BUSINESS
Develop Youth-focused Initiatives to Drive Growth, CIBN Tells Bankers
The new President of the Chartered Institute of Bankers of Nigeria (CIBN), Kenneth Opara, has asked bankers to create initiatives to attract youths to the banking profession.
This was contained in a statement issued on Sunday, by Nelson Olagundoye, head, corporate communication & external relations, CIBN.
Opara took over CIBN’s leadership on Saturday, May 21 in Lagos, and was sworn in by Adesuyi Olateru-Olagbegi, a retired justice.
Opara, in his acceptance speech, said his strategic focus is crafted into an acronym “FUTURE” which focused on six key strategic pillars: financial innovation and transformation, dealing with industry uncertainties, trade and finance collaboration.
Others include unveiling pathways for membership growth, re-engineering and rebranding the industry’s business model around Generation Z and ethical conduct and governance.
According to him, with globalisation, the future is largely defined by technology, innovation, efficiency, functional optimisation and fast-changing lifestyle.
He said the youthful segment of society is more affected by these changes, adding that there is the need to drive initiatives that will attract them.
‘Nigeria has one of the highest youth populations in the world out of which 62.26 per cent are within the age of 24 years or younger,” he said.
“This demography is aspirational, inquisitive, exploring, innovative, internet-savvy, outspoken, confident, cherishes independence, abhors rigidity as opposed to flexibility, spontaneous and they engage in self-love and expression.
“It becomes, therefore, imperative that practitioners should wake up to the smell of this coffee and weave strategy, operations and practice around the youth.”
Opara added that while concerns around safety, control, stability and processes are quite germane, ignoring the existence of this phenomenon of which time has come will be at the peril of any operator.
He said the institute under his administration will play a pivotal role between the practitioners and the regulators while ensuring adherence to sound corporate governance and ethical behaviour.
In a goodwill message, Babajide Sanwo-Olu, governor of Lagos state, who was represented by Rabiu Olowo, commissioner for finance, Lagos state; applauded the numerous contributions of the banking industry in different areas of the country.
Also speaking, the outgoing president, Olugbemi, thanked Godwin Emefiele, governor of CBN, Hassan Bello, NDIC CEO; body of bank CEOs and other stakeholders for the support given him during his tenure.
“As I pass on the baton to my successor, whom I have known for many years as a seasoned banking professional, who is very passionate about the Institute, I am absolutely convinced that he would take the Institute to greater heights,” Olugbemi said.
Apart from the inauguration of Opara, three more office holders alongside six elected governing council members also took oaths of office.
The elected office holders of CIBN include Pius Oladeji Olanrewaju, first vice-president (FCIB); Oladele Alabi, second vice-president (FCIB,) and Mojisola Bakare-Asieru, national treasurer (FCIB)
The council members include: Rafiat Oluwatosin Onitiri, ACIB; Olayinka Alade Odutola, FCIB, Victor Aguwah, FCIB; Olayinka Odutola, FCIB; Mary Aina, ACIB; and Segun Oshadare, FCIB.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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