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Arunma Oteh joins Ecobank’s Board of Directors

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Arunma Oteh joins Ecobank's Board of Directors, Former SEC DG, Oteh resigns from ETI board

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has appointed Arunma Oteh to its Board of Directors as a Non-Executive Director.

This was announced in a notification to the Nigerian Stock Exchange (NSE).

A glimpse at Oteh’s portfolio

Oteh recently joined Oxford University as an Academic Scholar at St. Antony’s College and an Executive-in-Residence at SAID Business School. Her research areas of focus are capital markets, development and financial technology. She was Treasurer of the World Bank from 2015 to 2018 where she led a team that managed the World Bank’s $200 billion debt portfolio as well as an asset portfolio of $200 billion for the World Bank and 65 central banks and other public sector clients. She was also responsible for an extensive public sector financial advisory business and back office operations, administering payments of over $7 trillion.

Prior to joining the World Bank, Oteh was Director General (DG) of the Securities and Exchange Commission (SEC), Nigeria from 2010 to 2015. During this period, she led the rebuilding of the Nigerian capital markets after the global financial crisis and served on Nigeria’s Economic Management team. Previous to SEC Nigeria, she worked at the Africa Development Bank for 17 years in a variety of roles including Group Vice President, Corporate Services (2006 to 2009) and Group Treasurer (2001 to 2006). Her career in Finance started at Centre Point Investments Limited, Nigeria in 1985.

During her stellar 33-year career, Oteh also served on several Boards, notably, the International Organization of Securities Commissions (2010 to 2015), which regulates 95% of the world’s securities markets and the pioneer Board of the International Financing Facility for Immunization (2006 to 2011). She also served on the Board of the Nigerian Pension Commission, the World Economic Forum Agenda Council on Institutional Governance, and the Africa Advisory Council for World Women’s Banking.

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In 2011, in recognition of her contribution to the economic development of Nigeria and role in transforming the Nigerian capital markets, she was awarded the Officer of the Order of the Niger (OON) National Honor. In 2014, she was named the Africa Investor Capital Market Personality of the Year and in 2016 received the New African Woman Award in Finance and Banking. In 2018, she was honored as the Ai Global Institutional Investment Personality of the Year.

Oteh holds a Masters degree in Business Administration from Harvard Business School and a First Class Honors Bachelor of Science Degree from the University of Nigeria, Nsukka.m.

About ETI

Incorporated in Lomé́, Togo in 1988, Ecobank Transnational Incorporated is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries.

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The group employs over 17,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Corporate Press Releases

PAC Trustees webinar highlights seamless access to credit facilities for organizations  

The webinar was geared towards enlightening the general public about the necessary requirement for ensuring a smooth lending process for corporations irrespective of size.

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PAC Trustees Limited, a leading Trust company in Nigeria on Tuesday 24th November hosted financial experts in a conversation about the role of Corporate Trustees in Credit administration.

The one day-event, which held virtually, was geared towards enlightening the general public about the necessary requirement for ensuring a smooth lending process for corporations irrespective of size.

The Virtual discussion follows the announcement by the Central Bank of Nigeria (CBN) on the reduction of the benchmark interest rate to 11.5%, from 12.5% amongst other updates from the Monetary Policy Committee meeting held in September.

Kicking off the virtual event with his opening remarks, the Managing Director of PAC Trustees, Yinka Adegbola highlighted the current standing of PAC Trustees as a Corporate Trustee to many organizations including the Lagos state government, Ogun State government as well as the 50 Billion Agro Bond when he listed some of the services and products offered.

In his remark, he added that the role of credit administrators is only one of the many services the Trust company offers including products such as, PAC Celebrity Trust, PAC Diaspora Trust and PAC Education Trust can attest to this.

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Taking the first shot as a speaker at the webinar, Heritage Bank’s Acting Chief Risk Officer, Enterprise Bank Management, Kehinde Olugbemi began by stating the relevance of credit administrators in the borrowing process while emphasizing on the necessary qualities these administrators should possess which is mostly obtainable among Trust companies.

During his presentation, using significant scenarios, he reiterated the relevance of Trustees in credit administration. However, he urged Trust Organizations to stay abreast with regulations and governance guidelines.

Trust Companies inclusive of PAC Trustees are regulated by the Securities and Exchange Commission as well as other guidelines. There is therefore an expectation that they work within the confines of the law. As such, the Trust Administration Memo should explicitly capture salient issues and relevant administrative charges as dictated by governing regulations,” he declared.

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On his part, the Global Chairman, Tokunbo Orimobi Legal Group, Michael Orimobi, shed light on security documentation.

The astute commercial lawyer shared that, “nomenclature can be confusing and it has therefore become necessary to go into the substance of the document to actually understand what it is really referring to.”

He concluded by admonishing lawyers to not only focus on documentation but to most importantly advise clients on the appropriate transaction and security structure for the deal which often determines the documentation process and helps in avoiding the common problems of over-collateralisation and under-collateralisation.

Following the presentations, attendees of the virtual event were given the opportunity to ask questions, many of which were succinctly answered by Mr. Orimobi.

After which, the Executive Director of PanAfrican Capital Holdings Limited, Eric Okoruwa shared a vote of thanks with honourable accolades to attendees and panelists.

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PAC Trustees Limited is a wholly owned subsidiary of PanAfrican Capital Holdings Limited. Incorporated with the Corporate Affairs Commission and duly registered with the Securities & Exchange Commission (SEC), the organization focuses on providing Trust services in three (3) major areas – Private Trust, Public Trust and Corporate Trust

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A recording of the session can be found here https://bit.ly/2JaSbb4 using the code, FkTw7iO!

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Corporate Press Releases

Benefits of having an immutable ledger to the healthcare system

EHR Data’s vision is for both the healthcare industry and individual patients to benefit from the blockchain platform housing healthcare records.

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Technological progress has paved the way for advancements in medical science; and ample healthcare data that has made momentous contributions in the treatment of various diseases. However, there is still a lot more to be done. The current pandemic has shown everyone that data silos are not equipped to handle a huge amount of healthcare information. So many people are dying all over the world; and many of these can be prevented with enough transparent patient data within the healthcare sector.

In the latest Bitcoin news, on the second day of the CoinGeek Live conference, data platform EHR Data presented their concept of clinical healthcare data that are stored, shared and managed at an individual level on the blockchain, which is a globally distributed digital ledger.

Currently, healthcare data are stored and accessed only on private servers and transferred to third parties who request for the data. According to Chief Clinical Officer Cheryl Jorgenson, real-time clinical information cannot be accessed, clinical services cannot be tracked and there is nonexistent workflow integration in data structures at present. Patients also have no say in how their healthcare history is stored. Many even find themselves in a bind when trying to access their own personal healthcare data.

Blockchain Technology Used for Healthcare Data

Satoshi Nakamoto first used blockchain technology as an immutable database where all Bitcoin transactions are stored. It is distributed in that all nodes on the Bitcoin SV (BSV) network have a copy of the blockchain; and it is immutable because data recorded on the blockchain cannot be changed or altered.

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Headed by Jorgenson, Chief Scientist & Consultant Ron Austring and Director of Product Design Joseph Eckstein, EHR Data proposed that a marriage between healthcare data and blockchain technology is the solution to the lack of transparent healthcare data. This will then create the world’s biggest health data set. EHR Data envisions healthcare records to be stored at a personal level, meaning patients will have control over who can access their data, on what terms and for how long.

Healthcare data on the blockchain can have multiple uses through micro transactions and smart contracts. In building this blockchain platform, EHR Data said they hope to improve the way private healthcare data is accessed, managed and even monetized. This is certainly big Bitcoin news for blockchain technology to be used in such a relevant manner.

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Benefits of Housing Healthcare Data on the Blockchain Platform

EHR Data’s vision is for both the healthcare industry and individual patients to benefit from the blockchain platform housing healthcare records.

  • This data model is built with the capacity to assimilate to the various systems being used by hospitals and other medical organizations. Inter- and intra-operability of data is the main objective—being able to provide “a single source of truth powered by the BSV blockchain.”
  • Through the use of the BSV blockchain, which is highly scalable, this new data system can widen its range to more states, more countries and more drug types. It will consolidate healthcare data and systems into a more practical and accessible format.
  • Consumers of healthcare need not remain as mere consumers anymore. This proposed model allows patients to benefit from more positive health results and lowered healthcare costs brought about by an upgraded data structure. Individuals can also earn money by allowing medical and pharmaceutical institutions to gain access to their personal healthcare data for research and other uses.

This most recent Bitcoin news could not have come at a better time. With the ongoing pandemic, this proposed model of using the BSV blockchain to power a new healthcare data system not only serves to benefit national and global healthcare, but also provides individuals with a new source of income.

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Coronavirus

Covid-19: African Union in talks with China and Russia over vaccine

The AU and Africa CDC have revealed that they have reached out to both China and Russia over the possibility of vaccine partnerships.

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Covid-19: African Union in talks with China and Russia over vaccine

The Africa Centres for Disease Control and Prevention and the African Union announced they have been in talks with China and Russia over the possibility of vaccine partnerships to ensure that Africa is not left behind when vaccines become available.

This was disclosed by John Nkengasong, Africa CDC Chief, at the Bloomberg Invest Africa online conference.

READ: Covid-19: Pfizer to file for emergency authorization for its vaccine, reaches safety milestone

Mr. Nkengasong said that Africa would not limit itself to only one vaccine partner and that Africa was willing to work with as many partners as possible to provide a vaccine for its 1.2 billion people.

“We are not limiting ourselves to any particular partner. As a continent of 1.2 billion people, we are willing to work with any partner who adheres to our strategic plan for vaccine development and access in Africa.

“The continent is taking the access and development of vaccine very, very seriously. We really need to see clinical trials being done on the continent, so they address issues like background infections from other diseases.”
He disclosed that the Africa CDC resumed talks last week with China, to discuss partnerships with Chinese Drug Manufacturers and also clinical trials in Africa. He added that Russia has been approached with a similar plan.

He said that the WHO Covax programme only covers 20% of the population, but Africa will need 60% of its population vaccinated to achieve herd immunity.

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There are multiple avenues being explored now to make sure Africa has the appropriate doses of vaccines and also that we have that in a timely fashion, not in a delayed manner,” Nkengasong said.

He revealed that the AFREXIM Bank agreed to finance vaccine procurement with $5 billion and is waiting to see how much it will receive from World Bank’s $12 billion vaccine procurement fund for developing nations.

READ: COVID-19: G-20 to extend debt relief to developing nations

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What you should know 

Nairametrics reported earlier this month that Pfizer Inc. disclosed that its experimental vaccine, which is jointly developed with BioNTech, was more than 90% effective in preventing COVID-19, based on initial data from a large study in the ongoing phase 3 trials.

(READ MORE: COVID-19: AstraZeneca vaccine could be 90% effective against the virus)

Last week, a pharmaceutical company, Moderna Inc., stated that its COVID-19 vaccine was 94.5% effective in treating coronavirus, after preliminary analysis of a large late-stage clinical trial.

The G-20 nations also announced a pledge to pay for vaccine distribution to developing nations that could not afford it. The leaders also unveiled a debt extension programme to developing nations during the weekend’s G-20 summit.

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The Federal Government of Nigeria also announced through the Ministry of Health, that it would inaugurate an 18-man Covid-19 Vaccine Task Team, in a bid to ensure vaccine security In Nigeria.

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