Business
Shaping the Future: How Dr. Eugenia Kula is Driving Transformation and Gender Equality
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1 week agoon
…From Boardrooms to Communities: Dr. Eugenia Kula’s Legacy of Change
Dr. Eugenia Kula (DBL, MBA, M. Inst. D) is an exceptional leader whose work has left an indelible mark on South Africa and beyond. As a strategist, board director, HR expert, and transformation pioneer, Dr. Kula has dedicated her career to championing meaningful change, driving gender empowerment, and fostering growth through innovative projects. Her contributions span various sectors, earning her accolades and recognition both locally and globally.
A Trailblazer in Transformation and Governance
With a Doctorate in Business Leadership (DBL) and an MBA in Entrepreneurship and Strategy (graduating with merit from Oxford Brookes Business School in the UK), Dr. Kula’s expertise lies in crafting and implementing transformative frameworks. She is credited with developing a groundbreaking framework to prepare directors for board service, marking her as a thought leader in governance. Her contributions to HR, labor relations, strategy, and transformation have made her an influential figure in South Africa and internationally.
Groundbreaking Projects and Achievements
Dr. Kula has spearheaded numerous innovative initiatives that have driven transformation across sectors. Some of her most impactful contributions include:
Cricket for Social Justice and Nation Building (#SJN):
As Chair of Transformation at Cricket South Africa (CSA) in 2020, Dr. Kula conceptualized the Cricket for Social Justice initiative. Within 35 days, she established the Office of the Transformation Ombudsman, a global first for any sporting federation. This initiative aimed to address inequality in cricket and ensure inclusivity.
The Property Practitioners Act:
In 2017-2018, as Chair of Transformation at the Estate Agency Affairs Board (EAAB), Dr. Kula authored Chapter 4 of the Property Practitioners Act 22 of 2019. The act includes a dedicated transformation chapter and established the Transformation Fund. She secured a R50 million injection for the fund within just one month of the act’s enactment.
BWOSA – Black Women-Owned Social Enterprises:
In 2012, Dr. Kula founded BWOSA, a social enterprise committed to empowering and positioning black women entrepreneurs. Through BWOSA, numerous women have gained access to shareholding opportunities, overseas training, and board directorships, fostering economic inclusion and growth.
Board Directorship Training:
In 2013, during her tenure as BUSA Chair TransCom, Dr. Kula advocated for and secured training for 24 women and one man in board directorship through a partnership with the Institute of Directors in South Africa (IoDSA).
Africa Growth Strategy for Eskom:
Dr. Kula played a pivotal role in developing Eskom’s Africa growth strategy, driving the Intra-Africa Trade agenda for over a decade. Her contributions have supported economic collaboration and development across 10 African countries.
International Opportunities for Youth:
In 2001, Dr. Kula secured scholarships for three township youths to study film production in Los Angeles, USA, opening doors to international opportunities.
Recognition and Awards
Dr. Kula’s outstanding contributions have earned her numerous accolades, including:
Eskom Recognition Award for her HR strategy contributions during the 2010 FIFA World Cup.
Award for International Recruitment Strategy (2011).
Award for Africa Growth Strategy (2014) for pioneering transformation initiatives across 10 African countries.
Serving as a judge for the inaugural South African Premier Business Awards in 2013.
A Global Citizen Driving Change
Dr. Kula’s influence extends beyond South Africa. Having traveled to over 50 countries, including 22 in Africa, she has championed transformation, gender empowerment, and intra-Africa trade. Her strategic vision and commitment to social justice continue to inspire and uplift communities worldwide.
A Legacy of Empowerment
Dr. Eugenia Kula’s legacy is one of empowerment, innovation, and transformation. Her unwavering dedication to social justice and economic inclusion has transformed lives, created opportunities, and paved the way for future generations to thrive. A true trailblazer, Dr. Kula remains an inspiration to all who strive for meaningful change.
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Business
Nigerian Economy Reacts to Federal Government’s 2025 Budget Increase
Published
1 hour agoon
February 6, 2025Nigerian Economy Reacts to Federal Government’s 2025 Budget Increase
By Femi Oyewale
LAGOS, Nigeria – A wave of reactions has trailed the decision of the Federal Government to increase the 2025 Appropriation Bill from N49.7 trillion to N54.2 trillion, citing additional revenue generated by key government agencies.
On Wednesday, President Bola Tinubu’s letters to the Senate and House of Representatives, detailing adjustments in the yet-to-be-passed budget, were read on the floors of both chambers. Senate President Godswill Akpabio referred the President’s request to the Senate Committee on Appropriations for urgent consideration, assuring that the budget would be passed before the end of February.
Tinubu originally presented a N49.7 trillion budget proposal, themed ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity,’ to the National Assembly in November. The budget is underpinned by projected total revenue of N36.35 trillion, driven by improved non-oil revenue collection, expanded tax enforcement, customs duties, and independent revenues from government-owned enterprises. Oil revenue projections are based on a crude oil benchmark of $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of N1,500 per USD.
The budget includes significant allocations to critical sectors and aims to maintain a fiscal deficit of N13.39 trillion (3.96 per cent of GDP), which will be financed through domestic and external borrowings as well as innovative public-private partnership arrangements.
Breakdown of Additional Revenue
The budget increment follows the realization of additional revenue from key government agencies: N1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from other government agencies. The government emphasized that the extra funds would be directed toward strengthening key economic institutions, particularly the Bank of Agriculture and the Bank of Industry. Investments will also be channeled into the solid minerals sector and infrastructure projects to further support economic diversification.
Minister of Budget and Economic Planning, Atiku Bagudu, stated that the adjustment was made after extensive engagements between the executive arm and the National Assembly. “The Senate Committee on Appropriation, Senate Committee on National Planning, and Senate Committee on Finance established that we could generate more revenue by tasking all institutions to increase their contributions,” Bagudu explained.
Mixed Reactions from Economic Experts
Economists and financial analysts have expressed divergent views on the budget expansion.
Renowned economist and sustainability expert Marcel Okeke criticized the adjustment, stating that it was poorly timed. He argued that the changes should have been incorporated into a supplementary budget rather than altering the original budget before its passage.
“The figures that were released in December have already been analyzed and acted upon by global institutions, investors, and analysts,” Okeke stated. “Making last-minute additions portrays a lack of budgetary discipline. It would have been more appropriate to finalize the budget at the right time and introduce necessary changes later via a supplementary budget.”
Chief Economist and Partner at SPM Professionals, Paul Alaje, warned that the increased government spending might derail inflation control efforts. The government is targeting a 15 percent inflation rate in 2025, but Alaje suggested that the expanded budget could stoke inflationary pressures.
“I think it’s straightforward. The government sees additional revenue and believes it can spend more. However, beyond that, there seem to be previously omitted projects that are now being reintroduced into the budget. This level of spending might make the 15 percent inflation target unrealistic,” Alaje cautioned.
Conversely, Tunde Amolegbe, Managing Director of Arthur Steven Asset Management Limited and former president of the Chartered Institute of Stockbrokers, welcomed the development. He asserted that an ambitious budget is essential for infrastructural growth, which is a prerequisite for a productive economy.
“We cannot lift people out of poverty unless we invest in infrastructure. Our budget per capita remains significantly lower than countries with similar demographics. Government spending is crucial in raising the standard of living,” Amolegbe stated. However, he urged fiscal caution, emphasizing that Nigeria must monitor debt-to-revenue and debt-to-GDP ratios to avoid over-leverage.
A leading economist, who spoke on condition of anonymity, criticized the budget increase, suggesting that the widening fiscal deficit—now approaching N16 trillion—could harm the economy.
“With all the borrowing, the government should be looking to reduce the deficit instead of increasing spending. Over the years, we have struggled to meet revenue targets. There is no guarantee we will generate the projected revenue,” the economist stated.
Legislative Support and Next Steps
Despite concerns, the House of Representatives has backed President Tinubu’s proposal, emphasizing that the increase is justified by additional revenue from key government agencies. The budget has been referred to the Committees on Finance and Appropriations for expedited review.
Senate President Godswill Akpabio reassured Nigerians that the budget would be finalized and passed before the end of February, ensuring the government remains on track to implement its 2025 economic plans.
As the legislative process unfolds, the nation remains divided over the implications of the expanded budget. While some see it as an opportunity for enhanced economic growth, others fear it could deepen fiscal instability. The coming weeks will be critical in determining how Nigeria navigates this complex financial landscape.
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Business
Fidelity Bank set to Launch Innovative SME Hub with Creative Studios
Published
19 hours agoon
February 5, 2025Fidelity Bank set to Launch Innovative SME Hub with Creative Studios
Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.
Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms as well as music, photography and content production studios.
“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realization has led to the implementation of various non-financial initiatives tailored to support this sector.
“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building -vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth”, commented Dr Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc in a chat with journalists recently.
Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.
The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies. Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography. To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.
Explaining further, Onyeali-Ikpe said, “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP thus supporting government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”
Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.
The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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Business
Transforming Lives: Free Health and Wellness Services Uplift Ga-Rankuwa
Published
22 hours agoon
February 5, 2025Transforming Lives: Free Health and Wellness Services Uplift Ga-Rankuwa
Moepathutsi, Zone 1 – February 4, 2025
In a remarkable display of community support and empowerment, Faith and Hope Foundation, Ramanthle Molope Foundation, MIET Africa, and Childline Gauteng joined forces to provide essential health and wellness services to students at Moepathutsi, Zone 1. The outreach event, held on Tuesday, February 4, 2025, at 11 AM, was a testament to the power of collaboration in making a tangible difference in people’s lives.
The event was not just about providing services but also about educating and engaging the community. Before availing themselves of the free services, students participated in an insightful workshop led by representatives from the organizations. The session covered key topics on health, well-being, and the importance of proactive self-care, ensuring that attendees were equipped with the knowledge to make informed decisions about their health.
Following the workshop, the community members were given access to a range of free services, including:
Free Lunch – Ensuring that no one in attendance went hungry, the event provided nutritious meals to all participants.
Free Sanitary Towels – Addressing menstrual hygiene needs and ensuring young girls had access to necessary supplies.
TB Screening – Helping in the early detection and prevention of tuberculosis.
HIV Testing & PrEP – Encouraging HIV awareness and prevention through free testing and the provision of pre-exposure prophylaxis (PrEP) for those at risk.
Family Planning Services – Providing critical reproductive health support to empower individuals in making responsible choices.
The initiative underscored the unwavering commitment of these organizations to community welfare, ensuring that essential health services reach those who need them most. The collaborative approach not only made the services more accessible but also created an environment of trust, education, and empowerment.
Participants expressed their gratitude for the outreach, highlighting the positive impact of having such vital services readily available. Many shared that the knowledge gained from the workshop, coupled with the health screenings and resources, provided them with a renewed sense of hope and responsibility towards their well-being.
As the event concluded, organizers reaffirmed their commitment to continued community engagement and outreach. The success of this initiative serves as a beacon of what can be achieved when organizations come together with a common goal – to uplift, educate, and support communities in need.
This collaborative effort is a shining example of how partnerships can bridge gaps in healthcare accessibility and create lasting change. Faith and Hope Foundation, Ramanthle Molope Foundation, MIET Africa, and Childline Gauteng have set a precedent for future initiatives, proving that when we come together, we can truly make a difference.
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