NEWS AGENCY OF NIGERIA
Business

Digital disruption strategic for innovation, growth- TEXEM boss

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Dr Alim Abubakre of These Executive Minds (TEXEM) has described digital disruption as a strategic tool for leaders to enable innovation and growth in their organisations.

 

At a Strategic Leadership Programme in Oxford, Abubakre said that this would ensures that their organisations remain competitive in the fast-changing global markets.

 

In a paper titled “Strategic Leadership in a Disruptive World”, he urged leaders to take digital disruption as a launch pad to moving forward.

 

On the programme, Abubakre said: “(It) was a transformative initiative that empowered leaders to excel in a world characterised by digital disruption and rapid change.

 

“With a blend of academic excellence, actionable insights, and innovative methodologies, the programme left participants inspired and equipped to drive growth, resilience, and sustainability in their organisations.

 

“The programme’s benefits were evident from the start and organisations whose leaders participated stand to gain significantly. Leaders left with enhanced strategic agility, enabling them to anticipate and adapt to market shifts, customer demands, and technological advancements.

 

“This agility ensures that their organisations can remain competitive in fast-changing global markets.

 

“Participants also developed the ability to make improved decisions, grounded in a deeper understanding of big data, analytics, and AI. By leveraging these tools, leaders can navigate complexities, identify opportunities, and optimise operations, driving their organisations toward sustainable success.

 

“A significant outcome of the programme was the cultivation of stronger organisational cultures. Leaders are now better equipped to inspire their teams, fostering environments that prioritise adaptability, inclusion, and continuous learning.

 

“Such cultures empower employees to think creatively and embrace innovation, a critical component of success in today’s fast-paced world.”

 

Col. Andrew Clarke, in a presentation on Cyber Security, said leaders must be aware of importance of cyber security in their operations.

 

Clarke said it provides them with the tools to safeguard organisational assets, protect sensitive data, and foster trust.

 

“This heightened cybersecurity awareness is especially critical for organisations operating in all sectors including fintech and technology.”

 

During this programme, participants engaged in peer-to-peer learning and networking with leaders from diverse industries and regions.

 

“These connections open doors to international collaborations, enhancing organisational influence and reach in an increasingly interconnected world.”

 

Clarke said that by prioritising ethical governance, environmental, social, and governance (ESG) compliance, and future-ready strategies, leaders are prepared to steer their organisations through uncertainty while ensuring enduring success.

 

“They are building organisations not just for today but for the future, creating systems capable of thriving amidst challenges and seizing emerging opportunities.”

 

The Strategic Leadership Programme, designed and delivered by TEXEM, UK, utilised a tested and proven methodology, including games, observation practice, self-reflection, and case studies, making learning both engaging and impactful.

 

“Leaders departed not only with enhanced skills but also with renewed vision and purpose, ready to redefine success in their organisations.

 

“This programme was more than a capacity development session; it was a call to action for leaders to champion innovation, inspire change, and create a legacy of growth and resilience.

 

“For organisations in Nigeria, it offers a pathway to building visionary leaders who can transform industries and contribute to nation-building.”

 

Mr Ismael Yahaya, the General Manager of Production Operations at SEPLAT and a participant in the programme, said: “This leadership programme has been incredibly impactful.

 

“It provided me with the opportunity to learn from top-notch resources from across the globe, coupled with highly engaging participation.

 

“While I previously viewed digital transformation from a different lens, this experience has given me a clearer understanding of effective leadership in a digitally evolving environment.

 

“I’m confident I can apply these insights to my current role, ensuring measurable improvements moving forward.”

 

Anne Omezi, the Director of ICT at NMDPRA and a participant, said: “This has been an enriching and transformative experience for me. I’ve gained valuable insights and skills that I’m eager to take back to Nigeria and put into practice.

 

“The true essence of training lies in its application, and I’m confident that implementing what I’ve learned here will drive meaningful change- not just within my department but across the organisation as a whole.”(NAN)

PR:

Business , Defence/Security

Defence chief, others bag security, emergency management award

254 total views today

By Sumaila Ogbaje

The Chief of Defence Staff (CDS), Gen. Christopher Musa, received the Award of Excellence at the 2024 Security and Emergency Management Award (SEAMA), on Thursday in Abuja.

The event was organised by Emergency Digest, a publication of Image Merchants Promotion Limited (IMPR), in collaboration with the Centre for Crisis Communication (CCC).

The award featured different categories which include, crime prevention, public information management, cybercrimes prevention, emergency management, community service, diligent investigation, civil-military relations among others.

It also includes outstanding crisis communicator;outstanding law enforcement officer; outstanding security officer; outstanding military officer and outstanding; defence journalist and awards of excellence.

In his remarks, Musa emphasised the need for all segments of the society to engage on how best to achieve sustainable national security and emergency management through civil military collaboration.

He said the SAEMA was also an annual event that recognised outstanding contributions to security, emergency management and humanitarian service.

The CDS said the military was making deliberate efforts towards deepening civil military collaboration to enhance national security.

According to him, civil military synergy has impacted significantly on the armed forces operations in the North East and new models are being developed to meet peculiarities in the other geo-political zones across the country.

“Thus, the theme, “Civil – Military Relation for National Security and Stability” is apt and relevant at this critical period of our national existence.

“The threats we face as a country are multi-faceted, ranging from terrorism and insurgency to socio-economic issues and community unrest.

“Arising from these complex dynamics, it has become increasingly evident that no single institution can solve these issues in isolation of others.

“Thus, a whole of society effort that brings together every segment of our nation is needed to build lasting peace, security and progress.

“This can only be achieved by integrating our collective expertise, resources and influence of various stakeholders with a view to creating a resilient framework for both security and emergency management strategies through civil-military relations,” he said.

Musa gave assurance that the military would remain committed to ensuring peace in Nigeria and protecting democracy.

The Minister of Information, Muhammed Idris, represented by the Director-General of Voice of Nigeria (VON), Jibrin Baba-Ndace commended the management of Security Digest for the awards and support for the military and other security agencies.

Idris said the security narrative has continued to change, saying that actions of a single black sheep should not be used to demonise an institution that had continued to make sacrifices for the nation.

“This is the time for us as a country to continue to support our armed forces.

“This war is a people’s war. It is what they first call the war among the people where the enemy is the neighbor who does not wear uniform or some who have double identity.

“So it is a difficult war. It is a war that is in the media space and therefore it is important that the nation will come together and that is why this celebration is very important,” he said.

The Publisher of PRNigeria and other titles, Mallam Yushau Shuaib, said the annual event recognises outstanding gallantry contribution to safety, security and emergency management in Nigeria.

He said the 2024 edition recognised the CDS for his expertise in the vital field of inter-agency collaboration and civil military relations making him the ideal speaker for the occasion.

According to him, the award unit selection process remains rigorous and transparent with their jury that comprises security experts, industry professionals an~d independent observers ensuring that deserving individuals and organisations are recognised for their exceptional achievement. (NAN)

Edited by Sadiya Hamza

Business

BoI partners NGOs to empower women with solar-powered smart kiosks

223 total views today

 

 

 

By Joy Akinsanya

 

A Non-Governmental Organisation (NGO), Adeola Azeez Community Care Foundation (AACCF), in partnership with the Bank of Industry (BOI) and Neighbours Shop, has empowered 50 women with solar-powered smart retail kiosks.

 

The founder of AACCF, Mrs Adeola Azeez, disclosed this on Thursday during the inauguration and handing over of the solar-powered kiosks in Ijebu-Ode Local Government Area, Ogun.

 

Azeez said 35 women in Ijebu-Ode benefitted from the initiative, while 15 other beneficiaries were captured from Ikorodu Local Government Area in Lagos State.

 

She added that each kiosk had been stocked with items to sell, including a solar-powered freezer and a digital tablet.

 

She said the launch of the solar-powered kiosk empowerment project was about unveiling opportunities for growth, transformation, empowerment and sustainability.

 

According to her, the foundation seeks to empower women, children and youth to reach their full potential through initiatives that drive collective prosperity.

 

“Our project aligns with our unwavering commitment to drive financial independence and support community development.

 

“Today, we are taking a giant step towards achieving one of our goals of empowering women and transforming communities in the micro-retail business sector by confronting the challenges of informal hurdles, financial exclusion, energy deficiency and safety concerns.

 

“This achievement is a testament to the power of collaboration,” she said.

 

Azeez appreciated BOI for supporting the vision and for being the beacon of inclusion and empowerment.

 

“It is with great joy that I acknowledge and celebrate our exceptional partner, the Bank of Industry, whose generous grant transformed a good idea into a life-changing reality,” she said.

 

She said the women selected for the phase of the programme were trained by Neighbours Shop, the idea initiator.

 

The Managing Director of BoI, Mr Olasupo Olusi, said the project testified to the bank’s shared commitment to creating opportunities and enabling women to take their rightful place as economic growth drivers.

 

The News Agency of Nigeria (NAN) reports that Olusi was represented by Mr John Akinde, an official of the bank.

 

Olusi said BOI recognised that women constitute more than half of the population and were vital contributors to the economy of the household, community and the nation at large.

 

“The solar part feature of this course also aligns with our commitment to sustainability and innovation.

“By leveraging renewable energy, we are not only reducing the environmental footprint of this project but also ensuring that women in even the most remote areas can access consistent and affordable power to support their businesses.

 

“This is a step towards addressing the energy challenges that have historically constrained productivity in many rural and semi-urban areas,” Olusi said.

 

The founder of Neighbours Shop, Muyideen Sanwo-Ola, explained that beneficiaries would be paid weekly by a profit-sharing formula as designed by the system.

 

“For example, a bottle of coke bought for N80 and sold for N100 gives a profit margin of N20, which, with the algorithm in the system, gives the associate (beneficiary) 60 per cent of the profit and us, 40 per cent.

 

“The system keeps on adding profits on all transactions. So, they can see their profits on their tablets – how much they make for the day and for the week,” he said.

 

Sanwo-Ola noted that each kiosk is being monitored online to ensure the empowerment did not end up like other political empowerment programmes.

 

He says goods sold daily will be restocked the following day by a route manager, who supplies goods to all the kiosks.

 

According to him, any beneficiary who fails to abide by the laid-down guidelines will have her kiosk reallocated to another person.

 

“However, those who manage their kiosks successfully and diligently will become full owners of the kiosks after three years,” he said.

 

He disclosed that BOI supported the project with a grant of N97 million.

 

The wife of the Ogun governor, Mrs Bamidele Abiodun, represented by Mrs Bolanle Oduyale, said the state government remained steadfast in its commitment to supporting initiatives that promote sustainable development.

 

“We have championed education, healthcare, and entrepreneurship for women, ensuring they are equipped to lead and contribute meaningfully to society,” she said.

 

Speaking on behalf of other beneficiaries, Mrs Olamide Babalola, appreciated AACCF, BOI and Neighbours Shop for the kind gesture.

 

She promised they would make judicious use of the kiosks. (NAN)(www.nannews.ng)

Edited by Moses Solanke

Business , Defence/Security

Drug abuse destroying Nigeria’s future leaders – Etsu Kwali

371 total views today

By Philip Yatai

Mr Luka Nizassan, Etsu of Kwali, Kwali Area Council of the Federal Capital Territory (FCT), says Nigeria’s future is at stake following the high rate of drug abuse among the youths.

Nizassan expressed the concern in Abuja on Tuesday, at a one-day Rise Above Conference, with the theme, “United for a Drug-free Life.”

The conference was organised by Al Masaareef Foundation, in collaboration with the National Drug Law Enforcement Agency (NDLEA), targeting more than 500 secondary school students.

He pointed out that Nigeria was losing potential future leaders who were addicted to drug and substance abuse.

He said that the prevalence of drug and substance abuse was alarming, not only among the youths, but even adults, particularly parents.

“Unfortunately, even some of the mentors and educators ate into drugs and it has become conventional that nobody sees anything wrong with it.

“The songs that we listen to today are promoting drugs.

“Drug abuse is prevalent everywhere, in the market, it’s in mosques, it’s in churches, in villages and in the government; it is everywhere.

“Until we decide to be concerted in our efforts towards dealing with drug related issues, our nation will not have the leaders that will take over this country tomorrow,” he said.

He said that the key stimulant to insecurity in the country was drug abuse, adding that a lot of persons were making money out of it, “yet, it is destroying the fabrics of this nation.”

The royal father advised students to be among persons that would rise above drug abuse, responsible for 40 per cent of Nigeria’s problems, particularly insecurity.

Nizassan said that insecurity had continued to stall development in the country because the problem of drug abuse, its key stimulant, had not been addressed.

According to him, stakeholders must stop paying lip service to drug abuse and be deliberate about addressing the menace.

“First, we need to crack down all the channels where these drugs are made available.

“As stakeholders, we need to wake up to our responsibilities and tackle the challenge, from where the drugs are produced to where the end users are.

“We all have roles to play at various stages of the supply chain, and when we wake up to our roles, we will be able to address the issue of drugs squarely.

“Until stakeholders wake up to their responsibilities, Nigeria will not be able to address the problem of drug abuse that is already affecting the future of children in the country.”

At community level, the royal father said that community leaders have a role to play in changing the narrative through concerted advocacies against drug abuse.

“We will continue to speak to our people, speak to our women, to our children, and our religious leaders,” he said.

Earlier, the founder and Chief Executive Officer of Al Masaareef Foundation, Dr Hauwa Wambai, said that the 500 secondary school students were being mobilised to fight drug abuse among youth in the FCT.

Wambai explained that each of the 500 students, drawn from 62 wards across the six area councils of the FCT, would be expected to train five persons.

She added that each of the five persons would also train at least one person, adding that the strategy was expected to reach at least 2,500 youths with key messages against drug abuse. (NAN)

Edited by Maureen Atuonwu

Business , Defence/Security

Navy confiscates 8.1m barrels of stolen crude, apprehend 120 barges – Official

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By Sumaila Ogbaje

The Nigerian Navy confiscated more than 8.1 million barrels of stolen crude oil and 86,500 metric tonnes of illegally refined Automotive Gas Oil (AGO), also known as diesel in four years.

The Chief of Training and Operations (Navy), Rear Adm. Olusegun Ferreira, made this known while briefing newsmen on the activities of the navy on Monday in Abuja.

Ferreira also said that the navy confiscated 788,312 litres of illegally sourced PMS and about 21 million litres of Kerosene within the same period.

The navy, he said, also apprehended 120 barges, 181 speed boats, 1,453 wooden boats laden with stolen products as well as 118 vehicles conveying stolen petroleum products in the last four years.

According to him, anti-oil theft operations remain the navy’s most critical function due to the contribution of oil revenue to Nigeria’s economic survival.

He added that the navy deactivated more than 1,528 illegal refining sites and 8,790 storage tanks, and arrested 392 suspected oil thieves.

“The suspects were handed over to relevant law enforcement agencies for further investigation and prosecution.

“Of particular note were the arrests of MT SWEET MIRI and MT VILLANIRIS I both filled with a combined quantity of four million litres of stolen crude oil.

“In view of its transnational nature, the fight against oil theft, also involves collaboration with our neighbours such as Cameroon, Benin and Togo who assisted in the apprehension of vessels such as MT NEW ANGEL and MT JASMINE involved in crude oil theft,” he said.

Ferreira said the navy recently hosted “Exercises CROCODILE LIFT and GRAND AFRICAN NEMO”, which are multinational exercises involving Nigerian Navy Ships, boats and aircrafts as well as ships from regional navies and partners such as France, UK and Spain.

This, according to him, is part of navy’s regional efforts to enhance maritime security,

He said the exercises were geared toward enhancing their international partnership and collaboration to curb maritime crimes in the Gulf of Guinea.

He added that the Nigerian navy has ensured compliance for legitimate upstream and downstream operations on behalf of the regulators.

According to him, the Nigerian navy’s efforts have greatly curbed oil theft and led to a significant increase in Nigeria’s daily crude oil production output from 1.23 million barrels in October 2022 to 1.8 million barrels in October 2024 as revealed by the NUPRC.

Ferreira lamented that there had been misrepresentations in certain quarters aimed at tarnishing the image of the navy by mischief makers whose freedom of action in oil theft were severely degraded by the navy.

“In spite of the disruptions by these unpatriotic elements, the Nigerian Navy has remained critical in the success of several strategic initiatives such as the Presidential Crude Oil Barging Regime.

“The Nigerian navy will continue to remain focused in carrying out our functions as a highly professional and dedicated force in line with our statutory roles.

“In doing so, the Navy will continue to work with Sister Services, partners and credible stakeholders in line with the whole-of-society approach in protecting our nation’s resources for economic prosperity and national development,” he added. (NAN) (www.nannews.ng)

Edited by Sadiya Hamza

Dangote Group logo
Business

Kano fair: Dangote Pavilion turns focal point for customers

261 total views today

 

The pavilion of the Dangote Group at the ongoing 2024 Kano International Trade Fair has become Mecca of a sort, attracting customers excited to make inquiries and purchases as the year winds down.

 

Organised by the Kano Chamber of Commerce, Industry, Mines, and Agriculture (KACCIMA), the fair, themed “Non-Oil Export for Economic Prosperity,” aligns closely with Dangote Group’s vision of economic diversification.

 

A statement from the Branding and Corporate Communications Department of the Dangote Group said the Trade Fair, running from Nov. 23 to Dec. 7, has seen the Dangote pavilion actively engage visitors with designated help desks.

 

It said: “Nigeria is a powerhouse for non-oil export, but only if it taps into its numerous resources and potentials. At Dangote we have demonstrated this with our huge investments in fertiliser, sugar, salt and cement products spread across several African countries.”

 

A visit to the stand revealed significant engagement, particularly from distributors and retailers.

 

Many are taking advantage of the Trade Fair to stock their warehouses in preparation for the upcoming end-of-year festive season, ensuring they are well-equipped to meet the heightened demand.

 

The company, therefore, urged participants to leverage on the opportunity to visit the company’s pavilion and take advantage of the various products on display.

 

They include Dangote Cement, Dangote Sugar and Dangote Salt and Dangote Fertiliser.

 

Minister of Defence Mohammed Abubakar extolled the role of Public Private Partnership in the development of the Nigerian economy.

 

While visiting the Dangote pavilion at the fair, he told participants that the President Bola Tinubu-led administration recognises the role of the private sector as key.

 

Badaru reaffirmed Federal Government’s commitment to restoring peace and stability and urged Nigerians to continue supporting the government with prayers while maintaining confidence in the security forces.

 

He said the security agencies’ unwavering dedication is crucial to sustaining these achievements.

 

Meanwhile, President of the Chamber, Alhaji Garba Imam commended the Dangote Group for its support and partnership, adding that the company has been consistent in its sponsorship of the annual event.

 

Speaking to newsmen, the Director General of KACCIMA Alhaji Sabiu Umar Yola said: “The relationship between KACCIMA and Dangote has been very supportive and a great partnership.”

 

He said the theme for this year was meant to encourage Nigerians to source for other commodities for export instead of crude oil.(NAN)

PR:

Business , General News

NDIC reassures Heritage Bank depositors of prompt payment

289 total views today

 

By Grace Alegba

 

The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the defunct Heritage Bank that challenges delaying access to guaranteed sums above N5 million are being resolved.

 

Mr Bello Hassan, Managing Director, NDIC, gave the reassurance on Saturday during the 2024 edition of the NDIC Editors Forum in Lagos.

 

The theme of the conference is: “Strengthening Nigeria’s Financial Safety-Net: The Role of Deposit Insurance”.

 

Hassan, represented by NDIC’s Executive Director, Operations, Mr Mustapha Ibrahim, said that the corporation was working diligently to facilitate payments.

 

Hassan explained that depositors with amounts above the maximum insured limit of N5 million were being reimbursed through liquidation dividends derived from asset recovery and debt realisation efforts.

 

“The corporation has initiated the process of debt recovery and realisation of investments as well as physical assets of the defunct bank to ensure timely payment of uninsured deposits,” he said.

 

 

He added that NDIC’s responsibilities also extend to creditors of the defunct bank, who would receive payments after all depositors had been fully reimbursed.

 

“This orderly process, based on asset realisation and prioritisation of claims, is essential for maintaining public trust in the banking system and promoting financial stability,” Hassan noted.

 

 

According to him, the theme of the conference is in line with the corporation’s recent engagement with business editors and finance journalists.

 

He emphasised NDIC’s mandate to protect depositors, especially the uninformed, and its commitment to financial system stability.

 

Established over three decades ago, the commision’s boss said that NDIC safeguards depositors’ funds and mitigates risks in the banking sector.

 

Responding to questions, Hassan provided updates on Fortune Bank, liquidated over a decade ago.

 

He told the News Agency of Nigeria (NAN) that NDIC faced challenges collating depositor data due to the absence of Bank Verification Numbers (BVN) at the time of the bank’s operation.

 

Bello, however, assured Nigerians of prompt payment of depositors of defunct Fortune Bank Plc.

 

He stated that litigation also delayed NDIC’s intervention, but added that payments had started for insured deposits, with efforts underway to pay the uninsured portion and other claimants.

 

“We’ve already paid the insured portion and are now paying the uninsured portion and other claimants,” Hassan said.

 

He assured of the commision’s continued awareness efforts to encourage more depositors to come forward.

 

Hassan commended the media for its role in the successful implementation of the deposit insurance system.

 

The Managing Director of the News Agency of Nigeria (NAN), Malam Ali Muhammad Ali, described the forum as an “eye-opener” for editors, enhancing their understanding of global financial sector trends.

 

Ali said the theme of the conference was apt and addressed worries caused by turbulence in the financial sector, especially in the banking sector.

 

Ali praised NDIC’s ability to secure 98 per cent to 99 per cent of depositors’ funds, reinforcing public confidence in the banking system.

 

According to him, the forum is a learning curve every year and editors are kept abreast with new information on the health of the global economy and the Nigerian economy.

 

Mr Eze Anaba, President of the Nigeria Guild of Editors, emphasised the forum’s importance, stating, “It is reassuring to know our banking sector remains stable despite the challenging economic situation.”

 

“We know how challenging the economic situation is. And it will be a double job if our banks are also not healthy. And listening to you here today, it’s reassuring for us to know that things are well,” he said. (NAN)

 

Edited by Olawunmi Ashafa

Business

Experts urge leaders to prioritise innovation, change management

199 total views today

By Rukayat Moisemhe

Experts on Tuesday called on business leaders to prioritise fostering a culture of innovation to unlock their full potential and compete effectively in global markets.

They gave this advice at the 2024 Management Day Lecture, held in Lagos.

The event, themed “Innovation and Change Management: Fostering the Culture of Innovation in a Rapidly Evolving Business Environment”, provided a platform to address pressing management challenges.

Mr Seni Adetu, Group Chief Executive Officer of First Primus and former Managing Director of Guinness Nigeria Plc, emphasised the urgency of this message, citing the global economic downturn and its impact on Nigeria.

Adetu noted that shifting consumer expectations and rapid technological advancements underscored the need for businesses to embrace innovation.

“Innovation is critical for businesses as it drives economic growth, enhances competitiveness, addresses societal challenges, promotes sustainability, and attracts investments,” he said.

He outlined key measures for achieving sustainable innovation success, which include deep consumer insights, strategic partnerships for scalability, structured governance, among others.

Adetu also emphasised that fostering a culture of innovation required leadership to set a clear vision, create a high-performance culture, and establish conditions for employees to thrive.

“Leaders must break barriers to organisational performance, embrace and manage change, remain agile, adapt to evolving circumstances, and lead by example,” he added.

To successfully navigate the challenges of innovation and change management, Adetu advised businesses to encourage experimentation, celebrate failure, and empower employees.

“They must also prioritise effective change management, communicate clearly, involve stakeholders, provide training and support, and celebrate milestones,” he said.

“Businesses need to address resistance to change, build trust, set clear objectives, track progress, and evaluate outcomes.

“Leadership is crucial for executing strategies, enforcing consequence management, and taking calculated risks to enable businesses to thrive in global markets”.

Dr Christiana Atako, President of the Nigerian Institute of Management (NIM), noted the significance of Management Day as a platform to examine the challenges of management practices and proffer solutions for achieving excellence.

Atako stressed that in today’s rapidly evolving business landscape, innovation had become the cornerstone of success.

“Organisations that prioritise innovation gain a competitive edge, as an innovative culture enables them to adapt swiftly to changing market conditions and seize emerging opportunities,” she said.

“Innovation is the catalyst that propels businesses forward. Creating a culture of innovation within an organisation is a multifaceted endeavour requiring commitment and collaboration at all levels.

“It often stems from trial and error, where failures are viewed as valuable learning opportunities. It also thrives on bringing together individuals from diverse backgrounds, disciplines, and experiences”.

Atako further emphasised the importance of dedicating both financial and human resources to innovation initiatives, signalling that such investments are critical to long-term success.

On change management, she described it as a systematic approach to transitioning individuals, teams, and organisations from a current state to a desired future state.

“It involves managing and supporting people through organisational changes while ensuring minimal disruption and maximum benefits,” Atako explained.

She, however, acknowledged common challenges in change management, such as resistance to change, communication breakdowns, lack of leadership commitment, insufficient training and support, and cultural barriers.

“Fostering a culture of innovation and effective change management is essential for businesses to thrive in today’s rapidly evolving environment,” she added. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Business

LBS unveils magazine for business sustainability

258 total views today

By Rukayat Moisemhe

The Lagos Business School (LBS) has unveiled a business magazine, Insight Edge, to support businesses navigating the challenges of a Volatile, Uncertain, Complex and Ambiguous (VUCA) world.

 

The News Agency of Nigeria (NAN) reports that the event is designed to keep the school’s alumni up to date with national and global business and management best practices.

Ogbechie said that the magazine, put together by industry experts, business leaders and the LBS faculty, was created to help businesses in Nigeria with practical tips to enhance their sustainability.

He said that businesses must learn to reinvent their models, manage costs and focus on customer related innovation.

“In the VUCA environment, while we are talking about risks and problems, there are also numerous opportunities and it is important to know how to take advantage of these opportunities.

“This is why Nigerian businesses must innovate to grow or die.

“It is a given that unemployment is high, interest rate is high, exchange rate is high and the burden of crippling national debts, but Nigerian businesses can still thrive,” he said.

Mr Olaniyi Yusuf, Chairman, Nigerian Economic Summit Group (NESG), said four key themes shaped Nigeria’s economic landscape in 2024, highlighting both challenges and potential areas for reform and growth.

According to him, they include sectoral productivity problems, debt sustainability and fiscal challenges, inflation and cost of living crisis and labour productivity issues.

He, however, projected that in 2025, private sector performance suggested slower economic growth recovery and that fuel prices would keep inflation high in 2025.

Yusuf said private sector, responding to the new government’s policy stance, with projected economic growth was expected to rise slightly to 3.2 per cent in 2025 from an estimated 2.9 per cent in 2024.

He said that the Purchasing Managers Index (PMI), a reliable growth predictor, suggests a weaker-than-expected growth in 2025, driven by low levels in firms’ new orders, output, and inventory activities.

“The lag effect of the weak Naira and heightened inflationary pressure will continue to dampen economic activities.

“However, the economy is expected to recover but at a slower pace in 2025.

“External trade and current account surplus would expand as combination of a weaker currency and an increase in the country’s oil production would increase the country’s exports.

“The Central Bank of Nigeria (CBN) foreign intervention will stabilise the local currency and will positively impact investments thus, resulting in higher Foreign Portfolio Investments in 2025,” he said.

The NESG chair listed critical imperatives of households in Nigeria for 2025 to include cost of living pressures, income stability challenges, rising cost in healthcare, education among others.

He said that with a growing digital economy, households were to invest in skills development to enhance employability and income-earning potential while individuals recalibrate their expenses, especially foreign exposures.

Yusuf urged government to consolidate and align complementary policies (Monetary, Investments, Social Investments) and provide a friendly environment to maintain social cohesion and foster inclusive growth.

He also called for more investment in infrastructure, support for job creation, fiscal prudence and debt management, reduced cost of governance to maintain fiscal stability and free up resources for development.(NAN)(www.nannews.ng)

Edited bt Olawunmi Ashafa

Business

Q3 2024: Wema Bank’s assets hit N3.08trn

368 total views today

 

By Rukayat Adeyemi

The total assets of Wema Bank Nigeria has grown by 38 per cent, to N3.084 trillion in third quater of 2024, from N2.24 trillion posted in the corresponding quarter of 2023.

The Managing Director of the bank, Mr Moruf Oseni, said this on Wednesday in the bank’s unaudited Consolidated Financial Statements for the period ended, Sept. 30  2024, sent to the Nigerian Exchange Group (NGX).

Oseni said that the bank also reported profit before tax of N60.62 billion for the period under review, representing 174 per cent increase over N22.13 billion recorded in the corresponding period of 2023.

The managing director stated that the bank grew its deposit base year- to-date by 23 per cent to N2,29 billon for the quarter under review, from N1,861 billion reported in the same period of 2023.

According to him, Wema Bank’s Non-Performing Loan (NPL) as at the quarter under review, stood at 3.19 per cent.

Oseni said that the bank grew its gross earnings by 91 per cent to N288.32 billion in the quater under review, against N150.90 billion posted in the same quarter of 2023.

He stated that the bank’s Interest Income went up by 81 per cent year-on-year to N229.11 billion, in contrast to  N126.67 billion recorded in the corresponding period of the previous year.

The bank’s non-interest income also advanced by 144 per cent year-on-year to N59.21 billion, from N24.23 billion posted in the same quarter of 2023.

Oseni said the bank’s Reported Return on Equity (ROAE) of 38.62 per cent , Pre-Tax Return on Assets (ROAA) of 2.64 per cent, Capital Adequacy Ratio (CAR) of 14.06 per cent and Cost to Income ratio of 60.47 per cent for the period under review.

“Our 2024 third quarter numbers speaks to our resilience despite a tough operating environment.

“We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in profit before tax which grew strongly by 174 per cent.

“The growth of gross earnings by 91.07 per cent, total assets by 38 per cent and earnings per share at 328.1k shows the core improvements to our balance sheet.

“In addition, our cost to income ratio at 60.48 per cent has witnessed significant improvement from the previous period,” he said.

Wema Bank is a leading financial services entity with banking operations across Nigeria and leading in the digital banking space. (NAN)

Edited by Kamal Tayo Oropo

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