- Embrace Digital Technology, Elumelu Tells Students, Young Professionals
The Chairman of United Bank for Africa (UBA) Plc and Heirs Holding, Mr. Tony Elumelu, has stressed the need for students and young professionals in the financial services sectors to update their knowledge and embrace modern technology.
This, he said would enable them remain relevant and succeed in the profession.
Elumelu, said this while delivering a paper at the 2019 Annual Lecture of the Faculty of Management Sciences, University of Lagos, Ojo Campus, with the topic, “The Future of Finance –Technology at Play.”
The UBA chairman who was represented at the occasion by the Executive Director, UBA, Mr. Ayoku Liadi, told the students that the, “key to continuous relevance is staying awake and staying disruptive.”
He said: “I usually consider it a great privilege to address young innovative minds, especially in a reputable institution of learning like Lagos State University.
“The reason is because it is a rare opportunity to address or contribute to ‘the future.’ The future is here and you are the future!
“However, I will like you to note certain points that may shape the future of someone here today. The key to continuous relevance is staying awake and staying disruptive.
“Therefore, ‘Stay Awake! Stay Disruptive!!’ What does it mean to stay awake and to stay disruptive? It means to: Always be on the cutting edge of knowledge and emerging innovations in the marketplace.
“Constantly seek better, easier, more effective and perhaps, cheaper ways of doing things. Never, never, accept the status quo. Have a learning mindset, one that is ready to embrace changes no matter how ‘sudden, rude, unexpected or uncomfortable’ those changes might be.
Elumelu added: “Remember, the only constant thing in this fast-paced world is change. The future you will experience is one of your creation, imagination, vision and exposure.
“You may not be able to see the future; but with the right insight, you can prepare for it. This means the future favours only the prepared.
“Think ‘GLOCAL’ – have a global outlook towards life, while not neglecting local considerations. Keeping pace with changing technology is the number one initiative that the finance function must embrace in today’s fast-changing world.”
While emphasising the need to build finance and banking professionals that would meet the demands of the finance function of the future, Elumelu advised the academia on need to graduate from imparting traditional technical accounting and finance skills, to embracing modern technologies in the delivery of skills needed to build a global finance professional of the future.
According to him, “as finance graduates and professionals, we need to be aware that it is no longer business as usual, and with the fast-changing landscape, it will never be business as usual.
“Traditional knowledge of finance is getting stale in today’s business world and indeed there is dire need for retooling our skills if we must remain relevant in tomorrow’s financial world”.
Earlier in his remark, the Chairman of the occasion and Executive Secretary, Institute of Entrepreneurship, Dr. Rotimi Oladele, described the topic of the lecture as “apt and a round peg has been fitted into the round hold.”
“For me, I see the future as where the air will replace currency, coins, cheques, ATM/Cards, teller, invoice, receipt and whatever. All that is needed will be keyboarding. Once you have your codes, you press buttons and buy or sell or deposit or withdraw,” he added.
Portland Paints, Chemical and Allied Products Plc Agreed to Merge
Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.
In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).
Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.
“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.
“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”
Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17
Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.
The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.
It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.
The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.
A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.
In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.
“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.
Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.
“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.
Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods
Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.
Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.
Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.
He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.
“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.”
According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.
After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.
The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.
Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.
Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.
“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”
He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.”
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