDTV is more than just an entertainment platform, it is a lifestyle and an expression of our language and culture as we constantly connect with members of the creative industry who have been changing the narrative across music, film, fashion and the Arts on the African continent. It is a way to say thank you to all our fans who have followed closely, the successes of some of our shows like The Men’s Club, Boutique Hotel, Our Best Friend’s Wedding and Inspector K, amongst many others’.

The performing artists at this year’s rave include a headline of Burna Boy, Olamide and Jidenna. Also performing are rising star, Fireboy, Tems, Ajebutter22, SDC, BOJ, DRB with Dj Concequence and Dj Sparrow on ground to ensure the music flows. Registration to the rave is free and drinks and food are also complimentary as guests get a chance to mingle with some of their favourite celebrities.

REDTV is a fast paced lifestyle channel that puts Africa on the global stage. Proudly powered by the United Bank for Africa, the network is an entertainment platform with rich content that feature the very best of Africa.

Living a Zilker Park Dream in Lagos as Zenith Bank Light-Up Ajose Adeogun with Christmas Decorations

The yuletide season comes to life in Lagos as Zenith Bank Plc lights up Ajose Adeogun Street with the theme “LET THERE BE LIGHT”

This year marks the 14th year since the traditional Light up Ceremony at the Ajose Adeogun roundabout came to be. The official lighting was done by Mr. Ebenezer Onyeagwu the GMD/CEO, Zenith Bank Plc supported by Executive management, staff and customers in attendance.

Speaking during the Light up Ceremony, the GMD/CEO said “Ajose Adeogun Street has come to be recognized by not only Lagosians, but Nigerians in general as an iconic place and tourist attraction because of the beautiful decorations adorning its length and breadth during the yuletide season. In fact, people from all walks of life visit with their friends and families to take pictures of this wonderful spectacle, especially at night and enjoy the ambience of the street and season.”

The light up ceremony came shortly after the ‘Zenith Bank Aspire Music Festival’, which took place in September and is part of the Bank’s line up of events ushering in the yuletide season and end of the year festivities. Others include ‘The Zenith Bank Tech Fair, Style by Zenith 2.0 and Zenith Bank Christmas Youth Parade. These events are in line with the Bank’s retail business drive and continued commitment to customers as they are guaranteed opportunities to network and enjoy discounts on products displayed at these events.

Heritage Bank celebrates International Men’s Day

Heritage Bank Plc, Nigeria’s Most Innovative Banking Service Provider celebrated International Men’s Day 2019 themed: “Making a difference for Men and Boys”, with event held at every Experience Centres- ECs (branches) of the bank across the country.

The financial institution leveraged on this theme and coined a personal theme, which is “Break the Ice; Inspire another Man”.

To help chart a path that will champion gender parity in grand style, the male staff had engaging activities which include a men’s bonding/mentorship session with various appealing subject of discussions in the ECs, where the senior colleagues initiated the talks alongside other male staff contributed freely to break into the parity ice; pry into how to excel in their homes, career, mental health, politics, family, education, sports and other endeavours of life. Also, as part of the activities are a themed dressing for the men (Club Jerseys or Polo Shirts on Jeans or Beige Chinos) and a celebration of the men by their female colleagues.

Commemorating the International Men’s Day celebrated annually in various countries around the world, the MD/CEO of Heritage Bank Plc, Ifie Sekibo emphasized that its serves as an opportunity to highlight the issues affecting the male gender and to also appreciate the men around us.

“At the core of our services, we recognise the need for gender equality. As we know that International Women’s Day is observed on 8 March globally. In the same way, there is a day for Men’s on 19^th Novembers, which is also observed worldwide. This day highlight the positive difference that men bring to the world, communities and to their families. It also raises awareness about men’s well-being and issues that men face on a global scale,” he explained.

Addressing the Management and staff of the institution, Sekibo who recognised the immense contributions of the male counterparts, noted, “we are proud to affirm that having you men in different capacities working to imbed a difference in this organization have proved you worthy to be celebrated.

“Strong yet supportive, tough yet so kind…You sacrifice all your life for the family to bring a smile on their faces…You toil in the office just to support your colleagues and the organization.”

He, however, assured the staff, “we also understand that having a family and a career can be a balancing act and strive to support all our staff to ensure that each person is able to reach their full career potential while maintaining a good work-life balance. Maintaining a fulfilled workforce is important to us, whilst we conversely ensure that all our clients have the best possible experience.

“So, here’s a special thank you to all our male brilliant staff who are helping to create a more gender-inclusive world.”

Heritage bank did not fail to celebrate its loyal male customers with the bank helmsman, Sekibo via deploying special messages acknowledged their positive contributions to society, community, family, marriage, childcare and to the environment.

Fidelity Bank Celebrates 2019 Compliances & Ethics Week

As part of sustained efforts to promote ethical values and professionalism within the bank, Fidelity Bank Plc, weekend disclosed plans to participate in this year edition of the Corporate Compliance and Ethics Week. Commencing on November 3 and running up until Friday, November 08, the bank has organised series engagement initiatives that are part of the annual activities around the celebration.

Corporate Compliance and Ethics Week, organised annually by the Society of Corporate Compliance and Ethics (SCCE) provides organisations with the ideal occasion to demonstrate their extensive and comprehensive compliance and ethics programmes in a manner that strengthens its ideals while educating employees.

Commenting on the celebration, Fidelity Bank’s Managing Director/CEO, Nnamdi Okonkwo pointed out that the bank remains committed to the highest standards of ethical and professional conduct in its dealings with customers.

“Guided by the Fidelity Code of Business Conduct & Ethical Policy, we expect our employees to uphold its tenets always, and act in a way that reflects the bank’s principles. We have instituted an Ethics Committee to drive this agenda and intervene in guiding staff when necessary”, he stated.

Okonkwo also promised to put the best interest of its teeming customers first, adding that strict adherence to proper ethical values has helped sustain the bank’s standing as a socially responsible organisation and good corporate citizen.

As part of the Compliance & Ethics Week, the bank will conduct a host of engaging staff activities including trivia contest, quiz and lectures. “The focus is to remind ourselves of the need to imbibe ethical values within the organisation even as we strive to build an enduring institution”, concluded Okonkwo.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 5 million customers who are serviced across its 250 business offices and various digital banking channels. The bank remains focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs) and its currently driving its retail banking businesses through its robust digital banking channels.

FIRSTBANK LAGOS AMATEUR OPEN GOLF CHAMPIONSHIP ACHIEVES GLOBAL RECOGNTION, GETS LISTED IN THE WAGR

Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited has announced that the FirstBank Lagos Amateur Golf Championship scheduled to Tee-Off on Friday, 15 November 2019 is now listed amongst the golf tournaments in the World Amateur Golf Ranking (WAGR). The WAGR is offered by the R&A and the United States Golf Association as a global service to golf. Through incorporation and assessment worldwide of both amateur and professional events, WAGR™ encourages the international development of the competitive game.

Since 1894, FirstBank has continued to promote the growth and development of sports in Nigeria. Apart from the Lagos Amateur Golf Championship which the Bank has supported for 57 years, the Bank has sponsored the Georgian Cup of the Kaduna Polo Tournament for 100 years. Other sports supported by the Bank include; the Dala Hardcourt Tennis, Kano for 32 years and for over a combined 30 years, the Bank has sponsored and owned the popular Elephant Girls Basketball club – which has remained a dominant force in the Nigerian Women Basketball league for many years – and the Elephant boys football club. The highpoint of these is the 2019 100th unbroken years of sponsoring the Kaduna Polo Tournament, widely attributed as the longest running sports sponsorship in the world and a Guinness Book of Records potential.

The 56-hole golf tournament, to be played over three days would be rounded off with a grand finale and awards ceremony on Sunday, 17 November 2019. Other activities to be held in the course of the tournament are the “Professional Coaching Clinic” to nurture the skills of young and upcoming talents and “Beat the Pro Skills competition”. The 2018 edition which had over 260 golfers in attendance was won by Sam Njoroge from Kenyan.

Speaking on the Bank’s sponsorship of the tournament, Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited said; “We are excited at the giant strides achieved with the FirstBank Lagos Amateur Open Golf Championship. The championship is now one of the international golf events where all amateur golfers worldwide can now participate and amass points to aid their WAGR rankings.”

“FirstBank has been in the business of supporting sports in Nigeria throughout its 125 years of existence. We have partnered with individuals and institutions to provide support, not only in the sports arena, but also in Education, the Arts and Small and Medium Enterprises”, he concluded.

Heritage Bank identifies high prospects in Nigeria’s £4bn Gold market

Heritage Bank Plc, Nigeria’s most innovative banking service provider, disclosed that Nigeria’s Gold market is worth £4 billion Pounds with high prospects of profitability for all players in the subsector.

The MD/CEO, Ifie Sekibo, who stated this at the Nigeria-Canada Investment Summit, held in Abuja, yesterday also disclosed that the enormous potential of the industry was one of the reasons why Heritage Bank delved into the mining sector despite enormous risks.

According to him, the bank has Dukia Gold as its partner that would facilitate access to local miners and artisans to get value for their commodity at international market price after being registered with Dukia Gold.

Sekibo, who was represented by the Team Lead, Agric Finance and Export, Adelana Ogunjirin, explained that prior to now, local miners of Gold found it difficult to trade their commodities favourably but with the involvement of Dukia and its partner, Heritage Bank, a Quality-and-Quantity test will be conducted based on the arrangement they made with Dukia Gold and that will lead to additional value to the small holder miners. He explained that this will leverage the small miners the opportunity to also trade their commodities at international market price.

He further stated that a metric tonne of Gold is currently valued at $30million adding that it is worth investing in the industry, especially as gold is a kind of commodity that does not easily lose its value.

He said: “Mining sector is an area which has not been fully tapped in terms of the potentials around it, as there are quite a lot of opportunities around that sector. Recently we secured $1 billion funding line with our funding partner AfreximBank, which also is to support areas like solid minerals.

“Now with respect to this we have looked at the value chain of this space and we have looked at the opportunities that are there. A lot of fund providers have not really delved into this and it is because of the lack of understanding of the market.

“In terms of value, gold is an area where you can enhance the value. You hardly see Gold losing value and you see that in different exchanges you even trade those commodities.

“Looking at it in terms of trend, you see that gold is something that will appreciate definitely. So in terms of the profitability of this business, we have looked at it, the crunch, the numbers we see that is a space that the Bank will definitely earn a lot of income.”

He also expressed optimism that other banks would like to come into the Nigerian mining sector, but may be studying to understand the sector properly.

“Definitely other banks will come into the sector. For us we are leading, but the truth is they need to play in an area and space that they understand, as not everybody would be able to play in that space.

“Heritage Bank has already carved a niche for itself in agribusiness space, just like the Gold commodity, this would be exported. So, in terms of export proceeds too, there are opportunities to be explored. Generally, looking at the Nigerian outlook, on the long run, this will also enhance the country’s external reserves. There are multiplier effects of what we are doing today and that is why we are also moving in this direction,” the MD noted.

Also speaking, Managing Director, Nigeria Export-Import Bank, NEXIM, Abba Bello, revealed that the bank had gone into high level discussions with heavy equipment manufacturers and suppliers that would lease equipment to miners for exploration and processing, adding that this was expected to make the equipment accessible and affordable.

Bello said, “For equipment supplier or outright purchase of equipment, we have gone into discussions with Bluecare and now Mantrac for the supply of heavy equipment for gold processing or exploration on lease basis and, it is something that does not exist currently within the industry.

“Barrick Gold and Bullion Mart is something that happen in the mining world. You don’t have to own the equipment, but there are vendors who supply the equipment for explorers to hire.

“Discussions have gone very far with the equipment suppliers and very soon we will announce the programme.”

Meanwhile, the Country Manager, ITM, Nigeria, Habibah Waziri, raised concerns on human resources development that would sustain the sector.

Waziri also said there is need to formalize the sector and also invest in human capital in the sector for growth and development.

R-L: Team Lead, Agric Finance and Export Heritage Bank, Mr Adelana Ogunjirin; Dr. Hadiza Gado; Managing Director /Chief Executive of Nigeria Export -Import Bank (NEXIM ) Mr Abba Bello; Managing Director Dukia Gold, Bose Owolabi and Mr Tunde Fagbemi during NCIS Summit 2019 – Mining Master Class held at Transcorp Hotel Abuja

R-L: Managing Director /Chief Executive of Nigeria Export -Import Bank (NEXIM ) Mr Abba Bello; Chief Executive of Bullion Mart, Mr Moniruz Zaman; Team Lead, Agric Finance and Export Heritage Bank, Mr Adelana Ogunjirin; Minister of State for Mine and Steel Development, Dr. Uchechukwu Ogah and Dr. Hadiza Gado, during NCIS Summit 2019 – Mining Master Class held at Transcorp Hotel Abuja

TOP GLOBAL DESIGNERS STORM LAGOS FOR “STYLE BY ZENITH 2.0” LIFESTYLE FAIR

Top global designers and brands will storm Lagos for the “Style by Zenith 2.0” Fair, the second edition of Zenith Bank’s highly anticipated Lifestyle Fair, which holds from Friday, November 29 to Sunday, December 1, 2019 at the Eko Energy City, Eko Atlantic, Victoria Island, Lagos.

Some of the top designers billed to feature at the fair include Tom Ford, Dolce and Gabbana, Tokyo James, Eyola, Mai Atafo, Okunnoren Twins, Ejiro Amos-Tafiri, Telvin Nwafor, Fikirte Addis, House of Kaya, Gozen Green, Trish O, Chulaap, Agatha Moreno, Sunny Rose, Nonnistics, Caesar Couture, Yartel, Orapeleng Mdutle, Mustapha Hassanali and the Fabric Hub, amongst others.

Aside showcasing their designs during the runway modelling sessions at the fair, they will also be participating in the various Lifestyle masterclasses, offering expert opinions on recent trends and designs in the global fashion industry.

Launched in 2018, the “Style by Zenith” initiative was created with the objective of supporting and creating value for customers by focusing on various aspects of their lifestyle.

“Style by Zenith 2.0” caps a year of all-encompassing customer lifestyle engagements by Zenith Bank through events such as the Aspire Music Festival, a musical concert for millennials held in Lagos in September and the Aba SME Fair organised for SMEs in the Aba Fashion Market, Abia State last month. This is in addition to the Light-Up Ceremony of the yuletide decorations on Ajose Adeogun Street, Victoria Island coming up by the second week of this month.

The three-day fair has an interesting line up of activities including runway modelling by leading Nigerian and international models accessorized by top global and Nigerian designers, modelling masterclasses, exhibition of lifestyle, beauty, health & fitness products, food and drinks, games arcade for both children and adults as well as musical concert featuring Nigeria’s biggest artistes.

Fashion One, the leading global fashion and lifestyle channel will once again be working with Zenith Bank on the “Style by Zenith 2.0” initiative.

Registration for the event, which is free for everyone, can be done by visiting www.zenithbank.com/style.

Zenith Bank Plc is recognized as one of the most innovative financial institutions in Nigeria and was voted the most customer-focused bank in Nigeria for the Retail and SME segments in the 2018 KPMG Annual Banking Industry Customer Satisfaction Survey (BICSS). Most recently, the bank won the Best Bank in Retail Banking and the Bank of the Year at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and was ranked as the Best Digital Bank in Nigeria 2019 by Agusto & Co.

IWEC FOUNDATION APPOINTS FIRSTBANK’S IBUKUN AWOSIKA AS NEW PRESIDENT OF ITS BOARD OF DIRECTORS

The International Women’s Entrepreneurial Challenge Foundation (IWEC) has announced the appointment of Ibukun Awosika to their Board of Directors as its New President. Awosika is the Chairman of First Bank of Nigeria Limited, Nigeria’s Premier and Leading financial services provider.

Mrs. Awosika was elected to replace Miguel Valls, former president of the Barcelona Chamber of Commerce and president of the IWEC Foundation, who passed away last month. “The Foundation is very excited to announce the appointment of our new president,” stated Ruth A. Davis, IWEC Chairwoman and distinguished former U.S. Ambassador. “Ibukun Awosika has been a solid, steady presence at IWEC since its inception, and she is also a past IWEC awardee. Ibukun has not missed one IWEC Conference since 2008 and has lent her voice and experience not only to our conferences, but to our meetings after joining our Board in 2017. We are delighted that our Board of Directors voted on her appointment, and we’ll introduce her as our president at our upcoming 12^th Annual IWEC Foundation Conference in New Delhi, on November 10^th.”

The Foundation’s 2019 Conference will focus on “Connecting Women Businesses Globally: Leading the Way to Innovation and Integration”. The event would be hosted locally by the FICCI Ladies Organization (FLO) of the Federation of Indian Chambers of Commerce & Industry (FICCI), which represents over 5000 women entrepreneurs and professionals across India. This year, IWEC welcomes 39 awardees from 18 countries, with a combined revenue of over US$5.7 billion among all awardees to date.

IWEC Foundation Vice Chair, Carmen Castillo, CEO of SDI International, adds: “Ibukun has demonstrated a significant commitment to IWEC over the years. Her breadth of knowledge extends from being an entrepreneur running ‎SOKOA Chair Centre Limited, to overseeing the board of directors for the renowned First Bank of Nigeria Limited. We are looking forward to her wise counsel and to continuously drive IWEC globally as a source of support, connection and impact for women business owners all over the world.”

Ibukun Awosika heads Nigeria’s premier bank, and she is also the founder and CEO of the Chair Centre Group, an association of large companies in the manufacturing, retail, and financial security services. Mrs. Awosika further holds seats in the corporate boards of Cadbury Nigeria, Digital Jewel Limited and the Convention on Business Integrity, and she is a former chair of several other enterprise boards.

Ibukun is a graduate of Chemistry from University of Ife (now Obafemi Awolowo University), Nigeria, an alumna of the Chief Executive Program of Lagos Business School, the Global Executive MBA of IESE Business School, Wharton’s Global CEO Program, and the IESE and China European International Business School (CEIBS). Ibukun is a multiple award-winning entrepreneur and the first Nigerian recipient of the prestigious International Women Entrepreneurial Challenge (IWEC) Award as a nominee of the US Department of State in 2008. Ibukun is also a best-selling author and motivational speaker.

Ibukun was just honoured last month with the International Friendship Award presented at the IESE Business School by the Queen of Spain.