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PROFILE: JESSICA AMARACHI OKU BY CHINEDU NSOFOR

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PROFILE: JESSICA AMARACHI OKU

BY
CHINEDU NSOFOR

 

Jessica Amarachi Oku is an accomplished Senior Treasury and Finance professional with 12 years of distinguished experience in enhancing liquidity, managing debt, optimizing investments, driving process efficiency, and comprehensive financial reporting for multi-million dollar portfolios. Her career is marked by a proven track record of inspiring finance teams to drive value creation, achieve outstanding results, mentorship and coaching talent within organizations.

Educational and Professional Development

Jessica’s academic and professional development journey showcases her commitment to excellence and continuous improvement. In June 2011, she earned her Bachelor of Science degree in Business Management with an impressive Upper Class (4.1 GPA) from the University of Nigeria, an achievement assessed by the World Education Services (WES). Continuing her educational pursuits, she completed a Project Management Training at Astute Trainers Consulting in June 2014, equipping her with essential project management skills. By December 2020, she had obtained an International Post Graduate Diploma in Strategic Management from the Metropolitan School of Business and Management, UK, further enhancing her strategic planning and management capabilities. Most recently, in October 2021, Jessica attended the Corporate Treasury Management program at the New York Institute of Finance (NYIF), where she honed her skills in advanced treasury operations and financial strategies. She is also a Certified Business Analysis Professional (CBAP) and is finalizing her Master of Business Administration (MBA) program at a recognized institution in Canada.

Awards and Recognition

Jessica’s exceptional contributions to her field have been recognized through several prestigious awards. In June 2020, she was honored with an Award for Outstanding Performance, reflecting her exceptional achievements and contributions. Following this, in April 2021, she received the Professional Achievers Award, acknowledging her outstanding performance and dedication to excellence. Additionally, she emerged as a top linked voice in Treasury Management in 2024.

Professional Trajectory

Jessica’s career trajectory is marked by significant roles and achievements in various esteemed organizations. At Guaranty Trust Bank Plc., from 2013 to 2016, Jessica served as a Commercial Banking Account Officer. In this role, she prepared budgets, income statements, and balance sheets. Additionally, she was instrumental in acquiring new customers, managing client relationships, and providing financial advisory services. Her analytical skills and dedication to customer service paved the way for her next position at Coronation Merchant Bank Limited. From 2016 to September 2019, as a Corporate Banking Relationship Manager and Team Lead for FMCG Sector, she drove business development initiatives with the primary aim of building the banks income, prospected new customers, and managed existing client relationships. Jessica also excelled in financial analysis, preparing cash flow forecasts, and overseeing credit management processes.

In September 2019, Jessica transitioned to Seven Up Bottling Company Limited as the Assistant Treasury Manager, a role she held until 2020. Here, she managed the company’s cash and debt portfolio, prepared financial reports, and forecasted cash flow requirements, maintaining vital banking relationships. Due to her exceptional performance, she was promoted to Head of Treasury, a position she held from 2020 to 2023. In this role, she was responsible for strategic cash flow planning, working capital optimization, and liaising with banks and lenders to structure financing solutions. Her financial acumen and impact investing led her to the Women’s Health Coalition of Canada in Alberta, where she currently serves as the Director of Fund Development since 2023. Jessica leads strategic planning and coordination of fund development initiatives and oversees treasury operations.

Conclusion

Jessica Amarachi Oku’s journey in the treasury and finance sector is a testament to her expertise, dedication, and leadership. Her extensive experience, combined with her continuous pursuit of professional development, positions her as a leading figure in the field. Her ability to drive strategic initiatives, manage complex financial operations, and inspire teams underscores her invaluable contributions to every organization she has been a part of.

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Allegation of 10,000 Deaths: Amnesty International Past Its Prime – Centre

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Amnesty International Criticism Allegation of 10,000 Deaths: Amnesty International Past Its Prime – Centre ...advises Amnesty International to Fold Up Voluntarily

Allegation of 10,000 Deaths: Amnesty International Past Its Prime – Centre

…advises Amnesty International to Fold Up Voluntarily

The African Centre for Human Rights and Rule of Law has criticized Amnesty International following its latest report, which alleged that up to 10,000 individuals have died in Nigerian Army custody since the onset of the Boko Haram insurgency.
Amnesty International Criticism Allegation of 10,000 Deaths: Amnesty International Past Its Prime – Centre ...advises Amnesty International to Fold Up Voluntarily
Grace Ameh, Head of the Centre, described Amnesty International as an organization that has outlived its relevance. She argued that instead of attempting to use Nigeria to repair its tarnished global reputation, Amnesty International should focus on voluntarily shutting down. Ameh asserted that the group has failed to prevent genocides globally and has become ineffective in its operations.
Reacting to the report in Abuja, Ameh stated, “The organization has become a shadow of its former self. It lacks creativity in its strategies and aims to distract the military from securing Nigeria from terrorists.”
She added, “One would have thought that Amnesty International would have moved beyond deploying blatant lies, fake news, and baseless allegations in its work in Nigeria. Instead, it has issued this misleading report to undermine the military’s efforts to liberate citizens held captive by Boko Haram terrorists.”
Ameh emphasized that Nigerians must recognize the transformation of their military into a professional fighting force that adheres to human rights, the rule of law, and global best practices. She argued that Amnesty International’s claims are inconsistent with the military’s demonstrated commitment to accountability and transparency.
“The Nigerian military operates under strict rules of engagement and complies with international human rights standards. Amnesty International has failed to substantiate its claims with credible evidence and has ignored the complexities of Nigeria’s security situation,” she said.
Ameh criticized Amnesty International for disregarding the Nigerian government’s efforts to investigate and address reported abuses. She challenged the organization to focus on global crises like the conflicts in Gaza and Ukraine rather than treating Nigeria as a convenient target to bolster its image.
“Amnesty International continues to recycle discredited reports under new titles and manipulated contexts while neglecting human catastrophes unfolding elsewhere. Its failure to contribute meaningfully to global issues has led to this misplaced attack on Nigeria,” Ameh said.
She urged Amnesty International’s Nigeria office to redirect its efforts toward addressing internal issues, including recent allegations of fraud and collusion with terrorists by former staff members and whistleblowers.
“Instead of perpetuating false narratives about Nigeria, Amnesty International should reflect on the revelations of misconduct within its ranks and take steps to regain credibility,” she concluded.

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As Wale Edun Re-awakens an Economy on the Edge of Collapse

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As Wale Edun Re-awakens an Economy on the Edge of Collapse

As Wale Edun Re-awakens an Economy on the Edge of Collapse

When President Bola Tinubu appointed Olawale Edun as Nigeria’s finance minister and coordinating minister of the economy in August 2023, many analysts wondered how he, alongside his colleagues in the fiscal and monetary authorities, would rejig an economy on the edge of total collapse.

As Wale Edun Re-awakens an Economy on the Edge of Collapse

A few months before the appointment was announced, Tinubu had just won a brutally disputed February 2023 presidential election, which was being challenged by his main opponents in court at the time. Vice President Atiku Abubakar, candidate of the People’s Democratic Party (PDP) and Peter Obi, the candidate of the Labour Party, both came second and third in the keenly contested elections. Both men claimed that the elections were rigged, and that Tinubu should be so removed from office.

Although Tinubu’s elections would later be confirmed by the election tribunals and the Supreme Court, the administration at the time faced serious legitimacy issues.

In that sense, among market analysts and economic experts, Wale Edun’s job was considered near-impossible.

It is important to state clearly that the scepticism that trailed his appointment didn’t stem from any doubt about Wale Edun’s expertise and competence to drive the reform; far from it!

In fact, he came very prepared for the job, as results of the past few months have shown.

Olawale Edun has a background in merchant banking, corporate finance, economics and international finance at both national and international levels. He is a former Chair of ChapelHillDenham Group, Lagos, a leading investment bank. He was an executive director of Lagos merchant bank, Investment Banking & Trust Company Limited, now Stanbic IBTC. He is also the Chair of Livewell Initiative, a not for profit organisation that specialises in health literacy advocacy and practical training in Nigeria, and a Trustee of Sisters Unite for Children, a not for profit institution that focuses on helping street children in Lagos.

But there were just too many hurdles for the President Bola Tinubu government to cross at the time, amid poor fiscal position, widespread poverty, dwindling revenues and drifting economy.

At the time of Edun’s appointment, Nigeria’s inflation rose to an 18-year high in July 2023. The country also faced widespread insecurity, mounting debt burden, high unemployment and slow growth which stoked tension among the population already struggling with a high cost of living.

To rejig the economy, Tinubu decided to embark on some of the boldest reforms that Nigeria has seen in years, including scrapping a popular but costly petrol subsidy and removing exchange rate restrictions.

Consequently, the naira weakened to record lows amid sky-high inflation and poverty.

Gains of Reforms

But in recent months, the pains witnessed by Nigerians seem to be paying off gradually as the gains of reforms are now manifesting.

Nothing demonstrates the confidence being restored in the local economy like how Nigeria recently achieved a milestone with its first-ever domestic dollar bond, which was oversubscribed by 180%.

Initially aiming to raise $500 million, the government finally secured $900 million in commitments. This result surprised many, given Nigeria’s fragile economic situation.

Wale Edun described the bond as a landmark for the country’s domestic market, adding that this success demonstrates investors’ confidence in the country’s ability to turn the economy around.

The bond, with a 9.75% coupon paid semi-annually over five years (an effective rate of 9.99%), is aimed at financing strategic projects in key sectors such as energy and infrastructure. The bond is part of a broader $2 billion program registered with Nigeria’s Securities and Exchange Commission. According to the terms of the issuance, the government has the option to absorb additional subscriptions up to the program’s full $2 billion limit.

The 180% oversubscription was indeed a major victory, drawing interest from Nigerian investors, the diaspora, and international institutions.

But before then, there has equally been some gains in the economy, all pointing towards Edun—-and indeed Tinubu’s—-rejig of the economy.

Already, the Federal Government no longer depends on the Central Bank of Nigeria (CBN) to fund its emerging obligations,a major part of the fruits being yielded by ongoing efforts to improve efficiency and ramp up revenues.

In September, Edun said the government has exited the use of Ways and Means advances for meeting emerging financing obligations, a practice that had been rampant until recently.

Within the periods, the federal government through the Central Bank of Nigeria cleared all outstanding matured and verified FX backlogs totaling $6 billion owed to various creditors, including foreign airlines.

All of the payments were without any depletion in the nation’s foreign reserves. Rather, the reserves have risen to a high of $41 billion, even as the nation remains at a far better fiscal position than it was before the new government came in, now meeting its obligations to creditors without hassles.

In recent months, it has become equally obvious that government was working to plug all loopholes and optimise Nigeria’s financial potential by ensuring that the country’s sovereign assets are fully harnessed for growth and development. Nigeria has huge stranded assets, which the government is expected to unlock to boost its financing liquidity, and efforts are being directed towards this path in recent months.

Another major gain of the government’s macroeconomic reforms is that the country now records a monthly net inflow of about $2.35 billion into its foreign exchange (forex) reserves in the recent months, an inrease that has contributed significantly to the stability of the naira in the forex market. Consequently, between Monday and today, Wednesday, the Naira has gained over N140 in the parallel market while strengthening and stabilizing in the orthodox market.

One equally important development that demonstrates the efficacy of Edun’s managerial competence was evident in the recent endorsement of the economic reforms by the International Monetary Fund. In her engagement with President Tinubu in November, the Managing Director of the International Monetary Fund, Kristalina Georgieva, commended Nigeria’s economic reforms under the leadership of Tinubu.

The IMF chief highlighted the progress made by Nigeria in its quest for economic stability and assured that the IMF remains strongly committed to supporting Nigeria on its path to recovery and sustained development.

What all of these have shown is that while reforms championed by Edun, Cardoso and others can be painful and tortuous, the gains can only reset a collapsing economy and fix a better future for younger Nigerians.

Like Georgieva said, the reform will surely “accelerate growth and generate jobs for its (Nigeria’s) vibrant population.” Surely, Wale Edun and others deserve all the support they can get.

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NAFDAC Begins Crackdown on Alcoholic Beverages Below 200ml

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NAFDAC Begins Crackdown on Alcoholic Beverages Below 200ml

NAFDAC Begins Crackdown on Alcoholic Beverages Below 200ml

 

The National Agency for Food and Drug Administration and Control (NAFDAC) has launched an enforcement campaign against the sale of alcoholic beverages in sachets and PET bottles below 200ml.

The enforcement began at Rumuokoro Market in Port Harcourt, Rivers State, where large quantities of the banned products were discovered in two shops. A statement by the South-South Zonal Director of NAFDAC, Pharm. Chukwuma Oligbu, and signed by the zone’s Public Relations Officer, Cyril Monye, confirmed the operation.

The seized items included hundreds of cartons of alcoholic drinks in sachets and PET bottles. Efforts to remove the products were met with resistance from traders, who reportedly obstructed the exercise.

Background on the Ban

Pharm. Oligbu explained that manufacturers were given a five-year grace period, starting in 2018, to phase out the production of these beverages. This period ended in December 2023, with the official ban announced in February 2024 by NAFDAC’s Director-General, Professor Mojisola Adeyeye.

“The ban was a decision of a federal government multilateral committee involving all stakeholders. NAFDAC will not tolerate the continued endangerment of young Nigerians through the consumption of these spirits,” Oligbu stated.

Warning to Manufacturers and Traders

The statement reiterated that manufacturers must halt production of the prohibited products. NAFDAC vowed to intensify its crackdown, targeting supermarkets, shops, and street vendors across the country to seize banned items.

This action is part of NAFDAC’s broader efforts to safeguard public health and address the dangers posed by the consumption of high-alcohol-content beverages in sachets and small containers.

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