The Group Board Chairman of FBN Holdings Plc, Dr. Oba Otudeko CFR and Directors of FBN Holdings, FirstBank of Nigeria Limited and FBNBank Ghana Limited have paid a courtesy call on the President of the Republic of Ghana, Nana Addo Dankwa-Akufo-Addo in Accra.
The visit was to show appreciation to the President and thank him for participating in First Bank of Nigeria Limited’s 125th-anniversary activities held earlier this year and update the President of some recent investment activities of the Group.
Dr. Otudeko assured President Akufo-Addo that FBNHoldings believes in the Ghanaian economy and indicated that it was evidenced by the recapitalization of FBNBank Ghana by its parent bank, First Bank of Nigeria Limited. He pointed out that the Group’s investment of US$100 million was well above the new minimum capital requirement set by the Bank of Ghana into its Ghana operation.
The FBNHoldings Group Board Chairman added that the bank’s confidence in the Ghanaian economy and the talent of Ghanaians had resulted in the appointment of Victor Yaw Asante as the first Ghanaian Managing Director of FBNBank Ghana Limited.
Dr. Otudeko lauded the President of Ghana for giving the youth opportunities to serve in his government, saying it will prepare them to take over the leadership of Ghana in the near future. He congratulated the President on the choice of Ghana as host of the Africa Continental Free Trade Agreement, saying that it must have taken significant effort to bring this to Ghana.
President Nana Addo Dankwa Akufo-Addo thanked Dr. Otudeko for his kind words and recounted the crucial bilateral and economic ties as well as historic bond, pre and post-independence, that exist between Ghana and Nigeria.
While stating that it is important for the economies of both Ghana and Nigeria to do well for ECOWAS to succeed, the President thanked FBN Holdings Plc for investing in Ghana and gave the assurance that government will provide the necessary support to FBNBank Ghana Limited and the entire business community.
The President also touched on the banking sector reforms and observed that Nigeria also had to embark on a similar exercise in the recent past. He said it was a painful but necessary exercise to strengthen the financial services industry and position it to support business and the economy.
President Akufo-Addo emphasized the importance of providing opportunities to the youth to enable them support the nation’s growth and development agenda and the need for all citizens of the two countries to find avenues to give back to their nations.
Members of the delegation pledged, on behalf of FBN Holdings Plc and FBNBank Ghana, their commitment to helping build a stronger Ghanaian economy, as well as forging stronger economic ties between citizens and businesses of Ghana and Nigeria.
The FBNHoldings Group Board Chairman, Dr. Oba Otudeko, CFR, was accompanied by Mrs. Ibukun Awosika, Chairman, Board of Directors, First Bank of Nigeria Limited; Mr. U. K. Eke, MFR, Group Managing Director, FBN Holdings Plc.; Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited; Otunba (Mrs.) Debola Osibogun, Non-Executive Director, FBNHoldings; Dr. Hamza Wuro Bokki, Non-Executive Director, FBN Holdings, and Mr. Victor Yaw Asante, Managing Director, FBNBank Ghana Limited.
FBN Holdings Plc is the most diversified financial services group in Nigeria and includes FirstBank of Nigeria Ltd the mother company of FBNBank Ghana and other subsidiaries around the world.
COVID-19: FG to launch Rapid Response Register for urban poor
The FG has moved to inaugurate an emergency intervention database for the poor residing in urban centres and affected by the pandemic.
The Federal Government has announced that it would inaugurate a COVID-19 Rapid Response Register (RRR), which would be a health emergency response for the poor living in urban centers that have been affected by the pandemic.
This was disclosed by Mr. Joe Abuku, Communications Manager, National Social Safety Nets Coordinating Office (NASSCO), on Sunday in Abuja.
Mr. Abuku said the register would identify Nigerians that have been made poorer due to the pandemic, targeting mainly Traders and SME Owners.
He added that the scheme was designed by the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, through NASSCO, in partnership with the World Bank, and will be inaugurated by Vice President Yemi Osinbajo, on Tuesday, at Transcorp Hilton, Abuja.
What Joe Abuku is saying
- “This register is being built by NASSCO as an expansion of the existing National Social Safety Nets Project (NASSP). It targets small business owners, street vendors, petty traders, Small and Medium Enterprises (SMEs), and service providers.
- “Others are low wage employed individuals and families, including daily wage-based laborers, urban poor and destitute (persons with disabilities), and vulnerable families in slum areas, affected by the pandemic.
- “The category of Nigerians who will be in this register is typically the urban/semi-urban poor engaged in the informal sectors of the economy, who lost their source of livelihood due to the impact of COVID-19 on businesses and jobs. The Federal Government plans to extend cash transfers to households in this register for a period of 12 months.”
He also stated that NASSCO would use geographical satellite sensing to locale the wards where the urban poor live, as the targeting of the poor would be done via cell phone Short Messaging Service (SMS) technology that allows residents of targeted communities register to be assisted by following simple steps using USSD codes.
The SMS approach would be integrated through data gathered by the National Living Standard Survey Assessments and would be complemented by existing databases of Non-Governmental Organisations and local self-help-support groups.
- “Mobile phone numbers of those deemed eligible for assistance will be linked to digitized bank accounts to receive cash support, under an expanded cash transfer program of the Federal Government. These cash payments are designed to boost consumption for these households, build their resilience, and in some cases, inject fresh capital into small businesses.”
What you should know
- Nairametrics reported last year that the World Bank said the outbreak of the coronavirus pandemic could make an additional 5 million Nigerians poor.
- The Poverty and Shared Prosperity Report 2020 by the World Bank Group indicate that between 88 million and 115 million people could fall back into extreme poverty as a result of the COVID-19 pandemic.
- This is in addition to an increase between 23 million and 35 million in 2021, potentially bringing the total number of new people living in extreme poverty to between 110 million and 150 million.
Covid-19: Nigeria needs serious controls not a second lockdown – House Committee on Education
A member of the lower legislative house has advised the government to focus on serious control measures to help prevent the spread of COVID-19.
Professor Julius Ihonvbere, Chairman, House Committee on Basic Education & Services, said the Federal and States governments should not impose a lockdown, but rather focus on serious control measures to help prevent the spread of the coronavirus.
He disclosed this during an interview with Channels TV on Sunday evening.
- “I do not think we need a national lockdown now, I think what we need now is the first instance is serious controls. Let me say that the Governor of Lagos is the ‘poster man’ for the fight against covid-19. If we see you outside without a mask, we will arrest you and charge you to court, that is the kind of courage we need.”
He cited serious controls like buying hand sanitizers and washing materials to schools and urban areas in Lagos as part of the controls that should be commended.
- “The issue is not a lockdown. If you lock people down, and you are not doing the right thing inside the lockdown, the cases will still increase. They (masses) will break it and will challenge it as they did during the first lockdown. So, the real issue is to bring out the policies and implement them.
- “The Federal Ministry as a supervisor, yes states have the autonomy, but we give the state’s money from UBEC every year, we give them billions, what are they doing with it?
He urged that the FG should investigate what States use their Universal Basic Education Funds for, as Nigeria is in a time for “retooling and repurpose” and UBEC funding should be utilized in the fight against Covid-19.
What you should know
- Nairametrics reported last week that the Federal Government said Nigeria is not contemplating another lockdown and urged Nigerians to ignore social media posts circulating the possibility of another lockdown.
Covid-19: Ghana’s healthcare could be overwhelmed – President Akufo-Addo
Ghanaian President has warned that he might impose a partial lockdown as healthcare facilities are overwhelmed by growing cases of coronavirus.
The Ghanaian Government has warned that Ghana’s second wave of the coronavirus pandemic is rising fast and could overwhelm its already extended Covid-19 treatment centres.
This was disclosed by President Nana Akufo-Addo on Sunday in a Reuters report.
The Ghanaian President warned that he might impose a partial lockdown in the coming weeks as cases might reach peak levels.
Active cases in Ghana climbed to 1,924 from about 900 since the 5th of January. He also confirmed that the new variant was present in the country, as cases were imported from people entering Ghana.
The President said,
- “Our COVID-19 treatment centres have gone from having zero patients to now being full because of the upsurge in infections. At this current rate, our healthcare infrastructure will be overwhelmed.
- “Work is ongoing to determine the presence and extent of spread of the new variants in the general population.”
What you should know
- Nairametrics reported that the Federal Government also alerted Nigerians that hospitals across the country were running out of facilities to handle more serious cases of coronavirus infections, as the virus is spreading fast with mild symptoms in some victims and severe illnesses and death in others.