- MAN Decries Poor SMEs, Large Firms Linkage
The President, Manufacturers Association of Nigeria, Mansur Ahmed, has said that the absence of proper linkage between the Small and Medium Enterprises sector and the large corporations accounted for the fragile nature of the manufacturing sector.
Ahmed, who was speaking in Lagos on Wednesday during the MAN annual luncheon, noted that among the activities that the association would pay greater attention to was the strengthening of linkages between the SME sector and the big firms.
“We shall be giving greater attention in the near future to promoting a more inclusive economy among all categories of companies in the membership of MAN, through the establishment of structured and mutually-beneficial linkages between the large corporations and small and medium industries,” he said.
Earlier in an exclusive interview with our correspondent, the Director of Corporate Affairs in the association, Mr Ambrose Oruche, informed our correspondent that MAN had concluded plans to create a link between small businesses and big ones, where the small businesses would serve as suppliers to the large firms.
He said the programme would consist of training operators in the small enterprise sector on the quality of input that the large organisations required and the quantity that they could be secured.
About 200 operators in the SME sector are suppliers of raw materials to the General Electric.
The Managing Director, GE, Mr Lazarus Angbanzo, told our correspondent that the organisation picked the operators and put them through training in the firm’s raw materials value chain, after which they are engaged as suppliers to the firm.
He said the operators were also empowered to create the kind of products that could not only be supplied locally but could be exported.
Oruche said that the reason why manufacturers were not patronising local suppliers was because the quality of what the manufacturers wanted could not sometimes be sourced locally, necessitating an increasing reliance on importation.
FBNHoldings Renews Adesola Adeduntan Tenure, Appoints Nnamdi Okonkwo as GMD
The Board of FBN Holdings Plc (FBNHoldings) has appointed the immediate past Managing Director of Fidelity Bank Plc., Mr. Nnamdi Okonkwo as its Group Managing Director.
Okonkwo’s appointment takes effect from January 1, 2022.
His appointment followed the retirement of Mr. U.K. Eke, who has completed his two-term tenure.
Uke, according to the board, tendered his Notice of Retirement on August 10, 2021
The Board further announced the renewal of the appointments of Dr. Adesola Adeduntan and Mr. Gbenga Shobo as the Managing Director and Deputy Managing Director of FirstBank respectively, for another term.
In the same vein, the Board announced the renewal of appointments of Mr. Kayode Akinkugbe and Mr. Taiwo Okeowo as the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Limited respectively, for another term.
“Uke’s retirement takes effect at the end of the current Financial Year on December 31, 2021. Mr. Eke’s retirement follows from a 35 years’ career in financial services, strategy, auditing, consulting, taxation, process reengineering and capital market operations.
“FBNHoldings Board has also announced that Eke will be succeeded by Mr. Nnamdi Okonkwo, a focused and result-oriented top banker, who will assume office as Group Managing Director, FBN Holdings Plc effective January 1, 2022,” Seye Kosoko, the Company Secretary said
Okonkwo, the immediate past Chief Executive Officer of Fidelity Bank Plc, brings to bear on the Board of FBNHoldings more than 30 years unbroken banking career spanning local and international experience. He has a wealth of experience in transformational leadership, business strategy development and visioning, innovative corporate governance and risk management.
He has led the transformation of banks, with the most recent being Fidelity Bank, where he led the management team for seven years to achieve remarkable results culminating in tripling profit and shareholder value.
Are There Better Ways to Help Consumers Tackle Social and Environmental Problems?
Techniques used by online microfinance platforms to spur user involvement could be useful in helping organisations to persuade people to behave in ways that benefit both society and environment.
Microfinance platforms have popularised the idea that ordinary people can become bankers to the poor. Communities of lenders get together every day to crowdfund microloans to disadvantaged micro-entrepreneurs by investing small sums of around only 25 dollars.
A new study digs into the universe of these microloan platforms to investigate how they manage to attract investors and perpetuate their enthusiasm for responding to social problems such as poverty.
Researchers from the Universities of Birmingham and Southern Denmark have identified two major ways through which platforms maintain and potentiate lending. Their findings are published in the Journal of Consumer Research.
Firstly, the platforms assemble resources that function as an ‘apparatus of affirmation’ – providing first-hand evidence of impact that help consumers imagine the benefits of their actions, thereby creating a sense of empowerment.
Secondly, the platforms translate complex and distant social problems, such as poverty, into personal encounters between lenders and borrowers – creating a sense of connection and familiarity via photographs, stories and loan updates. This set of techniques is theorised as the ‘apparatus of relatability’.
Co-author Dr Pilar Rojas-Gaviria, Lecturer in Marketing at the University of Birmingham, comments: “Organisations such as microlending platforms, which strive to mobilise responsible consumers, face two key challenges – overcoming the powerlessness felt when facing daunting problems, and removing a sense of disconnection from ‘faraway’ problems.
“Supplementing the power of ideas and knowledge with personal stories that inspire hope and aspiration, affinity and connection are powerful techniques that could be useful in inspiring consumers to more actively participate in efforts to tackle social and environmental problems, such as climate change.”
Through storytelling, imagery, platform design and communication, the researchers note that online microlending platforms nurture a feeling that genuine change is possible through affordable actions. They also develop a sense of affinity and empathy among potential investors with aspiring micro-entrepreneurs, particularly those from Low-and Middle-income Countries (LMIC).
For example, the platforms publish loan requests to showcase individual borrowers with first names, photographs, and short biographies. This personalised strategy effectively frames microlending as a virtual encounter with a borrower and their story of micro-entrepreneurship. Celebrities, such as actor Natalie Portman, have over the past years helped the microfinance industry to promote microloans as an act of hope that empowers resourceful poor in their efforts to escape poverty.
Co-author Domen Bajde, from the University of Southern Denmark comments: “The advent of online microlending has expanded the pool of potential investors to anyone with internet access and $25 to spare.
“After learning that lenders were more interested in ’emotional returns’ rather than financial profit from their loans, platforms began to dramatise microlending as an act of aspirational hope and affinity toward the entrepreneurial poor.”
The research is also significant for charitable giving, noting that donors are more likely to contribute when they see their donations as a way of empowering the disadvantaged and when donations are experienced as impactful investments.
Tunde Hassan-Odukale is FBN Holdings Largest Shareholder, Not Femi Otedola, FBN Holdings Clarifies
In response to the questions asked by the Nigerian Exchange Limited (NGX), FBN Holdings has said Mr. Tunde Hassan-Odukale, a Director of First Bank of Nigeria Limited is FBN Holdings Plc’s largest shareholder and not billionaire Femi Otedola.
In a statement signed by Seye Kosoko, Company Secretary, FBN Holdings Plc and released via the Nigerian Exchange Limited on Wednesday, Mr. Tunde Hassan-Odukale directly holds 26,231,887 shares or 0.07 percent.
However, his indirect holdings stood at 1,897,280,212 shares or 5.29 percent of FBN Holdings’ total issued shares.
Breaking down Mr. Tunde Hassan-Odukale indirect holdings, the director holds 755,959,459 or 2.11 percent shares through Leadway Assurance Company Ltd.
Another 486,605,478 shares or 1.36 percent via ZPC/Leadway Assurance Prem & Inv Coll Acct. He acquired 0.04 percent or 13,229,148 shares through Haskal Holdings Ltd. Mr. Hassan-Odukale also purchased 1,004,528 shares through Leadway Capital & Trust Ltd.
He then bought 112,552 shares through LAC Investments Ltd; 112,237 through Leadway Properties & Investment Ltd; 211,290,798 or 0.59 percent via Leadway Holdings (Holdco); 53,771,413 or 0.15 percent through OHO Investment and finally acquired 375,194,599 or 1.05 percent through Leadway Pensure PFA.
Therefore, Mr. Tunde Hassan-Odukale direct and indirect holdings in FBN Holdings Plc stood at 26,231,887 or 0.07 percent and 1,897,280,212 or 5.29 percent, respectively. In totality (Direct and Indirect), he holds 1,923,512,099 or 5.36 percent shares in FBN Holdings.
This is more than the 10,000,000 or 0.03 percent shares directly owned by Mr. Olufemi Peter Otedola and another 1,808,551,625 or 5.04 percent he acquired via Calvados Global Services Limited. Mr. Otedola total stake’s in FBN Holdings now stood at 1,818,551,625 or 5.07 percent. Making him the second-largest shareholder in the company.
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