Friday, March 1, 2024

WEMA BANK EMERGES MEMBER OF THE MONTH FOR FINTECH ASSOCIATION OF NIGERIA

 Wema Bank, Nigeria’s foremost innovative bank and Africa’s first fully digital bank, ALAT, has been recognised as the member of the month by the Fintech Association of Nigeria for its outstanding contributions to the fintech and innovation ecosystem.


The Fintech Association of Nigeria [FinTech NGR] is a non-profit and non-political organisation established to serve as a platform for the development of the Nigerian financial technology [FinTech] industry; interfacing with the Central Bank of Nigeria [CBN], Securities and Exchange Commission [SEC] and other relevant bodies to develop the industry. 


According to FinTech NGR, Wema Bank’s emergence as Member of the month is corollary to a number of factors which include:

- Wema Bank’s active collaboration within the FinTech industry, striving towards common objectives and nurturing a spirit of togetherness within the FinTech community.

- The bank’s position as a steadfast financial member of the Association.

- Wema Bank’s numerous community-oriented initiatives that involve giving back, including rewards and various campaigns such as the SHE EMPOWERS HER Award.

- The bank’s partnership with the National Youth Service Corps [NYSC] on youth development through the NYSC-ALAT Accelerator Programme. 

- The bank’s first physical Importer-Exporter Forum in Lagos to address issues impeding International Trade and proffer solutions to these issues.

- A 106% growth in Wema Bank’s Profit Before Tax [PBT] from the year 2022 to 2023 [Q3].

- Wema Bank’s FinTech arm, ALAT, setting a benchmark for quality in the FinTech industry, showcasing their commitment to pushing boundaries.


Further commending Wema Bank’s exemplary leadership, innovation and impact in the Fintech Industry, the Fintech Association of Nigeria expressed eager anticipation for Wema Bank’s continued contributions, innovations and successes in the FinTech landscape.



With each solution, initiative and partnership pioneered by Wema Bank, the trailblazing financial institution continues to raise the bar and reset the standards for innovation and positive impact across the financial services industry.

Wednesday, February 21, 2024

Dollar crashes from 1800 to 1400 as Goverment attacks spot buyers on Binance

 The Federal Government of Nigeria determination to curb the activities of forex speculators seem to be gaining momentum with the exchange rate now down to 1439 to 1 US Dollar. The Naira strengthens against USDT as Binance and other crypto platforms confirm they are in talks with government to curb spot trading. 


Aside talks with Binance and other platforms, the attack against currency speculators is also been effectively sustained by the office of National Security Adviser, Economic and Financial Crime Commission (EFCC) and the police. A source disclosed that Naira will continue to strengthen against the dollar and the economy will experience speedily recovery from saboteurs. 


   "In a surprising turn of events, the Nigerian Naira has shown significant strength against the Tether (USDT) cryptocurrency, with its value improving to 1438 from a previous high of over 1800. This development occurs amidst growing speculation that major cryptocurrency platforms, including Binance, are in advanced talks with regulatory bodies to introduce measures aimed at curtailing speculative spot trading that has adversely affected the Naira.


The remarkable recovery of the Naira comes at a time when the Central Bank of Nigeria (CBN), in conjunction with other financial regulatory authorities, is reportedly considering stringent regulations on cryptocurrency transactions to stabilize the national currency. The speculative nature of crypto trading had previously led to volatility in the Naira's value, prompting a need for intervention from both the government and the crypto industry.


Insiders suggest that the anticipated regulatory measures might include limitations on the volume of trades, enhanced surveillance of crypto transactions, and stricter rules for exchanges operating within Nigeria's financial ecosystem. These proposed regulations aim to mitigate the impact of speculative trading on the Naira, ensuring a more stable economic environment.


The strengthening of the Naira against USDT is viewed by many as a positive response to the ongoing discussions between crypto platforms and Nigerian regulators. It signifies investor confidence in the potential for a more regulated and stable crypto trading environment in Nigeria. This shift could encourage more responsible trading practices and contribute to the overall stability of the Nigerian economy.


The collaboration between crypto exchanges and regulatory bodies highlights a proactive approach to addressing the challenges posed by the integration of digital currencies into Nigeria's financial system. By working together, they aim to strike a balance between fostering innovation in the crypto space and protecting the economy from potential destabilization.


As the dialogue between the crypto industry and regulators continues, the focus remains on creating a regulatory framework that supports the growth of digital finance while safeguarding the economic interests of Nigerians. The recent strengthening of the Naira against USDT is a promising sign that these efforts are moving in the right direction. Speculators may be in for a wild ride"

Sunday, February 4, 2024

EFCC Recovers N30 Billion from Ministry of Humanitarian N37B fraud

 The Economic and Financial Crimes Commission has recovered over N30bn from the N37,170, 855,753.44 allegedly laundered in the Ministry of Humanitarian Affairs under the former minister, Sadiya Umar-Farouk.



Sources in the anti-graft agency, who spoke with our correspondent on Friday, said the commission had also uncovered over N500m from the scam associated with Umar-Farouk’s successor, Betta Edu, who was recently suspended by President Bola Tinubu.


A Nigerian newspaper, PUNCH had in December reported that N37,170,855,753.44 was transferred from government coffers and sent to 38 different bank accounts domiciled in five legacy commercial banks belonging to or connected with a contractor, James Okwete.


It was gathered on Friday that N30bn was recovered by the EFCC following the placement of a lien on the bank accounts of Umar-Farouq and Okwete, who are still being grilled by the anti-graft agency’s investigators.


Seyi Makinde's dance of shame

It is very curious that Governor Seyi Makinde referenced the petition signed and dated 3rd of February on a letter that he signed on the 2nd of February. Abeg, who is fooling who?





This whole thing is being orchestrated by the inglorious G5 governors who sabotaged PDP at national who want to again sabotage PDP in Edo state. They have never wished the party well and this is another example. Recall that they recently pledged to deliver Jagaban back to power.

As usual, they will continue to FAIL. 


We call on all law-abiding members of our party to turn out enmasse and vote for delegates of their choice today, 4th February 2024. Let's take our destiny into ou. .mr hands and take our party back from a handful of self-seeking people who have shown time and time again that they have no interest in helping ordinary people.


 *COPIED*

Thursday, January 11, 2024

Breaking: Wema Bank ALAT Set Record Breaking Precedent in 2023 performance.

 Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, set a record-breaking precedent in 2023, with a tremendous upsurge in its 2023 corporate performance as seen in the bank’s 2023 Q3 performance results. 


In a yearly analysis that captured financials for the first three[3] quarters of 2023, Wema Bank recorded a 130% increase in Profit Before Tax [PBT] and 61% increase in gross earnings, achieving Gross Earnings of ₦150.90bn in Q3 2023, compared to Q3 2022’s ₦93.86bn. The pioneering bank’s Profit Before Tax (PBT) unprecedentedly stood at ₦21.76bn, an astounding 130% increase from the ₦9.46bn reported in Q3 2022.



Further underscoring the bank’s progress, Wema Bank also recorded a remarkable 73% reduction in fraud and burglary losses, which is a testament to the bank’s commitment to sustaining progress and ensuring the financial security of its customers.


This exceptional growth has further strengthened Wema Bank’s position as Nigeria’s leading financial institution, giving substance to the bank’s longstanding reputation for dominating the innovation sector and relentlessly adding outstanding value to the lives of its diverse range of customers.

 

Wema Bank in its customary nature, continues to raise the bar and reset the standards, maintaining a commendable trail of progress and success over the years. For a bank that has exceeded every expectation and remained steadfast in its commitment to supporting the goals of its customers, this financial upturn is no surprise. 


As 2024 unfolds, one can only anticipate the exceptional breakthroughs and milestones that lay in store for the financial giant in the course of the year.

Monday, December 11, 2023

Ayodeji Peter Falope Receives BDSP of the Year Award at the 20th EDC Entrepreneurship Ecosystem Awards 2023

 Lagos, November 24, 2023 – The Enterprise Development Centre (EDC), of the Pan-Atlantic University, home to the Lagos Business School (LBS), recently hosted its 20th annual gala at the Harbour Point Event Center, Victoria Island. The celebration honored six outstanding Business Development Service Providers (BDSPs), recognizing their significant contributions to nurturing entrepreneurship in Nigeria.



The prestigious event gathered esteemed EDC leadership, including Nneka Okekearu, Nnenna Ugwu, Dr. Wale Anifowose, EDC alumni, innovative entrepreneurs, Business Development Service Providers, youth entrepreneurs from PAU and many other critical industry stakeholders from government, corporate, banking, and financial sectors to foster collaboration within Nigeria's entrepreneurial ecosystem as led by the EDC.


The aim of the 20th edition of this award show was to acknowledge BDSPs who have immensely contributed to EDC's mission of fostering entrepreneurship across the nation.


During the awards ceremony, Mr. Ayodeji Peter Falope was presented with the title of "Business Development Service Provider (BDSP) of the Year" for his exceptional dedication and contributions to thousands of Nigerian Small and Medium Businesses and Enterprises.


The Lagos Business School expressed its support, with a representative stating, "The EDC's commitment to nurturing entrepreneurship aligns perfectly with our ethos of fostering innovative leadership and business integrity among entrepreneurs."


Founded in 2003 as the Centre for Enterprise Development Services (EDS), the EDC has played a pivotal role in addressing the scarcity of professional business development services for small businesses in Nigeria, in the last 20 years. Aligned with esteemed educational institutions, the EDC has been instrumental in nurturing entrepreneurship across the country. 


The center's primary mission is to build a network of entrepreneurial leaders through continuous learning, process improvement, and unwavering business integrity.


Ayodeji Peter Falope, a globally certified Business Improvement Executive and Lead Consultant at Revenstrat Business Consulting, was recognized for his exceptional contributions to thousands of Nigerian Small and Medium Businesses and Enterprises over the years. His expertise spanning over 17 years in research, marketing, and managing key accounts for both local and international brands has driven significant operational enhancements and bottom-line growth. 


Mr. Falope has been blessed with the opportunity to have impact in many EDC initiatives including the Mastercard Foundation’s Transforming Nigerian Youth Project, Road 2 Growth (R2G) Project, and Standard Chartered Women in Tech Projects, Agro Hack Project, BOSS Project, EMS Project amongst many others.


He has also been a guest judge on various grant awarding panels where he works with other judges to award grants to deserving business owners.


This recognition as BDSP of the Year at the EDC Entrepreneurship Ecosystem Awards 2023 further solidifies Mr. Falope's leadership in business development and his commitment to enhancing Nigeria's entrepreneurial landscape.


The award ceremony, held at Harbour Point event center, Victoria Island, saw Mr. Ayodeji Peter Falope receiving the honor from Mr. Bayo Rotimi, the Managing Director/Chief Executive Officer of Greenwich Merchant Bank, also an EDC Alumni.


Expressing his gratitude, Mr. Falope stated, "Being acknowledged among esteemed colleagues and entrepreneurs is truly an honor. This award is a testament to the dedication and collaborative efforts of the teams and organizations I am privileged to work with. This award goes out to them, I am just receiving it on their behalf. I thank the team at EDC in particular for the opportunity to make a difference in the lives of families whose businesses have improved as a result of EDC's intervention."


The Enterprise Development Centre reaffirms its commitment to nurturing entrepreneurship and supporting small and medium enterprises, thus aligning with the ethos of Pan-Atlantic University and the Lagos Business School.


For more information, visit:

www.revenstrat.com

www.edc.edu.ng

Sunday, November 5, 2023

PREGNANCY HAPPENS ON IT'S OWN TIME, NOT NECESSARILY WHEN WE WANT IT-DR SHAKIRAT SMITH-OKONU

The Medical Profession in Nigeria has some people that despite all odds believe that our nation must work and they dig in to deliver their best to their ever demanding Patients.  One of such people is amiable and hardworking Dr Shakirat Tinuola Smith- Okonu. The daughter of the Medical Juggernaut and still very active Dr Waheed Smith , Director of the Prestigious, Smith Medical Centre, Lagos. 

Many who have had any interactions with Dr Mrs Shakirat Smith- Okonu have very commendable things to say about her. For instant, recently, at the 5th Ibidun Ighodalo Conference for Parents in waiting, the brain child of the much loved, late Mrs Ibidun Ighodalo, her husband said this of Dr Shakirat Smith- Okonu , who was one of the Speakers, " I have only just met Dr Smith- Okonu,we went to her Hospital( Randle General Hospital, Surulere, Lagos) to give Presents. There were some challenges  but Dr Smith-Okonu just flew in there, broke all Protocols and made it possible for us to give those Presents that day and we just said this is a lovely lady and we fell in love with her, Amen.And when I did ask her please come and speak to us about what you do, she said, I have been spending all day delivering babies, bringing babies to the world.  But she was kind enough to come and be part of today's celebrations. 




Dr Shakirat Smith- Okonu spoke on Prenatal Care at the Conference and to share more her expertise interns of women's health, enjoy your reading 


Who is Dr Smith Okonu?


I am Dr Shakirat Tinuola Smith-Okonu, a consultant Obsterician and Gynaecologist working  at Randle General Hospital,  Mother and Child Centre, Gbaja. I have years of experience in providing  specialist Obstetrics and Gynaecology  care. 


Can you please tell us what is prenatal care?


Prenatal  care is a form of preventive health.  It is the care given to a pregnant woman during pregnancy.


Why is prenatal health important?


Prenatal care is important  as it is one of the ways of reducing maternal morbidity and mortality,  perinatal morbidity, and mortality, as well as infant morbidity and mortality.  

It also helps the woman achieve a positive pregnancy experience.


What are the benefits of prenatal care?


The benefits of Prenatal  care are numerous.


The most important  is a reduction in maternal, perinatal, and infant morbidity and mortality.


Educating the pregnant woman on pregnancy symptoms  and what is expected in each trimester. 


Education on healthy practices, harmful traditional practices, exercises, diet, sleep positions, complications, and labour/delivery processes.



Reviewing  medications and ensuring one is compliant.


Prevention of complications  like neural tube defects, pre eclampsia. 


Early identification  of complications and management.


Emotional support


How difficult or frustrating is your job especially when you are treating or working a woman to get her pregnant?


To be honest, dealing with infertility in gynaecology can be tough. It's like some things are beyond our control, and there's always that element of faith involved. Sometimes, even without any intervention, a woman can still get pregnant, especially if there are no identified causes for the infertility. But the pressure couples face to conceive in our environment is intense. It is heartbreaking when a woman trying to get pregnant tells you her period came, but on the flip side, delivering the news that she's finally pregnant is one of the most rewarding parts of my job. Pregnancy happens in its own time, not necessarily when we want it, but when it is meant to be. Being there for my patients through their pain and then witnessing their joy is truly indescribable. We do our part by evaluating and supporting the couples, and then we leave the rest to God.


How do you feel when you see your patient get pregnant especially a patient you have been working on for a very long time?


Seeing my patients go from pain and disappointment to pure joy and happiness is something that words can not fully express. It is a privilege and an honor to be a part of their journey, supporting them through the ups and downs and ultimately witnessing the miracle of life.


During prenatal care do you advice the woman to still have sex with her husband?


Sex is not contra indicated in pregnancy except if there is a need not to, for example, if the placenta is down( placenta previa) or pregnancy is threatened and she's spotting or if she has drained liqour prematurely.


It is generally advised that the man lubricate and be gentle and assume a comfortable position for the woman.


They can have sex for as long as they want as long as there is no contraindication and the woman is comfortable.


How does it feel working in a government hospital?


Working in a government hospital has been an incredibly challenging yet rewarding experience. When I first transitioned from a private hospital setting, I had certain expectations that unfortunately weren't fully met. However, as I entered my second year at Randle General Hospital, things started to change for the better. It was during this time that Dr. Funsho Junaid, the head of my department, entrusted me with the role of deputy, allowing us to work closely together and bring about positive transformations within the hospital. This newfound responsibility ignited a sense of aspiration within me, motivating me to strive for greatness. Additionally, I must mention the remarkable contribution of Dr. Olumide Sojinrin, our Medical Director, who has played a pivotal role in enhancing the quality of care and patient satisfaction at the hospital. Their shared vision and dedication to improvement have made this year an absolutely amazing one for me. Now, instead of merely complaining about certain aspects, I find myself in a position where I can actively make changes and improve the things that matter. It's a fulfilling journey, and I am grateful for the opportunities and growth it has provided me.





Have you at some point thought of another profession?


To be honest, when I was younger, I actually wanted to be an engineer. But since my dad, who is an amazing obstetrician and gynecologist, wanted me to become a doctor, I decided to change my mind and pursue medicine. Being a daddy's girl, I listened to him and I truly believe it was one of the best decisions I've ever made. I hope that I am making him proud by following in his footsteps.


Is Daddy still alive and what is his name?


Yes he is still very alive and active.

Dr Waheed Smith and he is the Medical Director at Smith Medical Centre.


Can we know your educational and family background?


I had my undergraduate education at Ahfad University for Women,Sudan then proceded to the prestigious  LUTH for my residency training in Obstetrics and Gynaecology.  I am a fellow of the National Postgraduate Medical College of Nigeria  and West African College  of Surgeons. 

I am married to an amazing and supportive man..I am also blessed  with 3 amazing boys.


What were/are  the challenges you face as a medical doctor and as a female doctor?


Being a medical doctor is not just challenging, but also incredibly interesting. It requires a lot of time and can be quite stressful, especially when you're a married consultant with children. (I have 3 boys.)

Balancing my career and family life is somewhat exhausting, but it is worth it because my husband and kids are my top priorities. The good part is that i am not into partying or watching TV, and this allows me to focus on what truly matters to me. I have a strong passion for helping and saving lives and the operating theater is my sanctuary where all my worries fade away. The joy I feel when I see my patients' happiness is what keeps me going. However, i am also aware that my kids need their mom to be present during this phase of their lives, so finding that balance is crucial. Taking care of myself and my family is just as important as pursuing my passion.


We have women who don't wish to get pregnant due to what they hear or see pregnant women go through, how can you advice such women?


While it is true that each person's experience is unique, it is essential to remember that just because Mrs. A went through something, it doesn't mean you will go through the same thing. It is always advisable for patients to vocalize their desires and fears, using their own words to communicate with God. By expressing what you want and don't want, you're actively participating in shaping your pregnancy journey. It is important to note that many changes that occur during pregnancy are reversible and tend to resolve after giving birth. If you are worried about the pains of labor,  be rest assured that there are effective pain medications available to help manage the discomfort. Additionally, if you have concerns about vaginal delivery, a caesarean section can be considered as an alternative. It is crucial for us to have an open and honest discussion where we can weigh the pros and cons together. However, I understand that the fear of death is a more complex issue. Pregnancy can indeed be a challenging and risky journey, and even with the best medical professionals and facilities, unfortunate outcomes can occur. It is heart-wrenching to witness the loss of a pregnant woman, and the high litigation associated with such cases reflects the pain and complexity involved. While I can strive to allay your fears, explain the causes of maternal deaths, and outline steps we can take to minimize risks, I cannot provide absolute assurance that your pregnancy and delivery will be completely free of complications. There are numerous factors at play, and not all of them are within our control. Our shared goal is to do our utmost to reduce maternal mortality and morbidity. It would truly devastate me if I were to encourage a woman who fears death to embark on a pregnancy journey, only for her to experience tragic outcomes.


Let's come to women with fibroids and having issues getting pregnant, some are afraid to go into fibroid surgery while some believe with the fibroid they can still get pregnant, how do you advice such women?


Fibroids can have an impact on fertility. Fibroids coexisting in pregnancy  can also increase the chances of miscarriage, preterm delivery, and preterm rupture of membranes. However, the extent of these effects depends on factors such as the number, location, and size of the fibroids. It is important to note that surgery isn't always the first treatment option. In some cases, the surgery itself may potentially lead to infertility. That's why I take an individualized approach with my patients. If the fibroids are small, few in number, not in the lining of the womb, and not causing symptoms like heavy menstrual bleeding or severe pain during periods, I may not recommend fibroid surgery. I believe that it is still possible to conceive with fibroids, as there are other potential causes of infertility that we can investigate and manage accordingly. However, if fibroid surgery is absolutely necessary, I would recommend it and take all necessary precautuons to ensure the best outcome.  It is  always better to prioritize a successful pregnancy rather than risk a miscarriage or preterm delivery.


Have you for once thought of japa-ing?


Whenever I hear that a friend or colleague has left Nigeria, the idea of "jap-ing" pops into my mind. But let me tell you, it's usually just a temporary thing. You see, I became a doctor for a reason - to help those in need. And boy, do we have a lot of people here in Nigeria who are in need of medical aid. Now, I understand that not everyone can leave the country, and that's where I come in. I've made the conscious decision to stay back and be there for my fellow Nigerians. I know I am an exceptional doctor, and it would break my heart to deprive my fellow Nigerians of the care they deserve. That's why I work in a government hospital, so that even those who can't afford private healthcare can still receive top-notch specialist care. It's all about ensuring that everyone, regardless of their financial situation, has access to quality medical treatment.


Any thing you would want to add?


I would want to end with a special thank you to my medical officer Dr Henry Asoro  for constantly pushing me to be better. I am a very shy person and at first i didn't want to accept the invitation  to speak at the conference, but he encouraged me to.

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