Shareholders hail Sterling Bank’s digital transformation journey

Glowing commendations from shareholders trailed the improved performance of Sterling Bank Plc at its 56th Annual General Meeting (AGM) in Lagos on Thursday, 16th of May 2018. This upholds the remarkable vote of confidence previously echoed by stockbrokers and analysts during its Facts Behind the Figures presentation at The Nigerian Stock Exchange (NSE), last week. 

Equally, the lender’s stockholders were delighted by the 20.2% rise in shareholders’ funds from N85.7bn in 2016 to N102.9bn in 2017, and the declaration of 2 kobo dividend per ordinary share of 50 kobo.  

Addressing the meeting, Mr. Mathew Akinlade, President, Nigerian Shareholders Solidarity Association, commended the Board and Executive Management of Sterling Bank for its orderly leadership transition, digitisation, improved shareholders’ value, increased customer deposit and a strong performance in a fragile financial year in which the economy only started recording growth in its second quarter after a severe 15 months recession.  

According to Mr. Akinlade, the bank’s performance is very encouraging; which makes it easy for shareholders to unanimously support the mid and long-term management strategies put in place by the Board and Management. He advised the leadership of the bank to deliver on strategy to make Sterling a bank of the future and market leader in the areas of health, education, agriculture, renewable energy and transportation.  

Sterling Bank reported a profit after tax of N8.5 billion for the financial year ended December 31, 2017 as against N5.2 billion for the corresponding period of 2016, representing an increase of 65% in profitability. The bank’s gross earnings also increased by 19.8% to N133.5 billion against N111.4bn in the corresponding period of 2016. This remarkable performance was driven by growth in both interest and non-interest income by 11.3% and 87.8% respectively.

Earlier in his address, Mr. Asue Ighodalo, Chairman, Sterling Bank Plc, told shareholders that the bank will continue to navigate its growth by innovative means. “As a business, we will continue to innovate with focus on key growth sectors of the Nigerian economy that will enrich lives and grow the bottom-line. We will also continue to leverage on our areas of strength to drive sustainable growth and deliver superior returns to our esteemed shareholders,” he disclosed.

Mr. Ighodalo assured shareholders of the bank’s commitment to delivering tailor-made solutions in line with the Global Sustainable Development Goals (SGDs) and Central Bank of Nigeria’s Sustainable Banking Principle. “As a matter of necessity, we remain committed to delivering solutions that satisfy stakeholders’ needs and objectives while also providing adequate financial returns to shareholders.”

The Chairman expressed appreciation to the board, management, shareholders and Mr. Yemi Adeola, who retired in April as Managing Director and Chief Executive of the bank for the hard work, commitment and support. Mr. Ighodalo attributed the bank’s improved performance to shared purpose across board by all stakeholders.

Also speaking at the AGM, the bank’s Chief Executive Officer, Abubakar Suleiman, explained that the bank’s 2017 financial year performance highlights its underlying institutional strength despite delicate operating conditions. “We will continue to execute the plans to drive efficiency across the business under the three pillars of agility, digitization and specialization in the new financial year. These pillars will propel us toward sustainable growth by enhancing our ability to innovate; solidify our retail funding base; strengthen our enterprise-wide risk management framework and drive excellent service delivery across all channels to enhance customer experience,” he disclosed.

The CEO added that the bank He he made major investments in technology infrastructure to provide excellent services to customers, grow markets and create new ones more efficiently and engagingly. He referenced the successful launch of Specta, an innovative online lending platform which offers personal loans within five minutes as part of the bank’s digital transformation journey. 

Giving details of the bank’s business specialisation drive, Mr. Suleiman said that Sterling Bank is actively mobilising private sector capital to solve some of the most pressing social and economic needs of Nigerians. “We have aligned the bank’s business model to offer financial and non-financial solutions to key areas which are at the HEART of Sterling Bank – Health, Education, Agriculture, Renewable Energy, and Transportation. We are driven by the conviction that these sectors are important catalysts for our country’s socio-economic growth and sustainable development.”

Shareholders at the Annual General Meeting celebrated the Board, Management and employees of the bank affirming that its market disruptive offerings will entrench a customer-centric business model, ensure a leap in customer acquisition and retention thereby improving returns on their investments.

Useful links

http://thenationonlineng.net/sterling-bank-outlines-long-term-strategic-growth-plan/

https://www.thisdaylive.com/index.php/2018/05/10/sterling-bank-ceo-assures-stakeholders-of-better-performance/

https://theeagleonline.com.ng/sterling-banks-profit-jumps-by-65-2/

https://newtelegraphonline.com/2018/05/investors-upbeat-on-sterling-banks-future-revenue-growth/

Faced with a maze of career options?

Study for CGMA® and become a business leader

Do you feel like you’re stuck in a career maze? And you’re not sure about which way to turn to unlock that high-flying career in a world class organisation. Did you know that Chartered Management Accountants (ACMAs) and CGMAs work in 88% of the Fortune 500 companies. Why? Because big business understands that management accountants are more forward looking and play a critical role in monitoring and driving the success of the business. They are the business experts of the future.

 

 

Studying management accounting unlocks career opportunities and enhances your employability across many industries and job roles. CGMA is the global professional qualification to have and CIMA, the Chartered Institute of Management Accountants, is where your journey to CGMA begins.

 

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FIND OUT MORE

www.cimaglobal.com/businessbrains
T +234 1 463 8353 / 199
E lagos@cimaglobal.com

African business leaders investing in Africa’s youth

Business leaders - Dangote, Elumelu, Aladekomo

 

By Olufemi Adeyemo

 

Africa has been described, at best, as a sleeping giant. Quite an unfortunate description of a land blessed with an abundance of natural and human resources.

 

Yet the continent continues to struggle for existence, as its state of affairs- from political independence to the promise of economic emancipation- have confined it to the apron strings of the dubious colonialists it gleefully ushered to the airstrips and harbours several decades ago.

 

While much of the blame for Africa’s perpetual underdevelopment has been laid, justly, at the doorstep of its political leaders, whose ineptitude, greed and thoughtlessness have rendered their respective economies prostrate as they rule over a desensitized mass of people who have been orientated towards corruption, puerile politicking, terrorism, kidnappings, genocide, xenophobia, internecine wars, and the like.

 

On the other hand, it gladdens one to know that a few business leaders have taken up the challenge to empower their people, particularly young people, by building a culture of leadership, entrepreneurship and social investment.

It is instructive that if they do nothing, Africa, and the wealth they have painstakingly built to generate profit and employment for future generations, might be wiped out by political recklessness and ideological belligerence that is consuming the continent.

 

Africa’s richest man, Aliko Dangote, has stepped up his desire to increase the quality and quantity of young African leaders by establishing, in conjunction with the World Economic Forum, a fellowship programme aimed at raising scores of young African leaders.

 

Tony Elumelu’s TEEP, a multi-year training, mentoring and funding programme, awarded $5,000 grant to each of the first one thousand young African entrepreneurs last March; with a mission to grow ten thousand African start-ups and businesses over the next ten years.

 

Technology pioneer, Demola Aladekomo, whose passion to use technology to solve social problems inspired the building of the world’s largest internet café in 2008, according to the Guinness Book of World Records, has continued his over twenty years commitment to youth empowerment through the Volunteer Corps and the management trainee programme that has developed today’s crop of senior managers in various sectors of corporate Nigeria.

 

Seni Adetu, a former managing director of Guinness Nigeria PLC, mentors young people by helping them hone their analytical skills and building their personal brands.

 

Spurred by the words of Goethe that, “Whatever you can do or dream you can, begin it”, Patrick Awuah quit a lucrative post at Microsoft to set up Ashesi University in Accra, Ghana, to build the intellectual and social capacities of young Ghanaians, because he believes that everyone who goes to college now will be running the country one day- be it in the political space, public administration or private enterprise.

 

While more needs to be done to stem the tide of mutually assured destruction sweeping across the continent, the commendable efforts and sacrifices of these notable Africans and others, is a glimmer of hope for Africa’s renaissance.

Adeyemo is a visiting faculty at the School of Media and Communication of the Pan Atlantic University (PAU) in Lagos

Useful weblinks

1. Cross Rivers Govt lauds Dangote over Youth empowerment, development
http://www.thisdaylive.com/articles/cross-rivers-govt-lauds-dangote-over-youth-empowerment-development/167617/


2. Dangote to lift Borno women, youths with N540 million
http://dangote.com/NewsDetail.aspx?custid=127#sthash.JT0Ng779.dpuf
http://dangote.com/NewsDetail.aspx?custid=127

3. Aliko Dangote to Endow Foundation With $1.2 Billion
http://philanthropynewsdigest.org/news/aliko-dangote-to-endow-foundation-with-1.2-billion


4. 1000 African Entrepreneurs Gather In Nigeria For Tony Elumelu Foundation Boot Camp
http://www.forbes.com/sites/mfonobongnsehe/2015/07/14/1000-african-entrepreneurs-gather-in-nigeria-for-tony-elumelu-foundation-boot-camp/

5. Tony Elumelu Foundation donates $25,000 to the OOF to support youth empowerment  http://olusegunobasanjofoundation.org/oof_news/press-release-tony-elumelu-foundation-donates-25000-to-the-oof/#.VhBGGaSFPIU

6. Aladekomo, Adetu for CIMA GBC national final
http://www.ngrguardiannews.com/2015/06/aladekomo-adetu-for-cima-gbc-national-final/

7. Chams MD urges youths to become entrepreneurs
http://www.punchng.com/business/appointments-management/chams-md-urges-youths-to-become-entrepreneurs/

8. JABU Pro Chancellor Commends Aladekomo, Chams
https://plus.google.com/+PeterUgwu/posts/Zra9HVGYsgQ

9. When the Present Met the Future at the CIMA Global Business Challenge
http://www.bellanaija.com/2015/09/04/when-the-present-met-the-future-at-the-cima-global-business-challenge/

10. Nigeria: Volunteer Corps Graduates 17
http://allafrica.com/stories/200812310081.html

CIMA unveils CFO Route for Nigerian finance professionals

L-R: Executive Director, Education, Chartered Institute of Management Accountants, Dr. Noel Tagoe; Country Manager, CIMA, Ms. Ijeoma Anadozie; and General Manager, Enterprise Project Management, MTN Nigeria, Mr Biodun Alagbe, during the introduction of CIMA CFO Route programme to accounting professionals in Nigeria.

 

 

In a bid to broaden the knowledge and enhance the efficiency level of senior management personnel, the Chartered Institute of Management Accountants (CIMA), the leading body of management accountants globally, recently launched a new certification programme known as the CIMA CFO Route, for business and finance professionals in Nigeria.

CIMA CFO Route is a programme formulated for Chief Finance Officers, Chief Executive Officers, and senior management officers to methodically inculcate in them the application of strategic management techniques required to analyse, recommend, and support decisions and areas which fall within the job scope of senior finance and management officials.

Introducing the programme to senior business and finance leaders drawn across different sectors of the economy, the Executive Director, Education, CIMA, Dr. Noel Tagoe, said the programme was developed by the institute because of the need to expand the scope of accounting knowledge especially with the present day multi-faceted business environment globally.

 

“We felt that those in senior management positions and those aspiring to senior positions must undergo a change in mind set. A change in the way they are thinking can begin to put accounting at the forefront of change in the way businesses are managed,” Tagoe said.

He also disclosed that the programme has been meticulously designed to help prospective candidates meet the requirements of modern employers by combining both conceptual and theoretical knowledge alongside the application of practical examples in order for them to fully comprehend and utilise what they have learnt. This, according to Tagoe, puts the programme at an advantageous position over post-graduate university degrees.

Speaking on the relevance of the programme and the eventual certification, the Country Manager, CIMA, Ms. Ijeoma Anadozie, said, “By undertaking this programme, you get two designations; you get ACMA which is Associate Chartered Management Accountant and you get CGMA which is the Chartered Global Management Account and that designation is in partnership with the American Institute of Certified Public Accountants. (AICPA).”

Furthermore, Ms. Anadozie revealed that as a result of the partnership with AICPA, the CIMA Advanced Diploma in Management Accounting obtained by students is very significant and well respected as it is recognised globally in several countries.

The Chartered Institute of Management Accountants is the world’s largest professional body of Management Accountants. Founded in 1919, the institute has more than 228,000 members and students in 177 countries.

 

For more information on this special offer and on how to register, call 07002462644 or email lagos@cimaglobal.com

 

CIMA Offers 50% Discount & Fast Track Route to MBAs, MSC in Accounting Holders & Chartered Accountants

Do you want to stand out in the business world, while tapping from an endless pool of global opportunities?

Then, extend the global reach of your recognition by obtaining the Chartered Global Management Accountant (CGMA) designation. This designation for management accountants is recognized the world over as the most relevant finance qualification for business and is powered by the expertise and resources of Chartered Institute of Management Accountants (CIMA) and American Institute of Certified Public Accountants (AICPA).

The CIMA Professional and Masters Gateway is an accelerated entry route for qualified accountants, holders of an MBA and Masters in Accounting degrees. Qualified candidates are granted 12 exemptions out of 17 papers, and are awarded the CIMA Advanced Diploma in Management Accounting, entitling them to use the professional letters CIMA Ad Dip MA.

Take advantage of the special offer of 50% discount on fees on the Gateway route by registering online today at www.cimaglobal.com/cga with promo code ACOA15PRO for the Professional Gateway and ACOA15MASTER for the Masters Gateway.

For more information on this special offer and on how to register, call 07002462644 or email lagos@cimaglobal.com

A dynamic and rewarding career awaits you as you take advantage of this opportunity.

Offer lasts till 31st July 2015.

OAU's Team Galactic wins CIMA Global Business Challenge Nigeria final

CIMA, the Chartered Institute of Management Accountants, is delighted to announce Team Galactic from Obafemi Awolowo University (OAU), Ile-Ife in Osun State as the national champion at the end of the national finals of the CIMA Global Business Challenge (GBC) in Lagos at the weekend.

Ijeoma Anadozie, Country Manager, CIMA Nigeria

Team Galactic was adjudged the best of four teams from three universities that participated in the competition where participating teams delivered presentations on a business case study in the oil and gas sector.

The GBC is an international competition designed to bring out the best in potential young business leaders by providing the opportunity for them to test team work as well as business analysis and presentation skills against the best and brightest from around the world. More than 14,000 students around the world are competing at local and regional levels for a spot at the global final in Warsaw, Poland in August 2015.

Seni Adetu, Immediate past MD/CEO, Guinness Nigeria

Megha Joshi, CEO, LCA & Laoye Jaiyeola, DG, NESG

For emerging tops in Nigeria, Team Galactic got an all-expenses paid trip to participate at the global final, cash prize of N300,000 (three hundred thousand Naira), management books for their university and full membership of the CIMA undergraduate club. All the competing teams went home with cash prizes.

Other teams that participated in the national final were Team N-Ergy from OAU, FUTOITES Business Team from Federal University of Owerri, and Dream Team from University of Ilorin. The teams were shortlisted by CIMA Assessors from a pool of 95 teams from 17 universities that submitted entries for the competition.

After an evaluation of video and PowerPoint presentations by the four teams and a question and answer session, Team Galactic was adjudged the first among equals by a panel of judges comprising of business leaders and board room gurus namely Sir Demola Aladekomo, Chairman, SmartCity Resorts Plc; Mr. Laoye Jaiyeola, Director General, Nigerian Economic Summit Group; and Mr. Seni Adetu, immediate past MD/CEO, Guinness Nigeria Plc. Other members of the panel of judges were Ms. Megha Joshi, CEO, Lagos Court of Arbitration and Ms. Anita Dele-Dickson, Head of Relationship Management, Stanbic IBTC Pension Managers Limited (SIPML).

Announcing the competition results on behalf of the panel of judges, Sir Demola Aladekomo, commended CIMA for creating the Global Business Challenge as a platform for future leaders to showcase their talents, and for extending the competition to Nigerian undergraduates. He lauded the solutions presented by the various teams, describing the four teams that made it to the national final as winners in their own right for being the best of the 95 teams that submitted entries for the competition.

Sir Demola Aladekomo, Chairman, SmartCity Resorts Plc

According to Sir Aladekomo, “The national final was very competitive with the different teams demonstrating good understanding of the case study as reflected in the solutions they proffered to the Oil and Gas business case study provided by CIMA. The panel of judges was impressed with the team work, in-depth analysis, appreciation of strategic issues and the business savvy showcased by the undergraduate students that make up the teams during their presentations.

“I would like to commend Team Galactic from the Obafemi Awolowo University on their outstanding performance and on becoming Nigeria’s first CIMA GBC national champions. Team Galactic really stood out for the judges because of their consistent outstanding performance across all points of evaluation.

Team Galactic from OAU with the board of judges 

“The first runner up, the FUTOITES Business Team and second runner up, N-Ergy Team also demonstrated good understanding of the case study but were no match for the exceptional Team Galactic which can hold its own against any of the other 25 teams from across the world that will be competing at the global final.”

Ms. Ijeoma Anadozie, Country Manager, CIMA Nigeria, who announced the prizes, said “The competition has been a phenomenal success and Team Galactic should be truly proud on making it through to the global final.”

The Board of Judges - CIMA GBC Nigeria Finals

According to Ms. Anadozie, “The national champion, Team Galactic gets a cash prize of NGN300,000 (Three hundred thousand Naira only), management books for their university, and an all expenses paid trip to Warsaw – Poland to compete for the title of global champion against 25 other teams from across the world. First runner up, FUTOITES Business Teams gets a cash prize of NGN200,000 (two hundred thousand Naira) and management books for their university. Team N-Ergy, the second runner-up, as well as the Dream Team get cash prizes of NGN100,000 (one hundred thousand Naira) respectively. All our finalists are indeed winners.

“I would like to thank our esteemed panel of judges, sponsors and partners, Stanbic IBTC Pension Managers Limited, Lagos Court of Arbitration, Guinness Nigeria Plc, Nigerian Breweries Plc and Kiishi-Lagos Limited for their support; and of course the multitude undergraduate students from across the country who attended the national finals to cheer their favourite teams thereby ensuring we have a truly successful national final”.

This will be the first time that Nigerian undergraduates will participate in the prestigious annual global business competition. The Nigerian final was sponsored by SIPML, and supported by Guinness Nigeria Plc, Lagos Court of Arbitration, Nigerian Breweries Plc and Kiishi-Lagos Limited.

CIMA challenges Nigerian undergraduates to become the global business leaders of the future

CIMA, the Chartered Institute of Management Accountants has invited entries from undergraduates in universities, polytechnics and monotechnics across Nigeria to participate in this year’s CIMA Global Business Challenge (GBC). The GBC is an international business competition hosted in conjunction with Barclays across 26 countries.  This is the first time that Nigeria will compete in this prestige competition which allows undergraduates the opportunity to test their skills and showcase their talent.

 National winning teams will travel to Warsaw, Poland, in August to compete in the global final for the title of GBC Global Winners.

CIMA offers an international qualification in management accountancy and is the world’s leading and largest professional body of management accountants with over 227000 members and students in 179 countries.

Full-time undergraduate students with a passion for business and finance are invited to register for the Nigeria GBC challenge by 17 April.  Teams of four register online at www.cimaglobal.com.

Teams of four compete by analysing a case study based on CIMA’s test of professional competence and submitting a 3000 word report by 28 April. Once reports are submitted and assessed, four teams are selected and the final short-list will be announced. These teams are invited to participate in the Nigeria final in Lagos on 30 May 2015.

Commenting on the 2015 GBC, Ijeoma Anadozie, Country Manager, CIMA said: “The Global Business Challenge is an internationally acclaimed platform which helps students exhibit the knowledge, skills and competency needed to make them future business leaders, while giving them a unique opportunity to test their analytical skills revolving around business and financial management. We have experienced a positive response from our initial discussions with universities and are expecting to receive hundreds of registrations for the competition.  The teams then need to ensure that their reports are submitted on time for assessment and marking so that the shortlist of competing teams for the national final can be announced.Last year’s GBC Global Finals held in Mumbai showcased talents from 24 teams.”

The CIMA Global Business Challenge emphasises on CIMA’s vision to develop and nurture young talent around the world. It helps undergraduate students to foster better interpersonal and communications skills, by working together as a four-member team to present a business case study.

Previous years of the competition have featured more than 16,000 participants from over 550 universities across 26 countries that include the United Kingdom, South Africa, China, Singapore, India and Ghana. The CIMA Global Business Challenge has grown year on year, from eight participating regions or countries in 2009 to 26 in 2015.

Each team consists of four members, and they must be full-time/part-time undergraduate students studying their first degree from a university, polytechnic or monotechnic. There is no upper limit on the number of teams, which can participate from any one university/institution. For details of registration, rules and how to register please refer the following link: www.cimaglobal.com/gbc

Journalists get trained on etiquette, image management

Lagos, Nigeria: Leading etiquette and protocol firm, JSK Etiquette Consortium held a one-day master class on etiquette, civility and cultural diversity for media practitioners on 17 March 2015 in Lagos. With the theme, Executive Finesse for Media Practitioners, the programme equipped participants drawn from print and electronic media with the ‘panache advantage’ by strengthening their understanding of manners, poise, image and style in relation to their personal brand.

Interactive teaching techniques that include demonstrations, role plays and questions and answers sessions were used to enhance the learning process during the training session; thus dispelling passivity, stimulating response and animated discussions during the training session.

In his welcome address, Mr. Seni Adetu, Chairman, JSK Etiquette Consortium, said “The importance of business etiquette cannot be overemphasized because it helps professionals to reflect confidence, build inter-personal skills, strong relationships and prevent misgivings with important stakeholders. Considering that media practitioners work on the scene of events of local, national and international importance, this training session will enhance their civility, cross cultural sensitivity and professionalism.”

The session was facilitated by Mrs. Janet Adetu, Chief Executive Officer, JSK Etiquette Consortium. A chartered accountant, brand analyst, certified corporate image and business etiquette consultant, Mrs. Adetu was trained and certified by the prestigious Protocol School of Washington amongst many other institutions as a corporate business etiquette and international protocol expert.  She also currently hosts a radio program-“Etiquette with Janet” on Beat 99.9 fm and Classic fm 97.3.

Explaining the reason for the programme, Mrs. Janet Adetu, said, “We recognize the media as a major stakeholder that supports small, medium-sized and big businesses ensuring their success. In return, we have decided to support media practitioners to become more successful and distinguished by enhancing their overall understanding of manners, poise, image, style and personal branding. The goal of this training programme is to polish the professionalism of media practitioners, and to enhance their interpersonal skills to make them operate at their personal best.”

On his part, Mr. Seni Durojaiye, a senior media specialist who was part of the training programme commended JSK Etiquette Consortium for investing in improving the business etiquette skills of media practitioners. “In no small measure, this executive finesse training provides insight into what one is currently doing well and areas to develop in order to maximize one’s effectiveness as a compliant and 21^st century professional.”

Mr. Durojaiye recommended that all professionals, especially ambitious ones seeking to rise to the top in their chosen career, must take the time to attend some of the JSK Etiquette Consortium workshops.

JSK Etiquette Consortium is the leading Nigerian etiquette and protocol firm, with a vision to becoming the most admired etiquette consulting company in Africa. The firm iscommitted to helping corporate organizations, professionals, expatriates, diplomats and individuals, toenhance their professionalism, exhibit world class behavioral changes, improve their social grace, master their soft skills and polish their image, style and executive presence. JSK Etiquette Consortium facilitators have extensive experience in protocol, etiquette, civility and cultural diversity, and have conducted interactive leadership development seminars, impression management workshops and etiquette boot camps in Lagos, Nairobi and London.    

CIMA qualification aligns with Shell Group competencies for employees

Shell Group Plc carried out a survey of CIMA-trained staff, to understand how the qualification’s syllabus aligns with the company’s required competences in its growing business concerns.

In order to achieve this, Shell provided CIMA with the competences it needs for the various roles in its finance function. Out of 42 competences, the CIMA syllabus covered 27, at its basic level, which matched about 65 per cent of Shell’s expectations.

Key findings indicate that CIMA trained staff are more likely to be externally focused and quick acting. These are two of the five behaviours introduced in 2009 by Peter Vose, during his tenure as CEO of Shell.

In addition, CIMA trained staff are just as likely as the others to be commercially orientated. They also scored highly on ‘value simplicity’ and ‘goal orientated’.The Shell study therefore concluded that the CIMA syllabus could form a basis for delivering high value to its operations.

This is just one of the many case studies that have been carried out regarding the contribution of CIMA trained staff to the viability of businesses operations at all levels.

Management accountants are equipped with a wide variety of skills which makes them highly employable. Their role in the organisation puts them at the heart of the business. By helping people and businesses to succeed, CIMA is the first choice for employers. 

CIMA, the Chartered Institute of Management Accountants, is the world’s largest and leading professional body of management accountants. CIMA supports over 227,000 members and students in 179 countries.

Useful links:

1. Measuring the value of CIMA to Shell

2. CIMA is the best choice for a successful career 

3. Phil Sanderson on working at Shell, and the CIMA qualification 

If you have any questions for CIMA Nigeria Office, send an email to lagos@cimaglobal.com. 

A CIMA Nigeria representative will be happy to provide answers to your questions. For more information on CIMA and on how to register, log on to www.cimaglobal.com or call 07002462644.

SmartCity project to create 50,000 jobs

BY OZIOMA UBABUKOH

Promoters of the SmartCity Innovation Hub project have said the hub located in Lekki-Epe, Lagos, will create 50,000 direct employments in its first five years.

According to them, the project will also galvanise economic diversification and move Nigeria towards a knowledge-based economy.

Sir Demola Aladekomo

They stated this in Lagos at a private presentation of the project to technology industry stakeholders.

The holding company for the project is SmartCity Resorts, an investment and infrastructure company. Its Chairman, Demola Aladekomo, said the hub was an A-grade technology development infrastructure, “which will prime the local technology industry for global competitiveness, galvanise it from crass consumerism towards innovation and world-class manufacturing standards.”

He said, “Upon completion, it has the potential to create about 50,000 direct employments in its first five years. It will be the Nigerian equivalent of the Silicon Valley in the United States of America, which is home to many of the world’s largest technology corporations and thousands of tech start-up companies.

“It is beyond doubt that Silicon Valley is the world’s leading hub for high-tech innovation and development, and has been pivotal to the global information technology revolution.”

Conceived in 2011 for development in Lagos and Abuja, promoters of the SmartCity Innovation Hub include the Federal Ministry of Communications Technology, National Information Technology Development Agency, Nigeria Computer Society, and the Association of Telecommunications Companies of Nigeria.

The project is seen as a move to bring together technology, government and society in ways that promote the culture of innovation and the competitiveness between allied businesses and knowledge-based institutions.

Location of the hub is considered strategic and within the same locality as the Pan Atlantic University and proposed developments such as Lekki Free Trade Zone, Lekki International Airport, Deep Seaport Project, and Dangote Petrochemical Project.

The innovation hub is being developed on a 48-hectare land allocated by the Lagos State Government.

Aladekomo said that for the benefit of the Nigerian economy and the local technology industry, the project team was working with policy makers, regulators, technology corporations and venture capitalists to recreate the same prototype in Nigeria.

“Collectively, the objective of all stakeholders on the project is to build a technology city that will be a magnet for technology-led investment, innovation and talent, making it one of the top destinations for technology companies, entrepreneurs and investors on the African continent,” he added.

“The SmartCity Innovation Hub will engender economic diversification and will move Nigeria towards a knowledge-based economy birthing a prosperous, productive and innovative nation.”

The Managing Director, Greenwich Trust Limited, the financial advisers to the project, Mr. Kayode Falowo, said the hub project was well rounded and viable with the requisite support from government, regulatory bodies and industry stakeholders.

He added that international development funding institutions and local financial institutions were willing to lend developmental and operational support to the project.

The Lagos State Commissioner for Science and Technology, Mr. Adebiyi Mabadeje, commended the promoters of the project and spoke on government’s readiness to lend support to it within the ambit of its power.

Affirming this, Mr. Funmi Oshinfuye, who represented the Lagos State Commissioner for Physical Planning and Urban Development, said that the project aligned with the overarching vision of the ministry to transform Lagos State into a megacity through new urban developments that are eco-friendly and socially inclusive.

Already, leading technology corporations that include Microsoft Corporation, Zinox Technologies Limited, MainOne Cable Company Limited, Interswitch Nigeria, Globacom Nigeria Limited, Visafone Communications Limited, Chams Plc, Data Sciences Nigeria Limited, Systemspecs, and VDT Communications Limited are among the current subscribers taking up space at the hub.

Equally, public sector institutions with regulatory oversights such as the Korean Public Joint Venture, Nigerian Communications Commission, Galaxy Backbone Limited, Federal Ministry of Communications Technology, and the Lagos State Ministry of Science and Technology have also taken up space at the hub. Other subscribers include Medplus, First Bank of Nigeria, and the International Finance Infrastructure.

CIMA offers 45% discount on gateway route

CIMA offers 45% discount and a fast track route to MBAs, Msc in Accounting holders and professional accountants.The offer closes 31 December. 

The route grants 12 exemptions out of 17 papers, leaving applicants just four papers to write after the initial assessment.

Start your journey to more career opportunities as a CGMA by joining the Chartered Institute of Management Accountants CIMA today.

For more information on this special offer and on how to register for CIMA, call 07002462644 or register online with the promo code REGMASTER14 for Masters and MBA holders and the promo code REGPRO14 for professional accountants at www.cimaglobal.com.

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Winning the Osun Osogbo Festival Crowd

If brands must learn anything from this, it is the lesson that it won’t be applauded for sponsorship and presence alone, even if those are what enabled the festival to function. To truly succeed, festival-bound brands must keep the needs of festivalgoers top of mind.




The Ejiogbe Twins serenading festivalgoers at Guinness Nigeria stand during the 2014 Osun Osogbo festival


The 12 days of intense socio-cultural and religious activities marking the annual Osun Osogbo festival came to an end on Friday, August 22. But the memories will linger for long for participants of the 500 year-old festival, which is essentially a ritual celebrating Osun, the Yoruba goddess of fertility. It was a potent cocktail of religious rituals, cultural displays, comedy, traditional and contemporary music as well as peerless brand activations. 

Every year, the festival starts and ends in the palace of the paramount ruler of Osogbo town, the Ataoja of Osogboland, Oba Jimoh Oyetunji, Olanipekun Larooye II. Usually, the first day of the festival starts with the ritual cleansing of the town, by a team that comprise of the Osun Priestess, Osun Priest, Ataoja of Osogboland and his traditional chiefs.  

It ends on the 12th day - when the whole of Osogbo partakes in a procession to the Osun groove in the morning by the Votary Maid, Osun Priestess, Priest and devotees, as well as a procession of drummers, singers and dancers. The festival ends when the Votary Maid successfully returns to the replica Osun shrine within the Ataoja of Osogbo’s palace.





Chairman, Osun Tourism Board, Engr Daniyan, presenting prize to the winner of the talent in culture competition

In spite of its ritual content, and the increasing predominance of Islam and Christianity in Osun State and across the country, the Osun Osogbo festival has become one of the biggest festivals on the cultural tourism calendar in Nigeria.  Every August, the ancient town of Osogbo, is crammed with local and international tourists, diplomats and devotees of the Osun deity from across the world. They come in their thousands to visit the sacred Osun Groove, worship and pay homage to the Osun deity, and participate in the celebratory activities commemorating the festival which now enjoys sponsorship and support from corporate organizations.



Artworks and traditional fashion items such as beads for sale are usually on display in their abundance. However, the sacred Osun Groove remain the centre of attraction to tourists and visitors, and the National Commission for Museums and Monuments (NCMM), custodians of the groove, take advantage of that to generate revenue for itself - a necessary action if the groove must be maintained. 

Tourists pay for access and the use of cameras (still and motion), as it obtains in other parts of the world. Interestingly enough, much value was delivered to tourists by the NCMM, through the articulate tourist educators on ground, who meet the needs of both local and international visitors to the festival, as tour guides on the 75 hectare sacred groove.

More than ever, big brands in the fast moving consumer goods space also added immense value to the overall festival experience through experiential marketing. In part, their engaging consumer-centric activations increased uptake of Osun Osogbo festival by residents, while boosting celebratory activities among tourists and Osun devotees. Due to the leverage provided by their festival friendly brands, alcoholic beverage companies were the undisputed frontrunners in terms of engaging and connecting with all categories of festivalgoers during the annual festival.




0sun Osogbo 2014: Raffle draw winner receiving his gift

This achievement was realised through the 21-day beer fiesta segment of the festival infused with music and comedy. During the festival, it was a common sight to see crowds of people huddling around the beer tents, and jamming to their favorite bands. The segment became so big that leading alcoholic beverage companies that had presence at the festival could not but count their blessings.

Remarkably, Guinness Nigeria took advantage of the festival and the beer fiesta to integrate its array of iconic brands into the Osun Osogbo festival creating meaningful and memorable experience for all categories of festivalgoers. It held tasting parties, gave out souvenirs and held raffles draws luring festivalgoers into its inviting tents; a subtle, but very effective way of becoming a memorable part of the festival experience for attendees.

Commenting on the festival, Afeez Jibowu, Regional Sales Director, Southwest, Guinness Nigeria, said “As a consumer friendly brand that has been part of celebrations of every facet of the Nigerian life for decades, we regard the Osun Osogbo festival as another great opportunity to connect with the passion of local and international tourists, devotees and residents of Osogbo. We are driven by the insight that the Osun Osogbo festival is so much more than a religious affair. It is also a social festival with lots of celebratory activities with strong appeal to tourists and residents of Osogbo town, among other stakeholders.”

Jibowu added that, “Festivals are a place for festivalgoers to make memories, and Osun Osogbo festival is not any different. This makes it imperative for Guinness Nigeria, a consumer friendly to integrate its array of iconic brands into the Osun Osogbo festival experience thereby entrenching the brands further in the mind of festivalgoers that are brand loyalists. Let me also add that the rich heritage of the Osun Osogbo festival is as legendary as our brands which naturally guarantee great times and experiences.

Truly so, Dotun Akere, a native of Osogbo, and one of the regulars at the Beer Fiesta, said that the Osun Osogbo festival now has more appeal for the people of Osogbo irrespective of their religious cleavage because of the support it enjoys from government and corporate sponsors. Akere disclosed that in his early years, celebration of the Osun Osogbo Festival was the exclusive preserve of the Osun deity devotees who were mainly focused on performing rituals.




Osun Osogbo 2014: Guinness Nigeria brand adorers at the beer fiesta segment

According to Akere, all that has changed. The festival has become a glamorous affair incorporating music, comedy, pageants, and a beer fiesta. “The participation of companies like Guinness Nigeria in the celebratory activities marking the Osun Osogbo festival changed the equation for most of us that are not devotees  of the Osun deity. It has made it possible for us to join the ranks of those having a good time during the annual festival. We now look forward to participating in the celebrations marking the annual festival,” Akere disclosed.

Looking back at the just concluded Osun Osogbo festival, it can be said that experiential marketing by big brands can make festivals bigger and glamorous. However, it is only consumer friendly brands such as Guinness Nigeria that demonstrate commitment to consumers by creating meaningful and memorable experiences during festivals that can earn new adorers from the usually huge crowd at festivals of the size of Osun Osogbo.

If brands must learn anything from this, it is the lesson that it won’t be applauded for sponsorship and presence alone, even if those are what enabled the festival to function. To truly succeed, festival-bound brands must keep the needs of festivalgoers top of mind.