Business

FASHOLA DEDICATES STEPHEN J. SOLARZ AWARD TO TEAM WORK

Published

9 years ago

November 2, 2015

· As Founder of Mo Ibrahim Foundation, Dr. Mo Ibrahim, commends the former Lagos State Governor for good governance
· “It’s for commitment to resolving social, economic and security challenges in the world’s most challenging urbanenvironments”, says ICG
Immediate past Governor of Lagos State and Minister Designate, Mr. Babatunde Fashola SAN, in faraway New York, dedicated the honour of the prestigious annual Stephen J. Solarz Award presented to him by the International Crisis Group (ICG) to team work saying he was only privileged to be head of a dedicated team of men and women who devoted their lives to a chosen cause.

Fashola, who becomes the seventh recipient worldwide, got the award during the 2oth Anniversary Dinner Award of the global conflict
resolution organization in New York “for commitment to resolving
social, economic and security challenges” in Lagos, considered by the
world body as “one of the world’s most challenging urban
environments.”

In his short remark after receiving the award presented on behalf of
ICG by founder of Mo Ibrahim Foundation, Dr Mo Ibrahim, Mr. Fashola
insisted that what happened in the eight years he governed Lagos State
happened only because he was privileged to lead “a team of dedicated
men and women who devoted their lives to the same cause”.
While thanking the organization for the honour of the award, Fashola
noted, “When you talked of Ebola, when you talked of security, it was
the health workers and the Police who did the work and as leader of
the team, I was only blessed with the men and women who really were
ready to serve in the place we call home”.

The Minister Designate, who said he would have brought the whole team
to New York for the award if it were possible, added, “For me it is an
honour and it is on their behalf that I accept this award. Let me say
that such honour will continue to inspire us to make our State and our
country a better place to live for our people”.

Describing himself as lucky to be blessed with such a team, Fashola
declared, “In all our life’s journey we encounter, we meet people who
lend a hand, we meet people who inspire, we meet people who support
and all of the things that happened throughout the eight years I
served as Governor of Lagos State did not happen because of me”.
He congratulated the International Crisis Group for the work it has
been doing in the past two decades which he described as remarkable
and also thanked the Group for the honour accorded him in presenting
the award adding that the works of Stephen J. Solarz in whose memory
he was receiving the honour has continued to inspire good leadership
especially across Africa.

Fashola, who expressed his delight to have received the award from Mo
Ibrahim who he described as “my brother”, praised the Founder of Mo
Ibrahim Foundation for his commitment to the development of good
governance and the eradication of poverty in the Continent of Africa.
Earlier in his remarks before presenting the prestigious award, Mo
Ibrahim described former Governor Fashola as “a wonderful man” who,
for eight years, exhibited good governance in Nigeria, “a country
which suffered for many years from bad governance”.
According to Mo Ibrahim, the former Governor came and gave a new face
of governance to Nigeria and showed in his eight years in office that
he understood what he was sent to do, which according to him, “is to
deliver service to the people”.

Pointing out some of the remarkable landmarks of service by the former
Governor and his team, Mo Ibrahim declared, “For instance, before he
came into office, transport from the airport to the city was a
nightmare. But when he came he did a wonderful job and things began to
move”.

He recalled that before Fashola came into governance security was a
major challenge in in the country and the State with the Police in bad
shape due to lack of institutional support adding that with the coming
of the Governor, a new initiative was introduced into security
management whereby he invited the private sector and other major stakeholders to support.

According to him, the police were equipped with vehicles decent uniforms and other security gadgets and equipment and Lagos became safe again through the initiative adding that the former Lagos State Helmsman also did the same in the Education and Health sectors.
He recalled that in the area of Education, which according to him is a major challenge in Africa, Fashola invited the Private Sector and they supported in building new schools and equipping them with modern learning aids adding that in the area of Health his most prominent Achievement was the eradication of Ebola.

“I can keep going on and on about all his achievements but the important thing here is that all these happened in Nigeria where governance was a major issue. That is why I am happy today to offer this award to a man who has provided good governance in Nigeria”, he said.

The International Crisis Group is an independent, non-profit,
non-governmental organisation committed to preventing and resolving deadly conflicts across the globe with Mission and Method which include Field Work, Analysis and Advocacy in crisis locations based on seriousness of a situation, value to international understanding and response, availability of fund and safety of operation.

Former Governor Fashola was accompanied to the high profile event by several prominent members of the Class of 2011 – 2015 of the Lagos State Executive Council including former Commissioner for Economic Planning and Budget, Mr. Ben Akabueze, his Works and Infrastructure, Finance and Commerce and Industry counterparts, Dr. Obafemi Hamzat,
Mr. Ayo Gbeleyi and Mrs. Olusola Oworu respectively.

Also in the entourage were former Special Adviser on Public Health, Dr. Yewande Adeshina, and former General Manager of the Lagos State Pensions Commission, Mr. Kunle Hussien, as well as a Chieftain of the All Progressives Congress (APC) in Lagos, Pastor Akintola Daramola, among others.

And present at the impressive ceremony were Nigerian members of the Board of Trustees of ICG including the Vice Chairman and prominent legal practitioner, Mr. Ayo Obe and Founder of Fate Foundation, Mr. Fola Adeola, President & CEO of ICG, Mr. Jean-Marie Guehenno, fellow honorees including President Emeritus of the Group and former Minister of Foreign Affairs of Australia, Mr. Gareth Evans, who received the Founder’s Award and former Minister of Foreign Affairs of Italy, Ms Emma Bonino as well as Founder of Mo Ibrahim Foundation, Dr. Mo Ibrahim, who presented the Stephen J. Solarz Award on behalf ICG to

Mr. Fashola, among others.

Business

Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

Published

3 hours ago

November 15, 2024

Sahara Weekly

*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.

Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale

Business

ATMs empty as banks ration withdrawals

Published

1 day ago

November 14, 2024

Sahara Weekly

ATMs empty as banks ration withdrawals

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.

Business

NNPCL Makes New Leadership Appointments

Published

1 day ago

November 14, 2024

Sahara Weekly

NNPCL Makes New Leadership Appointments

The Board of Directors of Nigerian National Petroleum Company Limited (NNPCL) has just made fresh leadership appointments.

A communication by Olufemi Soneye, Chief Corporate Communications Officer of the nation’s oil company, announcing the development reads…

The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes
reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

The following key appointments have been made:
1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.
2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.
3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Limited
November 13, 2024S