Posts in category: General Article

Businesses that are going to be successful and thriving in the next five years are those which are harnessing Artificial Intelligence (AI) and generative AI to transform what they are doing, data science and analytics leader at Deloitte West Africa, Jania Okwechime posited.

This is even as Okwechime has advised firms to leverage AI responsibly and sustainably by creating AI strategies in line with their business plans. According to her, businesses also need to put governance and risk processes in place so that they can innovate with trust and confidence.

Okwechime who gave the advice at an interview with the media at the sidelines of the just-ended 8th Ghana CEO Summit held in Accra, also mentioned that in this era, AI is transforming businesses more than anything else in the world and therefore called on institutions across West Africa to embrace it.

She asserted that the African continent has adopted the potential of AI, but there is need for acceleration. “In the African continent, we are still experimenting with some of the opportunities that AI can generate for the people. So, we see adoption, but it could get accelerated. I think it is not going to be long before they will see the impact of AI. You already saw some of the presenters [8th Ghana CEO Summit] today specifically in the telecoms and advertising industry that AI is already being leveraged by businesses. We are only going to see the acceleration in the next coming years.

“Every time an action is created, data is formed. Every time we send a text message, every time we pick up the phone to make a phone call, every time we pick our favorite series on Netflix, it’s creating data. So, there’s a huge data explosion. Ninety percent of the data that we used today were created in the past two years. So, you can imagine. Now we have no choice but to harness technology like AI to be able to gain insights”, she added.

Touching on Generative AI and traditional AI, the analytics leader said, “The difference is that Generative AI can perform tasks predominantly done by humans. Like reading documents, creating documents, generating videos, generating reports, etc. Now, it is making AI more accessible to businesses in a way that they can harness in three different ways. They can change the way they interact with their customers and increase customer experience internally within their network and their internal organisations. So that they can improve their internal statistics.”

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No fewer than 200 Customs officers, who retired in 2022 are yet to receive their pension entitlements from their Pension Fund Administrator (PFA) which is Premium Pensions Limited (PPL).

The concerned ex-customs officers, alleged that they have done all the necessary documentation, yet, could not receive their pensions from the PFA.

They equally alleged that several efforts to have their pay have been futile as Premium Pension remains recalcitrant.

However,  there are insinuations that non-payment of Accrued rights of these ex-customs by the federal government, could stall their payment as computation of monthly or period pension payment as well as lump sum  post-retirement are calculated on both the accrued rights from the government and accumulated monthly pensions contributions from retirees’ salary while in active service.

But when LEADERSHIP make enquiries from the pension fund administrator, it claimed ignorant of such occurrence.

On her part, Head of Benefit Administration Department, PPL, Funmi Femi-Obalemo disclosed that, though the company has some customs on its account, it wasn’t aware of this set of people.

She claimed that her PFA exists to provide services to its clients and wouldn’t make any sense to deny people the services it’s meant to provide.

She urged the concerned retirees to come forward and provide their Retirement Savings Account (RSA) Personal Information Number(PIN) that will allow the pension fund  operator to look into their accounts and know exactly what the problems were and offer tangible solutions.

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The CEO of BKG Exhibitions, Ifeanyichukwu Agwu said, Nigerian auto spare parts generate an estimated annual revenue ranging from $500 million to $900 million, even though, government has failed to capitalise on this potential.

Speaking on the development of the auto spare parts market, he said, to become a prominent auto hub in Africa, there is a pressing need to commence the local manufacturing of auto parts. parts is less complex compared to assembling entire vehicles. Each vehicle comprises over 5,000 parts, which implies the establishment of 5,000 factories and the creation of employment opportunities for our populace. In India alone, there are approximately 11,000 auto parts companies, highlighting the extent of labour and technology involved,” he suggested.

“Let us initiate this with auto parts, as it will have a multifaceted positive impact. The production of spare parts is less complex compared to assembling entire vehicles. Each vehicle comprises over 5,000 parts, which implies the establishment of 5,000 factories and the creation of employment opportunities for our populace. In India alone, there are approximately 11,000 auto parts companies, highlighting the extent of labour and technology involved,” he suggested.

Agwu, leveraging the 2024 auto expo held at Victoria Island, Lagos, recently to entice major auto parts manufacturers to establish their manufacturing facilities in Nigeria, emphasised that, the market exists here, and the country is a prominent hub in Africa.

“We urge spare parts manufacturers to set up their plants in Nigeria, as it is undeniably the auto parts hub of Africa. There is no necessity to explore other African nations. Establish your manufacturing base in Nigeria, and you will witness its reach extend to other countries due to our dealers’ distribution capabilities,” he pointed out.

He also called on market leaders in the auto parts sector in Nigeria to partner with manufacturers and bring them to Nigeria for production because that is what is sustainable. To him, “Trading is good, but the real investment is in manufacturing. It is a lot cheaper, you make more profit, and you are in the good books of the government because you are creating employment.”

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In a landmark ruling, the Competition and Consumer Protection Tribunal, led by Justice Thomas Okosu, has imposed a N150 million fine on Multichoice Nigeria. The tribunal, which consisted of a three-member panel, also mandated that Multichoice offer a one-month free subscription on its DStv and GOtv platforms to its customers.

The case originated from a lawsuit filed by lawyer Festus Onifade, who contested Multichoice’s decision to increase subscription rates effective from May 1, 2024. Initially, the tribunal had issued a restraining order to prevent the implementation of the price hike while the motion was under review.

Multichoice, however, disputed the tribunal’s jurisdiction over the matter, which led to further legal deliberations. Despite their challenge, the tribunal upheld its authority and delivered the ruling on Friday, bringing temporary relief to DStv and GOtv subscribers in Nigeria.

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The director-general, of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, would be x-raying key policies and options available in the country’s drive to strengthen her national economy while aligning with global push towards promoting green economy.

This will be the high point at the third National Conference being put together by Oriental News Nigeria, coming up on July 25, 2024, in Lagos, with the theme ‘Green Economy, Sustainable Growth and Infrastructure Transformation’.

Sub-themes of the conference include Green Finance, marketing, and supply chain, Strategies and Policies for a green economy, Renewable energy and Ecosystem for a green economy and Digital economy Entrepreneurship.

Agama expressed that opportunities in terms of the green economy are linked to the enormous possibilities for sustainable agriculture, renewable energy, ecotourism, and coastal development.

Also, other stakeholders highlighted that Nigeria’s commitment to harnessing its natural resource potential could make the country a pioneer in promoting green economy development, hence the choice of the theme of the conference.

Oriental News said that “in recent years, economies all around the world have been experiencing a protracted slowdown driven by structural, global, and cyclical factors.

“Economic strategies that have been implemented to tackle recession and achieve rapid economic development have endangered sustainable growth by contributing to environmental degradation, global warming, and other negative repercussions.”

It added that “changing the paradigm to a green economy will boost natural capital stocks, safeguard the environment, and ensure social justice by providing practical tools and approaches to achieve sustainable growth while reducing environmental risks and ecological scarcities.

“A transition to a green economy, however, faces challenges such as a lack of an appropriate policy framework, inadequate capital expenditure, varying levels of development, and resource endowments.

“Therefore, for green sustainable development, newer business models, strategic changes and innovation in the use of resources, responsible and cleaner business practices, and green technologies are needed.”

The conference will draw together and engage researchers, eminent practitioners, and policymakers from across the country who will form part of the plenary (Round-Table) session that will deliberate on the latest findings on practices and policies for a green economy and sustainable growth through strategic change and identify priorities for action by stakeholders to pursue the most promising policies and practices.

Oriental News Nigeria a digital media platform would gather key policy makers, Government and non-Governmental Organisations, industry experts in Nigeria’s financial sector to the conference which revolves around Nigeria’s Green Economy Initiative.

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Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) showed that May 2024 data pointed to a pick-up in growth in the Nigerian private sector, with both output and new orders increasing at sharper rates than in April.

The report said “rates of expansion remained slower than the respective series averages, however, as high prices continued to limit demand. There were further signs of inflation levelling off, with both purchase costs and selling prices rising at the slowest rates for a year.”

The headline PMI posted 52.1 in May, up from 51.1 in April and the highest since January. The latest reading signalled a modest improvement in business conditions in the Nigerian private sector, but one that was still less pronounced than the historical trend. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

According to the report, new orders increased solidly in May, extending the current sequence of growth to six months. Business activity was also up, and to the largest extent since January. Growth was recorded across all four monitored sectors, with the sharpest rise in manufacturing.

Head of Equity Research West Africa at Stanbic IBTC Bank, Muyiwa Oni said, “the Stanbic IBTC headline PMI increased to 52.1 points in May from 51.1 in April, its highest level since reaching 54.5 points in January.

“This implies that Nigeria’s private sector activity maintained a better footing in May even as the rate of expansion remained slower than the series average as high prices continued to limit demand.

“Nonetheless, the purchase costs and selling prices increased at their slowest rates in a year, thereby supporting a sharper increase in both output and new orders relative to April.”

He noted that “the Nigerian economy grew moderately by 2.98 per cent year-on-year in Q1, 2024 from 3.46 per cent Y-o-Y in Q4, 2023. From a structural perspective, the services sector remains the growth engine of this economy, contributing 83.2 per cent to the real GDP growth rate, with industries and agriculture contributing 15.5 per cent and 1.3 per cent respectively to the real GDP growth.

“As expected, the interest rate sensitive sectors experienced a slowdown in growth safe for the Manufacturing sector whose growth improved modestly, to 1.49 per cent Y-o-Y, from 1.38 per cent Y-o-Y in Q4, 2023, albeit still lagging the three-year average growth (2.40 per cent Y-o-Y).

“The April and May headline PMIs point to a slight improvement in private sector activity in Q2:24, although still underwhelming compared to Q2, 2023.

We expect domestic demand to remain weak relative to historical average, exacerbated by inflationary pressures which may likely peak in May. Besides, interest rates at unprecedented highs will continue to have a negative passthrough impact on the non-oil sector. However, because of an expected favourable base-effect induced oil sector’s growth, the overall economy is on course to grow by 3.51 per cent Y-o-Y in real terms in Q2:24.”

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The United Nations has named Co-Net, a Nigerian technology company, as the top initiative in its “100 Voices for Our Planet” list.
The recognition comes after Co-Net developed a digital solution that replaces paper business cards, reducing waste and promoting eco-friendly practices.

Co-Net’s platform allows individuals and organisations to manage contact information digitally, eliminating the need for paper-based business cards.

The company, founded by Dr. Godwin Aigboviose Omage, said it aims to reduce reliance on paper and promote sustainable living.

The UN recognition acknowledges Co-Net’s efforts in addressing environmental issues, such as deforestation and waste management. The company’s initiatives also include tree planting campaigns worldwide.

Dr. Omage emphasised the importance of eco-conscious living and urged individuals and organisations to adopt sustainable practices. While acknowledging the recognition, he stressed the need for continued collective action to protect the planet

Co-Net’s innovation has set a standard for environmental responsibility in the tech industry. The company’s commitment to sustainability has made a significant impact, and its recognition by the UN reinforces its leadership in the field.

This achievement highlights Nigeria’s contribution to global efforts towards environmental sustainability, and the UN’s recognition of Co-Net’s work may inspire further innovation in the sector.

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The Chief of the Naval Staff, Vice Admiral Emmanuel Ogalla on Monday, visited the Nigerian Maritime Administration and Safety Agency (NIMASA) in continuation of efforts to deepen the cooperation between the Nigerian Navy and the agency to achieve sustainable security in the Nigerian maritime domain.

Speaking during the visit, Ogalla acknowledged efforts of the agency in implementing both national and international regulatory instruments to improve safety and security in the maritime domain, adding that the Nigerian Navy under his leadership is committed to supporting NIMASA to succeed.

“I want to appreciate NIMASA for the collaboration with the Nigerian Navy which is to achieve a common goal of better securing the Nigerian maritime domain, thus promoting an enabling environment for business to thrive with a multiplier effect of improved contributions to the Gross Domestic Product from the maritime industry. Our role as prescribed by the Armed Forces Act is for the Navy to coordinate the enforcement of all marital laws associated with Nigeria. We will support you at NIMASA to succeed,” he said.

The CNS also commended the agency’s implementation of the Cabotage Act and the C4i centre of the Deep Blue project.

“I acknowledge the efforts of NIMASA in the implementation of the Cabotage Law for the benefit of indigenous players in the industry. We will also improve our support so the Cabotage regime can succeed. The NIMASA C4i centre, which is a maritime domain awareness facility, is useful to the Nigerian Armed Forces including the Nigerian Police. I will visit the facility today and our focus is better cooperation and information sharing,” he said.

On his part, NIMASA DG, Dr Dayo Mobereola acknowledged the role the Nigerian Navy has played over the years in supporting NIMASA to implement her mandates.

“Your visit today personally to NIMASA is a confirmation of your commitment to the NIMASA/Nigerian Navy collaboration.

I must acknowledge the role of the Nigerian Navy in the NIMASA journey so far. Nigeria’s attainment of zero piracy report in recent times is a result of the support of the Navy. Security is key to unlocking the nation’s maritime potentials, as a well-secured maritime domain will be a catalyst to attract foreign investment into Nigeria. On the MoU, we are with you in reviewing it and making it more effective taking into consideration the reality on ground. We want to sustain our zero piracy status,” the NIMASA DG said.

The NIMASA boss also hailed the recent addition of 20 nautical miles to Nigeria’s Exclusive Economic Zone, stating that it calls for more responsibility for both agencies.

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Nigeria, United Kingdom Flags

The UK-funded Manufacturing Africa programme has scored a significant win for Nigeria’s clean energy sector.

Three companies in the programme’s portfolio—Arnergy, Koolboks, and BURN Manufacturing—have collectively secured $17m million in Foreign Direct Investment (FDI), boosting Nigeria’s efforts to expand access to renewable energy solutions.

A statement issued by the British High Commission in  Abuja on Tuesday said these investments will provide energy for more Nigerians, reduce carbon emissions, lead to the creation of 1100 jobs, and support thousands of livelihoods.

BURN Manufacturing, at the forefront of clean cookstove innovation, has secured $12 million in carbon investment from Key Carbon Ltd. Their new local assembly facility in Northern Nigeria will bolster distribution efforts of electric cookstoves and biomass stoves across East and Central Africa.

Arnergy is a leading renewable energy company in Nigeria that specialises in designing and manufacturing technology-enabled solar micro-grid and rooftop solutions. With a recent $3 million bridge financing from a Shell-backed impact investment company, the company has already raised $7.5 million in their Series B fundraise.

Koolboks is revolutionising access to refrigeration services, particularly for underserved communities and women entrepreneurs through their solar-powered cooling systems. Their pay-as-you-go technology and accessible business model has attracted a 1.5-million-euro subsidy from Beyond the Grid Fund for Africa (BGFA), for launch and expansion in Uganda.

The British Deputy High Commissioner in  Lagos, Jonny Baxter said: “The UK Government supports the ambition of the Federal Government’s Renewed Hope agenda: to boost private-sector led economic growth in Nigeria. We’re funding the Manufacturing Africa programme to provide free advisory services to companies raising finance to expand their capabilities and create new jobs in Nigeria. It’s great to see these companies realise their goals with UK support.”

Lolade Alonge, Business Communications Manager at Koolboks stated,“Manufacturing Africa’s financial advisory support when raising our ‘Series A’ came in very handy and has helped us secure funds that will assist with our expansion plans.”

The advisory services that #ManufacturingAfrica provided to these firms included financial analysis, modelling, commercial diligence analysis and strategic business planning.

To date, Manufacturing Africa has supported 31 Nigerian companies in their journey to raise investment, in sectors including agri-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.

The programme has helped to attract $85 million into Nigeria’s manufacturing sector since 2020.

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The Federal Mortgage Bank of Nigeria (FMBN), has inaugurated seven specialised loan recovery task teams to fast track the recovery of its loans tied across the country.

The managing director of the Bank, Shehu Osidi, who inaugurated the teams in  Abuja, said the decision was necessary in order to enhance the financial stability and operational efficiency of the Bank through reducing non-performing loans.

He said that over the years, FMBN played a crucial role in providing affordable housing finance to Nigerians, thereby contributing significantly to the achievement of the national housing agenda and promotion of home ownership.

According to Osidi, the sustainability of these efforts hinges on the Bank’s ability to recover loans effectively and reinvest them in future projects. He emphasised that over the years, the Bank has performed poorly in recovering its loans and stressed the need for a specialised task team to assist in that aspect.

“The inauguration of these teams marks a significant milestone in our ongoing efforts to enhance the financial stability and operational efficiency of the Bank”.

“Loan recovery is a critical component of our financial management strategy. This is to ensure that funds are available for disbursement to new beneficiaries while maintaining the integrity of our lending operations.

“Despite the successes we have recorded in our home delivery efforts, we must acknowledge the enormous challenges we face with our Non-Performing Loans (NPLs). While some of NPLs are due to infractions from external parties and factors, a huge chunk of blame also lies with us as internal stakeholders hand-in-hand with glaring administrative and operational inefficiencies”, he said.

While reiterating the mandate of the task teams to include conducting desk review of assigned loan portfolios which includes the history of loans, houses on ground as well as state of collaterals, outstanding balances and personalities behind the loans, the FMBN boss added that the team would also look at the segmentation of the loans and the chances of recovery, develop an overreaching recovery strategy, engage relevant stakeholders as well as use both conventional and informal but acceptable strategies to carry out the recoveries.

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