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

By Grace Alegba

By Martha Agas

The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has tasked the newly confirmed Deputy Comptroller-Generals (DCG) and Assistant Comptroller-Generals (ACG) on mentoring the service’s personnel.

Adeniyi made the call during the investiture of the officers at the service headquarters on Friday in Abuja.

The News Agency of Nigeria (NAN) reports that the NCS’s Board, during its 60th regular meeting on Tuesday, confirmed the appointment of two DCGs and five ACGs to join the management team.

The appointments were made in response to the statutory retirement of senior officers and are fully aligned with the Federal Character Policy, as outlined in Section 14(4) of the Nigeria Customs Service Act, 2023.

The C-G said that the newly decorated officers have shown competence, diligence, and commitment in the discharge of their duties and other responsibilities assigned to them.

According to Adeniyi, the qualities demonstrate their exceptional ability to mentor younger officers in the service.

“So there is going to be a rich depth of people that can give you (NCS personnel) inspiration for what you do.

“They will provide mentorship and guidance for the younger generation of officers that are coming.

“We are in a period when we should begin to identify, nurture, and cultivate those that will form the future leadership of the Nigerian Customs Service, and we must therefore put our emphasis on merit,” he said.

He urged the newly promoted officers not to relent in their efforts to perform their constitutional duties, as their new positions come with higher obligations and responsibilities.

He expressed confidence that, due to their pedigrees and selection on merit, they will effectively carry out the critical roles of revenue generation, trade facilitation, and the suppression of smuggling.

“It is expected that they will justify the confidence that we have reposed in them.

“Therefore, the virtues of commitment, of dedication, of discipline, and, most importantly, exemplary conduct, are expected from all of you.

“I want you to continue to use merit or to depend on merit to drive your operations,” he said.

The C-G thanked the spouses of the officers for their support in enabling the officers to accomplish great feats in the service.

He urged them to offer more support and understanding, as the new responsibilities would require greater commitment.

Responding on behalf of the newly decorated officers, DCG Olaniyi Alajogun assured the C-G of their commitment to duties.

He acknowledged the CGs fairness and equity in the various appointments, particularly adhering to seniority and reflecting federal character.

NAN reports that the senior officers decorated were Olaniyi Alajogun, DCG in charge of Enforcement, Investigation, and Inspection; and Kikelomo Adeola, DCG to head the new Information Communication Technology Modernisation unit.

Timi Bomodi, ACG to oversee Enforcement Investigation and Inspection; Babatunde Makinde, ACG in charge of Human Resources and Development.

Others are Odaudu Salefu, ACG, in charge of Doctrine and Coordination at the Training and Doctrine Command, and Isah Umar, ACG, in charge of Headquarters. (NAN)(www.nannews.ng)

Edited by Peter Amine

By Okeoghene Akubuike

The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and Full Business Case (FBC) Certificate of Compliance within seven days.

This follows a directive from President Bola Tinubu to the commission’s Director General, Dr Jobson Ewalefoh, “to accelerate investment in national infrastructure through innovative mobilisation of private-sector funding.”

In a statement signed by Ifeanyi Nwoko, Acting Head of Media and Publicity, ICRC, in Abuja on Monday, the commission said it had streamlined its approval processes to issue the certificates.

Nwoko said that the move aimed to accelerate the turnaround time for approvals by the commission.

He quoted Ewalefoh as saying, “in line with President Tinubu’s charge and the Renewed Hope Agenda, we have updated our approval processes.

“This process aims to issue either the OBC or FBC to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.

“This is part of the current administration’s efforts to accelerate infrastructure development, bridge infrastructure gaps, and stimulate the economy through private sector investment in Public-Private Partnership (PPP) initiatives.”

He said by streamlining its processes, the commission was not compromising its stringent approval steps or key requirements.

“Therefore, only business cases that are viable, bankable, offer value for money, and meet all other requirements will be approved.

“The ICRC cannot achieve this alone; I urge all chief executives of MDAs to match our momentum and align with the President’s charge to accelerate infrastructure development.

“This will ensure that PPP projects are delivered within record time without being stalled.

“The commission is ready to partner and collaborate with all MDAs to achieve this.”

Nwoko said the ICRC was established to regulate the Federal Government’s PPP initiatives, address Nigeria’s physical infrastructure deficit and promote economic development.

The statement said an FBC is a comprehensive document outlining the detailed investment plan, capital and operating costs, benefits, risks framework, and negotiated financials associated with a PPP project.

It is prepared and submitted by the MDA to obtain the Federal Executive Council’s (FEC) approval, as required by Section 2(2) of the ICRC Establishment Act.

“This formed the basis for secure funding, approvals, or partnerships.

“In contrast, the OBC is less detailed than the FBC but provides a determination of project viability and bankability, offering a solid foundation for the project’s overall strategy and direction.”(NAN)(www.nannews.ng)

Edited by Abiemwense Moru

By Rukayat Moisemhe

Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has partnered the Asset Management Corporation of Nigeria (AMCON) to empower practitioners with the international best practices on business insolvency and asset management recovery.

Both parties at an engagement on Monday in Lagos, stressed the need to jointly build body of knowledge in business and non performing loan recoveries.

The News Agency of Nigeria (NAN) reports that BRIPAN is a body of professionals responsible for business recovery and insolvency for financially troubled individuals and businesses.

AMCON is saddled with the statutory responsibility amongst others of recovering the non-performing loan hitherto disbursed by eligible financial institutions to their customers.

Mr Chimezie Ihekweazu, President, BRIPAN, noted that the newly appointed AMCON Managing Director’s history, experience and achievements in the corporate world within and outside the country was valuable in shaping the dynamics of the corporation.

Ihekweazu stated that BRIPAN special interest in insolvency practice and business recovery made it important to maintain the amiable working relationship it had with AMCON.

He added that the practice of insolvency which extended to different branches meant that business relationship with the credit sector must be carefully managed to engender business survival.

“BRIPAN has committed building a high level of professional standing among its members.

“We have supported the Companies and Allied Matters Act, the insolvency bill among others and enjoyed institutional relationship with the Corporate Affairs Commission (CAC), the Securities and Exchange Commission, among others.

“Based on our practical experiences in insolvency, we have outlined trainings to give proper guidance on advance knowledge for practitioners.

“It is our utmost hope that by this engagement, our business relationship would continue to be built upon for the advancement of business and asset management recovery reforms in the country,” he said.

In his remarks, Mr Gbenga Alade, the Managing Director, AMCON, stated that there was room for collaboration particularly to help maximise value in the public sector.

Alade noted that time had value and everything needed to be implemented at the right time to ensure value was not lost.

He stressed the need to reduce political interference in certain situations, saying Nigeria would start to move forward once everyone decides to do the right thing.

“When paid to withdraw and destroy a file, you must say no because you are doing the right thing.

“It is only then that Nigeria can change as until the individuals change, Nigeria cannot change,” he said.

Alade called for BRIPAN’s assistance in addressing the move by the CAC to delist some companies perceived not to be doing business.

This move, he noted, would hamper AMCON’s efforts at recovering some of the debts from these companies.

He also assured of the corporation’s commitment to BRIPAN’s trainings to lift standard of practice on insolvency, risk and rescue mechanisms to engender business longevity.(NAN)

Edited by Chinyere Joel-Nwokeoma

By Victor Adeoti

Wema Bank says it will train and empower 100,000 youths and Micro, Small and Medium Enterprises (MSMEs) in Ekiti.

Tunde Mabawonku, the bank’s
Executive Director of Retail and Digital Business, in a statement on Thursday, in Ado-Ekiti, said the training would be in partnership with Ekiti Ministry of Wealth Creation and Employment.

Mabawonku said the training, tagged, ” Ekiti-Wema MSME Empowerment Programme”, was launched on Aug. 5.

He said under the programme, youth and MSMEs operating in the state would be trained in business management, digital empowerment and finance management skills.

Mabawonku said the programme was strategically designed to help the youth in the state to maximise their potential, while equipping businesses for sustainable growth and productivity, toward boosting macroeconomic conditions.

“The Ekiti-Wema MSME Empowerment Programme is set to be executed through virtual and physical training sessions, cutting across business management, digitalisation, and financial management.

“Additionally, it will provide access to mentorship support from experienced and successful entrepreneurs from within and outside Nigeria.

“Participants will also receive a certificate of participation upon completion of their training course.

“Beyond the training, participants will also gain access to the market and assistance in securing finances to put their learnings to practice and scale their operations.

“This comprehensive approach will ensure that the programme will not only enhance the capabilities of youth and MSMEs in the state but also facilitate their sustained growth and contribution to the economic development,” he said.

Mabawonku, who urged the youth to embrace the initiative, said that the bank was committed to the growth and development of Nigerians.

The director pledged the bank’s commitment to collaborating, sharing resources, and developing solutions that address the needs of people and ultimately empower them to thrive.

“Our robust portfolio attests to this deep-rooted commitment and with the Ekiti-Wema MSME Empowerment Programme, we are extending the reach of our positive impact, positively enhancing the lives and businesses of the people in the state.

“We are empowering them with the skills, knowledge, and expertise needed to thrive in today’s competitive market.

“Our approach is granular yet comprehensive, bringing tailored solutions for growth to the youth and businesses of Ekiti State right within their vicinity.

“We hope that through this initiative, the state will become a hub of productivity and economic buoyance.

“And the domino effect of this economic boost will translate on the national scale, improving our nation’s macroeconomic indicators for the best,” Mabawonku said.

Also, Mr Kayode Fasae, the state’s Commissioner for Wealth Creation and Employment, said that the partnership with the bank was to implement a two-pronged approach of wealth creation and employment generation for skill development and finance.

“Wema Bank has been extremely supportive in working with the Ekiti State Government for the success of our people.

“We reiterate our unwavering commitment to maximise the deliverables of this Programme to serve as a veritable intervention platform for skill development and panacea for employment and wealth creation,” he said.

Edited by Olawunmi Ashafa

By Okeoghene Akubuike

The National Bureau of Statistics (NBS) says prices of beans, tomatoes, irish potatoes, garri, yam and other food items witnessed significant price increases in June 2024.

The NBS said this in its Selected Food Prices Watch report for June 2024 released in Abuja on Tuesday.

The report said that the average price of 1kg of brown beans increased by 252.13 per cent from N651.12 recorded in June 2023 to N N2,292.76 in June 2024.

“On a month-on-month basis, 1kg of brown beans increased by 14.11 per cent in June from the N2,009.23 recorded in May 2024.”

It said that the average price of 1kg of tomatoes increased by 320.67 per cent on a year-on-year basis from N547.28 recorded in June 2023 to N2,302.26 in June 2024.

“On a month-on-month basis, 1kg of tomatoes increased by 55.97 per cent from the N1,479.69 recorded in May 2024.”

The report said that the average price of irish potatoes increased by 288.50 per cent on a year-on-year basis from N623.75 in June 2023 to N2,423.27 in June 2024.

“On a month-on-month basis, the price increased by 51.92 per cent from the N1,595.07 recorded in May 2024.”

The NBS said that the average price of 1kg of white garri rose by 181.66 per cent on a year-on-year basis from N403.15 in June 2023 to N1,135.51 in June 2024.

“On a month-on-month basis, 1kg of white garri increased by 1.86 per cent from N1,114.72 recorded in May 2024.

In addition, the average price of 1kg of yam tuber rose by 295.79 per cent on a year-on-year basis from N510.77 recorded in June 2023 to N2,2021.55 in June 2024.

“On a month-on-month basis, it increased by 52.87 per cent from N1, 322.36 recorded in May 2024 to 2,021.55 in June 2024.”

On state profile analysis, the report showed that in June 2024, the highest average price of 1kg of brown beans was recorded in Kogi at N 3,006.43, while the lowest was recorded in Adamawa at N 1,336.11.

It said that Abuja recorded the highest average price of 1kg of tomato at N3,992.61, while the lowest was recorded in Kebbi at N1,200.

The NBS said that the highest average price of 1kg of yam tuber was recorded in Lagos at N3,376.54, while the lowest price was recorded in Adamawa at N1,100.

According to the report, Gombe recorded the highest average price of 1kg of white garri at N1,619.27, while the lowest was reported in Taraba at N900.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the North-Central at N 2,923.45, followed by the South-South at N 2,630.03.

“The lowest price was recorded in the North-West at N1,647.03.”

The South-West and South-East recorded the highest average price of 1kg of tomatoes at N3,261.84 and N2,852.59, respectively, while the lowest price was in the North-West at N1,411.16.

The report said that the South-West recorded the highest average price of 1kg of yam tuber a tN2,745.80, followed by the North-Central at N 2,440.35, while the North-West recorded the lowest price at N1,238.49.

The NBS said also that the South-West and the North-East recorded the highest average price of 1kg of white garri at N1,199.62 and N1,155.63, respectively.

“The North-Central recorded the lowest price of 1kg of white garri at N1,055.87.”

The News Agency of Nigeria(NAN) reports that the federal government in a bid to address the incessant increase in food prices and ensure food security recently granted a 150-day duty-free import window for food commodities.

The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders which include maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures such as addressing the issue of insecurity, foreign exchange and transportation costs to address the soaring food prices and ensure food security. (NAN) (www.nannews.ng)

Edited by Vivian Ihechu