Today is International Women’s day, a global, annual event specially dedicated to celebrate women and their many accomplishments in different spheres of life. And as traditional of us here at Nairametrics, we felicitate with women around the world, especially Nigerian women in business.
Nigerian women have come a long way from the early days when their main occupation entailed being wives and mothers, to the present time when they sit on the boards of reputable corporations. And there is still a long way to go, with many more glass ceilings to be broken.
In the meantime, however, Nairametrics will keep celebrating women who are paving the way for others in the Nigerian corporate environment. Here are some of Nigeria’s top female executives to mark this year’s International Women’s Day. Some of them are notable names, while the others are still building their influence. Get to know them.
Mrs Owen Omogiafo, the CEO of Transcorp Hotels Plc
Mrs Omogiafo was recently appointed the Chief Executive Officer of Transcorp Hotels Plc. She has more than eighteen years’ corporate experience, including her most recent role as the Chief Operating Officer of the Tony Elumelu Foundation. She has also held senior leadership positions in reputable corporations such as Heirs Holdings, United Bank for Africa, and Accenture.
She holds a B.Sc. in Sociology & Anthropology from the University of Benin and an M.Sc. in Human Resource Management from the London School of Economics and Political Science. Mrs. Omogiafo is a member of the Chartered Institute of Personnel and Development (CIPD), UK and a Certified Change Manager with the Prosci Institute, USA.
Adeyinka Adekoya, CEO of Wapic Insurance Plc
For nearly three years now, Mrs Adekoya has served as the Chief Executive Officer of Wapic Insurance Plc. She assumed the position in 2016. Prior to this time, the University of Lagos graduate had served as the General Manager of both Cornerstone Insurance Plc and Law Union & Rock Plc.
Mrs Rose Okwechime, the CEO of Abbey Mortgage Bank Plc
Appointed in 1992, Mrs Okwechime has been the Managing Director/Chief Executive Officer of Abbey Mortgage Bank Plc for nearly thirty years. Prior to taking up the position, she worked in the banking industry for twenty four years, including stints at the Bank of England. She holds a master’s degree in Banking and Finance.
Mrs Ibukun Awosika, First Bank’s Chairman
Mrs. Ibukun Awosika is a 56-year old Ibadan-born business leader who graduated with a B.Sc. in Chemistry from the Obafemi Awolowo University. She is also an alumnus of the IESE Business School, as well as the Lagos Business School.
Asides her position as the Chairman of FirstBank, Mrs. Awosika is also the Chief Executive Officer of The Chair Centre Group. She also sits on the boards of numerous other companies and NGOs.
Mrs Bola Adesola, the Chief Executive Officer of Standard Chartered Bank
Mrs. Bola Adesola is a graduate of the University of Buckingham, where she studied Law. She was called to the Nigerian bar in 1985.
She is also an alumna of the Harvard Business School, having undergone an Advanced Management Programme there. Mrs. Adesola also completed the Chief Executive Programme at the Lagos Business School.
Professionally, Mrs Adesola has garnered over 25 years of experience in the banking sector. Her career cuts across several financial institutions including Citibank Nigeria (a member of the Citigroup) where she worked for nearly ten years with executive roles in Nigeria and Tanzania.
In March 2011, Mrs. Adesola was appointed as the Managing Director/Chief Executive Officer of Standard Chartered Bank Nigeria Limited. As part of her role as the head of the bank, she has been utilising her exposure and experience in the banking industry to drive growth and lead the bank to success. Note that she is currently a Director also at the bank.
Funmi Omo, the CEO of African Alliance Plc
Funmi Omo is one of the few females occupying executive positions in the Nigerian corporate environment today. As the Chief Executive Officer of African Alliance Plc, it is her job to make strategic decisions that will position the company for growth.
She studied Insurance at the University of Lagos, graduating in 1990 with a Bachelor’s of Science degree, even though she never planned to study Insurance. She admitted in an interview, that she had initially set out to study Accountancy, but was unable to meet the admission cut-off mark for that discipline, due to certain reasons. Fortunately, she ended up loving Insurance, despite her initial misgivings.
Mrs Funmilayo Omo has nearly 30 years of professional experience in the insurance industry, all of which happened at African Alliance Plc. Right after her National Service year, she got a job with the company in 1991 as an Assistant Superintendent.
She quickly rose through the ranks, working a number of high profile jobs until she became the company’s Chief Executive Officer in May 2017; a position she has since held on to. Altogether, she has worked at African Alliance Insurance Plc for almost thirty years. And she seemed determined to turn things around for the better, especially now that it is her duty, as the CEO, to drive “overall corporate strategic goals and purpose to meet and exceed expectations of our different stakeholders.”
Unity Bank’s Chief Executive Officer, Mrs Tomi Somefun
Mrs. Somefun was a student of the Obafemi Awolowo University, Ife, graduating in 1981 with a Bachelor of Education in English language. Although she was never a trained accountant nor economist, she went on to acquire other important professional certifications after her university days. Today, she is a prominent Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).
Having undergone graduate studies at both the Harvard Business School and University of Columbia Business School, Mrs. Somefun is an alumnus of both prestigious American institutions of study. In the same vein, she has participated in quite a number of local and international training programmes which are specific to her banking profession. An example of such is the INSEAD Fontainebleau, in France.
Mrs. Somefun is a modern Nigerian woman who has successfully maintained a professional career spanning at least thirty-three years. Note that while most of these years of experience have been in the financial sector, she also has experiences cutting across other sectors.
In her early days, she started out working at KPMG as a Senior Audit Assistant between 1982 and 1986. From there, she went on to work at Arthur Andersen in 1986 as a Senior Auditor. She has also been employed at Ventures & Trusts Limited, between 1989 and 1992, as an Associate.
Prior to her current appointment, Mrs Somefun held many high profile positions in other reputable companies such Credit Bank Limited and UBA Plc. She was also the MD/CEO of UBA Capital & Trustee Limited and the Founding Managing Director of UBA Pension Custodian Limited: two of UBA Group’s major subsidiaries.
Mrs Folorunsho Alakija, the Executive Vice Chairman of Famfa Oil Limited
Recent ranking by Forbes Magazine lists Mrs Folorunsho as the richest woman in Nigeria and second richest in the whole of Africa. With an estimated net worth of $1.1 billion, she is second only to Angola’s Isabel Dos Santos who has net worth of $2.3 billion.
Mrs Folorunsho was born on 15 July 1951. Like many other women, she started her career from the bottom, working as a secretary at a Lagos-based company in 1974. She later dabbled into banking, before establishing her first company called Supreme Stitches. She ended up becoming an oil magnate. And today, we know her as one of the richest women in the world.
These are definitely not all the Nigerian women making waves in the Nigerian corporate environment. But for the sake of time and space, these are the ones that can be mentioned here. Nairametrics celebrate with all the woman, wishing them more success in all their current and future endeavours.
Can a lower MPR rate really prevent this recession?
We are on the brink of a recession. Whilst policies like these could offer a buffer, the prolonged existence of the pandemic on the economy is one nail in the coffin that can only be halted by the provision of a vaccine.
The world is in a fix. Covid-19, unprecedented as it is, has led to economic shocks owing to severe disruptions in the global supply chain, rising levels of corporate and public debt, rising levels of unemployment, negative shocks to commodity prices, and more. To cushion the negative impacts on economies around the world, global leaders have put policies in place hoping that it will stop or, at least, slow down the negative trajectory of these failing economies. It was in the same light that the Central Bank of Nigeria decided to lower the MPR rate to 12.5% from 13.5%.
How the Decision Came About
In a meeting held by the CBN’s Monetary Policy Committee (MPC) on Thursday this week, a majority of the members voted to cut the rate from 13.5% to 12.5%. During an earlier meeting held in March, the decision to hold rates had been unanimous. However, given the deepening challenges of the present time, seven out of the 10 members at the MPC meeting voted to cut the rate. Even more interesting is the fact that the rest of the panel opted for a more aggressive easing, with two voting for a 150 basis-point reduction and one for 200 basis points.
Why the Decision Was Made
COVID-19’s adverse effects on the global economy have been unprecedented and severe. During the meeting, which was broadcast live on Thursday 28th May, the MPC had noted key observations in the macroeconomic environment resulting from the adverse impacts of COVID-19 as well as the drop in crude oil prices. Some of the key highlights of the current economic situation include:
- The significant decline in Manufacturing and non-Manufacturing Purchasing Manager’s Indices (PMIs) to 42.4 and 25.3 index points, respectively, in May 2020, compared with 51.1 and 49.2 index points in March 2020.
- The marginal growth in broad money (M3) to 2.66 percent in April 2020 from 2.42 percent in March 2020, largely due to increases in Net Domestic and Foreign Assets.
- The significant growth of aggregate net credit by 8.07 percent in April 2020 compared with 4.90 percent in March 2020 (still below the indicative benchmark of 16.85 percent for the year.
The committee also mentioned the gradual improvement in macroeconomic variables, particularly the improvement in the equities market, the containment measures of the COVID-19 induced health crisis, as well as the impact of the increase in crude oil price on the external reserves. It also noted the stability in the banking system as shown by the increase in total assets by 18.8 percent and total deposits by 25.52 percent (year-on-year).
Given the overall economic situation and its impact on the average Nigerian, the MPC was of the view that any tightening of policy stance is, for now, inappropriate as it will result in further contraction of aggregate demand, thereby leading to a decline in output – which is necessary to sustain the supply chain for growth recovery. For the option of holding previous policy stance, the MPC believed holding may indicate that the monetary authorities are insensitive to prevailing weak economic conditions. Also noteworthy is the fact that this move to cut rates have been carried out by many other central banks across the globe, including Australia, Malaysia, and the U.S. Federal Reserve.
The Impact Of The Decision
The expected outcome of the decision of the CBN is to ensure that the economy reverses from the recession quickly. As such, the decision is geared towards stimulating growth and swift recovery. The cut, being the lowest in four years, rests on the optimism that it will possibly avert a recession. It, however, has its limitations. A clear challenge is the impact the rate cut will have on inflation which has been way above the target range of 6% to 9% for five years. There is also the issue of increasing pressure on the naira.
The rising question is whether the rate cut will do enough to prevent a recession. This is an important question, taking into account the volatility in the crude market – a sector that accounts for about 90% of exports and more than half of government revenue, the fall in private sector credit of 61% from just a year earlier, as well as all of the same challenges that spurred the making of the decision in the first place.
We are on the brink of a recession. Whilst policies like these could offer a buffer, the prolonged existence of the pandemic on the economy is one nail in the coffin that can only be halted by the provision of a vaccine. It is only when life reverts to normalcy that we can begin to undo the damage thus far.
Covid-19 Update in Nigeria
On the 30th of May 2020, 553 new confirmed cases and 12 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 9,855.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 9,855 confirmed cases.
On the 30th of May 2020, 553 new confirmed cases and 12 deaths were recorded in Nigeria.
To date, 9855 cases have been confirmed, 2856 cases have been discharged and 273 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 60,825 tests.
Covid-19 Case Updates- May 30th 2020
- Total Number of Cases – 9,855
- Total Number Discharged – 2,856
- Total Deaths – 273
- Total Tests Carried out – 60,825
The 553 new cases are reported from 15 states – Lagos (378), FCT (52), Delta (23), Edo (22), Rivers (14), Ogun (13), Kaduna (12), Kano (9), Borno (7), Katsina (6), Jigawa (5), Oyo (5), Yobe (3), Plateau (3), Osun (1).
The latest numbers bring Lagos state total confirmed cases to 4755, followed by Kano (951), Abuja at 616, Katsina (364), Edo (284), Oyo (280), Borno (271), Jigawa (270), Ogun (259), Kaduna (244), Bauchi (236), Rivers (204), Gombe (156), Sokoto (116), Plateau (104).
Kwara State has recorded 87 cases, Delta (80), Zamfara (76), Nasarawa (62), Yobe (52), Akwa Ibom and Osun (45), Ebonyi (40), Adamawa (38), Imo (34), Kebbi (33), Niger (30), Ondo (25), Ekiti (20), Taraba and Enugu (18), Bayelsa (12), Anambra (11), Abia (10), Benue (7), while Kogi state has recorded 2 cases.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, President Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
KPMG, PwC, Accenture prepare to become Crypto auditors
Big Four firms and other leading brands are working with several crypto and blockchain firms on ways to combat interoperability, regulatory challenges and development of the technology.
No doubt, the Blockchain technology, along with the adoption of cryptocurrencies, is getting bigger. The business end of the market is expected to reach $21 billion over the next five years.
Expectedly, professional services giants are now taking a larger role in tackling new challenges in the market, the Big Four firms and other leading brands are working with several crypto and blockchain firms on ways to combat interoperability, regulatory challenges and development of the technology.
Henri Arslanian, PwC’s global crypto leader, told Cointelegraph that the Big Four firms majorly have a vital role in the advancement of the cryptocurrency ecosystem, saying:
“Although Bitcoin was designed with a trustless ideology, the reality is that the industry still requires trusted entities to catalyze the development of the ecosystem.”
Arslanian added that when he first joined PwC years back, few people took crypto seriously. However, he saw an increasing demand for crypto assets, with some businesses starting to accept Bitcoin payments from clients.
“Over the last couple of months, we’ve expanded our work. We recently closed the first-ever crypto fundraising deal at PwC, in which we led a $14 million Series A round for a Swiss-based crypto firm with Asian family offices. We are also the auditor for BC Group, a publicly listed crypto company in Hong Kong.”
BC Group CEO, Hugh Madden, also said that BC’s vision was to make use of crypto assets in Asia’s financial market. In turn, BC Group must set standards for compliance, security, and performance. Madden buttressed on the role of audits play by saying:
“Auditing, like regulatory clarity, provides confidence to all stakeholders that companies are operating transparently and adhering to expected industry standards. As the business of digital assets continues to grow and mature, and compliance and regulatory standards become more robust, auditors will continue to play a pivotal role.”
KPMG United States blockchain audit leader, Erich Braun, further contributed by saying that a business’s blockchain system should be developed with the intent to meet both accounting and operational needs to meet with accounting standards:
“SEC issuers will want to design blockchain technologies to support the entity’s internal control over financial reporting. Being able to prove how these technologies achieve their aims in a well-controlled environment is critical to a successful blockchain strategy. If the technology is not auditable, the immense benefits it brings, such as increasing efficiencies and cutting costs, may not be realized.”
Henri Arslanian, added in his closing remarks that the Big Four firms are indeed the most important players for the crypto asset space. He said:
“I believe the Big Four firms will serve as the bridge between the crypto ecosystem and the institutional world. It is good for both the crypto ecosystem and for professional services firms like ours as a new source of clients that we can help.”