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