ADEDUNTAN: BANKS, CUSTOMERS MUST APPROACH 2023 WITH PARTNERSHIP MINDSET The Managing Director/Chief Executive Officer of First Bank Nigeria Limited, Dr. Adesola Adeduntan, in this interview with THISDAY reviewed the performance of the global economy in 2022 and advised businesses and their bankers to approach 2023 with a partnership mindset to ensure that a win-win outcome is achieved despite the anticipated macroeconomic challenges. Excerpts: What are your forecasts and anticipations for the global economy in 2023? I would like to start by noting that 2022 was indeed a turbulent year for the global economy. In 2022, the global economy witnessed record high inflation rates with the attendant high cost of living across several economies. The elevated inflationary rates were attributed to the aftereffects of the Covid-19 pandemic as well as the Russian-Ukraine crisis. In its last World Economic Outlook report, the IMF projected a 2.7 per cent global growth rate in 2023, lower than the 3.2 per cent in 2022. The 2023 projection will be the weakest global growth profile since 2001 except for the global financial crisis year and the acute phase of the Covid-19 pandemic in 2020. In my view, in 2023, we will likely witness slower growth across several global economies due to lingering trade tensions as the impact of the Russia-Ukraine crisis will still weigh heavily on global trade flows. However, we may witness a decline in commodity prices as more import-dependent countries explore alternative sourcing options for these commodities. Inflationary pressures will however reduce as the impact of rising monetary policy rates continues to yield expected outcomes. The removal of COVID-19 restrictions in China should lead to a boost in global economic output. Oil prices are expected to remain largely elevated as tensions between Russia and Ukraine lingers, so energy prices will remain high. The transition to other sustainable
Interviews
2023 Election: My Chances Are Brighter Now Than Ever Before – Yinka Kazeem ‘Esho’ – Naijanewsdirect
His name rings bells in and outside the Mushin locality. Yinka Kazeem ‘Esho’ is a household name in the Mushin political firmament. His name came into political prominence and recognition in 2003, when he slugged it out with the now Apex Leader of Mushin Local Government, Distinguished Senator Ganiyu Olanrewaju Solomon, (GOS,) for the chairmanship seat of Mushin LG during which the ‘GOS Again’ slogan was coined in the Mushin political terrain. A seasoned socialite, Yinka ‘Esho’ was between June 2016 and July 2017 Sole Administrator of Mushin Local Government. Prior to this appointment by erstwhile Lagos state governor, Akinwunmi Ambode, the socialite-cum-politician, who is so passionate about what goes on in Mushin as a geographical expression, and its people in general was a Senior Special Assistant, (SSA,) on School Rehabilitation in 2007, and later the Special Assistant to Senator Ganiyu Solomon when the latter was Senate Minority Whip, between 2012 and 2015. Now he has his eyes on contesting for a seat in the vibrant hallowed chamber of the Lagos State House of Assembly, to represent Mushin Constituency 2. In this exclusive interview with Publisher/Editor-in-Chief of Naijanewsdirect, TUNDE OGUNMOLA, Yinka Kazeem spoke vividly on his 2023 ambition, and his lifelong desire of making positive and appreciable impacts/changes in Mushin and the lives of its constituents. Excerpts… You’re a household name in Mushin, born and bred in Mushin, what’s your perception of Mushin of then and now? There is no basis for comparison between Mushin of then and Mushin of now. There are now more developments in Mushin of today, just like the way we cannot compare Lagos of then to Lagos of now. Notwithstanding, people are still asking for more. Mushin is a work in progress. I could recall vividly you once aspired for the chairmanship of Mushin LG in 2003 when
Hon. Olawale Olayiwola Speaks Candidly On His Performance As Lagos Lawmaker – Naijanewsdirect
Hon. Abdusobur Olawale Olayiwola, popularly referred to in political circles as Omititi, is currently serving his second term in office as representative of Mushin Constituency 2 in the vibrant Lagos State House of Assembly. In an exclusive interview with the Publisher/Editor-in-Chief of Naijanewsdirect, TUNDE OGUNMOLA, Hon. Olayiwola spoke on a wide range of issues bothering on his legislative achievements, accomplishments, constituency programmes, his third term bid and many more. He emphatically shed more light on his contributions on the floor of the Assembly and his target as a lawmaker. Excerpts... Being the representative of heterogeneous community like Mushin can be tasking. Could you tell us your challenging moments? One of the challenges I face as one of the representatives of the people of Mushin in the Lagos State House of Assembly, is explaining to my constituents the real reason I am in the Assembly. As a lawmaker, I am to legislate, perform oversight functions and see them to a logical conclusion. Demands in various forms are daily challenging to public office holders in this part of the world, of which you are not an exception. How do you handle the many demands from your constituents? I have been a welfarist long before I joined politics. As a welfarist, I have been rendering assistance to people for many years, even before I became a member of the Lagos State House of Assembly, and I derive joy in rendering these assistance and support to people of diverse ethnic, religious and political backgrounds. At times, it’s not a question of money, there are some that want job placements and empowerments in many artisan and vocational skills and acquisitions. The demands of my constituents are not new to me. I know all fingers are not equal and there is an Islamic injunction that says as a Muslim, you
“Why I Deserve APC ticket to Contest LSHA Seat In 2023” – Barrister Femi Martins – Naijanewsdirect
Barrister Femi Martins, popularly referred to as BFM, is a legal practitioner of note, a political activist and core Lagosian. The popular Martins Street in Lagos Island was named after his family. As a bona fide member of the All Progressives Congress (APC) in Lagos state, BFM is the subsisting Legal Officer of the Mushin LG Chapter of the party. BFM has remarkably thrown his hat into the political ring to contest for a seat in the Lagos State House of Assembly (LSHA) in the forthcoming general elections. He intends to represent Mushin Constituency 2 in the vibrant hallowed chamber of Lagos state. In this exclusive telephone interview with the Publisher/Editor-in-Chief of Naija News Direct, ‘TUNDE OGUNMOLA, Barrister Femi Martins shed some light on his desirous ambition and why he stands at a plum position of clinching his party’s ticket ahead of other aspirants. Excerpt: Some aggrieved Lagosians have come out to say that core indigenes of Lagos are often being marginalized in the composition of government in the state, hence they approached a court to table their grievances. What’s your take on this? I believe everybody has a right to sue and anybody can be sued. It depends on the perspective you are taking your matter to court. I am a Lagosian, I believe anyone by birth or association or by being a Nigerian that resides in Lagos has equal right to be a Lagosian. Historically, we Lagosians are from Brazil, Senegal, Portugal etc, therefore, we can see that Lagos like America is a settlement for foreigners or travellers; we have core indigenes, they also have a right not to be deprived. I think their own issue is that “you cannot overlook us by bringing an outsiders to run our state without giving us any consideration.” If that had been the
I Was Sent To Preach Against False Doctrine – Prophet Odedoyin – Naijanewsdirect
Prophet Ezekiel Odedoyin is the general overseer of Christ for All Souls Ministry. Ever since he accepted the calling, God has used him to set the captive free, make the blind to see and also to become a blessing to the needy. In this interview, he revealed his life experience, how he was called and some of the challenges. Excerpt… As the brain behind Christ for All Soul Ministry, can you briefly tell us about you and how the ministry started? I want to give grace and honour unto the name of the Lord. I am not the brain behind this ministry. I want to give honour to the Almighty God, the owner of this ministry. He is the owner. I want to appreciate him for choosing a mere servant like me. I was just a mere man I never thought of being a Pastor. I never in my life thought of becoming a Pastor. There was a day I had a dream and I met an old man that told me that he wanted to send me an errand, and he said those people, the so-called Pastors have disappointed him. They have honoured themselves instead of him. He said that I should go and preach about his own name. As He was following me, I was speedily moving but he was moving on the air, he wasn’t using his feet to run, he was moving on the air and I laid down, he stretches his hand forth and the fire from the heaven come upon me and ever since then I began to speak in tongues, I began to perform signs and wonders. When the power came and before then I had a revelation where I saw an angel that said he wanted to take me to a place, he said
Adeduntan: FirstBank Is Resilient, Stable And Built For The Long Haul – Naijanewsdirect
The Managing Director/Chief Executive Officer of First Bank Nigeria Limited, Dr. Adesola Adeduntan, last year saw his tenure extended as part of efforts to ensure the stability of the financial institution. In this interview with THISDAY, he spoke about the intervention of the Central Bank of Nigeria, the future of the bank, trends that shaped the economy in 2021, his expectations for 2022 and other pertinent banking sector issues. Excerpts… What is the level of the Central Bank of Nigeria’s involvement in First Bank? The central bank’s involvement in FirstBank is essentially about playing the role of the regulator. CBN’s intervention has been in the best interest of the bank’s stakeholders and its performance; aimed at restoring confidence in the bank as well as to reassure the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. Your third quarter results saw a decline in some of the key indicators such as gross earnings, profit before tax and profit after tax, what was responsible for this? The Commercial Banking reported a resilient performance resulting in a Profit before Tax of N44.3billion for the nine months period ended September 30, 2021. This result was delivered in a sustained low yield environment, which continues to compress margins as the macro-economic environment remained challenging amidst the negative impacts of the COVID-19 pandemic. FirstBank’s focus on putting the customers first continues to be a driving force as we keep supporting our customers in meeting their business needs. The evidence of this support is reflected in the 24.1% y-t-d growth in the loan book, underpinned by solid risk management practices and from which sustainable good quality earnings are being delivered as asset quality remains firmly under control. Furthermore, in our concerted efforts at sustaining our dominance in financial inclusion and digital
Nigeria Needs Restructuring To Remain One – Comrade Aghedo Kehinde Stephen – Naijanewsdirect
Passionate about activism and freedom fighting, Comrade Aghedo Kehinde Stephen has dedicated all his life to humanitarian works. After playing an integral part in several protest across the country which includes; the June 12, Endsars protest, 2012 Subsidy protest among others, his doggedness and tenacity has singled him out from the crowd and his peers. Despite being a product of several arrests, police brutality assault and threats to life, he has never relented in his quest for an egalitarian society. The Edo State-born activist who loves upholding and fighting for the fundamental human right of every Nigerian believes in the power of the masses which serves as his source of inspiration and his muse. In this interview, the father of two who is also an Agric-businessman and a real estate mogul, divulged the low times he faced in his 15 years of sojourn fighting against injustices being an activist and a freedom fighter among other salient political issues he spoke on. Excerpts: Who is Comrade Aghedo Kehinde Stephen? I’m the last child from a family of 10, out of 7 surviving children now. I grew in Lagos-Island and my parents are from Edo state in Benin. My father was a civil servant before his demise and my mother is a trader. In your sojourn as an activist, who were your mentors? One of those who mentored me was Late Dr. Fredrick Fasheun, founder of the Oodua People’s Congress, he taught me many things I know today. During the 2012 subsidy protest, I was opportune to get close with former Afenifere Spokesperson; Comrade Yinka Odumakin, I also learned a lot from him. I was with Odumakin for years before I came in contact with Omoyele Sowore, who I am currently learning from now. Sowore gave me big leverage in activism. Those were the people who affected my
“The World Must See Our Real Stories The Exact Way They Should Be Seen” – LASU Lecturer, Steven Anu’ Adesemoye – Naijanewsdirect
A Senior lecturer at Lagos State Polytechnic, Steven Anu' Adesemoye has advocated for the propagation of Yoruba culture and language through the film industry and aid competition with other indigenous industries across the world. Speaking at the Dallas International Yoruba Movies Awards official presentation held on April 25 at Ambiance Cafe in Ikeja, Adesemoye bemoaned the backstage role which the culture is subjected to by the film Industry. He said, “The Yoruba film industry should not see its language of expression as a barrier to greater height. Instead, they should improve on their skill set in filmmaking to project the language and compete with other indigenous films across the globe” He stated that the film industry has a cogent role to play in the preservation of Yoruba culture as it transcends geographical limitations. As a result, the language must be used appropriately to protect the originality of the culture. In his words, “The only hope for the Yoruba nation in preserving the language is Yoruba film both home and abroad. People now learn how to speak Yoruba language through what they see in films across the globe.” “Therefore, the industry players must pay more attention to the effective use of the language. Proverbs, idioms, anecdotes, etc must be constructed and disseminated. If we must protect and project Yoruba culture, the language must first be protected. Language is the key that opens the tradition and culture”, he added. He frowned against the misconceptions in the usage of the culture. He further advocated for self-promotion of the cultural heritage. He encouraged collaboration and film tourism as tools which can help boost the industry’s impact in promotion of cultural value across the world. “Gone are the days when foreigners are allowed to tell our stories to their satisfaction. Yoruba filmmakers must rise to the occasion by telling their stories the
‘Quickteller Business Gives Users Access To 5m Potential Customers’ – Akeem Lawal, DCEO Interswitch – Naijanewsdirect
Interview with Akeem Lawal, Divisional CEO, Payments Processing, Interswitch The SME sector in Africa is huge. In Nigeria alone we have over 41 million micro, small and medium enterprises (MSMEs). How important would you say this sector is to the growth and development of the African economy? The SME sector is a potential game changer for economic growth, especially in Nigeria. This is why it is important for stakeholders in that sector to provide simple solutions that enhance their ability to generate economic activities that will boost community and national economy. At Interswitch, we are committed to providing simple and scalable payment solutions for small and big businesses alike. The Quickteller Business platform is a testament to our commitment to make payments one less thing to worry about for our business users and their customers. There seems to be a lot of activities within the payment, e-commerce and fintech sectors in recent years, with many new entrants as well as FDIs. What would be your fair assessment of the sectors? What should we expect, going forward? When accessing the various sectors, we know that the Nigerian economy has been a beneficiary of foreign direct investment inflows since the 1970’s. However, there is a need to diversify the Nigerian economy and reduce our dependence upon oil. There is no doubt that a thriving industrial sector is pivotal to mass employment, improved skills and better wages, which will lead to reduction in poverty. Nigeria’s ICT sector has grown from less than 1 percent of GDP in 2001 to almost 10 percent of GDP today. The country is currently Africa’s biggest technology market and accounts for 23 percent of internet users in Africa with 122 million people online in December 2018. Nigeria has surpassed other countries in sub-Saharan Africa to emerge as a premier tech investment destination with
How I Survived Among 42 Children Of My Father – Oloworay Auto Boss, Raymond Oladugba – Naijanewsdirect
Engr, Oladugba Raymond is the Chief Executive Officer of Oloworay Autos, a company that deals in automobiles. In this interview he spoke on his journey into auto business and how his company survived all challenges saddled with the business Excerpt… Can you briefly tell us about yourself? I’m the Chairman and the Chief Executive Officer of Oloworay Autos. I’m from Ose Local Government Area in Ondo State. I’m married with two kids. My wife is from Ekiti State. I graduated from the Federal University of Technology, Akure. How did you find yourself in the automobile business? I was attracted to automobiles right from childhood. I started driving when I was 11. I remember vividly that when I was in secondary school, my dad had just two cars. But then in school, when other parents visited their kids, they came with different cars. One day, I asked my father why he refused to change cars or buy more, and my dad said I had many siblings (my father had 42 children). According to him, if he bought plenty of cars and his kids damaged them, they would become useless. He told me he would rather build houses so that his children could have valuable inheritance. When I got into the university, I had a friend who was a car dealer. Whenever he was travelling to Cotonou (Benin Republic) or Lagos to buy an automobile, I always travelled with him and he allowed me to drive. So, that was how I got into the business. Along the line, I made some contacts and these people were able to trust me enough with their money. I would travel to Cotonou to buy cars and deliver them to the owners. I got as much as N11m from a customer who had not seen the car but entrusted me