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UBA Business Series: Experts Site Innovation, Persistence, Regular Assessments, Key for Lasting Businesses

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3 weeks ago

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As part of activities to commemorate its 75th anniversary, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has held a special edition of its quarterly Business Series with the aim of boosting business sustainability, especially for its customers who run Medium and Small-Scale Enterprises (MSMEs).

This edition of the UBA Business Series was held at the Tony Elumelu Amphitheater in UBA House on Thursday with the theme: “Built to Last: Building Generational Businesses”, and at the event, veteran businessmen and Chief Executive Officers from various fields of business shared valuable insights on how SMEs can run profitable ventures that will stand the test of time.

Professionals who have run businesses for several years including Veteran Stand-up Comedian/CEO XQZMOI Television, Atunyota Ali Akpobome (Ali Baba); Creative Photographer, Kelechi Amadi-Obi; CEO, Diaryofakitchenlover, Omotolani Tayo-Osikoya (Chef T); and CEO, Melvin Marsh International Ltd from Kenya, Flora Mutahi, took time to explain how passion, creativity and evolution are important if businesses are to last and remain relevant in the future.

“As a business owner, you need to come up with ways to ensure that you stay on top of your game and remain relevant, this is where creativity comes in, you need to study the sector where you operate and come up with ways to bring dynamism to your business,” Ali Baba said.

On her part, Chef T advised SMEs to continue to look for ways to stand out in their businesses; “You need to figure out your differentiating factor, it is about knowing what your customers expect of you and finding a way to achieve that,” she stated.

Speaking on his winning strategies, Kelechi Amadi-Obi, said, “My goal has always been to make an impact, first for myself and then for the client, because, I believe that your product is a function of your creativity, therefore you need to evolve.”

Flora Mutahi, who joined virtually from Kenya, admitted that indeed Africa has great potential to harness the entrepreneurial spirit that has become a revolution, and thus emphasised the need for persistence in growing a brand that lasts.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who appreciated the professionals for the insightful business tips, remarked that as a thriving global financial institution with operations across 20 African countries and four business nerve centres including US, UK, France and UAE, UBA which in itself has lasted over seven decades focuses on empowering other business owners to build sustainable businesses.

“At UBA, it is not just about Banking, we are also passionate about helping our customers to grow thriving businesses, and that is why we do this on a regular basis. I therefore commend these professionals who have taken time to come and share insights on building sustainable businesses. I know we have learnt a lot, and this will go a long way for all of us,” he explained.

The UBA Business Series is a regular seminar/workshop organised by the bank as one of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses, especially in difficult business challenges.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Business

How Public-Private Partnership Projects Attracted $500m Investment – FG

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22 hours ago

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September 19, 2024

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Nigeria investment

Public-private partnership (PPP) projects appear to be of great benefit to Nigeria, particularly within the last year.

Within this period, these projects have attracted over $500 million worth of investment, according to the Infrastructure Concession Regulatory Commission (ICRC).

The Director-General of the ICRC, Dr. Jobson Ewalefoh made this known during his courtesy visit to the Minister of Interior, Hon. Olubunmi Tunji-Ojo.

During the visit, Ewalefoh felicitated with Dr. Tunu-Ojo as the latter was honoured with the PPP Icon Award.

According to him, the $500 million in investments through various PPP projects wouldn’t have been possible without Dr. Tunji-Ojo.

To ensure compliance with statutory requirements, Ewalefoh detailed that the commission will carry out a performance audit of all PPP projects

To him: “We have mechanisms in place to begin auditing PPP agreements, not to terminate them but to optimize them for national benefit. Compliance with the insurance policy is key to protecting our national assets under these partnerships.”

Minister Ojo received praise from Dr. Ewalefoh for his efforts in revenue generation and the continuation of abandoned projects.

Ewalefoh revealed that the past year has the highest number of PPP projects presented to the Federal Executive Council (FEC), a development he attributed to the efforts of the Ministry of Interior.

On the other hand, Minister Tunji-Ojo said the government is more focused on fostering private-sector participation.

To him, this will help bridge resource gaps and create a conducive environment for investments.

Key PPP initiatives within the Ministry include the e-gate system, the Advanced Passenger Information System, and the upcoming Gap Management System, as detailed by the minister.

Minister Ojo signifies that the $500 million investment recorded in the past year is just the beginning of the many benefits of the PPP initiative.

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Makinde Moves to Make Ibadan South-West Business Hub With N41bn Ibadan Airport Upgrade 

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22 hours ago

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September 19, 2024

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Business metrics - investors king
With a view to making Ibadan, the Oyo State capital the business hub of South West region, Governor Seyi Makinde has officially flagged off the N41bn upgrade of the Ibadan airport, renamed Samuel Ladoke Akintola Airport.
Speaking at the the ground-breaking ceremony for the project held at the airport premises in Ibadan, Makinde said his administration is focused on eradicating poverty in the state saying tye airport is an investment in the future.
Disclosing that the project is expected to be completed within a year, the governor noted that the project has been prioritised by his government since 2019, emphasising his commitment to transforming Ibadan into a regional business hub in the Yoruba region.
The governor stressed that the vision of his  administration is fighting poverty and not the poor, admitting that there is hardship in the country of which the project, when completed, would partly contribute in tackling.
Governor Makinde posited that the airline initiative would enhance transportation and attract businesses, tourists, and investors to the region.
For the governor, the upgrade would facilitate modern touch to the airport, of which is essential for connecting the state to the global economy and drawing economic activities to Oyo.
According to him, the airport upgrade will cost N41 billion and that it is expected to enhance air travel operations and provide a reliable transportation network for both business and leisure travelers, positioning the state for economic growth and development.
Meanwhile, the Osun State Governor, Ademola Adeleke, who was the special guest at the event, described Makinde as one who actualises development projects.
He expressed willingness to collaborate with the state to explore mutually beneficial opportunities for both states.
Governor Adeleke reiterated his assurance to completing the 12 years Osun Airport project which his administration inherited, saying it would soon become a reality.

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Business

Nigerians Lost ₦42 Billion To POS, Mobile Phone Frauds In 3 Month – Report

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1 day ago

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September 19, 2024

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cybercrime - Investors King

The Financial Institutions Training Centre (FITC) has expressed concerns over the increasing cases of fraud in Nigeria.

This is as the institution reveals that it recorded a total of 11,532 fraud cases only in the second quarter of 2024.

In a latest report, FITC revealed that many of these frauds were linked to computers, mobile devices, and point-of-sale (POS) systems.

Also, the report revealed that these frauds did not start now.

It started in 2023 and now, like a deadly plague, it has crawled into the first quarter of 2024.

In the second quarter, the total value of fraud stood at ₦56.3 billion, a significant increase from the ₦34.8 billion reported in the first quarter of the year.

Despite efforts by financial institutions to recover the stolen funds, only ₦13.7 billion was salvaged leaving fraudsters smiling home with a whooping ₦42.6 billion.

When we talk about Mobile fraud, we mean fraud carried out via mobile apps and internet banking.

This fraud scheme accounted for 33.4% of the total cases in the report, making it the largest category.

Fraudsters who operate via POS did not disappoint.

They contributed 24.6% of the cases.

Web-based fraudsters were well represented, holding 16.9% of the total fraud incidents.

Meanwhile, via the report, FITC decried the increase in computer-based fraud as a growing concern.

The report reveals how bank branches counted their losses, with 95% of the total fraud value occurring at the branch level.

Of a truth, there have been many advancements and upgrades in technology.

Yet, fraudsters continue to excel.

We cannot help but blame this on the insiders who betrayed their organizations.

During the quarter in question, 49 employees were dismissed for their involvement in fraudulent activities.

The report also brought to light a new kind of fraud.

It is called fraud by magnitude.

Fraud by magnitude caused bank branches to lose approximately ₦54 billion.

That amount signifies a staggering 95.63% of the overall fraud amount.

Web-based fraud followed closely with losses of ₦1.2 billion (2%).

POS and mobile fraud each contributed around 1%, resulting in ₦651 million and ₦547 million losses, respectively.

On the bright side, there was a 31.8% decline in card-related fraud, but cheque and cash fraud surged significantly.

This rise in cash-related fraud reaffirms that criminals are also updating their skills as the days go by.

The big question is, what is the way forward?

For FITC the use of advanced technology, including artificial intelligence may be worth a shot.

Also, attention must be paid to proactive measures, such as bolstered security systems and continuous training of staff, as critical to reducing fraud.

As detailed in the report, fraudsters have stolen a total of ₦42.6 billion from commercial banks between April and June 2024.

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