18032019 - APC, PDP attack INEC over Bauchi, Adamawa gov polls

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30 — Vanguard, MONDAY, MARCH 18, 2019 FINANCIAL VANGUARD Banking Feature •L-R, Bimbola Wright, Head, Coverage & Corporate Banking FBNQuest Merchant Bank; Ibukun Awosika, Chairman, FirstBank; Olusola Oworu, Independent Non-Executive Director, FirstBank and Irene Netimah, Company Secretary, FirstBank at the Bank’s celebration of the International Women’s Day and launch of its First Women Network initiative in Lagos during the International Women’s Day. By Elizabeth Adegbesan WOMEN, today, are accepted as pillars of the smallest economic unit, the family. From them, great people, both male and female, have been birthed. This shows that women are forces to be reckoned with in terms of nation-building and economic development. However, the special qualities possessed by women have been downgraded and played to a minor key due to ignorance on the part of most and lack of concern or appreciation by others. Hence the establishment of structures of inequality against women, as opposed to men, has come to generate the phenomenon of gender disparity. Gender disparity is the differences in women’s and men’s access to resources, status and well-being, which usually favour men and are often institutionalized through law, justice and social norms. This has become a cankerworm eating deep into society and creating an unbalance in economies worldwide. Disparities in gender are caused by traditional and cultural factors such as the preference for boys; the obsolete mentality that women are too fragile to perform serious work and manage top positions; less empowerment; unequal pay for equal work compared with that of men; and poverty. These lead to infant mortality, low access to prenatal care and maternal mortality, little or no access to education, female genital mutilation, illiteracy, human trafficking, violence against women, sexual assault and rape and child marriage. Global efforts to create gender-balanced economies One of the greatest global focal point in the movement for gender parity was the creation of the International Women’s Day (IWD), celebrated on March 8 every year. This day is used to celebrate the social, Banks in efforts to address gender disparities economic, cultural and political achievements of women and to mark a call to action for accelerating gender parity. The World Bank recently published a report titled: “Women, Business and the Law 2019: A Decade of Reforms” which looked at legal reforms to help women’s economic inclusion. The business and the Law index for women in the report showed that ten years ago, the global average score for movements against gender disparities was 70.06 and since then 131 economies made 274 legal changes towards gender equality leading to a 4.65 point increase in the average global score, to 74.71 today. According to the study, “the average improvement was the highest in the South Asia region, followed by East Asia and the Pacific and the Sub- Saharan Africa region. The Middle East and North Africa region had the smallest movement towards gender equality, over the past 10 years. In Sub-Saharan Africa, the most reforms were in starting a Job and getting married.” Banks and gender disparity in Nigeria In the Nigeria, one of the most significant efforts towards gender parity was Nigerian Sustainable Banking Principles, developed and introduced by the Central Bank of Nigeria (CBN) and the banks in 2002. Among other things the principles mandated banks and financial institutions to make provisions for women empowerment. “We will promote women’s economic empowerment through a gender-inclusive workplace culture in our business operations and seek to provide products and services designed specifically for women through our Business Activities”, the apex bank stated. First Woman Network Driven by this industry commitment and in commemoration of the 2019 IWD, themed: “Balance for Better”, First Bank of Nigeria Limited recently launched the First Women Network. The network is aim at to increasingly address the gender challenges in the workplace and help women reach their maximum potentials, especially career- We will promote women’s economic empowerment through a gender-inclusive workplace culture in our business operations and seek to provide products and services designed specifically for women through our Business Activities wise. The initiative buttressed FirstBank’s commitment to driving the Central Bank of Nigeria’s (CBN’s) Sustainable Development Goal (SDG) on increased women representation in all banks. The First Women Network is centred on six pillars which are: Career Management, Personal Branding, Mentoring, Welfare and Support, Financial Planning & Empowerment and Networking opportunities. Speaking at the launch of First Women Network, advocates for gender parity recommended strategies to achieve global balance in gender parity. Chief Executive Officer/ Managing Director, Standard Chartered Bank, Bola Adesola said: “FBN Women’s Network Initiative is not a silver bullet to creating the first female CEO of the bank, it is about opportunity.” Addressing women at the gathering, Adesola said: “There are just three things I want to throw out there. The first thing is that to thy own self be true. You need to determine your level of ambition. I think the second thing is about purpose onus. Know who you are, what you want for yourself, how are you going to achieve that purpose? The third thing is your connectivity and networking. We need to be intentional and deliberate in our journey to success”. Speaking on the way forward for young women, Independent Executive Director, FBN, Cecilia Akintomide, said: “Deliver. Whatever assignment you take, you don’t need to take every assignment but if you take, you must deliver. The second step to achieving your goals is for you to be ready. Work on yourself. Inform yourself. Right now you don’t win by being prepared for today, you win by understanding today and how you got to today and letting that give you an understanding of the future. That is what makes you win today. Be daring. You know for me life is fun. We take things too seriously.” Similarly, Adia Sowho, Managing Director and Vice President Commercial at Mines, said: “I think it is important to know the arena you are playing in. I am going to select from a couple of points. One is because you are going to plan your exit from that environment and two because you are also trying to understand your stakeholders and I think it is also good to be truthful at least in understanding that we do live in a gender-based society and we would place judgment when you are there. You must look at where you are and the goal you are trying to achieve and you need to be clear about what you can achieve.” On her part, Lampe Omoyele, Managing Director/Chief Executive, Nitro 121 said: “I will like to split these in three Vs. The first V is Vision. Have a picture of what you would like to be in the future and then work towards it. The second V is values. Ultimately whether you are a female or male what is going to sustain you is your character and the values you live to. The third V is what I call Verve and it speaks about enthusiasm in things that we do. “For the gender balance issue to be resolved there has to be courage. Do not say “this is happening because I am a woman”. You have courage that you are brave in terms of taking risks within the organization that you are in and if things do not appear to go well do not play victim.” Past efforts of FBN on gender disparity Furthermore, the First Woman Network was initiated to complement FirstBank’s products designed to empower women and thus enhance gender parity. These include FirstGem, which was launched in 2016 with the aim of driving financial inclusion and all-round development of women through genderadvancement programs wrapped around savings culture, financial literacy, loan management and building investment portfolio. Since its creation, the bank has disbursed N57.06 billion to over 81,000 individuals and businesses owned by women in Nigeria. This has provided opportunities for women to create a savings plan and culture that guarantees them financial freedom and safety for the future. It has enabled women to create wealth for themselves and their families from various investment platforms offered through the product. It has created an avenue for women to have access to soft loans to support their aspirations and economic development in their different fields of endeavour. It has offered opportunities for women and girls to have access to financial tools and resources and has enhanced women lifestyle needs.
FINANCIAL VANGUARD Vanguard, MONDAY, MARCH 18, 2019 — 31 Nigerian crude oil for April has been slow to sell, with offer levels providing little value compared with rival grades from the Mediterranean, North Sea and Latin America — Femi Asu, in PUNCH, March 7, 2019, p 33. THAT was in the first paragraph of a report titled “Nigeria’s crude oil sales slow as competition grows”. Asu went on to quote one of the largest stakeholders in global crude sales, S&P Global Platts saying “Buyers have pulled back quite a bit and we may be in for a bit of a waiting game on the Nigerian front.” For those who might not know what is going on and its connection with the advocacy for the extension of Mr. Emefiele’s tenure as CBN Governor, let me quickly summarise now and explain later. The bottom line is this: The 2019 Budget is now absolutely worthless – even before the National Assembly, NASS, returns to start consideration of it and before President Buhari signs whatever is sent to Aso Rock into law. The budget has been torn into shreds by activities in the global crude oil market which are totally outside Federal Government’s control. Here are the reasons why. First, the budget was based on export of 2.3 million barrels of crude per day for every month of the year at estimated $60 per barrel. Now, it is certain that Nigeria could not have shipped out 2.3mbpd even if we want because of an agreement within by the Organisation of Petroleum Exporting Countries, OPEC, to cut production. Each member nation was given its quota which must not be exceeded. Nigeria’s quota is 1.7mbpd or 26 per cent less than budget. That has knocked off billions of dollars from the expected revenue from crude in 2019 unless price of crude oil rises by the same percentage. Despite the occasional increase FINANCIAL VANGUARD Why we need Emefiele now more than ever of crude price to almost $70, the revenue shortfall will still be significant. Second, exports in January and February were less than 1.7mbpd each month; March is also unlikely to go beyond that figure. So, with the first quarter, Q1, almost ending, the unfavourable variance recorded on the crude account already points to serious trouble ahead, Certainly, there will be considerable pressure on the exchange rate very soon. Third the factors which are now depressing the Nigerian crude sales will not end in April. An old American classmate with huge investments in oil and a good research staff when contacted last week confirmed the story about Nigerian crude running out of favour with buyers. According to him, Nigeria will be lucky to export 1.5 mbpd from now until December. One can only hope that he is wrong; because at that rate, the economy in 2019 is flirting with another recession. Fourth, even if a recession is averted, another foreign exchange crisis might just be right around the corner and we might be fighting to keep the exchange rate from hitting N500/USS1 as we experienced two years ago. It is well-known among economists that the quickest way to destroy a country is to first of all destroy its currency. A worthless currency will sooner create more havoc than Boko Haram, herdsmen and the cattle raiders in the North because it will devastate everyone. We came close to one collapse at that time and only the measured interventions by the Central Bank, headed by Godwin Emefiele brought us back from the brink. Apart from external factors, the elections just concluded, unlike the relatively peaceful 2015 exercise will most likely create political and social tension for at least the rest of the year. The disputed presidential election, in Changes which can cause turbulence in the modern global economy take place at the speed of people sending computer messages particular, will surely keep foreign investors away until it is resolved. Those badly needed dollars will not be arriving in Nigeria soon; now that we need them more than ever. More pressure will be mounted on the exchange rate. Fifth, the external global economic situation is disturbing and their consequences for the Nigerian economy are uncertain. To the best of my knowledge, nobody in this government is really giving a great deal of thought to the repercussions of slowing global economy for Nigeria. Our largest trading partners all seem to be slowing down all at once. But, two events outside our shores point to the need for Nigeria to have some measure of stability in its monetary policy management. One is BREXIT. Great Britain, unless a last minute miracle occurs is about to leave the European Common Market in a move that will destabilise the European economy in ways that are not clear to the Europeans themselves. One thing is certain; it will not be without problems. And when Europe, the world’s largest trading bloc, sneezes, the rest of the world must reach for nasal balms. Almost invariably such continent-wide crises result in currency crisis. With so much uncertain, experience has demonstrated that the countries which survive the global turbulence best are those which stabilise their monetary policy management. Changing the guards when trouble looms creates two sets of uncertainties – the external uncertainty and the management uncertainty. The United States provides a good example. Mr Alan Greenspan was the Chairman of the Federal Reserve Bank for nineteen years; he served three different Presidents. The economy experienced its first major crisis during his first term in office. He rose to the challenge and was able to bring some measure of sanity to the system. He was allowed a second term to enable him consolidate on the reforms he had introduced. He was still engaged in solidifying the reforms when the global Banking Crisis erupted. But, he was also nearing the end of the second term. Instead of taking a risk with a new hand Greenspan was allowed to continue. There is one good reason. Changes which can cause turbulence in the modern global economy take place at the speed of people sending computer messages. Information and data move just as fast. And because no country is isolated central bankers must constantly keep in touch with each other. Being well-networked has, therefore, become a vital attribute of the governor of any national bank. It is indispensable in a crisis. Emefiele, at the moment, is the person with access to the global network of central bankers. With the other uncertainties facing Nigeria, the least we can do is to remove one – don’t bring a new manager to lead the monetary policy team. At a time like this, the “devil” that you already know is far better than the ‘saint” you might be considering. There can be only one excuse for making a change under the circumstances. The incumbent must have been an absolute disaster. In my opinion, Godwin Emefiele is actually the best performing officer in a high post in the last four years. He is not perfect. Nobody is. But, as a leader, he combines intelligence, integrity, courage and diligence in measures not observed in the office of Governor of Central Bank in a long time. BUSINESS Sidelining of MfBs will undermine Nigeria’s financial inclusion strategy — Bowen MfB By Providence Emmanuel WHAT are your views about the subsector especially now that the first quarter is almost concluded? I expect the sub sector to be stronger in implementing the financial inclusion strategy for Nigeria and this would be done through the agent banking model. I expect that the association would be able to put in place and implement our own agent banking strategy that would enhance the sub sector into achieving its financial inclusion strategy. I expect more engagement with government agencies that have In this interview, Managing Director, Bowen Microfinance Bank, MfB, Limited, Mrs. Adebimpe Ogunleye, lamented the alleged sidelining of MfBs in the implementation of the National Financial Inclusion Strategy. Excerpt: economic empowerment programmes for our target market, the economically active poor. What is the subsector doing with regards to the CBN’s circular on recapitalisation, among others? Since the circular came out, we have been having engagement meetings trying to look at options available to us. Above that, we have made representations to the central bank directly, on the issue of recapitalisation because if MfB is suppose to do financial inclusion, we understand all the challenges and issues which actually has led to the increase in the capital base with different classes of MfBs. But we are saying there is a point to which you increase to that you entirely bury the idea of microfinance. For us in the industry, we have made representations at the CBN, we are doing advocacy through stakeholders who are close to the sector to also speak about this matter. We are expecting a downward review of the new policy and the second thing is that, we are discussing in various ways with CBN. Our position is that, if we are supposed to be a channel for financial inclusion, which is the way it is all over the world, whatever CBN wants to do with the NIRSAL MfB that it is putting in place, our position is that you cannot be a policy maker and policy driver. Instead of setting up another national MfB, why would the CBN not look at the NIPOST offices and say NAMB, how can you collaborate with NIPOST offices to enter into the rural area and empower the people? The commercial banks are supposed to look at the MfB sector and empower them to affect the economy because we are located in the rural area where these people are. They do not have the capacity to go down low at a go. Imagine any of the deposit banks having 20 to 30 unit MfBs under them, facilitating them with all necessary requirement to go and function in these rural areas. Do you imagine the development that go on in the community areas. Also, they don’t need to spend money to go there; they are only driving the right channel to achieve the goal there. That is the way it is supposed to operate. Microfinance banking is our area of specialisation, it is not their own, we are supposed to be their area of target; they are supposed to empower us to achieve the financial inclusion goal of the federal government.
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18032019 - APC, PDP attack INEC over Bauchi, Adamawa gov polls

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