Speaking during women empowerment webinar with theme: “Invest in Women: Accelerate Progress’’, organised by FirstBank in Lagos, Country Representative to UN Women Nigeria and ECOWAS, Beatrice Eyong, said development and growth in the economy are adversely impacted in environments where women lag behind.

She called for more investments towards women empowerment and capacity building that will enable them to thrive in their fields of specialisation.

Eyong said: “I commended FirstBank for having women hold top managerial positions in the bank. I congratulate FirstBank and other banks, including the private sector that is actually showing the way in terms of giving women access to decision making positions.”

“Statistics show that at least 20 per cent or even 22 per cent of top managerial positions are provided for women in the private sector especially in the banks , this is very good,’’ she said.

Eyong said because women were lagging behind, they could not efficiency and effectiveness have sustainable development.

She said: “until we have an equilibrium between the sexes, that is, we have 50 per cent men, and 50 per cent women benefiting, accessing, controlling, deciding, sitting on the table, we are not going to have sustainable development.’

Head, Sustainability Media and External Relations, FirstBank Group, Ishmail Omamagbe, reiterated the bank’s commitment to helping women achieve economic success.

The importance of the collaborative webinar stresses empowering women as vital for societal advancement, emphasising investment in education, health and in economic opportunities, as catalysts for progress in areas that support our economic growth and gender equality.

According to Omamagbe, the bank’s commitment to women’s economic empowerment has gone beyond simply offering financial products.

He said it involved actively implementing programmes and initiatives that supported women.

He listed  a six-point diversity and inclusion strategy of the bank as business rationale, senior leadership support, effective communication, employee engagement, accountability mechanism and progress tracking.

Omamagbe said that FirstBank being a signatory to the Women’s Empowerment Principles (WEPs), had further strengthened women empowerment as it relates to employees, customers and community.

These principles, he said, had been integrated in the bank’s operations and activities as core to its business philosophy.

WEPs, he added, had been implemented through various programs promoting gender equality in the workplace, supporting women entrepreneurs, and advancing women’s sustainable socioeconomic participation.

The keynote speaker, Mrs. Mo Abudu, Chief Executive Officer, Ebonylife Media, while narrating her journey to progress, urged women to invest in themselves and take advantage of available resources to accelerate progress and achieve their goals.

“You have to build yourself to be your own brand ambassador; if you can’t think of it, you can’t achieve it,’’ she said.

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IMF Managing Director, Kristalina Georgieva who broke the news yesterday in a report posted on the Fund’s website, said governments and central bankers must resist these pressures.

She said strengthening central banks’ independence will protect the global economy and help tame inflation.

“Independence is critical to winning the fight against inflation and achieving stable long-term economic growth, but policymakers risk facing pressure amid a wave of elections this year,” she said.

According to her, central bankers now face many challenges to their independence.

“Calls are growing for interest-rate cuts, even if premature, and are likely to intensify as half the world’s population votes this year. Risks of political interference in banks’ decision making and personnel appointments are rising. Governments and central bankers must resist these pressures,” she said.

Continuing, she asked: “But why does this matter? Just consider what independent central banks have achieved in recent years. Central bankers steered effectively through the pandemic, unleashing aggressive monetary easing that helped prevent a global financial meltdown and speed recovery”.

Georgieva said that as the focus shifted to restoring price stability, central bankers appropriately tightened monetary policy—albeit on different timelines. Their response, she stated,  helped to keep inflation expectations anchored in most countries even as price increases reached multi-decade highs. Emerging markets were leaders in tightening early and forcefully, enhancing their credibility.

“These central bank actions have brought inflation down to much more manageable levels and reduced the risks of a hard landing. While the battle isn’t yet over, their success thus far has largely been because of the independence and credibility that many central banks have built up in recent decades,” she said.

Georgieva said the recent success in bringing down inflation contrasts sharply to the economic instability that prevailed during the high inflation period of the 1970s. Back then, central banks didn’t have clear mandates to prioritize price stability, or clear laws protecting their autonomy. As a result, they were often pressured by politicians to lower interest rates when inflation was high.

“Everyone was hurt by this high inflation, boom and bust era—especially people living on fixed incomes who saw their real incomes and savings eroded. Success in reducing inflation only came in the mid-1980s when central banks were given political support to aggressively fight inflation,” she said.

Extensive research, including IMF’s, demonstrates the critical importance of central bank independence. One IMF study, looking at dozens of central banks from 2007 to 2021, shows that those with strong independence scores were more successful in keeping people’s inflation expectations in check, which helps keep inflation low. Independence is critical, and has become more predominant among countries at every income level.

Another IMF study tracking 17 Latin American central banks over the past 100 years examines factors including: decision-making independence, clarity of mandate, and whether they could be forced to lend to the government. It also found that greater independence was associated with much better inflation outcomes.

The bottom line is clear: central bank independence matters for price stability—and price stability matters for consistent long-term growth.

But to wield enormous power in democratic societies, trust is key. Central banks must earn that trust every day—through strong governance, transparency, and accountability, and delivering on core responsibilities.

Strong governance helps ensure that monetary policy is predictable and based on achieving mandated long-term goals, rather than short-term political gains. It starts with a clear legislative mandate that sets price stability as the main objective.

Even if employment is put on the same pedestal—as with the US Federal Reserve’s dual mandate—legislators have recognized that price stability aids macroeconomic stability, which ultimately supports employment.

Strong governance and independence mean central bankers should have control of their budgets and personnel, and not be subject to easy dismissal based on their policy views or actions taken within the legal mandate.

In exchange, they must be accountable, and they should be transparent. They should regularly explain how their actions seek to advance their legislatively mandated goals, both in detailed reports and through testimony before lawmakers. Because central bank decisions profoundly affect everyone, central banks and governments should continue working to raise economic literacy so the people can be part of the policy conversation.

And trust ultimately depends on their success in delivering price stability, and ensuring the financial system remains stable. Other branches of government have clear responsibilities in helping central bankers achieve their mandated objectives and navigate hazards ahead. This includes not only laws proclaiming independence, but also following the letter and spirit of such laws.

It also means taking into account how other policy actions impact the job of central bankers. Enacting prudent fiscal policies that keep debt sustainable helps to reduce the risk of “fiscal dominance”—pressure on the central bank to provide low-cost financing to the government, which ultimately stokes inflation. Fiscal prudence also provides more budget space to support the economy when needed, bolstering economic stability. Another government responsibility that is often shared with central banks: maintaining a strong and well-regulated financial system.

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She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. Dame (Dr.) Adaora Umeoji is the first female GMD/CEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.

Prior to this appointment, Dr. Umeoji has been the Deputy Managing Director of the bank since October 28, 2016 and has close to thirty (30) years cognate banking experience of which twenty-six (26) years has been with Zenith Bank.

She is an alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program. She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting and a First-Class honors in Law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.

She holds a Certificate in Economics for Business from the prestigious MIT Sloan School of Management, USA, and has attended various management programmes in renowned Universities around the world including the strategic thinking and Management programme at Wharton Business School, USA. She also attended the executive program in Strategic Management, and has a Certificate in Leading Global Business all from Harvard Business School, USA.

She is a fellow of notable professional bodies including the Chartered Banker Institute, UK, Chartered Institute of Bankers of Nigeria, Nigerian Institute of Management, Institute of Credit Administration, Institute of Certified Public Accountants of Nigeria, Institute of Chartered Mediators and Conciliators, and the Institute of Chartered Secretaries and Administrators of Nigeria among others.

In 2022, the Federal Government of Nigeria honored Dr. Umeoji with Officer of the Order of the Niger, as a recognition of her contributions to nation building. She is a Peace Advocate of the United Nations (UN-POLAC).

She has impacted many lives through her philanthropic and humanitarian activities through her NGOs; Pink Breathe Cancer Foundation and the Adorable Foundation that educates, caters for Cancer patients and indigent children education especially the Girl-Child. Her contribution to humanity was recognized by the Sun Newspaper which recently bestowed on her the Humanitarian Service Icon Award for 2023.

As a result of her passion for promoting professionalism in the banking industry and improving the well-being of the less privileged, Dr. Adaora Umeoji, OON founded the Catholic Bankers Association of Nigeria (CBAN), a platform she uses to promote ethical banking and service to humanity.

She is a Lady of the Order of Knights of St. John International (KSJI), and was awarded a Papal Knight of the Order of St. Sylvester by His Holiness Pope Francis.

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This visionary and accomplished leader is bringing an outstanding record of accomplishments, wealth of expertise and leadership to guide the group into a new era of success.

In response to the untimely passing of the immediate past Group Chief Executive Officer of Access Holdings, Dr. Herbert Wigwe, and following extensive consultations with key stakeholders, the Holdco Board unanimously decided to invite Aig-Imoukhuede to the helm of governance.

With an illustrious career spanning several decades in the banking and finance sector, Aig-Imoukhuede has proven to be an exceptional and influential leader, having admirably laid a solid foundation for Access Bank’s success as Group Chief Executive Officer between 2002 and 2013 ably supported by his partner and deputy, the late Dr. Herbert Wigwe, who later succeeded him.

Under Aig-Imoukhuede’s leadership, Access Bank experienced remarkable growth and established itself as a trusted financial institution within the community. The bank transformed from a minor player into one of Nigeria’s top 5 banks with presence in 9 other African countries and the United Kingdom. Under his stewardship, Access Bank grew its customer base from ten thousand to over six million with more than 5,000 employees and an asset base of $12 billion, achieving numerous milestones and becoming a globally recognized name. His strategic vision, innovative thinking, and deep market insight were instrumental to shaping the Bank’s success.

Following his retirement as the Bank’s CEO in December 2013, Aig-Imoukhuede cofounded the Tengen Family Office Limited which oversees a significant portfolio of investments and businesses in banking, finance, insurance, technology, real estate, and energy. Through the Aig-Imoukhuede Foundation, he is focused on building Nigeria’s next generation of government leaders, helping transform public sector effectiveness, and improving access to quality primary health care.

The decision to bring back  Aig-Imoukhuede as the Group’s Non-Executive Chairman reflects the Board’s commitment to our core values and determination to build upon the strong foundation, he jointly established with Dr. Wigwe. With his return, Access Holdings aims to leverage his extensive experience, industry knowledge, and exceptional leadership skills to consolidate on the growth and accomplishments recorded under Dr. Wigwe’s leadership.

In his new role as Non-Executive Chairman, Mr. Aig-Imoukhuede will collaborate with the Board of Directors to oversee strategy and provide guidance to the executive management team. His return is not only a testament to his unwavering dedication to Access Group but also a clear demonstration of the Board’s confidence in his ability to lead the Group to new heights.

Speaking about his return, Abubakar Jimoh past Chairman, Access Holdings expressed his excitement, stating: “Mr. Aig-Imoukhuede’s appointment to the Board and subsequent election as Chairman is a landmark development for Access Holdings. All our board members are excited about our future’’.

Commenting on his appointment, Aig-Imoukhuede, said: “I am thrilled to be back in active service to the Access Group ecosystem. I am confident that working with our directors, our exceptional team of executives and our best-in-class banking and finance professionals, we will deliver outstanding value to our esteemed stakeholders. I am determined that our shared vision which Dr. Wigwe gave everything for, will be realized”.

The entire Access Group family, including employees, customers, and stakeholders, eagerly anticipates Aig-Imoukhuede’s return and looks forward to a promising future under his leadership. With his expertise, passion, and commitment, the Access Group is poised to embark on a new chapter of impact and sustainable success.

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Tagged Ability Over Gender, the occasion provided the Bank with another unique opportunity to showcase its commitment to gender inclusivity and promotion of female excellence and competence across different fields of endeavour.

The event highlighted a keynote address by Union Bank’s new CEO, Yetunde B. Oni, who reiterated the financial institution’s commitment to continually champion the cause of women’s advancement and other underrepresented communities while pushing for their inclusion and recognition in otherwise closed-off spaces.

A special panel session moderated by Chioma Nwokike, Head of Retail Segments and αlpher, followed soon after the keynote address. The panellists included Chinasa Collins-Ogbuo, Advocacy & Communications Lead at EFInA (Enhancing Financial Innovation & Access); Dr. Zahra Modibbo, Managing Partner, Débbo Africa; Olajumoke Daramola, Specialist Advisory Services Africa, Women’s World Banking; and Esohe Adetola, Learning Solutions Manager at Shell Nigeria, who lent their voices on how to change the narrative around inclusion and truly create an environment that enables women to truly thrive and excel ‘Because She Can’.

Speaking at the sidelines of the event, Olufunmilola Aluko, Chief Brand & Marketing Officer at Union Bank, said: “Union Bank, at its core, stands for equal representation and acknowledgement of the incredible skills and ability women bring to the table notwithstanding the industry or enterprise they engage in. The message behind this year’s theme is a call for everyone to strive for a fair, equitable world where individuals are judged and assessed on the depth of their capability rather than their biological makeup.”

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The Green Finance Conference, organised by AGF and sponsored by NDF, is a crucial response to the challenges posed by climate change within the framework of Nationally Determined Contributions (NDCs). With a focus on providing enhanced expertise to African countries, the conference aims to facilitate increased financing for low-carbon development.

The conference holds paramount significance for financial institutions as it realistically analyses existing opportunities and proposes practical solutions to address financing for Small and Medium-sized Enterprises (SMEs) committed to green growth and climate-resilient development.

Previous Green Finance Conferences & Trainings have been held in Zambia, Kenya, Ghana, Côte d’Ivoire, Senegal, Benin, Mozambique, and Malawi. Building on this success, the 9th Edition promises to be an enlightening and impactful event.

The event includes a specialised three-day Green Finance Training for Senior Executives of financial institutions. Tailored to equip financial leaders with the tools and knowledge necessary to navigate the evolving landscape of sustainable finance, this training will focus on Credit Risk and Product Development in the context of Green Finance.

AGF Group Director of Business Development, Franck Adjagba said, ‘‘We are establishing a significant collaboration with banks to secure funding for environmentally friendly micro, small, and medium enterprises (MSMEs) in Nigeria. The goal is to ease the financial support for green businesses in the country. Nigeria plays a pivotal role in global climate discussions and contributes significantly to shaping AGF’s objectives of enabling the country tailor its strategies towards global discourse on climate-related matters.’’

The upcoming Green Finance Conference and Training, spanning four days, promises a dynamic gathering of key stakeholders, including Government representatives, Development Financial Institutions, CEOs, NGOs, and Green SMEs. This collaborative platform will discuss financing challenges and opportunities for Green SME projects, offering a rich environment for innovation and insight.

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In a report released yesterday, the analysts- Andrew Matheny and Bojosi Morule predicted that the naira is grossly undervalued.

They said the local currency will appreciate as Nigeria sustains its transition away from unstable monetary policies and significantly negative real interest rates, fueling  significant depreciation of the naira. 

They said that for the local currency to appreciate, Nigerian authorities are expected to sustain the orthodox monetary pathway and tighten policy adequately to draw in the needed capital inflows. 

Across the forex market market last week, the Naira remained stable and traded within a similar band as the previous week. At the official Window, the naira fell 4.9 per cent against the base currency (dollar) to N1627.40/$1.00. Similarly, the price currency (naira) dipped 5.3% w/w against the base currency (dollar) to N1600.00/$1.00 at the parallel market.

Analysts at Afrinvest West Africa noted that the spread between the official and parallel rates sustained its streak for the second week though weekly average declined 98.8 per cent to N27.40.

In the week ahead, the Naira is likely to trade within a similar band across FX segments, supported by intensified regulatory spotlight.

Continuing, the Goldman Sachs analysts lauded the recent monetary policy transitions under President Bola Tinubu, noting the significant shift towards inflation targeting and a more flexible exchange rate as positive developments. 

The report said:“We argued that addressing Nigeria’s currency and external liquidity crisis required positive real interest rates and capital inflows, conditions that were both present – at least in a limited form – for the first time last week on the back of the central bank’s monetary policy adjustments and bill issuance. 

“In our view, this is the cue to turn constructive on the FX outlook, even if more decisive rate increases and confirmation of the policy shift are likely required to attract meaningful foreign inflows. This is especially the case given that, in the near term, inflation on our estimates is likely to rise further on the back of lagged currency depreciation, and given that real interest rates are still comparatively low relative to elsewhere (most notably Egypt, which is likely to be a beneficiary of large inflows on the back of recent policy adjustments),” it added.

. They added: “We think the Naira looks cheap on a REER basis in a historical context. Added to this, the current account surplus was +3.5 per cent of Gross Domestic Product in third quarter of 2023, and we expect it to increase above +5.0 per cent on the recent FX moves and associated import compression. We thus see reason for the Naira to be undervalued, and we see it appreciating to 1200 within the next 12 months.” 

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Retail Supermarkets Nigeria, owners of Shoprite Nigeria, was recently acquired by Persianas Investment Limited and other key institutional investors, making it a fully Nigerian-owned business that contributes to the country’s economy and provides employment opportunities for its citizens.

In an interview in Lagos, Adeleye explained that “despite the challenges posed by the naira depreciation, Retail Supermarkets Nigeria has maintained its high-quality products and services for its customers and plans to open more stores that showcase a wide variety of Nigerian-made products and international brands”.

Adeleye explained that like any retail business operating in a continually evolving economic landscape, Retail Supermarkets Nigeria face various challenges, including naira depreciation.

“While the increased costs of importing goods and supply chain disruptions pose challenges, the depreciation of the naira has also created opportunities for growth and localization. Despite efforts to remain competitive, we have adjusted prices to reflect the increased costs, potentially affecting customer purchasing power,” she explained.

Adeleye explained that the company has faced various challenges such as increased costs of importing goods, supply chain disruptions, and product availability due to naira depreciation. However, the company has implemented robust procurement strategies, strengthened local supplier relationships, and focused on sourcing products locally to mitigate challenges and support the economy.

“To overcome the challenges posed by naira depreciation, we have implemented robust procurement strategies, strengthened local supplier relationships, and focused on sourcing products locally to mitigate challenges and support the economy. It also catered for diverse purchasing powers and promoted affordability through promotions and discounts,” she added.

She disclosed that the company is actively exploring opportunities to expand its business operations to better serve communities and provide convenient access to quality products while fostering economic growth and development. To stay ahead of the competition, the company has adopted various strategies such as a strengthened value proposition, enhanced customer experience, efficient supply chain management, technology integration, local sourcing, and continuous innovation.

“We are considering innovative solutions tailored to the specific needs of customers. We aim to provide convenient access to quality products while fostering economic growth and development,” she said.

On competition in the industry, Adeleye emphasized its importance for growth and market development. The company has adopted strategies such as a strengthened value proposition, enhanced customer experience, efficient supply chain management, technology integration, local sourcing, and continuous innovation. Shoprite keeps up with the latest trends to offer relevant and useful products. It trained the staff to provide better customer service and utilised technology to gain insights into customer preferences and optimise operations.

The company is actively exploring opportunities to expand its business operations to better serve communities and provide convenient access to quality products while fostering economic growth and development. To stay ahead of the competition, the company has adopted various strategies such as a strengthened value proposition, enhanced customer experience, efficient supply chain management, technology integration, local sourcing, and continuous innovation.

Adeleye believes that competition in the retail industry is essential because it helps the industry grow and improve. To stay ahead of the competition, the company has adopted strategies such as a strengthened value proposition, enhanced customer experience, efficient supply chain management, technology integration, local sourcing, and continuous innovation. The company has partnered with local suppliers and distributors, providing quality products, fresh fruits and vegetables, ensuring everyday low prices, and easily accessible stores while monitoring industry trends and consumer needs to ensure that offerings remain relevant.

Overall, she noted that the retail industry in Nigeria is thriving and presents good investment opportunities for those interested. “Retail Supermarkets’ success in adapting to the local market is a testament to the opportunities available for businesses in Nigeria,” she added.

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In a report released yesterday, industry experts said with certification in Enterprise Risk Management (ERM), the new AMCON boss will be deploying the much-needed knowledge for motivating AMCON towards exploring alternative strategies that include debt-equity swaps and effective legal procedure for timely retrieval and management of debts.

Alade, they said is aware of the challenges before him and expectations  from stakeholders across the board. Raheem Ajayi, a risk management expert based in Abuja, said:

“He recognizes the onerous responsibility of delivering on the critical mandate of cleaning the financial system by acquiring the non-performing loans from banks and other eligible financial institutions (EFIs). The new man at the saddle at AMCON can be trusted to ensure efficient management and accountable disposal of acquired assets to optimize returns and contribute to the overarching objectives of the Renewed Hope Agenda of President Tinubu to make the Nigerian economy stronger and viable”.

Another industry expert, Miachel Adigun, said AMCON under the new leadership is expected to change the narrative of recurring debt evasion debtors and penchant for dubious technicalities to frustrate asset recovery.

“The new AMCON has requisite experience and the know-how to make AMCON become an accelerated debt recovery corporation considering his track-record. While at the Bank of Montreal (2006 – 2009), the new AMCON chief was part of a team that implemented Base 2 capital accord and developed metrics for enterprise risk reporting,” he said.

Alade’s knowledge and skills in risk management and governance control process  was brought to bear while serving as the Managing Director and Chief Executive Officer of Guaranty Trust Bank in Sierra Leone. He is reputed to have managed the Bank to become number one in Sierra Leone in terms of service delivery and profitability which earned the bank four consecutive Best Bank Award in Sierra Leone for 2014, 2015, 2016 and 2017. Mr. Alade won the Bankers’ CEO award in 2014, 2015 and 2016.

“ AMCON is expected to be more strategic and effective by collaborating with other agencies and by exploring alternative dispute resolution mechanisms as well as strengthening legal frameworks. There is no doubt that stakeholders anticipate that the pedigree of the new AMCON chief executive would help prevent the accumulation of non-performing loans which often necessitate fostering of risk management regimes within the banking sector through responsible lending and effective enforcement of regulations,” Adigun said.

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