custom boss

The Innovative Leadership of Bashir Adewale Adeniyi in the Nigerian Customs Service

Bashir Adewale Adeniyi, Comptroller General (CG), Nigerian Customs Service (NCS), is a leader-manager who inspires by developing trust, coaching and teaching, and attracting and nurturing talent. With these values, he has been repositioning the NCS by institutionalizing credible leadership and strong managerial acumen to achieve the objective of the federal government.

In a landscape where leadership often falters, CG Adeniyi stands as a beacon of hope, spearheading a transformation within the Nigerian Customs Service (NCS) that resonates with trust, innovation, and meritocracy. Since assuming the role of Comptroller General (CG) on June 19, 2023, Adeniyi has redefined the contours of leadership, reshaping the NCS into a dynamic service for progress.

On 5 February 2024,  CGC Adeniyi, presented the Service’s 2024 budget to the Nigeria Senate Committee on Customs at the National Assembly. The CG, while defending the 2024 budget of 706.43 billion naira, focused attention on consolidating carried-over projects, increasing staff welfare by improving and motivating officers’ performance, and integrating technologies into Customs processes. Regarding Officers’ welfare, CG Adeniyi mentioned that Officers would  be encouraged in various ways to increase efficiency and improve their well-being, adding  that this would be done through awards, promotions, and payment of allowances.

Additionally, the Comptroller General pledges to surpass the revenue target of 5.079 trillion naira in 2024. According to him, the revenue target for 2024 is 27.75 percent higher than the target of 2023. Furthermore, the Comptroller-General outlined strategies to achieve the 2024 target, including implementing the National Single Window championed by the Federal Ministry of Finance. He also harps on strategies to agonize and standardize Customs processes, port decongestion, collaboration with other agencies for efficiency and competitiveness, anti-smuggling operations, integrating ICT into operations, investing in capacity building, and stakeholder engagement, among others.

The CG also emphasized supporting local production and taking food security seriously. He stated, “We intend to grant waivers to vehicle owners to pay duties within a specific time to avoid sanctions and to regularize the importation of vehicles through payment of duties.” He added, “The service plans to recruit 1,600 personnel in 2024. The low figure is due to the small vacancies we have available. These vacancies are primarily for junior staff who will carry out Customs operations and guard duties. In subsequent years, more recruitment exercises will be carried out.” CG Bashir, however, noted that the Service had a shortfall by 12.62 percent in its 2023 revenue target, citing concessions in section 99 of the Common External Tariff (CET), import duty exemption certificates, cash crunch, general elections, and other factors affecting revenue generation negatively. He assured of a positive outcome in 2024.

Senator Isa Jibrin, Chairman of the Senate Committee on Customs, applauded the CG for the progress and success achieved in his brief tenure in Office, beckoning him to perform better as the house will support him in terms of remuneration and infrastructure to meet up with the 2024 target. The senator is right, indeed, for then CGC has made some achievements since coming into office.

Adeniyi’s ascent to the pinnacle of the NCS was not a result of political patronage or ethnic affiliations but a testament to his unparalleled expertise and commitment. Few can match his dexterity in navigating the Nigeria Customs’s matrix or relationship rapport with its partners and global players. Appointing such a distinguished talent to the CGC level also signalled meritocracy in play. Against this backdrop, the waves of praises witnessed when he was appointed stand astonishingly to the type of person he is.

Thus he is no outsider parachuted into leadership level overnight by political patronage or ethnic connections.  His leadership ethos revolves around the principles of trust-building, coaching, talent nurturing, and institutionalizing credible leadership. Under his stewardship, the NCS has undergone a profound metamorphosis, driven by a relentless pursuit of excellence and a vision for a modernized customs service.

At the heart of Adeniyi’s strategy lies a digital creative drive aimed at enhancing customs’ efficiency. Leveraging cutting-edge technologies such as robotics and Artificial Intelligence (AI), Adeniyi has orchestrated a wave of innovation within the NCS, yielding tangible and verifiable results. Collaborations both locally and internationally have paved the way for transformative projects that not only empower customs personnel but also bolster the nation’s economy.

Through this, he has helped in creating innovative projects that are repositioning the fortunes of Customs personnel, officers and the overall economy at large. He has shown leadership and value creation in different fronts.

Adeniyi’s leadership acumen has earned accolades on multiple fronts. His adept navigation of the complexities within the NCS and his strategic rapport with global stakeholders underscore his unrivaled dexterity. By championing meritocracy and value creation, Adeniyi has set a new standard for leadership excellence, inspiring a wave of praise and admiration. In the area of human resource development, he is doing wonders. Here CG Adeniyi on this.

“In order to achieve our objectives, it is imperative that we bridge the current human resource gap within our ranks. We recognize the importance of capacity building and career advancement for our officers. The administration will work diligently to implement career advancement opportunities approved by the board, ensuring that competence remains.”

According to him, the sole criterion for assigning responsibilities and measuring effectiveness is by merit. Said he: “Our focus is on cultivating a highly skilled workforce that is equipped to face the challenges of a rapidly changing world.”

This, he has accomplished, in part, through training and graduation of over 50 customs officers. The Ag. CG also inspected the proposed 100 hectares of land for the Federal Operations Unit A, Government Warehouse and Customs Training School, close to the Ogun Agro International Airport Project Site, on Monday, 7th August, 2023.

In asserting the relevance and authority of the Zonal Headquarter, Adewale Adeniyi said the office will be relocated and given a facelift – this is coming after 48 years.

In the area of NCS staff welfare, the CG is also doing much. He acknowledge the harsh and hostile environment in which his officers and men are compelled to function. As a result, he prioritize the welfare and well-being of customs personnel.

“By providing better remunerations, improved accommodation, life insurance, and quality healthcare, we aim to create an environment that supports and motivates our workforce. We understand that a well-motivated team is instrumental in achieving our aims and objectives.”

While speaking on this development, he also  highlighted the need for collaboration and partnerships. “We value the relationships we have built with our Partner Government Agencies and the private sector. These collaborations have been vital to our adoption of technology as a tool to enhance revenue generation and streamline processes.”

The partnerships, he said, would be strengthened with more stakeholder engagement, through revitalized platforms.

Equally, last August 2023, under his watch, 50 Officers of Junior (Course 16) graduated from the Nigeria Customs Command and Staff College in Gwagwalada, Abuja. The feat was in the commitment of the staff college’s dogged efforts to refine the work efficiency of the Officers and Men of the Nigeria Customs Service through training and re-training,

He further ensured insurance gaps were bridged and additional accommodation were also provided for officers. Similarly, the Ag. Comptroller-General of Customs Bashir Adewale Adeniyi MFR, following his tour to the Kaduna Area Command, paid a sightseeing visit to Customs Primary School, Barnawa, to assess the condition of the facility with the aim of renovating the school. This aligns with his efforts to promote education through Customs’ Social Program to the society.

Speaking to the School’s Assistant Headmaster, Adeshina Fatai, the CGC vowed to address both the short, medium and long-term needs of the school to create a conducive atmosphere for teaching and learning.
According to him, the Nigeria Customs Service, under his leadership, will view the problem at a superficial level and will do the best to raise the spirit of the school to educate the wards of the residents properly.

In the same August CGC, Adeniyi , extended a hand of fellowship to Dorian Home in Akure, Ondo State, an Orphanage home for Charity and Social Development.

According to him, the service has a responsibility to support and assist communities where they operate and carry out their mandates. Dorian Home has the structure, commitment and passion to drive its objectives.

He said the home has a capacity for almost a thousand kids, as there will be a need to feed, clothe and administer the proper medication to them. He assured of the assistance of the Service to the home.

The Customs CG also pledged his support to establish Customs primary and Secondary Schools Nationwide; he pledged after receiving the COWA delegation led by the National President and Wife of the CGC, Mrs. Kikelomo Adewale Adeniyi.

Most importantly, CG Adeniyi has engaged in strategic discussions with partners such as the WCO, Japan International Cooperation Agency (JICA), and the Japan Customs Administration. The discussions aim to garner support for establishing a customs laboratory, a significant milestone in enhancing customs operations and trade facilitation across Nigeria.

The NCS laboratory will provide comprehensive solutions to address challenges such as counterfeit goods, smuggling, and non-compliant imports, thereby bolstering revenue generation and ensuring the protection of public health and safety.

With its advanced analytical capabilities, the laboratory is expected to deliver precise identification, verification, and classification of goods, enabling efficient enforcement measures and informed decision-making while fostering an environment of trust and credibility within Nigeria’s trade ecosystem, marking a transformative step towards achieving seamless customs operations, trade competitiveness, and national economic growth in line with the vision of the President Tinubu-led Administration.

His engagements extended to fruitful discussions with relevant experts and donors, focusing on crucial areas such as conducting a Time Release Study (TRS), implementing the Authorized Economic Operator (AEO) program, leadership, and management development. These discussions underscore his commitment to comprehensive improvements and his inclination to adopt innovative solutions across various customs domains, ultimately enhancing operations.

In the area of port decongestion, he is at full throttle.
Reinvigorated by the collaboration with the Federal Ministry of Transport to decongest ports, the Permanent Secretary, Ministry of Transportation, Magdalene Ajani, and her team paid a visit to the CGC at Customs Headquarters Abuja on 6 July 2023. At the meeting, CG Adeniyi stressed the need to implement policies that create sufficient space at the ports.

The Permanent Secretary also assured the CGC that the overtime cargo disposal committee is working assiduously to implement policies that will decongest the four major ports in the country. “We are working in different dimensions, but the result will be prodigious, after launching a sensitization exercise to stakeholders and members of the ports community about the process.” She said,

Another of CG Adeniyi’s success strategy is sustaining critical bond with stakeholders.
Being a former PRO of the customs, he has no problems with consensus building. He has started a sustainable stakeholder’s parley, starting with sister security agencies. He has personally been to all the zones across the country leaving behind him, unbreakable bonds sealed with MoUs and partnership agreements.

Such bonds are visible with the Federal Road Safety Corps (FRSC), the Nigerian Drug Law Enforcement Agency (NDLEA), the Nigeria Police Force, as well as leaders of neighboring countries that share land borders with Nigeria, amongst others.

In July, 2023, he paid official visit to Seme border  in Lagos State and Jibia border Katsina State At Seme, Badagry and its environs, he urged local communities to support Law Enforcement Agencies in enhancing border security. His first port of call was the Palace of the Akran of Badagry Kingdom, His Royal Majesty, De Wheno Aholu, Menu-Toyi I.

Shortly after the decision by President Ahmed Tinubu to shut down the Nigerian/Niger borders, the Customs Boss visited the Governor of Katsina State, Dikko Radda, to solicit cooperation of border communities. He emphasized that while implementing the closure of the Jibia border, the Service will also devote energy to sensitize members of the communities on the reason behind the decision.

As a leader, Adeniyi through his accomplishments, is instilling on officers of the NCS and Nigerians, hope for success and a belief in the system. And as a forward-looking leader he is pro-actively empowering the workforce and also inspiring them to effortlessly accomplish their assigned duties.

The CGC is in renewed collaboration with Yobe State to ensure the state continues to benefit from the Service. He has also strengthened Customs community relations in Oyo State. The NCS has further aligned with the Borno State government to re-establish Cross-border Trade in the Northeastern part of Nigeria.

In July 2023, during a courtesy visit to Mr  Babajide Sanwo-Olu, Governor of Lagos state, which controls 70 to 75 percent of NCS’ total revenue collection. There,  CGC Adeniyi said he was  committed to steadily maintain a sound relationship with the state, where the bulk of its revenue comes from. He pledged partnership with the state government.

His words: “I also need to inform you that there’s an approval for a Badagry port. The whole idea is to build strategic infrastructure for our citizens; Lekki is on the eastern part, Badagry is on the western part so that we can decongest Apapa and Tin-can that have stretched their capacity”, he noted.

Critical Posting and strategic appointments forms a plank of his achievements. To boost service delivery, CGC Adeniyi made some strategic appointments and announced significant redeployment within the Customs department. They included the appointments of Comptrollers Florence Nanu Ogar-Modey and Queen Ogbudu as Acting Assistant Comptroller Generals Training and Doctrine Command (TRADOC) and Zonal Coordinator Zone B, respectively.

Also, some of the Comptrollers redeployed to various Customs formations, including Compt. Jaiyeoba Jide from Oyo/Osun Area Command to Apapa Area Command, Compt; Dera Nnadifrom Seme to Tin-Can Island Port; Compt. Timi Bomodi from KLT to Seme; Compt. Ahmed Abe from PCA Zone ‘C’ to Kaduna Area Command; and Compt. Babandede Mohammad from Lilypond Export Command to Lagos Free Trade Zone Command.

In addition to the redeployment, Compt. Dauda Ibrahim Chana from Investigation Headquarters to Kano/Jigawa Area Command, Compt. Martina Tilleygyado from Non-Intrusive Inspection to KLT Area Command, Compt. Oloyode Adekunle from Tin-Can Island Port to Import &/Export Headquarters while Compt. Zanna Chiroma will be leaving Import & Export for PCA Zone ‘C, among many others.

The newly appointed and redeployed officers were charged to double their effort in achieving the service’s core mandates of revenue generation, suppression of smuggling, and trade facilitation.

Under his guidance, the NCS has been achieving significant milestones, marking a paradigm shift in its operational landscape. From streamlining processes to fostering innovation. As the custodian of the NCS, Bashir Adewale Adeniyi epitomizes the transformative power of visionary leadership. Through his unwavering commitment to excellence and innovation, he continues to redefine the narrative of the Nigerian Customs Service, ushering in an era of prosperity and progress. In him, Nigeria finds not just a leader, but a catalyst for change, whose legacy will endure for generations to come.

Engr Gbenga

Engr Komolafe on the Radar of Silent Achievements at the NUPRC

Engr Gbenga Komolafe, CEO Nigerian Upstream Regulatory Commission (NUPRC) is a man with many years of leadership experience at various levels of the oil and gas industry. Over the years, he has been involved in strategic policy formulation and implementation in the oil and gas industry. Now as the head of NUPRC, an agency saddled with the responsibility of regulating the technical and commercial activities of the upstream petroleum sector and to get things going the right direction. Komolafe has done just this.
Since coming to office as the first CEO of NUPRC in August 2021, Komolafe has been making the Commission to pursue aggressive identification and promotion of new projects and new field developments, to boost the national oil production, working with all stakeholders in strategic areas, without prejudice, to the mid and long-term strategies. Also he is steering implementation of some immediate (short term) oil gain strategies in the light of current realities and upward trends in international crude oil prices and need to shore up Nigeria crude oil production..
At the time of taking off of the NUPRC last year, one key task ahead of its management was the task of closing out on the 2020 marginal oilfield bid round in a manner that is consistent with the rules guiding approvals and issuance of licenses in the upstream sector of the nation’s oil and gas industry.
He was recently quoted as saying the need to ensure that law and due process are followed in the award of licenses to operators. He assured that under his leadership, no marginal field operator would be allowed to “trade” in papers issued by the organisation as the rule of law would be strictly followed in the issuance of final licences to the winners.
Due process is the only way, according to Komolafe, and having given his word to Nigerians and all oil and gas stakeholders that under his watch, no amount of pressure would make the NUPRC award final documents without due process.
He is also working to deal with the issue of gas flaring. He disclosed that the Commission was currently engaging all lessees on their Natural Gas Flare Elimination and Monetisation Plan to ensure compliance with Section 108 of the PIA and to boost supply to the rapidly growing gas market.
“In recognition of the global energy transition and the need to achieve cleaner sources of energy, gas is being positioned as our immediate transition fuel to lower carbon emission footprint in line with our climate change commitment.”
Under his watch, the NUPRC has been encouraging investors to leverage the generous gas fiscal incentives in the Petroleum Iindustry Act (PIA) such as the zero hydrocarbon tax, reduced royalty rates, tax consolidation provisions amongst others, to take Final Investment Decisions on their proposed upstream projects.
He said “With a proven gas reserve base of 208.62TCF (as at 1st January 2022), we are on track to increase our reserves volumes to 220TCF in less than 10 years and 250TCF thereafter.” Nigeria produces about 8BSCF/D of gas, out of which circa 20percent is delivered to the domestic market, approximately 40 percent is exported to international markets, 30 percent is utilized for producer’s internal consumption.”
Achievements
Dealing with the menace of oil theft is on the radar, staff welfare is robust, on-going also is a campaign targeted at identifying oil and gas wells producing below capacity. Equally important are incentives now being offered to oil/gas industry investors. Then the closing of the marginal field bid round.
Apart from the task of closing out on the 2020 marginal oilfield bid round in a manner that is consistent with the rules guiding approvals and issuance of licenses in the upstream sector of the nation’s oil and gas industry, he is fully concerned with seamless workings of all parts of the oil industry. To rapidly achieve this staff welfare is key. As a team player who sees career enhancement as a productivity booster, he considers his staff welfare as top priority and a winning strategy.
In line with the critical and significant role of the oil and gas sector in the nation’s economy, especially amidst the call for divestments in the sector, “The best and only option opened to us to maximise the benefits from fossil fuels is to improve the welfare of those who are saddled with the responsibilities of managing the sector.”
To him, “human capital is a critical and essential element of factors of production as staff need to be happy before they can work and we had assured them of the determination of the Federal Government to look after their welfare,” He said.
“I have ensured immediate approval for promotion of 195 union staff that have been stagnated in the defunct Department of Petroleum Resources (DPR) to stave off an industrial crisis that could further harm the low daily oil production in Nigeria and worsen the nation’s federation generated oil revenue. So what we have done is by extension to improve the nation’s revenue by increasing crude oil production from the current level of 1.4 mbbls/d to 2.4 mbbls/d”.
Giving account of the nation’s oil reserves as NUPRC boss, shortly after his appointment last year, he disclosed that a total of sixty-one (61) operating companies submitted their 2021 annual report on reserves in line with the provisions of the PIA, 2021.
Analysis of the report indicates that Nigeria’s oil and condensate reserves status as at 1st January 2022 was 37.046 billion barrels, representing a slight increase of 0.37 percent compared to 36.910 billion barrels in January 2021.
Giving account of the nation’s oil reserves as NUPRC boss, shortly after his appointment last year, that a total of sixty-one (61) operating companies submitted their 2021 annual report on reserves in line with the provisions of the PIA, 2021.
Analysis of the report indicates that Nigeria’s oil and condensate reserves status as at 1st January 2022 was 37.046 billion barrels, representing a slight increase of 0.37 percent compared to 36.910 billion barrels in January 2021.
On the other hand, Nigeria’s National Gas reserves status as of January 1, 2022 was 208.62 (trillion cubic feet) TCF, representing an increase of 1.01 percent compared to 206.53 TCF as at January1, 2021.
Meanwhile, as part of the Commission’s plan to consolidate an all-inclusive strategy to increase crude oil and gas reserves (from 37 billion barrels and 208.62 TCF) the commission said it would take further steps evaluate all factors militating against efficient and effective exploration and production operations, to identify other viable opportunities.
He said “We have therefore become more deliberate and swift in implementing strategic actions and initiatives aimed at increasing our crude oil and gas reserves and production.”
Already, the Commission has initiated a massive campaign targeted at identifying oil and gas wells producing below capacity, through, Inventorisation of shut-in wells and analysis of the inventory to map the reasons for shut-in and devise measures for quick reopening; Using well and reservoir surveillance activities in identifying poorly performing wells and workover candidates for quick intervention; Embracing and adopting new technologies and advanced recovery techniques for unlocking some identified stranded oil and gas resources.
These measures have become so critical in the face of the current conflict between Russia and Ukraine and its attendant disruption to the global gas demand-supply chain. According to Komolafe, the crisis around the Black Sea offers the country a unique opportunity to fill the supply gap through the implementation of several natural gas developmental initiatives.
This development, coupled with the Federal Government’s declaration of 2021 – 2030 as the Decade of Gas, creates much more impetus for NUPRC under Mr Komolafe to expand and grow Nigeria’s huge gas resources through enhanced exploration, development and utilisation schemes. And for him, the whole idea is to grow Nigeria’s gas reserves, increase gas production, maturation of domestic and export gas market, as well as minimise gas flare.
Why has Komolafe able to do all these within a year of being in office as the CEO of NUPRC?
It is because of his experience as a through-bred oil industry person, described as an “an expert in institutional process study and designs to curb revenue leakages and attainment of optimum national productivity.” He has lived up to this expectation at the NUPRC since coming into office in September 2021.
Before then he had served in different capacities within the oil and gas industry. His leadership roles at different downstream regulatory agencies such as Pipelines and Petroleum Marketing Company (PPMC), Petroleum Equalisation Fund (PEF), Petroleum Products Pricing Regulatory Agency (PPPRA), Nigeria Pipeline & Storage Company (NPSC among other roles, have yielded reforms that facilitated efficiency and attendant huge monetary value for Nigerian government. Komolafe had served as group general manager, special duties at the NNPC as well as crude oil marketing division.
He also worked as general manager, operations, Petroleum Equalization Fund (PEF); general manager, operations of the Petroleum Products Pricing Regulatory Agency (PPPRA), among other roles. As general manager of this agency, Komolafe organized the seamless supply of petroleum products nationwide with multiplier sectorial effects on the Nigerian economy.
In PEF, Komolafe was reported to have initiated operations policies for effective petroleum products supply and bridging to the inner parts of the country. The policies resulted in the transparent bridging of petroleum products and price equalization management that saved the government hundreds of billions of naira through institutional process expertise.
He was Assistant General Manager (Head, Kaduna Zone), Assistant General Manager, Planning Research & Development and Branch Manager, Nigeria Social Insurance Trust Fund (NSITF), Warri.
As Group General Manager, Crude Oil Marketing Division, he facilitated optimum revenue for the Nigerian federation and performed transparently as acknowledged by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its report within the period he served in office. In the same vein, as Executive Director, (Commercial) between 2012 – Mar 2014, he initiated strategic sales and retail plans and coordinated implementation of achievement of set revenue targets from downstream supply and distribution of refined petroleum products for nationwide consumption.
It is this impressive track record that prompted President Muhammadu Buhari to appoint Engr Gbenga Komolafe in 2021 to head the newly created Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as its first Chief Executive Officer. The agency was established in August 2021 pursuant to the passage of the Petroleum Industry Act, 2021. NUPRC is responsible for the technical and commercial regulation of upstream petroleum operations in Nigeria.
Apart from being an engineer, Komolafe is also a lawyer. And he is well prepared for the new challenges of solving industry problems within the oil/gas sector of the Nigerian economy.
So all along he has been heavily involved in strategic policy formulation and implementation in the oil and gas industry, where he clearly distinguished himself. All these he brought to bear when he was appointed at CEO of the NUPRC, which ensured that he hit the ground running. That is why after a long wait, the federal government through the NUPRC announced its readiness to issue Petroleum Prospecting Licences (PPL) to successful awardees of marginal fields in the 2020 bid round. According to the commission, the move was in fulfilment of the promise made earlier on, pursuant to the provisions of the Petroleum Industry Act (PIA), 2021.
The NUPRC was created by the Petroleum Industry Act (PIA) as the new petroleum upstream regulatory agency in place of the defunct Department of Petroleum Resources (DPR). The staff were inherited from there.

And with its coming into being, the problems are expected to be fully tackled along with the commercialization of the NNPC. This will include increased crude oil production. It will also witness the unveiling of the implementation template for the Host Communities Development Trust Fund for the commencement of the provisions under Section 235 of the PIA, 2021. According to analysts this would positively impact restiveness in the host communities and the process guarantees seamless operations and boost investors’ confidence.
A Fellow of Nigerian Society of Engineers, Council of Registered Engineers of Nigeria, COREN and member of the Nigerian Bar Association, Gbenga’s expertise as a seasoned engineer and lawyer is required at this time to give the PIA the right impetus. Hence the quite achievements being recorded by the NUPRC.

Godwin Emefiele

THE SENATE AND CBN AUTONOMY AS GODWIN EMEFIELE SEEKS TO MOVE NIGERIA AWAY FROM CONSUMPTION

Leaders have integrity and never compromise it. Integrity is defined as your moral compass, the ability to judge between what is right and wrong and act accordingly. This is what Godwin Emefiele, governor Central Bank of Nigeria (CBN) personifies.
As CBN governor, Emefiele has maintained the integrity of the apex bank in terms of its own side of the framework of economic management through monetary policy. So in terms of monitoring cost, availability and supply of money within the economy, Emefiele has been wonderful, entrenching stability and engendering economic development in Nigeria.
His focus has been to make the CBN work within the context of its enabling Act to deliver value that ensures the sustainable growth of the Nigerian economy and win the country away from consuptioon. So the CBN continues to maintain sound financial structure, promote monetary stability, safeguard the value of Naira and stable exchange rate, proving to be a financial adviser to the federal government in the areas of price and exchange rate management, development financing, building foreign reserves and employment creation.
With his re-appointment by president Muhammadu Buhari in 2016, he introduced various intervention funds to control market failure within the economy. The CBN under his leadership has been resolute at ensuring economic growth and financial stability through strategic policies that will move Nigeria away from consumption to production through critical interventions and policies such as import susbstitution . In promoting import substitution through development financing, CBN rightly removed some 43 imported goods from the list of some items valid for Forex Exchange in the Nigerian Foreign Exchange Market.
Equally, it has consistently resisted the pressures to return to “staggering and undulating foreign exchange rate in relation to the naira due to pressures by speculators, bettors, round-trippers and rent-seekers.
It is such policies that have helped the CBN to navigate the Nigerian economy through economic challenges such as economic recession/stagflation, COVID-19 pandemic, interest rate issues, foreign exchange rates, external reserves, exchange rate, financial inclusion and the gap in the agricultural value chain.

For this reasons, Forbes Media New York earlier in May this year honoured the CBN governor with the Forbes Best of Africa Lifetime Achievement Award.
Forbes in partnership with Foreign Investment Network, FIN, also issued Emefiele with its certificate of distinction.In its letter of award to Emefiele and signed by the President, Customs Solutions Media for Forbes Media, Mr Mark Furlong, Forbes disclosed that it decided to honour the CBN governor on the grounds of his remarkable performance and pace-setting achievements at the apex bank.
“It therefore comes as no surprise that you have brought the same ‘can-do’ spirit to your job as Governor of the Central Bank of Nigeria. Although you took over at the CBN in 2014 when the economy was already in the doldrums, the naira weak, oil price falling and Nigeria’s foreign reserves at a very low ebb, three years later you have recorded appreciable progress in salvaging the economic fortunes of your country.
“In keeping with your vision to “…create a people-centered Central Bank by delivering price and financial system stability and promoting sustainable economic development,”
Curiously, at this time that Emefiele is being recognized that the Nigerian Senate is planning to cut down the autonomy of the CBN and thunder down the Nigerian economy.
On 27th September 2022, the senate passed for a second reading a Bill to amend the Central Bank of Nigeria (CBN) Act, 2007. The Bill is clearly meant to whittle down the powers of the Governor of the Central Bank of Nigeria (CBN).
The proposed legislation was sponsored by Senator Sadiq Suleiman Umar, who is representing Kwara North Senatorial District at the National Assembly. The senator, in his lead debate, sought an amendment to the Central Bank of Nigeria’s (CBN) Act No. 7 to remove the powers of the governor from determining the appointment of anyone into the services of the apex bank.
Umar proposed that the new Chairman of Board of the Central Bank should have powers to determine salaries and allowances of members, while the governor focuses strictly on administrative duties in the running of the bank.
The senator further argued that the board should be responsible for the annual budget of the bankers’ bank which he said is the global standard.
He said: “A bill for an Act to amend the Central Bank of Nigeria (CBN) Act No. 7 of 2007 to enable the appointment of a person other than the governor as the chairmen of the board, divest the board of the powers of determining and fixing salaries and allowances of its members.
At that day’s plenary, the Bill having passed the second reading was referred to the Senate Committee on Banking, Insurance and Other Financial Institutions for further legislative input. The committee is expected to report back in four weeks.
The Bill focuses on three issues. First, the appointment of an outsider as the chairman of CBN Board of Directors; second, fixing the remuneration of board members . Third is the approval of annual budget to be submittesed to the National Assembly (NASS) for consideration.
Analysts say with regard to the three issues above, the Senate seem not to appreciate the sensitive and unique role of a central bank in the economy. They add that this proposed amendments seek to erode the bank’s operational independence contrary to the existing section 1(3) of CBN Act 2007 which states “——the Bank shall be an independent body in the discharge of its functions.”
An economist Dr Taiwo Babalola of Babcock Univeristy say the senators are acting in ignorance, pointing out that they want to completely destroy foreign investors confidenc e in the Nigerian economy.
“Tell me, which foreign investors will bring his money to a clime where the central bank is under the control and manipulations of politicians? Those people are rascals like a man who wants to set his house on fire because a rat has entered there. Why should you plan to push the nation’s economy into disaster in an attempt to destroy the sacredness of an institution just because you have a vendetta agenda against take the present occupant of the office? What are they saying the CBN has done that they want to take the autonomy away?”
Dr Babalola explains that the problems of inflation and foreign exchange crisis come from fiscal failure and failure on the part of the National Assembly, of which the Senate is a part. He adds that the debt burden on Nigeria which the Senate helped create through their lack of principled stance to interrogate the reasons for huge loans.
He referred to the 2020 Macroeconomic Outlook of the Nigerian Economic Summit Group (NESG). He disclosed that in the NESG stated at that time that Nigeria’s mounting debt profile was a major concern despite the country’s $900 billion worth of dead capital in property and agricultural lands. He argued that while borrowing may be inevitable, especially at a period like this, there are serious concerns at the rate these debts are being piled up. Aside the fact that the funds are not being deployed into projects that generate income, borrowing should not be done in such a way to mortgage the future of the country and its sovereignty. Dr Babalola said.
“Is it Emefiele that approved unsustainable loans for President Muhammadu Buhari? Is it Emefiel that help put heavy debt burden on Nigeria,with 80 of our earnings going for debt servicing? Are they not knowledgeable enough to know that CBN is not responsible for fiscal policy and trade policy?
Mr Abiodun Shopitan, a former director in the CBN believes some elements in the Senate are on a vendetta mission. “We need a high power Central Bank autonomy. That autonomy should not be taken away. the National Assembly shouldn’t throw away the baby with the birth water. Amending CBN Act 2007 is unnecessary. Just because of one man they want to destroy the entire Nigerian economy. That is a no, no, for any sane mind.”
In the opinion of Mr Ganiyu Ogunleye, a former top brass of the CBN, the apex bank currently exercises its regulatory and supervisory independence under the provisions of BOFIA, 2020 Institutional Independence: entails security of tenure of executive management, governance structure composed of experts, freedom to conduct monetary policy as well as open and transparent decision-making process while Budgetary Independence: involves insulation from political pressure, freedom to staff the agency and prompt response to imminent financial sector crisis but subject to clear accountability framework.
“The CBN Act 2007 has provisions to ensure institutional and budgetary independence which should not be tampered with. It should be emphasised that budgetary independence is critical to any central bank’s ability to exercise the three other dimensions of its independence. Neither its lender of last resort role nor its financial system stability mandate can be effectively executed without budgetary independence. Regrettably, the proposed amendments by the Senate will effectively erode CBN independence. It is therefore, recommended that the Senate should let the four dimensions of independence enunciated in this contribution guide its deliberations. The lawmakers are urged to appreciate that the four dimensions of central banks’ independence are internationally accepted, and Nigeria should not be an exception.”
These men of intellect are right indeed that CBN autonomy should not be tampered with. The apex bank has done quite a lot in the areas of intervention funds in its quest to wean Nigeria away from consumption to production and employment generation. Currently, the CBN has 37 intervention funds targeted at stimulating the economy and addressing the issue of unemployment.
The CBN under the leadership of Emefiele introduced various interventions, which were born out of market failure and other critical issues within the nation’s economic space, according to Osita Nwanisobi, CBN’s acting director, corporate communications department.
Now let us take a look at some of Emefiele key achievements so far revealed that the country has recorded significant growth in banks credit to private sector by 92.79 percent year-on-year to N32.64 billion in June 2021 from N16.93 billion in June 2014, when Emefiele became the governor of the CBN.
The huge increase in banks credit growth was driven by the policy of Loan to Deposit Ratio (LDR), which the CBN under the leadership of Emefiele introduced in September 2019.
Under the Emefiele’s led Central Bank’s development finance initiatives, the Bank granted N756.51 billion to 3,734,938 small holder farmers cultivating 4.6 million hectares of land, of which N120.24 billion was extended for the 2021 Wet Season to 627,051 farmers for 847,484 hectares of land, under the Anchor Borrowers’ Programme (ABP); for the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), the sum of N121.57 billion was disbursed to 32,617 beneficiaries; and for the Targeted Credit Facility (TCF), N318.17 billion was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs).
Also, Under the National Youth Investment Fund (NYIF), the Bank released N3.0 billion to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs. Under the Creative Industry Financing Initiative (CIFI), N3.22 billion was disbursed to 356 beneficiaries across movie production, movie distribution, software development, fashion, and IT verticals.
The CBN under the N1.0 trillion Real Sector Facility, released N923.41 billion to 251 real sector projects, of which 87 were in light manufacturing, 40 in agro based industry, 32 in services and 11 in mining.
On the N100 billion Healthcare Sector Intervention Facility (HSIF), N98.41 billion was disbursed for 103 health care projects, of which, 26 are pharmaceuticals and 77 are in the hospital services. Similarly, the sum of N232.54 million was disbursed to 5 beneficiaries under the CBN Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS) for the development of testing kits and devices for Covid-19 and Lassa Fever.
Under the National Mass Metering Programme (NMMP), N36.04 billion was disbursed to 17 Meter Asset Providers, to nine (9) DisCos, for the procurement and installation of 657,562 electricity meters. On the Nigerian Electricity Market Stabilization Facility – 2 (NEMSF-2), the CBN released N120.29 billion to 11 DisCos, to provide liquidity support and stimulate critical infrastructure investment needed to improve service delivery and collection efficiency.
All these are geared towards moving Nigeria away from just a consuming nation to producing and exporting country. For this reasons, Emefiele has drawn praises across the waters-Meditteranen, Pacific and Atlantic.

MARCH Frist

OTUNBA RUNSEWE AND THE TASK OF A VIBRANT GLOBAL IMAGE FOR NIGERIA

Otunba Segun Runsewe, (OON),Director-General of  National Council for Arts and Culture (NCAC), under the Federal Ministry of Information and Culture, is a man who has brought dignity to Nigeria and vibrancy to the tourism sector .As they say, creative  thinker can’t be easily pigeonholed, Otunba Runsewe, famously known as ‘Mr. Tourism’ and the ‘Face of Nigerian Culture’ is one of these and a strict constructionist.  He exhibits an ability to rise above conventional thinking and prejudices and epitomizes what constitutes the right stuff on the public service front. One of the primary measures of greatness on the public service is the impact its players’ activities have on the society at large. And Runsewe’s activities have been having a big impact on the Nigerian public.

On the closing week of April 2021, President Muhammadu Buhari  re-appointed Otunba  Runsewe, for another term of four years after an eventful first tenure that attracted local and international recognitions to Nigeria’s rich cultural heritage. Runsewe, had been appointed four years earlier in the month of April 2017, and his re-appointment further brightened the future of the NCAC and the creative industry in Nigeria.

At that time of his re-appointment time, many touted his “empathy” and potential for blazing a new trail as a man who understands how to inspire innovation. Some others said that the re-appointment was an eloquent testimony to his meritorious service rendered to preserve and promote Nigeria’s rich cultural heritage, right from his days as D-G of NTDC, down to his first tenure in office as NCAC D-G which began in May 2017.

Otunba Runsewe brought dignity to the sector while maintaining a revered position as a consistent phenomenon in Nigeria’s culture and tourism sectors, having served in different capacities in the last three decades. He has brought dignity to the sector while maintaining a revered position as a consistent phenomenon in Nigeria’s culture and tourism sectors, having served in different capacities in the last three decades. Undoubtedly, his sterling performance during his first tenure as D-G had a huge impact on the Council owing to his positive attitude towards collaboration with stakeholders in the arts and culture industry. His recognition of the vital role of the media and diverse associations under the culture ministry, retreats with Zonal Directors of the Council, and subsequent collaborations with all stakeholders, all went into the tapestry of his success, especially in job creation through arts, crafts culture, skill acquisition; which as a whole, translate to income generation to Nigeria’s economy.

The annual International Arts and Crafts Expo (INAC) which holds in Abuja has become art, crafts and culture exhibition ground for many countries across the world that queue up to participate in the yearly event.  Apart from job creation, INAC has also become an effective tool for networking, marketing, and promotion of arts, crafts, and cultural products of Nigeria and many other countries.

By dint of hard work, Otunba Runsewe brought rare innovations to the National Festival of Arts and Culture (NAFEST), rebranding the festival and making it a prime national cultural event state governors vigorously bid to host. Each edition of the festival almost always witnesses youth participants engaged in skills acquisition, waste-to-wealth programs, and free medical services with the distribution of hundreds of eyeglasses.

The 2021 edition was hosted by Ekiti state. And it was glorious.  Ado-Ekiti, the state capital, was set agog by NAFEST. Business activities suddenly skyrocketed as a result of the huge influx of visitors from other states of Nigeria. Pounded yam, the staple item in the state’s menu, sold like hotcakes. Nightlife in the state capital also came alive. Visitors could be seen gathering and drinking, both inside and outside the pavilion. Transporters, especially the commercial motorcyclists popularly called Okada, made brisk businesses, probably thanking God for bringing NAFEST to Ekiti State. All the hotels in Ado-Ekiti and the environs also ran out of rooms. Visitors had to pair themselves and share rooms because the hotels had no more rooms to offer. From the look of some hotels, it was obvious that some rooms which were not in use due to lack of patronage were hurriedly fixed and offered to visitors. Although such rooms were not in the best of conditions, visitors had no choice but to make do with them in the face of the acute shortage.

Otunba Runsewe said he was very excited that the people of Ekiti State have been empowered through NAFEST. “All the hotels in Ado-Ekiti are fully booked. People have had to be sharing rooms. It may interest you to know that the same thing happened in Canada – they had an event, but they didn’t have enough rooms. They had to build more hotels. So, we are now begging Ekiti people and saying to them: “Before we come back (for another NAFEST), please build more hotels.”

Indeed, NAFEST has been organized to thrill everybody again and again since Runsewe came on board. Recall that the network of NAFEST used to be direct with the directors of culture in the state. Runsewe looked at the history behind the festival and objected to that idea when he came,  saying, it was wrong to be doing a program of national interest with just the culture chief executives and directors. He was right, for really the National Festival of Arts and Culture (NAFEST) started in 1970, after the Civil War. The idea was what could be used to unite the country back and those wise people saw culture as the major product and it was agreed that NAFEST should kick-start the process.

In an interview, Runsewe disclosed that the festival, in those days, used to look like an inter-house sport. He promised that would not happen under his leadership. He has brought some changes that could be seen in the festival.  And the nation felt this impact in the last years of the NAFEST  event in Ekiti state. It was higher than the editions hosted in Kaduna and Rivers States. Now state governors are beginning to key into this program.

He goes down memory lane of how he was able to rejuvenate the festival some years back.

“Now, for a very long time, the directors had been the engine room of the festival, non-negotiable. But the commissioners were the brainboxes. Neither of these could work without the other and I took a step further, and I said ‘we must go to plead with the governors, because we don’t need to leave everything with the directors, though, a lot of them have good intentions, the person who would give it all the feasibility and support is the governor. So, I took it upon myself to see Governor Nasiru Ahmad el-Rufai of Kaduna State, and he gave me his words that Kaduna was prepared. Anybody who is close to el-Rufai knows he’s a man of his word and really before we got to Kaduna, he’d instructed the secretary to the government of Kaduna who, held a series of meetings with me, and in fact, I also had meetings with the Chief of Staff. Before, it was not the case. It used to be the NCAC and the directors. In the economy of today that we’re trying to improve, we need to tell the drivers in the states the benefits that this sector would bring, and then, they will see the importance. So, el-Rufai gave the approval and said we’re hosting. I’d like to use this opportunity to commend the Emir of Zazzau, who came out with one of the best Durbar outings since the 1940s. People really came out, even foreigners. We had a fantastic outing in Kaduna, and this was because the governor was committed and gave directives.”

To strengthen international partnerships, Runsewe ensured that the Council participated in foreign mission activities such as the first Asian film festival in Abuja and the French Institute animated films festival. While his first tenure also saw some NCAC staff enjoying training, workshop, and seminar in China, the Council also enjoyed the partnership and cultural exchange programs with notable foreign missions like India, Iran, South Korea, Ghana, Russia etc.

Runsewe’s second time in office as the D-G of NCAC is an indication of President Buhari’s belief that he will do more to put Nigeria in the global limelight. Some commentators believe he has an important role to play in ensuring that our buried histories and neglected aspects of our cultures are dug up and documented while those on the brink of extinction, such as Nigerian indigenous languages are revived through constant usage in both spoken and written communications.

That can be incorporated into the existing festivals. Also, materials and books written in indigenous languages can be archived in a standard library and stored at the NCAC offices. Even achievements and programs of the Council can be documented in books and pamphlets and stored for reference purposes.

With Otunba Runsewe’s pedigree for success, innovative skills, and capacity to turn dead agencies into functional and profitable entities, he has proved himself as somebody who can handle higher responsibilities in a country that has historically had the misfortune of having bad leaders manage its affairs. This trait has won him accolades across the globe.

In September last year, Otunba Segun Runsewe bagged China Man of the Year award. The Chinese community, the Consulate and WUSHU Development Association of Nigeria, bestowed Otunba Segun Runsewe, DG of National Council for Arts and Culture, NCAC, as the China Culture Man of the Year.

At an impressive ceremony to mark the 2021 mid autumn festival and Chinese national day in Lagos, on Saturday, the Chinese community stated that Otunba Segun Runsewe has worked tirelessly to build a strong cultural tourism relationship between Nigeria and China.

They added that he had, in various ways, convinced the world that Nigeria culture in its diversity has capacity to foster unity and peace among the people of both countries nay the world.

Dr. Matthew Nwaekwe, Coordinator Nigeria/China Business Council, made the presentation at Oriental Hotel, Victoria island, Lagos.

He explained that the Chinese Consulate and the Chinese community in Nigeria were elated at the pace and passion Otunba Runsewe brought to bear on his assignment as Nigeria culture chief, and the conviction to sustain cultural relationship between China and Nigeria.

Creative industries play an important role in the cultural and economic life of many people, embodying tradition and heritage. Specially, the film industry amalgamates an artistic, educational, social, and sometimes even political content, turning into a national identity-bearing agent. Its work combines different contributions and talents, which make it highly complex, a sui generis artisan-artistic-industrial work protected by copyright.

Runsewe is looking at this as Nigeria is rich in tradition and folklore; its creators have the opportunity to create culturally-distinct works for which there is great demand in this increasingly uniform world. The country  is known for being at the heart of African music, and for possessing a well developed music industry which has achieved international acclaim. It has a vibrant book publishing industry, with more publishing houses than any other African country and an influential literature, including a Nobel Prize laureate.

The social and cultural impacts of Runsewe’s  impact  as Director-General of  National Council for Arts and Culture , will echo  for a long time.

9 op

Access Bank’s Graceful Leaps into Massive Continental Opportunities on the Watch of Herbert Wigwe

Access Bank Nigeria Plc on the watch of its Group Managing Director, Mr Herbert Wigwe is bouncing like a sportsman with jump-enabled shoes and thriving well at a time that many analysts are projecting Nigerian banks to walk a tightrope amid low revenue environment.

Reasons: brilliant ideas, good management, good thinking, innovation to build industry resilience and drive long-term sustainability by Wigwe and his team. They have a strong focus on consumer lending, payments and remittances, digitization of customer journeys, and customer acquisition at scale. These customers include valuable high net-worth individuals, corporate bodies and other institutions.

In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Sir Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money.”

According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they deposited today will still be there for them to withdraw tomorrow.”

Access Bank fits into the model of the trustworthy bank that Sir Richard talks about. This bank has been firing on all cylinders, acquiring more values, as it rides into eight more African countries. This is happening despite the claims by industry experts that Nigerian banking industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. According to these experts, even valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged.

But not Access Bank,  it is able to weather this storm like an eagle. Its plans to expand to more African countries is part of a strategy to support trade and finance in the continent and take advantage of the newly formed African Continental Free Trade Area (AfCFTA). The countries are Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia.

Its GMD Mr Wigwe, disclosed this during a presentation and investor conference call. Right now, the tier-one bank operates in 12 countries. According to Wigwe, across Africa, there is an opportunity for the bank to expand to high-potential markets, leveraging the benefits of AfCFTA., observing that the pan-Africa trade agreement, among other benefits, will expand intra-Africa trade and provide real opportunities for Africa.

Asserting that the bank would use its office in London to expand representative offices in India, Lebanon and China, he stated that the plan is for the bank to establish its presence in 22 African countries so as to diversify its earnings and take advantage of growth opportunities in Africa.

According to him, Africa has enormous potential and there are opportunities for an African bank that is well run, that understands compliance and has the capacity to support trade and the right technology infrastructure to support payments and remittances, without taking incremental risks.

“We believe that we are best positioned to basically do all of that. Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent. We are focusing on the key markets.

“The approach would always be that in the country we wish to go to, that we have the right skills. We would not just be a drop in the country in which we are present, we would make sure that we have an impactful presence in each of the major countries in which we are present.

“In doing this, we are also mindful of the country we are going to so as to make sure that it is of benefit to the bank. As we do this, we are working with our friends and partners.

“We are diversifying our earnings away from volatile markets as well and we are orchestrating our operations from the global payments gateway and ensuring that using Access Bank UK, providing corresponding services from digital platforms, the overall profitability of our franchise,” he explained.

Commenting further, on AfCFTA, he said the bank would use its digital framework to benefit from the deal. And as the bank continues to entrench itself in the local market because, Wigwe believes there is still so much work to be done.“So, we are doing everything possible to satisfy our customers and also to ensure that our channels are adequately secured. We are also ensuring that our staff is very efficient,” the CEO said.

Access Bank has acquired more heft with it getting the approval of holding company (Holdco) structure.  The Holdco will consist of four subsidiaries: Access Bank Group; payments business; consumer lending and agency banking; and insurance brokerage.

According to Wigwe Access Bank Group will consist of Nigeria, Africa and international subsidiaries, while the payments subsidiary will leverage the strong suite of the bank’s assets.

“The consumer lending business has seen 60 per cent growth in digital lending volume and value. The insurance subsidiary will adopt a dynamic and creative approach to deliver value-added services focused to meet customer insurance needs,” he said.

He explained that Access Bank has been driving its revenue growth through retail expansion, which has grown consistently across all income lines, driven by a strong focus on consumer lending, payments and remittances, digitisation of customer journeys, and customer acquisition at scale

“We have maintained strong capital levels despite investments for growth, accumulating capital over time. Despite investment in organic and inorganic growth in the past, the bank has improved its capital ratios, given optimum capital structure (tier 1 and tier 2),” he added.

Another innovation by Access Bank Plc is the way it has partnered with American Express to broaden the acceptance and usage of American Express cards in the country. According to Mr Robert Giles, Access Bank’s Senior Banking Advisor Retail Banking, the partnership would enable American Express Cardholders to use their cards at a wider range of merchant locations in Nigeria for tourism, business or private visit, and international American Express cardholders would also be able to withdraw cash from Access Bank ATMs.

“This announcement places Access Bank as the first full-service bank to acquire merchants who will accept American Express Card payments in the country.

“Local merchants will now have the option to accept American Express through Access Bank, thereby not only encouraging increased merchant business activity but also offering travelling American Express Card holders the opportunity to transact using their preferred method of payment.

“This new partnership will broaden the acceptance of American Express payments via Access Bank as well as Access Bank ATMs and e-commerce websites nationwide,” Giles said, adding  that Access Bank merchants who embraced American Express cards would benefit from an additional high-spending customer base.

“This is great news for Nigerian businesses and will help bring foreign exchange inflows into the country. We value the confidence that American Express has placed in us to significantly enhance the payment experience in our market,” he said.

Vivi Galani, Vice President EMEA Network Partnerships for American Express, said the company was pleased with the partnership to expand its presence in Nigeria.

“This agreement will give international card members even more locations to use their cards in Nigeria, whether they are travelling for business or leisure, and this will be particularly important as international travel resumes. For local merchants, it provides the opportunity to capture more business from global card holders visiting the country,” Galani said.

In another brilliant move, Access Bank has also decided to take a shot at Bancassurance. Why is this? It plans to avail its numerous customers the best underwriting and claims experience by entering into a partnership with Coronation Insurance Plc to drive an efficient and effective Bancassurance system.

The partnership was introduced to the Corporate Clients of Access Bank during an earlier organized webinar themed, “Managing Risks that Keep CEOs up at Night,” held on October 7, 2020.  According to Wigwe, Coronation Insurance satisfied all the required criteria, part of which informed the decision to establish this relationship which is perceived as a transformational partnership.

On why Coronation Insurance was picked as its partner, Mr Wigwe said: “In choosing among a pool of potential organizations to fill this gap, we have had to look at a couple of identifiers, with the first among them being underwriter speed of response to customers and the second is the financial strength and the capitalization base of the underwriter.

“Given all these, and with the interest of its customers at heart, Access Bank considered all of these qualities and found coronation to be leading between the various categories. We want our customers to have the best underwriting and claims experiences.”

In his own response, the Chairman of Coronation Insurance, Mutiu Sunmonu, commended the partnership. He said: “The Partnership will elevate the level at which Insurance Services are delivered to Corporate Customers in the Country, matching the level of growth recorded in the Banking sector over the last two decades, only over a shorter period”

A selection of distinguished keynote speakers from prestigious institutions with expert knowledge was invited to deliver presentations and share their insights on the topic of managing business risks.

Bode Augusto, founding MD of Augusto & CO shared detailed insights with respect to macroeconomic and project completion risks. Simon Morris, Partner of Trinity International (UK) went further in elaborating on macroeconomic risks that impact businesses and how to mitigate these risks while Nico Conradie, the MD of Munich Re Africa (South Africa) gave very practical guidance and advice on how CEO’s can safeguard their organisation from cyber risks and fraud.

According to Yinka Adekoya, CEO/MD of Coronation Insurance, we are pleased to have commenced this partnership with Access Bank and the webinar event is one of the initiatives we have outlined for customer engagements. We are looking forward to more customer engagements”.

With all these steps, Access Bank is living  up to its billing of  a holding company (holdco) structure, with four subsidiaries: Access Bank Group; payments business; consumer lending and agency banking; and insurance brokerage on the watch of Herbert Wigwe.