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Embrace Digital Technology, Elumelu Tells Students, Young Professionals

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Tony Elumelu
  • 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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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