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I was given $281 for designing Nigerian flag – Taiwo Akinkunmi

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Sixty-two years after a British journalist first suggested the name “Nigeria”, a 23-year-old Ibadan-born student gave the new country its national flag.

Michael Taiwo Akinkunmi was studying engineering at Norwood Technical College in London when he saw a newspaper advert calling on people to enter a competition to design the Nigerian flag.

Michael Taiwo Akinkunmi was 23 years old and a student in London when, in 1959, he entered a competition to design the Nigerian flag.

He mailed his submission to Lagos a short time later, and in October of the following year received a letter inviting him to the London office of the Commissioner for Nigeria in the United Kingdom, where he was told that his green and white design had been selected.

He had won 100 pounds ($281 in 1959) as well as a place in Nigeria’s history books.

It was October 1959, exactly a year before Nigeria’s independence.

Akinkunmi is now a retired civil servant who resides in one of the poorer areas of Ibadan, in a green and white house that can only be reached on foot.

Separated from his wife for about two decades, his only live-in companion is his 28-year-old son.

He does not have a phone and last owned a car in the early 1990s. But he enjoys walking through the neighbourhood and further afield to visit two friends from his school days. These excursions add colour to his days.

The furthest he recently travelled was a visit to Abuja in 2014, where he received a national honour from then-president Goodluck Jonathan.

He was also given a lifetime’s salary of a presidential special assistant – around 800,000 naira (roughly $4,000) is now paid into his account every month.

Akinkunmi is effusive as he remembers that day, but he cannot recall what Jonathan said to him. He also has trouble remembering the names of his two oldest friends.

“Seventy-five,” Akinkunmi says when asked about his age, but after his son corrects him, he agrees, “I’m 79.” His son insists his memory is fine.

Yet Akinkunmi gives the wrong name for the college he attended in London, doesn’t remember why he underwent surgery within days of winning the competition and cannot give a single detail about what he was doing on October 1, 1960,

when Nigeria raised its national flag for the first time.

“Well, I was just pleased,” he says about his feelings on that day.

Sunday Olawale Olaniran was an undergraduate at the University of Ibadan when he got to know Akinkunmi , or, as he later dubbed him, the “hero without honour”.

“When I met him in 2006, he would never say anything negative,” Olaniran remembers. “He would say ‘God bless Nigeria,’ or ‘Nigeria is moving forward and will keep moving forward.’ Even when you could see around him that he was not well taken care of.”

At the time, Olaniran was compiling a pamphlet on Nigeria’s history. It was during his research for that history that he learned who the designer of the Nigerian flag was and decided to track him down.

“People said he was dead, that I should forget about looking for him and just write about the flag,” he says. But Olaniran kept searching until he found him in Ibadan. Akinkunmi was living alone, left to the care of his neighbours.

On the first day they met, Olaniran says the older man was incoherent and kept talking to himself. His state drove Olaniran to tears. “So I got in touch with a journalist and we went back two days before Independence Day,” he says. “Even the journalist couldn’t believe the man was still alive.”

The resulting story was published in a newspaper on October 1, 2006, and Olaniran says it was only after it appeared that most Nigerians became aware of Akinkunmi ‘s condition.

Akinkunmi was a pensioner when Olaniran found him, but his pension payments were so irregular that he could not even depend on them to feed himself. “Some Nigerians went to him and donated foodstuff, clothes,” Olaniran says.

Then, in 2008, Olaniran was contacted through his blog by a representative of the Nigerian edition of Who Wants to be a Millionaire, asking to be put in touch with Akinkunmi .

For his appearance on a special edition of the TV show, Akinkunmi was given a cheque for two million naira (around $10,000). This was the money his son says was used to complete the green and white building they now live in.

Following that second bout of nationwide publicity, Olaniran and other supporters began writing to the Nigerian government about Akinkunmi .

The then minister of information, Dora Akunyili, came to hear of it, and went to Ibadan to meet him. “I think it was because of her that he was selected for the 50 distinguished Nigerians honour,” Olaniran says.

During Nigeria’s golden jubilee celebrations in October 2010, Akinkunmi received a presidential award for being a distinguished Nigerian, the first time the federal government had publicly honoured him.

Four years after he first discovered Akinkunmi ‘s role in Nigerian history, Olaniran’s cause celebre had finally caught the attention of the country’s leaders.

Akinkunmi doesn’t remember much about the official ceremonies in his honour, but he does recall how he returned from the UK with his degree in 1964, and 29 years later, left government service.

In 1993, he was advised by his superiors to go into early retirement because of illness.

His son does not know what the illness was, and Akinkunmi cannot remember what the doctors diagnosed. The only symptoms he can describe are a relapsing fever and “thinking too much”.

He has been on medication for many years, but three months ago the doctors took him off the pills whose names he cannot remember.

One memory that has not forsaken him, however, is the admiration and support he received from ordinary Nigerians upon coming back to the country after the Union Jack had been replaced by his green-white-green flag.

“I was well-known all over the place,” he says. “Everybody was calling me Mr Flag Man.”

Source: Aljazeera

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

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*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

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ATMs empty as banks ration withdrawals

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ATMs empty as banks ration withdrawals

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.

“It is what CBN has given us that we are using. We are confined within the limits of what is available to us. Also, because we are a big operation, we have to deal with many other businesses.

“Have you also noticed that there is a boom in the PoS business? Those people don’t take their money to the banks. The money comes out of the banks and it stays within their circle. They warehouse their funds, unlike you and I who would withdraw money and spend it which will eventually find itself back into the formal banking system. It is not the same with them. They warehouse their funds and distribute it among themselves.”

According to data from the CBN, currency outside the banks hit N4.02tn in September from N3.86tn in August. This brings it closer to the value of currency in circulation which stood at N4.31tn in September.

Meanwhile, some PoS operators on Lagos Island have increased their charges from N200 for cash of N10,000 to N300.

This was observed at both the CMS bus stop and at Obalende. However, off Lagos Island, the rates had remained at N200 for cash withdrawal of N10,000.

It was further gathered that banks have begun cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

Findings by The PUNCH showed that the development is gradually leading to cash shortage, as many ATMs were non-functional, leaving customers with no choice but to seek alternative means of withdrawing cash.

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.

 

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NNPCL Makes New Leadership Appointments

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NNPCL Makes New Leadership Appointments

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

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