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Prioritize Power,Forex To Tame Rising Inflation,CPPE Boss Tells FG
Mohammed Shosanya
The Chief Executive Officer of Centre For The Promotion of Private Enterprise,Dr. Muda Yussuf, has emphasized the need for the Federal Government to prioritize power, logistics,foreign exchange and security issues in order to tame the rising inflation in the country.
He said:”It will be very difficult to tame inflation if we do not substantially fix power, logistics and forex and security issues.
“Regrettably, there are no quick fixes in these areas. But it is important to prioritize these issues and drive accelerated progress with the right strategies”.
His suggestion came on the heels of resurgence of high inflationary pressures after some few months of respite despite policy measures to tame inflation.
Headline inflation rose to 32.7% in September 2024 as against 32.15% in August 2024, an increase of 0.55%.
There was also a marginal increase of 0.30% in month-on-month inflation between August and September.
Food inflation maintained its uptrend rising to 37.77% from 37.52% after decelerating in few months ago.
He lamented that the situation had been further exacerbated by the surging petrol price.
He added:”The reality is that the dynamics driving inflation are yet to be effectively subdued. These factors include the depreciating exchange rate, surging fuel price, rising transportation costs, logistics and supply chain challenges, high energy cost, climate change including resultant incidents of flooding, insecurity in farming communities and structural bottlenecks to production.
“These are largely supply-side issues.There is also the factor of seasonality of agricultural outputs which activates seasonal price surge in some food crops. Elevated inflationary pressures escalate production costs, weakens profitability, and dampens investors’ confidence.
“Not many investors can transfer cost increases to their consumers. The implication is that manufacturers and other investors are taking a big hit resulting from erosion of profit margins as a result of consumer resistance and weak purchasing power”
According to him,tackling inflation requires urgent government intervention to address the challenges inhibiting production, productivity and security in the economy.
He suggested that the real sector of the economy needs to be incentivized to reduce production costs.
He also advised the government to offer concessionary import duty on intermediate products for industrialists.
The effects of high energy cost and exchange rate on inflation is quite significant, he added.
Access Bank Reinforces Commitment To Nigeria’s Anti-Money Laundering,Illicit Drug Trafficking Crusade
Mohammed Shosanya
Access Bank Plc,has reinforced its dedication to the fight against illicit drug trafficking and money laundering, committing to a closer partnership with the National Drug Law Enforcement Agency (NDLEA).
The bank made this commitment at the formal decoration of its Group Chief Executive Officer/Managing Director, Roosevelt Ogbonna, and Group Chief Conduct and Compliance Officer, Femi Jaiyeola, as partners in the War Against Drug Abuse (WADA) by representatives of NDLEA at Access Bank’s headquarters in Lagos,a statement said.
Speaking at the event,Abraham Aziegbe, Group Head of Retail Operations, who represented Roosevelt Ogbonna, Managing Director of Access Bank PLC, reaffirmed the Bank’s strong stance against financial crimes that enable illicit drug trafficking and drug abuse.
“We are grateful to the NDLEA for this recognition, and as one of Africa’s leading financial institutions, we acknowledge our responsibility in ensuring our financial systems are not used to facilitate illicit activities. This is why our compliance framework is strategically designed to detect and deter illicit financial activities. We will continue to work closely with the NDLEA and other law enforcement agencies to ensure that drug traffickers and their associates cannot exploit the financial sector. This partnership is critical to our shared goal of strengthening national security,” Aziegbe stated.
The statement quoted that the ceremony was chaired by Dr. Ibrahim Abdul, Deputy Commander General of Narcotics and Director of Assets and Financial Investigation at NDLEA, who praised Access Bank’s proactive stance in fighting money laundering and supporting enforcement actions.
Also present at the ceremony were Omolade Fagboyegbe, Deputy Commander General of Narcotics and Director of Seaport Operations and Marine Services, along with senior officials from Access Bank including Omobola Faleye, Group Head, Internal Audit; Robert Imowo, Group Head of Corporate Counsel, and Daniel Patrick, Unit Head, Regulatory Compliance.
NDDC’s Chamber Of Commerce Initiative In Order-Akwa Ibom Governor
Techeconomy Business Series Debuts
Mohammed Shosanya
Techeconomy, a Lagos-based media startup, has announced the launch of Techeconomy Business Series [TBS].
The startup which offers its readers Content-as-a-Service (CaaS) by telling you what is new in Technology, Business and Economy; reflecting on why it matters, how it works and the benefits, is working with ThinkingCap Consulting to innovate on breakthroughs that brands need to thrive.
TBS debuts with a webinar scheduled for Thursday, October 10, 2024 by 10:00AM (WAT).Participation is free,but you are required to register via: https://rebrand.ly/techeconomy-business,a statement said.
Speaking ahead of the webinar,Peter Oluka, the editor, Techeconomy,said:“As a digital news platform that stands apart for its commitment to truth and accuracy, for the quality of its reportage of technology – business – economy related events, Techeconomy is always looking at avenues to add values and enrich our contents while providing opportunities to businesses and partners to meet their goals.
“The Techeconomy Business Series is designed to explore the intersection of technology and business, providing insights into how technological advancements shape industries, drive innovation, and impact economic growth.
“The series typically focuses on key topics such as digital transformation, emerging tech trends, and their practical applications for businesses. It covers case studies, expert opinions, and analysis on how companies can leverage technology to enhance operational efficiency, improve customer experience, and scale globally.
“Additionally, it offers advice on navigating challenges in tech adoption and fostering a culture of innovation.
“As the saying goes, ‘Business is more than making money- it is an opportunity to meet people’s needs. Business is more than providing services, it is about solving problems’, Techeconomy Business Series [TBS] gives us the opportunity to discover the breakthroughs that brands need to win.
Mr. Destiny Eseaga, the business editor, said:“Our mission is to make content publishing more valuable to the individuals and businesses. Our team works round-the-clock to explore and explain the changing world around us, tilting the lenses on the emerging market.TBS is borne out of that innate desire to add value”.
Eseaga said that the first edition of Techeconomy Business Series’ webinar under the theme: “Nigeria Tech Space: From Independence to Digital Age” is being convened to celebrate Nigeria’s 64th Independence.
He added that the faculty, including, Hilary Utuke, Cynthia Alabi, Oluwabusuyi Anonis Fakanlu, and Abraham Great, were carefully selected to discuss the topic and provide participants with insights on how to digitally position their businesses.
Hilary Utuke is the CEO of Korlod Works, a top Digital Marketing firm in Lagos. He’s authored four books including “Digital Strategies for Online Brand Visibility” and created Digital Luminary Pro™, a model helping Nigerian Thought Leaders connect with Millenials and GenZ audiences.
Cynthia Alabi is a seasoned Revenue Growth Expert with over a decade of experience dedicated to driving growth in technology-driven companies. She has developed a unique blend of skills in sales, marketing, and business development, with a strategic focus on supporting and creating customer-centric brands, services, and solutions.
Her exceptional ability to foster business growth in start-ups is buoyed by her expertise in non-technical roles, including customer success, account/stakeholder management, customer service, and enterprise sales.
This diverse experience allows Cynthia to consistently employ a strategic approach to client satisfaction and data-driven decision-making, resulting in outstanding outcomes.
Oluwabusuyi Anonis Fakanlu, as the co-founder and managing director of CAF LTD/CAF UNIVERSAL LLC, a construction and real estate development company, he leads a team of dedicated professionals who consistently deliver high-quality projects, eco-friendly, energy-efficient, and sustainable projects at a competitive cost.
With over 24 years of industry experience, he has overseen every stage of projects, from planning and design to construction, management, maintenance, and operation of various buildings and constructions.
Abraham Great is a Management Consultant, Trainer, Destiny Coach, Leadership Expert, Author, Legal adviser, content writer, song writer, artist and a clergyman.
He is the chairman and Chief Executive Officer of Great Dynasty Group – with subsidiaries in the UK, Nigeria, Ireland, and North America.
His professional experience of over sixteen years has seen to the development and management of various organizations, that in turn, provide value, enrich lives and help society become a better place.
Anselem Imoh, a project management specialist, will moderate the session.
Creation Of Robust Business Environment Panacea To Nigeria’s Economic Diversification-NESG
Access Bank Gets Provisional Licence To Establish Commercial Bank In Namibia
Mohammed Shosanya
Access Holdings Plc (‘Access Holdings’),has has obtained a provisional licence from the Bank of Namibia to establish a commercial bank in Namibia.
The company’s Secretary, Sunday Ekwochi, announced on Monday,in a note investing public and the Nigerian Exchange Limitef
Commenting on the development, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, said the expansion represents an important milestone towards establishing a railroad in Namibia for intra-African trade within the Southern African region, Africa, and the rest of the world.
He said:”It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion thereby empowering many to achieve their dreams.
“Our entry into the Namibian market also represents a pivotal step in our broader ambition to build a strong global franchise and will unlock new opportunities for businesses and individuals alike. We look forward to partnering with local stakeholders to drive innovation, empower communities, and contribute meaningfully to the prosperity of the region.
“We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value to our shareholders, customers, and wider stakeholder groups”
According to the note,Access Bank’s operations in Namibia is expected to stimulate the local economy and strengthen its position as a leading regional player.
With existing operations in Southern Africa – Angola, Botswana, Mozambique, South Africa, and Zambia – the Bank is well-positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.
The Bank said it will be working in the coming months to fulfil the conditions precedent to the grant of final licence and will keep the market informed.