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Elumelu Calls For National Unity, Heavy Investment in Youths and Women

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By Tayo Oyediji

 

 

 

United Bank for Africa (UBA) Chairman and Founder, Tony Elumelu Foundation, Mr. Tony Elumelu has called for governments and Nigerians at all levels to strive for national unity while investing heavily in youth development and women.

 

Elumelu who spoke at the ongoing 2023 Nigerian Bar Association (NBA) Conference which has its theme as:“Getting it Right, Charting Course of Nigeria’s Nation building’ noted that unity and inclusivity were key elements that will lead Nigeria to greater heights.

 

According to him ‘’We have come together today united. United with one ambition, one duty – nation building. Yes – United, whatever our backgrounds, geographies, religions, experiences, by a single desire – to ensure that our country experiences a true renaissance.

 

“Let us approach the task of nation-building with unwavering determination, guided by the principles of unity, inclusivity, and progress’. Let our pursuit of nation-building be characterized by unwavering determination, empathy, and the commitment to create a legacy of progress, unity, and hope for generations to come”.

 

Elumelu also urged a reawakening of nation-building consciousness amongst Nigerians, pleading with the government at all levels to invest heavily in youth development.

 

He asserted that nation-building entails a fundamental renewal of the social and economic infrastructure of Nigeria, stating that the country needed to invest heavily in youths, women, the power sector, security, social infrastructure and in brand Nigeria.

 

Elumelu also noted that “Nation-building, at its core, is the intricate process of forging a cohesive, harmonious, and united society, out of diverse individuals, culture, and ideologies. It is the art of constructing a shared identity, purpose, and vision that transcends all individual interests

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Elumelu who is also  the Chairman, Heirs Holdings, stated that already, Nigerians have shown their capacity as champions in all spheres of human endeavor and what is needed is our collective will to unite.

 

In his words “In international leadership positions at the WTO, at the UN, at the African Development Bank, at the Afreximbank, in technology, in music and entertainment, in business, in arts and in media, in film, in sports. Indeed, in virtually every human endeavour, Nigerians excel”. In business, the Nigerian private sector is showing globally our capability, our ingenuity, our institutionalisation.

 

“We have global businesses with Nigerian origins: Let me name one – UBA, the United Bank for Africa, the only African Bank that operates in the USA as a deposit taking bank. We are now in Dubai, Paris, and London – and just as importantly 20 other countries in Africa – who would have thought 20 years ago, that Nigeria would be home to Africa’s global bank!”

 

Having achieved these feats, Elumelu said “Transforming Nigeria is a journey that demands our collective dedication, building across political affiliations, ethnic differences, and socioeconomic differences. Great nations start with great people, not just great leaders. Our private sector, our philanthropies, our civil society, all citizens must be brought together and be empowered – as real, valued and executing partners for this national renewal, this nation building. It behoves on us all to collaborate in unity to reset Nigeria.”

 

Elumelu also harped on the supremacy of the rule of law. Urging the NBA to work assiduously towards achieving a country where the rule of law is upheld. He maintained that, “No country – and no entrepreneur, can truly thrive without the rule of law, without peace, without certainty and fairness – for all – for our young, our old, our women and our men, our future generations.”

 

As he is passionate about nation building, Elumelu observed that he was not alone “There is no one in this distinguished gathering, that does not want the best for Nigeria. Whether my learned friends of the Bar or our distinguished leaders present. We know the potential of Nigeria.We know the resources, human and natural, that Nigeria has at her disposal.

 

“It is the art of constructing a shared identity, purpose, and vision that transcends all individual interests. Transforming Nigeria is a journey that demands our collective dedication, building across political affiliations, ethnic differences, and socioeconomic differences. One that is not the responsibility of our government alone.

 

.So, what does this mean? For me this is nothing less than a fundamental renewal of the social and economic infrastructure of Nigeria. The contract between a nation and its people.

Nation building is not a quick fix, it entails sacrifices. We cannot keep doing the same things and expect different outcomes”.

 

“Let us lead our nation building, by laying those important foundations for our nation – let us renew our infrastructure. Investment in our youth – we need to renew our commitment to our youth, provide them with the means to succeed in Nigeria – not beyond Nigeria. This means not just investment in our education system, but in our entrepreneurial culture”.

 

“Nigeria is a nation of entrepreneurs – you know me as an investor and champion of entrepreneurs. Let us create a joined-up government task force to champion at the highest level, our young and our entrepreneurs. When entrepreneurs succeed, we succeed as a nation. If they don’t, we all fail.

 

“The nurturing of entrepreneurship is not merely an economic endeavour, but a social responsibility. By empowering our youth, supporting start-ups and SMEs, the private sector contributes to equitable wealth distribution, job creation, and social advancement. It paves the way for economic empowerment that uplifts communities and contributes to a more inclusive society. We all owe this to our people, even for our own enlightened self-interest”.

 

He also called for women to be duly supported to thrive “Nations that prioritise their young go far, Let us invest in our women. When a woman succeeds, families and communities are lifted out of poverty. Let us invest in our power sector, And let us invest in our social infrastructure, in our civil society, our courts of law and our administrators of justice, Let us invest in security, Let us invest in brand Nigeria, Let us invest in Nigeria”

 

 

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Business

FirstBank Appoints New MD/CEO, Alebiosu

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First Bank of Nigeria has appointed Olusegun Alebiosu as its new Managing Director with effect from April 2024.

The Bank stated this in a release signed by its acting company secretary Adewale Arogundade.

Alebiosu takes from Adesola Adeduntan, who resigned abruptly on Saturday with eight months left to complete his tenure in December 2024.

The release stated that “following the resignation of the managing director/CEO of FirstBank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu as the acting CEO of the 130-year-old institution.

“The appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.”

The release stated that Alebiosu was until this appointment the executive director, chief risk officer and executive compliance officer since January 2022. Prior to that, he was the Group executive/ chief risk officer, a position he held since 2016.

“Alebiosu brings to the executive management of FirstBank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping) and Project financing.”

It added that the new acting MD/CEO commenced his professional career in 1991 with Oceanic Bank Plc (now EcoBank) and prior to joining FirstBank in 2016 served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

“He is an alumnus of Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. He also obtained a Master’s degree in International Law and Diplomacy from the University of Lagos and holds a Master’s degree in Development Studies from the London School of Economics and Political Science.

“He is a member of various professional bodies namely, Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.”

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Again, Naira Slumps Against Dollar, Trades at N1,169/$1 in Official Window

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The Naira, on Friday, slumped for the second consecutive day against the American dollar at the official window trading at N1,169/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the end of trading on Friday, the Naira lost N15 against the dollar when compared to the previous exchange rate of N1,154/$1 on Thursday, April 18, 2024.

The intra-day high and low recorded during the day were N1,236/$1 and N1,021/$1 respectively, representing a lean spread of N215/$1.

Similarly, the Naira slumped against the dollar at the parallel market for the second consecutive day to trade at N1,150/$1 representing a loss of N50 when compared to the N1,100/$1 it traded the previous day.

The British Pound also slumped against the Naira by N50 to trade at N1,500/£1 as against the previous trading price of N1,450/£1 representing a loss of N50 for the local currency,

The Canadian dollar however closed flat against the Naira to trade at N1,000/CA$1 same as the previous trading day rate of N1,000/ CA$1.

The Euro also slumped against the Naira to trade at N1, 280/€1 as against the rate of N1,200/€1 the previous trading rate indicating a gain of N80 in the European currency.

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Glo Launches New Internet Solution Products for Homes, Businesses

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Two new products, which provide internet connectivity solutions specially designed for Residential and SME commercial customers, have been unveiled by digital solutions company, Globacom.

The products, Fibre to the Home (FTTH) and Fibre to the Business (FTTB) were packaged for Glo customers to enjoy reliable and high speed internet through linked fibre services.

Globacom said in a statement in Lagos “With these services, businesses and homes can access dedicated internet speeds of up to 1GBps, allowing unlimited internet usages for seamless video calls, video and music streaming and a whole lot of other dedicated usages to promote business success and equally provide endless entertainment for homes”.

It explained that the new product comes with a unique opportunity for “Residential Estates, High Rise Apartments, Commercial SME Estates to enjoy dedicated high speed internet in their cluster”.

These services, according to Globacom, give exceptional experience and unmatched speed for users at home or in offices and are provided through hi-speed fibre – unlike copper which was being used in the past.

Positioning itself as the premier provider of innovative solutions for businesses of all sizes, Globacom assured customers of the best value for money with the new offerings, adding that users who sign on for these services will also enjoy fully dedicated bandwidth.

“We are committed to delivering the most cost-effective data connectivity experience for homes and businesses in addition to providing dedicated and reliable services.” Globacom concluded.

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