NEWS AGENCY OF NIGERIA
Economy/Business

Safety:NEMSA brings electricity stakeholders together in Abuja

200 total views today

By Kadiri Abdulrahman

Electricity stakeholders on Tuesday, gathered in Abuja to discuss safety regulation in the industry.

The gathering was at the 4th edition of the Stakeholders Roundtable for the Enforcement of Technical Standards, Regulations and Mandate of the Nigerian Electricity Management Services Agency (NEMSA).

The theme of the roundtable was: “Optimising Executive, Legislative and Judicial Roles on NEMSA’s Mandate of Enforcement of Technical Standards and Regulations in NESI”.

The Minister of Power, Adebayo Adelabu, said that the roundtable represented a crucial step towards deepening awareness.

Adelabu said that it would also foster compliance with approved standards and regulations in the deployment of solar mini-grid systems across the country.

The minister was represented by Mrs Ochanya Ofoma, the Director, General Services, Ministry of Power.

He said that addressing issues like the quality of solar components, proper installation practices, and safety measures would advance the reliability and sustainability of Nigeria’s energy systems.

According to him, it will also safeguard the lives and investments of all stakeholders in the power sector.

“The Ministry of Power remains steadfast on its commitment to creating an enabling environment that supports innovation, investment and growth within the Nigerian Electricity Supply Industry (NESI).

“We recognise that achieving universal energy access, a key component of our national development agenda, requires robust collaboration between the public and private sector as well as international development partners.

“Events such as this serve as vital platforms for fostering such collaborations, ” he said.

The minister said that the roundtable was a call to action to all stakeholders to allign their efforts towards achieving a safe, sustainable, and inclusive energy future for Nigeria.

Earlier, the Managing Director of NEMSA, Aliyu Tahir, said that the gathering was one of the critical steps in the collective journey towards ensuring the safety, reliability, and sustainability of Nigeria’s electricity supply industry.

According to Tahir, the critical roles played by legislative and judicial arms of government in shaping and upholding regulatory frameworks can not be overstated.

“Your partnership is essential in strengthening the enforcement of technical standards and regulations and ensuring compliance across the sector.

“The NEMSA is established to carry out the functions of enforcement of technical standards and regulations, technical inspection, testing and certification of all categories of electrical installations, electricity meters, and instruments.

“This is to ensure the efficient production and delivery of safe, reliable and sustainable electricity power supply and guarantee safety of lives and property,” he said.

The Chairman, Senate Committee on Power, Sen. Eyinaya Abaribe, said that the roundtable was organised at a time when the use of substandard and inadequate electrical equipment was considered as one of the main causes of grid collapse.

Abaribe said that the issue of standards and regulation needed to be improved upon to address the challenge.

He, however, said that state governments did not have the powers to enforce standards of electrical equipment.

“In amending the electricity act, we may need to make it more explicit that for the question of safety, Nigeria must have one standard.

“Federal laws supercede state laws,” he said.

Earlier, Amb. Godsknow Igali, a former Permanent Secretary, Ministry of Power, said that electricity workers should be commended for working round the clock, and for taking risks to ensure that their is power.

Igali also cautioned the proliferation of standard and regulatory agencies by state governments. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Economy/Business

NUPRC boss seeks transparency, collective action to tackle corruption in oil, gas sector

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By Lucy Ogalue

Mr Gbenga Komolafe, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called for unwavering commitment to eradicate corruption, particularly in Nigeria’s vital oil and gas sector.

Komolafe made the call  at a workshop organised by the commission to mark the International Anti-corruption Day on Monday in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the event is “United Against Corruption: Building Integrity for a Sustainable Future.”

Komolafe described the consequences of corruption, as a significant threat to the nation’s development and equity.

“Corruption deprives citizens of essential services, discourages investments, and erodes trust in public institutions, thus the importance of safeguarding the upstream petroleum industry.

He outlined transformative measures implemented by the NUPRC, such as the Oil and Gas Industry Service Permit (OGISP) portal, competitive bidding for petroleum licenses, and the HostComply platform, which have strengthened transparency and governance.

Komolafe praised the Anti-Corruption and Transparency Unit (ACTU) of the NUPRC for fostering a culture of integrity through awareness campaigns, system reviews, and whistleblowing mechanisms.

“These efforts have not only enhanced investor confidence but have also increased revenue inflows to the Federation Account,” he said.

Komolafe emphasised the importance of leadership in combating corruption, urging stakeholders, including government agencies, industry operators, and civil society, to unite in the fight against the menace.

“We must collectively ensure that Nigeria’s oil and gas resources become a blessing for all, not a privilege for a few. I urge Nigerians to embrace transparency as a personal and collective creed,’’ he said.

The NUPRC boss during the event recognised some outstanding staff members of the commission that had shown commitment to integrity with integrity awards.

The renowned Human Rights Activist and Senior Advocate of Nigeria (SAN) Femi Falana, on his part, challenged Nigerians to confront systemic corruption with bold reforms and decisive action.

Falana acknowledged the progress made by anti-corruption agencies like the ICPC and EFCC but emphasised that “corruption thrives where leadership lacks commitment.”

He called for a stronger political will to enforce existing anti-corruption laws.

Falana acknowledged the global complicity in perpetuating corruption, criticising Western nations for harboring stolen funds.

“The bulk of looted resources from Nigeria is warehoused abroad. Yet, these countries frustrate recovery efforts, betraying the ideals of the United Nations Convention Against Corruption,” he stated.

He also advocated for the redistribution of seized assets, suggesting that properties confiscated from corrupt officials be converted into affordable housing for Nigerian workers.

He reiterated the power of young Nigerians, particularly through social media, to drive anti-corruption campaigns, saying “If we can mobilise our youth to demand transparency and accountability, significant progress will be made”.

He also advocated for the redistribution of seized assets within the country, suggesting that properties confiscated from corrupt officials be converted into affordable housing for Nigerian workers.

Falana praised the NUPRC boss and its management for its transparency initiatives, urging other government institutions to replicate these efforts.

“Your leadership sets a precedent for fostering accountability and resisting undue influence,” he said.

Representing Dr Musa Aliyu, Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr Adigun Olusegun, lauded the NUPRC for its proactive anti-corruption initiatives.

“The establishment of the Anti-Corruption and Transparency Unit (ACTU) within organisations like NUPRC ensures the implementation of preventive mechanisms, fostering an ethical workforce and addressing lapses in operational systems.

“It is therefore important to sustain these efforts. We encourage ACTU to remain steadfast in its mandate while urging management to continue its unwavering support,’’ Aliyu said.

Delivering a paper on “Understanding and Mitigating Corruption in the Workplace, Mr Chidi Orji of ICPC said corruption eroded public trust and compromised critical sectors such as healthcare, infrastructure, and economic development.

“Corruption does not just affect the poor or the powerless; it impacts everyone, including its supposed beneficiaries.

Citing examples of procurement fraud and regulatory capture, Orji called for more rigorous enforcement and transparent processes, particularly in sectors prone to exploitation.

He said there was the need for technology-driven solutions to minimise human intervention in regulatory processes.

“We must innovate and adopt systems that eliminate opportunities for unethical practices, especially in sectors like oil and gas, where the stakes are high.

“Leadership must lead by example and the fight against corruption begins with ethical behavior from the highest levels of management and cascades down through all organisational layers.

“Corruption does not pay, it affects us all, and only by standing united can we shape a future of integrity and accountability,” he said. (NAN)(www.nannews.ng)
edited by Sadiya Hamza

Economy/Business

Appointment of SMDF boss followed due process

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By Martha Agas

The Ministry of Solid Minerals Development has stated that the re-appointment of the Executive Secretary of the Solid Minerals Development Fund (SMDF), Hajia Fatimah Shinkafi, followed the requisite due process.

The Assistant Director of Information & Public Relations, Mrs Chinwe Ekwugha, made this known in a statement on Monday in Abuja.

Mrs Ekwugha stated that the re-appointment of the Executive Secretary by President Bola Tinubu was in accordance with the provisions governing the establishment of the agency contrary speculations.

The News Agency of Nigeria (NAN) reports that Presidential Aide, Bayo Onanuga, announced on Friday that President Bola Tinubu approved the renewal of Shinkafi’s appointment.

She explained that no part of the SMDF Act specifies a term limit for the Chief Executive Officers of the agency.

“The approval, done weeks ago, followed due process and aligns with the extant laws governing the agency, as well as the Nigeria Minerals and Mining Act (NMMA) 2007.

“Section 35(2) of the NMMA 2007 stipulates that the executive secretary shall be appointed by the President on the recommendation of the Minister of Solid Minerals Development.

“ No provisions on tenure limit exist in the act governing the agency. The act does not stipulate term limit for the chief executive. Therefore, her re-appointment by the president is in order and does not contravene any law.

“SMDF under her stewardship has been reorganised for capital mobilisation, leading de-risking of investment tools for the mining sector and enabling targeted exploration to fast track mine development amongst others.

“Hence, her pivotal role in our efforts to reposition the mining sector is invaluable, ”She said.

According to the official, the ministry assures mining stakeholders of its continuous support to the SMDF to expand access to lines of credit and lead efforts to strengthen partnerships that will unlock financing to drive economic growth.

She said that the move was in line with the Renewed Hope Agenda, aimed at making solid minerals a significant contributor to the nation’s Gross Domestic Product.
(NAN)(www.nannews.ng)

Edited by Gabriel Yough

Economy/Business

AIF 2024 closes with $180bn in investments, renewed commitment

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By Kamal Tayo Oropo

Dr Akinwumi Adesina, President of the African Development Bank Group, on Friday delivered a touching keynote speech at the closing ceremony of the Africa Investment Forum 2024 Market Days.

The event, held in Rabat, Morocco, marked his final attendance as President of the African Development Bank Group, as he will be completing his two terms of five-year each in 2025.

The forum had the theme ”Leveraging Innovative Partnership for Scale”.

Adesina expressed satisfaction at the achievements of the Africa Investment Forum.

According to him, the forum has attracted over $180 billion worth of investments as Africa’s premier investment marketplace.

He  commended the partners of the forum, including the African Development Bank Group, Africa-50, Africa-Export Import Bank, and the Development Bank of Southern Africa.

The renowned economist and agriculture development expert was honoured with the ‘African of the Decade’ award by the Africa Business News Group.

Adesina accepted the award, saying that it was not just a recognition of his efforts, but also of those of  the “army of believers” who shared his vision for Africa’s development.

Adesina’s speech was a testament to his passion for Africa’s transformation and promoting investments on the continent.

He reaffirmed his dedication to Africa’s development, saying, “We will not stop believing in Africa. We will not stop making sure that we make Africa to be like a lighthouse. The rest of the world will say, ‘That is the place to be.’”

The News Agency of Nigeria (NAN) reports that Adesina was elected in 2015, after which he launched a bold strategy called ‘High 5s’.

They are Light Up and Power Africa, Feed Africa, Integrate Africa, Industrialise Africa and Improve the quality of life of the people of Africa.

He said the High 5s had already impacted the lives of more than 400 million Africans.

In 2018, he launched the Africa Investment Forum which, he said, had attracted up to $180 billion worth of investments as Africa’s premier investment marketplace.

In 2019, Adesina led the African Development Bank to achieve its highest capital increase since the bank’s establishment in 1964, raising it from $93 billion to $208 billion.

In 2020, Adesina was re-elected for a second term and  he led the bank through the COVID-19 pandemic.

In 2023, he convened the Feed Africa Summit together with the Senegalese President which mobilised $72 billion for tackling food insecurity in Africa. (NAN) www.nannews.ng

Edited by Ijeoma Popoola

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:

Economy/Business

LCCI anticipates positive growth, seeks policies to boost projections

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By Rukayat Moisemhe

The Lagos Chamber of Commerce and Industry (LCCI) has expressed belief that the economy would end the current year in positive growth of three to four per cent.

LCCI president, Mr Gabriel Idahosa, said this at the chamber’s Annual General Meeting (AGM) on Thursday in Lagos.

He, however, said that achieving faster recovery required the fiscal and monetary sides of the economy to promote policies that would encourage private capital flows to the economy.

According to him, fiscal and monetary authorities need to develop a medium-term growth plan anchored on boosting local production, supporting ease of doing business and attracting private investment.

Idahosa said the plan should also focus on developing infrastructure, business-friendly regulatory policies, economic diversification, and employment generation.

“Nigeria is presently confronted with a myriad of challenges including sustained double-digit inflation, a steadily rising debt profile, revenue mobilisation challenges and others.

“We have advocated for a well-coordinated synergy between the fiscal and monetary authorities in engagement with the private sector to navigate the uncertain economic terrain.

“We will continue to engage with government in creating an enabling business environment where the private sector is empowered to grow, create jobs and generate revenue for the government,” he said.

Addressing some economic indices, the LCCI president noted that the private sector was currently plagued with increased borrowing costs and a pressured foreign exchange market.

He said recent hikes in Monetary Policy Rate (MPR) had directly translated to higher interest rates, making it more expensive for businesses to access credit for working capital, expansion, and sustainability.

He said that rate hikes alone would not curb inflation without resolving the challenges of the real sector of the economy.

Idahosa added that the country needed to diversify its exports by boosting local crude refining capacity production of petrochemical products and accelerating reforms in the and gas sector.

“The chamber looks forward to the sustained implementation of naira payments for crude oil sales to the Dangote refinery and other local refineries, which started on Oct. 1, 2024.

“We urge government to summon the courage to be consistent with the oil and gas sector reforms and implement the Petroleum Industry Act (PIA) fully.

“We see the long-term gains of these reforms if they are implemented under a conducive regulatory environment,” he said.

On the projected N47.9 trillion 2025 budget to run the economy, Idahosa said the key parameters and assumptions on which the budget was proposed was too optimistic in face of some economic and social indicators.

Dr Chinyere Almona, Director General, LCCI, urged government to create an enabling environment for businesses to thrive to enhance their productivity and contribute more meaningfully to the economy.

She noted that while the last one year was filled with very difficult reforms, businesses should stay the course on these reforms and things would improve.

Almona urged businesses to think of alternatives to improve efficiency, attract finance and be more productive, while hoping for the next year to be better.

She also called on authorities to focus on non-oil exports to attract more foreign exchange.

“When we talk of exports, we are not just talking of exporting raw materials but processing materials to command top dollar in the export market.

“At the chamber, we are looking for how we can improve our export and Small and Medium Enterprises (SMEs) groups to improve their capacity and productivity to export more, ” he said.

He said they would continue to advocate on bottlenecks that government needed to address while working to educate them on standards, parameters and packaging of products across the borders. (NAN)(www.nannews.ng)

Edited by Benson Ezugwu/Oluwole Sogunle

Economy/Business

GDP: Nigeria’s economy making some progress- Don

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By Okeoghene Akubuike

An Analyst, Prof. Abiodun Adeniyi has stated that Nigeria’s economy is showing progress, although not yet reflected in the living standards of the population.

Adeniyi, who is the Dean of the School of Postgraduate Studies at Baze University Abuja, said this in an interview with the News Agency of Nigeria (NAN) on Sunday.

He was responding to the release of the Q3 2024 Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS), which revealed a 3.46 per cent growth in Nigeria’s GDP in real terms.

According to the report, this growth rate surpassed the 2.54 per cent recorded in Q3 2023 and the 3.19 per cent achieved in Q2 2024.

The report shows that GDP performance in Q3 2024 was driven by contributions from both the oil and non-oil sectors, with the service sector leading the way, growing by 5.19 per cent and contributing 53.58 per cent to the total GDP.

The service sector includes banking and finance, trade, tourism, real estate, telecommunications, information and communication technology, arts, entertainment, recreation, and education.

Adeniyi explained that the growth is a monetary policy indicator, which may not be reflecting fiscal policy measures.

He noted that since the manufacturing and production sectors are declining, the service sector is the primary contributor to Nigeria’s GDP growth, as shown in the report.

“Yes, we need to acknowledge that there is growth, even though it is still marginal and not yet significant enough to impact people’s lives or living standards.

“However, this does not change the fact that there is growth in our GDP.

“There is growth, but what we need to do is ensure alignment between fiscal and monetary policies, and between the macroeconomic variant of GDP and macroeconomic indices.

“Once this alignment occurs, we can expect the improvements to be reflected in people’s standards of living”.

Adeniyi also stated that the cost of living crisis could begin to ease once the economy shows recovery in both statistical and practical terms.

He emphasised that Nigeria is on the right track in spite the marginal growth.

“Although the changes we want to see are not yet evident, we must recognise the progress being made, no matter how small,” he said.

He urged the government to maintain consistency in its policies to achieve economic stability and sustainability.

“We need policy consistency, not just in words but in actions, transparency, accountability, and conduct. Once these elements are visible, we can be confident that we are on the right track,” he added.

(NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Economy/Business

AI revolutionalising risk management- Institute

223 total views today

By Nana Musa

Dr Harriet Akubuiro, Chairman of the Governing Council of the Chartered Institute of Loan and Risk Management of Nigeria (CILRMN), has stated that Artificial Intelligence (AI) is transforming risk management practices.

Speaking at the 14th Annual Risk Professionals International Conference held in Abuja on Saturday, Akubuiro noted the increasing influence of AI in modern risk management strategies.

The theme of the conference was “AI: An Essential Factor in Risk Management Practice”.

“AI is quietly shaping the future of risk management, a summary of what we are looking at through this theme is how to optimise risk management using AI.

“AI is revolutionising risk management; it is very useful in fraud detection, improves accuracy and efficiency, enhances risk management practices, and provides simulation capabilities.

“It also reduces risks in credit decisions and modelling, assists in analysing big data, and enables financial disclosure and consequent risk quantum,” she added.

Akubuiro noted that the future of risk management extends beyond mitigating threats to leveraging AI for opportunities.

Prof Linus Osuagwu, Provost of the College of Postgraduate Studies at Veritas University, Abuja, underscored the importance of AI in risk management.

He described it as a systematic process involving the identification, assessment, mitigation, monitoring, and control of potential risks.

“AI encompasses a portfolio of technologies, including machine learning (ML), natural language processing (NLP), and predictive analytics.

“In risk management, AI facilitates the analysis of large datasets, identification of complex patterns, and generation of predictive insights that enhance organisational decision-making processes.

“Some of the applications of AI in risk management include credit risk assessment, fraud detection and prevention, marketing risk analysis, operational risk management, cybersecurity threat detection, supply chain risk management, and environmental risk assessment”.

According to Osuagwu, the integration of AI into risk management provides several benefits, including enhanced accuracy, real-time monitoring, scalability, and cost efficiency.

However, he acknowledged that the adoption of AI also presents challenges.

“Some of these challenges include data quality and availability, model interpretability, regulatory compliance, ethical implications, integration with existing systems, dependence on technological infrastructure, cybersecurity risks, as well as cost and resource requirements,” he said.

Mrs Salamatu Ahmed, Executive Secretary of the Federal Government of Nigeria Housing Loan Board, emphasised the role of the institute in promoting professionalism in risk management.

Represented by the Director of Administration, Mrs Monica Igwe, Ahmed described the institute as a non-profit and non-political independent body committed to advancing best practices in risk management.

She also highlighted the mandate of the Housing Loan Board to manage a revolving fund for granting soft loans to federal public servants to own homes, thereby addressing the nation’s housing deficit.

“The institute is always ready to partner with dynamic risk management institutions to advance itself with best practices.

“The board will continue to partner with the institute in capacity building for its personnel to ensure effective and efficient management of the housing loan scheme for the benefit of all federal public servants,” she added. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

Economy/Business

Hackaholics 5.0: Wema Bank awards N145m to 7 innovators

244 total views today
By Rukayat Adeyemi
Wema Bank has disbursed N145 million in cash prizes to seven startups, winners of the fifth edition of its Hackaholics initiative that showcased innovative solutions in addressing real world challenges,

The Managing Director of Wema Bank, Mr Moruf Oseni, told newsmen on Thursday in Lagos that this year’s prize nearly doubled the previous amount of N75 million.

Hackaholics initiative is designed to empower and support the nation’s
tech innovators.
Oseni said that this year’s Hackaholics stood out with 3,500 applications from across Nigeria.
He explained that from the pool, 10 finalists showcased innovative solutions addressing real world challenges, ranging from education accessibility to sustainable agriculture, healthcare and more.
The bank said that, Feegor, the overall winner, was awarded the top prize of N50 million for its innovative B2B wholesale marketplace and SaaS platform.
He added that Feegor empowers Small and Medium Enterprises (SMEs) to discover, negotiate and source goods from verified suppliers, while accessing credit through a Buy Now Pay Later (BNPL) model.
According to him, this groundbreaking premiere ideathon is set to drive growth and create significant economic impact.
Oseni said that the first runner up, Empayment Al, received N35 million for its Al powered invoice discounting platform, revolutionising how businesses manage payments.
He alsobsaid that Bloom Beauty, the second runner up, was awarded N20 million for its personalised, Al curated solutions that are transforming the beauty industry.
In the women led category, MyTherapist secured the position of first runner up, earning N12 million.
MyTherapist connects users with mental health professionals, providing accessible and affordable therapy solutions for emotional well-being.
He stated that Myltura, an innovator delivering remote healthcare services, clinched the position of second runner up in the women led category, receiving N8 million.
Both Northino and University X earned honourable mentions at the grand finale, each receiving N10 million.
Northino was recognised for bridging traditional knowledge and modern technology through digital skills training for African native speakers, while University X impressed with its transparent, all-encompassing platform for tertiary education management.
Oseni noted that the groundbreaking innovations was significant and the bank was delighted to celebrate the brilliance of our youth through the Hackaholics initiative.
He said: “At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation.
“Initially, the total prize money was N75 million. But, inspired by the potential we saw, we decided to increase the total prize pool to N145 million.
“Wema Bank’s legacy of 79 years remains rooted in innovation, and with initiatives like Hackaholics, we continue to empower lives and shape the future.”
According to him, the Hackaholics 5.0 not only underscores the bank’s legacy of innovation but also sets the stage for further technological advancements, fostering a generation of problem- solvers poised to reshape Nigeria’s future.
Mr Ugonna Ginigeme, Chief Executive Officer of Feegor and the overall winner, expressed heartfelt gratitude for the recognition and support.
“I feel very grateful to God, my team, and everyone who has been part of this journey. Winning among so many great startups and entrepreneurs is humbling.
“I sincerely thank the MD, Wema Bank, and its management for this incredible opportunity.
“These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy, while building an all around successful company.” Ginigeme said.
Edited by Olawunmi Ashafa
Business , Defence/Security

Defence chief, others bag security, emergency management award

240 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

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